Securitization of accounts receivable – Bell Canada and Aliant have agreements in place to provide us with a less expensive form of financing than debt financing. Under the agreements, Bell Canada and Aliant sold interests in pools of accounts receivable to securitiza- tion trusts for a total of $1,125 million. The total accounts receivable that were sold must meet minimum performance targets. These are based on specific delinquency, default and receivable turnover ratio calculations, as well as minimum credit ratings. If these accounts receivable go into default, the full purchase price will have to be returned to the buyers. These agreements are an important part of our capi- tal structure and liquidity. If we did not have them, we would have had to finance approximately $1,125 million by issuing debt or equity. See Note 11 to the consoli- dated financial statements for more information. We use derivative instruments to manage our expo- sure to interest rate risk, foreign currency risk and changes in the price of BCE Inc. common shares. We do not use derivative instruments for speculative  purposes. Since we do not trade actively in derivative instruments, we are not exposed to any significant  liquidity risks relating to them. The carrying value of the outstanding derivative instruments was a net liability of $121 million at December 31, 2004. Their fair values amounted to a net liability of $167 million. See Note 20 to the con- solidated financial statements for more information. The deferral account is a mechanism resulting from the CRTC’s second price cap decision of May 2002, which requires us to fund initiatives such as service improvements, reduced customer rates and/or cus- tomer rebates. We estimate our commitment under the deferral account to be approximately $202 million at December 31, 2004. We expect to clear most of this amount in 2005 by implementing various initiatives. In 2001, we entered into a contract with the Govern- ment of Alberta to build a next-generation network to bring high-speed Internet and broadband capabilities to rural communities in Alberta. Mechanical con- struction of the network was completed in December 2004. We identified cost overruns on the construction contract and recorded an additional provision of  $128 million in 2004. Acceptance of the network by the Government of Alberta was initially due by January 24, 2005. Based on discussions with the Government of Alberta, Bell Canada has agreed to have the network completed and accepted by the Government of Alberta by the end of September 2005. There is a risk that we could incur higher than currently anticipated costs in completing the acceptance of the network by the Government of Alberta. We become involved in various claims and litigation as a part of our business. While we cannot predict  the final outcome of claims and litigation that were pending at December 31, 2004, based on information currently available, management believes that these claims and litigation will not have a material and  negative effect on our consolidated financial position or results of operation. You will find a more detailed description of the material claims and litigation pending at December 31, 2004 in the BCE 2004 AIF, and in Note 24 to the con- solidated financial statements. While we do not expect a cash shortfall in the foresee- able future, we expect to cover any shortfall through the financing facilities we currently have in place. These financing facilities, along with our strength- ening balance sheet, give us flexibility in carrying out our plans for future growth. If necessary, we can sup- plement our liquidity sources by issuing additional debt or equity, or by selling non-core assets. We might do this to help finance business acquisitions or for contingencies. Sources of Liquidity Litigation Derivative Instruments Provision for Contract Loss Commitment under the Deferral Account Bell Canada Enterprises  2004 Annual Report 65