Common use of Obligation to Grant Security Clause in Contracts

Obligation to Grant Security. (a) The Security Deposit (if applicable) shall initially be for the amount specified in Item 5 of the Reference Schedule. If a Security Deposit is applicable the Access Holder must deliver to QR, prior to the operation of Train Services, security for the performance of the Access Holder’s obligations under this Agreement in the form of: (i) an unconditional and irrevocable bank guarantee (or equivalent) issued by a bank holding a current Australian banking licence; or (ii) any other security reasonably acceptable to QR and containing such other terms and conditions as are reasonably acceptable to QR. (b) Where the Access Holder has delivered a Security Deposit to QR in the form of cash, QR will pay interest to the Access Holder annually at the Security Interest Rate published on the day the Security Deposit is provided. The Security Interest Rate shall be reset on the first business day of each Month (“Reset Date”) for that Month. Such interest shall be capitalised at each Reset Date and such capitalised interest shall itself bear interest at the Security Interest Rate. (c) The Access Holder may, with QR’s consent, replace any Security Deposit provided by the Access Holder in accordance with this Clause with another form of Security Deposit acceptable to QR. If the Access Holder replaces the Security Deposit with another form of Security Deposit then QR will release the initial Security Deposit in accordance with Clause 2.6(b). (d) The provision and continuance of the Security Deposit (or of any additional or replacement Security Deposit provided by the Access Holder in accordance with Clause 2.4(c) or Clause 2.4(f)) is a condition of the performance by QR of its obligations under this Agreement. (e) If at any time during the Term QR does not hold a Security Deposit from the Access Holder, the Access Holder must provide a Security Deposit within fourteen (14) days after receipt of a notice from QR where: (i) an event of default by the Access Holder in regard to payment of any amount due under this Agreement has occurred, that event of default is not the subject of a bona fide dispute between the Parties and such default continues for seven

Obligation to Grant Security. (a) The Security Deposit (if applicable) shall initially be for the amount specified in Item 5 of the Reference Schedule. If a Security Deposit is applicable the Access Holder must deliver to QR, prior to the operation of Train Services, security for the performance of the Access Holder’s obligations under this Agreement in the form of: (i) an unconditional and irrevocable bank guarantee (or equivalent) issued by a bank holding a current Australian banking licence; or (ii) any other security reasonably acceptable to QR QR, and containing such other terms and conditions as are reasonably acceptable to QR. (b) Where the Access Holder has delivered a Security Deposit to QR in the form of cash, QR will pay interest to the Access Holder annually at the Security Interest Rate published on the day the Security Deposit is provided. The Security Interest Rate shall be reset on the first business day of each Month (“Reset Date”) for that Month. Such interest shall be capitalised at each Reset Date and such capitalised interest shall itself bear interest at the Security Interest Rate. (c) The Access Holder may, with QR’s consent, replace any Security Deposit provided by the Access Holder in accordance with this Clause with another form of Security Deposit acceptable to QR. If the Access Holder replaces the Security Deposit with another form of Security Deposit then QR will release the initial Security Deposit in accordance with Clause 2.6(b). (d) The provision and continuance of the Security Deposit (or of any additional or replacement Security Deposit provided by the Access Holder in accordance with Clause 2.4(c) or Clause 2.4(f)) is a condition of the performance by QR of its obligations under this Agreement. (e) If at any time during the Term QR does not hold a Security Deposit from the Access Holder, the Access Holder must provide a Security Deposit within fourteen (14) days after receipt of a notice from QR where: (i) an event of default by the Access Holder in regard to payment of any amount due under this Agreement has occurred, that event of default is not the subject of a bona fide dispute between the Parties and such default continues for seven

Obligation to Grant Security. (a) The Security Deposit (if applicable) shall initially be for the amount specified in Item 5 of the Reference Schedule. If a Security Deposit is applicable the Access Holder Operator must deliver to QR, prior to the operation of Train Services, security for the performance of the Access HolderOperator’s obligations under this Agreement in the form of: (i) an unconditional and irrevocable bank guarantee (or equivalent) issued by a bank holding a current Australian banking licence; or (ii) any other security reasonably acceptable to QR QR, and containing such other terms and conditions as are reasonably acceptable to QR. (b) Where the Access Holder Operator has delivered a Security Deposit to QR in the form of cash, QR will pay interest to the Access Holder Operator annually at the Security Interest Rate published on the day the Security Deposit is provided. The Security Interest Rate shall be reset on the first business day of each Month (“Reset Date”) for that Month. Such interest shall be capitalised at each Reset Date and such capitalised interest shall itself bear interest at the Security Interest Rate. (c) The Access Holder Operator may, with QR’s consent, replace any Security Deposit provided by the Access Holder Operator in accordance with this Clause with another form of Security Deposit acceptable to QR. If the Access Holder Operator replaces the Security Deposit with another form of Security Deposit then QR will release the initial Security Deposit in accordance with Clause 2.6(b). (d) The provision and continuance of the Security Deposit (or of any additional or replacement Security Deposit provided by the Access Holder Operator in accordance with Clause 2.4(c) or Clause 2.4(f)) is a condition of the performance by QR of its obligations under this Agreement. (e) If at any time during the Term QR does not hold a Security Deposit from the Access HolderOperator, the Access Holder Operator must provide a Security Deposit within fourteen (14) days after receipt of a notice from QR where: (i) an event of default by the Access Holder Operator in regard to payment of any amount due under this Agreement has occurred, that event of default is not the subject of a bona fide dispute between the Parties and such default continues for sevenseven (7) days after notice of such default from QR; or (ii) in the event of an Assignment or at any time during the Term, if QR is reasonably of the opinion that the Operator is: (A) no longer financially sound; (B) no longer able to meet its debts as and when they fall due; or (C) not otherwise capable of performing its obligations under this Agreement.

