EX-10.1





 EXHIBIT 10.1 

RECEIVABLES PURCHASE AGREEMENT 

This RECEIVABLES PURCHASE AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this
“Agreement”), dated as of December 10, 2020, is by and between Carvana, LLC, an Arizona limited liability company (“Carvana”), as the seller (the “Seller”), and Carvana Receivables Depositor
LLC, a Delaware limited liability company (the “Depositor”), as the purchaser (the “Purchaser”). 

AGREEMENTS 
 WHEREAS, the
Purchaser desires to purchase automobile retail installment contracts and related rights owned by the Seller pursuant to this Agreement; 

WHEREAS, the Seller is willing to sell such contracts and related rights to the Purchaser pursuant to this Agreement; 

WHEREAS, the Purchaser intends to sell or otherwise transfer such contracts and related rights, or interests therein, to Carvana Auto
Receivables Trust 2020-P1 a Delaware statutory trust (the “Issuing Entity”), pursuant to the Receivables Transfer Agreement, dated as of the date hereof (as amended, restated, supplemented or
otherwise modified from time to time, the “Receivables Transfer Agreement”), between the Issuing Entity and the Depositor; 

WHEREAS, the Issuing Entity intends to contribute or otherwise transfer such contracts and related rights, or interests therein, to Carvana
Auto Receivables Grantor Trust 2020-P1, a Delaware statutory trust (the “Grantor Trust”), pursuant to the Receivables Contribution Agreement, dated as of the date hereof (as amended, restated,
supplemented or otherwise modified from time to time, the “Receivables Contribution Agreement”), between the Issuing Entity and the Grantor Trust, in exchange for the Grantor Trust Certificate; 

WHEREAS, the Grantor Trust intends to pledge such contracts and related rights to Wells Fargo Bank, National Association, as indenture trustee
(the “Indenture Trustee”), and the Issuing Entity will issue notes backed by the Grantor Trust Certificate pursuant to the Indenture, dated as of the date hereof (as amended, modified or supplemented from time to time, the
“Indenture”), among the Issuing Entity, the Grantor Trust and the Indenture Trustee; and 
 WHEREAS, Bridgecrest Credit
Company, LLC, an Arizona limited liability company (the “Servicer”), is willing to service such contracts in accordance with the terms of the Servicing Agreement, dated as of the date hereof, among the Issuing Entity, the Grantor
Trust, the Backup Servicer and the Servicer. 
 NOW, THEREFORE, in consideration of the mutual agreements and subject to the terms and
conditions herein contained, each party agrees as follows for the benefit of the other party: 
  












 ARTICLE I 

DEFINITIONS 
 Section 1.1
Definitions; Rules of Construction. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Part I of Appendix A to
this Agreement. All references herein to “the Agreement” or “this Agreement” are to this Receivables Purchase Agreement as it may be amended, supplemented or modified from time to time, the exhibits and schedules hereto and the
capitalized terms used herein, which are defined in Part I of such Appendix A, and all references herein to Articles, Sections and Subsections are to Articles, Sections or Subsections of this Agreement unless otherwise specified. The
rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 
 ARTICLE II 

CONVEYANCE OF RECEIVABLES 

Section 2.1 Conveyance of Receivables. 

(a) On the Closing Date, the Seller hereby agrees to sell, transfer, assign, set over and otherwise convey to the Purchaser and the Purchaser
hereby agrees to purchase from the Seller, without recourse, all right, title and interest of the Seller in, to and under the following property, whether now existing or hereafter created or acquired (all of the property described in this
Section 2.1(a) being collectively referred to herein as the “First Step Transferred Property”): 

(i) the Receivables and all instruments and all monies due or to become due or received by any Person in payment of any of the foregoing on or
after the Cutoff Date; 
 (ii) the Financed Vehicles securing such Receivables (including any such Financed Vehicles that have been
repossessed), any document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each Financed Vehicle; 

(iii) the Receivable Files and the Servicer Files related to such Receivables; 

(iv) all rights to payment under all Insurance Policies with respect to the Financed Vehicles or the Obligors, including any monies collected
from whatever source in connection with any default of an Obligor or with respect to any such Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy; 

(v) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or arrangements of
whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise; 

(vi) all rights to payment under all service contracts and other contracts and agreements associated with such Receivables; 

(vii) all Liquidation Proceeds related to any such Receivable received on or after the Cutoff Date; 

  
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 (viii) subject to the Transaction Documents and the Master Agency Agreement, all deposit
accounts, monies, deposits, funds, accounts and instruments relating to the foregoing (excluding payments or recoveries in respect of the Receivables received prior to the Cutoff Date); 

(ix) the proceeds of any and all of the foregoing; and 

(x) all present and future claims, demands, causes of action and choses in action in respect of any of all of the foregoing and all payments
on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property; all accounts, general
intangibles, chattel paper, instruments, documents, money, investment property, deposit accounts, letters of credit, letter-of-credit rights, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of obligations; and all other property which at any time constitutes all or part of or is included in the proceeds of any of the foregoing. 

(b) In connection with the purchase and sale of the First Step Transferred Property hereunder, the Seller agrees, at its own expense,
(i) to annotate and indicate on its books and records (including any computer files) that the Receivables were sold and transferred to the Purchaser pursuant to this Agreement, (ii) to deliver to the Purchaser (or its designee) all
Collections on the Receivables, if any, received on or after the Cutoff Date, and (iii) to deliver to the Purchaser an assignment in the form attached hereto as Exhibit A (the “First Step Receivables
Assignment”). 
 (c) In consideration of the sale of the Receivables from the Seller to the Purchaser as provided herein, the
Purchaser shall pay to the Seller an amount equal to the Receivables Purchase Price. A portion of the Receivables Purchase Price shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through
the transfer of approximately five percent of the Notes and Certificates retained for risk retention purposes and any other Retained Notes. 

(d) The Purchaser hereby directs the Seller to transfer all Electronic Contracts included in the First Step Transferred Property directly to
the Grantor Trust, as assignee under the Receivables Contribution Agreement of the Issuing Entity, who is the assignee of the Purchaser under the Receivables Transfer Agreement. 

Section 2.2 Intent of the Parties. 

It is the intention of the parties that each conveyance hereunder of the Receivables and the other First Step Transferred Property from the
Seller to the Purchaser as provided in Section 2.1 be, and be construed as, an absolute sale, without recourse, of the Receivables and other First Step Transferred Property by the Seller to the Purchaser. Furthermore, no
such conveyance is intended to be a pledge of the First Step Transferred Property by the Seller to the Purchaser to secure a debt or other obligation of the Seller. If, however, notwithstanding the intention of the parties, the conveyance provided
for in Section 2.1 is determined, for any reason, not to be an absolute sale, then the parties intend that this Agreement shall be deemed to be a 

  
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“security agreement” within the meaning of Article 9 of the UCC and the Seller hereby grants to the Purchaser a “security interest” within the meaning of Article 9
of the UCC in all of the Seller’s right, title and interest in and to the First Step Transferred Property, now existing and hereafter created or acquired, to secure a loan in an amount equal to the Receivables Purchase Price and each of the
Seller’s other payment obligations under this Agreement. 
 ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 3.1 Representations and Warranties of the Seller. 

(a) General Representations and Warranties. The Seller makes the following representations and warranties to the Purchaser as of the
date of this Agreement, which shall survive the delivery of the First Step Transferred Property, and on which representations and warranties the Purchaser shall rely in acquiring the First Step Transferred Property. 

(i) Organization and Good Standing. The Seller has been duly organized, and is validly existing as a limited liability company, in good
standing under the laws of the state of its formation, with all requisite limited liability company power and authority to own or lease its properties and conduct its business as such business is presently conducted, and the Seller had at all
relevant times, and now has the power, authority and legal right to acquire, own and sell the Receivables and other First Step Transferred Property. 

(ii) Due Qualification. The Seller is duly qualified to do business and is in good standing under the laws of each jurisdiction, and
has obtained all necessary licenses and approvals in all jurisdictions, in which the ownership or lease of its property or the conduct of its business requires such qualifications, licenses or approvals (including, as applicable, the origination,
purchase, sale, pledge and servicing of the Receivables) except where the failure to so qualify or obtain such license or approval could not reasonably be expected to result in a Material Adverse Effect. 

(iii) Power and Authority; Due Authorization. The Seller (i) has the power and authority to (A) execute and deliver this
Agreement and the other Transaction Documents to which it is a party, (B) carry out the terms of the Transaction Documents to which it is a party and (C) sell the First Step Transferred Property on the terms and conditions herein provided
and (ii) has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the sale of the First Step Transferred Property on the terms and
conditions herein and therein provided. 
 (iv) Valid Sale, Binding Obligation. This Agreement, when duly executed and delivered by
the Purchaser, and the First Step Receivables Assignment constitute a valid sale, transfer and assignment of the applicable Receivables and other First Step Transferred Property to the Purchaser, enforceable against creditors of and purchasers from
the Seller; and this Agreement, when duly executed and delivered by the Purchaser, and the First Step Receivables Assignment constitute a legal, valid and binding obligation of the Seller enforceable in accordance with its terms, except as
enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether
such enforceability is considered in a proceeding in equity or at law. 

  
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 (v) No Violation. The consummation of the transactions contemplated by this
Agreement and the other Transaction Documents to which the Seller is a party and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or
without notice or lapse of time or both) a default under, the Seller’s certificate of formation, limited liability company agreement or other constituent documents or any Contractual Obligation of the Seller, (ii) result in the creation or
imposition of any Lien upon any of the Seller’s properties, other than Liens permitted or created pursuant to the Transaction Documents or (iii) violate any Applicable Law; in each case, except where such failure to comply could not
reasonably be expected to have a Material Adverse Effect with respect to the Seller. 
 (vi) No Proceedings. There are no proceedings
or investigations pending or, to the knowledge of the Seller, threatened against the Seller, before any Governmental Authority (i) asserting the invalidity of this Agreement or any other Transaction Document to which the Seller is a party,
(ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document to which the Seller is a party or (iii) seeking any determination or ruling that would reasonably be
expected to have a Material Adverse Effect with respect to the Seller. 
 (vii) No Consents. All approvals, authorizations, consents,
orders, licenses or other actions of any Person or of any Governmental Authority required for the due execution, delivery and performance by the Seller of this Agreement and any other Transaction Document to which the Seller is a party have been
obtained. 
 (viii) Value Given. The Purchaser shall have given reasonably equivalent value to the Seller in consideration for the
transfer by the Seller to the Purchaser of each of the Receivables and the related First Step Transferred Property under this Agreement. 

(b) Representations and Warranties Regarding each Receivable. The Seller makes the following representations and warranties to the
Purchaser regarding each Receivable as of the Closing Date, which shall survive the sale, transfer and assignment of the Receivables, and on which representations and warranties the Purchaser shall rely in acquiring the Receivables. 

(i) Schedule of Receivables. As of the Cutoff Date, the information set forth in the Schedule of Receivables with respect to each
Receivable is true and correct in all material respects. 
 (ii) Eligibility of Receivables. As of the Closing Date or such other
date specified in Exhibit B, the representations and warranties in Exhibit B hereto are true and correct with respect to each Receivable assigned by the Seller to the Purchaser hereunder and under the First Step Receivables Assignment.


  
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 (c) Representations and Warranties Regarding the First Step Transferred Property. The
Seller makes the following representations and warranties to the Purchaser regarding the First Step Transferred Property as of the Closing Date, which shall survive the sale, transfer and assignment of the Receivables, and on which representations
and warranties the Purchaser shall rely in acquiring the Receivables. 
 (i) Selection Procedures. No procedures believed by the
Seller to be adverse to the interests of the Purchaser or the Holders of the Securities were utilized by the Seller in identifying or selecting Receivables to be acquired from the Seller under this Agreement. 

(ii) Good Title. 

(A) Immediately prior to the conveyance of each Receivable and the related First Step Transferred Property to the Purchaser
pursuant to this Agreement and the First Step Receivables Assignment, the Seller had good and marketable title thereto, free and clear of all Liens except for Permitted Liens and those Liens that will be released simultaneously with the conveyance
hereunder. No effective financing statement or other instrument similar in effect covering any portion of the First Step Transferred Property shall, on or after the Closing Date be on file in any recording office except such as may be filed in favor
of (i) the Purchaser in accordance with this Agreement, (ii) the Issuing Entity in accordance with the Receivables Transfer Agreement, (iii) the Grantor Trust in connection with the Receivables Contribution Agreement or (iv) the
Indenture Trustee in connection with the Indenture. 
 (B) Upon the conveyance of such Receivable and the other related
First Step Transferred Property to the Purchaser pursuant to this Agreement and the First Step Receivables Assignment, the Purchaser will be the sole owner of, and have good, indefeasible and marketable title to such Receivable and other related
First Step Transferred Property, free and clear of any Lien (other than Liens created hereunder and Permitted Liens and those Liens that will be released simultaneously with the conveyance hereunder); and, to the extent the related Obligor has a
contractual right to return the Financed Vehicle to the Seller for repurchase, the applicable repurchase period has expired. As of the date hereof, each Receivable and the related Financed Vehicle is free and clear of any Lien of any Person (other
than Liens created hereunder and Permitted Liens or those Liens that will be released simultaneously with the conveyance hereunder) and is in compliance with all Applicable Laws. 

(iii) All Filings Made. With respect to the sale and assignment of the First Step Transferred Property to the Purchaser, the Seller has
taken all steps reasonably necessary to ensure that such sale and assignment has been perfected under the relevant UCC. With respect to the First Step Transferred Property, the Seller has taken all steps necessary to ensure that all filings
(including UCC filings) necessary in any jurisdiction to give the Indenture Trustee a first priority perfected security interest in the First Step Transferred Property have been made. 

  
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 (iv) Lawful Assignment. Each such Receivable was not originated in, and is not
subject to the laws of, any jurisdiction under which the transfer of such Receivable under the Transaction Documents shall be unlawful, void or voidable. Such Receivable is assignable without notice to or the consent of the related Obligor. 

(d) Repurchase of Receivables. In the event of 

(A) a breach of any representation or warranty set forth in Section 3.1(b) and
Section 3.1(c) hereof with respect to any Receivable, that materially and adversely affects the interests of the Noteholders or the Certificateholders taken as a whole (a “Repurchase Event”), unless the
breach shall have been cured within thirty (30) days following (i) discovery of the breach by the Seller or receipt of notice of such breach by the Seller from the Purchaser, the Issuing Entity or the Grantor Trust (which notice shall
provide sufficient detail so as to allow the Seller to reasonably investigate the alleged breach), or (ii) in the case of the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee, a Responsible Officer of such trustee has actual
knowledge or receives written notice of a breach of such representation or warranty, then 
 (B) the Seller shall repurchase
such Receivable from the Grantor Trust (if the Grantor Trust is then the owner of such Receivable) on the date and for the amount specified in the Receivables Transfer Agreement, in each case, without further notice from the Purchaser hereunder. Any
such breach shall be deemed not to materially and adversely affect the interests of the Noteholders or the Certificateholders taken as a whole, if such breach does not affect the ability of the Purchaser (or its assignee) to receive and retain
timely payment in full on such Receivable. Upon the occurrence of a Repurchase Event with respect to a Receivable for which the Purchaser is the owner, the Seller agrees to repurchase such Receivable from the Purchaser for an amount and upon the
same terms as the Seller would be obligated to repurchase such Receivable from the Grantor Trust if the Grantor Trust was then the owner thereof, and upon payment of such amount, the Seller shall have such rights with respect to such Receivable as
if the Seller had purchased such Receivable from the Grantor Trust as the owner thereof. It is understood and agreed that the obligation of the Seller to repurchase any Receivable as to which a Repurchase Event has occurred and is continuing shall,
if such obligation is fulfilled, constitute the sole and exclusive remedy (other than any indemnities available pursuant to Section 4.13) available to the Purchaser, the Issuing Entity, the Grantor Trust, the Indenture
Trustee, the Owner Trustee, the Grantor Trust Trustee and the Financial Parties for the breach of any representation or warranty set forth in Section 3.1(b) and Section 3.1(c) hereof with respect
to such Receivable. 
 (e) Upon receipt by the then-current owner of the related Receivable of the applicable Purchase Amount, the applicable
Receivable and any and all related First Step Transferred Property shall be automatically and immediately assigned and re-conveyed by the Purchaser (or its applicable assign, as the case may be) to the Seller.


