Document:

Form of Employment Agreement

 Exhibit 10.20 
 EMPLOYMENT, NONDISCLOSURE AND 
 NON COMPETITION AGREEMENT 
 AGREEMENT made as of the              day of
                         by and between ABIOMED, Inc., a Delaware Corporation with offices at 22 Cherry Hill Park,
Danvers, Massachusetts (“ABIOMED”), and _____________ (the “Employee”) of _______________________. For purposes of this Agreement, unless the context otherwise requires, the term ABIOMED, shall include ABIOMED and
each of its subsidiaries. 
 RECITALS 
 The Employee desires to be employed by ABIOMED and ABIOMED desires to employ the Employee in accordance with the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises contained herein, and other valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree as follows: 
 1. Employment. The Employee shall initially be employed by ABIOMED as
their ______________. ABIOMED reserves the right, in its sole discretion, to change the Employee’s title and responsibilities at any time. 
 2. Compensation. The Employee’s salary shall be $__________ semi-monthly, subject to periodic review and adjustment by ABIOMED in its sole discretion. Payment of any bonuses will be at the
sole discretion of ABIOMED. ABIOMED maintains certain benefit plans and programs for its employees. The Employee’s eligibility for and participation in these plans are subject to the terms and conditions of each plan. ABIOMED reserves the right
to modify or terminate any plan or program at any time. 
 3. Loyalty and Best Efforts. The Employee agrees that he/she shall
be a full-time employee, devoting his/her entire time, undivided loyalty and best efforts to the business of ABIOMED. The Employee shall not during the term of his/her employment be engaged in any other occupation, professional or business activity.
As a representative of ABIOMED, the Employee further agrees to always conduct himself in accordance with the highest ethical and moral standards during both working and non-working hours. Attached to this Agreement as Appendix A is
ABIOMED’s “Conflicts of Interest Policy”. By executing this Agreement, the Employee represents and warrants that he/she has reviewed carefully the Policy and Guidelines and agrees to abide by the Policy and Guidelines, as they may be
updated and modified by ABIOMED from time to time. 

 4. Term and Termination. (a) ABIOMED may terminate the Employee’s employment for
cause at any time without prior notice if the Employee shall; (i) commit fraud, theft, misappropriation, embezzlement, misrepresentation or the like, or (ii) materially violate any provisions of this Agreement, or (iii) be
insubordinate or grossly incompetent in the course of his/her employment; or (iv) violate any provisions of ABIOMED’s Guidelines of Company Principles and Practices or Conflicts of Interest Policy, or any other published ABIOMED policies
or guidelines, as they may be amended from time to time. 
 (b) ABIOMED may terminate Employee’s employment without cause at any time
and without any liability beyond regular compensation through the day of termination during the Employee’s first six months of employment with ABIOMED. 
 (c) ABIOMED may terminate Employee’s employment without cause after six months of employment upon twenty-eight (28) days written notice to the Employee. In such event, the Employee, if requested by ABIOMED,
shall continue to render his/her services and shall be paid his/her regular compensation up to the date of termination without any further liability to ABIOMED. 
 (d) The Employee may resign his/her employment with ABIOMED without cause at any time upon twenty-eight (28) days written notice to ABIOMED. In such event, the Employee shall continue to render his/her services
and shall be paid his/her regular compensation up to the date of termination. 
 (e) The Employee’s employment with ABIOMED shall
terminate immediately upon the Employee’s death. 
 5. Protection of Proprietary Information. (a) ABIOMED has
developed or acquired materials and information (whether or not reduced to writing, patentable or protectable by copyright) relating to ABIOMED’s operating procedures, products, methods, service techniques, engineering and manufacturing data
machines, devices, apparatus, “know-how”, formulae, software, processes, plans, designs, specifications, trade secrets, company data regarding costs, profits, markets and sales, customer lists, plans for present and future research,
development and marketing, and other proprietary information not available to the public (collectively “Proprietary Information”) which gives it a special competence in its various fields of endeavor, all of which have been acquired at
considerable expense to ABIOMED. 
 (b) The Employee recognizes that ABIOMED is engaged in a continuous program of research and development
of such Proprietary Information. The Employee understands that as part of his/her employment he/she is expected to make contributions of value to ABIOMED, including the development of Proprietary Information. He acknowledges that his/her employment
creates a relationship of confidence and trust between him/herself and ABIOMED with respect to information of a confidential nature which is discovered, made known to, or learned by him/her during the period of his/her employment, including
Proprietary Information. 

 (c) The Employee agrees to promptly disclose to ABIOMED all inventions conceived or put to practice while
employed at ABIOMED, regardless of whether the development of the invention was funded by ABIOMED or by an external entity, government or private. 
 (d) The Employee will not without the express authorization from an authorized ABIOMED officer, during or after the term of his/her employment, disclose any Proprietary Information, or anything relating to it, to any person other than
authorized ABIOMED personnel. Nor shall the Employee use any such information for his/her personal benefit or disclose or use for his/her personal benefit any information furnished by a third party to ABIOMED in confidence. 
 (e) The Employee agrees that in the event of the termination of his/her employment for any reason, he/she will deliver to ABIOMED and shall not take with
him/her, all documents and materials of any nature pertaining to any Proprietary Information. Employee shall execute a certificate in the form of Appendix B, at the time of termination of employment confirming compliance with the requirements
of this Section and other provisions of this Agreement relating to the treatment of Proprietary Information. 
 6. Assignment of
Proprietary Information. (a) The Employee agrees that he/she will promptly disclose to ABIOMED, or its assigns, all discoveries, processes, software, formulae, data, know-how and techniques, whether or not patentable or protectable by
copyright, made or conceived, first reduced to practice, or learned by him/her, either alone or jointly with others, during the period of his/her employment which (i) relate to or are useful in the business of ABIOMED, or (ii) are
conceived, made or worked on at the expense of, or during the Employee’s normal working hours for, ABIOMED or using any resources or materials of ABIOMED, or (iii) arise out of tasks assigned to him/her by ABIOMED, or (iv) are within
the scope of his/her employment by ABIOMED (collectively, “Proprietary Inventions”). 
 (b) All Proprietary Inventions shall be the
sole property of ABIOMED and its assigns, and ABIOMED and its assigns shall be the sole owner of all patents, copyrights and other rights in connection therewith. In consideration of his/her employment by ABIOMED and regardless of any change in the
Employee’s salary or the nature of the Employee’s employment, the Employee hereby assigns to ABIOMED, or its assigns, the Employee’s entire right, title and interest in and to any and all Proprietary Inventions. 
 (c) The Employee, at the expense of ABIOMED, agrees to assist ABIOMED and its assigns in every proper way to obtain and enforce patents, copyrights and
other intellectual property rights on Proprietary Inventions in any and all countries. To that end, the employee agrees to execute all papers, and perform all acts necessary to make this Agreement effective as to any particular Proprietary
Inventions, application for letters patent, and other rights and interests of ABIOMED or its assigns, including the giving of testimony without expense to the Employee and without further compensation except as provided for in accordance with
ABIOMED’s “Patent Awards Policy” as it may be amended from time to time, a copy of which is attached hereto as Appendix C and made a part of this Agreement by reference. The obligations 

 of the Employee under this paragraph (c) shall continue beyond the termination of
his/her employment with ABIOMED. 
 (d) As a matter of record, and in order to avoid disputes over the application of Sections 5 and 6, the
Employee has attached to this Agreement, as Appendix D, a complete list of all inventions made, conceived, or first reduced to practice by Employee, alone or jointly with others, prior to his/her employment with ABIOMED, that are not
described in a publication or patent application in existence on the date of this Agreement, and that the Employee desires, and ABIOMED agrees to exclude from the effect of this Agreement. If no such list is attached to this Agreement, he/she
represents that he/she has no such inventions and improvements at the time of signing this Agreement. 
 (e) If any application for any
United States or foreign patent, copyright or other intellectual property rights related to or useful in the business of ABIOMED shall be filed by or for the Employee within a period of one (1) year after the termination of his/her employment,
the subject matter covered thereby shall be presumed to have been conceived during his employment with ABIOMED. 
 7. Covenant Not to
Compete. (a) Noncompetition. The Employee recognizes that ABIOMED is engaged in the research, development, manufacturing and marketing of proprietary products in the United States and throughout the world, and that it is of
utmost importance to ABIOMED to maintain the confidentiality of its Proprietary Information and preserve the good-will of its business. In order to safeguard that Proprietary Information and good-will, the Employee understands that it is a condition
of his/her employment not to compete with ABIOMED, in the United States or any other country, for a period of time following the termination of his/her employment, as set forth in further detail below. 
 (b) The Employee agrees that for a period of two years following the termination of his/her employment, he/she will not directly or indirectly, for
his/her own account or for any other person, as agent, employee, officer, director, trustee, consultant, owner, partner, or shareholder, or any other capacity: 
 (i) hire or attempt to hire or assist any other person in hiring or attempting to hire any employee of ABIOMED; or 
 (ii) encourage or assist any other person in encouraging any director, officer, employee, agent, consultant or any other person affiliated
with ABIOMED to terminate or alter his/her or its relationship with ABIOMED; or 
 (iii) encourage or assist any other person
in encouraging any customer or supplier of ABIOMED to terminate or alter its relationship with ABIOMED; or 
 (iv) Sell or
market or assist any other person in selling or marketing any product or service that competes, directly or indirectly with any product or service manufactured, sold or under development by ABIOMED at the time the Employee’s employment with
ABIOMED is terminated; or 

 (v) research, develop or manufacture or assist any other person in researching,
developing or manufacturing any product or service that competes with any product or service conceived, manufactured, sold or under development by ABIOMED at the time the Employee’s employment with ABIOMED is terminated. 
 (c) In order to assure that the Employee does not breach any of the foregoing provisions, the Employee agrees that for a period of two years following
the termination of his/her Employment he will not accept employment with, advise, provide consulting services to or acquire any interest in (other than an investment interest of less than 5% of the total outstanding shares of a publicly traded
company) any business that directly or indirectly competes with any product or service conceived, manufactured, sold or under development by ABIOMED without first obtaining the written consent of ABIOMED. ABIOMED shall be permitted to withhold such
consent in its sole discretion, unless the Employee and the prospective employer are able to provide ABIOMED with assurances reasonably satisfactory to ABIOMED in its sole discretion that the Employee will not be assisting the prospective employer
in any of the prohibited endeavors listed in paragraph (b) above. 
 (d) The Employee has carefully read and considered the restrictions
in this Section 7 and agrees that the restrictions are fair and reasonable and are reasonably required for the protection of the interests of ABIOMED. 
 8. Conflicting Agreements. The Employee represents and warrants that he/she is free to enter into this Agreement, that the Employee has not made and will not make any agreements (oral or in writing) in
conflict with this Agreement, and will not disclose to ABIOMED, not use for ABIOMED’s benefit, any trade secrets or confidential information that is the property of any other party now or hereafter in the Employee’s possession. The
Employee represents that he/she has provided to ABIOMED, copies of all employment, proprietary information and other similar agreements to which he/she is a party that are currently in effect. 
 9. Remedies. In order to avoid irreparable injury to ABIOMED, in the event of any breach or threatened breach by the Employee of the
provisions of this Agreement, ABIOMED shall be entitled to an injunction restraining such breach. Nothing herein shall be construed as prohibiting ABIOMED from pursuing any other remedies available to ABIOMED for such breach or threatened breach,
including the recovery of damages from the Employee. The Employee agrees that in the event that he/she breaches his/her duty of loyalty to Company or any of his/her covenants in Sections 5 through 7, in addition to any and all other remedies which
ABIOMED may have available to it, ABIOMED will be entitled, at its election, to recover from the Employee (i) the value of anything belonging to ABIOMED which the Employee uses in breach of such duty, or (ii) any benefit which the Employee
receives as a result of his/her breach, or its proceeds, and ABIOMED shall also be entitled to recover from the Employee the amount of damages thereby caused. In the event of termination of the Employee’s employment for breach of any of the
covenants under this Employment Agreement, Employee agrees that he shall thereby forfeit all rights granted to him under any stock option, profit participation, bonus or 

 deferred compensation arrangement of ABIOMED then existing in which he/she participates,
to the extent permitted by law. 
 10. Notices. Any notice required or permitted to be given under this Agreement shall be
sufficient if in writing and hand delivered or if sent by registered mail to his/her last known residence in case of the EMPLOYEE and to its principal place of business in the case of ABIOMED. 
 11. Independence of Employee’s Covenants. The covenants on the part of EMPLOYEE to be performed under this Agreement shall be
construed as agreements independent of any other provisions of this Agreement, and the existence of any claims or cause of action of EMPLOYEE against ABIOMED, whether predicated on this Agreement or otherwise, shall not constitute a defense to the
enforcement by ABIOMED or its assigns of any of the Employee’s covenants hereunder. 
 12. Waiver. The failure of ABIOMED
to insist upon strict compliance with any of the terms, covenants, or conditions hereof shall not be deemed a waiver of such terms, covenants, or conditions, nor shall any waiver or relinquishment of any right or power hereunder at any one or more
times deemed a waiver of relinquishment of such power or right at any other time or times. 
 13. Severability. The invalidity
or unenforceability of any provision hereof shall in no way effect the validity of enforceability of any other provision. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision hereof shall be prohibited by or invalid under any such law, that provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or nullifying the remainder of that
provision or any other provisions of this Agreement. 
 14. Benefit. Except as otherwise herein expressly provided, this
Agreement shall inure to the benefit of and by binding upon ABIOMED, its successors and assigns, and the Employee, his/her heirs, executors, administrators, and legal representatives, provided that the obligations of the Employee hereunder may not
be delegated. 
 15. Construction. For purposes of this Agreement, unless the context otherwise requires, the term
“person”, shall include any individual, corporation, partnership, joint venture, association, joint-stock company, trust company, trust, unincorporated organization, government agency or entity or any subdivision thereof, or any other
entity. 

 16. Governing Law: Consent to Jurisdiction. This Agreement shall be construed as a
Massachusetts contract under seal and shall be interpreted in accordance with the internal laws of the Commonwealth of Massachusetts. The Employee hereby agrees to the jurisdiction of the courts in the Commonwealth of Massachusetts and waives any
objection based upon forum non conveniens with respect to any action instituted concerning any dispute arising in connection with this Agreement or the employment of the Employee by ABIOMED. ABIOMED shall have the right to bring any action or
proceeding against the Employee in the courts of any other jurisdiction ABIOMED reasonably deems necessary to rely on its rights under this Agreement. 
 17. Entire Agreement. This instrument contains the entire agreement of the parties. It may not be changed orally, but only by an agreement in writing signed by the parties. 
 IN WITNESS WHEREOF, this Agreement has been executed under seal on the date and year first above written. This Agreement has been executed under
seal as of the date and year first above written. 
  
  

							
		 		 	EMPLOYEE
				
	  	 		 	 By:
	 	  
	Witness	 		 		 	 (Signature)

				
		 		 	 Name (printed):
	 	  
				
		 		 	 Date:
	 	  
			
		 		 	  
 ABIOMED, INC.

				
	  	 		 	 By:
	 	  
	Witness	 		 		 	 (Signature)

				
		 		 	 Name:
	 	  
				
		 		 	 Title:
	 	  
				
		 		 	 Date:
	 	  

 APPENDIX A 
 ABIOMED, INC. 
 CONFLICT OF INTEREST POLICY 
 GENERAL: 
 Each employee of ABIOMED is expected
to act in the best interest of ABIOMED and to refrain from placing himself or herself in the position that could produce a conflict between his or her interest and the interests of ABIOMED or any employee benefit plan or trust funded by ABIOMED. It
is the duty of all employees to act in good faith at all times and not to utilize their employment for private personal advantage. 
 This
policy, while not covering every conceivable area of conflict of interest, is intended to review and restate certain broad ethically sound principles of conduct that are to be used as guidelines whenever a question may arise. ABIOMED’s
“Guidelines of Company Principles and Practices” are made herein part of the Schedule by reference. 
 As used herein, the term
ABIOMED shall mean ABIOMED, Inc. and its affiliates, the ABIOMED Limited Partnership, and any employee benefit plan or trust funded by ABIOMED. The term “member of immediate family” shall mean the employee’s spouse and a relative of
the employee or of his or her spouse living in the employee’s household. A person, firm, or corporation which acts for or represent a supplier of goods and services in the sale of such goods and services to ABIOMED shall also be deemed to be
doing business with ABIOMED. 
 POLICY GUIDELINES: 
 1. No official or employee of ABIOMED may serve as an officer, employee, or director of or consultant to any business entity which does business with or is competitive with ABIOMED, unless prior approval is obtained
from the President of ABIOMED. 
 2. No official or employee of ABIOMED or member of his or her immediate family may accept, directly or
indirectly, from any person, firm, or corporation doing business with ABIOMED, any money, loans (except loans from banks or other lending institutions in the normal course of their business) or any gift or gratuity, favor or service, which might
conceivably tend to induce him or her to violate his or her duties to ABIOMED. The foregoing is not intended to prohibit the acceptance of promotional or advertising items marked with the name of the donor, or items distributed by donors to all of
their customers. 
 3. No official or employee of ABIOMED or member of his or her immediate family may have any direct or indirect interest
in any business entity doing business with ABIOMED or in any business in which ABIOMED may hereafter become engaged if such interest represents a substantial proportion of such business entity. In any case where a direct or indirect interest in any
such business entity exists, the same must be disclosed to, and approved in writing by the President of ABIOMED. There shall be excluded from the foregoing prohibition any direct or 

 CONFLICT OF INTEREST POLICY 
 Page 2 of 2 
 indirect interest in any corporation (a) which is publicly owned; and (b) whose securities are actively
traded on any stock exchange or on any over-the-counter market; and (c) in which such officer or employee and members of his or her immediate family own less that 1% of the outstanding shares of each class of equity securities. 
 4. No official or employee of ABIOMED may utilize the services of any person employed by ABIOMED for improvement or maintenance of his or her property on
Company time. 
 5. No ABIOMED products or property shall be sold by ABIOMED to any person employed by ABIOMED except through channels and
pursuant to policies authorized by the President of ABIOMED. 
  

	
	APPROVED:
	
	/s/
	 Chief Executive Officer
 Date: March,
1992

 APPENDIX B 
 ABIOMED, Inc. 
 ACKNOWLEDGMENT UPON TERMINATION OF EMPLOYMENT 
 I have re-read and understand my obligations under Paragraph 9 of my Employment Agreement with ABIOMED, Inc. and will abide therewith. 
 DEFINITIONS. 
 The following definitions shall
form an integral part of this Acknowledgment. 
 ABIOMED. ABIOMED, Inc., and except where context otherwise requires, its
affiliates. 
 Affiliate. Means any business entity controlled by, controlling or under common control with ABIOMED, other than
ABIOMED Limited Partnership. 
 Trade Secrets. Concepts, devices, designs, developments, disclosures, discoveries, formulae for
chemical compounds, ideas, improvements, inventions, know-how, materials, formulations, methods, processes, research and development projects and results, specifications, systems, technical data, and any other technical information concerning the
identity of actual or prospective customers or suppliers, business and marketing plans and strategies, all whether written or unwritten, and whether patentable or not. 
 Related Materials. Any and all documentation, memoranda, notebooks, photos, sketches, prints, drawings, research materials, charts, graphs, machinery, prototypes, tools, written material, and plans.

 Partnership. ABIOMED Limited Partnership, a Massachusetts limited partnership. 
 Proprietary Information. All Trade Secrets and Related Materials, plus such financial data, statistical data, marketing data, data of all
kinds, production and other costs, salaries, and any other information dealing with business operations or proposed business activities which Employee knows or has reason to know are intended by ABIOMED to remain confidential. 
 OWNERSHIP, ASSIGNMENT, AND DISCLOSURE OF TRADE SECRETS, RELATED MATERIALS, PROPRIETARY INFORMATION, AND PATENTS. 
 (a) Acknowledgment: The EMPLOYEE recognizes that ABIOMED is or will be engaged in highly competitive business in which the protection of
its and the Partnership’s Trade Secrets, Related Materials, Proprietary Information, and Patents is essential to the success of ABIOMED. 

 Termination Acknowledgment 
 Page 2 of 4 
 (b) Prior Inventions: As a matter of record, and in order to avoid disputes over the
applications of the Paragraph 9, EMPLOYEE attaches to this Agreement as Schedule B, a complete list of all inventions made, conceived, or first reduced to practice alone or jointly with others, prior to his employment, that are not, and will not be,
described in a publication or patent application in existence on the effective date of this Agreement, and that EMPLOYEE wants to exclude from the effect of this Agreement. If employee has no such Inventions as of the effective date of this
Agreement, EMPLOYEE should represent that it has no such Inventions where indicated on Schedule B. 
 (c) Ownership of Trade Secrets,
Related Materials, and Proprietary Information: EMPLOYEE acknowledges and agrees that ABIOMED and its successors and assigns are the sole, absolute, unqualified, and exclusive owner of all Trade Secrets, Related Materials, and Proprietary
Information learned, supplied, developed, or conceived by EMPLOYEE during EMPLOYEE’s employment with ABIOMED, even if learned or developed with, by, or from other sources. The EMPLOYEE also agrees that he/she will not use for personal benefit
during or after employment with ABIOMED any information relating to Trade Secrets, Related Materials, or Proprietary Information owned or controlled by ABIOMED or the Partnership and acquired during employment at ABIOMED. 
 (d) Assignment of Trade Secrets, Related Materials, Proprietary Information, and Patents: In consideration of his/her employment by ABIOMED
and the salary or wages to be paid or being paid to EMPLOYEE and regardless of any change in EMPLOYEE’s salary or the nature of EMPLOYEE’s employment, EMPLOYEE hereby assigned to ABIOMED (or to an Affiliate as agent for the Partnership, as
ABIOMED, the Affiliate and the Partnership shall agree), his/her entire right, title, and interest in and to any and all Trade Secrets, Related Materials, and Proprietary Information (i) originated with, learned, acquired, or developed by
EMPLOYEE solely or jointly with others, whether on company time or his/her own, during the period of employment with ABIOMED, or (ii) created or developed using ABIOMED’s resources or materials, or (iii) suggested by any work which
EMPLOYEE has done, is doing, or may do, for ABIOMED, so far and only so far as the same relate to or may be useful in the business of ABIOMED as now or at anytime carried on, including experimental or research work. 

 Termination Acknowledgment 
 Page 3 of 4 
 (e) Assistance in Prosecution of Patents, Etc. ABIOMED or its assigns, at their expense, shall
be entitled to procure letters patent, domestic or foreign, or copyrights, on any of the Trade Secrets, Related Materials, and Proprietary Information above assigned, in their own name. EMPLOYEE shall execute all documents necessary to permit
ABIOMED or its assigns to obtain such letters patent or copyrights, and will cooperate fully in regard to such person obtaining or attempting to obtain such letters, patents, or copyrights, EMPLOYEE further agrees to sign all papers, take all
rightful oaths, and perform all acts necessary to make this Agreement effective as to any particular Trade Secret, Related Material, Proprietary Information, Application for Letters Patent, domestic or foreign, including any extension, division or
reissues thereof, and will do all lawful acts to protect the patents, copyrights, and other rights and interests of ABIOMED, an Affiliate, or the Partnership, including the giving of testimony without expense to EMPLOYEE and without further
compensation except as provided for in accordance with ABIOMED’s “Patent Awards Policy”, a copy of which is attached hereto as Schedule C and made a part of this Agreement by reference. 
 (f) Non-Disclosure of Trade Secrets, Related Materials, and Proprietary Information: EMPLOYEE agrees that at no time, whether during
EMPLOYEE’s employment by ABIOMED or at any time thereafter, and regardless of the reason for the termination of EMPLOYEE, shall EMPLOYEE disclose any Trade Secret, Related Materials, or Proprietary Information owned or controlled by ABIOMED or
the Partnership to any person, firm, government entity, corporation, association, or entity without the prior written consent of ABIOMED, the Affiliate or the Partnership, whichever is authorized to permit such disclosure, nor shall EMPLOYEE
disclose any Trade Secrets, Related Materials, or Proprietary Information furnished to ABIOMED or Partnership under confidential or proprietary contracts or agreements with any other person, firm, government agency, or entity. 
 (h) Acknowledgment Upon Termination of Employment: At the time of the EMPLOYEE’s termination of employment with ABIOMED, regardless of
the circumstances or cause of said termination, EMPLOYEE shall execute the EMPLOYEE’s standard Termination Certificate, a copy of which is attached hereto as Schedule D, and made a part hereof as reference, which confirms the substance of these
provisions. 

