exv10wmm






EXHIBIT 10.MM




WELLS FARGO BANK, N.A.

(Successor-by-merger to Wachovia Bank, National Association)




December 17, 2010



Skyworks Solutions, Inc.

Skyworks USA, Inc.

20 Sylvan Road

Woburn, MA 01801




     Re: Termination of Program and Settlement Program Documents


Ladies and Gentlemen:




     This letter relates to:



     (a) That certain Credit and Security Agreement dated as of July 15, 2003, by and between
Skyworks USA, Inc. (“Purchaser”), and Wells Fargo Bank, N.A. (successor-by-merger to
Wachovia Bank, National Association), as “Lender” (as the same has been or may be amended,
restated, supplemented, or otherwise modified from time to time the “Credit Agreement”);



     (b) That certain Receivables Purchase Agreement dated as of July 15, 2003, by and between
Purchaser and Skyworks Solutions, Inc. (“Seller”) (as the same may be amended, restated,
supplemented, or otherwise modified from time to time, the “Purchase Agreement”); and



     (c) That certain Servicing Agreement dated as of July 15, 2003, by and between Purchaser and
Seller (as the same may be amended, restated, supplemented, or otherwise modified from time to
time, the “Servicing Agreement”).



     Capitalized terms used herein have the meanings ascribed thereto in the Credit Agreement. The
term “Effective Date” means the date of this letter agreement.



     Purchaser, Seller, and Lender have agreed to terminate the Program on and subject to the terms
and conditions of this letter.



     A. SUMMARY OF TRANSACTIONS



     On the Effective Date and subject to the terms and conditions of this letter:



     (1) The Purchase Agreement and the Subordinated Note will terminate as provided in Section B,
below.



     (2) The Servicing Agreement will terminate as provided in Section C, below.



     (3) The Credit Agreement and the Commitment will terminate as provided in Section D, below.



 









 





     (4) Purchaser will pay all outstanding Obligations to Lender as provided in Section D, below.



     B. TERMINATION OF PURCHASE AGREEMENT



     On the Effective Date, (1) Seller’s obligations to sell Receivables to Purchaser, and
Purchaser’s obligations to purchase any Receivables from Seller, shall cease and terminate, (2)
after giving effect to each of the transactions contemplated in this letter agreement, the Purchase
Agreement shall be deemed terminated and of no further force and effect, other than with respect to
those provisions which, by their terms, survive termination and (3) the Subordinated Note, dated
July 15, 2003, in the original principal amount of $7,500,000 shall be deemed paid in full and
terminated.



     C. TERMINATION OF SERVICING AGREEMENT



     On the Effective Date, the Servicing Agreement shall be deemed terminated and of no further
force and effect, other than with respect to those provisions which, by their terms, survive
termination. Any outstanding liabilities or obligations owing under the Servicing Agreement shall
be settled between Purchaser and Seller in the manner determined between them in separate writings.



     D. TERMINATION OF CREDIT AGREEMENT AND COMMITMENT



     On the Effective Date, the Commitment will be deemed terminated, and Lender shall have no
obligation to make any further Advances to Purchaser thereunder.



     As of the Effective Date, Seller has a certificate of deposit maintained at Lender (account
no. REDACTED) (the “CD”). On the Effective Date, Lender will cease to have any
interest in the CD pursuant to any of the Program Documents, and the CD will continue in accordance
with its terms. Any redemption, renewal, or other disposition of the CD or the funds represented
thereby will, on and after the Effective Date, be governed by the terms of the CD and the
agreements relating thereto.



     On the Effective Date, the Purchaser shall pay to Lender all Obligations owing under the
Credit Agreement, calculated as follows:



	 	 	 	 	 

	(1) Aggregate Advances:
	 	$	—	 
	(2) Accrued and Unpaid Interest:
	 	$	—	 
	(3) Program Fees:
	 	$	—	 
	(4) Attorneys’ Fees and Expenses:
	 	$	4,000	 
	(5) Other Reimbursable Costs:
	 	$	—	 
	TOTAL (the
“Lender Total”):
	 	$	4,000	 






     Purchaser agrees that it will pay the Lender Total to Jones Day, counsel to Lender, in
accordance with the following instructions (which payment shall, for purposes of this letter
agreement, be referred to as “Lender Payment”):



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	Bank Name:
	 	Wachovia Bank, National Association
	Account Name:
	 	Jones Day
	Account Number:
	 	REDACTED 
	ABA Routing Number:
	 	REDACTED 
	Reference:
	 	Please contact Wayne Webb at (404) 581-8561
after the funds have been transferred.  Please identify for payment of Wachovia/Skyworks CAM No. REDACTED.






