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 .

Payments Due by Period   (in thousands)
Contractual Obligations
Total
Less than 1 year
2-3 years
4-5 years
Thereafter
Long Term Debt
$2,030
$480
$1,550
$—
$—
Operating Leases
$62,934
$4,371
$8,160
$6,482
$43,921
Total Contractual Cash Obligations
$64,964
$4,851
$9,710
$6,482
$43,921

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: Analyse this data from a financial earnings document. what percentage of total contractual obligations and commitments as of september 27 , 2003 : payments due is composed of long term debt?
Choices:
0.04622
0.41847
0.03125
32.00197
0.00037
Correct choice index: 2