  
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 (f) Upon discovery by the Seller or by the Purchaser of a breach of any of the
representations and warranties set forth in Section 3.1(a), Section 3.1(b) and Section 3.1(c) (other than with respect to Receivables that have been repurchased in
accordance with the terms of this Agreement) the party discovering such breach shall give prompt written notice to the other party. 
 (g)
The Seller agrees to cooperate with the Grantor Trust and the Requesting Party in any dispute resolution proceeding pursuant to, and be bound by the dispute resolution terms in Section 3.1(d) of the Receivables Transfer Agreement as if they
were part of this Agreement. 
 Section 3.2 Representations and Warranties of the Purchaser. 

(a) The Purchaser makes the following representations and warranties to the Seller as of the date of this Agreement, and on which
representations and warranties the Seller shall rely in selling the Receivables. 
 (i) Organization and Good Standing. The Purchaser
has been duly organized, and is validly existing as a limited liability company and in good standing under the laws of the state of its formation, with all requisite limited liability company power and authority to own or lease its properties and to
conduct its business as such business is presently conducted and to enter into and perform its obligations pursuant to this Agreement. 

(ii) Due Qualification. The Purchaser is duly qualified to do business and is in good standing under the laws of each jurisdiction, and
has obtained all necessary licenses and approvals in all jurisdictions, in which the ownership or lease of its property or the conduct of its business requires such qualifications, licenses or approvals (including, as applicable, the origination,
purchase, sale, pledge and servicing of the Receivables) except where the failure to so qualify or obtain such license or approval could not reasonably be expected to result in a Material Adverse Effect. 

(iii) Power and Authority; Due Authorization. The Purchaser (i) has the power and authority to (A) execute and deliver this
Agreement and the other Transaction Documents to which it is a party and (B) carry out the terms of this Agreement and the other Transaction Documents to which it is a party and (ii) has duly authorized by all necessary action on its part
the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. 
 (iv) Binding
Obligation. This Agreement constitutes a legal, valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship,
insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(v) No Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof will not
(i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Purchaser’s certificate of formation or
by-laws, limited liability 

  
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company agreement, trust agreement or other constituent documents or any Contractual Obligation of the Purchaser, (ii) result in the creation or imposition of any Lien upon any of the
Purchaser’s properties, other than Liens permitted or created pursuant to the Transaction Documents, or (iii) violate any Applicable Law, in each case, except where such failure to comply could not reasonably be expected to have a Material
Adverse Effect with respect to the Purchaser. 
 (vi) No Proceedings. There are no proceedings or investigations pending or, to the
knowledge of the Purchaser, threatened against the Purchaser, before any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this
Agreement, (iii) challenging the enforceability of a material portion of the Receivables or (iv) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect with respect to the Purchaser. 

(vii) No Consents. All approvals, authorizations, consents, orders or other actions of any Person or of any Governmental Authority (if
any) required for the due execution, delivery and performance by the Purchaser of this Agreement have been obtained. 
 (b) Upon discovery by
the Seller or by the Purchaser of a breach of any of the representations and warranties set forth in Section 3.2(a), the party discovering such breach shall give prompt written notice to the other party. 

Section 3.3 Covenants of the Seller. The Seller hereby covenants as to the Receivables the Seller has sold to the Purchaser hereby
that: 
 (a) Delivery of Payments; Pre-Closing Collections. The Seller shall within two
(2) Business Days after the Closing Date, transfer all Collections received by it on or after the Cutoff Date with respect to any Receivable or related First Step Transferred Property to, or at the direction of, the Purchaser (or the Issuing
Entity or the Grantor Trust). The Seller shall inform the Servicer to deposit all amounts due in respect of the First Step Transferred Property to or at the direction of the Purchaser (or the Issuing Entity or the Grantor Trust). 

(b) Keeping of Records and Books of Account. The Seller will maintain and implement administrative and operating procedures (including
an ability to re-create records evidencing Receivables in the event of loss of access to the E-Vault Vault System of the Contracts maintained therein), and keep and
maintain all documents, books, records and other information, reasonably necessary or advisable for the collection of all Receivables and other First Step Transferred Property. 

(c) Security Interests. The Seller will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or
suffer to exist any Lien (other than Permitted Liens) on any portion of the Receivables or other First Step Transferred Property, whether now existing or hereafter transferred hereunder, or any interest therein, and the Seller will not sell, pledge,
assign or suffer to exist any Lien on its interest, if any, hereunder. The Seller will promptly notify the Purchaser of the existence of any Lien (other than Permitted Liens) on any portion of the Receivables or other First Step Transferred Property
and the Seller shall defend the 

  
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right, title and interest of the Purchaser (and the permitted assignees) in, to and under such Receivables and other First Step Transferred Property, against all claims of third parties;
provided, however, that nothing in this subsection shall prevent or be deemed to prohibit the Seller from suffering to exist Permitted Liens upon any portion of the First Step Transferred Property. 

ARTICLE IV 
 MISCELLANEOUS
PROVISIONS 
 Section 4.1 Amendment. 

(a) This Agreement may be amended, waived, supplemented or modified by a written amendment duly executed and delivered by the Seller and the
Purchaser, without the consent of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, any of the Noteholders, any of the Certificateholders or any other Person (i) to cure any ambiguity, (ii) to correct or supplement any
provision in this Agreement that may be defective or inconsistent with any other provision in this Agreement or any other Transaction Document or with any description thereof in the Prospectus, (iii) to add to the covenants, restrictions or
obligations of the Seller, (iv) to add, change or eliminate any other provision of this Agreement in any manner that shall not, as evidenced by an Opinion of Counsel, materially and adversely affect the interests of the Noteholders or
Unaffiliated Certificateholders, or (v) if the Rating Agency Condition is satisfied with respect to such amendment and the Depositor or the Administrator notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied
with respect to such amendment. 
 (b) This Agreement may be amended, waived, supplemented or modified by a written amendment duly executed
and delivered by the Seller, the Purchaser and the Indenture Trustee with the consent of the Certificateholders to add or supplement any credit enhancement for the benefit of the Noteholders of any class or the Certificateholders (provided that if
any such addition shall affect any class of Noteholders differently from any other class of Noteholders, then such addition shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any class of
Noteholders). 
 (c) This Agreement may be amended, waived, supplemented or modified by a written amendment duly executed and delivered by
the Seller, the Purchaser and the Indenture Trustee with the consent of the Requisite Noteholders as of the close of business on the preceding Distribution Date, or if no Notes (other than the Class XS Notes) are Outstanding, the Majority
Certificateholders (which consent, whether given pursuant to this Section 4.1 or pursuant to any other provision of this Agreement, shall be conclusive and binding on such Person and on all future holders of such Notes or
Certificates and of any Notes or Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon any Notes or Certificates) for the purpose of adding any provisions to, or
changing in any manner, or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment shall (a) without the
consent of the holder of the affected Note or Certificate, as applicable, increase or reduce the interest rate or principal amount of any Note or change the Final Scheduled Distribution Date of any Note or distributions on the Certificates,


  
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(b) increase or reduce the amount of the required Specified Reserve Account Balance or the Specified Class N Reserve Account Balance without the consent of all of the Noteholders or
Certificateholders then outstanding or (c) reduce the aforesaid percentage of Noteholders or Certificateholders required to consent to any such amendment, without the consent of the holders of all Notes or Certificates then outstanding, as the
case may be. 
 (d) It will not be necessary for the consent of Noteholders or Certificateholders pursuant to
Section 4.1(b) or (c) to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any
other consents of Noteholders and Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture
Trustee and Owner Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (e) No
amendment, waiver or other modification which adversely affects the rights, privileges, indemnities, duties or obligations of the Owner Trustee or the Grantor Trust Trustee under this Agreement shall be effective without such entity’s prior
written consent. 
 (f) Prior to the execution of any amendment pursuant to Section 4.1(b) or (c), the
Seller shall provide written notification of the substance of such amendment or consent to each Rating Agency and the Indenture Trustee; and promptly after the execution of any such amendment, the Seller shall furnish a copy of such amendment to
each Rating Agency, the Grantor Trust Trustee, the Owner Trustee and the Indenture Trustee. 
 (g) Notwithstanding anything to the contrary
herein, an Opinion of Counsel shall be delivered to the Purchaser, the Grantor Trust Trustee and the Owner Trustee to the effect that such amendment would not cause the Grantor Trust or the Issuing Entity to fail to qualify as a grantor trust for
United States federal income tax purposes. 
 Section 4.2 Protection of Right, Title and Interest in and to Receivables. 

(a) The Seller, at its expense, shall cause all financing statements and continuation statements, amendments, assignments and any other
necessary documents and notices, covering or evidencing the Purchaser’s right, title and interest in and to the Receivables and other First Step Transferred Property to be promptly recorded, registered and filed, and at all times to be kept
recorded, registered and filed, and take such other action, all in such manner and in such places as may be required by law, fully to preserve and protect the right, title and interest of the Purchaser hereunder in and to all of the Receivables and
such other First Step Transferred Property. The Seller shall deliver to the Purchaser file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording,
registration or filing. The Purchaser shall cooperate fully with the Seller in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this subsection. 

  
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 (b) Name Change. The Seller shall not change its State of organization or its name,
identity or entity structure in any manner that would, could or might make any financing statement or continuation statement filed by the Seller, Purchaser or Purchaser’s assigns seriously misleading within the meaning of the UCC, unless it
shall give the Purchaser written notice thereof at least five (5) Business Days prior to such change. 
 (c) Executive Office;
Maintenance of Offices. The Seller shall give the Purchaser written notice at least ten (10) Business Days prior to any relocation of its principal executive office if, as a result of such relocation, the applicable provisions of the UCC
would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement. The Seller shall at all times maintain each office from which it originates Receivables and its principal
executive office within the United States of America. 
 (d) New Debtor. In the event that the Seller shall change the jurisdiction in
which it is formed or otherwise enter into any transaction which would result in a “new debtor” (as defined in the UCC) succeeding to the obligations of the Seller hereunder, the Seller shall comply fully with the obligations of
Section 4.2(a). 
 (e) The Seller shall maintain its computer systems relating to contract record keeping so that,
from and after the time of sale of any Receivable under this Agreement, the Seller’s master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Purchaser (or assignees). 

Section 4.3 Governing Law; Consent to Jurisdiction; Waiver of Objection to Venue. THIS AGREEMENT AND THE FIRST STEP RECEIVABLES
ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN §§ 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)). EACH OF THE PARTIES HERETO HEREBY AGREES TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, LOCATED IN THE BOROUGH OF MANHATTAN AND THE FEDERAL
COURTS LOCATED WITHIN THE STATE OF NEW YORK IN THE BOROUGH OF MANHATTAN. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER OR UNDER THE FIRST STEP
RECEIVABLES ASSIGNMENT IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 

Section 4.4 Waiver of Jury Trial. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A
JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 

  
 12 













 Section 4.5 Notices. All demands, notices and communications upon or to the
Seller or the Purchaser under this Agreement shall be delivered as specified in Part III of Appendix A. 
 Section 4.6
Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable
from the remaining covenants, agreements, provisions and terms of this Agreement and shall in no way affect the validity or enforceability of the other covenants, agreements, provisions or terms of this Agreement. 

Section 4.7 Closing; Assignment; Conveyance of Receivables and First Step Transferred Property to the Issuing Entity. The transfer
of the Receivables contemplated by this Agreement shall take place at Carvana Headquarters, on the date hereof. This Agreement may not be assigned by the Purchaser or the Seller except as contemplated by this Section 4.7.
The Seller acknowledges that the Purchaser (or any permitted assign) may, pursuant to certain agreements, assign and convey the Receivables and the other First Step Transferred Property, together with its rights under this Agreement, to the Issuing
Entity under the Receivables Transfer Agreement and the Second Step Receivables Assignment (as defined in the Receivables Transfer Agreement) and that the Issuing Entity may make further assignments, conveyances and pledges of such rights and assets
to other Persons pursuant to the Indenture and the Receivables Contribution Agreement and that the Grantor Trust may make further assignments, conveyances and pledges pursuant to the Receivables Contribution Agreement and the Indenture. The Seller
acknowledges and consents to such assignments and pledges and waives any further notice thereof. Additionally, the Seller acknowledges that the Grantor Trust may assign the representations and warrants set forth in
Section 3.1(b) to any Third-Party Purchaser with respect to the sale of Charged-Off Receivables pursuant to a Forward Commitment Transfer. 

Section 4.8 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Purchaser or the
Seller, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. 

Section 4.9 Counterparts. This Agreement may be executed in two (2) or more counterparts (and by different parties on
separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by email or facsimile shall be effective as delivery of a
manually executed counterpart of this Agreement. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual
signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic
Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or
photocopied manual signature, or other electronic 

  
 13 













 
signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely
upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity
thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings. 

Section 4.10 Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto, the
Issuing Entity, the Grantor Trust and the Indenture Trustee and, to the extent expressly referenced herein, shall inure to the benefit of the Noteholders and the Certificateholders, who shall be considered to be a third party beneficiary hereof
(including beneficiaries of the representations and warranties set forth in Section 3.1(b)). Except as otherwise provided in this Agreement, no other Person will have any right or obligation hereunder. 

Section 4.11 Merger and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire
understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. This Agreement may not be modified, amended, waived or supplemented except as provided herein. 

Section 4.12 Headings. The headings herein are for purposes of references only and shall not otherwise affect the meaning or
interpretation of any provision hereof. 
 Section 4.13 Indemnification. The Seller shall indemnify and hold harmless the
Purchaser, the Issuing Entity, the Owner Trustee, the Grantor Trust, the Grantor Trust Trustee and their respective agents and assignees (each, an “Indemnified Person”) from and against any loss, liability, expense (including
reasonable and documented out of pocket external attorneys’ fees and costs) or damage suffered or sustained by reason of third party claims which may be asserted against or incurred by the Purchaser or any of the permitted assignees
(collectively, “Losses”) as a result of (i) the failure of a Receivable to be originated in compliance in all material respects with all requirements of Applicable Law, and (ii) breach of the Seller’s representations
and warranties contained herein and any failure by the Seller to comply with its obligations under Section 4.2 or Section 3.3(c); provided that the Seller’s repurchase obligation
for a breach of representations and warranties set forth in Section 3.1(b) hereof is the sole remedy therefor, except with respect to matters set forth in (i) above. Notwithstanding the foregoing, such indemnity shall
not be available to an Indemnified Person to the extent that such Losses (A) have resulted from the gross negligence, bad faith, fraud or willful misconduct of such Indemnified Person or (B) arise primarily due to the deterioration in the
credit quality or market value of the Receivables, Financed Vehicles or other First Step Transferred Property (or the underlying Obligors thereunder) or otherwise constituting credit recourse for the failure of an Obligor to pay any amount owing
with respect to any First Step Transferred Property. 
 Section 4.14 Survival. All representations, warranties, covenants,
indemnities and other provisions made by the Seller herein or in connection herewith shall be considered to have been relied upon by the Purchaser, and shall survive the execution and delivery of this Agreement. The terms of
Section 4.13 shall survive the termination of this Agreement. 

  
 14 













 Section 4.15 No Petition Covenant. Notwithstanding any prior termination of this
Agreement, the Seller shall not, prior to the date which is one year and one day after the final distribution with respect to the Notes (other than the Class XS Notes) to the Note Distribution Account or, with respect to the Certificates, to
the Certificateholders or the Certificate Distribution Account, acquiesce, petition or otherwise invoke or cause the Purchaser, the Issuing Entity or the Grantor Trust to invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Purchaser, the Issuing Entity or the Grantor Trust under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Purchaser, the Issuing Entity or the Grantor Trust or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of Purchaser, the Issuing Entity or the Grantor Trust
under any federal or State bankruptcy or insolvency proceeding. 
 [REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK] 

  
 15 













 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective officers as of the day and year first above written. 
  

