Product Discontinuation and EOL Process Clause Samples

Product Discontinuation and EOL Process. Iomega may discontinue any Product upon thirty (30) days' prior written notice to Venture, whereupon the Parties shall cooperate to implement an End-of-Life process ("EOL Process") for the discontinued Product. The details of the EOL Process shall be agreed upon by the Parties, and, unless otherwise agreed, shall include a replacement product transition plan, a transition plan for Iomega's customers, warranty reserve plan, and last-time-buy and last-time-build plans. Venture may not discontinue the manufacture of any Product or terminate any associated manufacturing process without the prior written consent of Iomega. Any components, subassemblies and raw materials that were previously purchased by Venture pursuant to Iomega's authorization but were rendered obsolete as a result of Iomega's discontinuation will be managed in accordance with Section 7.4 (Excess Components). Any capital assets associated with the EOL Process and the discontinued Product or in excess of those necessary to support Iomega's twelve (12) month production forecasts shall be written off (based on the then-current depreciated net book value) and Iomega shall reimburse Venture for the full amount written off, but only to the extent that such capital assets cannot be utilized in any other manufacturing activity or process of Venture and otherwise has no net realizable value. Disposition of assets for which Iomega is required to make reimbursement to Venture as aforesaid is to be mutually agreed to through the QBR process.