The following is a summary of the transferred assets and liabilities, the relevant selling prices and the net cash inflows from sales of stock of Rhythm Corporation and two other companies in the year ended March 31, 2003. Millions of yen 2002 For the year ended Mar. 31, 2003 Current assets ............................................................................................................................................................................................................................................................................. ¥22,561 Fixed assets .................................................................................................................................................................................................................................................................................. 7,493 Loss on sales of investment securities .................................................................................................................................................................................................................. (1,765) Current liabilities ....................................................................................................................................................................................................................................................................... (11,991) Long-term liabilities ................................................................................................................................................................................................................................................................ (5,366) Minority interests in consolidated subsidiaries ................................................................................................................................................................................................ (1,962) Proceeds from sales of stock ........................................................................................................................................................................................................................................ 8,970 Cash and cash equivalents held by subsidiaries ............................................................................................................................................................................................ (575) Net proceeds ............................................................................................................................................................................................................................................................................... ¥ 8,395 16. LEASE TRANSACTIONS a) Lessees’ accounting b) Lessors’ accounting Thousands of Year ending Mar. 31, Millions of yen U.S. dollars 2006 ................................................................................................................................................................................................................................................. ¥ 5,729 $ 53,542 2007 and thereafter ............................................................................................................................................................................................................ 24,004 224,336 Total ................................................................................................................................................................................................................................................... ¥29,733 $277,878 Future minimum lease payments subsequent to March 31, 2005 on noncancelable operating leases are summarized as follows: Future minimum lease income subsequent to March 31, 2005 for noncancelable operating leases is summarized as follows: Thousands of Year ending Mar. 31, Millions of yen U.S. dollars 2006 ................................................................................................................................................................................................................................................. ¥228,770 $2,138,037 2007 and thereafter ............................................................................................................................................................................................................ 311,015 2,906,682 Total ................................................................................................................................................................................................................................................... ¥539,785 $5,044,719 See Note 2(c) for the change in the method of accounting for noncancelable lease transactions which transfer substantially all risks and rewards associated with the ownership of assets. 17. COMMITMENTS AND CONTINGENCIES At March 31, 2005, the Company and its consolidated subsidiaries had the following contingent liabilities: In addition to the above, at March 31, 2005, the Company was committed to provide guarantees of indebtedness of unconsolidated subsidiaries and affiliates in the aggregate amount of ¥2,712 million ($25,346 thousand) at the request of the lending banks. The outstanding balance of installment receivables sold with recourse amounted to ¥20,687 million ($193,336 thousand) at March 31, 2005. Certain consolidated subsidiaries have entered into overdraft and loan commitment agreements amounting to ¥107,247 million ($1,002,308 thousand) with their customers and others. The loans receivable outstanding and the unused balances under these credit facilities as of March 31, 2005 amounted to ¥12,094 million ($113,028 thousand) and ¥95,153 million ($889,280 thousand), respectively. Since many of these facilities expire without being utilized and the related borrowings are sometimes subject to a review of the borrowers’ credibility, any unused amount will not necessarily be utilized at the full amount. Thousands of Millions of yen U.S. dollars As endorser of notes receivable discounted with banks ....................................................................................................................... ¥ 5,301 $ 49,542 As guarantor of employees’ housing loans from banks and others ............................................................................................ 243,384 2,274,617 ¥248,685 $2,324,159 FINANCIAL SECTION Nissan Annual Report 2004 86