EX-4.2



 EXHIBIT 4.2 

CARMAX AUTO FUNDING LLC, 
 as
Depositor, 
 and 

[                       
                     ], 
 as Owner
Trustee 
  
  

AMENDED AND RESTATED TRUST AGREEMENT 

Dated as of [                    ],
20[    ] 
  
  







 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS	  	 	1	  
	 Section 1.1
	 	Definitions	  	 	1	  
	 Section 1.2
	 	Other Definitional Provisions	  	 	1	  
		
	ARTICLE II ORGANIZATION OF THE TRUST	  	 	2	  
	 Section 2.1
	 	Name	  	 	2	  
	 Section 2.2
	 	Office	  	 	2	  
	 Section 2.3
	 	Purposes and Powers	  	 	2	  
	 Section 2.4
	 	Appointment of Owner Trustee	  	 	3	  
	 Section 2.5
	 	Initial Capital Contribution of Owner Trust Estate	  	 	3	  
	 Section 2.6
	 	Declaration of Trust	  	 	3	  
	 Section 2.7
	 	Liability of Certificateholders	  	 	4	  
	 Section 2.8
	 	Title to Trust Property	  	 	4	  
	 Section 2.9
	 	Situs of Trust	  	 	4	  
	 Section 2.10
	 	Representations and Warranties of the Depositor	  	 	4	  
	 Section 2.11
	 	Federal Income Tax Matters	  	 	6	  
		
	ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS	  	 	6	  
	 Section 3.1
	 	Initial Ownership	  	 	6	  
	 Section 3.2
	 	The Certificates	  	 	6	  
	 Section 3.3
	 	Authentication of Certificates	  	 	7	  
	 Section 3.4
	 	Registration of Certificates; Transfer and Exchange of Certificates	  	 	7	  
	 Section 3.5
	 	Mutilated, Destroyed, Lost or Stolen Certificates	  	 	9	  
	 Section 3.6
	 	Persons Deemed Owners	  	 	10	  
	 Section 3.7
	 	Access to List of Certificateholders’ Names and Addresses	  	 	10	  
	 Section 3.8
	 	Maintenance of Office or Agency	  	 	11	  
	 Section 3.9
	 	Appointment of Paying Agent	  	 	11	  
		
	ARTICLE IV ACTIONS BY OWNER TRUSTEE	  	 	12	  
	 Section 4.1
	 	Prior Notice to Certificateholders with Respect to Certain Matters	  	 	12	  
	 Section 4.2
	 	Action by Certificateholders with Respect to Certain Matters	  	 	12	  
	 Section 4.3
	 	Action by Certificateholders with Respect to Bankruptcy	  	 	13	  
	 Section 4.4
	 	Restrictions on Certificateholders’ Power	  	 	13	  
	 Section 4.5
	 	Majority Control	  	 	13	  
	 Section 4.6
	 	Certain Litigation Matters	  	 	13	  
		
	ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	 	13	  
	 Section 5.1
	 	Establishment of Certificate Payment Account	  	 	13	  
	 Section 5.2
	 	Application of Trust Funds	  	 	14	  
	 Section 5.3
	 	Method of Payment	  	 	14	  
	 Section 5.4
	 	No Segregation of Monies; No Interest	  	 	14	  
	 Section 5.5
	 	Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others	  	 	15	  
	 Section 5.6
	 	Signature on Returns; Tax Matters Partner	  	 	15	  


  
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	ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE	  	 	16	  
	 Section 6.1
	 	General Authority	  	 	16	  
	 Section 6.2
	 	General Duties	  	 	16	  
	 Section 6.3
	 	Action upon Instruction	  	 	16	  
	 Section 6.4
	 	No Duties Except as Specified in this Trust Agreement or in Instructions	  	 	17	  
	 Section 6.5
	 	No Action Except Under Specified Documents or Instructions	  	 	18	  
	 Section 6.6
	 	Restrictions	  	 	18	  
	 Section 6.7
	 	Instructions by Electronic Methods	  	 	18	  
	 Section 6.8
	 	Communications Regarding Demands to Repurchase Receivables	  	 	18	  
		
	ARTICLE VII REGARDING THE OWNER TRUSTEE	  	 	19	  
	 Section 7.1
	 	Acceptance of Trusts and Duties	  	 	19	  
	 Section 7.2
	 	Furnishing of Documents	  	 	21	  
	 Section 7.3
	 	Representations and Warranties	  	 	21	  
	 Section 7.4
	 	Reliance; Advice of Counsel	  	 	21	  
	 Section 7.5
	 	Not Acting in Individual Capacity	  	 	22	  
	 Section 7.6
	 	Owner Trustee Not Liable for Certificates or Receivables	  	 	22	  
	 Section 7.7
	 	Owner Trustee May Own Certificates and Notes	  	 	23	  
	 Section 7.8
	 	Regulation AB	  	 	23	  
		
	ARTICLE VIII COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE	  	 	23	  
	 Section 8.1
	 	Owner Trustee’s Fees and Expenses	  	 	23	  
	 Section 8.2
	 	Indemnification	  	 	23	  
	 Section 8.3
	 	Payments to the Owner Trustee	  	 	24	  
		
	ARTICLE IX TERMINATION	  	 	24	  
	 Section 9.1
	 	Termination of Trust Agreement	  	 	24	  
		
	ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	 	25	  
	 Section 10.1
	 	Eligibility Requirements for Owner Trustee	  	 	25	  
	 Section 10.2
	 	Resignation or Removal of Owner Trustee	  	 	25	  
	 Section 10.3
	 	Successor Owner Trustee	  	 	26	  
	 Section 10.4
	 	Merger or Consolidation of Owner Trustee	  	 	27	  
	 Section 10.5
	 	Appointment of Co-Trustee or Separate Trustee	  	 	27	  
		
	ARTICLE XI MISCELLANEOUS	  	 	28	  
	 Section 11.1
	 	Supplements and Amendments	  	 	28	  
	 Section 11.2
	 	No Legal Title to Owner Trust Estate in Certificateholders	  	 	30	  
	 Section 11.3
	 	Limitation on Rights of Others	  	 	30	  
	 Section 11.4
	 	Notices	  	 	30	  
	 Section 11.5
	 	Severability	  	 	31	  
	 Section 11.6
	 	Separate Counterparts	  	 	31	  


  
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	 Section 11.7
	 	Successors and Assigns	  	 	31	  
	 Section 11.8
	 	Covenants of the Depositor	  	 	31	  
	 Section 11.9
	 	No Petition	  	 	31	  
	 Section 11.10
	 	No Recourse	  	 	31	  
	 Section 11.11
	 	Headings	  	 	31	  
	 Section 11.12
	 	Governing Law; Waiver of Jury Trial	  	 	32	  
	 Section 11.13
	 	Depositor Payment Obligation	  	 	32	  
	 Section 11.14
	 	Certificates Nonassessable and Fully Paid	  	 	32	  
	 Section 11.15
	 	[Obligations with Respect to the Swap Counterparty]	  	 	32	  
	 Section 11.16
	 	Ratification of Prior Actions	  	 	32	  

 EXHIBITS 
  

			
	EXHIBIT A	  	Form of Certificate
	EXHIBIT B	  	Form of Certificate of Trust


  
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 AMENDED AND RESTATED TRUST AGREEMENT, dated as of
[            ], 20[    ] (as amended, supplemented or otherwise modified and in effect from time to time, this “Agreement”), between CARMAX AUTO FUNDING
LLC, a Delaware limited liability company, as depositor (the “Depositor”), and [            ], a [            ],
as owner trustee and not in its individual capacity (in such capacity, the “Owner Trustee”). 
 WHEREAS, CarMax Auto Owner
Trust 20[    ]-[    ] was created on [            ], 20[    ] pursuant to (i) a Trust Agreement, dated as of
[            ], 20[    ], between the Depositor and the Owner Trustee (the “Initial Trust Agreement”) and (ii) the filing of a certificate of trust
with the Secretary of State of the State of Delaware on [            ], 20[    ]; and 

WHEREAS, the Depositor and the Owner Trustee wish to amend and restate the Initial Trust Agreement on the terms and conditions hereinafter set
forth; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Depositor and the Owner Trustee hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1
Definitions. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of the date hereof, among CarMax Auto Owner Trust
20[    ]-[    ], as issuer, CarMax Auto Funding LLC, as depositor, [and] CarMax Business Services, LLC, as servicer[, and [            ], as backup
servicer], as amended, supplemented or otherwise modified and in effect from time to time. 
 Section 1.2 Other Definitional
Provisions. 
 (a) All terms defined in this Trust Agreement shall have the defined meanings when used in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein. 
 (b) As used in this Trust Agreement and in any certificate or
other documents made or delivered pursuant hereto or thereto, accounting terms not defined in this Trust Agreement or in any such certificate or other document, and accounting terms partly defined in this Trust Agreement or in any such certificate
or other document to the extent not defined, shall have the respective meanings assigned to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Trust Agreement or in any such
certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Trust Agreement or in any such certificate or other document shall control. 

(c) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Trust Agreement
shall refer to this Trust Agreement as a whole and not to any particular provision of this Trust Agreement. Article, Section and Exhibit references contained in this Trust Agreement are references to Articles, Sections and Exhibits in or to this
Trust Agreement unless otherwise specified. The term “including” shall mean “including without limitation.” 







 (d) The definitions contained in this Trust Agreement are applicable to the singular as well as
the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 (e) Any agreement,
instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of
agreements or instruments) references to all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. 

ARTICLE II 
 ORGANIZATION OF THE
TRUST 
 Section 2.1 Name. The Trust shall be known as “CarMax Auto Owner Trust
20[    ]-[    ],” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust.

