The Company leases land, office space, data center facilities and equipment used in connection with its operations under various operating leases, many of which contain escalation clauses. The Company is also committed to pay a portion of the related operating expenses under the data center lease agreement. These operating expenses are not included in the table below.

Future minimum payments under operating lease agreements are as follows (in thousands):

Years Ending December 31,

2011		$	20,474
2012			19,932
2013			16,418
2014			13,243
2015			12,080
Thereafter			207,002

	Total	$	289,149

Expenses charged to operations under these agreements were $31.1 million, $26.4 million and $25.6 million for the years ended December 31, 2010, 2009 and 2008, respectively.

The Company's most significant operating lease is a 77 year ground lease for IAC's headquarters building in New York City and approximates 60% of the future minimum payments due under all operating lease agreements in the table above.

The Company also has funding commitments that could potentially require its performance in the event of demands by third parties or contingent events, such as under letters of credit extended as follows (in thousands):

		Amount of Commitment Expiration Per Period

		Total Amounts Committed		Less Than 1 Year		1–3 Years		3–5 Years		More Than 5 Years
Letters of credit and surety bond		$	9,510	$	9,374	$	136	$	—	$	—
Purchase obligations			68,457		16,243		31,877		20,337		—

	Total commercial commitments	$	77,967	$	25,617	$	32,013	$	20,337	$	—

The letters of credit primarily support the Company's casualty insurance program. The purchase obligations primarily include advertising commitments, which commitments are reducible or terminable such that these commitments can never exceed associated revenue by a meaningful amount. Purchase obligations also include minimum payments due under telecommunication contracts related to data transmission lines.