Delivery of Proceeds. (a) When the full amount of the Purchased Receivable has been collected, as determined by the procedures set forth in Section 4.01(b), SFC will promptly notify Purchaser, and shall, on the fourth business day after the giving of such notice (provided the purchase and sale has not be rescinded prior to such date), transfer said amount to Purchaser by wire transfer in immediately available funds to such bank and account as is designated by Purchaser. (b) Notwithstanding the provisions of Section 4.02(a), a purchaser, including Purchaser, may demand from time to time in writing the delivery of any proceeds that have been collected with respect to the Purchased Receivables. If SFC receives such a demand from a purchaser, including from Purchaser, SFC shall, within two business days of the receipt of such demand, circulate notice of such demand to all of the purchasers, including Purchaser, together with a form of election whereby all of the purchasers, including Purchaser (other than the purchaser who submitted the original demand, or Purchaser if Purchaser submitted the original demand), can elect to become a party to such demand. If all of the purchasers, including Purchaser, become a party to such demand by 5:00 pm (New York City time) on the second business day after the receipt of such form of election, SFC will, on the first business day thereafter, confirm to all of the purchasers, including Purchaser, the total amount of proceeds demanded and the percentage of such amount that will be transferred to each of the purchasers, including Purchaser, it being agreed that any such delivery of proceeds will be done on a proportional basis between each of the purchasers and Purchaser, as their interests appear on Schedule 3. On the fourth business day after the date the confirmation is given (provided the purchase and sale of such portion of the Purchased Receivable has not been rescinded prior to such date), SFC shall transfer to Purchaser, by wire transfer in immediately available funds to such bank and account as is designated by Purchaser, the amount of proceeds set forth on the confirmation notice opposite Purchaser's name. If any of the purchasers, including Purchaser, fail to affirmatively join in such demand by the specified time, the demand shall be deemed to be null and void and no proceeds will be distributed pursuant thereto. There shall be no limit as to the number or frequency a purchaser, including Purchaser, may make demands pursuant to this Section 4.02(b).
Appears in 6 contracts
Samples: Purchase Agreement (Specialty Foods Corp), Purchase Agreement (Specialty Foods Acquisition Corp), Purchase Agreement (Specialty Foods Corp)