 Section 2.2 Office. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such
other address as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 
 Section 2.3
Purposes and Powers. The purpose of the Trust is, and the Trust shall have the power and authority, to engage solely in the following activities: 

(i) to issue the Notes pursuant to the Indenture and the Certificates pursuant to this Trust Agreement, and to sell the Notes
upon the written order of the Depositor; 
 (ii) to use the proceeds of the sale of the Notes, at the direction of the
Depositor, to fund the Reserve Account, to pay the organizational, start-up and transactional expenses of the Trust and to pay the balance to the Depositor pursuant to the Sale and Servicing Agreement; 

(iii) to pay interest on and principal of the Notes and to pay Excess Collections to the Certificateholders; 

(iv) to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate (other than the Certificate Payment Account
and the proceeds thereof) to the Indenture Trustee pursuant to the Indenture; 
 (v) to enter into and perform its
obligations under the Transaction Documents to which it is to be a party; 

  
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 (vi) subject to compliance with the Transaction Documents, to engage in such
other activities as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Noteholders and the Certificateholders; [and] 

(vii) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith[.][; and] 
 (viii) [to enter into interest rate
swaps or caps in connection with the Notes.] 
 The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not
engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Trust Agreement or the other Transaction Documents. 

Section 2.4 Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of
the date hereof, to have all the rights, powers and duties set forth herein and in the Statutory Trust Statute. 
 Section 2.5
Initial Capital Contribution of Owner Trust Estate. The Depositor has sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum of $100. The Owner Trustee hereby acknowledges receipt in trust from the Depositor of such
amount, which amount constituted the initial Owner Trust Estate and was deposited in the Certificate Payment Account. The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee,
promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 
 Section 2.6 Declaration of Trust. The
Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Transaction
Documents. It is the intention of the parties hereto that (i) the Trust constitute a statutory trust under the Statutory Trust Statute and that this Trust Agreement constitute the governing instrument of such statutory trust and
(ii) solely for income and franchise tax purposes, the Trust shall be treated (A) if it has one beneficial owner, as a non-entity and (B) if it has more than one beneficial owner, as a partnership, with the assets of the partnership
being the Receivables and other assets held by the Trust, the partners of the partnership being the Certificateholders and the Notes constituting indebtedness of the partnership. Unless otherwise required by the appropriate tax authorities, the
Trust shall file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Trust either as a nonentity or as a partnership for such tax purposes. Effective as of the date hereof, the
Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Statute with respect to accomplishing the purposes of the Trust. The parties have caused the filing of the Certificate of Trust with the Secretary of
State. If it is determined that, contrary to the intent of the parties hereto and the position of the Certificateholder, the Trust has “gross receipts” for purposes of HB3, it is the intention of the parties hereto that the Trust be
treated as a “passive entity” for purposes of HB3, formed to hold assets to facilitate securitization 

  
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transactions in a manner similar to grantor trusts and real estate mortgage investment conduits as defined by Section 860D of the Code. The Depositor, and the Certificateholders by
acceptance of a Certificate, agree that if it is determined that, contrary to the intent of the parties hereto and the position of the Certificateholder, the Trust has “gross receipts” for purposes of HB3, they will, unless otherwise
required by law, treat the Trust as a “passive entity” for purposes of HB3 and will not, unless otherwise required by law, take any action to include the Trust as part of an affiliated group engaged in a unitary business (as such terms are
used in HB3). Notwithstanding anything to the contrary contained herein, nothing in this Trust Agreement should be read to imply that the Trust is doing business in Texas or has sufficient nexus with Texas in order for HB3 to apply to the Trust.

 Section 2.7 Liability of Certificateholders. The Certificateholders shall be entitled to the same limitation of personal
liability extended to stockholders of private corporations organized under the general corporation law of the State of Delaware. 

Section 2.8 Title to Trust Property. Legal title to the entirety of the Owner Trust Estate shall be vested at all times in the
Trust as a separate legal entity, except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a
co-trustee or a separate trustee, as the case may be; provided, that concurrently with or prior to title being deemed to be vested in a co-trustee or a separate trustee, such trustee must provide a written grant of a security interest in the Owner
Trust Estate to the Indenture Trustee and must authorize the filing of a financing statement to perfect the Indenture Trustee’s security interest. 

Section 2.9 Situs of Trust. The Trust shall be located and administered in the State of Delaware or the State of
[            ]. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of
[            ]. The Trust shall not have any employees in any State other than the State of Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner
Trustee from having employees within or without the State of Delaware. Payments will be received by the Trust only in the State of Delaware or the State of [            ], and payments will
be made by the Trust only from the State of Delaware or the State of [            ]. The principal office of the Trust will be at the Corporate Trust Office in the State of
[            ]. 
 Section 2.10 Representations and Warranties of the
Depositor. The Depositor hereby represents and warrants to the Owner Trustee that: 
 (i) the Depositor has been duly
organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, has the power, authority and legal right to own its properties and to conduct its business as such properties are currently
owned and such business is currently conducted, and has the power, authority and legal right to acquire, own and sell the Receivables; 

(ii) the Depositor is duly qualified to do business as a foreign limited liability company in good standing and has obtained
all necessary licenses and approvals in each jurisdiction in which the failure to so qualify or to obtain such licenses and approvals would materially and adversely affect the performance by the Depositor of its obligations under, or the validity or
enforceability of, this Trust Agreement, any of the other Transaction Documents to which the Depositor is a party, the Receivables, the Notes or the Certificates; 

  
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 (iii) the Depositor has the power and authority to execute, deliver and perform
its obligations under this Trust Agreement and the other Transaction Documents to which it is a party, and the Depositor has the power and authority to sell, assign, transfer and convey the property to be sold and transferred to and deposited with
the Trust and has duly authorized such transfer and deposit by all necessary limited liability company action, and the execution, delivery and performance of this Trust Agreement and the other Transaction Documents to which the Depositor is a party
have been duly authorized by the Depositor by all necessary limited liability company action; 
 (iv) the execution, delivery
and performance by the Depositor of this Trust Agreement and the other Transaction Documents to which the Depositor is a party, the consummation of the transactions contemplated hereby and thereby and the fulfillment of the terms hereof and thereof
will not conflict with, result in a 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 certificate of formation or limited liability company agreement of the Depositor or
any material indenture, agreement, mortgage, deed of trust or other instrument to which the Depositor is a party or by which the Depositor is bound or to which any of its properties are subject, or result in the creation or imposition of any lien
upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant to this Trust Agreement), or violate any law, order, rule or regulation applicable to the Depositor
or its properties of any federal or State regulatory body, court, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or any of its properties; 

(v) there are no proceedings or investigations pending or, to the knowledge of the Depositor, threatened against the Depositor
before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties (A) asserting the invalidity of this Trust Agreement, the Sale and Servicing Agreement, the
Indenture, any of the other Transaction Documents, the Notes or the Certificates, (B) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions contemplated by this Trust Agreement, the Sale
and Servicing Agreement, the Indenture or any of the other Transaction Documents, (C) seeking any determination or ruling that would materially and adversely affect the performance by the Depositor of its obligations under, or the validity or
enforceability of, this Trust Agreement, the Sale and Servicing Agreement, the Indenture, any of the other Transaction Documents, the Receivables, the Notes or the Certificates, or (D) that would adversely affect the federal tax attributes or
Applicable Tax State franchise or income tax attributes of the Trust or of the Notes or the Certificates; and 
 (vi) the
representations and warranties of the Depositor in Section 3.1 of the Receivables Purchase Agreement are true and correct. 

  
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 Section 2.11 Federal Income Tax Matters. The Certificateholders acknowledge that it
is their intent and that they understand it is the intent of the Depositor and the Servicer that, for purposes of federal income, State and local income and franchise tax and any other income taxes, the Trust will be treated either as a disregarded
entity under Treasury Regulation Section 301.7701-3 or as a partnership, and that the Certificateholders will be treated as partners in that partnership. The Certificateholders by acceptance of a Certificate agree to such treatment and agree to
take no action inconsistent with such treatment. For each calendar quarter, other than periods in which there is only one Certificateholder: 

(i) net income of the Trust for any calendar quarter as determined for federal income tax purposes (and each item of income,
gain, credit, loss or deduction entering into the computation thereof) shall be allocated among the Certificateholders as of the first day following the end of such quarter in proportion to their Certificate Percentage Interest on such date; and

 (ii) net losses of the Trust, if any, for any calendar quarter as determined for federal income tax purposes (and each
item of income, gain, credit, loss or deduction entering into the computation thereof) shall be allocated among the Certificateholders as of the first day following the end of such quarter in proportion to their Certificate Percentage Interest on
such date. 
 The Depositor is authorized to modify the allocations in this Section 2.11 if necessary or appropriate, in its sole
discretion, for the allocations to reflect fairly the economic income, gain, credit, loss or deduction to the Certificateholders or as otherwise required by the Code. 

ARTICLE III 
 CERTIFICATES AND
TRANSFER OF INTERESTS 
 Section 3.1 Initial Ownership. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Trust. 

Section 3.2 The Certificates. The Certificates shall be issued in one or more registered, definitive, physical certificates,
substantially in the form set forth in Exhibit A. The Certificates may be in printed or typewritten form and shall be executed on behalf of the Trust by manual or facsimile signature of an Authorized Officer of the Owner Trustee. Certificates
bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefits of this Trust Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates.


  
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 If Transfer of the Certificates is permitted pursuant to this Section 3.2 and
Section 3.4, a transferee of a Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such transferee’s acceptance of a Certificate duly
registered in such transferee’s name pursuant to Section 3.4. 
 Section 3.3 Authentication of Certificates.
Concurrently with the initial sale of the Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates to be executed on behalf of the Trust, authenticated and delivered to or upon the written
order of the Depositor, signed by its president, any vice president, any assistant vice president, its treasurer, any assistant treasurer, its secretary or any assistant secretary, without further limited liability company action by the Depositor.
No Certificate shall entitle its Holder to any benefit under this Trust Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A
executed by the Owner Trustee by manual signature, which authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their
authentication. Upon issuance, authentication and delivery pursuant to the terms hereof, the Certificates will be entitled to the benefits of this Trust Agreement. 

