. under these circumstances , the firm could either replace itself as liquidity provider or facilitate the sale or refinancing of the assets held in the vie in other markets . jpmorgan chase 2019s maximum credit exposure to these vehicles at december 31 , 2003 , is $ 18.7 billion , as the firm cannot be obligated to fund the entire notional amounts of asset-specific liquidity , program-wide liquidity and credit enhancement facili- ties at the same time