Several investors last week brushed off concerns about the regulatory implications surrounding JPMorgan Chase's decision to adjust the definition of the Base Rate Payout Event.

Chase filed a proxy with the Securities & Exchange seeking approval to change the language of the Base Rate Pay Out Event in the Chase Credit Card Master Trust Series 1996-2, Series 1996-3 and Series 1999-3. The amendment would replace the term Portfolio Yield with the term Portfolio Supplement Yield, solely for the purpose of computing the trigger that determines if a Base Rate Pay Out Event occurs. Cash flows available to the transactions are not altered.

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