Section 3.4 Registration of Certificates; Transfer and Exchange of Certificates. 

(a) The Owner Trustee initially shall be the registrar (the “Certificate Registrar”) for the purpose of registering
Certificates and Transfers of Certificates as herein provided. The Certificate Registrar shall cause to be kept, at the office or agency maintained pursuant to Section 3.8, a register (the “Certificate Register”) in which,
subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and the registration of Transfers of Certificates. Upon any resignation of any Certificate Registrar, the Owner
Trustee shall, upon receipt of written instructions from the Depositor, promptly appoint a successor. 
 (b) The Certificates may not be
acquired with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Code,
including individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code or (iii) employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code whose
acquisition of a Certificate would constitute or result in a violation of any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code (each of (i) through (iii), a “Plan”). Each
Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such Certificateholder is not a Plan and is not a Person acting on behalf of a Plan or a Person using the assets of a Plan to effect the
transfer of such Certificate. 
 Any person who is not an affiliate of the Seller and acquires more than 49.9% of the Certificates will be
deemed to represent that it is not a party in interest (within the meaning of ERISA) or a disqualified person (within the meaning of Section 4975(e)(2) of the Code) with respect to any Plan, other than a Plan that it sponsors for the benefit of
its employees, and that no Plan with respect to which it is a party in interest has or will acquire any interest in the Notes. 

  
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 To the extent permitted under applicable law (including, but not limited to, ERISA), neither the
Owner Trustee nor the Certificate Registrar shall be under any liability to any Person for any registration of transfer of any Certificate that is in fact not permitted or for taking any other action with respect to such Certificate under the
provisions of this Trust Agreement so long as such transfer was registered by the Owner Trustee or the Certificate Registrar in accordance with this Trust Agreement. 

(c) Upon surrender for registration of Transfer of any Certificate at the office or agency of the Certificate Registrar to be maintained as
provided in Section 3.8, and upon compliance with any provisions of this Trust Agreement relating to such Transfer, the Owner Trustee shall execute on behalf of the Trust and the Owner Trustee shall authenticate and deliver to the
Certificateholder making such surrender, in the name of the designated transferee or transferees, one or more new Certificates in any authorized denomination evidencing the same aggregate interest in the Trust. Each Certificate presented or
surrendered for registration of Transfer or exchange shall be accompanied by a written instrument of transfer and accompanied by IRS Form W-8 BEN, W-8 ECI or W-9, as applicable, in form satisfactory to the Owner Trustee and the Certificate
Registrar, duly executed by the Certificateholder or his attorney duly authorized in writing. Each Certificate presented or surrendered for registration of Transfer or exchange shall be canceled and subsequently disposed of by the Certificate
Registrar in accordance with its customary practice. No service charge shall be made for any registration of Transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover
any tax or governmental charge that may be imposed in connection with any Transfer or exchange of Certificates. 
 (d) As a condition to the
registration of any Transfer of any Certificate: 
 (i) the prospective transferee shall be required to represent in writing
to the Owner Trustee, the Depositor and the Certificate Registrar that it has neither acquired nor will it transfer any Certificate it purchases (or any interest therein) or cause any such Certificate (or any interest therein) to be marketed on or
through an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter-market or an interdealer quotation system that regularly disseminates firm buy or sell
quotations; 
 (ii) the prospective transferee shall be required to represent in writing to the Owner Trustee, the Depositor
and the Certificate Registrar that it either (A) is not, and will not become, a partnership, Subchapter S corporation or grantor trust for United States federal income tax purposes or (B) is such an entity, but none of the direct or
indirect beneficial owners of any of the interests in such transferee have allowed or caused, or will allow or cause, 50% or more (or such other percentage as the transferor may establish prior to the time of such proposed transfer) of the value of
such interests to be attributable to such transferee’s ownership of Certificates; 
 (iii) the prospective transferee
shall be required to represent in writing to the Owner Trustee, the Depositor and the Certificate Registrar that it is not a Plan and is not a Person acting on behalf of a Plan or a Person using the assets of a Plan to effect the transfer of such
Certificate; 

  
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 (iv) the Certificateholder provides to the Owner Trustee and the Depositor an
opinion of independent counsel that such action will not cause the Issuing Entity to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes; 

(v) such transferee or assignee agrees to take positions for tax purposes consistent with the tax positions agreed to be taken
by the Certificateholder; and 
 (vi) in connection with any transfer of less than all of the interests in the Certificates,
the transferor and transferee shall specify the respective interests in the Certificates to be held by the transferor and transferee, which interests may be determined by a formula or on any other basis agreed by the transferor and transferee. No
Certificate (other than the Certificates issued to and held by the Depositor) may be subdivided upon transfer or exchange in a manner such that the resulting Certificate represents less than a 2.00% fractional undivided interest in the Issuing
Entity (or such other amount as the Depositor may determine in order to prevent the Issuing Entity from being treated as a “publicly traded partnership” under Section 7704 of the Code, but in no event less than a 1.00% fractional
undivided interest in the Issuing Entity). 
 (e) No Certificateholder shall Transfer any Certificate initially held by it unless such
Transfer is made pursuant to an effective registration statement or otherwise in accordance with the requirements under the Securities Act and effective registration or qualification under applicable State securities laws, or is made in a
transaction which does not require such registration or qualification. If a Transfer is to be made in reliance upon an exemption from the Securities Act and under applicable State securities laws, (i) the Certificate Registrar may require an
Opinion of Counsel reasonably satisfactory to the Certificate Registrar and the Depositor substantially to the effect that such Transfer may be made pursuant to an exemption from the Securities Act and applicable State securities laws and describing
the applicable exemption and the basis therefor, which Opinion of Counsel shall not be an expense of the Certificate Registrar, the Depositor or the Owner Trustee, and (ii) the Certificate Registrar may require the transferee to execute a
certification acceptable to and in form and substance satisfactory to the Certificate Registrar and the Depositor setting forth the facts surrounding such Transfer. 

(f) No Transfer of any Certificate shall be permitted, recognized or recorded unless the Depositor has consented in writing to such Transfer,
which consent may be withheld in the sole discretion of the Depositor; provided, however, that no such consent of the Depositor shall be required where the proposed transferee is, and at the time of such Transfer will be, a
Certificateholder. 
 Section 3.5 Mutilated, Destroyed, Lost or Stolen Certificates. 

(a) If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its
satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to hold each of the Trust, the Certificate
Registrar and the Owner Trustee harmless, then, in the absence of notice to the Trust, the 

  
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Certificate Registrar or the Owner Trustee that such Certificate has been acquired by a “protected purchaser” (as defined in the Relevant UCC), the Owner Trustee shall execute on behalf
of the Trust and the Owner Trustee shall authenticate and deliver, in exchange for, or in lieu of, any such mutilated, destroyed, lost or stolen Certificate, as the case may be, a replacement Certificate, as the case may be, of like tenor and
Certificate Percentage Interest. If, after the delivery of such replacement Certificate or payment of a destroyed, lost or stolen Certificate pursuant to the proviso to the preceding sentence, a “protected purchaser” (as defined in the
Relevant UCC) of the original Certificate in lieu of which such replacement Certificate was issued presents for payment such original Certificate, the Trust and the Owner Trustee shall be entitled to recover such replacement Certificate (or such
payment) from the Person to whom such replacement Certificate was delivered or any Person taking such replacement Certificate from such Person to whom such replacement Certificate was delivered or any assignee of such Person, except a
“protected purchaser” (as defined in the Relevant UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Trust or the Owner Trustee in
connection therewith. 
 (b) Upon the issuance of any replacement Certificate under this Section 3.5, the Trust may require the payment
by the Holder of such Certificate of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with such issuance and any other reasonable expenses (including the fees and expenses of the Owner Trustee) related
thereto. 
 (c) Every replacement Certificate issued pursuant to this Section 3.5 in replacement of any mutilated, destroyed, lost or
stolen Certificate shall constitute an original additional contractual obligation of the Trust, whether or not the mutilated, destroyed, lost or stolen Certificate shall be at any time enforceable by anyone, and shall be entitled to all the benefits
of this Trust Agreement equally and proportionately with any and all other Certificates duly issued hereunder. 
 (d) The provisions of this
Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Certificates. 

Section 3.6 Persons Deemed Owners. Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee, the
Certificate Registrar and any Paying Agent may treat the Person in whose name such Certificate is registered in the Certificate Register (as of the day of determination) as the owner of such Certificate for the purpose of receiving distributions
pursuant to Section 5.2 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary. 

Section 3.7 Access to List of Certificateholders’ Names and Addresses. The Certificate Registrar shall furnish or cause to be
furnished to the Servicer and the Depositor, or to the Indenture Trustee or the Owner Trustee, within fifteen (15) days after receipt by the Certificate Registrar of a written request therefor from the Servicer, the Depositor or the Indenture
Trustee or the Owner Trustee, as the case may be, a list, in such form as the requesting party may reasonably require, of the names and addresses of the Certificateholders as of the most 

  
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recent Record Date. If three or more Certificateholders or one or more Holders of Certificates evidencing not less than 25% of the aggregate Certificate Percentage Interest apply in writing to
the Certificate Registrar, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Trust Agreement or under the Certificates and such application is accompanied by a
copy of the communication that such applicants propose to transmit, then the Certificate Registrar shall, within five (5) Business Days after the receipt of such application, afford such applicants access during normal business hours to the
current list of Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or the Owner Trustee accountable by reason of the
disclosure of its name and address, regardless of the source from which such information was derived. 
 Section 3.8 Maintenance of
Office or Agency. The Certificate Registrar shall maintain in [            ], an office or offices or agency or agencies where Certificates may be surrendered for registration of
Transfer or exchange and where notices and demands to or upon the Certificate Registrar in respect of the Certificates and the Transaction Documents may be served. The Certificate Registrar shall give prompt written notice to the Depositor, the
Owner Trustee and the Certificateholders of any change in the location of the Certificate Registrar or any such office or agency. 