 Termination Acknowledgment 
 Page 4 of 4 
 I certify that in accordance with the terms of said Agreement, I have disclosed to ABIOMED any and all
inventions, formulas, methods, materials formulations, devices, ideas, concepts, developments, research results, discoveries, and improvements, patentable or unpatentable, originating with, acquired or developed by me solely or jointly with others,
during the course of my employment with ABIOMED. 
 I certify that all Proprietary Information, Trade Secrets, and Related Materials that are
the property of employers previous to my employment with ABIOMED, were not disclosed to ABIOMED or any of its Affiliates, nor were these used during my employment at ABIOMED. 
 I further certify that I have not in the past, and will not in the future, use for my own benefit or disclose to any person, firm, government agency,
corporation, association, or entity any Trade Secret, Related Material, or Proprietary Information owned or controlled by ABIOMED without the prior written consent of ABIOMED. Neither have I in the past nor will I in the future, disclose any Trade
Secret, Related Material, or Proprietary Information furnished to ABIOMED under confidential or proprietary contracts or agreements with any other person, firm, government agency or entity, except to such extent as has been necessary and permitted
in the original course of performance of my duties as an EMPLOYEE of ABIOMED. 
  
  
  
  
  

					
	 	 	 	 	 
	Witness	 	Employee	 	Date

 APPENDIX D 
 ABIOMED, INC. 
 List of all Inventions made, conceived, or first reduced to practice alone or jointly
with others, prior to EMPLOYEE’s employment with ABIOMED that are not, and will not be, described in a publication or patent application in existence on the effective date of this Agreement, and that EMPLOYEE wants to exclude from the effects
of this Agreement. 
  

					
			
	   	 		 	   
	Witness	 		 	Employee
			
	 	 		 	   
		 		 	Date

 If no list is provided above, EMPLOYEE represents that no invention exists on the effective date
of this Agreement. 
  

					
			
	   	 		 	   
	Witness	 		 	Employee
			
	 	 		 	   
		 		 	DateSyndicated Facility Agreement dated June 8, 2006

 Exhibit 10.1 
 CLAYTON UTZ 
 EXECUTION COPY 
 Syndicated facility agreement 
 ResMed Limited 
 ABN 30 003 765 142 
 Borrower 
 Each person listed in Schedule 1 
 Original Financier 
 HSBC Bank Australia Limited 
 ABN 48 006 434 162 
 Facility Agent 
 HSBC Bank Australia Limited 
 ABN 48 006 434 162 
 Security Trustee 
 The Clayton Utz contact
for this document is 
 Jason Huinink on +61 2 9353 4000 
 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 15136/15286/80038182 

 Table of contents 
  

							
	 1.
	  	Definitions and interpretation	  	1
				
		  	1.1	  	 Definitions
	  	1
		  	1.2	  	 Interpretation
	  	17
		  	1.3	  	 Joint and several liability
	  	18
		  	1.4	  	 Working Capital Agreements
	  	18
			
	 2.
	  	The Facilities 	  	18
				
		  	2.1	  	 Facilities
	  	18
		  	2.2	  	 Financiers’ Commitments
	  	18
		  	2.3	  	 Several obligations
	  	19
		  	2.4	  	 Separate and independent rights
	  	19
		  	2.5	  	 Purpose
	  	19
		  	2.6	  	 Termination
	  	19
			
	 3.
	  	Conditions precedent	  	19
				
		  	3.1	  	 Conditions precedent to the first Advance
	  	19
		  	3.2	  	 Conditions precedent to all Advances
	  	20
		  	3.3	  	 Conditions precedent to Tranche B Advances
	  	20
		  	3.4	  	 Facility Agent not liable
	  	21
		  	3.5	  	 Waiver of Conditions Precedent
	  	21
			
	 4.
	  	Drawdowns	  	21
				
		  	4.1	  	 Notice
	  	21
		  	4.2	  	 Contents of Drawdown Notice
	  	21
		  	4.3	  	 Requirements of Drawdown Notice
	  	21
		  	4.4	  	 Amount of Tranche B and Tranche C Advances in Alternative Currencies
	  	22
		  	4.5	  	 Facility Agent to notify Financiers
	  	22
		  	4.6	  	 Making of Advances
	  	22
		  	4.7	  	 Maximum number of Advances
	  	22
			
	 5.
	  	Cancellation and reduction of Facilities	  	22
				
		  	5.1	  	 Tranche A Commitments
	  	22
		  	5.2	  	 Tranche B Commitments
	  	23
		  	5.3	  	 Tranche C Commitments
	  	23
		  	5.4	  	 Reduction of the Tranche A Commitment on the Tranche A Facility Reduction Dates
	  	23
		  	5.5	  	 Reduction of Tranche C Commitment
	  	23
		  	5.6	  	 Reduction consequent on repayment or prepayment
	  	23
		  	5.7	  	 Limitations
	  	24
			
	 6.
	  	Repayment and prepayments	  	24
				
		  	6.1	  	 Repayment of Tranche A Advances
	  	24
		  	6.2	  	 Repayment of Tranche B Advances
	  	24
		  	6.3	  	 Repayment of Tranche C Advances
	  	24
		  	6.4	  	 Voluntary prepayment
	  	25
		  	6.5	  	 General provisions relating to repayment and prepayment
	  	25
			
	 7.
	  	Interest	  	25
				
		  	7.1	  	 Interest Periods
	  	25
		  	7.2	  	 Restrictions on selection
	  	26
		  	7.3	  	 Calculation of interest
	  	26
		  	7.4	  	 Payment of interest
	  	26

  

 i 

							
	 8.
	  	Interest on overdue amounts	  	27
				
		  	8.1	  	 Default interest
	  	27
		  	8.2	  	 Interest after judgement
	  	27
		  	8.3	  	 Accrual and calculation of interest
	  	27
			
	 9.
	  	Bill reliquefication	  	27
				
		  	9.1	  	 Drawing of Bills
	  	27
		  	9.2	  	 Attorney
	  	27
		  	9.3	  	 Dealing
	  	27
		  	9.4	  	 Appointment revoked
	  	28
		  	9.5	  	 Indemnity
	  	28
		  	9.6	  	 Notice
	  	28
		  	9.7	  	 Satisfaction of Obligations
	  	28
			
	 10.
	  	Fees	  	28
				
		  	10.1	  	 Upfront fees
	  	28
		  	10.2	  	 Unused Commitment fee
	  	28
		  	10.3	  	 Payments to the Facility Agent and Security Trustee
	  	29
		  	10.4	  	 No refund
	  	29
			
	 11.
	  	Payments	  	29
				
		  	11.1	  	 Payment to Security Trustee
	  	29
		  	11.2	  	 Time and place
	  	30
		  	11.3	  	 Merger
	  	30
		  	11.4	  	 Currency for payments
	  	30
		  	11.5	  	 Payments to the Obligors
	  	30
		  	11.6	  	 Payments to the Financiers
	  	31
		  	11.7	  	 Insufficient payment
	  	31
		  	11.8	  	 Anticipatory payments
	  	31
			
	 12.
	  	Taxes	  	31
				
		  	12.1	  	 No deduction for Taxes and no set-off or counterclaim
	  	31
		  	12.2	  	 Payment net of Taxes
	  	32
			
	 13.
	  	Illegality	  	32
			
	 14.
	  	Increased cost	  	33
				
		  	14.1	  	 Obligations to indemnify
	  	33
		  	14.2	  	 Prepayment after increased cost
	  	34
			
	 15.
	  	Representations and warranties	  	34
				
		  	15.1	  	 Representations and warranties
	  	34
		  	15.2	  	 Repetition of representations and warranties
	  	36
		  	15.3	  	 Reliance on representations and warranties
	  	36
		  	15.4	  	 No representations to the Borrower
	  	36
			
	 16.
	  	Undertakings	  	36
				
		  	16.1	  	 General undertakings
	  	36
		  	16.2	  	 Reports and information
	  	38
		  	16.3	  	 Financial undertakings
	  	39
		  	16.4	  	 Change to Accounting Principles
	  	40
		  	16.5	  	 Acquired Subsidiaries and Additional Guarantees
	  	41
			
	 17.
	  	Financial Covenants	  	41
				
		  	17.1	  	 Financial Covenants
	  	41

  

 ii 

							
		  	17.2	  	 Guarantor Group
	  	41
			
	 18.
	  	Default and termination	  	42
				
		  	18.1	  	 Events of Default
	  	42
		  	18.2	  	 Consequences
	  	44
			
	 19.
	  	Prior Documentation	  	44
			
	 20.
	  	Indemnities	  	44
			
	 21.
	  	Facility Agent and Security Trustee	  	45
				
		  	21.1	  	 Appointment of Facility Agent
	  	45
		  	21.2	  	 Appointment of Security Trustee
	  	45
		  	21.3	  	 Instructions to Facility Agent
	  	46
		  	21.4	  	 Instructions to Security Trustee
	  	47
		  	21.5	  	 Seeking instructions from Financiers
	  	47
		  	21.6	  	 Acts binding on Finance Parties
	  	47
		  	21.7	  	 No need for inquiries
	  	48
		  	21.8	  	 Restrictions on Financiers’ rights
	  	48
		  	21.9	  	 Delegation
	  	48
		  	21.10	  	 Provision of information
	  	49
		  	21.11	  	 Facility Agent and the Security Trustee not bound to enquire
	  	49
		  	21.12	  	 Notice of Default
	  	49
		  	21.13	  	 Facility Agent or Security Trustee as Financier
	  	50
		  	21.14	  	 Other dealings
	  	50
		  	21.15	  	 Communications
	  	51
		  	21.16	  	 Observe laws
	  	51
		  	21.17	  	 Relationships
	  	51
		  	21.18	  	 Not responsible
	  	51
		  	21.19	  	 Independent investigations
	  	52
		  	21.20	  	 Exclusion of liability
	  	52
		  	21.21	  	 Reimbursement and Indemnity
	  	52
		  	21.22	  	 Replacement of Facility Agent
	  	53
		  	21.23	  	 No authority
	  	54
		  	21.24	  	 HSBC Bank Australia Limited as security agent under the Pledge
	  	54
			
	 22.
	  	Set-off	  	54
			
	 23.
	  	Pro rata sharing	  	55
			
	 24.
	  	Expenses, stamp duties and GST	  	56
				
		  	24.1	  	 Expenses and Stamp Duty
	  	56
		  	24.2	  	 GST
	  	56
			
	 25.
	  	Assignments and confidentiality	  	57
				
		  	25.1	  	 Successors and assigns
	  	57
		  	25.2	  	 Assignments by Obligors
	  	57
		  	25.3	  	 Financiers
	  	57
		  	25.4	  	 Substitution
	  	57
		  	25.5	  	 Increased costs, Taxes and illegality
	  	58
		  	25.6	  	 Sub-participation
	  	58
		  	25.7	  	 Confidentiality - General
	  	58
		  	25.8	  	 Disclosure to assignees or substitutes
	  	59

  

 iii 

							
	 26.
	  	Governing law and jurisdiction	  	59
				
		  	26.1	  	 Governing law
	  	59
		  	26.2	  	 Jurisdiction
	  	59
			
	 27.
	  	Miscellaneous	  	60
				
		  	27.1	  	 Certificate of Facility Agent
	  	60
		  	27.2	  	 Notices
	  	60
		  	27.3	  	 Continuing obligation
	  	61
		  	27.4	  	 Settlement conditional
	  	61
		  	27.5	  	 Further assurance
	  	61
		  	27.6	  	 Severance
	  	61
		  	27.7	  	 Remedies cumulative
	  	62
		  	27.8	  	 Waiver
	  	62
		  	27.9	  	 Consents
	  	62
		  	27.10	  	 Indemnities
	  	62
		  	27.11	  	 Time of the essence
	  	62
		  	27.12	  	 Moratorium legislation
	  	62
		  	27.13	  	 Binding on each signatory
	  	62
		  	27.14	  	 Counterparts
	  	63
		  	27.15	  	 Entire agreement
	  	63
			
	 28.
	  	No representation by or reliance	  	63

  

			
		
	 Schedule 1 - Original Financiers
	  	64
		
	 Schedule 2 - Original Guarantors
	  	65
		
	 Schedule 3 - Documentary conditions precedent
	  	66
		
	 Schedule 4 - Form of Drawdown Notice
	  	67
		
	 Schedule 5 - Substitution Certificate
	  	68

  

 iv 

 Syndicated facility agreement dated 8 June 2006 
  

			
	Parties	  	 ResMed Limited ABN 30 003 765 142
  
 (“Borrower”)
  
 Each person listed in Schedule 1
  
 (each an “Original Financier”)
  
 HSBC Bank Australia Limited ABN 48 006 434 162
  
 (in this capacity
the “Facility Agent”)
  
 HSBC Bank Australia Limited ABN 48 006
434 162
  
 (in this capacity the “Security
Trustee”)

 Background 
 At
the request of the Borrower, the Financiers have agreed to provide financial accommodation to the Borrower in accordance with this agreement. 
 Operative
provisions 
  

	1.	Definitions and interpretation 

  

	1.1	Definitions 

 In this agreement: 
 “Accepted Accounting Practices” means the accounting practices and standards generally accepted in the United States of America.

 “Accounts” means a statement of income, balance sheet and a statement of cash flow together with any statements, reports
(including any directors’ and auditors’ reports) and notes attached to or intended to be read with any of them. 
 “Additional Guarantor” means a person who enters into a guarantee and indemnity pursuant to clause 16.5 or clause 17.2. 
 “Advance” means a Tranche A Advance, a Tranche B Advance or a Tranche C Advance. 
 “Agency Fee Letter”
means the letter dated on or about the date of this agreement from the Facility Agent and the Security Trustee to the Borrower, as accepted by the Borrower, setting out the fees payable by the Borrower to the Facility Agent and the Security
Trustee for their own account in connection with the Finance Documents. 
 “Alternative Currency” means any currency, other
than US Dollars. 
 “Australian Dollars” or “AUD” means the lawful currency for the time being of the
Commonwealth of Australia. 
 “Authorisation” means: 
  

	 	(a)	any authorisation, permit, consent, approval, resolution, licence, exemption, permission, recording, filing or registration required by any Government Authority or any law; and

  

 1 

	 	(b)	in relation to any act, matter or thing which will be prohibited or restricted either in whole or in part by any law if a Government Authority intervenes or acts in any way within a
specified period after lodgement, filing, registration, notification or any other event, the expiry of that period without intervention or action. 

 “Authorised Officer” in relation to any Obligor means a person appointed as an authorised officer of that Obligor for the purposes of the Finance Documents by a resolution of the board of directors of
that Obligor and in respect of whom the Facility Agent has received a certificate signed by a director of that Obligor setting out that person’s name, position and signature and confirming the appointment, provided the Facility Agent has not
received notice of revocation of that appointment. 
 “Availability Period” means the Tranche A Availability Period, the
Tranche B Availability Period or the Tranche C Availability Period. 
 “Base Rate” means: 
  

	 	(a)	the BBSY Base Rate in relation to Advances in Australian Dollars; 

  

	 	(b)	Eurolibor in relation to Advances in Euros; 

  

	 	(c)	Sterling LIBOR in relation to Advances in Sterling; and 

  

	 	(d)	US Dollar LIBOR in relation to Advances in US Dollars. 

 “BBSY Base Rate” for any period means the rate expressed as a percentage per annum (rounded upwards if necessary to 4 decimal places) which is: 
  

	 	(a)	the average of the bid rates shown at approximately 10.10 am (Sydney time) on page “BBSY” on the Reuters Screen on the first day of that period for a term equal to or
approximately equal to the period; or 

  

	 	(b)	if the Facility Agent is unable to determine the average rate in accordance with paragraph (a) of this definition or the basis on which the bid rates referred to in paragraph
(a) of this definition changes and, in the reasonable opinion of the Facility Agent, that rate ceases to reflect the Financiers’ cost of funding to the same extent as at the date of this agreement, the rate determined by the Facility
Agent, acting reasonably, to be the appropriate equivalent rate having regard to prevailing market conditions. 

 “Bill” has the meaning given to “bill of exchange” in the Bills of Exchange Act 1909 (Commonwealth), but does not include a cheque or payment order, and any reference to the drawing, acceptance, indorsement
or other dealing of or with a Bill refers to a drawing, acceptance, indorsement or other dealing within the meaning of that Act. 
 “Business Day” means a day (other than a Saturday or Sunday) on which banks are open for business generally in Sydney and London. 
 “Commitment” in relation to a Financier means that Financier’s Tranche A Commitment, Tranche B Commitment and Tranche C Commitment. 
 “Constitution” means the replaceable rules, constitution or combination of both as those terms are used in section 134 of the
Corporations Act or, in the case of Obligors incorporated outside Australia, the relevant constitutional documents of that Obligor. 
 “Controller” means, in relation to a person’s property: 
  

	 	(a)	a receiver or receiver and manager of that property; or 

  

 2 

	 	(b)	anyone else who (whether or not as agent for the person) is in possession, or has control, of that property to enforce an Encumbrance. 

 “Corporations Act” means the Corporations Act 2001 (Cth). 
 “Current Assets” means the aggregate value of the current tangible assets of the Group on a consolidated basis determined in accordance
with Accepted Accounting Practices. 
 “Deed of Variation” means the Deed of Variation relating to the Resmed Loan Agreement
dated on or about the date of this agreement between the Borrower and ResMed SA. 
 “Default Interest Period” means, for an
Unpaid Sum, a period of 30 days (or any other period the Facility Agent selects) beginning on the day on which the amount falls due, or on the last day of another Default Interest Period for that Unpaid Sum. 
 “Default Rate” means, for any day in a Default Interest Period, the applicable Prescribed Rate for that Default Interest Period plus 2%.

 “Distribution” means: 
  

	 	(a)	any dividend, charge, interest, fee, payment or other distribution (whether cash or assets) or redemption, repurchase, defeasance, retirement or repayment on or in respect of any
shares issued by any Obligor; or 

  

	 	(b)	any interest payment, any repayment or prepayment of any amount of principal or any other payment in respect of any liability of any member of the Group to any shareholder of the
Borrower at any time in connection with any Financial Liability. 

 “Drawdown Date” means the date on which an
Advance is made. 
 “Drawdown Notice” means a notice given under clause 4 in the form of Schedule 4. 
 “EBITDA” means, for any period, the Operating Profit for that period before taking into account Gross Interest payable or receivable by
the members of the Group, Tax on income and profits payable by the members of the Group, depreciation and amortisation in respect of fixed assets, real property, and plant and equipment, intangibles and exceptional and extraordinary items (and, in
the case of an operating loss, it shall be expressed as a negative amount), but excluding stock-based compensation costs and/or costs arising from employee share schemes, in each case, determined in accordance with, and by reference to, the relevant
financial statements delivered to the Facility Agent and Accepted Accounting Practices including, without limitation, FASB Statement No. 123 (Accounting for Stock-Based Compensation). 
 “Encumbrance” means a mortgage, charge, pledge, lien, encumbrance, security interest, title retention, preferential right, trust
arrangement, contractual right of set-off or any other security agreement or arrangement in favour of any person. 
 “Equivalent”
means, in relation to an amount specified in a particular currency (the “first amount”), the net amount of any other currency which the Facility Agent determines can be purchased with the first amount in the Australian foreign exchange
market at or about 11.00 am on the day on which the calculation falls to be made for spot delivery. 
 “Euro” or
“EUR” means the single currency of European Participating Member States, and, in respect of all payments to be made under this agreement in Euros, immediately available, freely transferable funds. 
 “Euro Amount” means, in relation to an Advance, the amount of that Advance in Euros specified in the relevant Drawdown Notice.

  

 3 

 “Eurolibor” means, for an Interest Period: 
  

	 	(a)	the rate determined by the Facility Agent to be the arithmetic mean, expressed as a percentage per annum (rounded up (if necessary) to 4 decimal places), of the rates for deposits
in Euro quoted: 

  

	 	(i)	at or about 11.00 am (London time) 2 Business Days before the first day of that Interest Period; and 

  

	 	(ii)	for a period equal or comparable to that Interest Period, 

 on the Reuters monitor system page “LIBOR 01” or any page which replaces that page; or 
  

	 	(b)	where the page referred to in paragraph (a) is not available, or less than 2 rates are quoted on that page at that time, the rate determined by the Facility Agent to be the
arithmetic mean of the rates expressed as a percentage per annum (rounded up (if necessary) to 4 decimal places), at which deposits: 

  

	 	(i)	denominated in Euro; 

  

	 	(ii)	for the same or for a comparable amount; and 

  

	 	(iii)	for a period equal or comparable to that Interest Period, 

 are offered to the Facility Agent by any two Reference Banks, in the interbank market selected by it, at or about 11.00 am (local time in the place of that market) 2 Business Days in the place of that market before the first day of that
Interest Period. 
 “European Participating Member States” means any member state of the European Union that adopts or has
adopted the Euro as its lawful currency in accordance with legislation of the European Community relating to the Economic and Monetary Union. 
 “Event of Default” has the meaning given in clause 18.1.  
 “Event of Insolvency” means:

  

	 	(a)	a Controller, administrator or similar officer is appointed in respect of a person or any asset of a person; 

  

	 	(b)	a liquidator or provisional liquidator is appointed in respect of a corporation; 

  

	 	(c)	any application (not being an application withdrawn or dismissed within 5 Business Days) is made to a court for an order, or an order is made, or a meeting is convened, or a
resolution is passed, for the purpose of: 

  

	 	(i)	appointing a person referred to in paragraph (a) or (b) other than under a solvent scheme of arrangement pursuant to Part 5.1 of the Corporations Act;

  

	 	(ii)	winding up or dissolving a corporation; or 

  

	 	(iii)	proposing or implementing a scheme of arrangement; 

  

	 	(d)	 a moratorium of any debts of a person or any other assignment, composition or arrangement (formal or informal) with a person’s creditors or any similar
proceeding or arrangement by which the assets of a person are subjected conditionally or unconditionally to the control of that person’s creditors or a trustee, 

  

 4 

	 	 
is ordered, declared or agreed to, or is applied for and the application is not withdrawn or dismissed within 5 Business Days; 

 

	 	(e)	any writ of execution, garnishee order, mareva injunction or similar order, attachment, distress or other process is made, levied or issued against or in relation to any asset of a
person; 

  

	 	(f)	a person becomes, or admits in writing that it is, or is declared to be or is taken under any applicable law to be, insolvent or unable to pay its debts; or

  

	 	(g)	anything analogous to anything referred to in paragraphs (a) to (f) inclusive of this definition, or which has a substantially similar effect, occurs with respect to a
person under any other law. 

 “Excluded Taxes” means any Taxes imposed by any jurisdiction on the overall net
income of a Finance Party as a consequence of the Finance Party being a resident of or organised or doing business in that jurisdiction. 
 “Facilities” means the Tranche A Facility, the Tranche B Facility and the Tranche C Facility. 
 “Facility
Agent” means HSBC Bank Australia Limited, or if HSBC Bank Australia Limited has been replaced, the successor appointed under clause 21.22. 
 “Facility Office” in respect of a Financier means the address of that Financier specified in Schedule 1 or in the Substitution Certificate or other document by which it became a party to or acquired rights under this
agreement or, subject to clause 25.5(b), any other address as notified by that Financier to the Facility Agent (by not less than 5 Business Days’ notice) as the address through which it will perform its obligations under this agreement.

 “FASB” means the Financial Accounting Standards Board in the United States of America.  
 “Fee Letters” means the Agency Fee Letter and the Upfront Fee Letter. 
 “Final Termination Date” means the date falling on the fifth anniversary of the date of this agreement. 
 “Finance Documents” means: 
  

	 	(a)	this agreement; 

  

	 	(b)	any Substitution Certificate; 

  

	 	(c)	the Security Trust Deed; 

  

	 	(d)	the Working Capital Agreements; 

  

	 	(e)	any Hedge Agreement; 

  

	 	(f)	the Deed of Variation; 

  

	 	(g)	each Security; 

  

	 	(h)	each Fee Letter; 

  

	 	(i)	any document that amends, supplements, replaces or novates any of the above; and 

  

	 	(j)	any other document as agreed by the Borrower and the Facility Agent to be a Finance Document for the purposes of this agreement. 

  

 5 

 “Finance Party” means any Financier, the Facility Agent, the Security Trustee, any Hedge
Counterparty and the Working Capital Financiers. 
 “Financial Liability” means an obligation (whether present or future,
actual or contingent) to pay or deliver any money or commodity under or in respect of any financial accommodation including under or in respect of any: 
  

	 	(a)	money borrowed or raised; 

  

	 	(b)	redeemable or repurchaseable share or stock; 

  

	 	(c)	bill of exchange, promissory note or other financial instrument (whether or not transferable or negotiable); 

  

	 	(d)	put option or buyback or discounting arrangement in respect of any property; 

  

	 	(e)	lease, licence or other arrangement in respect of any property entered into primarily to raise finance or to finance the acquisition of that property (other than a lease, licence or
arrangement which may be accounted for as an operating lease under applicable generally accepted accounting principles); 

  

	 	(f)	hire purchase or deferred payment obligation for any property or service; 

  

	 	(g)	interest or currency swap or hedge arrangement, financial option, futures contract or analogous transaction; or 

  

	 	(h)	arrangement which achieves the same or a similar commercial effect as or to any of the above, 

 and any guarantee (including any guarantee and indemnity, indemnity, letter of credit, performance bond, acceptance or endorsement) of any Financial
Liability of another person. It does not include any extended payment terms for the supply of goods and services entered into by the Borrower in the ordinary course of its ordinary business. 
 “Financial Ratio” means (individually and collectively) the ratios and covenants set out in clause 17. 
 “Financial Year” means each 12 month period ending on any 30 June.  
 “Financier” means: 
  

	 	(a)	any Original Financier; and 

  

	 	(b)	any person to which rights and/or obligations under the Finance Documents are assigned or transferred under clause 25 and which agrees to be a “Financier” or which assumes
rights and obligations pursuant to a Substitution Certificate, 

 provided that on: 
  

	 	(i)	termination in full of all the Commitments of any Financier; and 

  

	 	(ii)	irrevocable payment in full of all amounts which may be or become payable to that Financier under the Finance Documents, 

 that Financier will cease to be a Financier. 
 “Gearing Ratio” means, in respect of any Twelve-Month Period, the ratio of Total Debt to EBITDA during that period. 
  