			
	CARVANA, LLC,
	as Seller


 
			
		
	By:	 	  



 
			
	Name:
	Title:
	
	CARVANA RECEIVABLES DEPOSITOR LLC, as Purchaser


 
			
		
	By:	 	  



 
			
	Name:
	Title:


 [Signature Page to Receivables Purchase Agreement] 












 EXHIBIT A 

FORM OF 
 FIRST STEP
RECEIVABLES ASSIGNMENT 
 PURSUANT TO RECEIVABLES PURCHASE AGREEMENT 

On December 10, 2020, for value received, in accordance with the Receivables Purchase Agreement, dated as of December 10, 2020
(as amended, modified or supplemented from time to time, the “Receivables Purchase Agreement”), between Carvana, LLC, an Arizona limited liability company (the “Seller”), and Carvana Receivables Depositor
LLC, a Delaware limited liability company (the “Purchaser”), the Seller does hereby sell, assign, transfer, set over and otherwise convey unto the Purchaser, without recourse, all of the Seller’s right, title and interest in,
to and under the following property, whether now existing or hereafter created or acquired: 
 (i) the Receivables and all
instruments and all monies due or to become due or received by any Person in payment of any of the foregoing on or after the Cutoff Date; 

(ii) the Financed Vehicles securing such Receivables (including any such Financed Vehicles that have been repossessed), any
document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each Financed Vehicle; 

(iii) the Receivable Files and the Servicer Files related to such Receivables; 

(iv) all rights to payment under all Insurance Policies with respect to the Financed Vehicles or the Obligors, including any
monies collected from whatever source in connection with any default of an Obligor or with respect to any such Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy; 

(v) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or
arrangements of whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise; 

(vi) all rights to payment under all service contracts and other contracts and agreements associated with such Receivables;

 (vii) all Liquidation Proceeds related to any such Receivable received on or after the Cutoff Date; 

(viii) subject to the Transaction Documents and the Master Agency Agreement, all deposit accounts, monies, deposits, funds,
accounts and instruments relating to the foregoing (excluding payments or recoveries in respect of the Receivables received prior to the Cutoff Date); 

  
 Ex. A-1 













 (ix) the proceeds of any and all of the foregoing; and 

(x) all present and future claims, demands, causes of action and choses in action in respect of any of all of the foregoing and
all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property; all accounts,
general intangibles, chattel paper, instruments, documents, money, investment property, deposit accounts, letters of credit, letter-of-credit rights, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of obligations; and all other property which at any time constitutes all or part of or is included in the proceeds of any of the foregoing. 

It is the intention of the Seller and the Purchaser that the transfer and assignment of Receivables contemplated by the Receivables Purchase
Agreement and this First Step Receivables Assignment shall constitute an absolute and irrevocable sale of the First Step Transferred Property from the Seller to the Purchaser so that the beneficial interest in and title to the Receivables and the
other related First Step Transferred Property shall not be part of the Seller’s estate in the event of the filing of a petition for insolvency, receivership or conservatorship by or against the Seller or placement into receivership or
conservatorship of the Seller under any relevant bankruptcy, insolvency, receivership or conservatorship law. 
 The foregoing transfer and
assignment of the First Step Transferred Property contemplated by the Receivables Purchase Agreement and this First Step Receivables Assignment does not constitute and is not intended to result in any assumption by the Purchaser of any obligation of
the Seller, the Servicer or any other Person to the Obligors, insurers or any other Person in connection with the Receivables or the other related First Step Transferred Property, including any insurance policies or any agreement or instrument
relating to any of them. 
 THIS FIRST STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN §§ 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)).

 This First Step Receivables Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the
undersigned contained in the Receivables Purchase Agreement and is to be governed by the Receivables Purchase Agreement. 
 Capitalized
terms used herein and not otherwise defined herein shall have the meaning assigned to them in the Receivables Purchase Agreement. 

*    *    *    *    * 

  
 Ex. A-2 













 IN WITNESS WHEREOF, the undersigned has caused this First Step Receivables Assignment to be
duly executed as of the day and year first written above. 
  

			
	CARVANA, LLC,
	as Seller
		
	By:	 	  

	Name:
	Title:



  
 Ex. A-3 













 SCHEDULE A TO THE FIRST STEP RECEIVABLES ASSIGNMENT 

FIRST STEP SCHEDULE OF RECEIVABLES 

The First Step Schedule of Receivables is 

on file at the offices of: 
  

	 	1.	 The Indenture Trustee 



 

	 	2.	 The Servicer 


  

	 	3.	 The Seller 


  

	 	4.	 The Purchaser 


  

	 	5.	 The Issuing Entity 


  


	 	6.	 The Grantor Trust 



  
 Ex. A-4 













 EXHIBIT B 

RECEIVABLES REPRESENTATIONS AND WARRANTIES 

The Seller makes the following representations and warranties as to each Receivable: 

Characteristics of Receivables. Such Receivable: 

(1) was originated in the United States of America for the retail sale of a Financed Vehicle in the ordinary course of the Seller’s
business;  
 (2) was executed or electronically authenticated by the parties thereto; 

(3) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against
the Financed Vehicle; 
 (4) provides for level scheduled monthly payments that fully amortize the amount financed by maturity and yields
interest at the Annual Percentage Rate (except that the last payment may be smaller or greater than the level payments); 
 (5) is secured by
a Financed Vehicle; 
 (6) is a Simple Interest Receivable; 

(7) as of the Cutoff Date, was not considered a Delinquent Receivable for more than 30 days; 

(8) has an original term of not greater than 75 monthly payments; 

(9) has a Deal Score equal to or greater than 50; 

(10) has an Obligor with a FICO score equal to or greater than 590 at the time of origination; and 

(11) has a fixed Annual Percentage Rate of not more than 28%. 

Compliance with Law. Such Receivable and the sale of the related Financed Vehicle complied at the time it was originated or made and,
at the execution of this Agreement, complies in all material respects with all requirements of applicable federal, state and local laws and regulations thereunder, including usury laws, the federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Consumer
Financial Protection Bureau’s Regulations B and Z, and State adaptations of the National Consumer Act and of the Uniform Consumer Credit Code, and other consumer credit laws and equal credit opportunity and disclosure laws. 

Binding Obligation. Such Receivable represents the legal, valid and binding obligation of the related Obligor, enforceable in all
material respects by the holder thereof in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, affecting the enforcement of creditors’
rights generally, any state or federal consumer protection laws or regulations and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 

 

  
 Ex. B-1 













 No Government Obligor. Such Receivable is not due from the United States of America
or any State or from any agency, department or instrumentality of the United States of America or any State. 
 Security Interest in
Financed Vehicle. Immediately prior to the transfer of the Receivable by the Seller to the Depositor, such Receivable was secured by a valid, binding and enforceable first priority perfected security interest in favor of the Seller in the
related Financed Vehicle, or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in favor of the Seller in the Financed Vehicle, which security interest has
been validly assigned by the Seller to the Depositor. 
 Receivables in Force. The Receivable has not been satisfied, subordinated or
rescinded, nor has the related Financed Vehicle been released from the Lien granted by the related Receivable in whole or in part. 
 No
Waiver. No provision of the related Contract has been waived, amended or rewritten nor have any amounts due and owing thereunder deferred or waived (except waivers, amendments, rewrites, deferrals or waivers in all material respects in
accordance with the Customary Servicing Practices). 
 No Defenses. Such Receivable (a) is not subject to any offset,
counterclaim or defense whatsoever (except the discharge in bankruptcy of such Obligor), and (b) with respect thereto (i) there is no material breach, default, violation or event of acceleration existing under the related Contract, and
there is no event which, with the passage of time, or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration (excluding in the case of this clause (i) any payment
default continuing for a period of not more than 30 days as of the Cutoff Date) and (ii) to the best of the Seller’s knowledge, no right of rescission, setoff, counterclaim or defense shall have been asserted or threatened. 

No Liens. To the Seller’s knowledge, no liens or claims have been filed for work, labor or materials relating to the related
Financed Vehicle that are liens prior or equal to the security interest in the related Financed Vehicle granted by such Receivable. 

Insurance. At the time of origination by the Seller, the related Financed Vehicle was covered by an Insurance Policy that covers
physical loss or damage in at least the minimum amount required by the state in which the related Obligor resides, the related Obligor is required under the terms of the related Contract to maintain such Insurance Policy, and there are no
forced-placed insurance premiums added to the amount financed. 
 Certificate of Title. (a) A Title Lien Nominee is named as the
first lien holder on the Certificate of Title for the related Financed Vehicle, or if a new or replacement Certificate of Title is being or will be applied for with respect to such Financed Vehicle, documentation has been or will be submitted to
obtain title thereto noting such Person as lien holder and such title is 

  
 Ex. B-2 













 
free and clear of all Liens and adverse claims that are equal or superior to the Lien of such Person and its assigns and (i) if the Certificate of Title has not been received, the Collateral
Custodian will have received a copy of the title application within 45 days of the Closing Date and (ii) such Certificate of Title will be received within 180 days of the Closing Date or (b) in those states that permit electronic
recordation of Liens, such Person is named as the first lien holder on the Certificate of Title for the related Financed Vehicle on the electronic lien and title system of the applicable state, or the Servicer or the Seller has submitted for
electronic recordation, by either a third-party service provider or the relevant state registrar of titles, for such Person to be named as the lien holder on the Certificate of Title on the electronic lien and title system of the applicable state
and (i) if a confirmation has not been received, the Collateral Custodian will have received a copy of the electronic submission within 45 days of the Closing Date and (ii) a confirmation document is received within 180 days of the Closing
Date and such title is free and clear of all Liens and adverse claims that are equal or superior to the Lien of such Person and its assigns. 

No Bankruptcies. To the Seller’s knowledge, as of the Cutoff Date, the related Obligor on such Receivable is not currently the
subject of a bankruptcy proceeding. 
 No Repossessions. Such Receivable was not secured by a Financed Vehicle that had been
repossessed without reinstatement of the related Contract. As of the Cutoff Date, no investigation has been initiated by the Seller or an Affiliate of the Seller (excluding the Servicer and any subsidiary thereof) to determine the whereabouts of the
related Financed Vehicle or the related Obligor for the purposes of the repossession of the related Financed Vehicle. 
 Chattel
Paper. Such Receivable constitutes any of “chattel paper,” an “account,” an “instrument” or a “general intangible” as defined in the UCC. 

One Authoritative Copy or Original. Such Receivable is evidenced by only one Authoritative Copy, the record or records composing the
electronic chattel paper are created, stored and assigned in such a manner that (A) a single Authoritative Copy of the record or records exists which is unique, identifiable and unalterable (other than a revision that is readily identifiable as
an authorized or unauthorized revision) other than with the participation of the Collateral Custodian in the case of an addition or amendment of a permitted and identifiable assignee, (B) each copy of the Authoritative Copy and any copy of a
copy is readily identifiable as a copy that is not the Authoritative Copy, and (C) the Authoritative Copy has been communicated to and is maintained by the Collateral Custodian. 

Prepayment. Such Receivable provides that a prepayment by the related Obligor will fully pay the principal balance and accrued interest
through the date of prepayment based on such Receivable’s Annual Percentage Rate. 
 Origination Date. The Receivable was
originated at least eight days prior to the Cutoff Date. 

  
 Ex. B-3 













 APPENDIX A 

PART I - DEFINITIONS 
 2020-P 1 Vault Partition: The segregated vault partition of the E-Vault System established in the name of Carvana Auto Receivables Grantor Trust 2020-P1. 
 AAA: The American Arbitration Association. 

AAA Rules: The AAA’s Commercial Arbitration Rules and Mediation Procedures in effect as of the date of the commencement of the ADR Proceeding 

Account Holder: A bank or trust company, whose short-term unsecured debt obligations have the Required Deposit Rating, that holds one or more of the
Designated Accounts. 
 Acknowledgment and Agreement: That certain Acknowledgement and Agreement to the Master Agency Agreement, dated as of the
Closing Date. 
 Act: Has the meaning specified in Section 11.3 of the Indenture. 

Actual Loss Amount: With respect to an Indemnified Receivable: 

(A) if the Servicer has extended the date for final payment by the Obligor of such Receivable beyond the last day of the Collection Period immediately
preceding the latest Final Scheduled Distribution Date, then an amount equal to the outstanding Principal Balance as of the fifth Business Day preceding the latest Final Scheduled Distribution Date, and the related “Actual Loss Calculation
Date” shall be the fifth Business Day preceding the latest Final Scheduled Distribution Date; 
 (B) if the Servicer has reduced the APR with respect
to such Receivable other than as permitted by Section 2.2 of the Servicing Agreement, then an amount equal to the amount of the anticipated aggregate reduction in interest payments attributable to reduction of the APR over
the term of such Receivable, and the related “Actual Loss Calculation Date” shall be the last day of the Collection Period during which the Servicer made such reduction; 

(C) if the Servicer has reduced the APR with respect to such Receivable other than as permitted by Section 2.2 of the Servicing
Agreement, then an amount equal to the greater of (i) zero and (ii) the excess of the Indemnified Receivable Amount for such Receivable over the sum of all Collections (including Liquidation Proceeds and Actual Loss Amounts previously paid
by the Servicer with respect to such Receivable) received on such Receivable from and after the last day of the Collection Period ending immediately prior to the date of such reduction by the Servicer through the earliest date that (1) such
Receivable is paid in full, (2) all related Liquidation Proceeds expected to be received, if any, are received and (3) the last day of the Collection Period immediately preceding the latest Final Scheduled Distribution Date, and the
related “Actual Loss Calculation Date” shall be the last day of the earliest Collection Period during which such Receivable is paid in full, all related Liquidation Proceeds expected to be received, if any, are received and the last day of
the Collection Period immediately preceding the latest Final Scheduled Distribution Date; 












 (D) if the Servicer has reduced the Principal Balance with respect to such Receivable other than as
permitted by Section 2.2 of the Servicing Agreement, then an amount equal to such reduction, and the related “Actual Loss Calculation Date” shall be the last day of the Collection Period during which the Servicer
made such reduction; 
 (E) if the Servicer has reduced the Principal Balance with respect to such Receivable other than as permitted by
Section 2.2 of the Servicing Agreement, then an amount equal to the greater of (i) zero and (ii) the excess of the Indemnified Receivable Amount for such Receivable over the sum of all Collections (including
Liquidation Proceeds and Actual Loss Amounts previously paid by the Servicer with respect to such Receivable) received on such Receivable from and after the last day of the Collection Period ending immediately prior to the date of such reduction by
the Servicer through the earliest date that (1) such Receivable is paid in full, (2) all related Liquidation Proceeds expected to be received, if any, are received and (3) the last day of the Collection Period immediately preceding
the latest Final Scheduled Distribution Date, and the related “Actual Loss Calculation Date” shall be the last day of the earliest Collection Period during which such Receivable is paid in full, all related Liquidation Proceeds expected to
be received, if any, are received and the last day of the Collection Period immediately preceding the latest Final Scheduled Distribution Date; and 
 (F)
if the Servicer has breached Section 2.5 of the Servicing Agreement with respect to such Receivable and such breach materially and adversely affects the interests of the Grantor Trust, the Issuing Entity, the
Certificateholders, the Indenture Trustee or the Noteholders, then an amount equal to the greater of (i) zero and (ii) the excess of the Indemnified Receivable Amount for such Receivable over the sum of all Collections (including
Liquidation Proceeds and Actual Loss Amounts previously paid by the Servicer with respect to such Receivable) received on such Receivable from and after the last day of the Collection Period ending immediately prior to the date of such breach by the
Servicer through the earliest date that (1) such Receivable is paid in full, (2) all related Liquidation Proceeds expected to be received, if any, are received and (3) the last day of the Collection Period immediately preceding the
latest Final Scheduled Distribution Date, and the related “Actual Loss Calculation Date” shall be the last day of the earliest Collection Period during which such Receivable is paid in full, all related Liquidation Proceeds expected to be
received, if any, are received and the last day of the Collection Period immediately preceding the latest Final Scheduled Distribution Date. 
 Actual
Loss Calculation Date: With respect to any Indemnified Receivable shall have the applicable meaning set forth in the definition of Actual Loss Amount. 

