UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________________________

FORM T-1

 

STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

 

Check if an application to determine eligibility of a Trustee

pursuant to Section 305 (b)(2) _X__

__________________________

CITIBANK, N.A.

(Exact name of trustee as specified in its charter)

 

A National Banking Association 13-5266470
(Jurisdiction of Incorporation or organization
if not a U.S. national bank)		 (I.R.S. Employer Identification No.)
   
399 Park Ave., New York, NY 10043
(Address of principal executive office) (Zip Code)

 

 

Trang Tran-Rojas

Citibank, N.A.
388 Greenwich St.
New York, NY 10013
(713) 693-6613
(Name, address and telephone number of agent for service)

 

  

 

CNH Equipment Trust 2024-B
(Exact name of obligor as specified in its charter)

 

Delaware 99-6435376
(Jurisdiction of Incorporation or organization) (I.R.S. Employer Identification No.)
   

c/o Wilimington Trust Company

1100 North Market Street

Wilmington, DE

 19890
(Address of principal executive office) (Zip Code)

 

Copies To:
 

Eric Mathison

General Counsel
CNH Industrial Capital, LLC
5729 Washington Avenue
Racine, WI 53406
Tel:  (262) 636-6431

   Mark Michigan
Greenberg Traurig, LLP
2200 Ross Avenue, Suite 5200
Dallas, TX  75201
Tel:  (214) 665-3692

 

_________________________

Asset - Backed Notes

(Title of the indenture securities)

 

 

 

 

Item 1. General Information.

 

Furnish the following information as to the trustee:

 

(a)Name and address of each examining or supervising authority to which it is subject.

 

Name  Address
Comptroller of the Currency  Washington, D.C.
    
Federal Reserve Bank of New York  New York, NY
33 Liberty Street   
New York, NY   
    
Federal Deposit Insurance Corporation  Washington, D.C.

 

(b)Whether it is authorized to exercise corporate trust powers.

 

Yes.

 

Item 2. Affiliations with Obligor.

 

If the obligor is an affiliate of the trustee, describe each such affiliation.

 

None.

 

Items 3. -15. Not Applicable

 

Item 16. List of Exhibits.

 

List below all exhibits filed as a part of this Statement of Eligibility.

 

Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as exhibits hereto.

 

Exhibit 1 - Copy of Articles of Association of the Trustee, as now in effect (Exhibit 1 to T-1 to Registration Statement No. 2-79983).

 

Exhibit 2 - Copy of certificate of authority of the Trustee to commence business (Exhibit 2 to T-1 to Registration Statement No. 2-29577).

 

Exhibit 3 - Copy of authorization of the Trustee to exercise corporate trust powers (Exhibit 3 to T-1 to Registration Statement No. 2-55519).

 

Exhibit 4 - Copy of existing By-Laws of the Trustee (Exhibit 4 to T-1 to Registration Statement No. 33-34988).

 

Exhibit 5 - Not applicable.

 

 

 

 

Exhibit 6 - The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939 (Exhibit 6 to T-1 to Registration Statement No. 33-19227).

 

Exhibit 7 - Copy of the latest Report of Condition of Citibank, N.A. (as of December 31, 2023 - attached).

 

Exhibit 8 - Not applicable.

 

Exhibit 9 - Not applicable.

 

____________________

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee, Citibank, N.A., a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York and State of New York, on the 10th day of May, 2024.

 

  CITIBANK, N.A.
   
  By /s/ Trang Tran-Rojas
    Trang Tran-Rojas
    Senior Trust Officer

 

 

 

 

EXHIBIT 7

REPORT OF CONDITION OF CITIBANK, N.A.

 

CONSOLIDATED BALANCE SHEET  Citigroup Inc. and Subsidiaries
    
   December 31, 
In millions of dollars  2023  2022 
Assets         
Cash and due from banks (including segregated cash and other deposits)  $27,342  $30,577 
Deposits with banks, net of allowance   233,590   311,448 
Securities borrowed and purchased under agreements to resell (including $206,059 and $239,527 as of December 31, 2023 and 2022, respectively, at fair value), net of allowance   345,700   365,401 
Brokerage receivables, net of allowance   53,915   54,192 
Trading account assets (including $197,156 and $133,535 pledged to creditors at December 31, 2023 and 2022, respectively)   411,756   334,114 
Investments:         
Available-for-sale debt securities (including $11,868 and $10,933 pledged to creditors as of December 31, 2023 and 2022, respectively)   256,936   249,679 
Held-to-maturity debt securities, net of allowance (fair value of which is $235,001 and $243,648 as of December 31, 2023 and 2022, respectively) (includes $71 and $0 pledged to creditors as of December 31, 2023 and 2022, respectively)   254,247   268,863 
Equity securities (including $766 and $895 as of December 31, 2023 and 2022, respectively, at fair value)   7,902   8,040 
Total investments  $519,085  $526,582 
Loans:         
   Consumer (including $313 and $237 as of December 31, 2023 and 2022, respectively, at fair value)   389,197   368,067 
   Corporate (including $7,281 and $5,123 as of December 31, 2023 and 2022, respectively, at fair value)   300,165   289,154 
Loans, net of unearned income  $689,362  $657,221 
   Allowance for credit losses on loans (ACLL)   (18,145)  (16,974)
Total loans, net  $671,217  $640,247 
Goodwill   20,098   19,691 
Intangible assets (including MSRs of $691 and $665 as of December 31, 2023 and 2022, respectively)   4,421   4,428 
Premises and equipment, net of depreciation and amortization   28,747   26,253 
Other assets (including $12,290 and $10,658 as of December 31, 2023 and 2022, respectively, at fair value), net of allowance   95,963   103,743 
Total assets  $2,411,834  $2,416,676 

 

 

Statement continues on the next page.

 

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CONSOLIDATED BALANCE SHEET     Citigroup Inc. and Subsidiaries  
(Continued)              
               

   December 31, 
In millions of dollars, except shares and per share amounts  2023   2022 
Liabilities          
Deposits (including $2,440 and $1,875 as of December 31, 2023 and 2022, respectively, at fair value)  $1,308,681   $1,365,954 
Securities loaned and sold under agreements to repurchase (including $62,485 and $70,886 as of December 31, 2023 and 2022, respectively, at fair value)   278,107    202,444 
Brokerage payables (including $4,321 and $4,439 as of December 31, 2023 and 2022, respectively, at fair value)   63,539    69,218 
Trading account liabilities   155,345    170,647 
Short-term borrowings (including $6,545 and $6,222 as of December 31, 2023 and 2022, respectively, at fair value)   37,457    47,096 
Long-term debt (including $116,338 and $105,995 as of December 31, 2023 and 2022, respectively, at fair value)   286,619    271,606 
Other liabilities, plus allowances   75,835    87,873 
Total liabilities  $2,205,583   $2,214,838 
Stockholders’ equity          
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of December 31, 2023 —704,000 and as of December 31, 2022—759,800, at aggregate liquidation value  $17,600   $18,995 
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of December 31, 2023 —3,099,691,704 and as of December 31, 2022—3,099,669,424   31    31 
Additional paid-in capital   108,955    108,458 
Retained earnings   198,905    194,734 
Treasury stock, at cost: December 31, 2023—1,196,577,865 shares and December 31, 2022— 1,162,682,999 shares   (75,238)   (73,967)
Accumulated other comprehensive income (loss) (AOCI)   (44,800)   (47,062)
Total Citigroup stockholders’ equity  $205,453   $201,189 
Noncontrolling interests   798    649 
Total equity  $206,251   $201,838 
Total liabilities and equity  $2,411,834   $2,416,676 

 

The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 

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