 6 

 “Government Authority” means any government or any governmental or semi governmental
entity, authority, agency, commission, corporation or body (including those constituted or formed under any Statute), local government authority, administrative or judicial body or tribunal or stock exchange. 
 “Gross Interest” means, for any period, the aggregate amount of interest, amounts in the nature of interest and other fees of, or
associated with, Total Debt that has been paid, incurred or accrued due for payment by the Group during that period calculated in accordance with Accepted Accounting Practices. 
 “Group” means the Parent and its Subsidiaries.  
 “Group Company” means any member of the Group. 
 “GST” means any goods and
services tax, consumption tax, value added tax or any similar tax, impost or duty. 
 “GST Liability” has the meaning given
in clause 24.2. 
 “Guarantees” means the International Guarantee, the US Guarantee and all other guarantees required to be
entered into pursuant to clause 16.5 and clause 17.2. 
 “Guarantor” means an Original Guarantor and an Additional Guarantor.

 “Hedge Agreement” means the 2002 ISDA Master Agreement dated 16 May 2005 and entered into between HSBC Bank plc,
Sydney Branch, ABN 98 067 329 015 and the Borrower (including all transactions and confirmations entered into under it) and any other interest rate hedge agreement or other hedge agreement (including any master agreement, any schedule thereto and
any transaction or confirmation under it) entered into by the Borrower with a Hedge Counterparty in relation to hedging arrangements under or related to this agreement. 
 “Hedge Counterparty” means HSBC Bank plc, Sydney Branch ABN 98 067 329 015 and any other entity nominated by HSBC Bank Australia Limited. 
 “HSBC Entities” means HSBC Bank plc, its Subsidiaries and affiliates. 
 “Insolvency Provision” means any law relating to insolvency, sequestration, liquidation, winding up or bankruptcy (including any law
relating to the avoidance of conveyances in fraud of creditors or of preferences and any law under which a liquidator or trustee in bankruptcy may set aside or avoid transactions) and any provision of any agreement, arrangement or scheme, formal or
informal, relating to the administration of any of the assets of any person. 
 “Intercompany Loans” means: 
  

	 	(a)	any Financial Liabilities owed by the Borrower to: 

  

	 	(i)	ResMed NZ Limited AK/955498; 

  

	 	(ii)	ResMed Holdings Limited ABN 28 0003 765 133 in its own capacity; or 

  

	 	(iii)	ResMed EAP; and 

  

	 	(b)	any Financial Liabilities owed by: 

  

	 	(i)	ResMed (UK) Limited; 

  

	 	(ii)	ResMed Inc, Australian Branch ABN 46 064 514 852; 

  

 7 

	 	(iii)	ResMed Asia Pacific Limited ABN 86 070 076 470; 

  

	 	(iv)	ResMed Holdings Limited as trustee of the ResMed Property Trust; 

  

	 	(v)	ResMed (R&D) Limited ABN 42 087 053 969; or 

  

	 	(vi)	the Parent, 

 to the Borrower. 
 “Interest Coverage Ratio” means, in respect of a Twelve-Month Period, the ratio of EBITDA to Gross Interest during that Twelve-Month
Period. 
 “Interest Period” means, in relation to an Advance, each period determined in accordance with clauses 7.1 and 7.2
and, in relation to an Unpaid Sum, each period determined in accordance with clause 8.1. 
 “Interest Period Quotation Date”
means two Business Days before the first day of an Interest Period. 
 “International Guarantee” means the guarantee and
indemnity dated on or about the date of this agreement and executed by the Borrower, ResMed SA, ResMed GmbH & Co. KG, ResMed (UK) Limited and Take Air Medical Handels-GmbH in favour of the Security Trustee. 
 “Joint Venture” means any form of joint venture, whether a company, unincorporated entity, undertaking, association, partnership or other
similar entity. 
 “LIBOR Quotation Date” means, in relation to any period for which LIBOR is to be determined, the date on
which quotations are customarily provided by leading banks in the London interbank market for deposits in the relevant currency for delivery on the first day of that period. 
 “Majority Financiers” means at any time: 
  

	 	(a)	during any period no Advances are outstanding, Financiers the aggregate of whose Commitments at the relevant time represent by value more than 66 2/3% of the Total Commitments at that time; 

  

	 	(b)	during any period any Advance is outstanding but no Event of Default subsists, Financiers the aggregate of whose participation in the Advances then outstanding represent by value
more than 66 2/3% of the aggregate of all the Advances then outstanding; or 

  

	 	(c)	during any period any Advance is outstanding and an Event of Default subsists, Financiers the aggregate of whose participation in Advances then outstanding represents by value more
than 66 2/3% of the aggregate of all of the Advances at that time, 

 whether or not a majority of Financiers by number. 
 “Margin” means: 
  

	 	(a)	if the Gearing Ratio is less than or equal to 1.80:1: 

  

	 	(i)	in relation to Tranches A and B, 0.80 per cent per annum; and 

  

	 	(ii)	in relation to Tranche C, 0.70 per cent per annum; 

  

 8 

	 	(b)	if the Gearing Ratio is greater than 1.80:1: 

  

	 	(i)	in relation to Tranches A and B, 0.90 per cent per annum; and 

  

	 	(ii)	in relation to Tranche C, 0.80 per cent per annum, 

 in each case with the Gearing Ratio being calculated by the Facility Agent by reference to the latest Accounts received by the Facility Agent under clause 16.2 prior to the Interest Period Quotation Date. If for any reason the Facility
Agent is unable to calculate the Gearing Ratio (including because the Facility Agent has not received the required Accounts) the Margin will be 0.90 per cent per annum for Tranches A and B and 0.80 per cent per annum for Tranche C. The
parties agree that any change in the Margin will only take effect from the first day of the next Interest Period and that the Margin may not change within an Interest Period. 
 “Material Adverse Effect” means, in respect of a person, a material adverse effect in the reasonable opinion of the Facility Agent on:

  

	 	(a)	its business, property or financial condition; 

  

	 	(b)	its ability to perform its obligations under a Finance Document; or 

  

	 	(c)	the effectiveness or priority of any Security given by it. 

 “Material Authorisation” in relation to an Obligor means any Authorisation required to be obtained by it in accordance with clause 16.1(d). 
 “Net Income” means, for any period, the net profit (or losses) after Tax of the Group for such period as determined in accordance with, and by reference to, the relevant financial statements delivered
to the Facility Agent and Accepted Accounting Practices. 
 “Net Profit After Tax” has the same meaning given to that term
under generally accepted accounting principles in Australia consistently applied. 
 “Obligations” means all the liabilities
and obligations of any Obligor to any Finance Party under or by reason of any Finance Document and includes any liabilities or obligations which: 
  

	 	(a)	are liquidated or unliquidated; 

  

	 	(b)	are present, prospective or contingent; 

  

	 	(c)	are in existence before or come into existence on or after the date of this agreement; 

  

	 	(d)	relate to the payment of money or the performance or omission of any act; 

  

	 	(e)	sound in damages only; or 

  

	 	(f)	accrue as a result of any Event of Default, 

 and
irrespective of: 
  

	 	(g)	whether any Obligor is liable or obligated solely, jointly or jointly and severally with another person; 

  

	 	(h)	the circumstances in which any Finance Party comes to be owed each liability or obligation, including any assignment of any liability or obligation; or 

  

	 	(i)	the capacity in which any Obligor and any Finance Party comes to owe or to be owed that liability or obligation. 

  

 9 

 “Obligor” means (without duplication) the Borrower, each borrower under each Working
Capital Agreement, each Guarantor and any other member of the Group which has been required to provide (whether or not it has yet entered into) Security. 
 “Operating Profit” means for any period, the operating profit on ordinary activities of the Group determined in accordance with, and by reference to, the relevant financial statements delivered to the
Facility Agent and Accepted Accounting Practices. 
 “Original Guarantor” means each person listed in Schedule 2. 

 “Original Security” means: 
  

	 	(a)	the International Guarantee; 

  

	 	(b)	the US Guarantee; and 

  

	 	(c)	the Pledge. 

 “Parent” means ResMed Inc, a
US corporation incorporated in Delaware.  
 “Permitted Currency” means: 
  

	 	(a)	Euros, in relation to Tranche A; 

  

	 	(b)	Australian Dollars, United States Dollars, Euros and Sterling, in relation to Tranche B; and 

  

	 	(c)	Australian Dollars, United States Dollars and Euros, in relation to Tranche C.  

 “Permitted Encumbrances” in respect of any Obligor means: 
  

	 	(a)	any Encumbrance created under the Security; 

  

	 	(b)	the UBOC Security; 

  

	 	(c)	the rent deposit deed (relating to the lower ground floor premises at 8 Wimpole Street, London W1) dated 18 January 2006 and executed by ResMed (UK) Limited in favour of
Wimpole House Limited and all other rent deposit deeds executed by ResMed (UK) Limited in relation to leases of premises in the United Kingdom, provided that the aggregate of the amounts secured under all the rent deposit deeds does not exceed GBP
250,000; 

  

	 	(d)	in respect of ResMed Inc. and ResMed Corp.: 

  

	 	(i)	inchoate liens incident to construction on or maintenance of property; or liens incident to construction on or maintenance of property now or hereafter filed of record for which
adequate reserves have been set aside (or deposits made pursuant to applicable law) and which are being contested in good faith by appropriate proceedings and have not proceeded to judgment, provided that, by reason of non-payment of the obligations
secured by such liens, no such property is subject to a material impending risk of loss or forfeiture; 

  

	 	(ii)	 liens for taxes and assessments on property which are not yet past due; or liens for taxes and assessments on property for which adequate reserves have been set
aside (to the extent required by the Accepted Accounting Practices) and are being contested in good faith by appropriate proceedings and have not proceeded to judgment, provided that, by 

  

 10 

	 	 
reason of nonpayment of the obligations secured by such liens, no such property is subject to a material impending risk of loss or forfeiture;

  

	 	(iii)	defects and irregularities in title to any property which in the aggregate do not materially impair the fair market value or use of the property for the purposes for which it is or
may reasonably be expected to be held; 

  

	 	(iv)	easements, exceptions, reservations, or other agreements for the purpose of pipelines, conduits, cables, wire communication lines, power lines and substations, streets, trails,
walkways, drainage, irrigation, water, and sewerage purposes, dikes, canals, ditches, and other like purposes affecting property which in the aggregate do not materially burden or impair the fair market value or use of such property for the purposes
for which it is or may reasonably be expected to be held; 

  

	 	(v)	rights reserved to or vested in any Government Authority to control or regulate, or obligations or duties to any Government Authority with respect to, the use of any property,
excluding any consensual arrangements with any Government Authority (other than those in existence on the date hereof, if any) which individually or in the aggregate, are not reasonably expected to have a Material Adverse Effect on such Obligor;

  

	 	(vi)	present or future zoning laws and ordinances or other laws and ordinances restricting the occupancy, use, or enjoyment of property; 

  

	 	(vii)	statutory liens, other than those described in paragraphs (i) or (ii) above, arising in the ordinary course of business with respect to obligations which are not
delinquent or are being contested in good faith, provided that, if delinquent, adequate reserves have been set aside with respect thereto (to the extent required by the Accepted Accounting Practices) and, by reason of nonpayment, no property is
subject to a material impending risk of loss or forfeiture; 

  

	 	(viii)	rights of tenants under leases and rental agreements covering property entered into in the ordinary course of business of the person owning such property; 

 

	 	(ix)	liens consisting of pledges or deposits to secure obligations under workers’ compensation laws or similar legislation, including liens of judgments thereunder which are not
currently dischargeable; and 

  

	 	(x)	liens consisting of deposits of property to secure bids made with respect to, or performance of, contracts (other than contracts creating or evidencing an extension of credit to the
depositor), 

 provided that the aggregate of the amounts secured under the above categories of Permitted Encumbrance will not
exceed USD 1,000,000; 
  

	 	(e)	any other lien that arises by operation of law in the ordinary course of ordinary business, where the amount secured is not overdue or is being contested in good faith; or

  

	 	(f)	any Encumbrance otherwise approved by the Facility Agent. 

 “Pledge” means the French law document titled Agreement for the Pledge of Account of Financial Instruments Relating to Shares of SAIME dated on or about the date of this 

  

 11 

 
agreement and executed by ResMed SA in favour of HSBC Bank Australia Limited as security agent and others, creating a pledge over ResMed SA’s shares in
SAIME. 
 “Potential Event of Default” means any event or circumstance which, with the passage of time or the giving of
notice or both, would become an Event of Default. 
 “Power” means any right, power, authority, discretion, remedy or
privilege.  
 “Prescribed Rate” for each Interest Period means the aggregate of the Margin and: 
  

	 	(a)	the BBSY Base Rate for Advances in Australian Dollars; 

  

	 	(b)	Eurolibor for Advances in Euros; 

  

	 	(c)	US Dollar LIBOR for Advances in US Dollars; 

  

	 	(d)	Sterling LIBOR for Advances in Sterling, 

 in each case in
relation to that Interest Period. 
 “Previous Facility Agreement” means the syndicated facility agreement dated 16 May
2005 between the Borrower and HSBC Bank Australia Limited as initial lender, facility agent and security trustee. 
 “Reference
Banks” means HSBC Bank plc, Barclays Bank plc and Lloyds TSB Bank plc or any other banks or financial institutions determined by the Facility Agent from time to time in consultation with the Borrower. 
 “Related Body Corporate” has the meaning given in section 9 of the Corporations Act, but on the basis that “Subsidiary” for the
purposes of that definition has the meaning given in this agreement. 
 “Repayment Date” means any date on which the Borrower
is required to make a payment under clause 6.1(a) or 6.3. 
 “ResMed Corp.” means ResMed Corp., a US corporation incorporated
in Minnesota, having its principal office at 14040 Danielson Street, Poway, CA 92064 USA. 
 “ResMed EAP” means ResMed EAP, a
US corporation incorporated in Delaware. 
 “ResMed GmbH & Co. KG” means ResMed GmbH & Co.
KG, a limited liability company incorporated in Germany having its seat in Martinsried (Municipality of Planegg), registered in the commercial register of the local court of Munich under HRA 85330. 
 “ResMed Holdings Limited” means ResMed Holdings Limited ABN 28 003 765 133, whose registered office is at 97 Waterloo Road, Macquarie
Park, NSW 2113. 
 “Resmed Loan Agreement” means the Intercompany Loan Agreement dated 13 May 2005 between the Borrower
(as lender) and ResMed SA (as borrower). 
 “ResMed Property Trust” means the trust constituted pursuant to a deed entitled
“The ResMed Property Trust Deed” dated 7 August 1997 and entered into between ResMed Holdings Limited ACN 003 765 133 as trustee and the Borrower as initial unit holder. 
 “ResMed SA” means ResMed SA, a limited company incorporated under the laws of France with a share capital of EUR46,050,000, whose
registered office is at Parc de la Bandonnière, 2 rue Maurice Audibert, 69800 Saint Priest, France registered with the Registry of Commerce and Companies of Lyon under single identification number 407 775 170. 
  

 12 

 “ResMed (UK) Limited” means ResMed (UK) Limited, incorporated in England with company
registration number 02863553, whose registered office is at 65 Milton Park, Abingdon, Oxfordshire, 0X14 4RX. 
 “SAIME” means
SAIME a limited company (société par actions simplifiée) organised and existing under the laws of France, with a share capital of EUR 7,890,000, whose registered office is situated at 25, avenue de l’Etain, 77176
Savigny le Temple, registered with the Registry of Commerce and Companies of Melun under single identification number 451 683 536 RCS Melun. 
 “Security” means the Original Security and all other Encumbrances held by the Security Trustee at any time for the due satisfaction of the Obligations. 
 “Security Trust Deed” means the security trust deed dated on or about the date of this agreement and entered into between the Borrower
and the Security Trustee. 
 “Security Trustee” means HSBC Bank Australia Limited, or if HSBC Bank Australia Limited has been
replaced, the successor appointed under the Security Trust Deed. 
 “Semi-Annual Date” means 30 June and
31 December in each year. 
 “Semi-Annual Period” means each six-month period commencing on a Semi-Annual Date and
ending on the next Semi-Annual Date. 
 “Statute” means any legislation of any Parliament or of any State or Territory of any
jurisdiction in force at any time, and any rule, regulation, ordinance, by-law, statutory instrument, order or notice at any time made under that legislation and, in each case, any consolidations, amendments, re-enactments and replacements.

 “Sterling” or “GBP” means the lawful currency for the time being of the United Kingdom; and, in respect
of all payments to be made under this agreement in Sterling, immediately available, freely transferable funds. 
 “Sterling
LIBOR”, in relation to an Interest Period or any other period, means: 
  

	 	(a)	the British Bankers Association Interest Settlement Rate displayed on the appropriate page of the Reuters screen; or 

  

	 	(b)	if the relevant page is replaced or the service ceases to be available, another page or service displaying the appropriate rate as the Facility Agent (after consultation with the
Borrower and the Financiers) may specify; or 

  

	 	(c)	if no such rate is available, the arithmetic mean (rounded upwards to four decimal places) of the rates quoted by the Reference Banks to leading banks in the London interbank
market, 

 and in all cases, the rate will be established as at 11.00 am on the LIBOR Quotation Date for the offering of
deposits in Sterling and for the period requested. 
 “Subsidiary” in relation to any person, has the meaning given in the
Corporations Act but as if “body corporate” included any person and for the purposes of which any beneficial interests will be deemed shares. A reference to a subsidiary in relation to the Borrower also includes the Resmed Property Trust.

 “Substitution Certificate” means a certificate substantially in the form of Schedule 5 completed and entered into in
accordance with clause 25.4, and a reference to “substitutes” 

  

 13 

 
will be construed as references to a person becoming party to this agreement under any Substitution Certificate. 
 “Take Air Medical Handels-GmbH” means Take Air Medical Handels-GmbH a limited liability company (Gesellschaft mit beschrankter
Haftung) incorporated under the laws of Germany, registered with the commercial register of the Local Court of Achim in Germany under HRB 5506, dated 17 May 2005. 
 “Tangible Net Worth” means, in respect of the Group (on a consolidated basis) at any time, the aggregate of tangible fixed assets and Current Assets at that time less all current liabilities and all
long term liabilities (including, without limitation, contingent liabilities) at that time. 
 “Tax” means all taxes, levies,
imposts, deductions, charges and withholdings assessed, imposed, collected, or withheld under any legislation and, in each case, all interest, fines, penalties, charges, fees or other amounts in respect of them. 
 “Total Commitments” means the aggregate of the Total Tranche A Commitments, the Total Tranche B Commitments and the Total Tranche C
Commitments. 
 “Total Debt” means, for a period, in respect of the Group, the aggregate principal amount of all Financial
Liabilities to entities outside the Group which is interest bearing (including but not limited to, interest on convertible notes, redeemable preference shares and any amounts payable in relation to any finance lease which is treated as interest) on
a consolidated basis, but excluding the Intercompany Loans. 
 “Total Tranche A Commitments” means, at any time, the
aggregate of the Tranche A Commitments at that time. 
 “Total Tranche B Commitments” means, at any time, the aggregate of
the Tranche B Commitments at that time. 
 “Total Tranche C Commitments” means, at any time, the aggregate of the Tranche C
Commitments at that time. 
 “Tranche A Advance” means any loan under the Tranche A Facility or, where the context requires,
the principal amount of that loan outstanding. 
 “Tranche A Availability Period” means the period from and including the
date of this agreement to the close of business on 30 June 2006. 
 “Tranche A Commitment” in relation to a Financier
means the amount set out against that Financier’s name in Schedule 1 as its Tranche A Commitment or in the Substitution Certificate or other document by which it became a party to or acquired rights under this agreement, in any case as reduced
or increased by substitution or transfer under clause 25 and any Substitution Certificate to which the Financier is a party, to the extent not cancelled or reduced under this agreement. 
 “Tranche A Facility” means the EUR 50,000,000 term loan facility made available under this agreement as referred to in clause 2.1(a).

 “Tranche A Facility Reduction Date” means each date for reduction of the Tranche A Commitment and the Total Commitments
under clause 5.4 and (if necessary) repayment of the Tranche A Advances under clause 6.1. 
 “Tranche A Termination Date”
means the earlier of: 
  

	 	(a)	the Final Termination Date; and 

  

 14 

	 	(b)	any date on which the Tranche A Facility is terminated or cancelled in accordance with this agreement. 

 “Tranche B Advance” means any loan under the Tranche B Facility or, where the context requires, the principal amount of that loan
outstanding. 
 “Tranche B Availability Period” means the period from and including the date of this agreement to the close
of business on the Business Day prior to the Final Termination Date. 
 “Tranche B Commitment” in relation to a Financier
means the amount set out against that Financier’s name in Schedule 1 as its Tranche B Commitment or in the Substitution Certificate or other document by which it became a party to or acquired rights under this agreement, in any case as reduced
or increased by substitution or transfer under clause 25 and any Substitution Certificate to which the Financier is a party, to the extent not cancelled or reduced under this agreement. 
 “Tranche B Facility” means the USD 15,000,000 term loan facility made available under this agreement as referred to in clause 2.1(b),

 “Tranche B Termination Date” means the earlier of: 
  

	 	(a)	the Final Termination Date; and 

  

	 	(b)	any date on which the Tranche B Facility is terminated or cancelled in accordance with this agreement. 

 “Tranche C Advance” means any loan under the Tranche C Facility or, where the context requires, the principal amount of that loan
outstanding. 
 “Tranche C Availability Period” means the period from and including the date of this agreement to the close
of business on 30 June 2006. 
 “Tranche C Commitment” in relation to a Financier means the amount set out against the
Financier’s name in Schedule 1 as its Tranche C Commitment or in the Substitution Certificate or other document by which it became a party to or acquired rights under this agreement, in any case as reduced or increased by substitution or
transfer under clause 25 and any Substitution Certificate to which the Financier is a party, to the extent not cancelled or reduced under this agreement. 
 “Tranche C Facility” means the USD 60,000,000 term loan facility made available under this agreement as referred to in clause 2.1(c). 
 “Tranche C Facility Reduction Date” means each date for reduction of the Tranche C Commitment and the Total Commitments under clause 5-5
and (if necessary) repayment of the Tranche C Advances under clause 6.3. 
 “Tranche C Termination Date” means the earlier
of: 
  

	 	(a)	the date falling 3 years after the date of this agreement; and 

  

	 	(b)	any date on which the Tranche C Facility is terminated or cancelled in accordance with this agreement, 

 “Twelve-Month Period” means a period of twelve calendar months ending on a Semi-Annual Date. 
  

 15 

 “UBOC Facilities” means the facilities provided by Union Bank of California, N.A. and
other lenders to ResMed Corp., ResMed EAP Holdings Inc. and Servo Magnetics Inc. pursuant to the UBOC Loan Agreement. 
 “UBOC Loan
Agreement” means the second amended and restated revolving loan agreement dated 1 March 2006 and entered into between ResMed Corp., ResMed EAP Holdings Inc. and Servo Magnetics Inc. as borrowers, the Parent as guarantor, the lenders
named therein and Union Bank of California, N.A. as administrative agent. 
 “UBOC Security” means all encumbrances created
under or pursuant to the “Collateral Documents”, as defined in the UBOC Loan Agreement as at the date of this agreement. 
 “Upfront Fee Letter” means the letter dated on or about the date of this agreement from the Facility Agent to the Borrower, as accepted by the Borrower, setting out certain upfront fees payable by the Borrower referred to
in clause 10.1. 
 “Unpaid Sum” means any sum due and payable by an Obligor under the Finance Documents but unpaid.

