In April 2008, we entered into a bank loan agreement for $19.2 million to finance medical equipment. The loan agreement provides for repayment in equal monthly installments over a five-year period at a fixed interest rate of 4.96%. The loan agreement contains no financial covenants. The bank loan is secured by certain medical equipment. We held $4.0 million and $7.3 million in total debt obligations related to this bank loan at December 31, 2011 and 2010, respectively. Of the total debt obligation at December 31, 2011, $3.0 million is due during 2012 with the remaining portion due in 2013.
The estimated fair value of our long-term debt obligation is $4.0 million based on the present values of the underlying cash flows, using a discount factor of 5.16%.