Obligation to Grant Security. (a) The Security Deposit (if applicable) shall initially be for the amount specified in Item 5 of the Reference Schedule. If a Security Deposit is applicable the Access Holder Operator must deliver to QRQR Network, prior to the operation of Train Services, security for the performance of the Access HolderOperator’s obligations under this Agreement and the Noranbah North Access Agreement in the form of: (i) an unconditional and irrevocable bank guarantee (or equivalent) issued by a bank holding a current Australian banking licence; or (ii) any other security reasonably acceptable to QR Network, and containing such other terms and conditions as are reasonably acceptable to QRQR Network. (b) Where the Access Holder Operator has delivered a Security Deposit to QR Network in the form of cash, QR Network will pay interest to the Access Holder Operator annually at the Security Interest Rate published on the day the Security Deposit is provided. The Security Interest Rate shall be reset on the first business day of each Month (“Reset Date”) for that Month. Such interest shall be capitalised at each Reset Date and such capitalised interest shall itself bear interest at the Security Interest Rate. (c) The Access Holder Operator may, with QRQR Network’s consent, replace any Security Deposit provided by the Access Holder Operator in accordance with this Clause with another form of Security Deposit acceptable to QRQR Network. If the Access Holder Operator replaces the Security Deposit with another form of Security Deposit then QR Network will release the initial Security Deposit in accordance with Clause 2.6(b). (d) The provision and continuance of the Security Deposit (or of any additional or replacement Security Deposit provided by the Access Holder Operator in accordance with Clause 2.4(c) or Clause 2.4(f)) is a condition of the performance by QR Network of its obligations under this Agreement and the Moranbah North Access Agreement. (e) If at any time during the Term QR Network does not hold a Security Deposit from the Access HolderOperator, the Access Holder Operator must provide a Security Deposit within fourteen (14) days after receipt of a notice from QR Network where: (i) an event of default by the Access Holder Operator in regard to payment of any amount due under this Agreement or the Moranbah North Access Agreement has occurred, that event of default is not the subject of a bona fide dispute between the Parties and such default continues for sevenseven (7) days after notice of such default from QR Network ; or (ii) in the event of an Assignment or at any time during the Term, if QR Network is reasonably of the opinion that the Operator is: (A) no longer financially sound; (B) no longer able to meet its debts as and when they fall due; or (C) not otherwise capable of performing its obligations under this Agreement or the Moranbah North Access Agreement. (f) If at any time during the Term the Security Deposit held by QR Network is less than the amount determined in accordance with Item 5 of the Reference Schedule (including for reasons that QR Network has drawn on or applied the Security Deposit in accordance with Clause 2.5 of this Agreement or the Moranbah North Access Agreement), the Operator must increase the Security Deposit by the amount determined by QR Network as required to ensure that the amount of Security Deposit accords with Item 5 of the Reference Schedule, and deliver to QR Network an additional or replacement Security Deposit to reflect the change within fourteen (14) days after receipt of notice from QR Network. (g) If the Operator considers its financial circumstances have changed such that a Security Deposit would no longer be required, the Operator may request QR Network in writing (but not more than once in any twelve (12) Month Period) to review the creditworthiness of the Operator and QR Network will undertake such a review. (h) For the avoidance of doubt, the Security Deposit referred to in Item 5 of the Reference Schedule is the Security Deposit assessed by QR Network as required under both this Agreement and the Moranbah North Access Agreement. QR Network will not seek to apply the initial Security Deposit for each Access Agreement.

