Liabilities are unsecured, excluding retention of title and similar rights customary in the industry. Effective interest rates of bank loans are 6.14 % and 6.18 % in 2004 and 2003, respectively.
In 2003, liabilities with a remaining term not exceeding one year amounted to €648,717 thousand and those with a remaining term exceeding five years amounted to €24,969 thousand.
On November 5, 2004, SAP AG entered into a €1 billion syndicated revolving credit facility agreement with an initial term of five years. The use of the facility is not restricted by any financial covenants. Borrowings under the facility bear interest of EURIBOR or LIBOR for the respective currency plus a margin ranging from 0.2 to 0.25 % depending on the amount drawn. SAP is also required to pay a commitment fee of 0.07% per annum on the unused available credit.
As of December 31, 2004, there were no borrowings outstanding under the facility.
Additionally, as of December 31, 2004 and 2003, SAP AG had available lines of credit totaling €621,500 thousand and €858,000 thousand, respectively. As of December 31, 2004 and 2003, there were no borrowings outstanding under these lines of credit.
As of December 31, 2004 and 2003, certain of SAP’s subsidiaries had lines of credit available that allowed them to borrow in local currencies at prevailing interest rates up to €203,806 thousand and €178,010 thousand, respectively. Total aggregate borrowings under these lines of credit, which are predominantly guaranteed by SAP AG, amounted to €27,785 thousand as of December 31, 2004, and €21,467 thousand as of December 31, 2003.
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