Of the following conditions, which is the only one that is not required if the transfer of receivables with recourse is to be accounted for as a sale?

The transferor is obligated to make a genuine effort to identify those receivables that are uncollectible.

The transferred asset has been isolated from the transferor.

The transferee does not maintain effective control over the transferred assets through an agreement to repurchase or redeem them before their maturity.

The transferees have obtained the right to pledge or exchange the receivables.