TOURNAMENTS  SECTION XII - WTA TOURNAMENT MEMBERSHIPS ii.  If deemed necessary to fulfill playing opportunities; or iii.  If it fulfills a geographic market goal of the WTA. a.  A non-refundable application fee in the amount of US$5,000; and b.  An irrevocable letter of credit (or other financial vehicle approved by the  WTA), which must be valid for three (3) years with three (3) annual draws  in the amount of the event’s annual prize money pursuant to Section  XV.C - Financial Security Requirements (“Letter of Credit”). 2.  Application Fee and Letter of Credit An applicant must submit to the WTA: The Letter of Credit will be cancelled should the Board of Directors not  approve the Tournament application. An applicant should make every effort to contact and seek approval from  their National Tennis Association or Federation. However, this approval is not  required for acceptance onto the WTA. 3.  Approval from National Tennis Association or Federation 4.  Site Check 5.  Security Risk Assessment An applicant must be immediately available, upon request of the WTA, to  organize one (1) or more site checks of the proposed venue for hosting the  new Tournament. The site check(s) shall be completed prior to the Board  of Director’s consideration of application. If one (1) or more site checks are  deemed necessary by the WTA, the applicant shall pay the cost of such site  check(s) (including travel, lodging, food, and other reasonable expenses). An applicant must pay the cost of any security risk assessment(s) prepared by  the WTA’s Security Director or a professional security consulting firm that the  WTA designates if the WTA deems such security risk assessments necessary. The WTA will send to the applicant a Letter of Agreement indicating  provisional approval of the Tournament and the terms and conditions. This  Letter of Agreement must be signed by the applicant and returned before the  application will be considered for final approval. 6.  Letter of Agreement 204