Common use of Escrow Replenishment Clause in Contracts

Escrow Replenishment. In the event that the amount of funds in the Escrow is reduced to less than fifty percent of the Initial Escrow, the Developer shall, within five business days of receipt of written notice from the Borough, deposit additional funds with the Borough sufficient to replenish the Escrow to the amount of the Initial Escrow. In the event that such additional funds are not sufficient to satisfy any outstanding invoices for Reimbursable Costs, the Developer shall first satisfy such outstanding invoices and then deposit additional funds in order to replenish the Escrow to the amount of the Initial Escrow. In no event shall the Borough’s failure to demand the Developer to replenish the Escrow pursuant to this Section 4 relieve the Developer of its obligation to pay any Reimbursable Costs.