j.p . morgan chase & co . / 2003 annual report 49 off 2013balance sheet arrangements and contractual cash obligations special-purpose entities special-purpose entities ( 201cspes 201d ) , special-purpose vehicles ( 201cspvs 201d ) , or variable-interest entities ( 201cvies 201d ) , are an important part of the financial markets , providing market liquidity by facili- tating investors 2019 access to specific portfolios of assets and risks . spes are not operating entities ; typically they are established for a single , discrete purpose , have a limited life and have no employees . the basic spe structure involves a company selling assets to the spe . the spe funds the asset purchase by selling securities to investors . to insulate investors from creditors of other entities , including the seller of the assets , spes are often structured to be bankruptcy-remote . spes are critical to the functioning of many investor markets , including , for example , the market for mortgage-backed securities , other asset-backed securities and commercial paper . jpmorgan chase is involved with spes in three broad categories of transactions : loan securi- tizations ( through 201cqualifying 201d spes ) , multi-seller conduits , and client intermediation . capital is held , as appropriate , against all spe-related transactions and related exposures such as deriva- tive transactions and lending-related commitments . the firm has no commitments to issue its own stock to support any spe transaction , and its policies require that transactions with spes be conducted at arm 2019s length and reflect market pric- ing . consistent with this policy , no jpmorgan chase employee is permitted to invest in spes with which the firm is involved where such investment would violate the firm 2019s worldwide rules of conduct . these rules prohibit employees from self- dealing and prohibit employees from acting on behalf of the firm in transactions with which they or their family have any significant financial interest . for certain liquidity commitments to spes , the firm could be required to provide funding if the credit rating of jpmorgan chase bank were downgraded below specific levels , primarily p-1 , a-1 and f1 for moody 2019s , standard & poor 2019s and fitch , respectively . the amount of these liquidity commitments was $ 34.0 billion at december 31 , 2003 . if jpmorgan chase bank were required to provide funding under these commitments , the firm could be replaced as liquidity provider . additionally , with respect to the multi-seller conduits and structured commercial loan vehicles for which jpmorgan chase bank has extended liq- uidity commitments , the bank could facilitate the sale or refi- nancing of the assets in the spe in order to provide liquidity . of these liquidity commitments to spes , $ 27.7 billion is included in the firm 2019s total other unfunded commitments to extend credit included in the table on the following page . as a result of the consolidation of multi-seller conduits in accordance with fin 46 , $ 6.3 billion of these commitments are excluded from the table , as the underlying assets of the spe have been included on the firm 2019s consolidated balance sheet . the following table summarizes certain revenue information related to vies with which the firm has significant involvement , and qualifying spes: .
in 2003 what was the percent of the total revenues from vies
( a ) includes consolidated and nonconsolidated asset-backed commercial paper conduits for a consistent presentation of 2003 results . the revenue reported in the table above represents primarily servicing fee income . the firm also has exposure to certain vie vehicles arising from derivative transactions with vies ; these transactions are recorded at fair value on the firm 2019s consolidated balance sheet with changes in fair value ( i.e. , mark-to-market gains and losses ) recorded in trading revenue . such mtm gains and losses are not included in the revenue amounts reported in the table above . for a further discussion of spes and the firm 2019s accounting for spes , see note 1 on pages 86 201387 , note 13 on pages 100 2013103 , and note 14 on pages 103 2013106 of this annual report . contractual cash obligations in the normal course of business , the firm enters into various con- tractual obligations that may require future cash payments . contractual obligations at december 31 , 2003 , include long-term debt , trust preferred capital securities , operating leases , contractual purchases and capital expenditures and certain other liabilities . for a further discussion regarding long-term debt and trust preferred capital securities , see note 18 on pages 109 2013111 of this annual report . for a further discussion regarding operating leases , see note 27 on page 115 of this annual report . the accompanying table summarizes jpmorgan chase 2019s off 2013 balance sheet lending-related financial instruments and signifi- cant contractual cash obligations , by remaining maturity , at december 31 , 2003 . contractual purchases include commit- ments for future cash expenditures , primarily for services and contracts involving certain forward purchases of securities and commodities . capital expenditures primarily represent future cash payments for real estate 2013related obligations and equip- ment . contractual purchases and capital expenditures at december 31 , 2003 , reflect the minimum contractual obligation under legally enforceable contracts with contract terms that are both fixed and determinable . excluded from the following table are a number of obligations to be settled in cash , primarily in under one year . these obligations are reflected on the firm 2019s consolidated balance sheet and include deposits ; federal funds purchased and securities sold under repurchase agreements ; other borrowed funds ; purchases of debt and equity instruments that settle within standard market timeframes ( e.g . regular-way ) ; derivative payables that do not require physical delivery of the underlying instrument ; and certain purchases of instruments that resulted in settlement failures. .