Section 3.9 Appointment of Paying Agent. The Paying Agent shall make distributions to Certificateholders from the Certificate
Payment Account pursuant to Section 5.2 and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Payment Account for the purpose of making
the distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Trust
Agreement in any material respect. The Paying Agent shall initially be the Owner Trustee and any co-paying agent chosen by the Owner Trustee. The Owner Trustee shall be permitted to resign as Paying Agent upon thirty (30) days’ written
notice to the Depositor. In the event that the Owner Trustee shall no longer be the Paying Agent, the Owner Trustee, upon receipt of written instructions from the Depositor, shall appoint a successor to act as Paying Agent (which shall be a bank or
trust company). The Owner Trustee shall direct such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional
Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the
Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in
its possession to the Owner Trustee. The provisions of Section 7.1, Section 7.3 and Section 8.1 shall apply to the Owner Trustee also in its role as Paying Agent, for so long as the Owner Trustee shall act as Paying Agent and, to the
extent applicable, to any other paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 

  
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 ARTICLE IV 

ACTIONS BY OWNER TRUSTEE 

Section 4.1 Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner
Trustee shall not take action unless (i) at least thirty (30) days before the taking of such action, the Owner Trustee shall have notified the Certificateholders, [the Swap Counterparty,] the Administrator and the Depositor (who shall
promptly forward such notice to the Rating Agencies) in writing of the proposed action and (ii) the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest shall not have notified the Owner Trustee
in writing prior to the 30th day after such notice is given that the Holders have withheld consent or provided alternative direction: 

(i) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought by the Servicer in connection with
the collection of the Receivables) and the settlement of any action, proceeding, investigation, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection by the Servicer of the
Receivables); 
 (ii) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is
required to be filed under the Statutory Trust Statute); 
 (iii) the amendment of the Indenture by a supplemental indenture
in circumstances where the consent of any Noteholder is required; 
 (iv) the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Certificateholders; 

(v) the amendment, change or modification of the Sale and Servicing Agreement or the Administration Agreement, except to cure
any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders; 

(vi) [the amendment of the [Swap][Cap] Agreement (which amendment shall be made with the consent of the [Swap][Cap]
Counterparty)]; or 
 (vii) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent for the
Notes or Indenture Trustee or pursuant to this Trust Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent for the Notes or Indenture Trustee or Certificate Registrar of its obligations
under the Indenture or this Trust Agreement, as applicable. 
 Section 4.2 Action by Certificateholders with Respect to Certain
Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing not less
than 51% of the aggregate Certificate Percentage Interest, (i) remove the Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer [other than the Backup Servicer] pursuant to Article VIII of
the 

  
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Sale and Servicing Agreement, (iii) remove the Administrator pursuant to Section 9 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to
Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction Documents. 

Section 4.3 Action by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the power to commence a
voluntary proceeding in bankruptcy relating to the Trust unless (i) the Notes have been paid in full and (ii) each Certificateholder approves of such commencement in writing in advance and delivers to the Owner Trustee a certificate
certifying that such Person reasonably believes that the Trust is insolvent. 
 Section 4.4 Restrictions on Certificateholders’
Power. The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Trust Agreement or any of the
other Transaction Documents or would be contrary to Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 

Section 4.5 Majority Control. Except as expressly provided herein, any action that may be taken by the Certificateholders under
this Trust Agreement may be taken by the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest. Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to
this Trust Agreement shall be effective if signed by the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest at the time of the delivery of such notice. 

Section 4.6 Certain Litigation Matters. The Owner Trustee shall provide prompt written notice to the Depositor, the Seller and the
Servicer of any action, proceeding or investigation known to the Owner Trustee that could reasonably be expected to adversely affect the Trust or the Owner Trust Estate. 

ARTICLE V 
 APPLICATION OF TRUST
FUNDS; CERTAIN DUTIES 
 Section 5.1 Establishment of Certificate Payment Account. Pursuant to Section 4.1 of the Sale and
Servicing Agreement, the Servicer has agreed to establish, on or before the Closing Date, and maintain in the name of the Owner Trustee at an Eligible Institution (which shall initially be the Owner Trustee) a segregated trust account designated as
the “CarMax Auto Owner Trust 20[    ]-[    ] Trust Account” (the “Certificate Payment Account”). The Certificate Payment Account shall be held in trust for the benefit of the
Certificateholders. Except as expressly provided in Section 3.9, the Certificate Payment Account shall be under the sole dominion and control of the Owner Trustee. All monies deposited from time to time in the Certificate Payment Account
pursuant to the Sale and Servicing Agreement or the Indenture shall be applied as provided in this Trust Agreement, the Sale and Servicing Agreement and the Indenture. The amounts on deposit in the Certificate Payment Account shall not be invested.


  
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 Section 5.2 Application of Trust Funds. 

(a) On each Distribution Date, upon receipt of written instructions from the Servicer pursuant to Section 4.1(c) of the
Sale and Servicing Agreement, the Owner Trustee shall, or, if the Owner Trustee is not the Paying Agent, shall direct the Paying Agent to, distribute to the Certificateholders, in proportion to each Certificateholder’s Certificate Percentage
Interest, amounts deposited in the Certificate Payment Account on such Distribution Date pursuant to Section 4.1(c) of the Sale and Servicing Agreement and Section 2.8 of the Indenture with respect to such Distribution Date. 

(b) On each Distribution Date, the Owner Trustee shall, or, if the Owner Trustee is not the Paying Agent, the Owner Trustee
shall direct the Paying Agent to, make available to each Certificateholder the statement provided to the Owner Trustee by the Servicer pursuant to Section 4.9 of the Sale and Servicing Agreement with respect to such Distribution Date. 

(c) In the event that any withholding tax is imposed on any Trust payment (or any allocation of income) to a Certificateholder,
such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.2. The Owner Trustee and each Paying Agent are hereby authorized and directed to retain from amounts otherwise distributable to
the Certificateholders sufficient funds for the payment of any such withholding tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and
withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time
it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Owner Trustee may
withhold such amounts in accordance with this Section 5.2. If a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as
such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred. 
 Section 5.3 Method of
Payment. Subject to Section 5.2(c), distributions required to be made to Certificateholders on any Distribution Date shall be made to each Certificateholder of record on the preceding Record Date either by wire transfer, in immediately
available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar and the Paying Agent appropriate written instructions at
least five (5) Business Days prior to such Distribution Date and such Certificateholder is the Depositor or, if not, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register. Notwithstanding
the foregoing, the final distribution in respect of any Certificate (whether on the Final Scheduled Maturity Date or otherwise) will be payable only upon presentation and surrender of such Certificate at the office or agency maintained for that
purpose by the Certificate Registrar pursuant to Section 3.8. 
 Section 5.4 No Segregation of Monies; No Interest. Subject
to Section 5.1 and Section 5.2, monies received by the Owner Trustee hereunder need not be segregated in any manner except to the extent required by law, the Indenture[, the Swap Agreement] or the Sale and Servicing Agreement and may be
deposited under such general conditions as may be prescribed by law, and the Owner Trustee shall not be liable for any interest thereon. 

  
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 Section 5.5 Accounting and Reports to the Noteholders, Certificateholders, the Internal
Revenue Service and Others. The Owner Trustee shall, based on information provided by the Seller, (i) maintain (or cause to be maintained) the books of the Trust on the basis of a fiscal year ending on the last day of February and based on
the accrual method of accounting, (ii) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including Schedule K-1) to enable such Certificateholder to
prepare its federal and State income tax returns, (iii) file such tax returns relating to the Trust (including a partnership information return, IRS Form 1065) and make such elections as may from time to time be required or appropriate under
any applicable State or federal statute or rule or regulation thereunder so as to maintain the Trust’s characterization as a partnership for federal income tax purposes, (iv) cause such tax returns to be signed in the manner required by
law and (v) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c) with respect to income or distributions to Certificateholders. The Owner Trustee, on behalf of the Trust, shall elect
under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Receivables. The Owner Trustee, on behalf of the Trust, shall not make the election provided under Section 754 of the Code.

 The Owner Trustee may satisfy its obligations with respect to this Section 5.5 by retaining, on behalf of the Trust, at the expense
of the Seller, a firm of independent public accountants (the “Accountants”) selected by the Seller. The Owner Trustee, on behalf of the Trust, may require the Accountants to provide to the Owner Trustee, on or before March [15],
20[    ], a letter in form and substance satisfactory to the Owner Trustee as to whether any federal tax withholding on Certificates is then required and, if required, the procedures to be followed with respect thereto to comply
with the requirements of the Code. The Accountants shall be required to update such letter in each instance that any additional tax withholding is subsequently required or any previously required tax withholding shall no longer be required. The
Owner Trustee shall be deemed to have discharged its obligations pursuant to this Section 5.5 upon its retention of the Accountants, and the Owner Trustee shall not have any liability with respect to the default or misconduct of the
Accountants. 
 Section 5.6 Signature on Returns; Tax Matters Partner. 

(a) The Owner Trustee shall sign, on behalf of the Trust, the tax returns of the Trust. 

(b) The Depositor, as a Certificateholder, shall be designated the “tax matters partner” of the Trust pursuant to
Section 6231(a)(7)(A) of the Code and applicable Treasury Regulations. 

  
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 ARTICLE VI 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

Section 6.1 General Authority. The Owner Trustee is authorized and directed to execute and deliver the Transaction Documents to
which the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust is to be a party, in each case in such form as the Depositor shall approve, as
evidenced conclusively by the Owner Trustee’s execution thereof and the Depositor’s execution of this Trust Agreement, and to direct the Indenture Trustee to authenticate and deliver Notes in the aggregate principal amount of
$[            ] (comprising $[            ] in aggregate principal amount of Class A-1 Notes,
$[            ] in aggregate principal amount of Class A-2[a] Notes, [$[            ] in aggregate principal amount of
Class A-2b Notes,] $[            ] in aggregate principal amount of Class A-3 Notes, $[            ] in aggregate
principal amount of Class A-4 Notes, $[            ] in aggregate principal amount of Class B Notes, $[            ] in
aggregate principal amount of Class C Notes and [$[            ] in aggregate principal amount of Class D Notes]). In addition to the foregoing, the Owner Trustee is authorized to take all
actions required of the Trust pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action on behalf of the Trust as is permitted by the Transaction Documents and which the Certificateholders,
the Servicer or the Administrator recommends in writing with respect to the Transaction Documents, except to the extent that this Trust Agreement expressly requires the consent of Certificateholders for such action. 