Administration Agreement: That certain Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuing Entity, the Grantor
Trust and the Indenture Trustee. 
 Administrator: Carvana, LLC, an Arizona limited liability company, or any successor thereto in such capacity.

 ADR Proceeding: Either an Arbitration or a Mediation. 

Affiliate: With respect to any specified Person, any other Person controlling, controlled by or under common control with such specified Person. For
the purposes of this definition, “control” when 

  
 APP-2 













 
used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 Agency Office:
Has the meaning specified in Section 3.2 of the Indenture. 
 Aggregate Class A Interest Distributable
Amount: With respect to any Distribution Date, the sum of (i) the aggregate of the Note Class Interest Distributable Amount for each Class of the Class A Notes for such Distribution Date and (ii) the Class A
Interest Carryover Shortfall as of the close of the preceding Distribution Date. 
 Aggregate Class B Interest Distributable
Amount: With respect to any Distribution Date, the sum of (i) the Note Class Interest Distributable Amount for the Class B Notes for such Distribution Date and (ii) the Class B Interest Carryover Shortfall as of
the close of the preceding Distribution Date. 
 Aggregate Class C Interest Distributable Amount: With respect to any Distribution
Date, the sum of (i) the Note Class Interest Distributable Amount for the Class C Notes for such Distribution Date and (ii) the Class C Interest Carryover Shortfall as of the close of the preceding Distribution Date.

 Aggregate Class D Interest Distributable Amount: With respect to any Distribution Date, the sum of (i) the Note
Class Interest Distributable Amount for the Class D Notes for such Distribution Date and (ii) the Class D Interest Carryover Shortfall as of the close of the preceding Distribution Date. 

Aggregate Class N Interest Distributable Amount: With respect to any Distribution Date, the sum of (i) the Note
Class Interest Distributable Amount for the Class N Notes for such Distribution Date and (ii) the Class N Interest Carryover Shortfall as of the close of the preceding Distribution Date. 

Aggregate Note Principal Amount: With respect to the close of a Distribution Date, the sum of the aggregate outstanding principal amount for all
Classes of Notes. 
 Aggregate Noteholders’ Interest Distributable Amount: With respect to any Distribution Date, the sum of (i) the
Aggregate Class A Interest Distributable Amount for such Distribution Date, (ii) the Aggregate Class B Interest Distributable Amount for such Distribution Date, (iii) the Aggregate Class C Interest Distributable Amount for
such Distribution Date, (iv) the Aggregate Class D Interest Distributable Amount for such Distribution Date and (v) the Aggregate Class N Interest Distributable Amount for such Distribution Date. 

Aggregate Noteholders’ Principal Distributable Amount: With respect to any Distribution Date, the sum of (i) the Noteholders’
Regular Principal Distributable Amount for such Distribution Date and (ii) the Aggregate Noteholders’ Priority Principal Distributable Amount for such Distribution Date. 

  
 APP-3 













 Aggregate Noteholders’ Priority Principal Distributable Amount: With respect to any Distribution
Date, the sum of (i) the First Priority Principal Distributable Amount, (ii) the Second Priority Principal Distributable Amount, (iii) the Third Priority Principal Distributable Amount and (iv) the Fourth Priority
Principal Distributable Amount, each as of such Distribution Date. 
 Annual Percentage Rate or APR: With respect to a Receivable, the rate
per annum of finance charges stated in such Receivable as the “annual percentage rate” (within the meaning of the Federal Truth-in-Lending Act). 

Applicable Law: For any Person, all existing and future applicable laws, rules, regulations (including proposed, temporary and final income tax
regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority (including usury laws, the Federal
Truth-in-Lending Act, Regulation Z and Regulation B of the Consumer Financial Protection Bureau, the Securities Act and the Exchange Act), and applicable judgments,
decrees, injunctions, writs, orders or line action of any court, arbitrator or other administrative, judicial or quasi-judicial tribunal or agency of competent jurisdiction. 

Appointment Effective Date: Has the meaning specified in Section 2(a) of the Backup Servicing Agreement. 

Arbitration: A binding arbitration proceeding with AAA conducted pursuant to the rules set forth in the AAA Rules. 

Asset Representations Review: A review by the Asset Representations Reviewer as specified in the Asset Representations Review Agreement of all
Delinquent Receivables that have been Delinquent Receivables for more than 60 days as of the last day of the preceding Collection Period to determine whether such Delinquent Receivables satisfy the representations and warranties set forth in
Section 3.1(b) of the Receivables Purchase Agreement, each as of the Closing Date or such other date as specified in Section 3.1(b) of the Receivables Purchase Agreement. 

Asset Representations Review Agreement: The Asset Representations Review Agreement, dated as of the Closing Date, among the Issuing Entity, the Grantor
Trust, the Servicer, the Administrator and the Asset Representations Reviewer. 
 Asset Representations Review Notice: The notice from the Indenture
Trustee to the Asset Representations Reviewer, the Issuing Entity, the Administrator and the Servicer pursuant to Section 12.2(d) of the Indenture notifying the Asset Representations Reviewer that the Noteholders have
requested an Assets Representations Review. 
 Asset Representations Reviewer: Clayton Fixed Income Services LLC, as Asset Representations Reviewer,
and its successors (including any successor Asset Representations Reviewer named under the Asset Representations Review Agreement). 
 Assumption
Date: Has the meaning specified in Section 5.1(b) of the Servicing Agreement. 
 Authentication Order: As specified
in Section 2.2(d) of the Indenture. 

  
 APP-4 













 Authoritative Copy: With respect to any Electronic Contract, a copy of such Contract that is unique,
identifiable and, except as otherwise provided in Section 9-105 of the UCC, unalterable, and is marked “original” or has no watermark or other marking that would indicate that it is a
“copy” or “duplicate” or not an original or not an “authoritative” copy.  
 Authorized Officer: Any officer,
including any president, vice president, assistant vice president, treasurer, assistant treasurer, secretary, assistant secretary or corporate trust officer or any other officer performing functions similar to those performed by such officers. 

Available Funds: With respect to any Distribution Date, an amount equal to (a) the Collections for the related Collection Period and all proceeds
from the sale or other disposition of the Grantor Trust Collateral relating to the exercise by the Servicer (or its designee) of its clean-up call option pursuant to Section 6.1 of
the Servicing Agreement but excluding (i) any proceeds received from the sale of a Charged-Off Receivable to a Charged-Off Receivable Purchaser while the Grantor
Trust has repurchase obligations to such Charged-Off Receivable Purchaser with respect to such Charged-Off Receivable, (ii) Supplemental Servicing Fees and
(iii) Investment Earnings on any concentration account, the Collection Account, the Reserve Account and the Class N Reserve Account, minus (b) Servicer Liquidation Reimbursements for that Distribution Date and the related
Collection Period. 
 Backup Servicer: Vervent Inc., or its successor and assigns under the Backup Servicing Agreement. 

Backup Servicing Agreement: That certain Backup Servicing Agreement, dated as of the Closing Date, among the Backup Servicer, the Servicer, the Grantor
Trust and the Issuing Entity. 
 Backup Servicing Fee: The fee payable by the Issuing Entity to the Backup Servicer in the amount of $2,750 per month
plus reasonable expenses as set forth in the Backup Servicing Agreement, or, in the case of the initial Distribution Date, in the amount of $3,850 plus reasonable expenses as set forth in the Backup Servicing Agreement. 

Bankruptcy Code: The United States Bankruptcy Code (Title 11 of the United States Code). 

Bankruptcy Event: With respect to any Person, (i) the filing of a decree or order for relief by a court having jurisdiction in the premises in
respect of such Person in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of such Person, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days
or (ii) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an
involuntary case under any such law, or the consent by such Person to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of such Person, or the making by such Person of any
general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 

  
 APP-5 













 Benefit Plan Investor: Any of (i) an “employee benefit plan” as defined in
Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA, (ii) a “plan” as defined in and subject to Section 4975 of the Code, or (iii) any entity or account whose underlying assets include plan
assets by reason of investment by an employee benefit plan or plan in such entity or account. 
 Bid Percentage: 40% for Charged-Off Receivables for which the related Obligor is subject to a bankruptcy proceeding and for which the underlying vehicle has not yet been repossessed, sold, or declared a total loss; 1% for Charged-Off Receivables for which the underlying vehicle has been repossessed, sold and for which Liquidation Proceeds have been received; 80% for all other Charged-Off
Receivables. 
 Book-Entry Certificates: A beneficial interest in the Certificates, ownership and transfers of which shall be made through book
entries by a Clearing Agency as described in Section 3.2 of the Trust Agreement. 
 Book-Entry Notes: A beneficial interest
in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.10 of the Indenture. 

Business Day: Any day other than a Saturday, a Sunday or any other day on which banking institutions are not required or authorized to be closed in
Wilmington, Delaware, New York, New York, Minneapolis, Minnesota, the State of Arizona or the State in which the executive offices of the Servicer is located. 

Carvana Group Notes: The Notes held by the Depositor or an Affiliate of the Depositor. 

Carvana Headquarters: 1930 W. Rio Salado Parkway Tempe, AZ 85281. 

Certificate: The Certificates executed by the Issuing Entity and authenticated by the Owner Trustee in substantially the form set forth in Exhibit A to
the Trust Agreement. 
 Certificate Depository: The depository from time to time selected by the Administrator on behalf of the Issuing Entity in
whose name the Book-Entry Certificates are registered while Book-Entry Certificates are outstanding. Unless otherwise directed by the Administrator, the first Certificate Depository upon the issuance of Book-Entry Certificates shall be
Cede & Co., the nominee of the initial Clearing Agency.  
 Certificate Depository Agreement: The letter, dated as of the Closing
Date, by the Issuing Entity to The Depository Trust Company, as the initial Clearing Agency relating to the Book-Entry Certificates, as the same may be amended and supplemented from time to time.  

Certificate Distribution Account: The account, if applicable, designated as such, established and maintained pursuant to
Section 5.1(a) of the Trust Agreement.  
 Certificate of Title: With respect to a Financed Vehicle, (i) the
original certificate of title relating thereto, or copies of correspondence to the applicable Registrar of Titles, and all enclosures thereto, for issuance of the original certificate of title or (ii) if the applicable Registrar of Titles
issues a letter or other form of evidence of lien in lieu of a certificate of title (including electronic titling), either notification of an electronic recordation, by either a Title Intermediary or the applicable


  
 APP-6 













 
Registrar of Titles, or the original lien entry letter or form or copies of correspondence to such applicable Registrar of Titles, and all enclosures thereto, for issuance of the original lien
entry letter or form, which, in either case, shall name the related Obligor as the owner of such Financed Vehicle and the Servicer (or any subservicer, identified in writing to the Collateral Custodian by the Servicer), GFC Lending LLC, DT Credit
Company LLC or Administrator as secured party. 
 Certificate of Trust: The certificate of trust of the Issuing Entity substantially in the form of
Exhibit B to the Trust Agreement filed for the Issuing Entity pursuant to Section 3810(a) of the Statutory Trust Act. 
 Certificate Owner: The
owner of an interest in a Certificate.  
 Certificate Register: The register of Certificates specified in
Section 3.4 of the Trust Agreement.  
 Certificate Registrar: The registrar at any time of the Certificate
Register, appointed pursuant to Section 3.4(a) of the Trust Agreement.  
 Certificateholders: Any Holder of a
Certificate. 
 Charged-Off Receivable: A Receivable which has been charged off by the Servicer at the
earlier of (a) the date notice of intent to sell a repossessed vehicle expires or (b) the end of the calendar month in which more than 10% of a Scheduled Payment is 120 days or more past due from the scheduled due date for such payment.

 Charged-Off Receivable Purchaser: A purchaser of a Charged-Off
Receivable as contemplated by Section 2.3 of the Servicing Agreement. 
 Charged-Off
Receivable Schedule: The schedule describing the Charged-Off Receivables being sold to a Third-Party Purchaser, including the computer disk or tape describing such
Charged-Off Receivables for collections and due diligence purposes which shall include all relevant information on the Charged-Off Receivables and the related Obligors.

 Class: A class of Notes, which may be the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes, the
Class D Notes, the Class N Notes or the Class XS Notes. 
 Class A Interest Carryover Shortfall: With respect to
any Distribution Date, as of the close of business on such Distribution Date, the excess of (i) the Aggregate Class A Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually deposited in
the Note Distribution Account on such Distribution Date in respect of interest for the Class A Notes pursuant to Section 2.7(b) of the Indenture (or paid to the Class A Notes in respect of interest on such
Distribution Date pursuant to Section 2.7(e) of the Indenture). 
 Class A Notes: Collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes.  
 Class A-1 Notes: The 0.18822% Asset Backed Notes, Class A-1 in the initial aggregate principal amount of $56,000,000 issued pursuant to the Indenture. 

  
 APP-7 













 Class A-2 Notes: The 0.28% Asset Backed
Notes, Class A-2 in the initial aggregate principal amount of $120,000,000 issued pursuant to the Indenture. 

Class A-3 Notes: The 0.44% Asset Backed Notes,
Class A-3 in the initial aggregate principal amount of $115,000,000 issued pursuant to the Indenture. 

Class A-4 Notes: The 0.61% Asset Backed Notes,
Class A-4 in the initial aggregate principal amount of $75,930,000 issued pursuant to the Indenture. 

Class B Interest Carryover Shortfall: With respect to any Distribution Date, as of the close of business on such Distribution Date,
the excess of (i) the Aggregate Class B Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually deposited in the Note Distribution Account on such Distribution Date in respect of interest
for the Class B Notes pursuant to Section 2.7(b) of the Indenture (or paid to the Class B Notes in respect of interest on such Distribution Date pursuant to Section 2.7(e) of the
Indenture). 
 Class B Notes: The 0.92% Asset Backed Notes, Class B in the initial aggregate principal amount of $13,365,000
issued pursuant to the Indenture. 
 Class C Interest Carryover Shortfall: With respect to any Distribution Date, as of the close
of business on such Distribution Date, the excess of (i) the Aggregate Class C Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually deposited in the Note Distribution Account on such
Distribution Date in respect of interest for the Class C Notes pursuant to Section 2.7(b) of the Indenture (or paid to the Class C Notes in respect of interest on such Distribution Date pursuant to
Section 2.7(e) of the Indenture). 
 Class C Notes: The 1.32% Asset Backed Notes, Class C in the
initial aggregate principal amount of $17,212,000 issued pursuant to the Indenture. 
 Class D Interest Carryover Shortfall: With
respect to any Distribution Date, as of the close of business on such Distribution Date, the excess of (i) the Aggregate Class D Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually
deposited in the Note Distribution Account on such Distribution Date in respect of interest for the Class D Notes pursuant to Section 2.7(b) of the Indenture (or paid to the Class D Notes in respect of interest on
such Distribution Date pursuant to Section 2.7(e) of the Indenture). 
 Class D Notes: The 1.82% Asset
Backed Notes, Class D in the initial aggregate principal amount of $7,493,000 issued pursuant to the Indenture. 
 Class N Note
Interest Amount: The product of (i) the outstanding principal amount of the Class N Notes as of the close of the preceding Distribution Date (or, in the case of the first Distribution Date, the outstanding principal balance of such
Class N Notes on the Closing Date) and (ii) one-twelfth of the Interest Rate for such Class N Notes (or, in the case of the first Distribution Date, the Interest Rate for such Class N Notes
multiplied by a fraction, the numerator of which is 28 and the denominator of which is 360). 
 Class N Note Interest Carryover
Shortfall: With respect to any Distribution Date, as of the close of business on such Distribution Date, the excess of (i) the Class N Note Interest Distributable 

  
 APP-8 













 
Amount for such Distribution Date over (ii) the amount that was actually deposited in the Note Distribution Account on such Distribution Date in respect of interest for the Class N
Notes pursuant to Section 2.7(b) of the Indenture (or paid to the Class N Notes in respect of interest on such Distribution Date pursuant to Section 2.7(e) of the Indenture). 