 “US Dollars” or “USD” means the lawful currency of the United States of America; and, in respect of all
payments to be made under this agreement in US Dollars, funds which are for same day settlement in the New York Clearing House Interbank Payments System (or such other funds as may at the relevant time be customary for the settlement of
international banking transactions denominated in US Dollars). 
 “US Dollar Amount” means, in relation to an Advance, the
amount of that Advance in US Dollars specified in the relevant Drawdown Notice. 
 “US Dollar LIBOR”, in relation to an
Interest Period or any other period, means: 
  

	 	(a)	the British Bankers Association Interest Settlement Rate displayed on the appropriate page of the Reuters screen; or 

  

	 	(b)	if the relevant page is replaced or the service ceases to be available, another page or service displaying the appropriate rate as the Facility Agent (after consultation with the
Borrower and the Financiers) may specify; or 

  

	 	(c)	if no such rate is available, the arithmetic mean (rounded upwards to four decimal places) of the rates quoted by the Reference Banks to leading banks in the London interbank
market, 

 and in all cases, the rate will be established as at 11.00 am on the LIBOR Quotation Date for the offering of
deposits in US Dollars and for the period requested. 
 “US Guarantee” means the guarantee and indemnity dated on or about
the date of this agreement between the Parent, ResMed Corp., the Borrower and the Security Trustee. 
 “Working Capital
Agreements” means: 
  

	 	(a)	the working capital agreement dated on or about the date of this agreement and entered into between the Borrower and HSBC Bank Australia Limited; 

  

	 	(b)	any agreement from time to time entered into between ResMed (UK) Limited as borrower and HSBC Bank plc as lender relating to the provision of working capital facilities to ResMed
(UK) Limited; 

  

 16 

	 	(c)	any agreement from time to time entered into between ResMed SA as borrower and HSBC France as lender relating to the provision of working capital facilities to ResMed SA;

  

	 	(d)	any agreement from time to time entered into between ResMed GmbH & Co. KG as borrower and HSBC Trinkaus & Burkhardt KgaA as lender relating to the provision of
working capital facilities to ResMed GmbH & Co. KG; and 

  

	 	(e)	any other agreement from time to time entered into between any Group Company and any HSBC Entity pursuant to which working capital facilities are provided by the HSBC Entity to the
Group Company. 

 “Working Capital Financier” means any lender or financier under any Working Capital
Agreement. 
  

	1.2	Interpretation 

 In this agreement: 
  

	 	(a)	headings are for convenience only and do not affect interpretation; 

 and unless the context indicates a contrary intention: 
  

	 	(b)	“person” includes an individual, the estate of an individual, a corporation, a Government Authority, an association, a Joint Venture and a trust;

  

	 	(c)	a reference to a party includes that party’s executors, administrators, successors and permitted assigns, including persons taking by way of novation and, in the case of a
trustee, includes a substituted or an additional trustee; 

  

	 	(d)	a reference to a document (including any Finance Document) is to that document as varied, novated, ratified, replaced or restated from time to time; 

  

	 	(e)	a reference to a law includes any law, Statute and official directive of any Government Authority; 

  

	 	(f)	a word importing the singular includes the plural (and vice versa), and a word indicating a gender includes every other gender; 

  

	 	(g)	a reference to a party, clause or schedule is a reference to a party, clause or schedule to or of this agreement, and a reference to this agreement includes all schedules to it;

  

	 	(h)	if a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding meaning; 

  

	 	(i)	“includes” in any form is not a word of limitation; 

  

	 	(j)	all accounting terms used in this agreement have the meaning given to them under Accepted Accounting Practices; 

  

	 	(k)	if the day on or which a person must do something under this agreement is not a Business Day: 

  

	 	(i)	if the act involves a payment that is due on demand, the person must do it on or by the next Business Day; and 

  

 17 

	 	(ii)	in any other case, the person must do it on or by the previous Business Day; 

  

	 	(l)	a reference to a “month” is, where that month is the last month to occur in any period, a reference to a period starting on the relevant date in a calendar month
and ending on the numerically corresponding day in the next calendar month, except that if there is no numerically corresponding day in the next calendar month, the period will end on the last Business Day in that calendar month; and

  

	 	(m)	a reference to “subsists” or any similar expression in relation to an Event of Default or a Potential Event of Default indicates an Event of Default or Potential
Event of Default which has not been remedied or waived in accordance with the terms of the Finance Documents. 

  

	1.3	Joint and several liability 

 The expression Obligor
refers to each person identified as an Obligor, and the obligations of the Obligors under this agreement bind them, jointly and severally. 
  

	1.4	Working Capital Agreements 

 The parties agree that,
for the purposes of clauses 11, 12, 21, 22 and 23, each reference to Finance Document shall exclude the Working Capital Agreements. 
  

	2.	The Facilities 

  

	2.1	Facilities 

 Subject to the terms of this agreement
and in reliance on the representations and warranties set out in clause 15 and in the Security, the Financiers grant to the Borrower the following facilities: 
  

	 	(a)	(Tranche A Facility): a term loan facility under which the Financiers when requested by the Borrower under a Drawdown Notice will make Tranche A Advances in Euros to the
Borrower during the Tranche A Availability Period in an aggregate amount not exceeding the Total Tranche A Commitments; 

  

	 	(b)	(Tranche B Facility): a term loan facility under which the Financiers when requested by the Borrower under a Drawdown Notice will make Tranche B Advances in Australian
Dollars, US Dollars, Euros or Sterling to the Borrower during the Tranche B Availability Period in an aggregate amount not exceeding the Total Tranche B Commitments; and 

  

	 	(c)	(Tranche C Facility): a term loan facility under which the Financiers when requested by the Borrower under a Drawdown Notice will make Tranche C Advances in Australian
Dollars, US Dollars or Euros to the Borrower during the Tranche C Availability Period in an aggregate amount not exceeding the Total Tranche C Commitments. 

  

	2.2	Financiers’ Commitments 

 No Financier is
obliged to participate in the making of: 
  

	 	(a)	(Tranche A Advances): a Tranche A Advance if to do so would cause the aggregate of its participation in Tranche A Advances outstanding under this agreement to exceed its
Tranche A Commitment; 

  

 18 

	 	(b)	(Tranche B Advances): a Tranche B Advance if to do so would cause the aggregate of its participation in the Tranche B Advances outstanding under this agreement to exceed its
Tranche B Commitment; and 

  

	 	(c)	(Tranche C Advances): a Tranche C Advance if to do so would cause the aggregate of its participation in the Tranche C Advances outstanding under this agreement to exceed its
Tranche C Commitment. 

  

	2.3	Several obligations 

 The obligations of each
Finance Party under the Finance Documents are several. The failure of a Finance Party to perform its obligations under the Finance Documents will not relieve any other Finance Party or any Obligor of any of its respective obligations or
responsibilities under the Finance Documents. No Finance Party will be responsible for the obligations of any other Finance Party under any Finance Document. 
  

	2.4	Separate and independent rights 

 The rights of each
Finance Party under the Finance Documents are separate and independent rights. Any amount owing under the Finance Documents to any Finance Party by an Obligor constitutes a separate and independent debt which, subject to the terms of the Finance
Documents, may be separately enforced by that Finance Party. 
  

	2.5	Purpose 

  

	 	(a)	The Tranche A Facility may only be used for the purpose of repaying all amounts outstanding under the Previous Facility Agreement. 

  

	 	(b)	The Tranche B Facility may only be used for the purpose of financing capital expenditure and other acquisitions of assets by the Group, which have been approved by the Facility
Agent (acting on the instructions of all the Financiers). 

  

	 	(c)	The Tranche C Facility may only be used for the purpose of the payment by the Borrower of a special dividend to ResMed Holdings Limited, which will ultimately be paid to the Parent.

  

	 	(d)	No Finance Party is bound to monitor or verify the application of any Advance and no Finance Party will have any liability to any person arising from a failure by the Borrower to
use an Advance for a purpose specified in this clause 2.5. 

  

	2.6	Termination 

  

	 	(a)	The Tranche A Facility terminates on the Tranche A Termination Date. 

  

	 	(b)	The Tranche B Facility terminates on the Tranche B Termination Date. 

  

	 	(c)	The Tranche C Facility terminates on the Tranche C Termination Date. 

  

	3.	Conditions precedent 

  

	3.1	Conditions precedent to the first Advance 

 The
obligations of the Financiers to make the first Advance available to the Borrower under this agreement are subject to the Facility Agent being satisfied that on the first Drawdown Date: 
  

	 	(a)	(Documents): the Facility Agent has first received all of the documents listed in Schedule 3 in form and substance reasonably satisfactory to it; and

  

 19 

	 	(b)	(Fees): all fees then due from the Borrower under clause 10 have been paid. 

  

	3.2	Conditions precedent to all Advances 

 The
obligations of the Financiers to make each Advance (including the first Advance) available to the Borrower under this agreement are subject to the Facility Agent being satisfied that both at the date of the relevant Drawdown Notice and at the
relevant Drawdown Date: 
  

	 	(a)	(Representations and warranties true): the representations and warranties set out in clause 15 to be repeated on those dates are true and correct and will be true and correct
immediately after the making of the Advance, in each case, with reference to the facts and circumstances existing at that time; 

  

	 	(b)	(No Event of Default): no Event of Default or Potential Event of Default is subsisting or will result from the making of the Advance; and 

  

	 	(c)	(Further Guarantees and Security): all Guarantees and Security required by the terms of this agreement to be entered into on or before the Drawdown Date have been, or will on
the Drawdown Date be, duly executed and delivered to the Facility Agent together with all other documents required by the Finance Documents to be delivered to the Facility Agent in relation to those Guarantees and Security. 

 

	3.3	Conditions precedent to Tranche B Advances 

  

	 	(a)	The obligations of the Financiers to make each Tranche B Advance available to the Borrower under this agreement are also subject to: 

  

	 	(i)	where the proceeds of the Tranche B Advance are to be used to finance the acquisition of assets by the Group, the prior written consent of the Facility Agent (acting on the
instructions of all the Financiers), which consent shall not be unreasonably withheld, to the proposed acquisition; 

  

	 	(ii)	where the Facility Agent has approved an acquisition, the target company under the proposed acquisition becoming an Additional Guarantor by executing a guarantee and indemnity in
favour of the Security Trustee immediately after completion of the acquisition in accordance with clause 16.5; 

  

	 	(iii)	where the Facility Agent has approved the acquisition, the Facility Agent being satisfied (acting reasonably) that the target company under the proposed acquisition carries on a
business which is either substantially similar, related or complementary to the business of the Group as a whole; and 

  

	 	(iv)	where the proceeds of the Tranche B Advance are to be used to finance capital expenditure by the Group, the Borrower must obtain the approval of the Facility Agent (acting on the
instructions of all the Financiers), which approval shall not be unreasonably withheld, to the capital expenditure. 

  

	 	(b)	The Borrower will provide the Facility Agent with such additional information and documents as the Facility Agent may reasonably require for the purposes of considering any approval
and consent under clause 3.3(a)(i). 

  

 20 

	3.4	Facility Agent not liable 

 The Facility Agent will
be entitled to be satisfied with the form and substance of a document provided to it under clauses 3.1(a) and 3.3(b) if the document appears to the Facility Agent on its face to conform with its description. The Facility Agent will not be liable for
any cost, loss, damage or expense suffered or incurred by any person as a result of it being so satisfied. 
  

	3.5	Waiver of Conditions Precedent 

  

	 	(a)	A condition precedent in clauses 3.1 and 3.3 may only be waived by the Facility Agent acting on the instructions of all Financiers. 

  

	 	(b)	A condition precedent in clause 3.2 may be waived by the Facility Agent acting on the instructions of the Majority Financiers. 

  

	4.	Drawdowns 

  

	4.1	Notice 

 The Borrower may request an Advance by
giving a Drawdown Notice to the Facility Agent. Only one Advance may be requested in a Drawdown Notice, unless the Facility Agent otherwise consents. 
  

	4.2	Contents of Drawdown Notice 

 Each Drawdown Notice
will be in the form of Schedule 4 and in each case will specify: 
  

	 	(a)	the proposed Drawdown Date which must be a Business Day before the expiry of the applicable Availability Period; 

  

	 	(b)	the Facility to be utilised; 

  

	 	(c)	the currency of the Advance, which must be a Permitted Currency; 

  

	 	(d)	for the Tranche A Advance, the Euro Amount of the Advance (which must equal Euro 50,000,000); 

  

	 	(e)	for Tranche B Advances the amount of the Advance in a Permitted Currency (which must be at least USD500,000 (or its Equivalent), but must not exceed the aggregate undrawn Commitment
of the Tranche B Facility); 

  

	 	(f)	for Tranche C Advances, the amount of the Advance in a Permitted Currency (which must be at least USD15,000,000 (or its Equivalent)); 

  

	 	(g)	the purpose for which the Advance will be applied; 

  

	 	(h)	the proposed duration of its (or its first) Interest Period; and 

  

	 	(i)	payment instructions. 

  

	4.3	Requirements of Drawdown Notice 

 Each Drawdown
Notice will be irrevocable and must be: 
  

	 	(a)	received by the Facility Agent by 4.00 pm (Sydney time) at least 2 Business Days before the proposed Drawdown Date; and 

  

 21 

	 	(b)	signed by an Authorised Officer of the Borrower. 

  

	4.4	Amount of Tranche B and Tranche C Advances in Alternative Currencies 

 If a Tranche B Advance or a Tranche C Advance is to be made in an Alternative Currency, the amount to be drawn down will be the Equivalent, as determined by the Facility Agent, in that Alternative Currency of the US
Dollar Amount on the second Business Day before the relevant Drawdown Date. 
  

	4.5	Facility Agent to notify Financiers 

 Immediately
after receipt of a Drawdown Notice which complies with the provisions of this agreement the Facility Agent will notify each Financier of the proposed Advance including the amount of the proposed Advance and the proposed Drawdown Date. 
  

	4.6	Making of Advances 

  

	 	(a)	Subject to the provisions of this agreement, each Financier will, on the date specified in any Drawdown Notice for an Advance, make available through its Facility Office its
participation in the Advance. Each amount will be made available to the Facility Agent in the Permitted Currency specified in the Drawdown Notice. 

  

	 	(b)	The amount of each Financier’s participation in each Advance will equal the proportion which its Tranche A Commitment, Tranche B Commitment or Tranche C Commitment, as the case
may be, bears to the Total Tranche A Commitments, the Total Tranche B Commitments or the Total Tranche C Commitments, as the case may be. 

  

	 	(c)	All amounts made available to the Facility Agent under clause 4.6(a) will be applied in accordance with clause 11 for disbursement to or to the order of the Borrower in accordance
with the provisions of the relevant Drawdown Notice and this agreement. 

  

	4.7	Maximum number of Advances 

  

	 	(a)	(Tranche A): The Borrower may not deliver a Drawdown Notice if as a result of the proposed Advance more than one Tranche A Advance would be outstanding.

  

	 	(b)	(Tranche B): The Borrower may not deliver a Drawdown Notice if as a result of the proposed Advance more than five Tranche B Advances would be outstanding.

  

	 	(c)	(Tranche C): The Borrower may not deliver a Drawdown Notice if as a result of the proposed Advance more than three Tranche C Advances would be outstanding.

  

	5.	Cancellation and reduction of Facilities 

  

	5.1	Tranche A Commitments 

 Any part of the Tranche A
Commitments not utilised under this agreement before the expiry of the Tranche A Availability Period will be cancelled automatically on the expiry of the Tranche A Availability Period. 
  

 22 

	5.2	Tranche B Commitments 

 Any part of the Tranche B
Commitments not utilised under this agreement before the expiry of the Tranche B Availability Period will be cancelled automatically on the expiry of the Tranche B Availability Period. 
  

	5.3	Tranche C Commitments 

 Any part of the Tranche C
Commitments not utilised under this agreement before the expiry of the Tranche C Availability Period will be cancelled automatically on the expiry of the Tranche C Availability Period. 
  

	5.4	Reduction of the Tranche A Commitment on the Tranche A Facility Reduction Dates 

 The Tranche A Commitment reduces on each date set out below to the amount appearing beside that date: 
  

			
	 Tranche A Facility Reduction Date
	  	Tranche A Commitment
	 	  	(EUR)
	 30 June 2006
	  	48,250,000
	 30 June 2007
	  	44,500,000
	 30 June 2008
	  	37,750,000
	 30 June 2009
	  	27,500,000
	 31 December 2009
	  	15,000,000
	 Tranche A Termination Date
	  	0

  

	5.5	Reduction of Tranche C Commitment 

 The Tranche C
Commitment reduces on: 
  

	 	(a)	31 December 2007 to USD 30,000,000; and 

  

	 	(b)	the Tranche C Termination Date to zero. 

  

	5.6	Reduction consequent on repayment or prepayment 

  

	 	(a)	The Tranche A Commitments will be reduced (the reduction being applied proportionally as between the Tranche A Commitments of all Financiers) by the reduction contemplated under
clause 5.4 and the amount of any repayment or prepayment of any Tranche A Advance made under clause 6.1 or 6.4. 

  

	 	(b)	A Financier’s Tranche A Commitment will be reduced by the amount of any other prepayment of that Financier’s participation in any Tranche A Advance made under any other
provision of this agreement. 

  

	 	(c)	The Tranche B Commitments will be reduced (the reduction being applied proportionally as between the Tranche B Commitments of all Financiers) by the amount of any repayment or
prepayment of any Tranche B Advance made under clause 6.2 or 6.4. 

  

 23 

	 	(d)	A Financier’s Tranche B Commitment will be reduced by the amount of any other prepayment of that Financier’s participation in any Tranche B Advance made under any other
provision of this agreement. 

  

	 	(e)	The Tranche C Commitments will be reduced (the reduction being applied proportionally as between the Tranche C Commitments of all Financiers) by reduction contemplated under clause
5.5 and the amount of any repayment or prepayment of any Tranche C Advance made under clause 6.3 or 6.4. 

  

	 	(f)	A Financier’s Tranche C Commitment will be reduced by the amount of any other prepayment of that Financier’s participation in any Tranche C Advance made under any other
provision of this agreement. 

  

	5.7	Limitations 

  

	 	(a)	Any Commitments cancelled or otherwise extinguished under this agreement may not be reinstated. 

  

	 	(b)	The Commitments may only be reduced or cancelled as expressly provided under this agreement. 

  

	6.	Repayment and prepayments 

  

	6.1	Repayment of Tranche A Advances 

  

	 	(a)	On each Tranche A Facility Reduction Date, the Borrower (without limiting its obligations under this clause) must repay the Tranche A Advances, to the extent necessary (if at all)
to ensure that the outstanding Tranche A Advances are no greater than the Tranche A Commitment (as reduced in accordance with clause 5.4). The Financiers are entitled to share in repayments under this paragraph pro rata according to their
participation in the Tranche A Advances. 

  

	 	(b)	The Borrower will repay all Tranche A Advances in full on the Tranche A Termination Date. 

  

	6.2	Repayment of Tranche B Advances 

  

	 	The	Borrower will repay all Tranche B Advances in full on the Tranche B Termination Date. 

  

	6.3	Repayment of Tranche C Advances 

  

	 	(a)	On each Tranche C Facility Reduction Date, the Borrower (without limiting its obligations under this clause) must repay the Tranche C Advances, to the extent necessary (if at all)
to ensure that the outstanding Tranche C Advances are no granter than the Tranche C Commitment (as reduced in accordance with clause 5.5). The Financiers are entitled to share in repayments under this paragraph pro rata according to their
participation in the Tranche C Advances. 

  

	 	(b)	If on any Semi-Annual Date, the US Dollar Equivalent of the outstanding Tranche C Advances exceeds the Tranche C Commitment (as reduced in accordance with clause 5.5) at that time,
the Borrower must, within 30 days of that Semi-Annual Date, repay or prepay such Tranche C Advances to the extent necessary (if at all) so that the US Dollar Equivalent of the outstanding Tranche C Advances is no greater than the Tranche C
Commitment (as reduced in accordance with clause 5.5). 

  

	 	(c)	The Borrower will repay the Tranche C Advances in full on the Tranche C Termination Date. 

  

 24 

	6.4	Voluntary prepayment 

  

	 	(a)	The Borrower may prepay an Advance in whole or in part (but, if in part, by a minimum of EUR 2,000,000 and a multiple of EUR 2,000,000 in the case of Tranche A, and a minimum of USD
1,000,000 (or its Equivalent) and a multiple of USD 1,000,000 (or its Equivalent) in the case of Tranche B, and a minimum of USD 2,000,000 (or its Equivalent) and a multiple of USD 2,000,000 (or its Equivalent) in the case of Tranche C) on the last
day of its current Interest Period on giving not less than 5 Business Days’ prior notice to the Facility Agent. 

  

	 	(b)	Any notice of prepayment given by the Borrower is irrevocable and the Borrower is bound to prepay in accordance with the notice. 

  

	 	(c)	The Borrower may not voluntarily prepay any Advance except in accordance with this clause 6.4. 

  

	6.5	General provisions relating to repayment and prepayment 

  

	 	(a)	Immediately after its receipt of a notice of prepayment under this clause 6 the Facility Agent will promptly notify each Financier of the prepayment, the date on which the
prepayment is to be made and its proportional share of the prepayment. 

  

	 	(b)	Amounts repaid or prepaid in respect of the Advances under any provision of this agreement may not be re-utilised under this agreement. 

  

	 	(c)	Any repayment or prepayment of any amount under any provision of this agreement will be made together with interest and fees accrued on the amount repaid or prepaid and any amount
required to be paid in accordance with clause 20 but otherwise without premium or penalty. 

  

	7.	Interest 

  

	7.1	Interest Periods 

  

	 	(a)	In the Drawdown Notice for each Advance (and, in the case of each Interest Period after the first for each Advance, in writing at least 2 Business Days’ prior to the
commencement of that Interest Period), the Borrower will notify the Facility Agent whether the Interest Period for the Advance is to be of 1, 2 or 3 months duration or such other period agreed between the Borrower and the Facility Agent (acting on
the instructions of all Financiers where the Interest Period is proposed to be of longer than 3 months duration). 

  

	 	(b)	The first Interest Period in relation to an Advance is the period commencing on the Drawdown Date for that Advance. Any subsequent Interest Period in relation to an Advance will
commence on the last day of the immediately preceding Interest Period. Interest for each Interest Period is, subject to clause 7.3, to be calculated from (and including) the first day of that Interest Period to (but excluding) the last day of that
Interest Period. 

  

	 	(c)	If an Advance is utilised during an Interest Period relating to another Advance under the same Facility, then unless the Facility Agent and the Borrower agree otherwise, the first
Interest Period relating to the further Advance ends on the last day of the Interest Period relating to the earlier Advance. On the last day of that Interest Period the Advances will be consolidated and treated as one. 

  

 25 

	 	(d)	If the Borrower does not select an Interest Period for an Advance in accordance with clause 7.1 (a), the Interest Period will be 3 months. 

  

	 	(e)	The term of each Interest Period is subject to any marginal adjustment as the Facility Agent in its discretion determines so that the first and last days of it are Business Days and
the final Interest Periods terminate on the Tranche A Termination Date, the Tranche B Termination Date or the Tranche C Termination Date, as applicable. 

  

	 	(f)	The Facility Agent will promptly notify the Financiers of each Interest Period determined in accordance with clauses 7.1 and 7.2. 

  

	7.2	Restrictions on selection 

  

	 	(a)	The Borrower will select the duration of Interest Periods under clause 7.1 (a) so as to ensure that: 

  

	 	(i)	each Repayment Date will also be the last day of an Interest Period in relation to an Advance or Advances at least equal to the amount due to be repaid on that date; and

  

	 	(ii)	no Advance will have an Interest Period expiring after the Tranche A Termination Date, the Tranche B Termination Date or the Tranche C Termination Date, as applicable.

  

	 	(b)	If it appears to the Facility Agent in good faith that the requirements of clause 7.2(a) will not be met by the Borrower’s selection of any Interest Period, the Facility Agent,
on behalf of and after consultation with the Borrower, will (despite any other provision of this agreement) select a different duration for that Interest Period. 

  

	7.3	Calculation of interest 

  

	 	(a)	Interest on each Advance accrues daily and is to be computed as follows: 

  

	 	(i)	in relation to Advances in Australian Dollars or Sterling, on a daily basis on a year of 365 days; and 

  

	 	(ii)	in relation to Advances in US Dollars or Euros, on a daily basis on a year of 360 days. 

  

	 	(b)	The rate of interest for each Advance for each Interest Period is the Prescribed Rate in relation to the relevant Interest Period. The Facility Agent will promptly notify the
Financiers and the Borrower of each determination of the Prescribed Rate under this clause 7.3. 

  

	 	(c)	The Facility Agent’s certificate as to the rate of interest at any time will be conclusive and binding on the Obligors in the absence of manifest error on the face of the
certificate. 

  

	7.4	Payment of interest 

 The Borrower will pay to the
Facility Agent for the account of the Financiers the accrued interest in relation to each Advance on the last day of each Interest Period applicable to that Advance calculated up to that day. 
  

 26 

	8.	Interest on overdue amounts 

  

	8.1	Default interest 

  

	 	(a)	The Borrower must pay interest on each amount that is not paid when due, from (and including) the day on which it falls due to (but excluding) the day on which it is paid in full,
at the rate calculated in accordance with paragraph (b). The Borrower must pay this interest on demand. 

  

	 	(b)	Interest on an unpaid amount accrues each day in a Default Interest Period at the Default Rate for that Default Interest Period, and is capitalised (if not paid) on the last day of
that Default Interest Period. 

