TOURNAMENTS  SECTION XII - WTA TOURNAMENT MEMBERSHIPS 2.  Letter of Credit in Lieu of Disqualification I.  TOURNAMENT OWNERSHIP 1.  Definition of Ownership already has been advised that it will not be able to hold its Tournament  at the time it has been appointed. 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. 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; 215