Class N Note Interest Distributable Amount: The sum of (i) the Class N Note Interest Amount for such Distribution
Date and (ii) the Class N Interest Carryover Shortfall as of the close of the preceding Distribution Date. 
 Class N Note
Principal Amount: An amount equal to $15,000,000. 
 Class N Notes: The 2.84% Asset Backed Notes, Class N in the initial
aggregate principal amount of $15,000,000 issued pursuant to the Indenture. 
 Class N Reserve Account: The account designated as
such, established and maintained pursuant to Section 8.2(a) of the Indenture. 
 Class N Reserve Account
Draw Amount: (A) on any distribution date prior to the final scheduled distribution date for the Class N Notes, the amount, if any, by which the amount due pursuant to Section 2.7(b) (xiv)
for such Distribution Date exceeds the Available Funds for such Distribution Date; (B) on the final scheduled distribution date for the Class N Notes, the difference between Available Funds remaining after payment of clauses
(i) through (xvi) of Section 2.7(b) and the outstanding principal amount of the Class N Notes, plus accrued and unpaid interest thereon. 

Class N Reserve Account Initial Deposit: Cash or Eligible Investments having a value of at least $202,500. 

Class N Reserve Account Required Amount: $202,500. 

Class XS Notes: The Class XS Notes issued under the Indenture, which as of any Distribution Date will have a notional balance
equal to the Pool Balance as of the first day of the related Collection Period or, in the case of the initial Distribution Date, a notional balance equal to the Initial Pool Balance (in each case, rounded down to the nearest whole dollar). 

Clearing Agency: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. The initial Clearing
Agency shall be The Depository Trust Company.  
 Clearing Agency Participant: A securities broker, dealer, bank, trust company, clearing
corporation or other financial institution or other Person for whom from time to time a Clearing Agency effects book entry transfers and pledges of securities deposited with the Clearing Agency. 

Closing Date: December 10, 2020.  

Code: The Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated thereunder.  

Collateral: The Issuing Entity Collateral and the Grantor Trust Collateral.  

  
 APP-9 













 Collateral Custodian: Wells Fargo Bank, National Association, as Collateral Custodian, or another
collateral custodian named from time to time in the Collateral Custodian Agreement.  
 Collateral Custodian Agreement: The Collateral
Custodian Agreement, dated as of the Closing Date, among the Collateral Custodian, the Servicer, the Issuing Entity, the Grantor Trust, the Indenture Trustee and the Administrator. 

Collection Account: The account designated as such, established and maintained pursuant to Section 8.2(a) of the Indenture.

 Collection Period: With respect to a Distribution Date, the calendar month preceding the month in which such Distribution Date occurs;
provided, however, that with respect to the first Distribution Date, the Collection Period will be the period from and including the Cutoff Date to the end of the calendar month preceding such Distribution Date.  

Collections: All cash collections and other cash proceeds of the Receivables and Collateral, including all payments of principal, Interest Collections,
Supplemental Servicing Fees, Liquidation Proceeds, any amounts received in connection with any repurchase of any Receivable by the Seller under the Receivables Purchase Agreement, the Depositor under the Receivables Transfer Agreement, the Issuing
Entity under the Receivables Contribution Agreement and any amounts received from the Servicer in connection with any indemnification payments under Section 3.3(a) of the Servicing Agreement for breaches of certain
covenants and any funds received by the Issuing Entity, the Depositor or the Servicer from the Receivables and Collateral received during any Collection Period. 

Commission: The U.S. Securities and Exchange Commission. 

Contract: Any fully-executed retail installment sale contract, direct purchase money loan or conditional sale contract for a Financed Vehicle under
which an extension of credit is made in the ordinary course of business of the Sponsor and which is secured by the related Financed Vehicle. 

Contractual Obligation: With respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust or
material contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or is subject. 

Controlling Class: (a) So long as the Class A Notes are outstanding, the Class A Notes, (b) if the Class A Notes are no longer
outstanding but the Class B Notes are outstanding, the Class B Notes, (c) if the Class A Notes and the Class B Notes are no longer outstanding but the Class C Notes are outstanding, the Class C Notes and
(d) if the Class A Notes, the Class B Notes and the Class C Notes are no longer outstanding but the Class D Notes are outstanding, the Class D Notes. Neither the Class N Notes nor the Class XS Notes will be
the Controlling Class. 
 Corporate Trust Office: With respect to (i) the Indenture Trustee and the Collateral Custodian, the principal office
of such entity at which at any particular time its corporate trust business shall be administered, which office at the Closing Date is located at 600 S. 4th Street, MAC N9300-061, Minneapolis, MN 55415,
Attention: Corporate Trust Services – Asset-Backed Administration; and (ii) with respect to the Owner Trustee, the principal office of the Owner Trustee at which at any 

  
 APP-10 













 
particular time its corporate trust business shall be administered, which office at the Closing Date is located at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890,
Attention: Corporate Trust Administration, or at such other address as the Indenture Trustee, Collateral Custodian or Owner Trustee may designate from time to time by notice to the Certificateholders and the Depositor or the principal corporate
trust office of any successor Indenture Trustee, Collateral Custodian or Owner Trustee (the address of which the successor will notify the Noteholders, the Certificateholders and the Depositor). 

Credit Policy: The credit underwriting policy of the Sponsor, as amended, modified, restated, replaced or otherwise supplemented from time to time.

 Customary Servicing Practices: Means the customary servicing practices of the Servicer with respect to all comparable motor vehicle receivables
that the Servicer services for itself or others, as such practices may be changed from time to time. 
 Cutoff Date: November 18, 2020. 

 DBRS: means DBRS, Inc., or any successor to the business thereof. 

Deal Score: A proprietary scoring model of the Seller for internal and external reporting and portfolio monitoring purposes that produces scores that
range from 0 to 100, with higher scores indicating lower expected risk of negative loan performance. 
 Debt: The obligations, expressed in terms of
Unpaid Charge-Off Balances as identified in the Charged-Off Receivable Schedule. Nothing in this definition shall be deemed to imply that such debts are not legally
enforceable as a result of the expiration of applicable statute of limitations or other enforcement or collection restrictions affecting creditors’ rights generally. 

Default: Any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.  

Definitive Certificates: The Certificates issued in the form of definitive certificates pursuant to Section 3.2(a) or
Section 3.12 of the Trust Agreement.  
 Definitive Notes: The Notes issued in the form of definitive notes pursuant
to Section 2.12 of the Indenture.  
 Delinquency Percentage: For each Distribution Date and the related Collection
Period, the ratio (expressed as a percentage) of (i) the aggregate Principal Balance of all Delinquent Receivables held by the Issuing Entity that are more than 60 days delinquent to (ii) the aggregate Principal Balance of the Receivables,
in each case, as of the last day of the related Collection Period. 

  
 APP-11 













 Delinquency Trigger: With respect to each Collection Period set forth below, a “Delinquency
Trigger” shall occur in the event the Delinquency Percentage is greater than or equal to the Delinquency Trigger set forth below: 
  

					
	 Collection Period
	  	Delinquency Trigger	 
	 1 to 12
	  	 	2.00	% 
	 13 to 24
	  	 	2.50	% 
	 25 to 36
	  	 	3.50	% 
	 37 to 48
	  	 	4.00	% 
	 49 and After
	  	 	4.50	% 

 Delinquent Receivable: A Receivable with respect to which payment in excess of 10% of a Scheduled Payment has not been
received by the payment due date as of the end of the monthly period. 
 Deliver: (x) With respect to a document in a Receivable File other than
an Electronic Contract or an electronic Certificate of Title, to deliver physical possession of such Tangible Contract or other document via reputable overnight delivery service, (y) with respect to an Electronic Contract, to direct Wells Fargo
Bank, National Association, to transfer such Electronic Contract to the 2020-P1 Vault Partition and (z) with respect to electronic Certificates of Title, to cause the applicable Title Intermediary to
provide the Collateral Custodian with full electronic access to view such electronic Certificates of Title on the records of the Title Intermediary. The terms “Delivery” and “Delivered” shall have corollary
meanings. 
 Depositor: Carvana Receivables Depositor LLC, a Delaware limited liability company, and its successors and assigns.  

Depository Account: Those “depository” accounts initially established and maintained by the Servicer or an Affiliate thereof pursuant
to Section 3.1 of the Servicing Agreement and the Master Agency Agreement, or any successor accounts in the name of and maintained by the Servicer, its Affiliate or any Successor Servicer. 

Depository Account Bank: The national banking association or other depository institution at which a Depository Account is maintained. 

Designated Account Property: The Designated Accounts, all cash, investments, Financial Assets, securities and investment property held from time to
time in any Designated Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities or otherwise), including the Reserve Account Initial Deposit and the Class N Reserve Account Initial
Deposit, and all proceeds of the foregoing but excluding all Investment Earnings thereon. 
 Designated Accounts: The Collection Account, the Note
Distribution Account, the Reserve Account and the Class N Reserve Account, collectively. 
 Determination Date: The second Business Day prior to
any Distribution Date. 

  
 APP-12 













 Distribution Date: With respect to a Collection Period, the 8th day of the next succeeding calendar
month or, if such 8th day is not a Business Day, the next succeeding Business Day, commencing January 8, 2021.  
 Document Receipt: The
Document Receipt substantially in the form attached hereto as Exhibit B to the Collateral Custodian Agreement executed by the Collateral Custodian and delivered to the Administrator, the Indenture Trustee and the Servicer. 

Electronic Contract: A Contract that constitutes “electronic chattel paper” under and as defined in
Section 9-102(a)(31) of the UCC. 
 Eligible Deposit Account: Either (a) a segregated account with
an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or
any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as the long-term unsecured debt of such depository institution shall have a credit rating of BBB or better from
S&P or such equivalent rating by each Rating Agency which signifies investment grade. 
 Eligible Institution: Either (i) the corporate
trust department of the Indenture Trustee or the Owner Trustee, as applicable, or (ii) a depository institution organized under the laws of the United States of America or any State (or any domestic branch of a foreign bank), (A) which has
either (1) a long-term unsecured debt rating of AA or better by S&P Global Ratings, or such other rating that is acceptable to each Rating Agency or (2) a short-term unsecured debt rating or certificate of deposit rating acceptable of A-1+ by S&P Global Ratings, or such equivalent rating by each Rating Agency and (B) whose deposits are insured by the FDIC. 

Eligible Investments: Book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form which
evidence: 
  

	 	(i)	 direct obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the
United States of America; 


  

	 	(ii)	 demand deposits, time deposits or certificates of deposit of any depository institution or trust company
incorporated under the laws of the United States of America or any state thereof (or any domestic branch of a foreign bank) and subject to supervision and examination by Federal or State banking or depository institution authorities;
provided, however, that at the time of the investment or contractual commitment to invest therein, the commercial paper or other short-term unsecured debt obligations (other than such obligations the rating of which is based on the
credit of a Person other than such depository institution or trust company; provided that such Person has a credit rating from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations or
certificates of deposit granted thereby) thereof shall have a credit rating from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations or certificates of deposit granted thereby;




  
 APP-13 














	 	(iii)	 commercial paper having, at the time of the investment or contractual commitment to invest therein, a rating
from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations or certificates of deposit granted thereby; 



 

	 	(iv)	 investments in money market funds having a rating from each of the applicable Rating Agencies in the highest
investment grade category or money market or common trust funds having a rating from each of the applicable Rating Agencies in the highest investment grade category for short-term unsecured debt obligations or certificates of deposit granted thereby
(including funds for which the Indenture Trustee or the Owner Trustee or any of their respective affiliates is investment manager or advisor, so long as such fund shall have such rating); 



 

	 	(v)	 bankers’ acceptances issued by any depository institution or trust company referred to in clause
(ii) above; 


  

	 	(vi)	 repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the
United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with (A) a depository institution or trust company
(acting as principal) described in clause (ii) or (B) a depository institution or trust company (x) the deposits of which are insured by FDIC or (y) the counterparty for which has a rating from each of the Rating Agencies in
the highest investment grade category for short-term unsecured debt obligations, the collateral for which is held by a custodial bank for the benefit of the Trust or the Indenture Trustee, is marked to market daily and is maintained in an amount
that exceeds the amount of such repurchase obligation, and which is required to be liquidated immediately upon the amount of such collateral being less than the amount of such repurchase obligation (unless the counterparty immediately satisfies the
repurchase obligation upon being notified of such shortfall); and 


  

	 	(vii)	 commercial paper master notes having, at the time of the investment or contractual commitment to invest
therein, a rating from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations; 



in each case, maturing or if such Eligible Investment does not mature, being liquidated not later than the Business Day immediately preceding the next
Distribution Date. If KBRA is rating the Notes but has failed to provide a rating for a specified investment, then an equivalent required deposit rating may be obtained from another nationally recognized rating agency. Any such Eligible Investments
may be purchased by or through the Indenture Trustee or its Affiliates. 
 Entitlement Holder: Has the meaning given such term in Section 8-102(a)(7) of the New York UCC.  
 ERISA: The Employee Retirement Income Security Act of
1974, as amended.  
 E-Vault Access Agreement: The agreement between Wells Fargo Bank, National
Association and the E-Vault Provider governing the access of the Collateral Custodian to the E-Vault System and the maintenance of the
2020-P1 Vault Partition, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

  
 APP-14 













 E-Vault Provider: eOriginal, Inc. 

E-Vault System: The “eOriginal, Inc. Authoritative Copy System” maintained by the E-Vault Provider. 
 Event of Default: An event described in Section 5.1 of the
Indenture.  
 Excess Servicing Strip Amount: With respect to any Distribution Date, an amount equal to the Servicing Strip Amount less the
Servicing Fee. 
 Exchange Act: The Securities Exchange Act of 1934, as amended.  

Exported: With respect to a Contract, shall mean the Collateral Custodian has decommissioned the related electronic chattel paper and the Authoritative
Copy of such Contract is printed out pursuant to a “Paper Out”TM within the meaning specified in the System Description. “Export” and “Exporting”
shall have corollary meanings. 
 FATCA: Sections 1471 through 1474 of the Code (or any amended or successor version thereof) and any current or
future regulations or official interpretations thereof. 
 FATCA Withholding Tax: Any withholding or deduction pursuant to an agreement described in
Section 1471(b) of the Code or otherwise imposed pursuant to FATCA. 
 FDIC: Federal Deposit Insurance Corporation or any successor agency. 

Final Scheduled Distribution Date: With respect to a Class of Notes, the Distribution Date in the month and year set forth below opposite such
Notes: 
  

			
	Class A-1 Notes:	  	December 8, 2021;
	Class A-2 Notes:	  	November 8, 2023;
	Class A-3 Notes:	  	June 9, 2025;
	Class A-4 Notes:	  	October 8, 2026;
	Class B Notes:	  	November 9, 2026;
	Class C Notes:	  	November 9, 2026;
	Class D Notes:	  	September 8, 2027;
	Class N Notes:	  	September 8, 2027.

 The Class XS Notes do not have a Final Scheduled Distribution Date. 

Financed Vehicle: With respect to a Receivable, any used automobile, light-duty truck, minivan or sport utility vehicle, together with all accessions
thereto, securing the related Obligor’s indebtedness thereunder.  
 Financial Asset: Has the meaning given such term in Article 8 of the
New York UCC. As used herein, the Financial Asset “related to” a Security Entitlement is the Financial Asset in which the Entitlement Holder holding such Security Entitlement has the rights and property interest specified in Article 8 of
the New York UCC. 

  
 APP-15 













 Financial Parties: The Noteholders and the Certificateholders. 

First Priority Principal Distributable Amount: With respect to any Distribution Date, an amount equal to the excess, if any, of (i) the aggregate
outstanding principal amount of the Class A Notes as of, for the first Distribution Date, the Closing Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments made on the
Class A Notes on such preceding Distribution Date) over (ii) the Pool Balance as of the close of business on the last day of the related Collection Period; provided, however, that the First Priority Principal Distributable Amount
for each Distribution Date on and after the Final Scheduled Distribution Date for any Class of Class A Notes shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the outstanding
principal amount of the Class A Notes of such Class as of the day preceding such Distribution Date. 
 First Step Receivables Assignment:
As defined in Section 2.1 of the Receivables Purchase Agreement. 
 First Step Transferred Property: As defined in
Section 2.1 of the Receivables Purchase Agreement. 
 Form 10-D Disclosure Item:
With respect to any Person, (a) any legal Proceedings pending against such Person or of which any property of such Person is then subject, or (b) any Proceedings known to be contemplated by governmental authorities against such Person or
of which any property of such Person would be subject, in each case that would be material to the Noteholders. 
 Formation Documents: (i) With
respect to the Issuing Entity, the Certificate of Trust and the Trust Agreement, (ii) with respect to the Grantor Trust, the Grantor Trust Certificate of Trust and the Grantor Trust Agreement, and (iii) with respect to the Depositor, the
certificate of formation of the Depositor filed in Delaware, dated as of January 4, 2019 and the amended and restated limited liability company agreement of the Depositor, dated as of March 27, 2019, made by the Sponsor, as member. 