  

	 	(c)	This subclause does not affect the Borrower’s obligation to pay each amount under this agreement when it is due. 

  

	8.2	Interest after judgement 

 If a liability of the
Borrower becomes merged in a judgment or order, the Borrower, as an independent obligation, must pay interest on the amount of that liability, from (and including) the date of the judgment or order until it is paid in full, at the higher of the rate
that applies under the judgment or order and the rate calculated in accordance with clause 8.1. 
  

	8.3	Accrual and calculation of interest 

 Interest under
this clause: 
  

	 	(a)	accrues daily; and 

  

	 	(b)	is calculated on the basis of the actual number of days on which interest has accrued and of (i) a 365 day year (in relation to amounts due in Australian Dollars or Sterling);
or (ii) a 360 day year (in relation to amounts due in US Dollars or Euros). 

  

	9.	Bill reliquefication 

  

	9.1	Drawing of Bills 

 The Borrower agrees to draw Bills
in connection with any Advance in the manner required by any Financier whenever requested by a Financier to do so. The discounted value of those Bills when added to the aggregate discounted value of all other Bills drawn under this clause 9.1 for
the relevant Financier and which are outstanding at any time may not exceed that Financier’s participation in all Advances which are outstanding at that time. 
  

	9.2	Attorney 

 The Borrower irrevocably and for valuable
consideration appoints each Financier (severally) as its attorney to draw Bills in its name or on its behalf under clause 9.1 and agrees to ratify all action taken by any Financier as its attorney under this clause 9.2. 
  

	9.3	Dealing 

 Each Financier may realise or deal with
any bill drawn for it under clause 9.1 as it, in its discretion, determines. 
  

 27 

	9.4	Appointment revoked 

 The requirement to draw Bills
under clause 9.1 and each appointment under clause 9.2 will cease and be revoked without necessity for notice when all Advances are fully and finally repaid. Nothing in clause 9.1 or 9.2 requires the Borrower, or authorises any Financier as
attorney, to draw a Bill which matures after, in the case of Bills drawn in connection with any Tranche A Advance, the Tranche A Termination Date or, in the case of Bills drawn in connection with any Tranche B Advance, the Tranche B Termination Date
or, in the case of Bills drawn in connection with any Tranche C Advance, the Tranche C Termination Date. 
  

	9.5	Indemnity 

  

	 	(a)	Each Financier indemnifies the Borrower against liability on any Bill drawn by the Borrower at the request of that Financier under clause 9.1 or drawn by that Financier under clause
9.2. Each Financier agrees to pay the costs of preparation of and all stamp duty on each Bill drawn at its request under clause 9.1 or by it acting as attorney under clause 9.2. 

  

	 	(b)	Clause 9.5(a) does not affect any obligation of the Borrower under the Finance Documents. In particular the obligations of the Borrower to make payments under the Finance Documents
are not in any way affected by any liability of a Financier, contingent or otherwise, under the indemnity in clause 9.5(a), 

  

	9.6	Notice 

 On request from the Borrower through the
Facility Agent (not more often than once each quarter) each Financier will notify the Borrower through the Facility Agent of the total face value of Bills outstanding at that time under this clause 9 which have been drawn by the Borrower at the
request of that Financier under clause 9.1 or drawn by that Financier as attorney under clause 9.2. 
  

	9.7	Satisfaction of Obligations 

 If the Borrower
discharges any Bill drawn under this clause 9 at its maturity by payment the amount of that payment will be taken to have satisfied, to the extent of the payment, amounts owing to the Financier that prepared the Bill or at whose request the Borrower
prepared that Bill. 
  

	10.	Fees 

  

	10.1 	Upfront fees 

 The Borrower will pay to the Facility
Agent for distribution among the Financiers such fees calculated and payable in accordance with the Upfront Fee Letter. 
  

	10.2 	Unused Commitment fee 

  

	 	(a)	(Tranche A): The Borrower must pay to the Facility Agent on account of the Financiers proportionally to their respective Tranche A Commitments an unused commitment fee in
Euros at a per annum rate equal to 30% of the Margin on the daily unutilised balance of the Tranche A Commitment. This fee: 

  

	 	(i)	accrues daily from the date of this agreement up to and including the Final Termination Date; 

  

 28 

	 	(ii)	is calculated on the basis of the actual number of days elapsed and of a 360 day year; and 

  

	 	(iii)	is payable in arrears, on the last day of each calendar month, and on the Final Termination Date or, if earlier, on the day on which the Tranche A Commitment reduces to zero.

  

	 	(b)	(Tranche B): The Borrower must pay to the Facility Agent on account of the Financiers proportionally to their respective Tranche B Commitments an unused commitment fee in US
Dollars at a per annum rate equal to 30% of the Margin on the daily unutilised balance of the Tranche B Commitment. This fee: 

  

	 	(i)	accrues daily from the date of this agreement up to and including the Final Termination Date; 

  

	 	(ii)	is calculated on the basis of the actual number of days elapsed and of a 360 day year; and 

  

	 	(iii)	is payable in arrears, on the last day of each calendar month, and on the Final Termination Date or, if earlier, on the day on which the Tranche B Commitment reduces to zero.

  

	 	(c)	(Tranche C): The Borrower must pay to the Facility Agent on account of the Financiers proportionally to their respective Tranche C Commitments an unused commitment fee in US
Dollars at a per annum rate equal to 30% of the Margin on the daily unutilised balance of the Tranche C Commitment. This fee: 

  

	 	(i)	accrues daily from the date of this agreement up to and including the Tranche C Termination Date; 

  

	 	(ii)	is calculated on the basis of the actual number of days elapsed and of a 360 day year; and 

  

	 	(iii)	is payable in arrears, on the last day of each calendar month, and on the Tranche C Termination Date or, if earlier, on the day on which the Tranche C Commitment reduces to zero.

  

	10.3 	Payments to the Facility Agent and Security Trustee 

 The Borrower will pay to the Facility Agent for its own account, and to the Security Trustee for its own account, fees in the amounts and on the dates as specified in the Agency Fee Letter. 
  

	10.4 	No refund 

 All fees payable by the Borrower under
this clause 10 are non-refundable and non-rebateable. 
  

	11.	Payments 

  

	11.1 	Payment to Security Trustee 

  

	 	(a)	 All payments to be made by any Obligor under the Finance Documents will be paid to or to the order of the Security Trustee or, in the case of the Pledge, HSBC Bank
Australia Limited as security agent, provided that the Security Trustee and HSBC Bank Australia Limited as security agent (in the case of the Pledge) consents, subject to clause 11.1 (b), to all payments being made to the Facility Agent, until the
Security becomes enforceable and the Security Trustee or, in the case of the Pledge, 

  

 29 

	 	 
HSBC Bank Australia Limited as security agent withdraws its consent by notice to the Facility Agent and the Borrower. 

  

	 	(b)	Any payment made by an Obligor to the Security Trustee, HSBC Bank Australia Limited as security agent or the Facility Agent for the account of any other Finance Party on the terms
of clause 11.1 (a) satisfies the Obligor’s obligation to make that payment. 

  

	11.2 	Time and place 

  

	 	(a)	Subject to clause 11.1 all payments by any Obligor under any Finance Document or by any Financier under this agreement ate to be made to the Facility Agent in the required currency
specified in the Finance Document in immediately available funds not later than 11.00 am (Sydney time) on the due date to the account that the Facility Agent from time to time designates at least 1 Business Day before the payment is made or as
otherwise agreed between the Borrower and the Facility Agent. 

  

	 	(b)	Payment made by an Obligor to the Facility Agent for the account of any other Finance Party on the terms of clause 11.1 (a) satisfies the Obligor’s obligation to make that
payment. 

  

	11.3 	Merger 

 If the liability of any Obligor to pay any
money the payment or repayment of which forms part of the Obligations becomes merged in any judgment or order, the Obligor will, as an independent obligation, pay to the Facility Agent on behalf of the Financiers interest at the rate which is the
higher of that payable under the Finance Documents and that fixed by or payable under the judgment or order. 
  

	11.4 	Currency for payments 

  

	 	(a)	Advances will be repaid in the currency in which they were drawn down; and interest and other amounts attributable to Advances will be paid in the currency of the relevant Advance.
Costs and expenses will be paid in the currency in which they were incurred. 

  

	 	(b)	If, for any reason (including as a result of a judgment or order), an amount payable by the Borrower under or in respect of this agreement (Relevant Amount) is received by
another party in a currency (Payment Currency) that is not the currency in which the amount is expressed to be payable under this agreement (Required Currency) then the Borrower, as an independent obligation, must indemnify that party
against, and must pay that party on demand the amount of, any shortfall between: 

  

	 	(i)	the amount of Required Currency which that party receives on converting the amount it received in the Payment Currency into an amount in the Required Currency in accordance with its
usual practice; and 

  

	 	(ii)	the Relevant Amount in the Required Currency. 

  

	11.5 	Payments to the Obligors 

 Each payment received by
the Facility Agent for payment to any Obligor will be made available to the Obligors by application, on the date of receipt: 
  

	 	(a)	first, in or towards payment of any amounts then due and payable (and unpaid) by any Obligor under the Finance Documents; and 

  

 30 

	 	(b)	second, in payment to the account the Borrower has properly designated for the purpose in the relevant Drawdown Notice or otherwise in writing. 

  

	11.6 	Payments to the Financiers 

 The Facility Agent and
the Security Trustee will promptly distribute amounts received for payment to the Finance Parties among the Finance Parties (in the case of a Financier, for the account of its Facility Office) proportionally to their respective entitlements by
payment to the account each Finance Party has previously notified to the Facility Agent provided that it may deduct from any payment any amount due to the Facility Agent or the Security Trustee by the relevant Finance Party under clause 11.8, 21.21
or 23. 
  

	11.7 	Insufficient payment 

 If the Facility Agent or
Security Trustee receives a payment under any Finance Document that is insufficient to discharge all the amounts then due and payable by any Obligor under the Finance Documents, the Facility Agent or the Security Trustee, as applicable, may
apportion that amount between principal, interest, commission, fees, charges and other amounts payable under the Finance Documents in any manner it determines and any such determination will be binding on each Finance Party and each Obligor.

  

	11.8 	Anticipatory payments 

 Neither the Facility Agent
nor the Security Trustee will be obliged to make a payment to a Finance Party or an Obligor out of any sum which it is expecting to receive for the account of that Finance Party or Obligor until it has established that it has received the sum. If
either the Facility Agent or the Security Trustee in its absolute discretion elects to make a payment, to the extent that the payment is made but the Facility Agent or the Security Trustee, as applicable, does not receive the sum when due in whole
or in part: 
  

	 	(a)	each person to which that payment was made will, on request by the Facility Agent or the Security Trustee, immediately refund that payment to the Facility Agent or the Security
Trustee, as applicable; 

  

	 	(b)	each person to which that payment was made will pay to the Facility Agent or the Security Trustee, as applicable, interest on the amount of the sum not paid when due under clause
11.8(a) at a rate determined by the Facility Agent or the Security Trustee, as applicable, to be equal to its cost of funds for the period from the date of payment by the Facility Agent or Security Trustee to the date of receipt by the Facility
Agent or the Security Trustee of the due amount. 

 The provisions of this clause 11.8 are without prejudice to any other
rights which any person may have against any party who fails to pay any sum in accordance with any Finance Document. 
  

	12.	Taxes 

  

	12.1 	No deduction for Taxes and no set-off or counterclaim 

 All payments by the Obligors under any Finance Document, whether of principal, interest or other amounts, will be: 
  

	 	(a)	without (and free and clear of any deduction for) any set-off or counterclaim; and 

  

 31 

	 	(b)	without deduction or withholding for any present or future Taxes unless the Obligor is compelled by law to deduct or withhold the same. 

  

	12.2 	Payment net of Taxes 

 If: 
  

	 	(a)	an Obligor is compelled by law to make any deduction or withholding from any payment under any Finance Document on account of Taxes (other than Excluded Taxes);

  

	 	(b)	the Facility Agent or Security Trustee is compelled by law to make any deduction or withholding from any payment to a Finance Party under any Finance Document on account of Taxes
(other than Excluded Taxes); 

  

	 	(c)	a Finance Party does not receive a payment to which it is entitled under the Finance Documents free and clear of Taxes (other than Excluded Taxes); or 

  

	 	(d)	a Finance Party is obliged to pay any Taxes (other than Excluded Taxes) in respect of a payment made or to be made by an Obligor under the Finance Documents,

 then: 
  

	 	(i)	the Borrower will on demand by the Facility Agent pay to the Facility Agent any additional amounts necessary to ensure that the Finance Party affected receives (after all deductions
and withholdings for Taxes other than Excluded Taxes) a net amount equal to the full amount which it would have been entitled to receive and retain had the deduction or withholding not been made or had the payment been free and clear of Taxes (other
than Excluded Taxes) or had the Finance Party not been obliged to pay any Taxes (other than Excluded Taxes) in respect of the payment; and 

  

	 	(ii)	where clause 12.2(a) applies the Obligor compelled to make the deduction or withholding will: 

  

	 	A.	pay to the appropriate Government Authority any amount deducted or withheld in respect of Taxes within the time allowed and in the minimum amount required by law; and

  

	 	B.	promptly after making the deduction or withholding provide to the Facility Agent evidence satisfactory to the Facility Agent of that payment having been made.

  

	13.	Illegality 

 If, after the date of this agreement,
it becomes unlawful or (as a result of a change in law or regulation) impossible for a Financier to maintain or give effect to any of its obligations under the Finance Documents: 
  

	 	(a)	the Financier’s obligations under the Finance Documents will be suspended immediately for the duration of the illegality or impossibility; 

  

	 	(b)	the Financier may, by notice to the Borrower (through the Facility Agent), terminate its obligations under all of the Finance Documents; 

  

 32 

	 	(c)	if a notice is given under clause 13(b), the Borrower will prepay an amount equal to the Financier’s participation in all Advances together with all interest and other charges
accrued on the Financier’s participation and all other amounts payable to the Financier under the Finance Documents in full immediately, or if delay in prepayment does not compound the unlawful event, on the last day of the current Interest
Period (or any lesser period if the applicable law requires) notice to that effect from the Financier to the Borrower (through the Facility Agent); and 

  

	 	(d)	the Borrower will indemnify the Financier, and despite the termination of its obligations under the Finance Documents keep the Financier indemnified, against any cost, loss, damage
or expense suffered, incurred or payable by it as a result of the operation of clause 13(a), 13(b) or 13(c) and will pay to the Facility Agent for the account of the Financier prior to termination of the Financier’s obligations under the
Finance Documents the amount the Financier estimates in good faith to be, then or in the future, payable to it by the Borrower under the indemnity in this clause 

  

	14.	Increased cost 

  

	14.1 	Obligation to indemnify 

  

	 	(a)	If because of any change in law or in its interpretation or administration or because of compliance with any request from or requirement of any Government Authority occurring, in
either case, after the date of this agreement: 

  

	 	(i)	a Financier incurs a cost as a result of it having entered into or performed its obligations under any of the Finance Documents or as a result of any Advance being outstanding;

  

	 	(ii)	there is any increase in the cost to a Financier of funding or maintaining any Advance made or to be made; 

  

	 	(iii)	there is a reduction in any amount due and payable to a Financier under any Finance Document; 

  

	 	(iv)	the rate of return to a Financier on the Advances or the anticipated rate of return on the Financier’s overall capital is, in either case, reduced; or 

 

	 	(v)	a Financier becomes liable to make any payment (not being a payment of any Excluded Tax) on or calculated by reference to the amount of the Advances, 

 then from time to time on notification by the Financier through the Facility Agent the Borrower will pay to the Facility Agent on account of the Financier
amounts sufficient to indemnify the Financier against that cost, increased cost, reduction or liability. 
  

	 	(b)	If a Financier has acted in good faith it is no defence that the cost, increased cost, reduction or liability could have been avoided. 

  

	 	(c)	A Financier’s certificate as to the amount of, and basis for arriving at, any cost, increased cost, reduction or liability is conclusive and binding on the Obligors in the
absence of manifest error on the face of the certificate. 

  

 33 

	14.2 	Prepayment after increased cost 

 If the Facility
Agent has given a notice under clause 14.1 and that notice has not been withdrawn, the Borrower, by notice to the Facility Agent: 
  

	 	(a)	may terminate the relevant Financier’s obligation to provide its Commitment; and 

  

	 	(b)	may elect to prepay the amount of that Financier’s participation in all outstanding Advances, together with any accrued but unpaid interest and any other amounts (including
amounts payable under clause 20) outstanding under each Finance Document that relate to that Financier, on the first date on which the Borrower is required to pay interest under this agreement that falls at least 30 days after the later of:

  

	 	(i)	the date that the Facility Agent receives that notice; or 

  

	 	(ii)	the date on which the Regulatory Change takes effect. 

 The
Borrower’s notice is effective when received by the Facility Agent and, once effective, is irrevocable. 
  

	15.	Representations and warranties 

  

	15.1 	Representations and warranties 

 The Borrower
represents and warrants that: 
  

	 	(a)	(status) it and each of its Subsidiaries is a company limited by shares under the Corporations Act; 

  

	 	(b)	(power) it has full legal capacity and power to: 

  

	 	(i)	own its property and to carry on its business; and 

  

	 	(ii)	enter into the Finance Documents and to carry out the transactions that they contemplate; 

  

	 	(c)	(corporate authority) it has taken all corporate action that is necessary or desirable to authorise its entry into the Finance Documents and its carrying out the transactions
that they contemplate; 

  

	 	(d)	(Authorisations) it holds each Authorisation that is necessary or desirable to: 

  

	 	(i)	enable it to properly execute the Finance Documents and to carry out the transactions that they contemplate; 

  

	 	(ii)	ensure that each Finance Document is legal, valid, binding and admissible in evidence; or 

  

	 	(iii)	enable it to properly carry on its business, 

 and it is
complying with any conditions to which any of these Authorisations is subject; 
  

	 	(e)	 (documents effective) each Finance Document constitutes its legal, valid and binding obligations, enforceable against it in accordance with its terms (except
to 

  

 34 

	 	 
the extent limited by equitable principles and laws affecting creditors’ rights generally) subject to any necessary stamping or registration;

  

	 	(f)	(ranking) its payment obligations under each Finance Document rank at least equally with all its other unsecured and unsubordinated payment obligations (whether present or
future, actual or contingent), other than obligations that are mandatorily preferred by law; 

  

	 	(g)	(no contravention) neither its execution of the Finance Documents nor the carrying out by it of the transactions that they contemplate, does or will:

  

	 	(i)	contravene any law to which it or any of its property is subject or any order of any Government Authority that is binding on it or any of its property; 

  

	 	(ii)	contravene any Authorisation; 

  

	 	(iii)	contravene any undertaking or instrument binding on it or any of its property; 

  

	 	(iv)	contravene its Constitution; or 

  

	 	(v)	require it to make any payment or delivery in respect of any Financial Liability before it would otherwise be obliged to do so; 

  

	 	(h)	(no litigation) no litigation, arbitration, mediation, conciliation or administrative proceedings are taking place, pending, or to the knowledge of any of its officers after
due inquiry, threatened which, if adversely decided, could have a Material Adverse Effect on it or any of its Subsidiaries; 

  

	 	(i)	(Accounts): 

  

	 	(i)	the Accounts and any other financial statements and reports that it has given to the Facility Agent have been prepared in accordance with all applicable laws and (unless
inconsistent with those laws) Accepted Accounting Practices; 

  

	 	(ii)	the Accounts that it has given to the Facility Agent give a true and fair view of the financial condition of the Parent and its Subsidiaries as at the date to which they are made up
and of the results of operations of the Parent and its Subsidiaries for the period that they cover; and 

  

	 	(iii)	there has been no change since the date of the most recent Accounts that it has given to the Facility Agent that could have a Material Adverse Effect on it;

  

	 	(j)	(other information): 

  

	 	(i)	the other information and reports (if any) that it has given to the Facility Agent in connection with any Finance Document are true and accurate in all material respects and not
misleading in any material respect (including by omission); and 

  

	 	(ii)	any forecasts and opinions in them are fair and reasonable (and were made or formed after due inquiry and consideration by appropriate officers of the Borrower),

 as at the date of this document or, if given later, when given; 
  

 35 

	 	(k)	(disclosure of relevant information) it has disclosed to the Facility Agent all the information that is material to an assessment by it of the risks that it assumes by
entering into any Finance Document; 

  

	 	(l)	(no filings or Taxes) it is not necessary or desirable, to ensure that any Finance Document is legal, valid, binding or admissible in evidence, that any Finance Document or
any other document be filed or registered with any Government Authority, or that any Taxes be paid; 

  

	 	(m)	(no default) no Event of Default or Potential Event of Default has occurred and is continuing, and it is not in breach of any other document or agreement in a manner that
could have a Material Adverse Effect on it or any of its Subsidiaries; 

  

	 	(n)	(no Encumbrance) none of its property, and no property of any other Obligor or any Obligor’s Subsidiaries, is subject to an Encumbrance other than a Permitted
Encumbrance; 

  

	 	(o)	(no Controller) no Controller is currently appointed in relation to any of its property, or any property of any of its Subsidiaries; 

  

	 	(p)	(no trust) it is not entering into any Finance Document as trustee of any trust or settlement; 

  

	 	(q)	(corporate benefit) its entry into the Finance Documents is in its best interests and for its benefit; 

  

	 	(r)	(Corporations Act) by entering into and performing its obligations under the Transaction Documents, neither it nor any Guarantor will be in breach or contravention of the
Corporations Act, including Part 2J or Chapter 2E of the Corporations Act; and 

  

	 	(s)	(Group) ResMed Property Trust is the only Subsidiary of the Borrower. 

  

	15.2 	Repetition of representations and warranties 

 The
representations and warranties in this clause are taken to be repeated on the Drawdown Date and on the last day of each Interest Period on the basis of the facts and circumstances as at that date. 
  

	15.3 	Reliance on representations and warranties 

 The
Borrower acknowledges that the other parties have executed this document and agreed to take part in the transactions that it contemplates in reliance on the representations and warranties that are made or repeated in this clause. 
  

	15.4 	No representations to the Borrower 

 The Borrower
acknowledges that it has not relied and will not rely on any representation, statement or promise made by or on behalf of any other party in deciding to enter into this document or to exercise any right or perform any obligation under it.

  

	16.	Undertakings 

  

	16.1 	General undertakings 

 The Borrower must:

  

	 	(a)	(maintain status) maintain, and ensure that each of its Subsidiaries maintains, its status as a company limited by shares under the Corporations Act;

  

 36 

	 	(b)	(comply with law) comply with, and ensure that each of its Subsidiaries complies with, all applicable laws including by paying when due all Taxes for which it or any of its
property is assessed or liable (except to the extent that these are being diligently contested in good faith and by appropriate proceedings and it or the relevant Subsidiary has made adequate reserves for them); 

  

	 	(c)	(keep books) keep, and ensure that each of its Subsidiaries keeps, proper books (as defined in the Corporations Act) recording its activities and those of each of its
Subsidiaries (including financial records in accordance with the Corporations Act), and permit the Facility Agent or its representatives on request to examine and take copies of them; 

  

	 	(d)	(hold Authorisations) obtain and maintain each Authorisation that is necessary or desirable to: 

  

	 	(i)	execute the Finance Documents and to carry out the transactions that they contemplate; 

  

	 	(ii)	ensure that each Finance Document is legal, valid, binding and admissible in evidence; or 

  

	 	(iii)	enable it to properly carry on its business, 

 and must
comply with any conditions to which any of these Authorisations is subject; 
  

	 	(e)	(no administrator) not appoint, and ensure that none of its Subsidiaries appoints, an administrator without notice to the Facility Agent; 

  

	 	(f)	(permitted use of funds) apply the Advances solely for the purposes specified in clause 2.5; 

  

	 	(g)	(patents) maintain and keep registered under all applicable laws all patents, trade marks and licences registered in the name of the Borrower where not to do so would have a
Material Adverse Effect; 

  

	 	(h)	(Subsidiaries): 

  

	 	(i)	ensure that it, each other Obligor and each Obligor’s Subsidiaries do not acquire or incorporate any Subsidiary after the date of this agreement without the prior written
consent of the Facility Agent (acting on the instructions of all the Financiers), which consent shall not be unreasonably withheld, where the consideration for the acquisition exceeds USD 20,000,000 or its equivalent; and 

 

	 	(ii)	where it, an Obligor or an Obligor’s Subsidiary acquires or incorporates any Subsidiary after the date of this agreement which is at or below USD20,000,000 (or its equivalent)
which is not financed in whole or in part by a Tranche B Advance, ensure that the acquired or incorporated Subsidiary is engaged in a business substantially similar or related to that carried on by the Group and the Borrower continues to comply with
clause 17.2; 

  

 37 

	 	(i)	(ResMed Loan Agreement) other than pursuant to the Deed of Variation, not terminate, rescind or agree to any variation of the ResMed Loan Agreement, assign any of its right,
title or interest in the ResMed Loan Agreement, release any person from any of its obligations under the ResMed Loan Agreement or otherwise waive any of the Borrower’s rights under the ResMed Loan Agreement except for any variation, assignment,
release, waiver or termination granted by the Borrower with the consent of the Facility Agent (such consent not to be unreasonably withheld); and 

  

	 	(j)	(dividends) without limiting clause 16.1(b) above, comply at all times with section 254T of the Corporations Act including ensuring that its profits (including retained
earnings) are always sufficient to apply any amounts it receives under Tranche C towards the payment of dividends. 

