FURTHER REPORT - TOURISM NOOSA FUNDING AND PERFORMANCE DEED 2026–2029 · Attachment 1 - 29-05-2026_TN Funding Deed_FINAL

2.5      Underperformance Review and Termination Rights

         (a)       If Council’s assessment under clause 2.4(c) determines that TN has achieved a
                   total score of less than 50 points under Schedule 3 for any Financial Year
                   Council must issue a notice to TN to meet to conduct a performance review
                   (Performance Review Meeting) with the purpose to identify the causes of
                   underperformance and agree on any required remediation actions.

         (b)       Council and TN must meet to conduct the Performance Review Meeting within
                   30 days of the notice issued under clause 2.5(a).

         (c)       If TN achieves a total score of less than 50 points under schedule 3 for two (2)
                   consecutive Financial Years, Council will have an immediate right to terminate
                   this Deed by written notice to TN. This right is exercisable at Council’s sole
                   discretion and is in addition to any other rights Council may have under this
                   Deed or at law.

         (d)       The conduct of a Performance Review Meeting under clause 2.5(a) does not
                   limit Council’s rights under clause 2.4(b) and does not prevent Council from
                   applying any Performance Adjustment in accordance with clause 2.4.

2.6      TN must use the Funding, to carry out its obligations under this Deed, including
         complying with the Agreed Obligations in Schedule 1 and delivering performance
         against the KPIs in Schedule 2. This may include reasonable operational and
         administrative expenses necessary for delivering those obligations. TN must not use the
         Funding, for any unrelated purpose, unless otherwise approved in writing by Council,
         otherwise clause 2.13 applies.


2.7      Agreed Obligations

         (a)       TN must comply with and perform the Agreed Obligations set out in Schedule 1,
                   as amended from time to time in accordance with clause 4.1, for each year in
                   the Term; and

         (b)       Failure to comply with the Agreed Obligations constitutes a default under this
                   Deed and is subject to the process set out in clause 9.2; and

         (c)       For clarity, the Agreed Obligations in Schedule 1 are not subject to performance
                   scoring or Performance Adjustment under Schedules 2 and 3.

2.8      Subject to the terms of this Deed:

         (a)       the Funding is for the Term or balance of the Term remaining; and

         (b)       the Funding must be spent by TN within the Term or such other period as
                   approved in writing by Council.

2.9      Any portion of the Funding not spent by TN in accordance with clause 2.8(b) must be
         repaid to Council within 60 days of the expiry of the Term.



 Tourism Noosa Funding Deed, 2026-29                                                          Page 8