## TOURNAMENTS SECTION XII - WTA TOURNAMENT MEMBERSHIPS 

already has been advised that it will not be able to hold its Tournament at the time it has been appointed. 

## 2. Letter of Credit in Lieu of Disqualification 

In lieu of disqualification for any of the financial failures detailed in sub- Section H.1.a above, the WTA, in its sole discretion, may require a Tournament to post a letter of credit in the full amount of the Tournament’s prize money upon thirty (30) days’ written notice. 

Failure to post a satisfactory letter of credit will result in disqualification from participation in the WTA. 

## I. TOURNAMENT OWNERSHIP 

## 1. Definition of Ownership 

Ownership of a full Tournament Class Membership is a continuing right, provided the Tournament is in good standing. Each Tournament has the Tournament ownership rights provided in Schedule I of the WTA By-Laws. 

## 2. Transfer of Ownership 

a. Approval Process 

i. Any member seeking to sell, transfer, assign, convey, or otherwise dispose of, directly or indirectly, whether by operation of law or otherwise, its ownership interest, in whole or in part, in a Tournament Class Membership (a “Transfer”) shall satisfy the following steps, as part of the Transfer approval process: 

(a) Submission of a written request for approval of the Transfer to the CEO prior to the attempted transfer and no later than sixty (60) calendar days (unless WTA otherwise agrees in its sole discretion) prior to the next scheduled meeting of the Board of Directors; 

(b) Promptly furnishing all information requested by WTA Management; 

(c) Furnishing information that is accurate and not misleading; 

(d) Organizing, completing, and paying (including travel, lodging, food, and other reasonable expenses) for one (1) or more site checks if there will be a new venue; 

