TOURNAMENTS  SECTION XII - WTA TOURNAMENT MEMBERSHIPS D. ANNUAL PROCEDURES FOR AN EXISTING WTA TOURNAMENT 1.  Tournament Information Form 2.  Prize Money The Annual Tournament Information Form for existing Tournaments must be  submitted no later than February 28 prior to the start of the applicable Tour  Year. Any Annual Tournament Information Form submitted after the February  28 deadline must be accompanied by a late fee of US$1,000. The Annual  Tournament Information Form shall be distributed annually by the WTA at  least sixty (60) days before the deadline. Each Tournament must comply with the following provisions (subject to  change) regarding prize money. Revised provisions, if any, will be distributed  by the WTA. Prize money listed in Tournament applications shall be expressed in US  dollars. Prize money must be paid in US dollars in the amount stated  on the applications and approved by the WTA, except for Tournaments  held in Euro Monetary Countries, which must pay the on-site prize  money in Euros, but all Tournament-related fees (e.g., tour fees, ELC,  etc.) must be paid in US dollars. The on-site prize money levels for Tournaments held in Euro  Monetary Countries will be annually set at the rate of 1.24 US Dollars  to 1 Euro. However, this conversion rate does not apply to the Mutua  Madrid Open WTA 1000 Tournament. a.  Payment Currency i.  US Dollars or Euros ii.  Non-US Dollars or Non-Euros A Tournament, however, may pay its prize money in non-US dollars  (or a non-Euro currency for Euro Monetary Countries) if a written  request is made to the WTA at least three (3) months in advance of  the Tournament. The WTA reserves the right to deny the request  based upon factors including: the stability of the currency against  the US dollar (or Euro); the international popularity of the currency;  the players’ convenience in converting that currency to US dollars  (or Euros) or other currency; and the efficiency of the banking system  upon which the prize money checks are drawn. 206