The FASB specified in Statement No. 140 three conditions that must be met if a transfer of receivables is to accounted for as a sale. Which of the following is not one of the three conditions specified?

a. The transferor's obligation under the recourse provisions can be reasonably estimated.

b. The transferee has the right to pledge or exchange the transferred assets.

c. The transferor does not maintain effective control over the assets through an agreement to repurchase the assets before their maturity.

d. The transferred assets have been isolated from the transferor.