Obligation to Grant Security. (a) The Security Deposit (if applicable) shall initially be for the amount specified in Item 5 of the Reference Schedule. If a Security Deposit is applicable the Access Holder Operator must deliver to QRQR Network, prior to the operation of Train Services, security for the performance of the Access HolderOperator’s obligations under this Agreement in the form of: (i) an unconditional and irrevocable bank guarantee (or equivalent) issued by a bank holding a current Australian banking licence; or (ii) any other security reasonably acceptable to QR Network and containing such other terms and conditions as are reasonably acceptable to QRQR Network. (b) Where the Access Holder Operator has delivered a Security Deposit to QR Network in the form of cash, QR Network will pay interest to the Access Holder Operator annually at the Security Interest Rate published on the day the Security Deposit is provided. The Security Interest Rate shall be reset on the first business day of each Month (“Reset Date”) for that Month. Such interest shall be capitalised at each Reset Date and such capitalised interest shall itself bear interest at the Security Interest Rate. (c) The Access Holder Operator may, with QRQR Network’s consent, replace any Security Deposit provided by the Access Holder Operator in accordance with this Clause with another form of Security Deposit acceptable to QRQR Network. If the Access Holder Operator replaces the Security Deposit with another form of Security Deposit then QR Network will release the initial Security Deposit in accordance with Clause 2.6(b). (d) The provision and continuance of the Security Deposit (or of any additional or replacement Security Deposit provided by the Access Holder Operator in accordance with Clause 2.4(c) or Clause 2.4(f)) is a condition of the performance by QR of its obligations under this Agreement.Clause (e) If at any time during the Term QR Network does not hold a Security Deposit from the Access HolderOperator, the Access Holder Operator must provide a Security Deposit within fourteen (14) days after receipt of a notice from QR Network where: (i) an event of default by the Access Holder Operator in regard to payment of any amount due under this Agreement has occurred, that event of default is not the subject of a bona fide dispute between the Parties and such default continues for sevenseven (7) days after notice of such default from QR Network; or (ii) in the event of an Assignment or at any time during the Term, if QR Network is reasonably of the opinion that the Operator is: (A) no longer financially sound; (B) no longer able to meet its debts as and when they fall due; or (C) not otherwise capable of performing its obligations under this Agreement. (f) If at any time during the Term the Security Deposit held by QR Network is less than the amount determined in accordance with Item 5 of the Reference Schedule (including for reasons that QR Network has drawn on or applied the Security Deposit in accordance with Clause 2.5), the Operator must increase the Security Deposit by the amount determined by QR Network as required to ensure that the amount of Security Deposit accords with Item 5 of the Reference Schedule, and deliver to QR Network an additional or replacement Security Deposit to reflect the change within fourteen (14) days after receipt of notice from QR Network. (g) If the Operator considers its financial circumstances have changed such that a Security Deposit would no longer be required, the Operator may request QR Network in writing (but not more than once in any twelve (12) Month Period) to review the creditworthiness of the Operator and QR Network will undertake such a review.

Obligation to Grant Security. (a) The Security Deposit (if applicable) shall initially be for the amount specified in Item 5 of the Reference Schedule. If a Security Deposit is applicable the Access Holder Operator must deliver to QRQR Network, prior to the operation of Train Services, security for the performance of the Access HolderOperator’s obligations under this Agreement in the form of: (i) an unconditional and irrevocable bank guarantee (or equivalent) issued by a bank holding a current Australian banking licence; or (ii) any other security reasonably acceptable to QR Network and containing such other terms and conditions as are reasonably acceptable to QRQR Network. (b) Where the Access Holder Operator has delivered a Security Deposit to QR Network in the form of cash, QR Network will pay interest to the Access Holder Operator annually at the Security Interest Rate published on the day the Security Deposit is provided. The Security Interest Rate shall be reset on the first business day of each Month (“Reset Date”) for that Month. Such interest shall be capitalised at each Reset Date and such capitalised interest shall itself bear interest at the Security Interest Rate. (c) The Access Holder Operator may, with QRQR Network’s consent, replace any Security Deposit provided by the Access Holder Operator in accordance with this Clause with another form of Security Deposit acceptable to QRQR Network. If the Access Holder Operator replaces the Security Deposit with another form of Security Deposit then QR Network will release the initial Security Deposit in accordance with Clause 2.6(b). (d) The provision and continuance of the Security Deposit (or of any additional or replacement Security Deposit provided by the Access Holder Operator in accordance with Clause 2.4(c) or Clause 2.4(f)) is a condition of the performance by QR Network of its obligations under this Agreement. (e) If at any time during the Term QR Network does not hold a Security Deposit from the Access HolderOperator, the Access Holder Operator must provide a Security Deposit within fourteen (14) days after receipt of a notice from QR Network where: (i) an event of default by the Access Holder Operator in regard to payment of any amount due under this Agreement has occurred, that event of default is not the subject of a (ii) in the event of an Assignment or at any time during the Term, if QR Network is reasonably of the opinion that the Operator is: (A) no longer financially sound; (B) no longer able to meet its debts as and when they fall due; or (C) not otherwise capable of performing its obligations under this Agreement. (f) If at any time during the Term the Security Deposit held by QR Network is less than the amount determined in accordance with Item 5 of the Reference Schedule (including for reasons that QR Network has drawn on or applied the Security Deposit in accordance with Clause 2.5), the Operator must increase the Security Deposit by the amount determined by QR Network as required to ensure that the amount of Security Deposit accords with Item 5 of the Reference Schedule, and deliver to QR Network an additional or replacement Security Deposit to reflect the change within fourteen (14) days after receipt of notice from QR Network. (g) If the Operator considers its financial circumstances have changed such that a bona fide dispute between Security Deposit would no longer be required, the Parties Operator may request QR Network in writing (but not more than once in any twelve (12) Month Period) to review the creditworthiness of the Operator and QR Network will undertake such default continues for sevena review.