  

	16.2 	Reports and information 

 The Borrower must give the
Facility Agent: 
  

	 	(a)	(audited consolidated annual Accounts) as soon as possible (and in any event within 120 days) after the end of each of the Parent’s financial years, a set of audited
consolidated Accounts for the Group for that financial year, prepared in accordance with the all applicable laws and (except where inconsistent with those laws) the Accepted Accounting Practices; 

  

	 	(b)	(unaudited consolidated semi-annual accounts) as soon as possible (and in any event within 90 days) after the end of the first half of each financial year, a set of
consolidated Accounts for the Group for that half-year prepared in accordance with all applicable laws and (except where inconsistent with those laws) the Accepted Accounting Practices; 

  

	 	(c)	(compliance certified) within 90 days after each Semi-Annual Date, a certificate in a form satisfactory to the Facility Agent signed by any 2 directors of the Parent setting
out: 

  

	 	(i)	the calculation of the Interest Coverage Ratio for the purposes of clause 17.1(a) as at that Semi-Annual Date; 

  

	 	(ii)	the calculation of the Gearing Ratio for the purposes of clause 17.l(b) as at that Semi-Annual Date; 

  

	 	(iii)	the calculation of the Tangible Net Worth for the purposes of clause 17.1 (c) as at that Semi-Annual Date; and 

  

	 	(iv)	the calculations as to whether the ratios in clause 17.2 have been complied with as at that Semi-Annual Date; 

  

	 	(d)	(copy of reports) a copy of each document that it gives to its shareholders or to any stock exchange, at the same time as it gives it to them or it; 

 

	 	(e)	(notice of default) as soon as it becomes aware that an Event of Default or Potential Event of Default has occurred, full details of that Event of Default or Potential Event
of Default; 

  

	 	(f)	(notice of litigation) full details of any litigation, arbitration, mediation, conciliation or administrative proceedings which, if adversely decided, could have a Material
Adverse Effect on it or any of its Subsidiaries, as soon as the proceedings are commenced or threatened; and 

  

 38 

	 	(g)	(other information) promptly on request (and in any event within 5 Business Days) any other information relating to the financial condition, business, property and affairs of
itself, any Obligor or any of its related bodies corporate that the Facility Agent reasonably requests. 

  

	16.3 	Financial undertakings 

 The Borrower must:

  

	 	(a)	(negative pledge) not create or permit to exist, and ensure that each other Obligor and each Obligor’s Subsidiaries do not create or permit to exist, any Encumbrance
over any of its property, other than a Permitted Encumbrance; 

  

	 	(b)	(no Financial Liabilities) 

  

	 	(i)	not incur Financial Liabilities (including without limitation, rent and amounts in the nature of rent payable under any operating lease) which would cause Financial Liabilities
(including without limitation, rent and amounts in the nature of rent payable under any operating lease) for the Group to exceed USD50,000,000 (or its Equivalent) from any entity that is not an Obligor; 

  

	 	(ii)	ensure that each other Obligor and each Obligor’s Subsidiaries do not incur Financial Liabilities (including without limitation, rent and amounts in the nature of rent payable
under any operating lease) which would cause Financial Liabilities (including without limitation, rent and amounts in the nature of rent payable under any operating lease) for the Group to exceed USD50,000,000 (or its Equivalent) from any entity
that is not an Obligor, 

 without the prior written consent of the Facility Agent (any such request for consent to be
considered in good faith), other than under the UBOC Facilities (or any facilities that replace the UBOC Facilities) and the Intercompany Loans, provided that: 
  

	 	(iii)	the principal amount of the Financial Liabilities under each Intercompany Loan at any time must not exceed an amount greater than the aggregate of USD 10,000,000 (or its equivalent)
and the principal amount of those Financial Liabilities as at the date of this agreement; and 

  

	 	(iv)	the total amount of the Financial Liabilities under the UBOC Facilities (or any other facility replacing the UBOC Facilities) and provided to the borrowers under the UBOC Facilities
(or the replacing facility) must not at any time exceed USD75,000,000, subject to this limit being reviewed, at the request of the Borrower, by the Facility Agent (acting on the instructions of all the Financiers) after the second anniversary of the
date of this agreement (the “Review Date”) and, in reviewing this limit, the Facility Agent and the Financiers agree to act in good faith taking into account the financial position, credit standing and circumstances of the Group as
a whole as at the Review Date; 

  

	 	(c)	 (provision of financial accommodation) not provide any financial accommodation (excluding trade receivables incurred in the ordinary course of its ordinary
business and normal corporate recharges) or give any guarantee, guarantee and indemnity, or similar document to, or on behalf of, any person that is not an Obligor, and must procure that each other Obligor does not provide any financial
accommodation (excluding trade receivables incurred in the ordinary course of its ordinary business 

  

 39 

	 	 
and normal corporate recharges) or give any guarantee, guarantee and indemnity, or similar document to, or on behalf of, any person that is not an Obligor,
in an aggregate amount exceeding USD 18,000,000 (or its Equivalent) in any Financial Year, without the Facility Agent’s prior written consent; 

  

	 	(d)	(real property leases) ensure that the aggregate amount of rent and amounts in the nature of rent payable by the Borrower as tenant under any lease of real property in any
Twelve-Month Period does not exceed Euro 20,000,000 (or its Equivalent); 

  

	 	(e)	(dividends and distributions) not declare or pay any dividend, repay any loans from shareholders or make any payment or other distribution to any shareholder’s in an
aggregate amount exceeding 50 per cent of Net Profit After Tax for any Financial Year other than the payment on or before 30 June 2006 (provided it is paid out of profits, including retained earnings) of a single special dividend by the
Borrower to ResMed Holdings Limited in an amount not exceeding USD 70,000,000 (or its Equivalent); 

  

	 	(f)	(no disposal of property) not dispose of, declare a trust over or otherwise create an interest in, and must ensure that each other Obligor and each Obligor’s
Subsidiaries do not dispose of, declare a trust over or otherwise creates an interest in any of its property which has an aggregate value exceeding Euro 20,000,000 (or its Equivalent) in any Twelve-Month Period except: 

  

	 	(i)	as permitted by paragraph (a); or 

  

	 	(ii)	with the consent of the Facility Agent; 

  

	 	(g)	(Subsidiaries) ensure that none of its Subsidiaries (including where it acts as a trustee) acquires any assets, including without limitation, any real property without the
consent of the Facility Agent; 

  

	 	(h)	(insurance) keep, and must ensure that it, each other Obligor and each Obligor’s Subsidiaries keeps, its property and business insured: 

  

	 	(i)	against the risks and in the amounts that are prudent or usual for a person conducting a business similar to that Obligor or Obligor’s Subsidiary, with sound and reputable
insurers; or 

  

	 	(ii)	as the Facility Agent reasonably requires, 

 and must
provide the Facility Agent on request with details of the insurance, evidence that it is in full effect and evidence that all premiums have been paid; and 
  

	 	(i)	(financial year) not change its financial year. 

  

	16.4 	Change to Accounting Principles 

 If any Accounts,
or other financial statements delivered to the Facility Agent under this agreement are not prepared in accordance with the Accepted Accounting Practices in effect at the date of this agreement due to a change in the Accepted Accounting Practices
occurring after the date of this agreement which results in the Accounts or financial statements being prepared on a different basis to Accounts prepared as at the date of this agreement then: 
  

	 	(a)	unless so indicated by the notes to the relevant Accounts or financial statements, the Borrower must notify the Facility Agent in writing of that matter when delivering the relevant
Accounts or financial statements to the Facility Agent; and 

  

 40 

	 	(b)	the Borrower must, if the change in the Accepted Accounting Practices affects in any way the computation of any Financial Ratio, with those Accounts or financial statements
delivered under this agreement, deliver to the Facility Agent: 

  

	 	(i)	details of all such adjustments as need to be made to the Accounts or financial statements to bring them into line with the Accepted Accounting Practices applied as at the date of
this agreement; and 

  

	 	(ii)	a separate set of Accounts or financial statements prepared in accordance with the Accepted Accounting Practices in effect at the date of this agreement. 

 

	16.5 	Acquired Subsidiaries and Additional Guarantees 

 Unless the Facility Agent otherwise consents in writing, the Borrower must ensure that, where any Subsidiary has been acquired by it, any other Obligor or any Obligor’s Subsidiaries after the date of this agreement in accordance with
clause 16.1(h)(i) and the acquisition has been financed in whole or in part with the proceeds of a Tranche B Advance, that Subsidiary will, provided it is permitted by law, execute and deliver to the Facility Agent within 5 Business Days (or such
later period necessary in order to comply with any law) of its acquisition a guarantee and indemnity in favour of the Security Trustee guaranteeing all obligations of the Obligors under the Finance Documents, which must be in form and substance
satisfactory to the Facility Agent. If requested by the Facility Agent, the Borrower must provide a legal opinion as to the enforceability and validity of the guarantee and indemnity and the status of the Subsidiary addressed to the Facility Agent
in relation to the new Subsidiary, which must be in form and substance satisfactory to the Facility Agent. 
  

	17.	Financial Covenants 

  

	17.1 	Financial Covenants 

 The Borrower must ensure that:

  

	 	(a)	for each Twelve-Month Period ending on a Semi-Annual Date, the Interest Coverage Ratio is at least 5.00:1; 

  

	 	(b)	for each Twelve-Month Period ending on a Semi-Annual Date, the Gearing Ratio is equal to or less than 2.25:1; and 

  

	 	(c)	at each Semi-Annual Date, the Tangible Net Worth is not less than the aggregate of: 

  

	 	(i)	USD 300,000,000; and 

  

	 	(ii)	50% of the aggregate Net Income for each Semi-Annual Period ending after 31 December 2005 (with no deduction for a net loss in any such Semi-Annual Period).

  

	17.2 	Guarantor Group 

 If at any time: 
  

	 	(a)	the current book value of tangible assets of the Guarantors (as determined in accordance with Accepted Accounting Principles) is less than 80% of the total tangible assets of the
Group (as determined in accordance with Accepted Accounting Principles); or 

  

 41 

	 	(b)	the aggregate EBITDA for the six month period ending on the previous Semi-Annual Date of each Guarantor is less than 80% of EBITDA for the Group for that period,

 the Borrower must ensure that within 60 days such members of the Group provide a guarantee and indemnity, in form and
substance satisfactory to the Facility Agent, in favour of the Security Trustee for the benefit of the Finance Parties, so that those ratios are complied with. If the new Guarantor is incorporated outside Australia, at the request of the Facility
Agent, the Borrower must procure a legal opinion in form and substance reasonably satisfactory to the Facility Agent, in relation to that new Guarantor. 
  

	18.	Default and termination 

  

	18.1 	Events of Default 

 Each of these events or
circumstances is an Event of Default: 
  

	 	(a)	(non-payment) if an Obligor fails to pay any amount that is due and payable by it under any Finance Document within 2 Business Days of when it is due;

  

	 	(b)	(other obligations) if an Obligor fails to comply with any of its obligations under any Finance Document (other than a failure referred to elsewhere in this clause) and:

  

	 	(i)	the Facility Agent considers that the failure cannot be remedied; or 

  

	 	(ii)	the Facility Agent considers that the failure can be remedied, and the failure is not remedied within 20 Business Days after the Obligor becomes aware of the failure;

  

	 	(c)	(misrepresentation) if any representation, warranty or statement made by, or repeated by, an Obligor, in or in connection with any Finance Document is untrue or misleading
(whether by omission or otherwise) in any material respect when so made or repeated; 

  

	 	(d)	(Event of Insolvency) if an Event of Insolvency occurs in respect of an Obligor or any of its Subsidiaries; 

  

	 	(e)	(maintenance of capital) if an Obligor or any of its Subsidiaries passes a resolution; 

  

	 	(i)	to permit the giving of financial assistance, whether directly or indirectly, for the purposes of, or in connection with, an acquisition or proposed acquisition by a person of
shares or of any right or interest in shares in it or in any holding company of it; 

  

	 	(ii)	for the reduction of its share capital (including the purchase of its shares but excluding a redemption of redeemable shares); or 

  

	 	(iii)	to limit its ability to make calls on its uncalled share capital, 

 without the consent of the Facility Agent; 
  

	 	(f)	(Material Adverse Effect) if an event or a change occurs which could, or could in the opinion of the Facility Agent, have a Material Adverse Effect on an Obligor or any of
its Subsidiaries; 

  

 42 

	 	(g)	(cross-default) if: 

  

	 	(i)	Financial Liabilities in an amount exceeding Euro 10,000,000 (or its Equivalent) of an Obligor or any of its Subsidiaries becomes due for payment, or becomes capable of being
declared due for payment, (other than at the option of that person or the relevant subsidiary) before the stated maturity of that Financial Liability; 

  

	 	(ii)	an agreement by any person with an Obligor or any of its Subsidiaries to provide or underwrite financial accommodation in an amount exceeding Euro 10,000,000 (or its Equivalent) or
to acquire or assume any risk in respect of Financial Liability in an amount exceeding Euro 10,000,000 (or its Equivalent), is prematurely terminated; or 

  

	 	(iii)	any money or commodity owing or deliverable by an Obligor or any of its Subsidiaries in respect of any Financial Liability in an amount exceeding Euro 10,000,000 (or its Equivalent)
is not paid or delivered when due for payment or delivery (having regard to any applicable grace period); 

  

	 	(h)	(Encumbrance) if an Obligor or any of its Subsidiaries creates or permits to exist any Encumbrance over any of its property, other than a Permitted Encumbrance;

  

	 	(i)	(compulsory acquisition) if all or a material part of the property of an Obligor or any of its Subsidiaries is compulsorily acquired by any Government Agency or that Obligor
or any of its Subsidiaries sells or divests itself of all or a material party of its property because it is required to do so by a binding order from a Government Agency, and that Obligor or the relevant Subsidiary does not receive compensation for
the acquisition, sale or disposal which is acceptable to the Facility Agent; 

  

	 	(j)	(inability to perform) if an Obligor ceases for any reason to be able lawfully to carry out all the transactions which any Finance Document contemplates may be carried out by
it; 

  

	 	(k)	(provisions void) if all or any material provision of any Finance Document is or becomes void, voidable, illegal or unenforceable or of limited force (other than because of
equitable principles or laws affecting creditors’ rights generally), or an Obligor claims this to be the case; 

  

	 	(l)	(special investigations) if any matter relating to an Obligor or any of its Subsidiaries becomes subject to an investigation under any law relating to companies which could
have a Material Adverse Effect; 

  

	 	(m)	(change of control) if, in the Facility Agent’s opinion, the Parent ceases to control (directly or indirectly): 

  

	 	(i)	the composition of the board of directors or other governing body of an Obligor; 

  

	 	(ii)	100% of the voting rights attaching to the capital of an Obligor; or 

  

	 	(iii)	100% of the issued capital of an Obligor (excluding any part of that capital that carries no right to participate beyond a specified amount in the distribution of either profit or
capital), 

 including, without limitation, by reason of the acquisition by any means by any person of a relevant interest (as
defined in the Corporations Act) in shares of the 

  

 43 

 
Obligor that is sufficient to cause the Parent to cease to exercise the control referred to in paragraph (i), (ii) or (iii); 
  

	 	(n)	(Financial Ratio) any Financial Ratio is breached; 

  

	 	(o)	(Security) if any Security becomes enforceable; and 

  

	 	(p)	(cessation of business) the Borrower or any other Obligor ceases to carry on business or substantially or materially changes the nature of its business.

  

	18.2 	Consequences 

 If an Event of Default has occurred
and has not been remedied, the Facility Agent may notify the Borrower that: 
  

	 	(a)	the Financiers’ obligation to provide the Facility is terminated, in which case their obligation to do so terminates immediately; 

  

	 	(b)	the Commitment of each Financier is cancelled, in which case their Commitments will be cancelled immediately; 

  

	 	(c)	all Advances, any accrued but unpaid interest and all other amounts outstanding under each Finance Document are due and payable, in which case those amounts are immediately due and
payable; and 

  

	 	(d)	all Advances, any accrued but unpaid interest and all other amounts outstanding under each Transaction Document are due and payable on demand, in which case those amounts will be
due and payable on demand made at any time. 

  

	19.	Prior Documentation 

 The Borrower acknowledges and
agrees that immediately upon the drawdown of Tranche A and the application of the Tranche A Advance in repayment of all outstanding amounts under the Previous Facility Agreement: 
  

	 	(a)	each Lender’s Commitment under the Previous Facility Agreement is irrevocably and automatically reduced to zero; and 

  

	 	(b)	the Borrower shall have no further right to draw any amount under the Previous Facility Agreement and the Lenders shall have no further obligation to provide any further Advances
under the Previous Facility Agreement. 

 In this clause 19: 
 “Lender”, “Commitment” and “Advance” has the same meaning as in the Previous Facility Agreement. 

 

	20.	Indemnities 

 The Borrower must indemnify each other
party against, and must pay on demand the amount of, all losses, liabilities, expenses and Taxes incurred in connection with: 
  

	 	(a)	any Event of Default or Potential Event of Default; 

  

	 	(b)	the administration, and any actual or attempted preservation or enforcement, of any rights under any Finance Document; 

  

 44 

	 	(c)	the Financiers not providing an Advance to the Borrower because a condition precedent in clause 3.1, 3.2 or 3.3 was not satisfied and was not dealt with in accordance with clause
3.5; 

  

	 	(d)	the Advances being repaid or becoming due for repayment other than the last day of an Interest Period or any other amount required to be paid under any Finance Document not being
paid on its due date, including losses, liabilities, expenses and Taxes incurred because of: 

  

	 	(i)	the cancellation, termination or alteration of any swap or other arrangement made by a Financier to fund the Advance or other payment; or 

  

	 	(ii)	any liquidation or re-employment of deposits or other funds acquired by a Financier to fund the Advance or other payment. 

 Without limiting this, the Borrower must also reimburse each Financier on demand for any amount that the Financier is obliged to pay to the Facility Agent
under clause 21. 
  

	21.	Facility Agent and Security Trustee 

  

	21.1 	Appointment of Facility Agent 

  

	 	(a)	Each Financier irrevocably appoints and authorises the Facility Agent to act as its agent in connection with the Finance Documents, with power to: 

  

	 	(i)	enter into each Finance Document (other than this agreement) on its behalf; 

  

	 	(ii)	exercise any Power that is specifically delegated to the Facility Agent under the Finance Documents together with any Power as is reasonably incidental to it; and

  

	 	(iii)	comply with all obligations that are specifically imposed on the Facility Agent under the Finance Documents. 

  

	 	(b)	Where the Facility Agent provides services in connection with the administration of the Advances, that is, when it calculates rates and amounts, keeps records, receives and
distributes payments or information under any provision of this agreement and receives and deals with Drawdown Notices, it does not provide those services as agent for the Financiers but the remainder of this clause 21 applies.

  

	 	(c)	The Facility Agent’s duties and obligations under the Finance Documents are solely administrative in nature and the Facility Agent does not have any duties, obligations or
liabilities to the other Finance Parties or any of them beyond those expressly stated in the Finance Documents. 

  

	21.2 	Appointment of Security Trustee 

  

	 	(a)	Each Finance Party (other than the Security Trustee) irrevocably appoints and authorises the Security Trustee to act as trustee of the trust constituted under the Security Trust
Deed, with power to: 

  

	 	(i)	exercise any Power that is specifically imposed or conferred on the Security Trustee under the Finance Documents together with any Power as is reasonably incidental to it; and

  

 45 

	 	(ii)	comply with all obligations that are specifically imposed on the Security Trustee under the Finance Documents. 

  

	 	(b)	The Security Trustee does not have any duties, obligations or liabilities to the other Finance Parties or any of them beyond those expressly stated in the Finance Documents.

  

	21.3 	Instructions to Facility Agent 

  

	 	(a)	Unless otherwise expressly provided in the Finance Documents and subject to this clause 21.3, the Facility Agent must act or refrain from acting in the exercise of any Power under
the Finance Documents, including granting waivers or consents, varying the terms of any Finance Document or providing instructions to the Security Trustee as contemplated by clause 21.4, in accordance with the instructions (if any) of the Majority
Financiers. The Facility Agent will not be liable for acting or from refraining from acting in accordance with any instructions of the Majority Financiers. In the absence of any instructions from the Majority Financiers the Facility Agent may act or
refrain from acting as it sees fit, provided it has used reasonable endeavours to obtain instructions from the Majority Financiers. 

  

	 	(b)	The following waivers, consents or variations under the Finance Documents may only be granted or made by the Facility Agent with the prior written consent of all of the Financiers
and (in the case of variations) the Borrower: 

  

	 	(i)	the extension of the Tranche A Availability Period, the Tranche B Availability Period or the Tranche C Availability Period; 

  

	 	(ii)	any variation of the definition of “Majority Financiers” in clause 1.1; 

  

	 	(iii)	any extension of the date for, or reduction in the amount or currency of, or waiver of any payment of, principal, interest, Margin, fee, commission or any other amount payable under
any of the Finance Documents; 

  

	 	(iv)	any increase in any Financier’s Commitment other than under clause 25; 

  

	 	(v)	any variation of clauses 11.5, 11.6, 11.7, 12, 13, 14, 23 or this clause 21.3(b); 

  

	 	(vi)	any variation of any provision where (before the variation) it is provided that certain things may not be done without, or may only be done with, the consent or approval of all the
Financiers; and 

  

	 	(vii)	(except as otherwise expressly provided in this agreement, the Security Trust Deed or any Security) any release of the security provided by any of the Securities over any asset.

  

	 	(c)	Despite any other provision of any Finance Document in no event will the Facility Agent be required to take any action: 

  

	 	(i)	which exposes it, or is likely to expose it, to personal liability unless it is indemnified to its satisfaction, acting reasonably; or 

  

	 	(ii)	which is contrary to any Finance Document or any law. 

  

	 	(d)	 Despite any other provision of any Finance Document, the Facility Agent may act or refrain from acting, and may direct the Security Trustee to act or refrain from
acting, in the exercise of any Power without seeking the instructions of the Majority 

  

 46 

	 	 
Financiers or all Financiers in circumstances where the act relates to an administrative matter and does not involve a waiver of a breach by an Obligor of
its obligations under any Finance Document or any amendment to any Finance Document. 

  

	 	(e)	Any reference in the Finance Documents to the Facility Agent or the Security Trustee being required to form an opinion or to act reasonably (or not unreasonably) will be deemed to
require the Financiers to act in the same manner when instructing the Facility Agent. 

  

	21.4 	Instructions to Security Trustee 

  

	 	(a)	Subject to this clause 21.4, the Security Trustee must act or refrain from acting in the exercise of any Power under the Finance Documents (except pursuant to clause 3.3 of the
Security Trust Deed) in accordance with the instructions (if any) of the Facility Agent. The Security Trustee will not be liable for acting or from refraining from acting in accordance with any instructions of the Facility Agent. In the absence of
any instructions from the Facility Agent, the Security Trustee may act or refrain from acting as it sees fit, provided it has used reasonable endeavours to obtain instructions from the Facility Agent. 

  

	 	(b)	Despite any other provision of any Finance Document in no event will the Security Trustee be required to take any action: 

  

	 	(i)	which exposes it, or is likely to expose it, to personal liability unless it is indemnified to its satisfaction, acting reasonably; or 

  

	 	(ii)	which is contrary to any Finance Document or any law. 

  

	21.5 	Seeking instructions from Financiers 

  

	 	(a)	Whenever the Facility Agent consults the Financiers to obtain instructions, it agrees to provide a reasonable time during which those instructions may be given and each Financier
agrees to respond within any time period specified by the Facility Agent for giving instructions. 

  

	 	(b)	If the Facility Agent notifies the Financiers at the time it requests instructions in relation to a matter that a failure to respond within a specified time will be taken to be a
consent to the Facility Agent taking the action or not taking the action, as the case may be, in respect of which the instructions are sought, any Financier which does not respond within the time specified in the request will be taken to have
consented. 

  

	 	(c)	Any Financier may, by notice to the Facility Agent, notionally divide any or all of its Commitment and its participation in the Advances into separate amounts to reflect any
subparticipation entered into by that Financier and may vote or abstain from voting with respect to each separate amount on any matter separately and differently from its vote or abstention with respect to any other separate amount on such matter.

  

	21.6 	Acts binding on Finance Parties 

  

	 	(a)	Each Financier will be bound by any action taken or any action not taken by the Facility Agent or the Security Trustee in accordance with the terms of the Finance Documents whether
or not that Financier gave any instruction in relation to that matter. 

  

 47 

	 	(b)	The Security Trustee will be bound by any action taken or any action not taken by the Facility Agent in accordance with the terms of the Finance Documents. 

