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71
Notes to the Financial Statements
71
NOTE 13. VARIABLE INTEREST ENTITIES (Continued)
$294 million at December 31, 2006) to any potential losses, should they occur, associated with these VIEs is limited to
equity investments.
Financial Services Sector
VIEs of which we are the primary beneficiary:
Ford Credit uses SPEs in a variety of on-balance sheet and off-balance sheet securitizations. Some on-balance sheet
securitizations discussed in Note 7 use SPEs that are considered VIEs of which Ford Credit is the primary beneficiary,
and these SPEs have been consolidated.
VIEs of which we are not the primary beneficiary:
Ford Credit has investments in certain joint ventures deemed to be VIEs of which it is not the primary beneficiary. The
risks and rewards associated with Ford Credit's interests in these entities are based primarily on ownership percentages.
Ford Credit's maximum exposure (approximately $182 million at December 31, 2006) to any potential losses, should they
occur, associated with these VIEs is limited to its equity investments and, where applicable, receivables due from the
VIEs.
Ford Credit also sells finance receivables to bank-sponsored asset-backed commercial paper issuers that are SPEs of
the sponsor bank. Ford Credit is not the primary beneficiary of these SPEs. The outstanding balance of finance
receivables that have been sold by Ford Credit to these SPEs was approximately $5.2 billion and $5.7 billion at
December 31, 2006 and 2005, respectively.
NOTE 14. ACCRUED LIABILITIES AND DEFERRED REVENUE
The accrued liabilities and deferred revenue at December 31 was as follows (in millions):
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7RWDO$XWRPRWLYH6HFWRU
   
)LQDQFLDO6HUYLFHV6HFWRU
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  
7RWDO 
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