This excerpt taken from the EBIX 10-K filed Apr 10, 2007.
Note 15Long term debt
Ebix, Inc. and Subsidiaries
Note 15Long term debt (Continued)
The EbixLife debt is a result of the EbixLife acquisition on February 23, 2004 (see Note 13.) and represents a $2,500 non-interest bearing note payable. The note is payable in annual installments of $500 over five years. The Company has imputed interest on this debt of 4%. The first installment was paid on February 23, 2005 and the second installment was paid on February 23, 2006. The third installment was paid February 23, 2007.
The Heart debt is a result of the Heart acquisition on July 1, 2004 (see Note 13.) and represents $1,399 payable under stand by letters of credit issued by the Companys lender under the Companys line of credit in three equal annual installments on each of the first, second and third anniversaries of the closing. The Company has imputed interest on this debt at 4%. The first installment was paid on July 1, 2005. The second installment was paid on July 1, 2006.