 Forward Commitment Transfer: Any agreement creating a commitment by the Grantor Trust or the Issuing Entity to sell
Charged-Off Receivables from time to time in the future to a Third-Party Purchaser. 
 Fourth Priority Principal
Distributable Amount: With respect to any Distribution Date, an amount, not less than zero, equal to the difference between (i) the excess, if any, of (a) the aggregate outstanding principal amount of Class A Notes, the
Class B Notes, the Class C Notes and the Class D Notes as of, for the first Distribution Date, the Closing Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments
made on the Notes on such preceding Distribution Date) over (b) the Pool Balance as of the close of business on the last day of the related Collection Period, and (ii) the sum of (a) the First Priority Principal Distributable
Amount, if any, with respect to such Distribution Date, (b) the Second Priority Principal Distributable Amount, if any, with respect to such Distribution Date, and (c) the Third Priority Principal Distributable Amount, if any, with respect
to such Distribution Date; provided, however, that the Fourth Priority Principal Distributable Amount for each Distribution Date on 

  
 APP-16 













 
and after the Final Scheduled Distribution Date for the Class D Notes shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the
outstanding principal amount of the Class D Notes as of the day preceding such Distribution Date. 
 Governmental Authority: With respect to any
Person, any nation or government, any State or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having
jurisdiction over such Person. 
 Grant: To mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create and
grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall
include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim, collect, receive and give receipt for principal and interest payments in respect of the
Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Granting party or otherwise
and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. Other forms of the verb “to Grant” shall have correlative meanings.  

Grantor Trust: Carvana Auto Receivables Grantor Trust 2020-P1, a statutory trust formed under the laws of the
State of Delaware. 
 Grantor Trust Agreement: The Amended and Restated Trust Agreement, dated as of the Closing Date, between the Issuing Entity and
the Grantor Trust Trustee. 
 Grantor Trust Certificate: The Grantor Trust Certificate executed by the Grantor Trust and authenticated by the Grantor
Trust Trustee in substantially the form set forth in Exhibit B to the Grantor Trust Agreement and evidencing a 100% undivided beneficial interest in the Grantor Trust. 

Grantor Trust Certificate Register: The register of Grantor Trust Certificates specified in Section 3.4 of the Grantor Trust
Agreement. 
 Grantor Trust Certificate Registrar: The registrar at any time of the Grantor Trust Certificate Register, appointed pursuant to
Section 3.4(a) of the Grantor Trust Agreement.  
 Grantor Trust Certificateholder: The Holder of a Grantor Trust
Certificate. 
 Grantor Trust Collateral: As defined in the Granting Clause of the Indenture.  

Grantor Trust Trustee: Wilmington Trust, National Association, acting not in its individual capacity, but solely as trustee for the Grantor Trust. 

Holder: The Person in whose name a Note or Certificate is registered on the Note Register or the Certificate Register, as applicable.  

  
 APP-17 













 Indemnified Receivable: A Receivable for which the Servicer is obligated to indemnify for an Actual
Loss Amount pursuant to Section 2.6 of the Servicing Agreement. 
 Indemnified Receivable Amount: With respect to any
Receivable that has become an Indemnified Receivable, the Principal Balance and accrued interest as of the last day of the Collection Period immediately preceding the Collection Period during which such Receivable first became an Indemnified
Receivable. 
 Indenture: The Indenture, dated as of the Closing Date, among the Issuing Entity, the Grantor Trust and the Indenture Trustee. 

 Indenture Trustee: Wells Fargo Bank, National Association, not in its individual capacity but solely as trustee under the Indenture, or any
successor trustee under the Indenture.  
 Independent: When used with respect to any specified Person, that the Person (i) is in fact
independent of the Issuing Entity, any other obligor upon the Notes, the Depositor and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuing
Entity, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuing Entity, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons as an
officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions but may provide services to the Issuing Entity, the Depositor or any Affiliate. 

Independent Certificate: A certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1 of the Indenture, made by an Independent appraiser or other expert appointed by an Issuing Entity Order and approved by the Indenture Trustee in the exercise of
reasonable care, and stating that the signer has read the definition of “Independent” in the Indenture and that the signer is Independent within the meaning thereof. 

Indirect Participant: A securities broker, dealer, bank, trust company or other Person that clears through or maintains a custodial relationship with a
Clearing Agency Participant, either directly or indirectly.  
 Initial Pool Balance: $405,000,000.11. 

Initial Servicer: Bridgecrest Credit Company, LLC. 

Insurance Policy: With respect to any Receivable, (i) an insurance policy covering physical damage to or loss of the related Financed Vehicle or
(ii) any lender’s single interest, credit life, disability, hospitalization and similar insurance policies with respect to the related Obligor.  

Insurance Proceeds: Any amounts payable or any payments made under any Insurance Policy.  

Interest Collections: All amounts received in respect of any interest, or other similar charges on a Receivable (excluding late fees, extension fees,
insufficient funds fees and other administrative fees and expenses), from or on behalf of Obligors that are to be deposited into the Collection Account. 

  
 APP-18 













 Interest Rate: With respect to each Class of Notes (other than the Class XS Notes), the per
annum rate set forth below: 
  

					
	 Class A-1 Notes:
	  	 	0.18822	%; 
	 Class A-2 Notes:
	  	 	0.28	%; 
	 Class A-3 Notes:
	  	 	0.44	%; 
	 Class A-4 Notes:
	  	 	0.61	%; 
	 Class B Notes:
	  	 	0.92	%; 
	 Class C Notes:
	  	 	1.32	%; 
	 Class D Notes:
	  	 	1.82	%; 
	 Class N Notes:
	  	 	2.84	%; 

 The Class XS Notes do not have an Interest Rate. 

Investment Earnings: Investment earnings on funds deposited in the Designated Accounts, net of losses and investment expenses. The Servicer is
entitled to receive all Investment Earnings on the funds in its concentration accounts prior to remittance of the Collections to the Collection Account. The Depositor is entitled to receive all Investment Earnings on the funds in the Collection
Account, the Reserve Account and the Class N Reserve Account. 
 Investment Fund: First, Goldman Sachs Financial Square Government Fund for so
long as Goldman Sachs Financial Square Government Fund is an Eligible Investment. If Goldman Sachs Financial Square Government Fund ceases to be an Eligible Investment, the funds deposited in each of the Designated Accounts shall second be held in
Wells Fargo Government Money Market Fund for so long as Wells Fargo Government Money Market Fund is an Eligible Investment. If Wells Fargo Government Money Market Fund ceases to be an Eligible Investment, the funds deposited in each of the
Designated Accounts shall third be held in Wells Fargo Treasury Plus Money Market Fund for so long as Wells Fargo Treasury Plus Money Market Fund is an Eligible Investment. If Wells Fargo Treasury Plus Money Market Fund ceases to be an Eligible
Investment, the funds deposited in each of the Designated Accounts shall be invested at the written direction of the Administrator in a money market mutual fund that is an Eligible Investment and has a principal investment strategy and an investment
objective that are each substantially identical to Goldman Sachs Financial Square Government Fund. The Administrator shall deliver written instructions to the Indenture Trustee with respect to any change to be made in connection with the Investment
Funds in which the funds are to be invested. 
 Issuing Entity: Carvana Auto Receivables Trust 2020-P1, a
Delaware statutory trust created by the Certificate of Trust and described in the Trust Agreement.  
 Issuing Entity Collateral: As
defined in the Granting Clause of the Indenture.  
 Issuing Entity Order: A written order signed in the name of the Issuing Entity by any one
of its Authorized Officers and delivered to the Indenture Trustee. 
 Issuing Entity Request: A written request signed in the name of the Issuing
Entity by any one of its Authorized Officers and delivered to the Indenture Trustee. 
 KBRA: Kroll Bond Rating Agency, LLC, or any successor to the
business thereof. 

  
 APP-19 













 Lien: Any mortgage, lien, pledge, charge, adverse claim, security interest or encumbrance of any kind
other than tax liens, mechanics’ liens and any liens that attach by operation of law.  
 Liquidation Expenses: For any Charged-Off Receivable and the related Financed Vehicle, the reasonable out-of-pocket expenses (exclusive of overhead) incurred by the
Servicer with respect to the collection, repossession, enforcement, disposition and liquidation of a Receivable. 
 Liquidation Proceeds: For any
Collection Period and any Charged-Off Receivable, the amount (which shall not be less than zero) received by the Servicer and deposited into the Collection Account after a Receivable becomes a Charged-Off Receivable, in connection with the attempted realization of the full amounts due or to become due under such Receivable, whether from the sale or other disposition of the related Financed Vehicle, the
proceeds of repossession or any collection effort, the proceeds of recourse or similar payments payable under the related Receivable, receipt of Insurance Proceeds or otherwise, net of Liquidation Expenses and any amounts required by law to be
remitted to the related Obligor. 
 Majority Certificateholders: Certificateholders holding in the aggregate more than 50% of the Voting Interests.
 
 Master Agency Agreement: The Amended and Restated Master Depository Accounts and Post Office Boxes and Agency Agreement, dated as of
December 16, 2005, among Bridgecrest Credit Company, LLC, Bridgecrest Acceptance Corporation, DriveTime Car Sales, Inc., The Royal Bank of Scotland
(successor-in-interest to Greenwich Capital Financial Products, Inc.), Wells Fargo Bank, National Association, Wilmington Trust Company, in its capacity of owner trustee
of certain “Current Trusts” identified therein, and such other persons or entities that became a party to the Agreement pursuant to the terms thereof pursuant to any applicable acknowledgment and agreement, as amended by that Amendment
No. 1 to Amended and Restated Master Depository Accounts and Post Office Boxes and Agency Agreement dated as of March 14, 2018 and as further amended, restated, modified or supplemented from time to time. 

Material Adverse Effect: With respect to any Person and to any event or circumstance, a material adverse effect on (i) the business, financial
condition, operations or properties of such Person, (ii) the validity or enforceability against such Person of any Transaction Document, (iii) the ability of such Person to perform its obligations under any Transaction Document to which it
is a party or (iv) the rights and remedies, taken as a whole, of the Indenture Trustee under any Transaction Document. 
 Mediation: A non-binding mediation or arbitration proceeding with AAA conducted pursuant to the rules set forth in the AAA Rules. 

New York UCC: The UCC in effect on the Closing Date in the State of New York and as may be amended from time to time. 

Note Class Interest Distributable Amount: With respect to any Class of Notes (other than the Class XS Notes) and any
Distribution Date, the product of (i) the outstanding principal amount of such Class of Notes (other than the Class XS Notes) as of the close of the preceding Distribution Date (or, in the case of the first Distribution Date, the
outstanding principal balance of such Class of 

  
 APP-20 













 
Notes on the Closing Date) and (ii) (a) in the case of the Notes, other than the Class A-1 Notes,
one-twelfth of the Interest Rate for such Class (or, in the case of the first Distribution Date, the Interest Rate for such Class multiplied by a fraction, the numerator of which is 28 and the
denominator of which is 360) and (b) in the case of the Class A-1 Notes, the product of the Interest Rate for such Class of Notes for such Distribution Date and a fraction, the numerator of
which is the number of days elapsed from and including the prior Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date), to but excluding that Distribution Date and the denominator of which is 360.

 Note Depository: The depository from time to time selected by the Indenture Trustee on behalf of the Issuing Entity in whose name the Notes are
registered prior to the issue of Definitive Notes. The first Note Depository shall be Cede & Co., the nominee of the initial Clearing Agency. 

Note Depository Agreement: The letter, dated as of the Closing Date, by the Issuing Entity to The Depository Trust Company, as the initial Clearing
Agency relating to the Notes, substantially in the form of Exhibit B to the Indenture, as the same may be amended and supplemented from time to time. 

Note Distribution Account: The account designated as such, established and maintained pursuant to Section 8.2(a) of the
Indenture. 
 Note Owner: With respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the
books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an Indirect Participant, in each case in accordance with the rules of such Clearing Agency).

 Note Register: With respect to any Class of Notes, the register of such Notes specified in Section 2.4 of the
Indenture. 
 Note Registrar: The registrar at any time of the Note Register, appointed pursuant to Section 2.4 of the
Indenture. 
 Noteholder FATCA Information: With respect to any Noteholder or Note Owner, information sufficient to eliminate the imposition of, or
determine the amount of, U.S. withholding tax under FATCA. 
 Noteholder Tax Identification Information: With respect to any Noteholder or Note
Owner, properly completed and signed tax certifications (generally, in the case of U.S. Federal Income Tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a “United States
Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a “United States Person”
within the meaning of Section 7701(a)(30) of the Code). 
 Noteholders: Holders of record of the Notes pursuant to the Indenture and, with
respect to any Class of Notes, holders of record of such Class of Notes pursuant to the Indenture. 

  
 APP-21 













 Noteholders’ Regular Principal Distributable Amount: With respect to the Notes (other than the
Class N Notes), for any Distribution Date, the lesser of: 
 (A) the Aggregate Note Principal Amount (other than the
Class N Notes) as of the close of the immediately preceding Distribution Date reduced by the Aggregate Noteholders’ Priority Principal Distributable Amount, if any, with respect to such Distribution Date; and 

(B) the remainder, if any, of: 

(1) the excess of the (x) sum of the Aggregate Note Principal Amount (other than the Class N Notes) as of the day preceding such
Distribution Date and the Overcollateralization Target Amount for such Distribution Date over (y) the Pool Balance as of the close of business on the last day of the related Collection Period minus 

(2) the Aggregate Noteholders’ Priority Principal Distributable Amount, if any, with respect to such Distribution Date. 

Notes: The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class N Notes and the Class XS Notes.

 Obligor: Each Person obligated to make payments on or pursuant to a Contract, including any guarantor thereof.  

Officer’s Certificate: With respect to any Person, a certificate signed by any officer of such Person. 

Opinion of Counsel: With respect to any Person, a written opinion of counsel, who may, except as otherwise expressly provided, be an employee of the
Depositor, the Administrator or the Servicer, and who is reasonably acceptable to the Indenture Trustee, the Owner Trustee or the Rating Agencies, as applicable. 

Optional Purchase Balance: The product of (i) the Initial Pool Balance as of the Cutoff Date; and (ii) 5%. 

Optional Purchase Date: The date on which the Servicer exercises its optional purchase right pursuant to Section 6.1 of the
Servicing Agreement. 
 Outstanding: With respect to the Notes, as of the date of determination, all Notes theretofore authenticated and delivered
under the Indenture except: 
 (i)    Notes theretofore cancelled by the Indenture Trustee or delivered to the Indenture
Trustee for cancellation; 
 (ii)    Notes or portions thereof the payment for which money in the necessary amount has
been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes; provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or
provision for such notice must have been made in a manner satisfactory to the Indenture Trustee, has been made; and 

(iii)    Notes in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to the
Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser; 

  
 APP-22 













 provided, however, that in determining whether the Holders of the requisite Outstanding Amount
of the Notes or of the Controlling Class have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Transaction Document, Notes both legally and beneficially owned by the Issuing Entity, any other
obligor upon the Notes, any Certificateholder or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only Notes that the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Indenture Trustee the pledgor’s right so to act with respect to such Notes and that the pledgee is not the Issuing Entity, any other obligor upon the Notes, the Depositor or any Affiliate of any of
the foregoing Persons. 
 Outstanding Amount: The aggregate principal amount of all Notes, or a Class of Notes, as applicable, Outstanding at
the date of determination. 
 Overcollateralization Target Amount: As of any Distribution Date, 1.50% of the initial Pool Balance. 

