Exhibit 10.3

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Second International Guarantee Consent Deed

Each person listed in Schedule 1

Guarantors

ResMed Limited

Borrower

HSBC Bank Australia Limited

Security Trustee

Execution Version

Clayton Utz

Lawyers

Levels 19-35 No. 1 O’Connell Street Sydney NSW 2000 Australia

PO Box H3 Australia Square Sydney NSW 1215

T +61 2 9353 4000 F +61 2 8220 6700

www.claytonutz.com

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Second International Guarantee Consent Deed dated 30 September 2009

 

Parties

   Each person listed in Schedule 1 (each a Guarantor and together the
Guarantors)    ResMed Limited ABN 30 003 765 142 (Borrower)    HSBC Bank
Australia Limited ABN 48 006 434 162 (in its capacity as Security Trustee)

Background

 

A. By guarantee and indemnity (Guarantee) dated 8 June 2006, as amended on
30 September 2008 pursuant to the Guarantor Consent Deed in relation to the
Guarantee, between the Guarantors and the Security Trustee, the Guarantors
guaranteed to the Finance Parties the satisfaction and payment in full of the
Obligations.

 

B. The Borrower has requested the Financiers to provide an extension of
(including a change in the pricing applicable to) the Tranche D Facility (the
Extension).

 

C. The Financier has agreed to provide the Extension to the Borrower. The
Guarantors wish to consent to the Extension and to acknowledge that the
Guarantee will continue to secure the Obligations including, without limitation,
under or in connection with the Extension.

Operative provisions

 

 

1. Definitions and interpretation

 

1.1 Definitions

In this deed:

Amended Agreement means the Original Facility Agreement, as amended and restated
by the Second Amendment and Restatement Deed.

Amendment and Restatement Agreement means the document entitled “Amendment and
Restatement Agreement” dated 30 September 2008 between the Borrower, the
Financier, the Facility Agent and the Security Trustee.

Facility Agent means HSBC Bank Australia Limited ABN 48 006 434 162.

Financier means The Hong Kong and Shanghai Banking Corporation Limited, Sydney
Branch ABN 65 117 925 970.

Guarantor Consent Deed has the same meaning given to that term in the Amendment
and Restatement Agreement.

Original Facility Agreement means the syndicated facility agreement dated 8 June
2006, as amended and restated on 30 September 2008 pursuant to the Amendment and
Restatement Agreement, and entered into by the Borrower, the Security Trustee
and others.

Pledge has the same meaning given to that term in the Amended Agreement.

Second Amendment and Restatement Deed has the same meaning given to that term in
the Amended Agreement.

Tranche D Facility has the same meaning given to that term in the Amended
Agreement.

 

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1.2 Guarantee

Unless otherwise defined, expressions used in this deed have the meanings given
to them in the Guarantee (including by way of incorporation from the Original
Facility Agreement).

 

1.3 Incorporation

The provisions of clauses 1.3 and 15(b) of the Guarantee are incorporated into
this deed as if set out in this deed.

 

1.4 Capacity

Clause 12 of the Guarantee applies, modified as necessary, as if set out in full
in this deed.

 

1.5 Finance Document

This deed is a Finance Document for the purposes of the Amended Agreement.

 

 

2. Consent and Acknowledgement

Each Guarantor unconditionally:

 

  (a) consents to the Extension and to the Borrower entering into the Second
Amendment and Restatement Deed;

 

  (b) ratifies and confirms its execution of the Guarantee; and

 

  (c) acknowledges and agrees that its obligations under the Guarantee:

 

  (i) are not discharged, abrogated, diminished, prejudiced or otherwise
affected in any way by the Second Amendment and Restatement Deed or the
Extension;

 

  (ii) will continue to guarantee the Obligations including, without limitation,
under or in connection with the Extension; and

 

  (iii) remain in full force and effect and continue to be binding
notwithstanding the entry by the Borrower into the Second Amendment and
Restatement Deed and the Extension.

 

 

3. Consent of Pledgor

ResMed SAS, as the pledgor under the Pledge, unconditionally:

 

  (a) ratifies and confirms its execution of the Pledge; and

 

  (b) acknowledges and agrees that its obligations under the Pledge:

 

  (i) are not discharged, abrogated, diminished, prejudiced or otherwise
affected in any way by the Second Amendment and Restatement Deed or the
Extension; and

 

  (ii) remain in full force and effect and continue to be binding
notwithstanding the entry by the Borrower into the Second Amendment and
Restatement Deed and the Extension.