 

	21.7 	No need for inquiries 

  

	 	(a)	No Obligor will be concerned to inquire as to whether: 

  

	 	(i)	the Facility Agent has been given any instructions by the Majority Financiers or all of the Financiers or as to the terms of any instructions so given; or 

 

	 	(ii)	the Security Trustee has been given any instructions by the Facility Agent or as to the terms of any instructions so given. 

  

	 	(b)	As between the Obligors and the Finance Parties all action taken by either the Facility Agent or the Security Trustee under the Finance Documents will be taken to be duly
authorised. 

  

	21.8 	Restrictions on Financiers’ rights 

 Without
limiting clause 2.4, a Financier may exercise a Power against any Obligor under any Finance Document independently of the Facility Agent and the Security Trustee if and only if: 
  

	 	(a)	in the case of a Power conferred on the Facility Agent, the Facility Agent has been instructed by the Financiers as contemplated by clause 21.3 to exercise the Power and the
Facility Agent has (provided it has been indemnified if necessary as contemplated by clause 21.3(c)(i)) not done so within a reasonable period from the time the instructions were given; or 

  

	 	(b)	in the case of a Power conferred on the Security Trustee, the Security Trustee has been instructed by the Facility Agent as contemplated by clause 21.4 to exercise the Power and the
Security Trustee has (provided it has been indemnified if necessary as contemplated by clause 21.4(b)(i)) not done so within a reasonable period from the time the instructions were given. 

  

	21.9 	Delegation 

  

	 	(a)	Each of the Facility Agent and the Security Trustee may at any time and from time to time: 

  

	 	(i)	act in relation to the Finance Documents through its officers and employees; and 

  

	 	(ii)	delegate the exercise of its Powers and the performance of its duties and obligations under the Finance Documents to agents or attorneys selected by it with reasonable care.

  

	 	(b)	The Finance Parties and each Obligor agree that each officer, employee, agent and attorney of the Facility Agent or the Security Trustee referred to in clause 21.9(a) (each a
“Delegate”) will be entitled to the benefit of this clause 21 as if it were the Facility Agent or the Security Trustee, as applicable. Without limitation, no Delegate will be responsible or liable for any cost, loss, damage or
expense suffered or incurred by any Finance Party, any Obligor or any other person as a result of or in connection with an act or omission of the Delegate except to the extent arising as a direct result of the gross negligence, fraud or wilful
misconduct of the Delegate. 

  

 48 

	21.10 	Provision of information 

  

	 	(a)	The Security Trustee will promptly provide to the Facility Agent: 

  

	 	(i)	a copy of each report, notice or other document required to be delivered to the Security Trustee by an Obligor under any Finance Document (but the Security Trustee will not be
obliged to review or check the accuracy or completeness of those documents); and 

  

	 	(ii)	a report on anything done following the receipt of instructions from the Facility Agent in accordance with the Finance Documents. 

  

	 	(b)	The Facility Agent will promptly provide to each Financier: 

  

	 	(i)	a copy of each report, notice or other document required to be delivered to the Facility Agent by an Obligor under any Finance Document for or on behalf of that Financier or which
is required to be delivered to the Facility Agent by the Security Trustee under clause 21.10(a) (but the Facility Agent will not be obliged to review or check the accuracy or completeness of those documents); and 

  

	 	(ii)	a report on anything done following the receipt of instructions from the Financiers in accordance with the Finance Documents. 

  

	 	(c)	Neither the Facility Agent nor the Security Trustee will be obliged on a continuing basis or at any particular time to provide any other Finance Party with any financial or other
information with respect to any Obligor or any of its related entities or with respect to compliance by any Obligor with its obligations under the Finance Documents other than as provided in this clause 21.10 or in clause 21.12.

  

	 	(d)	Despite any other provision of the Finance Documents, neither the Facility Agent nor the Security Trustee is obliged to disclose to any other Finance Party any information relating
to any Obligor or any of their related entities or any other person if the disclosure would or in its opinion, acting reasonably, might constitute a breach of any law or any duty of secrecy or confidence or any fiduciary duty.

  

	21.11 	Facility Agent and the Security Trustee not bound to enquire 

 Neither the Facility Agent nor the Security Trustee is obliged to ascertain or enquire, either as at the date of this agreement or on a continuing basis: 
  

	 	(a)	as to the credit or financial condition or affairs of the Obligors or any other person; 

  

	 	(b)	as to the performance or observance by any Obligor or any other person of any of the terms of any Finance Document; or 

  

	 	(c)	whether any Event of Default or Potential Event of Default has occurred or is subsisting. 

  

	21.12 	Notice of Default 

  

	 	(a)	Neither the Facility Agent nor the Security Trustee will be taken to have any knowledge of the occurrence of a breach, default, Event of Default or Potential Event of Default
unless: 

  

	 	(i)	it has received express notice from another Finance Party or an Obligor stating that the notice is a “Notice of Default” and describing the breach, default, Event
of Default or Potential Event of Default; or 

  

 49 

	 	(ii)	in the case of the Facility Agent only, any officer or employee of the Facility Agent who is responsible for the administration of the transactions contemplated by the Finance
Documents has actual knowledge of a failure of any Obligor to make any payment under any Finance Document on its due date. 

  

	 	(b)	If the Security Trustee receives a Notice of Default it will promptly notify the Facility Agent and provide to the Facility Agent that Notice of Default. 

 

	 	(c)	If the Facility Agent receives a Notice of Default or becomes actually aware of an event referred to in clause 21.12(a)(ii) it will promptly notify each of the Financiers.

  

	21.13 	Facility Agent or Security Trustee as Financier 

 With respect to its own Powers as a Financier, each of the Facility Agent and the Security Trustee will have the same Powers under each Finance Document as any other Financier and may exercise those Powers as though it were not performing
the duties and obligations delegated to it as the Facility Agent or Security Trustee, as the case may be. The term “Financiers” will include the Facility Agent or Security Trustee in its individual capacity as a Financier. 
  

	21.14 	Other dealings 

  

	 	(a)	Each of the Facility Agent and the Security Trustee may, without any liability to account to the other Finance Parties or any of them: 

  

	 	(i)	accept deposits from, lend money to and generally engage in any kind of banking, advisory, financial, trust or other business with any Obligor as if it was not the Facility Agent or
Security Trustee, as the case may be; and 

  

	 	(ii)	accept fees and other consideration from any Obligor for services provided or to be provided in connection with any Finance Document or otherwise. 

 Each other Finance Party releases each of the Facility Agent and the Security Trustee from any obligations it might otherwise have to the other Finance
Parties in relation to the matters referred to in this clause 21.14(a). 
  

	 	(b)    (i)	In acting as agent under the Finance Documents, the Facility Agent is to be regarded as acting through its agency division which is to be treated as a separate entity from its other
divisions or departments. 

  

	 	(ii)	In acting as trustee under the Finance Documents, the Security Trustee is to be regarded as acting through its trustee or agency division which is to be treated as a separate entity
from its other divisions or departments. 

  

	 	(iii)	If information is received by another division or department of the Facility Agent or the Security Trustee it may be treated as confidential to that division or department and the
Facility Agent or the Security Trustee, as the case may be, is not taken to have notice of it. 

  

 50 

	21.15 	Communications 

 Except where the Finance Documents
otherwise expressly provide, all communications to be made between an Obligor and the Finance Parties or any of them concerning the Facilities or the Finance Documents will be made by or through the Facility Agent. 
  

	21.16 	Observe laws 

 Each of the Facility Agent and the
Security Trustee may refrain from doing anything which would or might in its reasonable opinion either be contrary to any law or render it liable to any person and may do anything which in its reasonable opinion is necessary to comply with any law.

  

	21.17 	Relationships 

  

	 	(a)	Nothing in any Finance Document, and no action taken by the Finance Parties under any Finance Document, will be taken to constitute a partnership, association, joint venture or
other entity between the Finance Parties. 

  

	 	(b)	In performing its duties under the Finance Documents, each of the Facility Agent and the Security Trustee will act solely on behalf of the Finance Parties and does not assume and
will not be taken in any circumstances to have assumed any responsibility, liability, duty (whether fiduciary or otherwise) or obligation towards, or relationship of partnership, agency or trust with, or for, the Obligors. 

 

	 	(c)	Nothing contained in the Finance Documents, and no action taken by the Facility Agent under any Finance Document, will be taken to constitute the Facility Agent as a trustee or
fiduciary of any other person. 

  

	21.18 	Not responsible 

  

	 	(a)	Neither the Facility Agent, the Security Trustee nor any of their respective directors, officers, employees, agents or attorneys will be responsible to any other Finance Party for:

  

	 	(i)	any failure of an Obligor or any other person to perform its obligations under any Finance Document; 

  

	 	(ii)	any Obligor’s financial condition; 

  

	 	(iii)	the completeness or accuracy of any statements, representations or warranties in any Finance Document or any document delivered under or in connection with a Finance Document; or

  

	 	(iv)	the valid execution, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence of any Finance Document or any other document.

  

	 	(b)	Each of the Facility Agent and the Security Trustee may rely on (without further enquiry): 

  

	 	(i)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

  

	 	(ii)	 any statement made by an Authorised Officer of any Obligor or a director, authorised signatory or employee of any person regarding any 

  

 51 

	 	 
matters which may reasonably be assumed to be within his or her knowledge or within his or her power to verify. 

  

	 	(c)	Each of the Facility Agent and the Security Trustee may engage any lawyers, accountants or other experts in connection with the exercise of its Powers, or the performance of its
obligations, under the Finance Documents and may rely on the advice or services received (without further enquiry). 

  

	21.19 	Independent investigations 

 Each Financier
acknowledges that: 
  

	 	(a)	it has not relied on any statement, opinion, forecast or other representation made by the Facility Agent or the Security Trustee (or both of them) to induce it to enter into any
Finance Document or agree to participate in the Facilities; and 

  

	 	(b)	it has made and (without reliance on the Facility Agent or the Security Trustee and based on such documents as it considers appropriate) it will continue to make:

  

	 	(i)	its own appraisal of the affairs and financial condition of each Obligor, the legality and validity of the Finance Documents and any other matters relevant to the Finance Documents;
and 

  

	 	(ii)	its own decisions as to whether or not to take action under any Finance Document. 

  

	21.20 	Exclusion of liability 

  

	 	(a)	The Facility Agent will not be liable for any cost, loss, damage or expense suffered or incurred by any Finance Party or any other person as a result of or in connection with an act
or omission of the Facility Agent except to the extent arising as a direct result of the gross negligence, fraud or wilful misconduct of the Facility Agent. 

  

	 	(b)	The Security Trustee will not be liable for any cost, loss, damage or expense suffered or incurred by any Finance Party or any other person as a result of or in connection with an
act or omission of the Security Trustee except to the extent arising as a direct result of any breach of trust by the Security Trustee or as a direct result of the gross negligence, fraud or wilful misconduct of the Security Trustee.

  

	21.21 	Reimbursement and Indemnity 

  

	 	(a)	Each Financier will severally reimburse each of the Facility Agent and the Security Trustee (to the extent that it is not reimbursed by the Obligors) rateably in accordance with its
Commitments, or if the Total Commitments are then zero in accordance with its Commitments immediately before their reduction to zero, for all expenses (including legal fees, costs and disbursements (on a solicitor/own client basis)) incurred in
connection with: 

  

	 	(i)	negotiating, preparing and executing the Finance Documents, and any subsequent consent, agreement, approval, waiver or amendment under, of or to the Finance Documents;

  

	 	(ii)	 exercising, enforcing or preserving, or attempting to exercise, enforce or preserve, any Power under the Finance Documents, including any expenses incurred in the
evaluation of any matter of material concern to the Facility Agent or the Security Trustee or the investigation of any matter which the Facility Agent or the Security Trustee determines, 

  

 52 

	 	 
acting reasonably, may be an Event of Default or Potential Event of Default; or 

  

	 	(iii)	otherwise carrying out its duties or obligations as Facility Agent or Security Trustee, as applicable, under any Finance Document, 

 Each Financier agrees to pay amounts due under this clause 21.21 (a) within 5 Business Days of demand from the Facility Agent or the Security
Trustee, as relevant. 
  

	 	(b)	Each Financier will severally indemnify each of the Facility Agent and the Security Trustee (to the extent that it is not indemnified by the Obligors) rateably in accordance with
its Commitments, or if the Total Commitments are then zero in accordance with its Commitments immediately before their reduction to zero, against all claims, costs, losses, damages or expenses suffered or incurred by or made against the Facility
Agent or the Security Trustee, as applicable, in connection with: 

  

	 	(i)	any Finance Document; 

  

	 	(ii)	the performance or purported performance of its duties or obligations as Facility Agent or Security Trustee, as applicable, under any Finance Document; or 

 

	 	(iii)	any action taken or omitted to be taken by the Facility Agent or Security Trustee, as applicable, under or purportedly under a Finance Document, 

 except to the extent that such claim, cost, loss, damage or expense arises as a direct result of, in the case of the Facility Agent, gross negligence,
fraud or wilful misconduct or, in the case of the Security Trustee, its breach of trust, gross negligence, fraud or wilful misconduct. Each Financier agrees to pay amounts due under this indemnity within 5 Business Days of demand from the Facility
Agent or the Security Trustee, as relevant. 
  

	 	(c)	The Borrower agrees to reimburse each Financier for each amount paid by that Financier under this clause 21.21. The Borrower agrees to pay amounts due under this clause 21.21(c) on
demand by the Facility Agent (which demand will be made by the Facility Agent at the direction of the relevant Financier). This reimbursement obligation does not limit the liability of any Obligor under any other provision of any Finance Document.

  

	21.22 	Replacement of Facility Agent 

  

	 	(a)	(Resignation/Notice of removal): The Facility Agent (the “retiring Facility Agent”) may: 

  

	 	(i)	resign at any time by giving not less than 30 days notice to the other Finance Parties and the Borrower; and 

  

	 	(ii)	be removed from office on not less than 30 days prior notice signed by or on behalf of the Majority Financiers 

  

	 	(b)	 (Successor Facility Agent): The Majority Financiers will have the right, in consultation with the Borrower, to appoint a successor Facility Agent on the
resignation or removal of the Facility Agent in accordance with clause 21.22(a). If on or before the date on which any resignation or removal of the Facility Agent will take effect, no successor Facility Agent has been appointed, the retiring
Facility 

  

 53 

	 	 
Agent may, in consultation with the Borrower, appoint a successor Facility Agent which must be a reputable and experienced financier having an office in
Australia. 

  

	 	(c)	(Rights of successor Facility Agent): On the successor Facility Agent issuing a written notice to the other Finance Parties and the Borrower accepting its appointment and
specifying for the purposes of the Finance Documents an office in Australia and executing any other documents as the retiring Facility Agent may, acting reasonably, require, the successor Facility Agent will succeed to and be vested with all the
Powers of the retiring Facility Agent as Facility Agent and the retiring Facility Agent will be discharged from its duties and obligations under the Finance Documents. 

  

	 	(d)	(Provisions to continue): The provisions of this clause 21 will continue in effect in relation to the retiring Facility Agent in respect of any action taken or omitted to be
taken while the retiring Facility Agent was acting as the Facility Agent. 

  

	 	(e)	(Documents): The retiring Facility Agent will, at the cost of the Borrower, make available to the successor Facility Agent any documents and records and provide any
assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as Facility Agent under the Finance Documents. 

  

	21.23 	No authority 

 Each Financier acknowledges and
agrees that it does not have authority on behalf of the other Finance Parties to: 
  

	 	(a)	waive any light or remedy of the other Finance Parties or any of them under the Finance Documents; or 

  

	 	(b)	modify or vary, or agree to modify or vary, any provision of any Finance Document. 

  

	21.24 	HSBC Bank Australia Limited as security agent under the Pledge 

 To the extent applicable and permitted by law, all references to the Security Trustee in this clause 21 (other than clause 21.2(a)) shall include HSBC Bank Australia Limited as security agent under the Pledge.

  

	22.	Set-off 

 If an Event of Default occurs, the
Facility Agent and each Financier, without notice to the Borrower, may combine any account that the Borrower holds with it with, or set off any amount that is or may become owing by it to the Borrower against, any amount owing by the Borrower to it
under any Finance Document. For this purpose the Facility Agent and each Financier may: 
  

	 	(a)	change the terms (including the repayment date) of any account or other payment obligation between the parties; 

  

	 	(b)	convert amounts into different currencies in accordance with its usual practice; and 

  

	 	(c)	do anything (including execute any document) in the name of the Borrower that it considers necessary or desirable. 

 This subclause overrides any other document or agreement to the contrary. 
  

 54 

	23.	Pro rata sharing 

 If at any time the proportion
which a Financier (“Overpaid Financier”) has received or recovered by set-off or otherwise in respect of its portion of any sum due from an Obligor to the Financiers under the Finance Documents is greater (the amount of the excess
being the “excess amount”) than the proportion received or recovered by the Financier receiving or recovering the smallest or no proportion of it, then: 
  

	 	(a)	the Overpaid Financier will, within 3 Business Days of the receipt or recovery, notify the Facility Agent; 

  

	 	(b)	the Overpaid Financier will, within 7 Business Days of notification, pay to the Facility Agent an amount equal to the excess amount; 

  

	 	(c)	the Facility Agent will treat each payment received under clause 23(b) as if it were a payment by the relevant Obligor on account of the sum due from the relevant Obligor and
distribute it to the Financiers (other than the Overpaid Financier) in accordance with clause 11; 

  

	 	(d)	unless clause 23(e) applies: 

  

	 	(i)	the liability of the Obligor to the Overpaid Financier will be increased (or treated as not having been reduced) by an amount equal to the excess amount; and

  

	 	(ii)	the relevant Obligor will fully indemnify the Overpaid Financier making a payment for the amount equal to the excess amount to the extent that, despite clause 23(d)(i), the Overpaid
Financier’s liability has been discharged by the receipt or recovery; 

  

	 	(e)	where the amount received or recovered by the Overpaid Financier was received or recovered otherwise than by payment and the Obligor, or the person from whom the receipt or recovery
was made, was insolvent at the time of the receipt or recovery or became insolvent as a result of the receipt or recovery, then: 

  

	 	(i)	each Financier (other than the Overpaid Financier) will assign to the Overpaid Financier an amount of the Obligations owed to that Financier equal to the amount received by it as
contemplated by clause 23(c); and 

  

	 	(ii)	that assignment will take effect immediately on receipt of payment by the assignor Financier as contemplated by clause 23(c); and 

  

	 	(f)	if all or a portion of the amount received or recovered by the Overpaid Financier is rescinded or must otherwise be restored to an Obligor (“Repaid Amount”):

  

	 	(i)	each Financier will repay to the Facility Agent for the account of the Overpaid Financier the amount as is necessary to ensure that each Financier repays its proportionate share of
the Repaid Amount (together with an amount as is necessary to reimburse the Overpaid Financier for its proportion of any interest on the Repaid Amount which the Overpaid Financier is required to pay) and the provisions of clauses 23(c), 23(d) and
23(e) will apply only to the retained amount; 

  

	 	(ii)	to the extent necessary, any Obligations assigned under clause 23(e) will be re-assigned; and 

  

 55 

	 	(iii)	the liability of the Obligor to each Financier will be increased (or heated as not having been reduced) by an amount equal to the amount repaid by that Financier under this clause
23(f). 

 Despite any other provision of this clause 23, if a Financier has commenced an action or proceeding in any court to
recover sums owing to it under any Finance Document and as a result, or in connection with the action or proceeding, has received an excess amount, the Financier will not be required to share any portion of that excess amount with any Financier
which was notified of the legal action or proceeding and which had the legal right to, but did not, join the action or proceeding or commence and diligently prosecute a separate action or proceeding to enforce its rights in the same or another
court. 
  

	24.	Expenses, stamp duties and GST 

  

	24.1 	Expenses and Stamp Duty 

 The Borrower must
indemnify each other party against, and must pay each other party on demand the amount of, all Taxes and reasonable expenses incurred in connection with: 
  

	 	(a)	the negotiation, preparation, execution, stamping and registration of each Finance Document; 

  

	 	(b)	the transactions that each Finance Document contemplates; and 

  

	 	(c)	any amendment to, or any consent, approval, wavier, release or discharge of or under, any Finance Document, 

 including reasonable legal expenses and reasonable expenses incurred in engaging consultants. 
  

	24.2 	GST 

  

	 	(a)	Any reimbursement required to be made by an Obligor under any Finance Document for a cost, expense or other amount paid or incurred by a Finance Party will be limited to the total
cost, expense or other amount less the amount of any input tax credit to which the relevant Finance Party is entitled for the acquisition to which the cost, expense or other amount relates. 

  

	 	(b)	If GST is payable in respect of any supply made by or through a Finance Party (“Supplier”) under, pursuant to, or in connection with, any Finance Document
(“GST Liability”), then: 

  

	 	(i)	where consideration is provided by a party (“Recipient”) in relation to that supply that party will pay an additional amount to the Supplier equal to the full
amount of the GST Liability; and 

  

	 	(ii)	except where clause 24.2(b)(i) applies, the Borrower will indemnify and keep that Supplier indemnified for the full amount of the GST Liability. 

 Each Supplier will provide to the relevant Recipient or the Borrower a tax invoice complying with the relevant law relating to any payment made in
accordance with this clause 24.2(b). 
  

 56 

	25.	Assignments and confidentiality 

  

	25.1 	Successors and assigns 

 This agreement is binding
on and enures to the benefit of each party to it and its respective successors and permitted assigns. 
  

	25.2 	Assignments by Obligors 

 No Obligor can assign any
of its rights under any Finance Document without the prior written consent of the Facility Agent (acting on the instructions of all the Financiers). 
  

	25.3 	Financiers 

 After consulting with the Borrower, a
Financier may assign any or all of its rights under any Finance Document without the consent of the Borrower, the Facility Agent or the other Financiers to a financial institution which the Borrower is not prohibited from contracting with by any law
of any relevant country or (where the relevant Financier remains Financier of record) a securitisation vehicle or other vehicle for funding purposes. 
  

	25.4 	Substitution 

  

	 	(a)	If a Financier wishes to transfer all or any of its rights and obligations under the Finance Documents to another person, subject to paragraph (b), it and the proposed transferee
will in New South Wales, the Australian Capital Territory or in such other location as the Facility Agent agrees execute and deliver to the Facility Agent 4 counterparts of a Substitution Certificate. 

  

	 	(b)	A Financier may only arrange a substitution after consulting with the Borrower if: 

  

	 	(i)	in the case of a Financier other than the Facility Agent, it gives the Facility Agent at least 5 Business Days’ notice (or such shorter period approved by the Facility Agent,
acting reasonably) of its intention to do so; 

  

	 	(ii)	the proposed transferee holds all Authorisations that are necessary or desirable in connection with the substitution; and 

  

	 	(iii)	the Borrower is not prohibited from contracting with the proposed transferee by any law of any relevant country. 

  

	 	(c)	On receipt of 4 counterparts of a Substitution Certificate the Facility Agent will (if it is satisfied that the substitution complies with clause 25.3) promptly:

  

	 	(i)	notify the Borrower and each other Financier; 

  

	 	(ii)	countersign the counterparts on behalf of all other parties to this agreement; 

  

	 	(iii)	enter the transfer in a register kept by it; and 

  

	 	(iv)	retain one counterpart of the Substitution Certificate and deliver one counterpart to each of the transferor, transferee and the Borrower. 

  

	 	(d)	 On the Substitution Certificate being countersigned by the Facility Agent in accordance with clause 25.4(c) the transferor will be relieved of its obligations to
the extent and from the date specified in the Substitution Certificate and the 

  

 57 

	 	 
transferee will be bound by the Finance Documents to the extent and from the date stated in the Substitution Certificate. 

  

	 	(e)	Each other party to this agreement irrevocably authorises the Facility Agent to sign each Substitution Certificate on its behalf and acknowledges that: 

  

	 	(i)	on a Substitution Certificate being countersigned by the Facility Agent in accordance with clause 25.4(c) it will be taken for all purposes to have consented to the contents of that
certificate; and 

  

	 	(ii)	it will continue to be bound by the provisions of the Finance Documents accordingly. 

  

	 	(f)	Unless the Facility Agent otherwise agrees, no transfer of a Financier’s rights and obligations may be effected while any Drawdown Notice is current. 

 

	 	(g)	Each transferee Financier party to a Substitution Certificate must on the Substitution Date (as defined in the Substitution Certificate to which it is party as a “New
Financier”) pay to the Facility Agent for its own account an administration fee of AUD 2,500. 

  

	25.5 	Increased costs, Taxes and illegality 

  

	 	(a)	If any assignment or substitution of or with respect to all or any part of the rights or obligations of a Financier under the Finance Documents is made, or a change of Facility
Office is made by any Financier, which results (or would but for this clause result) at the time of the substitution, transfer or change in amounts becoming payable under clauses 12.2 or 14.1 then the assignee, transferee or other Financier will be
entitled to receive those amounts only to the extent that the assignor or transferor or the Financier acting through its previous Facility Office would have been so entitled had there been no such assignment, transfer or change. Nothing in this
clause will affect the rights of a Financier under clauses 12.2 or 14.1 in relation to amounts which may become payable after the time of assignment, transfer or change. 

