12. COMMITMENTS AND CONTINGENCIES

Bank Line of Credit—In April 2017 the Company renewed its unsecured revolving credit facility which extended the maturity date to June 30, 2019. As of September 30, 2017, the commitment amount was $40,000.

Borrowings on the facility bear interest at the greater of a fixed rate of 3.50% per annum or at the borrower’s option of (i) LIBOR plus 1% or (ii) Prime minus 1.50%. As of September 30, 2017 and December 31, 2016, the Company had no borrowings under the credit facility.

As of September 30, 2017, the Company’s available credit under this facility was $33,737 as a result of the issuance of an aggregate amount of $6,263 of various standby letters of credit, which were required in connection with certain office lease and other agreements. The Company incurs a 1% per annum fee on the outstanding balance of issued letters of credit.

Leases—The Company maintains operating leases with expiration dates that extend through 2026. The Company incurred expense relating to its operating leases of $3,866 and $3,342 for the three months ended September 30, 2017 and 2016, respectively, and expenses of $11,302 and $12,801 for the nine months ended September 30, 2017 and 2016, respectively. The amounts for the three and nine months ended September 30, 2016 include reductions in occupancy expenses of $260 and $784, respectively, related to sublease agreements which expired in October 2016. In addition, during the second quarter of 2016, the Company decided to sublet a portion of its growth space in the U.K. which required a sublease loss reserve to be recognized for the estimated net economics of such sublet resulting in expense of $0 and $2,359 reflected in the three and nine months ended September 30, 2016, respectively. The expense related to operating leases for the three and nine months ended September 30, 2017, includes $19 and $169 for the three and nine months ended September 30, 2017, respectively, related to the aforementioned sublease loss reserve, which is remeasured at each reporting period.

The future minimum rental payments required under the operating leases in place at September 30, 2017, are as follows:


Fiscal year ended	Operating Leases		Sublease Income		Net Minimum Payments
Remainder of 2017	$	4,875	$	—	$	4,875
2018		18,488		(411)		18,077
2019		18,427		(560)		17,867
2020		11,693		(896)		10,797
2021		6,210		(896)		5,314
Thereafter		16,343		(3,136)		13,207
Total	$	76,036	$	(5,899)	$	70,137

Contractual Arrangements—In the normal course of business, the Company enters into contracts that contain a variety of representations and warranties and which provide indemnification for specified losses, including certain indemnification of certain officers, directors and employees.

Legal—In the ordinary course of business, from time to time the Company and its affiliates are involved in judicial or regulatory proceedings, arbitration or mediation concerning matters arising in connection with the conduct of its businesses, including contractual and employment matters. In addition, government agencies and self-regulatory organizations conduct periodic examinations and initiate administrative proceedings regarding the Company’s business, including, among other matters, compliance, accounting and operational matters, that can result in censure, fine, the issuance of cease-and-desist orders or the suspension or expulsion of a broker-dealer, investment advisor, or its directors, officers or employees. In view of the inherent difficulty of determining whether any loss in connection with such matters is probable and whether the amount of such loss can be reasonably estimated, particularly in cases where claimants seek substantial or indeterminate damages or where investigations and proceedings are in the early stages, the Company cannot estimate the amount of such loss or range of loss, if any, related to such matters, how or if such matters will be resolved, when they will ultimately be resolved, or what the eventual settlement, fine, penalty or other relief, if any, might be. Subject to the foregoing, the Company believes, based on current knowledge and after consultation with counsel, that it is not currently party to any material pending proceedings, individually or in the aggregate, the resolution of which would have a material effect on the Company.