In my opinion, I think “has exit time” is very confusing term.
Honestly, I don’t like it, especially when I was novice user. It’s not intuitive.
I enjoy waiting for new Unity animation system, but I hope reconsider about this term on new system.
If you select the option Has Exit Time, the first animation will have to play entirely before making the transition to the next.
This is quoted from Unity e-book “The definitive guide to the animation in Unity”.
I think this option is what force to play first clip to end.
So, for example, “Force play former clip entirely” is more suited to this.
(It’s just little long?)
This is my opinion, thanks.