TOURISM NOOSA STRATEGY 2023-2027 · ECM_22408732_v2_Tourism Noosa Funding Agreement - Endorsed OM 20April2023

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