Mon, Mar 24, 3:05 PM (34 days ago)
**Summary of CNH Equipment Trust 2021-A 10-K** **Company Overview:** CNH Equipment Trust 2021-A (Trust) is a Delaware-based trust established by CNH Capital Receivables LLC (Seller) and Wilmington Trust Company. The Trust issued $961,690,000 in asset-backed notes, including Class A and Class B notes, which were publicly offered. **Financial Performance:** The 10-K does not provide detailed financial performance metrics such as revenue, net income, or earnings per share, as these are typically omitted for asset-backed securities trusts. **Strategic Overview:** The Trust's strategy revolves around the management and servicing of the underlying assets, which are receivables related to CNH Industrial's equipment financing. The Servicer, New Holland Credit Company, LLC, and the Indenture Trustee, Citibank, N.A., play crucial roles in ensuring compliance and operational efficiency. **Future Outlook:** The Trust's future outlook is tied to the performance of the underlying receivables. The servicing agreements and compliance reports indicate a focus on maintaining high standards of asset management and servicing. **Risk Factors:** While specific risk factors are omitted, typical risks for such trusts include credit risk associated with the underlying receivables, operational risks related to servicing, and market risks affecting the financial markets. **Financial Condition:** The Trust's financial condition is supported by the asset-backed notes and the servicing agreements. The compliance reports from the Servicer and Indenture Trustee indicate no material instances of noncompliance, suggesting a stable financial condition. **Market Position:** The Trust does not have voting or non-voting common equity outstanding held by non-affiliates, and it is not a shell company. The market position is primarily influenced by the performance of the asset-backed notes and the underlying receivables. **Key Exhibits:** The 10-K includes various exhibits such as the Indenture, Trust Agreement, Sale and Servicing Agreement, and compliance reports from the Servicer and Indenture Trustee. These documents provide detailed information on the Trust's operations and compliance status. **Conclusion:** CNH Equipment Trust 2021-A focuses on the management and servicing of asset-backed notes, with a strong emphasis on compliance and operational efficiency. The Trust's financial condition and future outlook are tied to the performance of the underlying receivables and the effectiveness of the servicing agreements.