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Indebtedness | 12 Months Ended
--- | ---
Aug. 31, 2016
Indebtedness |
Indebtedness |
| 5. |  | INDEBTEDNESS
Long‑term Debt Long‑term debt as of August 31, 2016 and 2015 consist of the following loans with a bank (in thousands):
|  | August 31, |
|  | 2016 |  | 2015 |
First note payable |  | $ | 1,105 |  | $ | 1,207 |
Second note payable |  |  | 1,804 |  |  | 1,933 |
Third note payable |  |  | — |  |  | 767 |
Total long-term debt |  |  | 2,909 |  |  | 3,907 |
Less: Current installments |  |  | (314) |  |  | (1,068) |
Total long-term debt, excluding current installments |  | $ | 2,595 |  | $ | 2,839 |
The long‑term notes in the table above carry variable interest rates, which ranged from 1.62% to 2.0% per annum as of August 31, 2016 and 2015, are payable in monthly installments, and are secured by the Company’s property, plant and equipment. The interest rates are based on the annual time deposit rate plus a certain spread. The first note payable requires monthly payments of principal and interest in the amount of $13 thousand over the 15‑year term of the note with final payment to occur in May 2024. The second note payable requires monthly payments of principal and interest in the amount of $17 thousand over the 15‑year term of the note with final payment to occur in December 2025. The notes do not have prepayment penalties or balloon payments upon maturity of the notes. The scheduled principal payments for the Company’s long‑term debt as of August 31, 2016 consist of the following (in thousands):
|  | Scheduled |
|  | Principal |
Years Ending August 31, |  | Payments |
2017 |  | $ | 314 |
2018 |  |  | 319 |
2019 |  |  | 324 |
2020 |  |  | 330 |
2021 |  |  | 335 |
Thereafter |  |  | 1,287 |
Total |  | $ | 2,909 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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