 

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4. Law and Jurisdiction

 

4.1 Governing law

This deed is governed by and must be construed according to the law applying in
New South Wales.

 

4.2 Jurisdiction

Each party irrevocably:

 

  (a) submits to the non-exclusive jurisdiction of the courts of New South
Wales, and the courts competent to determine appeals from those courts, with
respect to any proceedings which may be brought at any time relating to this
deed;

 

  (b) waives any objection it may now or in the future have to the venue of any
proceedings, and any claim it may now or in the future have that any proceedings
have been brought in an inconvenient forum, if that venue falls within
clause 4.2(a); and

 

  (c) (in the case of each Guarantor other than the Borrower) appoints ResMed
Limited at its registered office from time to time to receive on its behalf
process issued out of the courts of New South Wales in connection with this
deed. ResMed Limited accepts this appointment.

 

 

5. Counterparts

This deed may be executed in any number of counterparts and by the parties on
separate counterparts. Each counterpart constitutes the agreement of each party
who has executed and delivered that counterpart.

 

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EXECUTED as a deed.

Borrower

 

Executed by ResMed Limited ABN 30 003 765 142 in accordance with section 127 of
the Corporations Act by or in the presence of:    

/s/ Robert Douglas

   

/s/ Gregory Lang

Signature of Secretary/other Director     Signature of Director or sole Director
and sole Secretary

ROBERT DOUGLAS

   

GREGORY LANG

Name of Secretary/other Director in full     Name of Director or sole Director
and sole Secretary in full

 

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Guarantors

 

Executed by ResMed Limited ABN 30 003 765 142 in accordance with section 127 of
the Corporations Act by or in the presence of:    

/s/ Robert Douglas

   

/s/ Gregory Lang

Signature of Secretary/other Director     Signature of Director or sole Director
and sole Secretary

ROBERT DOUGLAS

   

GREGORY LANG

Name of Secretary/other Director in full     Name of Director or sole Director
and sole Secretary in full

 

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Executed by ResMed SAS:

/s/ Anne Reiser

Signature

By [Anne Reiser] duly empowered for the purposes hereof

 

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Executed by ResMed GmbH & Co. KG

represented by ResMed GmbH Verwaltung as its general partner:

   

/s/ Frank Rebbert

   

 

Signature of authorised person     Signature of authorised person

FRANK REBBERT

   

 

Name     Name

 

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Executed by ResMed (UK) Limited acting by:    

/s/ Ross William Sommerville

   

/s/ Mark Alan Hastings

Signature of Director     Signature of Secretary/other Director

ROSS WILLIAM SOMMERVILLE

   

MARK ALAN HASTINGS

Name of Director in full     Name of Secretary/other Director in full

 

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Executed by Take Air Medical Handels-GmbH:    

/s/ Petra Richters

   

 

Signature of authorised person     Signature of authorised person

Petra Richters

   

 

Name     Name

 

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Security Trustee

 

Signed sealed and delivered for and on behalf of HSBC Bank Australia Limited ABN
48 006 434 162 by its Attorney under a Power of Attorney
dated                    ,    

/s/ Garry James Richmond

and the Attorney declares that the Attorney has not received any notice of the
revocation of such Power of Attorney, in the presence of:    

Signature of Attorney

/s/ ME Connell

   

Garry James Richmond

Signature of Witness     Name of Attorney in full

Maree Elizabeth Connell

    Name of Witness in full    

 

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Schedule 1 - Guarantors

 

Name:    ResMed SAS Address for notices:    Parc Technologique de Lyon,    292
Allee Jacques Monod,    69791 Saint-Priest Cedex    France Fax:    + 33 (0) 4 26
10 03 00 For the attention of:    Financial Controller Name:    ResMed GmbH &
Co. KG Address for notices:    Fraunhoferstraße 16    82152 Martinsried   
Federal Republic of Germany Fax:    +49 89 9901 10 55 For the attention of:   
Financial Controller Name:    ResMed (UK) Limited Company number:    02863553
Address for notices:    96 Milton Park    Abingdon   

Oxfordshire

OX14 4RY

   United Kingdom Fax:    +44 (0)1235 831 336 For the attention of:    Financial
Controller Name:    Take Air Medical Handels-GmbH Address for notices:   
Haferwende 40    28357 Bremen    Federal Republic of Germany Fax:    + 49 42
1489 93 10 For the attention of:    Financial Controller Name:    ResMed Limited
Address:   

1 Elizabeth Macarthur Drive

Bella Vista

NSW 2153

   Australia Fax:    +61 (0)2 8884 2015 For the attention of:    Chief Financial
Officer

 

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