9. Commitments and Contingencies Operating Leases The Company conducts its operations in leased office facilities under various noncancelable operating lease agreements that expire through March 2020. In August 2009, the Company entered into an agreement to lease approximately 87,875 square feet of office space in Newton, Massachusetts. The lease commenced in February 2010 and has a term of ten years. The Company is receiving certain rent concessions over the life of the lease. In November 2010, the Newton lease was amended to include an additional 8,400 square feet of office space. The amended lease commenced in March 2011 and runs concurrently with the term of the original lease. The Company is receiving certain rent concessions over the life of the amended lease. Certain of the Company s operating leases include lease incentives and escalating payment amounts and are renewable for varying periods. The Company is recognizing the related rent expense on a straight-line basis over the term of the lease taking into account the lease incentives and escalating lease payments. Future minimum lease payments under the Company s noncancelable operating leases at March 31, 2013 are as follows: Years Ending December 31: Minimum Lease Payments 2013 (April 1st   December 31st) $ 3,161 2014 4,190 2015 3,501 2016 3,530 2017 3,287 Thereafter 7,401 $ 25,070 The Company has an irrevocable standby letter of credit outstanding in the aggregate amount of $1.2 million. This letter of credit supports the lease the Company entered into in 2009 for its corporate headquarters. This letter of credit extends, subject to certain reductions, annually through February 28, 2020 unless notification of termination is received. Net Worth Tax Contingency In late March 2010, the Company received a letter from the Department of Revenue of the Commonwealth of Massachusetts (the  MA DOR ) requesting documentation demonstrating that TSC has been classified by the MA DOR as a Massachusetts security corporation. Following subsequent correspondence with