Rho SA has sold a portfolio of receivables to a vehicle. Facts of the case: the contractual rights have been transferred; Rho remains exposed to part of the variability of net cash flows, with substantially all the risks and rewards neither transferred nor kept; the vehicle can resell the portfolio to unrelated third parties, but with Rho's consent. Write a short note that concludes on derecognition, distinguishing the facts of the case, the rule and professional judgement.