     On the Effective Date and after Purchaser makes the Lender Payment, the Obligations will be
deemed satisfied in full and the Credit Agreement will be deemed terminated and of no further force
and effect, in each case other than with respect to those provisions which, by their terms, survive
termination.



     In connection with the termination of the Credit Agreement, Purchaser, Seller, and Lender
agree that, in determining the Lender Total, Purchaser may have been given credit for collections
and payments (whether in the form of a check, draft, instrument, item, wire, ACH transfer, or other
remittance or form of payment) which may subsequently be dishonored, returned, reversed, or
otherwise unpaid or which Lender must disgorge, return, or repay (all of such collections and
payments, if and to the extent dishonored, returned, reversed, unpaid, disgorged, returned, or
repaid, “Returned Items”). Each of Seller and Purchaser will indemnify and hold harmless
Lender from all losses, costs (including, without limitation, reasonable attorneys fees) and claims
arising on account of any Returned Item and will pay Lender on demand from time to time the amount
of each such Returned Item. For its part, Seller acknowledges and agrees that Lender would not
consent to the termination of the Program as provided herein but for, among other things, Seller’s
agreement of indemnity set forth in this paragraph.



     Upon receipt by Jones Day of the Lender Payment, (1) within a reasonable period of time
following the Effective Date, not to exceed five Business Days, the Note will be marked “PAID” and
returned to Purchaser; (2) all collateral security securing the Obligations is released; (3) all
mortgages, collateral assignments, and other Liens securing the Obligations (whether recorded in
public or private books and records or otherwise) is released, terminated, and reassigned; (4)
Seller, Purchaser, and their respective designees, at their own cost and expense, are authorized to
file termination statements to terminate (a) that certain UCC-1 financing statement in the
Secretary of State of the State of Delaware (the “DE Office”) no. REDACTED and (b) that certain
UCC-1 financing statement in the DE Office no. REDACTED; and (5) Lender will, at Seller’s cost and
expense, take such other actions as Seller or Purchaser reasonably requests Lender to take to
further effect the transactions contemplated in this letter agreement.



     E. NOTICE TO UNDERWRITER



     Lender hereby acknowledges and agrees that the Underwriter has previously been notified of the
termination of the Program, effective as of October 14, 2010, and that Lender will have no interest
in and to the Policy after Jones Day’s receipt of the Lender Payment. For purposes of
clarification, Lender agrees that all of its right, title, or interest in and to the Policy shall
automatically terminate upon Jones Day’s receipt of the Lender Payment.



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     F. TERMINATION OF DEPOSIT ACCOUNT CONTROL AGREEMENT; POST-TERMINATION CASH MANAGEMENT
ARRANGEMENTS



     Upon receipt by Jones Day of the Lender Payment, that certain Control Agreement for
Notification and Acknowledgment of Pledge or Security Interest in Accounts (the “DACA”)
dated as of July 15, 2003, among Wachovia Bank, National Association (as “Depository
Bank”), Lender, and Purchaser, shall, without further action, be deemed terminated and of no
further force and effect (the terms thereof notwithstanding), other than with respect to those of
its provisions which, by their terms, survive termination. Lender makes this agreement as to the
DACA as “Secured Party” and as “Depository Bank” under the DACA. Each of Lender (in its capacity
as Secured Party and Depository Bank) and Purchaser (in its capacity as Borrower) hereby waives the
notice requirements set forth in the DACA regarding termination thereof, subject to the terms and
conditions of this letter agreement.



