under this line are primarily used by our european subsidiaries to settle intercompany sales and are denominated in the respective local currencies of its european subsidiaries .the line of credit may be canceled by the bank with 30 days notice .at september 27 , 2003 , there were no outstanding borrowings under this line .in september 2001 we obtained a secured loan from wells fargo foothill , inc .the loan agreement with wells fargo foothill , inc .provides for a term loan of approximately $ 2.4 million , which we borrowed at signing , and a revolving line of credit facility .the maximum amount we can borrow under the loan agreement and amendments is $ 20.0 million .the loan agreement and amendments contain financial and other covenants and the actual amount which we can borrow under the line of credit at any time is based upon a formula tied to the amount of our qualifying accounts receivable .in july 2003 we amended this loan agreement primarily to simplify financial covenants and to reduce the fees related to this facility .the term loan accrues interest at prime plus 1.0% ( 1.0 % ) for five years .the line of credit advances accrue interest at prime plus 0.25% ( 0.25 % ) .the line of credit expires in september 2005 .we were in compliance with all covenants as of september 27 , 2003 .in april 2002 , we began an implementation project for an integrated enterprise wide software application .we began operational use of this software application at the bedford , ma and newark , de facilities on november 24 , 2002 , at the danbury , ct facility on february 24 , 2003 and at the brussels , belgium location on october 2 , 2003 .through september 27 , 2003 we have made payments totaling $ 3.4 million for hardware , software and consulting services representing substantially all of our capital commitments related to this implementation project .most of the cost has been capitalized and we began to amortize these costs over their expected useful lives in december 2002 .in september 2002 , we completed a sale/leaseback transaction for our headquarters and manufacturing facility located in bedford , massachusetts and our lorad manufacturing facility in danbury , connecticut .the transaction resulted in net proceeds to us of $ 31.4 million .the new lease for these facilities , including the associated land , has a term of 20 years , with four five-year year renewal terms , which we may exercise at our option .the basic rent for the facilities is $ 3.2 million per year , which is subject to adjustment for increases in the consumer price index .the aggregate total minimum lease payments during the initial 20-year term are $ 62.9 million .in addition , we are required to maintain the facilities during the term of the lease and to pay all taxes , insurance , utilities and other costs associated with those facilities .under the lease , we make customary representations and warranties and agree to certain financial covenants and indemnities .in the event we default on the lease , the landlord may terminate the lease , accelerate payments and collect liquidated damages .the following table summarizes our contractual obligations and commitments as of september 27 , 2003 : payments due by period ( in thousands ) contractual obligations total less than 1 year years thereafter .
[['contractual obligations', 'payments due by period ( in thousands ) total', 'payments due by period ( in thousands ) less than 1 year', 'payments due by period ( in thousands ) 2-3 years', 'payments due by period ( in thousands ) 4-5 years', 'payments due by period ( in thousands ) thereafter'], ['long term debt', '$ 2030', '$ 480', '$ 1550', '$ 2014', '$ 2014'], ['operating leases', '$ 62934', '$ 4371', '$ 8160', '$ 6482', '$ 43921'], ['total contractual cash obligations', '$ 64964', '$ 4851', '$ 9710', '$ 6482', '$ 43921']]
except as set forth above , we do not have any other significant capital commitments .we are working on several projects , with an emphasis on direct radiography plates .we believe that we have sufficient funds in order to fund our expected operations over the next twelve months .recent accounting pronouncements in december 2002 , sfas no .148 , accounting for stock-based compensation 2013 transition and disclosure was issued .sfas no .148 amends sfas no .123 to provide alternative methods of transition to the fair value method of accounting for stock-based employee compensation .in addition , sfas no .148 amends the disclosure provisions of sfas no .123 to require disclosure in the summary of significant accounting policies of the effects .

Question: what percentage of total contractual obligations and commitments as of september 27 , 2003 : payments due is composed of long term debt?
Answer: 3%