Owner of Record: The meaning set forth in the System Description. 

Owner Trust Estate: All right, title and interest of the Issuing Entity in and to any and all assets, including the property and rights assigned to the
Issuing Entity pursuant to the Receivables Transfer Agreement.  
 Owner Trustee: Wilmington Trust, National Association, acting not in
its individual capacity, but solely as trustee for the Issuing Entity.  
 Party: With respect to each Transaction Document, each Person that
is a party to such Transaction Document, and its permitted successors and assigns. 
 Paying Agent: With respect to the Indenture, the Indenture
Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is authorized by the Issuing Entity to make the payments to and distributions from
the Collection Account, the Reserve Account, the Class N Reserve Account and the Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuing Entity. With respect to the Trust Agreement, any
paying agent or co-paying agent appointed pursuant to Section 3.9 of the Trust Agreement that is authorized by the Owner Trustee to make distributions from the Certificate
Distribution Account on behalf of the Issuing Entity. The initial Paying Agent under the Trust Agreement shall be Wilmington Trust, National Association.  

Percentage Interest: With respect to a Certificate, the individual percentage interest of such Certificate, which shall be specified on the face
thereof and which shall represent the percentage of certain distributions of the Issuing Entity beneficially owned by such Certificateholder. The sum of the Percentage Interests for all of the Certificates shall be 100%.  

Permitted Liens: Any of (a) Liens created pursuant to this Agreement or any other Transaction Document, (b) with respect to each Designated
Account, a Lien in favor of the Indenture Trustee, 

  
 APP-23 













 
as applicable, (c) tax liens, mechanics’ liens and other Liens that arise by operation of law, in each case on any of the Financed Vehicles and arising solely as a result of an action
or omission of the related Obligor or (d) the Lien noted on the Certificate of Title related to a Financed Vehicle in favor of the Servicer, a Subservicer, GFC Lending LLC, DT Credit Company LLC or Administrator. 

Permitted Modifications: Has the meaning specified in Section 2.2 of the Servicing Agreement. 

Person: Any legal person, including individual, partnership, corporation, limited liability company, joint stock company, trust, unincorporated
association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof) or other entity.  
 Physical
Property: (i) Bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of
Section 9-102(a)(47) of the New York UCC and are susceptible of physical delivery and (ii) Security Certificates.  

Pool Balance: As of the last day of any Collection Period, the sum of the Principal Balances of the Receivables as of such last day;
provided, however, that if the Receivables are purchased in connection with a clean-up call option or are sold or otherwise liquidated by the Indenture Trustee following an Event of Default
pursuant to Section 5.4(a) of the Indenture, the Pool Balance shall be deemed to be zero as of the last day of the Collection Period during which such purchase, sale or other liquidation occurs. 

Pool Factor: With respect to any Class of Notes and any Distribution Date (other than the Class XS Notes), an amount expressed to the third
decimal place and computed by the Servicer which is equal to the Note Principal Amount for such Class as of the close of such Distribution Date divided by the initial Note Principal Amount for such Class. 

Predecessor Note: With respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note.  
 Preliminary Prospectus: The Preliminary Prospectus of the Issuing Entity, dated as
of November 30, 2020. 
 Principal Balance: With respect to any Receivable as of any date of determination, the outstanding principal balance of
such Receivable as of such day; provided that as of the date on which a Receivable becomes a Charged-Off Receivable, the Principal Balance of such Receivable shall be zero. 

Proceeding: Any suit in equity, action at law or other judicial or administrative proceeding.  

Prospectus: The final Prospectus of the Issuing Entity, dated as of December 3, 2020. 

protected purchaser: As defined in Section 8-303 of the applicable UCC, and provided that the
requirements of Section 8-405 of the applicable UCC are met. 

  
 APP-24 













 Purchase Amount: With respect to a Distribution Date and to (1) a Purchased Receivable (other
than a Receivable purchased pursuant to Section 6.1 of the Servicing Agreement, which shall be purchased at the price set forth in such section), purchased on or prior to last day of the related Collection Period a payment
equal to the Principal Balance and accrued interest as of the last day of the related Collection Period and (2) an Indemnified Receivable, a payment equal to the Actual Loss Amount. 

Purchase Price: With respect to a Charged-Off Receivable, the Unpaid
Charge-Off Balance set forth in the related Charged-Off Receivable Schedule multiplied by the applicable Bid Percentage. 

Purchased Receivable: A Receivable purchased or repurchased, as applicable, as of the close of business on the last day of a Collection Period by
(a) the Seller pursuant to Section 3.1(d) of the Receivables Purchase Agreement, (b) the Servicer pursuant to Section 6.1 of the Servicing Agreement,(c) the Depositor pursuant to
Section 3.1(c) of the Receivables Transfer Agreement or the (d) the Issuing Entity pursuant to Section 3.2 of the Receivables Contribution Agreement. 

Rating Agencies: As of any date, the nationally recognized statistical rating organizations requested by the Depositor to provide ratings on the Notes
which are rating the Notes on such date. 
 Rating Agency Condition: With respect to any action, the condition that (a) each Rating Agency shall
have been given at least ten (10) Business Days prior written notice of that action and (b) none of the Sponsor, the Depositor, the Issuing Entity or the Indenture Trustee shall have received notice from any Rating Agency that such action
shall result in a downgrade or withdrawal of the then current rating of the Notes. Each entity listed above shall inform the other entities listed above of whether or not it has received notice from the Rating Agencies prior to the taking of the
actions at issue. 
 Receivable: A Contract that is included in any Schedule of Receivables and all rights to receive all payments of all amounts due
and payable thereunder (excluding amounts comprising Supplemental Servicing Fees) and performance of all other obligations by the Obligor thereunder; provided that once the Indenture Trustee has released its security interest in a Receivable and the
related Contract in accordance with the terms of the Indenture, such Receivable shall no longer be a Receivable hereunder.  
 Receivable
File: With respect to each Receivable and the related Contract, the original Contract and the Certificate of Title or evidence that such Certificate of Title has been applied for. For the avoidance of doubt, an Authoritative Copy of an
electronic document shall constitute an original.  
 Receivables Contribution Agreement: The Receivables Contribution Agreement, dated as of
the Closing Date, between the Issuing Entity and the Grantor Trust. 
 Receivables Purchase Agreement: The Receivables Purchase Agreement, dated as
of the Closing Date, between the Sponsor and the Depositor. 
 Receivables Purchase Price: With respect to the Receivables transferred on the Closing
Date, $446,251,625,37. 

  
 APP-25 













 Receivables Transfer Agreement: The Receivables Transfer Agreement, dated as of the Closing Date,
between the Depositor and the Issuing Entity. 
 Record Date: (i) With respect to the Notes and with respect to any Distribution Date, the close
of business on the Business Day immediately preceding such Distribution Date, or if Definitive Notes are issued for any Class of Notes, with respect to such Class of Notes the last day of the preceding Collection Period and (ii) with
respect to the Book-Entry Certificates and with respect to any Distribution Date, the close of business on the Business Day immediately preceding such Distribution Date, or if Definitive Certificates are issued, the last day of the preceding
Collection Period.  
 Redemption Date: As defined in Section 10.1 of the Indenture. 

Redemption Price: With respect to the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes, the
Class D Notes and the Class N Notes, the unpaid principal amount of such Class A-1 Notes, Class A-2 Notes,
Class A-3 Notes, the Class A-4 Notes, Class B Notes, Class C Notes, Class D Notes or Class N Notes, plus accrued and unpaid interest
thereon. With respect to the Class XS Notes, any Excess Servicing Strip Amount due and payable as of such date. 
 Registrar of Titles: With
respect to any State, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon.  

Regulation AB: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1125, as such may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting releases (Asset-Backed
Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release
No. 33-9638, 79 Fed. Reg. 57, 184 (September 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

Regulation RR: Regulation RR, 17 C.F.R. §246.1, et seq. 

Repurchase Event: As defined in Section 3.1(d) of the Receivables Purchase Agreement. 

Repurchase Request: A request to repurchase a Receivable pursuant to Section 3.1(d) of the Receivables Transfer Agreement.

 Requesting Party: The party that provided the Repurchase Request pursuant to the Receivables Transfer Agreement. 

Required Deposit Rating: A rating on short-term unsecured debt obligations of A-2 by S&P Global Ratings or
K1+ by KBRA, or such equivalent rating by each applicable Rating Agency, unless otherwise agreed to by S&P Global Ratings and each other applicable Rating Agency. Any requirement that short-term unsecured debt obligations have the “Required
Deposit Rating” shall mean that such short-term unsecured debt obligations have the foregoing required ratings from each of such applicable rating agencies. 

  
 APP-26 













 Required Payment Amount: The sum of items (i) through (xiii) set forth in
Section 2.7(b) of the Indenture. 
 Requisite Noteholders: Holders of Notes evidencing not less than a majority of the
Outstanding Amount of the Controlling Class. 
 Reserve Account: The account designated as such, established and maintained pursuant to
Section 8.2(a) of the Indenture. 
 Reserve Account Amount: For any Distribution Date, the amount on deposit in and
available for withdrawal from the Reserve Account on such Distribution Date (after giving effect to all deposits to and withdrawals from the Reserve Account on the preceding Distribution Date, or, in the case of the initial Distribution Date, the
Closing Date), excluding all interest and other income (net of losses and investment expenses) earned on such amount during the preceding Collection Period. 

Reserve Account Draw Amount: For any Distribution Date, prior to the acceleration of the Notes due to an Event of Default, the lesser of (A) the
amount, if any, by which the Required Payment Amount for such Distribution Date exceeds the Available Funds for such Distribution Date and (B) the Reserve Account Amount for such Distribution Date (before giving effect to any deposits to or
withdrawals from the Reserve Account on such Distribution Date). For any Distribution Date immediately after the acceleration of the Notes due to an Event of Default, the Reserve Account Amount for such Distribution Date (before giving effect to any
withdrawals from the Reserve Account on such Distribution Date). 
 Reserve Account Initial Deposit: Cash or Eligible Investments having a value of
at least $2,025,000. 
 Reserve Account Property: (i) The Reserve Account and all proceeds thereof (other than the Investment Earnings thereon)
including all cash, investments, investment property and other amounts held from time to time in the Reserve Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or
otherwise) and (ii) the Reserve Account Initial Deposit and all proceeds thereof (other than the Investment Earnings thereon). 
 Reserve Account
Required Amount: $2,025,000. 
 Responsible Officer: With respect to the (a) Indenture Trustee or Collateral Custodian, any officer within
the corporate trust office of the Indenture Trustee or Collateral Custodian, as applicable, with direct responsibility for the administration of the Transaction Documents, and also, with respect to a particular matter, any other officer to whom such
matter is referred because of such officer’s knowledge of and familiarity with the particular subject, (b) Servicer, the President, any Vice President, Assistant Vice President, Secretary, Assistant Secretary or any other officer or
assistant officer of such Person, in each case customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and 

  
 APP-27 













 
familiarity with the particular subject and (c) Owner Trustee or the Grantor Trust Trustee, any officer within the Corporate Trust Office of the Owner Trustee or the Grantor Trust Trustee
with direct responsibility for the administration of the Trust Agreement or the Grantor Trust Agreement, as applicable, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject. 
 Retained Certificates: The Certificates initially retained by the Depositor or a Person
treated as the same Person as the Depositor for U.S. federal income tax purposes pursuant to the Trust Agreement. 
 Retained Notes: The Notes
initially retained by the Depositor or a Person treated as the same Person as the Depositor for U.S. federal income tax purposes. 
 Review
Receivable: Has the meaning designated in Section 1.02 of the Asset Representations Review Agreement. 

“S&P” means S&P Global Ratings, or any successor to the business thereof. 

Schedule of Receivables: The schedule of Receivables attached to each receivables assignment. 

Scheduled Payment: For any Collection Period for any Receivable, each regularly scheduled payment required to be made by the related Obligor in
accordance with the terms of the related Contract. 
 Second Priority Principal Distributable Amount: With respect to any Distribution Date, an
amount, not less than zero, equal to the difference between (i) the excess, if any, of (a) the aggregate outstanding principal amount of the Class A Notes and the Class B Notes as of, for the first Distribution Date, the Closing
Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes and the Class B Notes on such preceding Distribution Date) over (b) the Pool Balance
as of the close of business on the last day of the related Collection Period, and (ii) the First Priority Principal Distributable Amount, if any, with respect to such Distribution Date; provided, however, that the Second Priority Principal
Distributable Amount for each Distribution Date on and after the Final Scheduled Distribution Date for the Class B Notes shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the
outstanding principal amount of the Class B Notes as of the day preceding such Distribution Date. 
 Second Step Receivables Assignment: As
defined in Section 2.1 of the Receivables Transfer Agreement. 
 Second Step Transferred Property: As defined in
Section 2.1(a) of the Receivables Transfer Agreement. 
 Secured Obligations: Obligations of the Issuing
Entity and the Grantor Trust under the Transaction Documents. 
 Secured Parties: Each Noteholder. 

  
 APP-28 













 Securities: The Notes and the Certificates.  

Securities Act: The Securities Act of 1933, as amended. 

Securities Intermediary: Has the meaning set forth in Section 8.2(a)(ii) of the Indenture. 

Security Certificate: Has the meaning given such term in Section 8-102(a)(16) of the New York UCC. 

Security Entitlement: Has the meaning given such term in Section 8-102(a)(17) of the New York UCC. 

Securityholder: A Holder of a Note or a Certificate. 

Seller: Carvana, LLC, in its capacity as Seller under the Receivables Purchase Agreement, and any successor or assignee thereof under the Receivables
Purchase Agreement. 
 Servicer: Bridgecrest Credit Company, LLC, in its capacity as servicer pursuant to the Servicing Agreement, or any Successor
Servicer. 
 Servicer File: A complete and legible copy of each of the following documents (but only to the extent applicable to such Receivable and
held in tangible paper or electronic form by the Servicer): 
  

	 	1)	 all instruments modifying the terms and conditions of the Receivable or the related Contract;



  

	 	2)	 a copy (but not the original) of the related Contract, the related security agreement and any amendments
thereto; provided, however, that the Servicer shall deliver any original amendments to such Contract to the Collateral Custodian immediately following execution thereof; 



 

	 	3)	 the Certificate of Title with a lien notation or an application therefor (to the extent applicable State law
permits or requires the Servicer to hold the Certificate of Title) pursuant to the time periods set forth in the Receivables Purchase Agreement; 


  

	 	4)	 the Obligor’s retail purchase agreement and an indication of down payment, if applicable;



  

	 	5)	 a copy of any ancillary product contract associated with the Financed Vehicle, but only to the extent that the
purchase price of such contract (or any portion thereof) comprises a portion of the amount financed under the related Contract; and 


  

	 	6)	 such other documents as the Servicer may reasonably determine in order to accomplish its duties under the
Servicing Agreement. 



  
 APP-29 













 Servicer Termination Event: Any one or more of the following that shall have occurred and be
continuing: 
  

	 	(i)	 any failure by the Servicer to deposit in the Collection Account any payment required to be so delivered by the
Servicer under the terms of the Servicing Agreement, which failure continues unremedied for five (5) Business Days after discovery thereof by a Responsible Officer of the Servicer or receipt by a Responsible Officer of the Servicer of written
notice thereof from the Indenture Trustee or the Requisite Noteholders (or, if no Notes are Outstanding, from the Majority Certificateholders); 


  

	 	(ii)	 any failure by the Servicer to duly observe or perform in any material respect any other of its covenants or
agreements in the Servicing Agreement, which failure materially and adversely affects the rights of the Issuing Entity, the Noteholders or the Certificateholders, and which continues unremedied for 60 consecutive days after discovery thereof by a
Responsible Officer of the Servicer or receipt by a Responsible Officer of the Servicer of written notice thereof from the Indenture Trustee or the Requisite Noteholders (or, if no Notes (other than the Class XS Notes) are Outstanding, from the
Majority Certificateholders); 


  

	 	(iii)	 any representation or warranty made by the Servicer in the Servicing Agreement or any other Transaction
Document will prove to have been incorrect or false in any respect when made, which breach materially and adversely affects the rights of the Issuing Entity, the Noteholders or the Certificateholders, and such breach continues unremedied for 60
consecutive days after discovery thereof by a Responsible Officer of the Servicer or receipt by a Responsible Officer of the Servicer of written notice thereof from the Indenture Trustee or the Requisite Noteholders (or, if no Notes are Outstanding,
from the Majority Certificateholders); and 


  

	 	(iv)	 the Servicer suffers a Bankruptcy Event; 



provided, that (A) any delay or failure of performance referred to in clause (i) above shall have been caused by force majeure or
other similar occurrence, the 5 Business Day grace period referred to in such clause (i) shall be extended for an additional 10 days and (B) if any delay or failure of performance referred to in clauses (ii) or (iii) above shall have
been caused by force majeure or other similar occurrence, the 60 day grace period referred to in such clause shall be extended for an additional 30 days. The existence or occurrence of any “material instance of noncompliance”
(within the meaning of Item 1122 of Regulation AB) shall not create any presumption that any event in clauses (i) or (ii) above has occurred. 

