Total 2013 2014 2015 2016 $ $ $ $ $ Accounts payable and accrued liabilities  119,721  119,721  —  —  — Dividends payable  45,254  45,254  —  —  — Client and trust funds payable  125,773  125,773  —  —  — Long-term debt  596,000   24,000  224,000  48,000  300,000 Total 886,748 314,748 224,000 48,000 300,000 CI’s liabilities have contractual maturities, excluding interest payments, as follows: Credit risk arises from the potential that investors, clients or counterparties fail to satisfy their obligations. As at December 31, 2012, financial assets of $208,549 [2011 - $206,462], represented by client and trust funds on deposit of  $127,712 [2011 - $124,978], accounts receivable of $62,585 [2011 - $63,300] and other assets of $18,252 [2011 - $18,184], were  exposed to credit risk. CI does not have a significant exposure to any individual counterparty. Credit risk is mitigated by  regularly monitoring the credit performance of each individual counterparty and holding collateral, where appropriate. Client and trust funds on deposit consist mainly of cash deposits or unsettled trade receivables. CI may also extend  amounts to clients on a margin basis for security purchases. Collateral is provided in margin accounts by each client in  the form of securities purchased and/or other securities and cash balances. The credit extended is limited by regulatory  requirements and by CI’s internal credit policy. Credit risk is managed by dealing with counterparties CI believes to be  creditworthy and by actively monitoring credit and margin exposure and the financial health of the counterparties. Credit risk associated with accounts receivable is limited as the balance primarily consists of trade receivables that are  outstanding for less than 90 days. Other assets primarily represent loans granted under CI’s employee share purchase plan and loans extended to investment  advisors under CI’s hiring and incentive program. Employee loans are collateralized by CI shares and become due  immediately upon termination of the employee or upon the sale of the shares held as collateral. Commissions may be  used to offset loan amounts made to investment advisors in the event of default. Credit risk associated with other assets  is limited given the nature of the relationship with the counterparties. 80 [C] CREDIT RISK [in thousands of Canadian dollars, except per share amounts] December 31, 2012 and 2011 Notes to Consolidated Financial Statements