CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

	December 31,
	2004				2003
	(In thousands)
Deferred loyalty program revenue	$	20,317		$	11,770
Accrued salaries and benefits		20,095			17,219
Dividends payable		7,271			6,899
Deferred revenue		2,029			4,475
Accrued interest		1,261			1,392
Other liabilities and contingencies		8,265			4,310
Total	$	59,238		$	46,065

     Other liabilities and contingencies include accruals for tax contingencies. These accruals have been recorded to address potential exposures involving tax positions that could be challenged by taxing authorities.

9. Long-Term Debt
Debt consisted of the following at:
	December 31,
	2004				2003
	(In thousands)
$265 million senior unsecured revolving credit facility with an effective rate of 3.42% at
December 31, 2004	$	218,200			—
$265 million competitive advance and multi-currency revolving credit facility with an
effective rate of 2.29% at December 31, 2003		—		$	143,458
$100 million senior notes with an effective rate of 7.22% at December 31, 2004 and 2003		99,785			99,720
Line(s) of credit ($10 million and $20 million of aggregate borrowing capacity as of
December 31, 2004 and 2003, respectively) with an effective rate of 3.50% and 2.25%
at December 31, 2004 and 2003, respectively		10,000			2,600
Other notes with an average effective rate of 3.50% and 2.89% at December 31, 2004 and
2003, respectively		718			874
Total debt	$	328,703		$	246,652

Scheduled principal maturities of debt as of December 31, 2004 were as follows:

Year		(In thousands)
2005		$	10,146
2006			146
2007			146
2008			99,931
2009		218,334
Total		$	328,703