Meeting papers

Page 329 of 518

HWL
                                                                             EBSWORTH

                                       that party put forward the provision or would otherwise
                                        benefit from it.

13      This Deed is effective on the Effective Date.

2.      Funding

2.1     Council will provide the Funding to TN in the amount and in instalments as specified in
        Schedule 1 of this Deed.

22      In consideration of the provision of the Funding, TN will perform the obligations
        specified in this Deed.
2.3     TN must use the Funding for the Agreed Priorities and must not use the Funding for any
        other purpose, unless otherwise approved in writing by Council.
2.4     Subject to the terms of this Deed:
                                (a)     the Funding is for the Initial Term; and
                                (b)     the Funding must be spent by TN within the Initial Term
                                        or such other period as approved in writing by Council. .
20      Any portion of the Funding uncommitted by TN in accordance with clause 2.4(b) must
        be repaid to Council within 60 days of the expiry of the Initial Term.
2.6     The Funding as specified in Schedule 1 of this Deed is the total amount of funding
        which will be provided by Council to TN per annum during the Initial Term. Council will
        not provide any additional amounts to TN for the Initial Term, subject to the following
        exceptions:
                                (a)     additional funding may be provided by Council if
                                        Council, in its sole and absolute discretion, is satisfied
                                        that there is an efficiency dividend as an initial Council
                                        initiative whereby identified overhead cost transfers are
                                        removed and that through internal efficiencies TN has
                                        justified additional funding; or
                                (b)     additional funding may be provided by Council if
                                        Council, in its sole and absolute discretion, is satisfied
                                        that there is a specific project or event for which TN
                                        requires additional funding and which is consistent with
                                        the Agreed Priorities and is satisfied that TN has
                                        achieved operational savings equivalent to the
                                        additional funding sought through demonstrated
                                        efficiencies.

 Tourism Noosa Funding Deed                                                              Page 4
 Endorsed Ordinary Meeting- 20 April 2023
 ECM: 22408732

                                                                                               Page 329 of 518