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 .
what percentage of total contractual obligations and commitments as of september 27 , 2003 : payments due is composed of operating leases?
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 .