2016-10-17 GC Agenda - Item 8 - Attachment 2 (Amended) - Statement of Financial Position

16.    Loss or damage

       (a)    The Lessee must notify the Lessor as soon as practicable if any of the Buses are:

              (i)     stolen; or

              (ii)    damaged; or

              (iii)   seized; or

              (iv)    destroyed,

              during the Term.

       (b)    In the event that any of the events referred to in clause 16(a) occur, and the
              Lessee and Lessor agree to the affected Bus(es) being replaced (which
              agreement must be in writing) the replacement Bus(es) will then be subject to this
              Lease.

       (c)    In the event of an incident involving damage to a Bus, all parties must negotiate
              with the relevant insurer where required to arrange required repairs to the Bus as
              quickly as possible to avoid any unnecessary delay in operations.

17.    Rent

       (a)    The Lessee agrees to pay the Rent to the Lessor by instalments in accordance
              with Schedule 5.

18.    Insurance

18.1   Public liability insurance

       The Lessor shall, from 10 Business Days after the Lease Date, maintain a public liability
       insurance policy which:

       (a)    indemnifies the Lessor and its Personnel employed from time to time in relation to
              the Services, for any:

              (i)     loss or damage to property; and

              (ii)    injury or death to any person,

              arising out of or in connection with the Lease;

       (b)    provides cover for an amount not less than $20,000,000 for each and every
              occurrence;

       (c)    is effected with an insurer and in terms both approved in writing by the Lessee
              (and such approvals shall not be unreasonably withheld).

18.2   Comprehensive and Compulsory Third Party Insurance of Buses

       (a)    The Lessor shall maintain insurance which covers physical loss and damage to
              the Buses while they are at the Lessor's risk.

       (b)    The Lessee shall maintain insurance which covers:

              (i)     physical loss and damage to the Buses; and

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