     Seller and Purchaser agree that any other agreements, instruments, or writings regarding any
of their respective deposit accounts at Lender and any lockbox or other bank products or services
provided by Lender (other than the DACA) shall remain in full force and effect until amended,
terminated, or superseded by agreement between Purchaser and Lender, and Seller and Purchaser shall
continue to abide by and comply therewith, notwithstanding the agreements set forth in this
Agreement, until such agreements are terminated in accordance with their terms. At Purchaser and
Seller’s request, Lender agrees that it will continue (1) to operate the Lockbox and to process
collections delivered thereto in accordance with the Lockbox Agreement in the manner which existed
immediately before the Effective Date; and (2) from and after the Effective Date, and following
receipt by Jones Day of the Lender Payment, Lender will cooperate with Seller and Purchaser to
transfer any funds on deposit in the USA Account as Purchaser may hereafter instruct Lender in
writing.



     Purchaser and Seller agree to pay Lender the fees and costs for such services in accordance
with the Lockbox Agreement and the other standing agreements relating to the Lockbox and the
Purchaser’s Account or, if no provision for such fees and costs are provided for such agreements,
on customary and standard terms and rates offered by Lender to other customers which are of similar
size and standing as Seller. After the Effective Date, any of Seller, Purchaser, and Lender may,
by not less than 10 days’ prior written notice to the other parties, terminate any arrangements set
forth in this Section F, unless other written agreements regarding such services have been agreed
to, in which case such other written agreements shall control the rights each party has to
terminate such arrangements.



     G. MISCELLANEOUS



     Seller and Purchaser each agrees that, upon the Effective Date and after giving effect to all
transactions contemplated in this letter agreement, each of them releases Lender and its affiliates
and subsidiaries and their respective officers, directors, employees, shareholders, agents, and
representatives as well as their respective successors and assigns from any and all claims,
obligations, rights, causes of action, and liabilities, of whatever kind or nature, whether known
or unknown, whether foreseen or unforeseen, arising on or before the date hereof, which either of
them ever had, now have, or hereafter can, shall or may have for, upon or by reason of



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any matter, cause or thing whatsoever, which are based upon, arise under or are related to the
Program (other than any based upon, arising under or related to this letter agreement.




     This letter agreement shall not be effective unless and until each party hereto shall have
executed and delivered a copy hereof as provided herein. If the Lender Payment does not occur on
or before 4:00 p.m., Charlotte, North Carolina, time, on the date of this letter, this letter shall
be of no force and effect.



     This letter agreement may be executed in any number of counterparts, each of which shall be an
original, and all of which, when taken together, shall constitute one agreement. Delivery of an
executed signature page of this letter agreement by facsimile transmission or Adobe Corporation’s
Portable Document Format (or PDF) shall be effective as delivery of a manually executed counterpart
hereof; provided that such facsimile or PDF transmission shall be promptly followed by the original
thereof.



[CONTINUED ON FOLLOWING PAGES.]









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     If Seller and Purchaser are in agreement with this letter, please indicate such agreement in
the spaces provided below and return an executed copy of it to Lender via fax or PDF to Lender’s
counsel (Tim Bratcher 404-581-8330 or tbratcher@jonesday.com) and, subsequently, provide three
originals to Tim Bratcher at Jones Day, 1420 Peachtree Street, Atlanta, GA 30309, Attn: Timothy W.
Bratcher.



	 	 	 	 	 
	 	Sincerely,







WELLS FARGO BANK, N.A. (successor-by-merger to

Wachovia Bank, National Association)

 	 
	 	By:  	/s/ Brian J. Fulk
 	 
	 	 	Name:  	Brian J. Fulk 	 
	 	 	Title:  	Senior Vice President 	 
	 



[Termination of Program and Settlement Program Documents]





 









 








	 	 	 	 	 

	ACKNOWLEDGED AND AGREED AS 

OF THE DATE FIRST ABOVE WRITTEN:	 	 
	 
	 	 	 	 
	SKYWORKS SOLUTIONS, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Robert J. Terry
 

	 	 
	Name:

	 	Robert J. Terry	 	 
	Title:

	 	Assistant General
Counsel and Assistant Secretary	 	 






	 	 	 	 	 
	SKYWORKS USA, INC.	 	 
	 
	 	 	 	 
	By: 

Name

	 	/s/ Brian Harrison
 

Brian Harrison
	 	 
	Title:

	 	Vice President	 	 






[Termination of Program and Settlement Program Documents]