Servicer’s Certificate: A certificate completed and executed by a Responsible Officer of the Servicer, substantially in the form of Exhibit
A to the Servicing Agreement. 
 Servicing Agreement: The Servicing Agreement, dated as of the Closing Date, among the Issuing Entity, the
Grantor Trust, the Backup Servicer, the Indenture Trustee and the Servicer. 
 Servicing Fee: For any Distribution Date, the product of (i) 0.54% of
the Pool Balance as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Pool Balance as of November 18, 2020) times (ii) a fraction equal to 1/12 (or, in the case of the first Distribution
Date, 42/360). 

  
 APP-30 













 Servicing Strip Amount: For any Distribution Date, an amount equal to the product of (i) 1.00% of the
Pool Balance as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Pool Balance as of November 18, 2020) times (ii) a fraction equal to 1/12 (or, in the case of the first Distribution
Date, 42/360). 
 Simple Interest Method: The method of allocating a fixed level payment on a Simple Interest Receivable to principal and interest,
pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid Principal Balance applicable to such Receivable multiplied by the period of time
elapsed (expressed as a fraction of a calendar year) since the preceding payment of interest was made. 
 Simple Interest Receivable: Any Receivable
under which the portion of each monthly payment allocable to earned interest and the portion allocable to the Principal Balance is determined in accordance with the Simple Interest Method. For purposes hereof, all payments with respect to a Simple
Interest Receivable shall be allocated to principal and interest in accordance with the Simple Interest Method. 
 Sold
Charged-Off Receivable: A Charged-Off Receivable sold by the Issuing Entity or the Grantor Trust to a Third-Party Purchaser in accordance with the provisions of
Section 2.3(d). 
 Specified Reserve Account Balance: For any Distribution Date, the lesser of: 

(i) 0.50% of the Initial Pool Balance, which equals approximately $2,025,000; and 

(ii) the outstanding principal balance of the Notes (other than the Class XS Notes and the Class N Notes) as of the close of
business on such Distribution Date (after giving effect to all payments and distributions to be made on such Distribution Date). 
 Sponsor: Carvana,
LLC, an Arizona limited liability company, and its successor and assigns. 
 State: Any state of the United States of America or the District of
Columbia.  
 Statutory Trust Act: Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as the same may be amended
from time to time.  
 Subservicer: A subservicer appointed by the Servicer as contemplated by the Servicing Agreement for the servicing and
administration of the Receivables.  
 Successor Servicer: Any Person appointed (and who accepts such appointment) to succeed the Servicer in
the performance of the duties and obligations of the Servicer under the Servicing Agreement.  
 Supplemental Servicing Fees: With respect to
a Distribution Date, all late fees, insufficient funds fees and other administrative fees and expenses or similar charges allowed by Applicable Law with respect to Receivables, collected (from whatever source) on the Receivables. 

System Description: As defined in Section 1.1 of the Collateral Custodian Agreement. 

  
 APP-31 













 Tangible Contract: A Contract that constitutes “tangible chattel paper” under and as
defined in Section 9-102(a)(79) of the UCC. 
 Temporary Notes: The Notes specified in
Section 2.3 of the Indenture. 
 Third Party Bill Payment Service: Any provider of payment or processing services or other
platform that the Servicer uses in accordance with its Customary Servicing Practices (including electronic and web-based payment processing systems and services) to facilitate payments by Obligors. 

Third Priority Principal Distributable Amount: With respect to any Distribution Date, an amount, not less than zero, equal to the difference between
(i) the excess, if any, of (a) the aggregate outstanding principal amount of the Class A Notes, the Class B Notes and the Class C Notes as of, for the first Distribution Date, the Closing Date, and for subsequent
Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes, the Class B Notes and the Class C Notes on such preceding Distribution Date) over (b) the Pool Balance
as of the close of business on the last day of the related Collection Period, and (ii) the sum of (a) the First Priority Principal Distributable Amount, if any, with respect to such Distribution Date and (b) the Second Priority
Principal Distributable Amount, if any, with respect to such Distribution Date; provided, however, that the Third Priority Principal Distributable Amount for each Distribution Date on and after the Final Scheduled Distribution Date for the
Class C Notes shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the outstanding principal amount of the Class C Notes as of the day preceding such Distribution Date. 

Third-Party Purchaser: Any Person who is not the Servicer, the Sponsor or the Depositor, an Affiliate of the Servicer, the Sponsor or the Depositor or
any of their respective officers, directors, employees, agents or representatives. 
 Third Step Receivables Assignment: As defined in
Section 2.1(b) of the Receivables Contribution Agreement. 
 Third Step Transferred Property: As defined in
Section 2.1(a) of the Receivables Contribution Agreement. 
 Title Intermediary: Dealertrack, its affiliate VINTek or
another title administration service provider approved in writing by the Issuing Entity or the Administrator.  
 Title Lien Nominee: Carvana,
LLC, GFC Lending LLC or DT Credit Company LLC (or any other name provided by the Sponsor). 
 Transaction Documents: The Receivables Purchase
Agreement, the Receivables Transfer Agreement, the Receivables Contribution Agreement, the Indenture, the Trust Agreement, the Grantor Trust Agreement, the Administration Agreement, the Servicing Agreement, the Backup Servicing Agreement, the
Collateral Custodian Agreement, the Asset Representations Review Agreement and any other document, certificate, opinion, agreement or writing the execution of which is necessary or incidental to carrying out the transactions contemplated by this
Agreement or any of the other foregoing documents. 

  
 APP-32 













 Treasury Regulations: The regulations, including proposed or temporary regulations, promulgated under
the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

Trust Agreement: The Amended and Restated Trust Agreement, dated as of the Closing Date, between the Depositor and the Owner Trustee. 

Trust Indenture Act or TIA: The Trust Indenture Act of 1939 as in force as of the Closing Date, unless otherwise specifically provided. 

UCC: The Uniform Commercial Code as in effect in the relevant jurisdiction from time to time. 

Unaffiliated Certificateholder: Any Certificateholder other than the Depositor or an Affiliate of the Depositor. 

Unaffiliated Grantor Trust Certificateholder: Any Grantor Trust Certificateholder other than the Depositor or an Affiliate of the Depositor. 

Uncertificated Security: Has the meaning given to such term in Section 8-102(a)(18) of the New York UCC.

 Undertaking Letter: The letter is substantially the form set forth in Exhibit B of the Trust Agreement. 

Unenforceable Receivable: A Debt that is or may be legally unenforceable or uncollectible for any of the following reasons: (i) any Obligor has
been released of liability for their respective Debt by a court of competent jurisdiction or by Servicer (including the filing of a Form 1099-C); (ii) any Obligor has been discharged in bankruptcy without any
reaffirmation of the Debt by the Obligor; (iii) any Obligor is deceased; (iv) any Obligor has filed for protection under the United States Bankruptcy Code; (v) the Debt was created by an act of fraud, forgery or identity theft;
(vi) the Receivable is the subject of, or an Obligor has filed, a pending lawsuit or other judicial, quasi-judicial or administrative proceeding regarding the Receivable; (vii) an unresolved written dispute relating to the validity or
enforceability of an Receivable that was received by Servicer; (viii) the Receivable has been fully satisfied by means of a settlement or compromise arrangement between Obligor and Servicer or its agent; or (ix) the Receivable is a
duplicate record of another Receivable sold in a Forward Commitment Transfer. 
 Unpaid Charge-Off Balance:
As to any Charged-Off Receivable, at the time of the transfer to a Third-Party Purchaser, the Principal Balance of such Receivable (without giving effect to the proviso in the definition of “Principal
Balance”) plus any accrued and unpaid interest, fees or other costs and charges incurred by or assessed to the Obligor. 
 Unrelated Amounts:
(a) amounts deposited by the Servicer into the Collection Account but later determined by the Servicer to be mistaken or returned deposits or postings and (b) amounts deposited by the Servicer into the Collection Account as Collections but
which were later determined by the Servicer to not constitute Collections with respect to the Receivables. 

  
 APP-33 













 Verified Note Owner: A Note Owner that has provided the Indenture Trustee, as applicable, with each
of (i) a written certification that it is a beneficial owner of a specified Outstanding Amount of the Notes and (ii) a trade confirmation, an account statement, a letter from a broker or dealer or other similar document showing that such
Note Owner is a beneficial owner of such Outstanding Amount of the Notes. 
 Voting Interests: The voting interests in the Certificates, the
aggregate strength of which shall be based on the percentage interests in the Issuing Entity represented thereby. 

  
 APP-34 













 PART II-RULES OF CONSTRUCTION 

(a)    Accounting Terms. As used in this Appendix or the Transaction Documents, accounting terms
which are not defined, and accounting terms partly defined, herein or therein shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Appendix or
the Transaction Documents are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Appendix or the Transaction Documents will control. 

(b)    “Hereof,” etc. The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Appendix or any Transaction Document will refer to this Appendix or such Transaction Document as a whole and not to any particular provision of this Appendix or such Transaction
Document; and Section, Schedule and Exhibit references contained in this Appendix or any Transaction Document are references to Sections, Schedules and Exhibits in or to this Appendix or such Transaction Document unless otherwise specified. The word
“or” is not exclusive. 
 (c)    Reference to Distribution Dates. With respect to any
Distribution Date, the “related Collection Period,” and the “related Record Date,” will mean the Collection Period and Record Date, respectively, immediately preceding such Distribution Date, and the relationships among
Collection Periods and Record Dates will be correlative to the foregoing relationships. 

(d)    Number and Gender. Each defined term used in this Appendix or the Transaction Documents has a
comparable meaning when used in its plural or singular form. Each gender-specific term used in this Appendix or the Transaction Documents has a comparable meaning whether used in a masculine, feminine or gender-neutral form. 

(e)    Including. Whenever the term “including” (whether or not that term is followed by
the phrase “but not limited to” or “without limitation” or words of similar effect) is used in this Appendix or the Transaction Documents in connection with a listing of items within a particular classification, that listing will
be interpreted to be illustrative only and will not be interpreted as a limitation on, or exclusive listing of, the items within that classification. 

(f)    Reference to a Class of Notes. Unless otherwise specified, references to a
Class of Notes includes all the tranches included in such Class of Notes. 
 (g)    Notices
to Rating Agencies. If Carvana is no longer the Administrator, any successor Administrator shall provide any required Rating Agency notices to the Depositor, who shall promptly provide such notice to the Rating Agencies. 

(h)    Amendments. Any agreement or instrument defined or referred to in the Transaction Documents
or in any instrument or certificate delivered in connection herewith shall mean such agreement or instrument as from time to time amended, modified or supplemented and includes references to all attachments thereto and instruments incorporated
therein. 

  
 APP-35 













 (i)    Controlling Class. After all Classes of
Notes (other than the Class N Notes and the Class XS Notes) are no longer Outstanding, any references to the Controlling Class of Notes shall instead refer to the Majority Certificateholders. 

(j)    Class XS Notes. Any references with respect to principal or interest payments shall not apply
to the Class XS Notes. 

  
 APP-36 













 PART III-NOTICES AND PROCEDURES 

All requests, demands, directions, consents, waivers, notices, authorizations and communications provided or permitted under any Transaction Document to be
made upon, given or furnished to or filed with the Depositor, the Servicer, the Administrator, the Backup Servicer, the Indenture Trustee, the Issuing Entity, the Owner Trustee, the Grantor Trust Trustee, the Collateral Custodian, the Asset
Representation Reviewer, the Seller or the Sponsor shall be in writing, personally delivered, sent by facsimile or email, in each case with a copy to follow via first class mail or mailed by certified mail-return receipt requested, and shall be
deemed to have been duly given upon receipt: 
 (a)    in the case of the Depositor, at the following address: 

Carvana Receivables Depositor LLC 

1930 W. Rio Salado Pkwy 

Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: as set forth on the attached Schedule 1

with a copy to: 
 Carvana, LLC

 1930 W. Rio Salado Pkwy 

Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: as set forth on the attached Schedule 1 

(b)    in the case of the Seller, the Administrator or the Sponsor, at the following address: 

Carvana, LLC 

1930 W. Rio Salado Pkwy 

Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: as set forth on the attached Schedule 1 

(c)    in the case of the Issuing Entity or the Owner Trustee, to the Owner Trustee at its Corporate Trust Office, 

  
 APP-37 













 with a copy to: 

Carvana Auto Receivables Trust 2020-P1 

c/o Carvana, LLC 

1930 W. Rio Salado Pkwy 

Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: as set forth on the attached Schedule 1 

(d)    in the case of the Grantor Trust or the Grantor Trust Trustee, to the Grantor Trust Trustee at its Corporate Trust
Office, 
 with a copy to: 

Carvana Auto Receivables Grantor Trust 2020-P1 

c/o Carvana, LLC 

1930 W. Rio Salado Pkwy 

Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: as set forth on the attached Schedule 1 

(e)    in the case of the Indenture Trustee and the Collateral Custodian, at the following address: 

Wells Fargo Bank, National Association 

600 S 4th Street 

MAC: N9300-061 

Minneapolis, MN 55415 

Attention: Corporate Trust Services — Asset-Backed 

Administration 

Telephone: (612) 667-8058 

With copies of notices and Delivery of Receivable Files to: 

Wells Fargo Bank, National Association 

ABS Custody Vault 

1055 10th Avenue SE 

MAC N9401-011 

Minneapolis, MN 55414 

Attention: Corporate Trust Services — Asset-Backed Securities Vault 

Telephone: (612) 667-8058 

Email: as set forth on the attached Schedule 1 

(f)    in the case of the Servicer, at the following address: 

Bridgecrest Credit Company, LLC 

7300 E Hampton Avenue 

Mesa, AZ, 85209 

Attention: Secretary 

  
 APP-38 













 (g)    in the case of the Asset Representations Reviewer, at the
following address: 
 Clayton Fixed Income Services LLC 

2638 South Falkenburg Road 

Riverview, FL 33578 

Attention: SVP 

Email: as set forth on the attached Schedule 1 

with a copy to: 

Clayton Fixed Income Services LLC 

720 S. Colorado Blvd., Suite 200 

Glendale, CO 80246 

Attention: Legal Department 

Email: as set forth on the attached Schedule 1 

(h)    in the case of the Backup Servicer, at the following address: 

Vervent Inc. 

10182 Telesis Court, Suite 300 

San Diego, CA 92121 

Attention: General Counsel 

Telephone: (858) 568-7684 

Email: as set forth on the attached Schedule 1 

The Issuing Entity shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee and the Indenture Trustee shall likewise
promptly transmit any notice received by it from the Noteholders to the Issuing Entity. 
 Where any Transaction Document provides for notice to Noteholders
or Certificateholders of any condition or event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if it is in writing and mailed, first-class, postage prepaid to each Noteholder or Certificateholder affected by
such condition or event, at such Person’s address as it appears on the Note Register or Certificate Register, as applicable, not later than the latest date, and not earlier than the earliest date, prescribed in such Transaction Document for the
giving of such notice. If notice to Noteholders or Certificateholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholders or Certificateholders shall affect the sufficiency
of such notice with respect to other Noteholders or Certificateholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given regardless of whether such notice is in fact actually
received. 

  
 APP-39 













 SCHEDULE 1 

On File.