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

2.10     The Funding is the total amount of funding which will be provided by Council to TN each
         year during the Term.

2.11     If, despite clause 2.10 above, TN seeks additional funding from Council, the additional
         funding must be for a purpose which aligns with the DMP and other relevant Council
         strategies and TN must make a request in writing to Council for that funding, and
         Council may, in its sole discretion, approve or decline that request for additional funding.

2.12     On the anniversary of the commencement date of the Term (Adjustment Date), the
         amount of the First Instalment, Second Instalment and Third Instalment that comprise
         the Funding will increase by the lesser of:

         (a)       The percentage change in the Consumer Price Index (All Groups Brisbane) as
                   published by the Australian Bureau of Statistics, for the most recent published
                   quarterly CPI rate (March quarter) preceding the Adjustment Date; and

         (b)       3.5%.

         If the CPI percentage change for the relevant quarter is negative, no adjustment will
         apply and the Funding Amount will remain unchanged. For clarity, this is a
         compounding percentage increase applied annually to the Funding amount paid for the
         preceding Financial Year.


2.13     Misapplied Funds

         (a)       If TN uses any amount of the Funding other than in accordance with this Deed,
                   including but not limited to using any of those amounts in contravention of any
                   part of this Deed or Schedule (Misapplied Funds):

                         (i)           Council may, by written notice, require TN to refund the Misapplied
                                       Funds; and

                         (ii)          if Council exercises its rights under the preceding subclause, then
                                       TN must within 10 Business Days of receipt of the notice refund
                                       the Misapplied Funds plus any interest on it calculated on daily
                                       balances at the rate per annum determined by the Supreme Court
                                       of Queensland on judgments by default as applicable at the date of
                                       Council’s notice and is fully capitalised on the last Business Day of
                                       each month if unpaid; and

                         (iii)         if the Misapplied Funds are not repaid in accordance with the
                                       preceding subclause, Council may:

                                 (A)      recover the amount as a liquidated debt due to Council; or

                                 (B)      set the amount off against any other amount payable by Council
                                          to TN, whether under this Agreement or otherwise.




 Tourism Noosa Funding Deed, 2026-29                                                                   Page 9