Note 14 — Commitments and Contingencies

The Company has entered into certain leases for office space under non-cancellable operating lease agreements that expire on various dates through 2027.

As of December 31, 2018, the approximate aggregate minimum future rental payments required were as follows (in thousands):



2019	$	15,872
2020	13,535
2021	5,153
2022	3,768
2023	3,000
Thereafter	4,629
Total ⁽¹⁾	$	45,957

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(1)	Minimum future rental payments are recorded at their gross amounts and have not been reduced by sublease rentals of $0.5 million for 2019 for approximately 7,000 of aggregate square footage for former Cogent office space in New York and London.

The Company has also entered into various operating leases for office equipment.

Rent expense for leased office space, net of sublease reimbursements, for the years ended December 31, 2018, 2017 and 2016 was $15.0 million, $15.0 million and $14.3 million, respectively.

Diversified financial institutions issued five letters of credit on behalf of the Company to secure office space leases, which totaled $3.8 million and $3.9 million at December 31, 2018 and 2017, respectively. These letters of credit were secured by cash held on deposit. At December 31, 2018 and 2017, no amounts had been drawn under any of the letters of credit. See “Note 3 — Cash and Cash Equivalents”.

In addition, the Company has a cash obligation of $18.9 million due the selling unit holders of Cogent in 2019 as the Earnout was achieved. See “Note 7 — Fair Value of Financial Instruments”.

The Company is from time to time involved in legal proceedings incidental to the ordinary course of its business. The Company does not believe any such proceedings will have a material adverse effect on its results of operations.