Section 6.2 General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its
responsibilities pursuant to the terms of this Trust Agreement and to administer the Trust for the benefit of the Certificateholders, subject to the lien of the Indenture and in accordance with the provisions of this Trust Agreement. Notwithstanding
the foregoing, the Owner Trustee shall be deemed to have discharged (or caused to be discharged) its duties and responsibilities hereunder to the extent the Administrator is required in the Administration Agreement to perform any act or to discharge
such duty of the Owner Trustee or the Trust hereunder or under any other Transaction Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the Administration
Agreement. The Owner Trustee shall not be charged with knowledge of any Event of Default unless either (i) a Responsible Officer shall have actual knowledge of such Event of Default or (ii) written notice of such Event of Default shall
have been given to the Owner Trustee in accordance with the provisions of this Trust Agreement. 
 Section 6.3 Action upon
Instruction. 
 (a) Subject to Article IV, and in accordance with the terms of the Transaction Documents, the Certificateholders may, by
written instruction, direct the Owner Trustee in the management of the Trust. 
 (b) The Owner Trustee shall not be required to take any
action under this Trust Agreement or any other Transaction Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or
is contrary to the terms of this Trust Agreement or any other Transaction Document or is otherwise contrary to law. 

  
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 (c) Subject to Article IV, whenever the Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Trust Agreement or any other Transaction Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders
requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholders received, the Owner Trustee shall not be liable on account
of such action to any Person. If the Owner Trustee shall not have received appropriate written instruction within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Trust Agreement or the other Transaction Documents, as it shall deem to be in the best interests of the
Certificateholders, and shall have no liability to any Person for such action or inaction. 
 (d) Subject to Article IV, in the event the
Owner Trustee is unsure as to the application of any provision of this Trust Agreement or any other Transaction Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable
provision, or in the event that this Trust Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the
Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any
such instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate written instruction within ten (10) days of such notice (or within
such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Trust Agreement or the
other Transaction Documents, as it shall deem to be in the best interests of the Certificateholders and shall have no liability to any Person for such action or inaction. 

Section 6.4 No Duties Except as Specified in this Trust Agreement or in Instructions. The Owner Trustee shall not have any duty or
obligation to manage, make any payment with respect to, register, record, sell, dispose of or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated
hereby to which the Owner Trustee or the Trust is a party, except as expressly provided by the terms of this Trust Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.3, and no implied duties
or obligations shall be read into this Trust Agreement or any other Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or
otherwise to perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any Commission filing for the Trust or to record this Trust Agreement or any other Transaction Document. The Owner Trustee
shall, however, at its own cost and expense, promptly take all 

  
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action as may be necessary to discharge any lien (other than the lien of the Indenture) on any part of the Owner Trust Estate that results from actions by, or claims against, the Owner Trustee in
its individual capacity that are not related to the ownership or the administration of the Owner Trust Estate. 
 Section 6.5 No
Action Except Under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and
the authority conferred upon the Owner Trustee pursuant to this Trust Agreement, (ii) in accordance with the other Transaction Documents to which the Trust is a party and (iii) in accordance with any document or written instruction
delivered to the Owner Trustee pursuant to Section 6.3. 
 Section 6.6 Restrictions. The Owner Trustee shall not take any
action (i) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (ii) that, to the actual knowledge of the Owner Trustee, would (A) affect the treatment of the Notes as indebtedness for federal income or
Virginia income or franchise tax purposes, (B) be deemed to cause a taxable exchange of the Notes for federal income or Virginia income or franchise tax purposes or (C) cause the Trust or any portion thereof to be taxable as an association
or publicly traded partnership taxable as a corporation for federal income or Virginia income or franchise tax purposes. The Certificateholders, the Depositor, the Administrator and the Servicer shall not direct the Owner Trustee to take action that
would violate the provisions of this Section 6.6. 
 Section 6.7 Instructions by Electronic Methods. The Owner Trustee is
hereby authorized to rely upon and comply with instructions and directions sent by e-mail, facsimile and other similar unsecured electronic methods (“Electronic Methods”) by persons believed by the Owner Trustee to be authorized to give
instructions and directions on behalf of the Depositor. The Owner Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions or
directions on behalf of the Depositor (other than to verify that the signature on a facsimile is the signature of a person authorized to give instructions and directions on behalf of the Depositor), and the Owner Trustee shall have no liability for
any losses, liabilities, costs or expenses incurred or sustained by the Depositor as a result of such reliance upon or use of Electronic Methods to submit instructions and directions to the Owner Trustee, including the risk of the Owner Trustee
taking unauthorized instructions, and the risk of interception and misuse by third parties. 
 Section 6.8 Communications Regarding
Demands to Repurchase Receivables. The Owner Trustee shall provide notice to CarMax and the Depositor as soon as practicable of all demands communicated to a Responsible Officer of the Owner Trustee for the repurchase or replacement of any
Receivable for breach of the representations and warranties concerning such Receivable. Subject to this Section 6.8, the Owner Trustee shall have no obligation to take any other action with respect to a demand. However, the Owner Trustee
shall, upon written request of either CarMax or the Depositor, provide notification to CarMax and the Depositor with respect to any actions taken by the Owner Trustee with respect to any such demand communicated to a Responsible Officer of the Owner
Trustee in respect of any Receivables, such notifications to be provided by the Owner Trustee as soon as practicable and in any event within five Business Days of such request or such other time frame as may be mutually agreed to by the Owner
Trustee and CarMax or the Depositor, as applicable. The Owner Trustee acknowledges 

  
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and agrees that the purpose of this Section 6.8 is to facilitate compliance by CarMax and the Depositor with Rule 15Ga-1 under the Exchange Act, as amended, and Items 1104(e) and
1121(c) of Regulation AB (the “Repurchase Rules and Regulations”). The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations may change over time, whether due to interpretive
guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by CarMax and the Depositor in good faith for
delivery of information under these provisions on the basis of evolving interpretations of the Repurchase Rules and Regulations. The Owner Trustee shall cooperate fully with CarMax and the Depositor to deliver any and all records and any other
information in its actual possession that are reasonably requested in writing by CarMax or the Depositor and necessary in the good faith determination of CarMax and the Depositor to permit them to comply with the provisions of Repurchase Rules and
Regulations. In no event shall the Owner Trustee have (i) any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to
undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities except as expressly set forth in this Section 6.8. 

ARTICLE VII 
 REGARDING THE OWNER
TRUSTEE 
 Section 7.1 Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to
perform its duties hereunder with respect to such trusts but only upon the terms of this Trust Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms of this
Trust Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any other Transaction Document under any circumstances, except (i) for its own willful misconduct, bad faith or negligence or (ii) in the case of
the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the Owner Trustee, in its individual capacity. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding
sentence): 
 (i) the Owner Trustee shall not be liable for any error of judgment made in good faith by a responsible officer
of the Owner Trustee unless it is proved that the Owner Trustee was negligent in ascertaining the pertinent facts; 
 (ii)
the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken in good faith by it in accordance with the provisions of this Trust Agreement at the instructions of any Certificateholder, the Indenture Trustee, the
Depositor, the Administrator or the Servicer; 
 (iii) no provision of this Trust Agreement or any other Transaction Document
shall require the Owner Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers hereunder or under any other Transaction
Document if the Owner Trustee shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 

  
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 (iv) the Owner Trustee shall not be liable for any indebtedness evidenced by or
arising under any of the Transaction Documents, including the principal of and interest on the Notes or payments of Excess Collections to the Certificateholders; 

(v) the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Trust Agreement or for
the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency of the other Transaction Documents, other than the
certificate of authentication on the Certificates, and the Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder[, the Swap Counterparty] or to any Certificateholder, other than as expressly provided
for herein and in the other Transaction Documents; 
 (vi) the Owner Trustee shall not be liable for the default or
misconduct of the Servicer[, the Backup Servicer], the Administrator, the Depositor or the Indenture Trustee under any of the Transaction Documents or otherwise, and the Owner Trustee shall have no obligation or liability to perform the obligations
of the Trust under this Trust Agreement or the other Transaction Documents that are required to be performed by the Administrator under the Administration Agreement, [or] the Servicer [or the Backup Servicer] under the Sale and Servicing Agreement
or the Indenture Trustee under the Indenture; 
 (vii) the Owner Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Trust Agreement, or to institute, conduct or defend any litigation under this Trust Agreement or otherwise or in relation to this Trust Agreement or any other Transaction Document, at the request, order or
direction of any of the Certificateholders, unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or
thereby; 
 (viii) the right of the Owner Trustee to perform any discretionary act enumerated in this Trust Agreement or any
other Transaction Document shall not be construed as a duty, and the Owner Trustee shall not be answerable other than for its willful misconduct, bad faith or negligence in the performance of any such act; 

(ix) in no event shall the Owner Trustee be responsible or liable (A) for special, indirect, punitive, consequential loss
or damage of any kind whatsoever (including loss of profit), (B) for the acts or omissions of clearing agencies or securities depositories or any of their respective nominees or correspondents, (C) for acts or omissions of brokers or
dealers or (D) for any losses due to forces beyond the control of the Owner Trustee, including strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and interruptions, loss
or malfunctions of utilities, communications or computer (software and hardware) services provided by third parties selected by the Owner Trustee with reasonable care; 

  
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 (x) the Owner Trustee shall have no responsibility for the accuracy of any
information provided to Certificateholders or any other person that has been obtained from, or provided to the Owner Trustee by, any other Person; and 

(xi) the Owner Trustee shall not be liable for any failure to anticipate incurring Expenses as long as the Owner Trustee acts
in good faith based on the facts reasonably available to it at the time of such determination. 
 Section 7.2 Furnishing of
Documents. The Owner Trustee shall furnish to the Certificateholders promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other
instruments furnished to the Owner Trustee under the Transaction Documents. 
 Section 7.3 Representations and Warranties. The
Owner Trustee, in its individual capacity, hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that: 

(a) it is a [            ] duly organized and validly existing in good standing
under the laws of [            ] and has all requisite power and authority to execute, deliver and perform its obligations under this Trust Agreement; 

(b) it has taken all action necessary to authorize the execution and delivery by it of this Trust Agreement, and this Trust Agreement will be
executed and delivered by one of its officers who is duly authorized to execute and deliver this Trust Agreement on its behalf; 
 (c)
neither the execution nor the delivery by it of this Trust Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or New York law,
governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order of any court, administrative agency or tribunal applicable to it, or conflict with or result in a breach or violation of, or
constitute any default under its charter documents or by-laws or any indenture, mortgage, bank credit agreement, contract, agreement or instrument to which it is a party or by which any of its properties may be bound; and 

(d) there are no actions, suits or proceedings pending or threatened against it in any court or before any governmental authority, agency or
arbitration board or tribunal which, individually or in the aggregate, would have a material adverse effect on its right, power and authority to enter into or perform its obligations under this Trust Agreement. 

