Exhibit 10.4

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International Guarantee Consent Deed

Each person listed in Schedule 1

Guarantors

ResMed Limited

Borrower

HSBC Bank Australia Limited

Security Trustee

Execution copy

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

Our reference 15136/15104/80079617

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International Guarantee Consent Deed dated 30 September 2008

 

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 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 a USD50,000,000 increase
in the Facilities under and as defined in the Amended Agreement (the “Further
Loan”).

 

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

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 Amendment and Restatement Agreement.

“Amendment and Restatement Agreement” means the document entitled “Amendment and
Restatement Agreement” dated on or about the date of this deed 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.

“Original Facility Agreement” means the syndicated facility agreement dated
8 June 2006 and entered into by the Borrower, the Security Trustee and others.

 

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.

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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

Subject to clause 3, each Guarantor unconditionally:

 

  (a) consents to the Further Loan and to the Borrower entering into the
Amendment and Restatement Agreement;

 

  (b) ratifies and confirms the Guarantee as amended by clause 3 below; 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 Amendment and Restatement Agreement or the provision
of the Further Loan;

 

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

 

  (iii) remain in full force and effect and continue to be binding
notwithstanding the entry by the Borrower into the Amendment and Restatement
Agreement and the provision of the Further Loan.

 

3. Guarantee

Notwithstanding clause 2, the parties agree that:

 

  (a) clause 4 of the Guarantee is amended by deleting the “and” at the end of
clause 4(b)(ii); replacing “.” with “; and” at the end of clause 4(b)(iii); and
inserting a new clause 4(b)(iv) as follows:

“all amounts drawn under the Tranche D Facility which have been on-lent to
ResMed SA, together with all amounts payable under or in connection with the
Tranche D Facility in respect of the amounts on-lent (including, without
limitation, interest, fees and expenses).”; and

 

  (b) clause 4 of the Guarantee (as amended by clause 3(a) above) applies
notwithstanding any other provision of this deed to the contrary.

 

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; and

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  (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).

 

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 (17 September, 2008)

   

 

Name     Name

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Executed by ResMed (UK) Limited acting by:    

/s/ R.W. Sommerville

   

/s/ M. Hastings

Signature of Director     Signature of Secretary/other Director

R.W. Somerville

   

M. Hastings

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

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Executed by Take Air Medical Handels-GmbH:    

 

   

 

Signature of authorised person     Signature of authorised person

/s/ Petra Richters

   

/s/ Günter Gromotka

Name:   Petra Richters, Commercial Director     Name:   Günter Gromotka, Finance
Director

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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                     ,

and the Attorney declares that the Attorney has

not received any notice of the revocation of such

Power of Attorney, in the presence of:

   

/s/ Garry James Richmond

    Signature of Attorney

/s/ Elin Schwarzenecker

   

Garry James Richmond

Signature of Witness     Name of Attorney in full

Elin Schwarzenecker

    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