ABC Corp factors $694,507 of accounts receivable with a financing company on a 'with recourse' basis. The financing company will collect the receivables. The receivable records are transferred to the financing company, which assesses a finance charge of 2.27% of the amount of accounts receivable and also reserves an amount equal to 3.65% of accounts receivable to cover probable adjustments. Financial statements are prepared under ASPE. Assuming that the recourse obligation has a fair value of $7,039, what will be the net cash proceeds collected at the time of sale of the receivables?