Section 7.4 Reliance; Advice of Counsel. 

(a) The Owner Trustee may rely upon, shall be protected in relying upon, and shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a
certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or
matter the method of 

  
 21 








 
the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the
treasurer or other authorized officers of the relevant party, as to such fact or matter and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

 (b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Trust
Agreement or the other Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or
misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled Persons to be selected with reasonable care
and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such Persons and not contrary to this
Trust Agreement or any other Transaction Document. 
 Section 7.5 Not Acting in Individual Capacity. Except as provided in
Section 7.3, in accepting the trusts hereby created, [                    ] acts solely as Owner Trustee hereunder and not in its individual
capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Trust Agreement or any other Transaction Document shall look only to the Owner Trust Estate for payment or satisfaction thereof.

 Section 7.6 Owner Trustee Not Liable for Certificates or Receivables. The recitals contained herein and in the Certificates
(other than the signature and countersignature of the Owner Trustee on the Certificates) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Trust Agreement, any other Transaction Document, the Certificates (other than the signature and countersignature of the Owner Trustee on the Certificates) or the Notes, or of any Receivable
or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any
Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to the Certificateholders under
this Trust Agreement or to the Noteholders [or the Swap Counterparty] under the Indenture, including the existence, condition and ownership of any Financed Vehicle, the existence and enforceability of any insurance thereon, the existence and
contents of any Receivable on any computer or other record thereof, the validity of the assignment of any Receivable to the Trust or any intervening assignment, the completeness of any Receivable, the performance or enforcement of any Receivable,
the compliance by the Depositor or the Servicer with any warranty or representation made under any Transaction Document or in any related document, or the accuracy of any such warranty or representation or any action of the Indenture Trustee, the
Administrator or the Servicer taken in the name of the Owner Trustee. 

  
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 Section 7.7 Owner Trustee May Own Certificates and Notes. The Owner Trustee, in its
individual or any other capacity, may become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the Servicer, the Administrator and the Indenture Trustee in banking transactions with the same rights as it would have if it
were not Owner Trustee. 
 Section 7.8 Regulation AB. The Owner Trustee shall cooperate in good faith with the Depositor to
ensure compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due
to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel or otherwise. The Owner Trustee shall deliver to the Depositor (including any of its assignees
or designees) upon request any and all reports, statements, certifications, records and other information necessary in the good faith determination of the Depositor to permit the Depositor to comply with the provisions of Regulation AB, together
with such disclosures relating to the Owner Trustee and the Receivables, or the servicing of the Receivables, reasonably believed by the Depositor to be necessary in order to effect such compliance. The Depositor shall not request information or
disclosures pursuant to this Section 7.8 other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act or the rules and regulations of the Commission under the Securities Act or the Exchange Act. 

ARTICLE VIII 
 COMPENSATION AND
INDEMNIFICATION OF OWNER TRUSTEE 
 Section 8.1 Owner Trustee’s Fees and Expenses. The Owner Trustee shall receive as
compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between the Servicer and such trustee, and the Owner Trustee shall be reimbursed by the Servicer for its other reasonable expenses
hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as such trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. 

Section 8.2 Indemnification. To the fullest extent permitted by applicable law, the Initial Servicer shall be liable as prime
obligor for, and shall indemnify the Owner Trustee and its successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or
asserted against the Owner Trustee or any other Indemnified Party in any way relating to or arising out of this Trust Agreement, the other Transaction Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or
inaction of the Owner Trustee hereunder; provided, however, that the Initial Servicer shall not be liable for or required to indemnify an Indemnified Party from and against Expenses arising or resulting from any of the matters described in the third
sentence of Section 7.1. Except as otherwise provided in Section 5.4(b) of the Indenture, in no event will the Initial Servicer or the Owner Trustee be entitled to make any claim upon the Owner Trust Estate for the payment or


  
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reimbursement of any Expenses. The indemnities contained in this Section 8.2 shall survive the resignation or termination of the Owner Trustee or the termination of this Trust Agreement. In
the event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section 8.2, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Initial Servicer, which approval shall not be
unreasonably withheld. 
 Section 8.3 Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this
Article VIII shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 
 ARTICLE IX 

TERMINATION 
 Section 9.1
Termination of Trust Agreement. 
 (a) This Trust Agreement (other than the provisions of Article VIII) shall terminate and be of no
further force or effect and the Trust shall dissolve upon the earlier of (i) the payment to the Servicer, the Noteholders[, the Swap Counterparty] and the Certificateholders of all amounts required to be paid to them pursuant to the terms of
the Indenture, the Sale and Servicing Agreement[, the Swap Agreement] and Article V and (ii) the Distribution Date next succeeding the month which is one year after the maturity or other liquidation of the last Receivable and the disposition of
any amounts received upon liquidation of any property remaining in the Trust. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not operate to terminate this Trust Agreement or the Trust, entitle such
Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate or otherwise affect the rights,
obligations and liabilities of the parties hereto. 
 (b) No Certificateholder shall be entitled to revoke or terminate the Trust. 

(c) Notice of any termination of the Trust, specifying the Distribution Date upon which the Certificateholders shall surrender their
Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to Certificateholders mailed within five (5) Business Days of receipt of notice of such termination from the
Servicer, stating (i) the Distribution Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein specified, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificates at the office of the Paying Agent
therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent [and the Swap Counterparty] at the time such notice is given to Certificateholders. Upon presentation and
surrender of the Certificates, the Paying Agent shall cause to be distributed to the Certificateholders, subject to Section 3808 of the Statutory Trust Statute, amounts distributable on such Distribution Date pursuant to Section 5.2. In
the event that all of the Certificateholders shall not surrender their Certificates for cancellation within six (6) months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written


  
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notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all
the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their
Certificates and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Trust Agreement. Subject to applicable escheat laws, any funds remaining in the Trust after exhaustion of such remedies shall be
distributed by the Owner Trustee to the Certificateholders in proportion to each Certificateholder’s Certificate Percentage Interest. 

(d) Upon the winding up of the Trust, in accordance with Section 3808 of the Statutory Trust Statute, and its termination, the Owner
Trustee shall, at the written direction of the Depositor, cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust
Statute. 
 ARTICLE X 
 SUCCESSOR
OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
 Section 10.1 Eligibility Requirements for Owner Trustee. The Owner Trustee shall
at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, (ii) be authorized to exercise corporate trust powers, (iii) have a combined capital and
surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities and (iv) have (or have a parent that has) a long-term debt rating of investment grade by each of the Rating Agencies or otherwise be
acceptable to each of the Rating Agencies. If such corporation or banking association shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section 10.1 the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the
Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. 

Section 10.2 Resignation or Removal of Owner Trustee. The Owner Trustee may at any time resign and be discharged from the trusts
hereby created by giving written notice thereof to the Administrator and the Depositor. Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee (acceptable to the Depositor) by written
instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within
thirty (30) days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 

If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and shall fail to resign
after written request therefor by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be 

  
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adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or liquidation, or the Owner Trustee shall otherwise become incapable of acting, then the Administrator shall remove the Owner Trustee. If the Administrator shall remove the Owner
Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee (acceptable to the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered
to the removed Owner Trustee and one copy to the successor Owner Trustee. 
 Any resignation or removal of the Owner Trustee and appointment
of a successor Owner Trustee pursuant to this Section 10.2 shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner
Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to the Depositor, the Certificateholders, the Indenture Trustee, the Noteholders[, the Swap Counterparty] and the Rating Agencies. 

Section 10.3 Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute,
acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Trust Agreement, and thereupon, subject to the payment of all fees and expenses owed to the predecessor Owner
Trustee, the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations
of its predecessor under this Trust Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall, upon payment of its fees and expenses, deliver to the successor Owner Trustee all documents, statements and
monies held by it under this Trust Agreement, and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in
the successor Owner Trustee all such rights, powers, duties and obligations. 
 No successor Owner Trustee shall accept appointment as
provided in this Section 10.3 unless, at the time of such acceptance, such successor Owner Trustee shall be eligible pursuant to Section 10.1. 

Any successor Owner Trustee appointed pursuant to this Section 10.3 shall file an amendment to the Certificate of Trust with the
Secretary of State reflecting the name and principal place of business of such successor in the State of Delaware. 
 Upon acceptance of
appointment by a successor Owner Trustee pursuant to this Section 10.3, the Administrator shall mail notice of such appointment to all Certificateholders, the Indenture Trustee, the Noteholders[, the Swap Counterparty] and the Rating Agencies.
If the Administrator shall fail to mail such notice within ten (10) days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator. 