  

	 	(b)	No assignment or substitution of or with respect to all or any part of the rights or obligations of a Financier under the Finance Documents or change of Facility Office will be made
if the assignee, transferee or other Financier would be entitled immediately afterwards to give notice under clause 13. 

  

	25.6 	Sub-participation 

 Each Financier will be entitled
to enter into any sub-participation or other arrangement with any third party relating to the Finance Documents which does not transfer to that third party any obligation or any legal or equitable interest in any of the rights arising under the
Finance Documents. 
  

	25.7 	Confidentiality - General 

 Subject to clause 25.8,
each party to this agreement must not disclose any information concerning the contents of, or the transactions contemplated by, this agreement to any person who is not a party, except to the extent that: 
  

	 	(a)	(permitted by documents) the disclosure is expressly permitted by a Finance Document; 

  

	 	(b)	(consent of other parties) the other parties consent to the disclosure; 

  

 58 

	 	(c)	(public domain) the information is already in the public domain, unless it entered the public domain because of a breach of confidentiality by the party;

  

	 	(d)	(employees and advisers) the disclosure is made on a confidential basis to the party’s officers, employees, agents, financiers or professional advisers, and is necessary
for the party’s business, or is made to any related party of that party; 

  

	 	(e)	(comply with laws) the disclosure is necessary to comply with any applicable law, or an order of a court or tribunal; 

  

	 	(f)	(comply with directives) the disclosure is necessary to comply with a directive or request of any Government Agency or stock exchange (whether or not having the force of law)
so long as a responsible person in a similar position would comply; 

  

	 	(g)	(obtain Authorisations) the disclosure is necessary or desirable to obtain an Authorisation from any Government Agency or stock exchange; or 

  

	 	(h)	(discovery and litigation) the disclosure is necessary or desirable in relation to any discovery of documents, or any proceedings before a court, tribunal, other Government
Agency or stock exchange. 

  

	25.8 	Disclosure to assignees or substitutes 

  

	 	(a)	Subject to paragraph (b), a Financier may: 

  

	 	(i)	disclose to a proposed assignee, substitute, sub-participant or securitisation or funding vehicle under clause 25, or any other person who proposes to enter into contractual
relations with a Financier in relation to any Finance Document, any information about an Obligor which that Financier considers appropriate; and 

  

	 	(ii)	give a copy of any Finance Document to a proposed assignee, substitute, sub-participant or securitisation or funding vehicle under clause 25 or any other person described in
paragraph (a)(i). 

  

	 	(b)	Any disclosure made under paragraph (a) must be made on the basis that the person to whom the information or document is disclosed must keep that information or document
confidential as required by clause 25.7. 

  

	26.	Governing law and jurisdiction 

  

	26.1 	Governing law 

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

	26.2 	Jurisdiction 

  

	 	(a)	Each Obligor irrevocably 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 that may be brought at any time relating to this agreement. 

  

	 	(b)	Each Obligor irrevocably 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 26.2(a). 

  

 59 

	27.	Miscellaneous 

  

	27.1 	Certificate of Facility Agent 

 A certificate in
writing signed by the Facility Agent, the Security Trustee or an officer of the Facility Agent or Security Trustee certifying the amount payable by an Obligor under this agreement or any Security or stating any other act, matter or thing relating to
such document is conclusive and binding on each Obligor in the absence of manifest error on the face of the certificate. 
  

	27.2 	Notices 

  

	 	(a)	All communications (including notices, consents, approvals, requests and demands) under or in connection with this agreement: 

  

	 	(i)	must be in writing; 

  

	 	(ii)	must be addressed to the address as set out below (or as otherwise notified by a party to the Facility Agent and the Borrower from time to time or when it becomes a party to this
agreement), together with (in the case of any notice addressed to the Borrower or the Guarantors) a copy delivered to ResMed Inc. at 14040 Danielson Street, Poway, CA 92064, USA, marked for the attention of the General Counsel:

  

			
	Borrower	  	
		
	Name:	  	ResMed Limited
	Address:	  	97 Waterloo Road
		  	Macquarie Park
		  	NSW 2113
		  	Australia
	Fax:	  	(02) 9889 1475
	For the attention of:	  	Chief Financial Officer
		
	Financiers	  	
	
	 As specified in Schedule 1 or in a Substitution Certificate

		
	Guarantors	  	
	
	 As specified in Schedule 2

		
	Facility Agent	  	
		
	Address:	  	HSBC Centre
		  	580 George Street
		  	Sydney NSW 2000
	Fax:	  	(02) 9006 5534
	For the attention of:	  	Assistant Manager, Credit Operations
		
	Security Trustee	  	
		
	Address:	  	HSBC Centre
		  	580 George Street
		  	Sydney NSW 2000
	Fax:	  	(02) 9006 5534
	For the attention of:	  	Assistant Manager, Credit Operations

  

 60 

	 	(iii)	must be signed by any Authorised Officer of the Obligor making the communication or, in the case of a Finance Party, any officer whose title is or includes the word
“Manager”, “Executive” or “Director”; 

  

	 	(iv)	are taken to be received by the addressee: 

  

	 	A.	(in the case of prepaid post) on the second Business Day after the date of posting; 

  

	 	B.	(in the case of fax) on receipt of a transmission report confirming successful transmission; and 

  

	 	C.	(in the case of delivery by hand) on delivery at the address of the addressee as provided in clause 27.2(a)(ii). 

  

	 	(b)	Each communication sent under this clause 27.2 may be relied on by the recipient if the recipient, acting reasonably, believes the communication to be genuine and if it bears what
appears to be the signature (original or facsimile) of an authorised signatory of the sender. 

  

	 	(c)	Any communication sent or received by the Borrower in accordance with this clause 27.2 will be taken to have been sent or received by each of the Obligors. 

 

	27.3 	Continuing obligation 

 Each Finance Document
constitutes a continuing obligation regardless of any settlement of account, intervening payment, express or implied revocation or any other matter or thing, until a final discharge has been given to the Obligors. 
  

	27.4 	Settlement conditional 

 Any settlement or discharge
between any Finance Party and the Obligors (or any Obligor) is conditional on any security or payment given or made by any Obligor or any other person in relation to the Obligations not being avoided, repaid or reduced by virtue of any Insolvency
Provision. If a security or payment is so avoided, repaid or reduced, the relevant Finance Party is entitled to recover the value or amount from the Obligors subsequently as if the settlement or discharge had not occurred. 
  

	27.5 	Further assurance 

 The Obligors on demand by the
Facility Agent or the Security Trustee and at the entire cost and expense of the Obligors will perform all such acts and execute all such agreements, assurances and other documents and instruments as the Facility Agent or the Security Trustee,
acting reasonably, requires to perfect or improve the rights and powers afforded or created, or intended to be afforded or created, by any Finance Document. 
  

	27.6 	Severance 

 If at any time any provision of any
Finance Document is or becomes illegal, invalid, void or unenforceable in any respect under the law of any jurisdiction, that will not affect or impair: 
  

	 	(a)	the legality, validity or enforceability in that jurisdiction of any other provision of that Finance Document; or 

  

	 	(b)	the legality, validity or enforceability under the law of any other jurisdiction of that or any other provision of that Finance Document. 

  

 61 

	27.7 	Remedies cumulative 

 The rights and remedies
conferred by each Finance Document on the Finance Parties are cumulative and in addition to all other rights or remedies available to the Finance Parties by law or by virtue of any Finance Document. 
  

	27.8 	Waiver 

  

	 	(a)	Failure to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, any right, power, or remedy provided by law or under any Finance
Document by any Finance Party does not preclude, or operate as a waiver of, the exercise or enforcement, or further exercise or enforcement, of that or any other right, power or remedy provided by law or under any Finance Document.

  

	 	(b)	A waiver or consent given by a Finance Party under any Finance Document is only effective and binding on that Finance Party if it is given or confirmed in writing by that Finance
Party. 

  

	 	(c)	No waiver of a breach of a term of a Finance Document operates as a waiver of another breach of that term or of a breach of any other term of any Finance Document.

  

	27.9 	Consents 

 A consent required under any Finance
Document from a Finance Party may be given or withheld, or may be given subject to any conditions, as that Finance Party (in its absolute discretion) thinks fit, unless the Finance Document expressly provides otherwise. 
  

	27.10 	Indemnities 

  

	 	(a)	Each indemnity in each Finance Document is a continuing obligation, separate and independent from the other obligations of the parties, and survives termination, completion or
expiration of the Finance Documents. 

  

	 	(b)	It is not necessary for any Finance Party to incur any expense or to make any payment before enforcing a right of indemnity conferred by any Finance Document.

  

	27.11 	Time of the essence 

 Time is of the essence in
respect of any Obligor’s obligations under the Finance Documents. 
  

	27.12 	Moratorium legislation 

 To the fullest extent
permitted by law, all laws which at any time operate directly or indirectly to lessen or affect in favour of the Obligors any obligation under any Finance Document, or to delay or otherwise prevent or prejudicially affect the exercise by any Finance
Party of any power or right under any Finance Document or otherwise, are expressly waived. 
  

	27.13 	Binding on each signatory 

 Each Finance Document
binds and is enforceable against each party despite: 
  

	 	(a)	any other party not executing a Finance Document or its execution being defective in any way; or 

  

	 	(b)	any obligation or liability of any other party under a Finance Document not being binding or enforceable against that party for any reason. 

  

 62 

	27.14 	Counterparts 

  

	 	(a)	This agreement may be executed in any number of counterparts and by the parties on separate counterparts. Each counterpart constitutes an original of this agreement, and all
together constitute one agreement. 

  

	 	(b)	A party who has executed a counterpart of this agreement may exchange that counterpart with another party by faxing it to that other party and, if that other party requests it,
promptly delivering that executed counterpart by hand or post to the other party. However, the validity of this agreement is not affected if that party who has faxed the counterpart delays in delivering or does not deliver it by hand or by post.

  

	27.15 	Entire agreement 

 To the extent permitted by law,
in relation to its subject matter, the Finance Documents: 
  

	 	(a)	embody the entire understanding of the parties, and constitute the entire terms agreed by the parties; and 

  

	 	(b)	supersede any prior written or other agreement of the parties. 

  

	28.	No representation by or reliance 

 Each Obligor
acknowledges that: 
  

	 	(a)	no Finance Party has any duty to supply it with information in relation to or affecting the other Obligors or any Finance Party before the date of this agreement or during the
currency of any Finance Document; and 

  

	 	(b)	it has relied on its own inquiries as to the other Obligors, the nature and extent of the entire relationship between each of them and each Finance Party (whether or not recorded in
the Finance Documents) and the nature and effect of the Finance Documents. 

  

 63 

 Schedule 1 - Original Financiers 
  

									
	 Financier
	  	 Tranche A
 Commitment
	  	 Tranche B
 Commitment
	  	 Tranche C
 Commitment

	 Name:
  
 ABN number:
 Address for notices:
	  	 HSBC Bank
 Australia Limited
 48 006 434 162
 HSBC Centre
 580 George Street
 Sydney NSW 2000
	  	EUR 50,000,000	  	USD 15,000,000	  	USD 60,000,000
					
	Fax:	  	(02) 9006 5534	  		  		  	
					
	For the attention of:	  	Assistant Manager, Credit Operations	  		  		  	
		  		  	 	  	 	  	 
					
	 TOTAL
 COMMITMENTS:
	  		  	EUR 50,000,000	  	USD 15,000,000	  	USD 60,000,000

  

 64 

 Schedule 2 - Original Guarantors 
  

			
	Name:	  	ResMed SA
	Address for notices:	  	 Pare de la Bandonniere
 2 Rue Maurice Audibert

69800 Saint-Priest
 France

	Fax:	  	+ 33 (0) 4 37 25 12 60
	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:	  	Herr Heiko Ekstein
		
	Name:	  	ResMed (UK) Limited
	Company number:	  	02863553
	Address for notices:	  	 65 Milton Park
 Abingdon
 Oxfordshire
 OX14 4RX

	Fax:	  	+44 1235 813 336
	For the attention of:	  	Mr Mark Hastings
		
	Name:	  	Take Air Medical Handels-GmbH
	Address for notices:	  	 Parc de la Bandonniere
 2 Rue Maurice Audibert

69800 Saint-Priest
 France

	Fax:	  	+ 33 (0) 4 37 25 12 60
	For the attention of:	  	Financial Controller
		
	Name:	  	ResMed Inc.
	Address for notices:	  	 14040 Danielson Street
 Poway CA 92064
 USA

	Fax:	  	+1 858 746 2830
	For the attention of:	  	General Counsel
		
	Name:	  	ResMed Corp
	Address for notices:	  	 14040 Danielson Street
 Poway CA 92064
 USA

	Fax:	  	+1 858 746 2830
	For the attention of:	  	General Counsel

  

 65 

 Schedule 3 - Documentary conditions precedent 
  

	1.	A certified copy of the Constitution of the Borrower, 

  

	2.	A certified copy of a resolution of the directors of the Borrower: 

  

	 	(a)	approving the Facilities and authorising the execution by the Borrower of this agreement and of each other Finance Document to which the Borrower is a party and the performance by
the Borrower of its obligations under those Finance Documents; and 

  

	 	(b)	appointing an Authorised Officer or Authorised Officers. 

  

	3.	An original power of attorney for the execution of each Finance Document to which it is a party from the Borrower executed under common seal or by two directors or a director and a
secretary of the Borrower, 

  

	4.	The Finance Documents duly executed by all parties and, if necessary, stamped and in registrable form. 

  

	5.	Payment of any stamp duty or filing costs in relation to each of the Finance Documents. 

  

	6.	Such corporate documents (including constituent documents, extracts of minutes of directors meetings and powers of attorney) in relation to each Obligor (other than the Borrower) as
the Facility Agent may require. 

  

	7.	A copy of the “registre de mouvements de Hires” (shareholders’ register) of SAME dated and certified as true by an authorised representative of SAIME.

  

	8.	A copy of the “statuts” of SAIME dated and certified as true by an authorised representative of SAIME. 

  

	9.	An original k-bis extract for SAIME dated no less than three months from the date of this agreement. 

  

	10.	A copy of the latest annual accounts of SAIME dated 30 June 2004 dated and certified as true by an authorised representative of SAIME. 

  

	11.	A copy of (and of all applications for) any and all approvals, consents, licences, exemptions and other requirements of Government Authorities required for the entry into or
performance of the Finance Documents by any Obligor. 

  

	12.	Legal opinion, addressed to the Facility Agent, from lawyers to the Facility Agent in each of Australia, France, Germany and the United Kingdom covering such matters as to the
Obligors and the Finance Documents as the Facility Agent may reasonably require. 

  

	13.	Legal opinions, addressed to the Facility Agent, from US counsel to the Group, covering such matters as the Facility Agent may reasonably require. 

  

	14.	Payment of the costs and disbursements of the Finance Parties (both Australian and offshore) in connection with the negotiation and execution of the Finance Documents.

 For the purposes of this Schedule, “certified” means a copy certified to be such by a director, secretary or officer of the
relevant Obligor. 
  

 66 

 Schedule 4 - Form of Drawdown Notice 
  

	To:	HSBC Bank Australia Limited ABN 48 006 434 162 as Facility Agent 

  

	From: 	ResMed Limited ABN 30 003 765 142 

 Date:
        [            ]             
 DRAWDOWN NOTICE 
 Syndicated
Facility Agreement dated [            ] (“Syndicated Facility Agreement”) 
 Dear
Sirs 
 We give you notice under clause 4.1 of the Syndicated Facility Agreement that the Borrower wishes to draw an Advance as follows: 
  

			
	Drawdown Date:	  	[date]
		
	Tranche:	  	[A/B/C]
		
	Currency:	  	AUD/USD/EUR/GBP [Which must be a Permitted Currency]
		
	Amount:	  	[amount]
		
	Purpose:	  	[purpose]
		
	Interest Period:	  	[1, 2 or 3 months]
		
	Payment Instructions:	  	[insert]

 We confirm that each condition specified in clauses 3.1 and 3.2 is satisfied on the date of this Drawdown Notice
and will be satisfied on the proposed Drawdown Date. 
 Terms used in this Drawdown Notice and defined in the Facility Agreement have the same meaning in
this Drawdown Notice as in the Facility Agreement. 
 Yours faithfully 
 [Authorised Officer] 
 For and on behalf of ResMed Limited 
  

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 Schedule 5 - Substitution Certificate 
 Substitution Certificate made on 
  

	By	[                    ] ABN
[                    ] of
[                    ] 

 (“Existing Financier”) 
 [                    ] ABN
[                    ] of [                    ]

 (“New Financier”) 
 HSBC Bank Australia Limited ABN 48 006 434 162 of HSBC Centre, 580 George Street, Sydney NSW 2000 for itself and as agent for each party under the Facility Agreement 
 (“Facility Agent”) 
 Background

 The New Financier wishes to assume [some/all] of the Existing Financier’s Commitments under the Facility Agreement. 
  

	1.	Definitions and interpretation 

  

	1.1	Definitions 

 In this certificate: 
 “Facility Agreement” means the agreement entitled “Syndicated Facility Agreement” dated
[                    ] between ResMed Limited ABN 30 003 765 142 as the “Borrower”, each person listed in Schedule 1 as an “Original
Financier”, HSBC Bank Australia Limited ABN 48 006 434 162 as Facility Agent and HSBC Bank Australia Limited ABN 48 006 434 162 as Security Trustee including any supplements and amendments and also any Substitution Certificates entered into in
accordance with that agreement. 
 “Substituted Commitments” means the Commitments specified as such in Schedule 1 of this
certificate. 
 “Substituted Obligations” means obligations identical to the obligations of the Existing Financier under the
Finance Documents in relation to the Substituted Commitments and the Substituted Portion. 
 “Substituted Portion” means the
amount of each outstanding Advance specified as such in Schedule 2 of this certificate. 
 “Substituted Rights” means Powers
identical to the Powers of the Existing Financier under the Finance Documents in relation to the Substituted Commitments and the Substituted Portion. 
 “Substitution Date” means the later of the date on which this certificate is executed by the Facility Agent or a later date as the parties to this certificate may agree in writing. 
  

	1.2	Interpretation 

  

	 	(a)	A reference in this certificate to “identical” obligations or Powers is a reference to the character of those obligations or Powers rather than to the identity of
the person obliged to perform them or entitled to them. 

  

 68 

	 	(b)	Unless otherwise defined, expressions used in this certificate have the meanings given to them in the Facility Agreement. 

  

	 	(c)	For the purposes of this certificate, references in this certificate to Finance Document shall exclude the Working Capital Agreements. 

  

	1.3	Finance Documents 

 This certificate is a Finance
Document. 
  

	2.	Representation 

 The Existing Financier represents
and warrants to the New Financier that as at the Substitution Date the Existing Financier’s Commitments under the Facility Agreement are sufficient to permit the substitution of obligations and Powers under this certificate. 
  

	3.	Substituted Obligations 

  

	 	(a)	The Existing Financier is released from the Substituted Obligations with effect on and from the Substitution Date, provided that the Existing Financier will remain bound by its
obligations under the Finance Documents which accrue before the Substitution Date. 

  

	 	(b)	The New Financier undertakes to the Existing Financier, the other Finance Parties and the Obligors that it will assume the Substituted Obligations on and from the Substitution Date.

  

	4.	Substituted rights 

 The Existing Financier will no
longer be entitled to the Substituted Rights or the Substituted Portion and the New Financier will become entitled to the Substituted Rights and the Substituted Portion with effect on and from the Substitution Date. 
  

	5.	Effect on Finance Documents 

 The parties agree that
with effect on and from the Substitution Date: 
  

	 	(a)	the New Financier and each party to each Finance Document will assume obligations towards each other, and have Powers in relation to each other, determined on the basis that the
obligations of the New Financier are the Substituted Obligations and the Powers of the New Financier are the Substituted Rights (together with the obligations and Powers of the New Financier existing immediately before the Substitution Date, if
any); 

  

	 	(b)	the Existing Financier will be released from its obligations under each of the Finance Documents accruing on and after the Substitution Date to the extent of the Substituted
Obligations and it will cease to be entitled to exercise any Powers under the Finance Documents arising on or after the Substitution Date in respect of the Substituted Rights; and 

  

	 	(c)	the New Financier will be deemed a party to each Finance Document to which the Existing Financier is a party as a Financier with Commitments equal to the aggregate of the
Substituted Commitments and the Commitments of the New Financier immediately before the Substitution Date, if any. 

  

 69 

	6.	No effect on accrued rights and obligations 

 Save
as expressly provided, this certificate will not affect the Existing Financier’s Powers arising, and obligations accrued, before the Substitution Date. 
  

	7.	Reliquefication bills 

 Nothing contained in this
certificate releases, relieves or otherwise affects the obligations and the Powers of the Existing Financier in respect of Bills drawn under clause 9 of the Facility Agreement. The New Financier will not assume any obligations, or acquire any
Powers, in respect of those Bills. 
  

	8.	Payments 

  

	8.1	Consideration 

 The Existing Financier and the New
Financier will agree separately between themselves the amounts (if any) payable from one to the other in relation to the substitution of obligations and Powers under this certificate. 
  

	8.2	Facility Agent 

 On and from the Substitution Date
the Facility Agent: 
  

	 	(a)	will make all payments received by it in respect of the Substituted Commitments, Substituted Obligations, Substituted Rights and Substituted Portion to the New Financier; and

  

	 	(b)	treat the New Financier as Financier with Commitments equal to the aggregate of the Substituted Commitments and the Commitments of the New Financier immediately before the
Substitution Date, if any. 

  

	9.	Independent assessment 

  

	 	(a)	Without limiting clause 5 of this certificate, the New Financier agrees that clause 21.19 of the Facility Agreement binds it as if the references in that clause to “any Finance
Document” included this certificate and the references to the “Facility Agent or the Security Trustee” included the Existing Financier. 

  

	 	(b)	Nothing in any Finance Document obliges the Existing Financier to: 

  

	 	(i)	accept a retransfer of any of the rights and obligations transferred pursuant to this certificate; or 

  

	 	(ii)	support any losses directly or indirectly incurred by the New Financier by reason of the non-performance by any Obligor or any other person of its obligations under the Finance
Documents or otherwise. 

  

	10.	Acknowledgements 

 The New Financier acknowledges
that it has received a complete and current copy of each Finance Document together with all other documents and information as it reasonably requires in connection with entry into this certificate. 
  

 70 

	11.	Governing law 

 This certificate is governed by and
must be construed accordingly to the law applying in New South Wales. 
 Schedule 1: Commitments 
  

									
	  	  	Tranche A
Commitment	  	Tranche B
Commitment	  	Tranche C
Commitment	  	Total
Commitment
	 Substituted Commitments
	  		  		  		  	

 Schedule 2: Advances 
  

					
	 	  	Total
Outstanding	 	Substituted
Portion
			
	 Tranche A Advances
	  	[            ]	 	[            ]
	 Tranche B Advances
	  	[            ]	 	[            ]
	 Tranche C Advances
	  	[            ]	 	[            ]

 Signed as an agreement. 
 To be signed by Existing Financier, New Financier and Facility Agent. 
  

 71 

 Signed as an agreement. 
 Borrower 
  

					
	Signed for and on behalf of ResMed Limited ABN 30 003 765 142 by its Attorney under a Power of Attorney dated 4 May 2006, 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

  

					
			
	

	 		 	 Brett Andren Sandercock

	 Signature of Witness
	 		 	 Name of Attorney in full

  

					
			
	 Mark Abourrk
	 		 	 
	 Name of Witness in full
	 		 	

 Original Financier 
  

					
	Signed for and on behalf of HSBC Bank Australia Limited ABN 48 066 434 162 by its Attorney under a Power of Attorney dated 29 July 2002, 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

  

					
			
	

	 		 	 Lewis Barton Williams

	 Signature of Witness
	 		 	 Name of Attorney in full

  

					
			
	 Jason Anthony Lowe
	 		 	 
	 Name of Witness in full
	 		 	

  

 72 

 Facility Agent 
  

					
	Signed for and on behalf of HSBC Bank Australia Limited ABN 48 066 434 162 by its Attorney under a Power of Attorney dated 29 July 2002, 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

  

					
			
	

	 		 	 Lewis Barton William

	 Signature of Witness
	 		 	 Name of Attorney in full

  

					
			
	 Jason Anthony Lowe
	 		 	 
	 Name of Witness in full
	 		 	

 Security Trustee 
  

					
	Signed for and on behalf of HSBC Bank Australia Limited ABN 48 066 434 162 by its Attorney under a Power of Attorney dated 29 July 2002, 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

  

					
			
	

	 		 	 Lewis Barton Williams

	 Signature of Witness
	 		 	 Name of Attorney in full

  

					
			
	 Jason Anthony Lowe
	 		 	 
	 Name of Witness in full
	 		 	

  

 73

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