TOURNAMENTS  SECTION XII - WTA TOURNAMENT MEMBERSHIPS The member shall have no obligation to accept any offer that may be  obtained by the WTA on its behalf, and the member may withdraw  its request under this paragraph at any time. v.  At any time that a member consummates a Transfer with respect to  a Tournament Class Membership interest, the applicable Transfer  Fee percentage (set forth in the following table) – assessed to the  value of the consideration for the membership provided by the  proposed purchaser to the member – shall be imposed by the Board  of Directors. Number of Full Tournaments  Conducted to Conclusion Under the Current Ownership Transfer Fee Percentage^ 1 20% 2 15% 3 15% 4 10% 5 5% 6 5% 7 5% 8 (or More) 3% ^  The Board of Directors retains the discretion to assess a lesser fee where appropriate, as  determined in its sole discretion. The relevant Transfer Fee will be waived for transfers  that take place among members of the same immediate family, should the Transfer be  approved pursuant to the Rules. vi.  If the purchaser of a Tournament Class Membership interest is not  currently promoting or operating any WTA Tournament(s) or is not a  member, as a precondition to approval of any Transfer under this sub- Section 2.a, the purchaser must agree in writing that it will deposit or  provide a letter of credit guaranteeing payment of 100% of the first  year’s prize money. Payment will be made under this letter of credit  in the event the Tournament is not held; if the Tournament is held,  payment will be made under the letter of credit only to the extent of  a shortfall in prize money payments. Any payment under the letter  of credit will be non-refundable. vii. The purchaser of a Tournament Class Membership, as a precondition  to approval of any Transfer under this sub-Section 2.a, must also  agree in writing that it will pay for the Supervisor’s time and travel  (lodging, food, and other reasonable expenses) for the week prior to  the first edition of the Tournament under the new ownership. 217