  
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 Section 10.4 Merger or Consolidation of Owner Trustee. 

(a) If the Owner Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or
assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act, except the filing of an amendment to the Certificate of Trust, if required under the Statutory
Trust Statute, shall be the successor Owner Trustee; provided, however, that such corporation or banking association must be otherwise qualified and eligible under Section 10.1. The Owner Trustee shall provide the Administrator
(who shall promptly forward to the Rating Agencies) with prior written notice of any such transaction. 
 (b) If at the time such successor
or successors by consolidation, merger or conversion to the Owner Trustee shall succeed to the trusts created by this Trust Agreement any of the Certificates shall have been authenticated but not delivered, any such successor to the Owner Trustee
may adopt the certificate of authentication of any predecessor trustee and deliver such Certificates so authenticated, and in case at that time any of the Certificates shall not have been authenticated, any such successor to the Owner Trustee may
authenticate such Certificates either in the name of any predecessor trustee or in the name of the successor to the Owner Trustee. In all such cases such certificates shall have the full force which the Certificates or this Trust Agreement provide
that the certificate of the Owner Trustee shall have. 
 Section 10.5 Appointment of Co-Trustee or Separate Trustee. 

(a) Notwithstanding any other provisions of this Trust Agreement to the contrary, at any time, for the purpose of meeting any legal requirement
of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and may execute and deliver an instrument to appoint one
or more Persons approved by the Owner Trustee to act as co-trustee or co-trustees, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person or Persons, in such
capacity and for the benefit of the Certificateholders, such title to the Owner Trust Estate, or any part thereof, and, subject to the other provisions of this Section 10.5, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request so to do, the Owner Trustee alone shall have
the power to make such appointment. No co-trustee or separate trustee under this Trust Agreement shall be required to meet the terms of eligibility as a successor trustee under Section 10.1 and no notice of the appointment of any co-trustee or
separate trustee shall be required under Section 10.3. 
 (b) Each separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and
obligations conferred or imposed upon the Owner Trustee shall be conferred or imposed upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee
shall not be authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any 

  
 27 








 
jurisdiction in which any particular act or acts are to be performed the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties
and obligations (including the holding of title to the Owner Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner
Trustee; 
 (ii) no trustee under this Trust Agreement shall be personally liable by reason of any act or omission of any
other trustee under this Trust Agreement; and 
 (iii) the Administrator and the Owner Trustee acting jointly may at any time
accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the Owner
Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Trust Agreement and the
conditions of this Article X. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or
separately, as may be provided therein, subject to all the provisions of this Trust Agreement, specifically including every provision of this Trust Agreement relating to the conduct of, affecting the liability of, or affording protection to, the
Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator. 
 (d) Any separate
trustee or co-trustee may at any time constitute the Owner Trustee its agent or attorney-in-fact with full power and authority, to the extent permitted by law, to do any lawful act under or in respect of this Trust Agreement on its behalf and in its
name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law,
without the appointment of a new or successor trustee. 
 ARTICLE XI 

MISCELLANEOUS 
 Section 11.1
Supplements and Amendments. 
 (a) This Trust Agreement may be amended from time to time by a written amendment duly executed and
delivered by the Depositor and the Owner Trustee, without the consent of any Noteholder, any Certificateholder[, the Swap Counterparty] or any other Person; provided, however, that (i) any such amendment shall not, as evidenced by
an Opinion of Counsel to the Depositor delivered to the Indenture Trustee, adversely affect in any material respect the interests of the Noteholders or (ii) the Rating Agency Condition is satisfied with respect to such amendment and the
Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment 
 (b) This
Trust Agreement may be amended from time to time by the Depositor and the Owner Trustee, with the consent of the Holders (as defined in the Indenture) of Notes evidencing not less than 51% of the Note Balance or, if the Notes have been paid in


  
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full, the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest, for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Trust Agreement or modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment may: 

(i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority
of, collections of payments on or in respect of the Receivables or distributions that are required to be made for the benefit of the Noteholders or the Certificateholders, or change any Note Rate, without the consent of all Noteholders and
Certificateholders adversely affected by such amendment; 
 (ii) reduce the percentage of the Note Balance or the percentage
of the aggregate Certificate Percentage Interest the consent of the Holders of which is required for any amendment to this Trust Agreement without the consent of all the Noteholders and Certificateholders adversely affected by the amendment; or 

(iii) adversely affect the rating assigned by any Rating Agency to any Class of Notes without the consent of the Holders (as
defined in the Indenture) of Notes evidencing not less than 66 2/3% of the aggregate principal amount of the then outstanding Notes of such Class. 

(c) Any term or provision of this Trust Agreement may also be amended from time to time by the Depositor and the Owner Trustee for the purpose
of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect to any Retained Notes or the Certificates
without the consent of the Indenture Trustee, any Noteholder, any Certificateholder, the Trust, or any other Person, provided, however, that the Depositor shall provide written notification of the substance of such amendment to the
Indenture Trustee, the Trust[, and the Swap Counterparty] 
 (d) Prior to the execution of any amendment or consent pursuant to
Section 11.1, the Depositor shall provide written notification of the substance of such amendment or consent to each Rating Agency [and the Swap Counterparty]. 

(e) Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of
such amendment or consent to each Certificateholder and the Depositor shall furnish written notification of the substance of such amendment to the Indenture Trustee[, the Swap Counterparty] and the Rating Agencies. 

(f) It shall not be necessary for the consent of the Certificateholders, [or] the Noteholders [or the Swap Counterparty] pursuant to
Section 11.1(b) to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of
Certificateholders provided for in this Trust Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable requirements as the Owner Trustee
may prescribe. 

  
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 (g) Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee
shall file such amendment or cause such amendment to be filed with the Secretary of State. 
 (h) The Owner Trustee may, but shall not be
obligated to, enter into any such amendment that affects the Owner Trustee’s own rights, duties, liabilities or immunities under this Trust Agreement or otherwise. 

(i) Prior to the execution of any amendment to this Trust Agreement or any amendment to any other agreement to which the Trust is a party, the
Owner Trustee shall be entitled to receive and shall be fully protected in relying upon an Opinion of Counsel or an Officer’s Certificate of the Depositor stating that the execution of such amendment is authorized or permitted by this Trust
Agreement and that all conditions precedent in this Trust Agreement to the execution and delivery of such amendment have been satisfied. 

Section 11.2 No Legal Title to Owner Trust Estate in Certificateholders. The Certificateholders shall not have legal title to any
part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided beneficial interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise,
of any right, title or interest of the Certificateholders in and to their beneficial interest in the Owner Trust Estate shall operate to terminate this Trust Agreement or the trusts hereunder or entitle any transferee to an accounting or to the
transfer to it of legal title to any part of the Owner Trust Estate. 
 Section 11.3 Limitation on Rights of Others. The
provisions of this Trust Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Administrator, the Certificateholders, the Servicer and, to the extent expressly provided herein, the Indenture Trustee[, the Swap Counterparty]
and the Noteholders, and nothing in this Trust Agreement or in the Certificates, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in
respect of this Trust Agreement or any covenants, conditions or provisions contained herein. 
 Section 11.4 Notices. All
demands, notices and other communications under this Trust Agreement shall be in writing, personally delivered, sent by telecopier, email, overnight courier or mailed by certified mail, return receipt requested, and shall be deemed to have been duly
given upon receipt (i) in the case of the Owner Trustee, at the Corporate Trust Office, (ii) in the case of the Depositor, at the following address: 12800 Tuckahoe Creek Parkway, Suite 400, Richmond, Virginia 23238, Attention: Treasurer,
(iii) in the case of the Indenture Trustee, at the Corporate Trust Office, (iv) in the case of [            ], at the following address:
[            ], (v) in the case of [            ], at the following address:
[            ] and (vi) in the case of the Administrator, at the following address: 12800 Tuckahoe Creek Parkway, Richmond, Virginia 23238, Attention: Treasury Department. Any notice
required or permitted to be mailed to a Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Trust
Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder shall receive such notice. 

  
 30 








 Section 11.5 Severability. If any provision of this Trust Agreement or the
Certificates shall be held for any reason whatsoever invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Trust Agreement and the Certificates shall not in any way be affected or impaired
thereby. 
 Section 11.6 Separate Counterparts. This Trust Agreement may be executed in any number of counterparts, each of
which counterparts when so executed shall be deemed to be an original, and all of which counterparts shall together constitute but one and the same instrument. 

Section 11.7 Successors and Assigns. All covenants and agreements in this Trust Agreement and the Certificates shall be binding
upon, and inure to the benefit of, the Depositor, the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument
or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 
 Section 11.8 Covenants of the
Depositor. The Depositor shall not at any time institute against the Trust, or join in any institution against the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any
United States federal or State bankruptcy or similar law in connection with any obligations relating to the Certificates, the Notes, this Trust Agreement or any of the other Transaction Documents. 

Section 11.9 No Petition. To the fullest extent permitted by applicable law, the Owner Trustee (not in its individual capacity but
solely as Owner Trustee), by entering into this Trust Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee[, the Swap Counterparty] and each Noteholder, by accepting the benefits of this Trust Agreement, hereby
covenant and agree that they will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, or cooperate with or encourage others to institute against the Depositor or the Trust,
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Certificates, the Notes,
this Trust Agreement or any of the other Transaction Documents. 
 Section 11.10 No Recourse. Each Certificateholder, by
accepting a Certificate, acknowledges that the Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee
or any Affiliate thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificates or the other Transaction Documents. 

Section 11.11 Headings. The Article and Section headings herein and the Table of Contents are for convenience only and shall not
define or limit any of the terms or provisions hereof. 

  
 31 








 Section 11.12 Governing Law; Waiver of Jury Trial. 

(a) This Trust Agreement shall be construed in accordance with the laws of the State of Delaware and the obligations, rights and remedies of
the parties under this Trust Agreement shall be determined in accordance with such laws. 
 (b) The parties hereto hereby irrevocably waive,
to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Trust Agreement. 

