TOURISM NOOSA FUNDING AGREEMENT (REFERRED FROM S&O 11 APRIL 2023) · Attachment 1 - Deed - Funding Agreement Final

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

1.3      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.

2.2      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.

2.5      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

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