Long-term Obligations

9 Months Ended

Sep. 30, 2020

7. Long-term Obligations

Total long-term obligations of the Company as of September 30, 2020 and December 31, 2019 consisted of the following (in thousands):


	September 30,		December 31,
	2020		2019
Pension obligations - accrued pension liability	$	5,224	$	4,611
Settlement agreement (1)		572		708
Capital lease obligations		269		655
Microsoft licenses (2)		734		—
Bank loans payable (3)		580		—
		7,379		5,974
Less: Current portion of long-term obligations		1,958		1,440
Totals	$	5,421	$	4,534

⁽¹⁾

Represents payment to be made pursuant to a settlement agreement entered into in December 2018 between a subsidiary of the Company and 19 former employees of such subsidiary. The balance is payable in monthly installments through March 2023.

⁽²⁾

In April 2020, the Company renewed a vendor agreement to acquire certain additional software licenses and to receive support and subsequent software upgrades on these and other currently owned software licenses through February 2023. Pursuant to this agreement, the Company is obligated to pay approximately $0.4 million annually over the term of the agreement.

⁽³⁾

On May 4, 2020, we received loan proceeds of $579,700 under the Paycheck Protection Program which was established as part of the Coronavirus Aid, Relief and Economic Security Act. The loans and accrued interest are forgivable, as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The unforgiven portion of the loan, if any, is payable over two years at an interest rate of 1% per year, with a deferral of payments until the date that the Small Business Administration remits the borrower's loan forgiveness amount to the lender.