Section 11.13 Depositor Payment Obligation. The Depositor shall be responsible for payment of the Administrator’s
compensation under the Administration Agreement and shall reimburse the Administrator for all expenses and liabilities of the Administrator incurred under the Administration Agreement. 

Section 11.14 Certificates Nonassessable and Fully Paid. The Certificateholders shall not be personally liable for the obligations
of the Trust. The interests represented by the Certificates shall be nonassessable for any losses or expenses of the Trust or for any reason whatsoever, and, upon the authentication thereof by the Owner Trustee pursuant to Section 3.3,
Section 3.4 or Section 3.5, the Certificates are and shall be deemed fully paid. 
 Section 11.15 [Obligations with
Respect to the Swap Counterparty]. [Any obligations or duties owed to, or rights of, the Swap Counterparty hereunder, including the right of the Swap Counterparty to consent to, or receive notice of, any actions hereunder shall terminate upon
payment in full of the Class A-2b Notes and indefeasible payment of all amounts owed to the Swap Counterparty under the Swap Agreement.] 

Section 11.16 Ratification of Prior Actions. Any actions taken by the Owner Trustee or the Administrator, in each case for itself
or on behalf of the Trust, in connection with the opening of bank accounts, deposit of monies into such accounts, obtaining of sales finance company licenses on behalf of the Trust and any actions related thereto are hereby confirmed and ratified in
all respects, and the Owner Trustee shall be entitled to the indemnity provided for in Section 8.2 with respect to such actions. 

[SIGNATURE PAGE FOLLOWS] 

  
 32 








 IN WITNESS WHEREOF, the Depositor and the Owner Trustee have caused this Trust Agreement to be
duly executed by their respective officers, thereunto duly authorized and duly attested, all as of the day and year first above written. 
  

			
	CARMAX AUTO FUNDING LLC,
	as Depositor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	
[                          
  ],
 as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	


  

			
	Accepted and agreed:
	
	CARMAX BUSINESS SERVICES, LLC,
	as Servicer
		
	By:	 	  

	Name:	 	
	Title:	 	

 Trust Agreement (CAOT 20[    ]-[    ]) 







 Exhibit A 

Form of Certificate 

THIS ASSET-BACKED CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE NOTES TO THE EXTENT DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND
SERVICING AGREEMENT AND THE INDENTURE REFERRED TO HEREIN. 
  

			
	REGISTERED	 	NO. R-[    ]

 CARMAX AUTO OWNER TRUST 20[    ]-[    ] 

ASSET-BACKED CERTIFICATE 

evidencing a beneficial interest in the property of CarMax Auto Owner Trust 20[    ]-[    ], a
Delaware statutory trust (the “Trust”), which property includes a pool of retail installment sale contracts secured by new and used motor vehicles sold by CarMax Business Services, LLC, a Delaware limited liability company (the
“Seller”), to CarMax Auto Funding LLC, a Delaware limited liability company (the “Depositor”), and sold by the Depositor to the Trust. The property of the Trust (other than the Certificate Payment Account and the
proceeds thereof) has been pledged by the Trust to [            ], a [            ] as Indenture Trustee (in such capacity, the
“Indenture Trustee”), pursuant to an Indenture dated as of [            ], 20[    ] (as amended, supplemented or otherwise modified from time to time,
the “Indenture”) between the Trust and the Indenture Trustee to secure the payment of the Notes issued thereunder. 
 This
certifies that is the registered owner of a 100% Certificate Percentage Interest nonassessable, fully paid, beneficial interest in the Trust. The Trust was created pursuant to a Trust Agreement dated as of
[            ], 20[    ] between the Depositor and [            ], not in its individual capacity but solely
as Owner Trustee (in such capacity, the “Owner Trustee”),as amended and restated by an Amended and Restated Trust Agreement dated as of [            ],
20[    ] (as amended, supplemented or otherwise modified and in effect from time to time, the “Trust Agreement”) among the Depositor and the Owner Trustee, a summary of certain of the pertinent provisions of
which is set forth below. Capitalized terms used but not defined herein have the meanings assigned to them in the Trust Agreement or in the Sale and Servicing Agreement dated as of
[            ], 20[    ] (as amended, supplemented or otherwise modified and in effect from time to time, the “Sale and Servicing Agreement”) among the
Trust, the Depositor, [and] CarMax Business Services, LLC, as servicer (in such capacity, the “Servicer”)[, and [            ], a
[            ] as backup servicer (in such capacity, the “Backup Servicer”)]. 

This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. The property of the Trust includes: (i) a pool of retail installment sale contracts originated in connection with the sale of new or used
motor vehicles (the “Receivables”); (ii) all amounts received on or in respect of 

  
 Ex. A-1 








 
the Receivables after the Cutoff Date; (iii) the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and any other interest of the Seller or the
Depositor in such Financed Vehicles; (iv) all proceeds from claims on or refunds of premiums with respect to physical damage, theft, GAP, credit life or credit disability insurance policies relating to the Financed Vehicles or the Obligors;
(v) the Receivable Files; (vi) the Collection Account, the Note Payment Account, the Certificate Payment Account and the Reserve Account and all amounts, securities, financial assets, investments and other property deposited in or credited
to any of the foregoing and all proceeds thereof; (vii) all rights of the Depositor under the Receivables Purchase Agreement, including the right to require the Seller to repurchase Receivables from the Depositor; (viii) all rights of the
Trust under the Sale and Servicing Agreement, including the right to require the Servicer to purchase Receivables from the Trust; (ix) the right to realize upon any property (including the right to receive future Liquidation Proceeds) that
shall have secured a Receivable and have been repossessed by or on behalf of the Trust; and (x) all present and future claims, demands, causes of action and choses in action in respect of any or 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. 
 THE RIGHTS OF THE
TRUST IN THE FOREGOING PROPERTY OF THE TRUST (OTHER THAN THE CERTIFICATE PAYMENT ACCOUNT AND THE PROCEEDS THEREOF) HAVE BEEN PLEDGED TO THE INDENTURE TRUSTEE TO SECURE THE PAYMENT OF THE NOTES. 

Pursuant to the Trust Agreement, there will be distributed on each Distribution Date to the Person in whose name this Certificate is
registered at the close of business on the Business Day preceding such Distribution Date such Certificateholder’s Certificate Percentage Interest in the amount to be distributed to Certificateholders on such Distribution Date. 

“Distribution Date” means the [15th] day of each month or, if such [15th] day is not a Business Day, the following Business
Day, commencing on [            ], 20[    ]. 
 THE HOLDER
OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS [AND THE SWAP COUNTERPARTY] AS DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND
SERVICING AGREEMENT AND THE INDENTURE. 
 It is the intent of the Depositor, the Seller, the Servicer and the Certificateholders that, for
purposes of federal income taxes, State and local income taxes and any other income taxes, the Trust will be treated either as a disregarded entity under Treasury Regulation Section 301.7701-3 or as a partnership, and that the
Certificateholders (including the Depositor) will be treated as partners in that partnership. The Certificateholders, by acceptance of a Certificate, agree to such treatment and agree to take no action inconsistent with such treatment. 

  
 Ex. A-2 








 Each Certificateholder, by its acceptance of a Certificate, covenants and agrees that such
Certificateholder will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Trust Agreement or any of the other Transaction Documents. 

Distributions on this Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final
distribution on this Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency of the Certificate Registrar maintained for
that purpose in [            ]. 
 Reference is hereby made to the further
provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Certificate. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Owner Trustee, by manual signature, this
Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-3 








 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual capacity,
has caused this Certificate to be duly executed as of the date set forth below. 
 Dated:
[            ], 20[    ] 
  

			
	CARMAX AUTO OWNER TRUST 20[    ]-[    ],
		
	By:	 	[                                    ], not in its
individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	


 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Certificates referred to in the within-mentioned Trust Agreement. 

Dated: [            ], 20[    ] 

 

			
	By:	 	[                                ], not in its individual capacity but
solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	



  
 Ex. A-4 








 [REVERSE OF CERTIFICATE] 

This Certificate does not represent an obligation of, or an interest in, the Depositor, the Seller, the Servicer[, the Backup Servicer], the
Administrator, the Owner Trustee or any Affiliates of any of them, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein, in the Trust Agreement or in the other Transaction
Documents. In addition, this Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables (and certain other amounts), all as more specifically
set forth herein and in the Sale and Servicing Agreement. 
 The Trust Agreement permits the Depositor and the Owner Trustee, on behalf of
the Trust, with certain exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Trust Agreement without the consent of the Holders of the Certificates. The Trust Agreement also permits the
Depositor and the Owner Trustee, on behalf of the Trust, with certain exceptions as therein provided, to amend or waive certain terms and conditions set forth in the Trust Agreement with the consent of the Holders of the Notes evidencing not less
than 51% of the Note Balance or, if the Notes have been paid in full, the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest. Any such consent or waiver by the Holder of this Certificate shall be
conclusive and binding on such Holder and on all future Holders of this Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is
made upon this Certificate. 
 As provided in the Trust Agreement and subject to certain limitations therein set forth, the Transfer of this
Certificate may be registered in the Certificate Register upon surrender of this Certificate for registration of Transfer at the office or agency of the Certificate Registrar maintained for that purpose in
[            ] and a written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in
writing, and thereupon one or more new Certificates in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge shall be made for any registration of
Transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection therewith. The initial Certificate Registrar
appointed under the Trust Agreement is the Owner Trustee. 
 Each Certificateholder, by its acceptance of a Certificate, shall be deemed to
have represented and warranted that such Certificateholder is not acquiring the Certificate with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), including
individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code or (iii) employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code whose acquisition
of a Certificate would constitute or result in a violation of any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

  
 Ex. A-5 








 Any person who is not an affiliate of the Seller and acquires more than 49.9% of the Certificates
will be deemed to represent that it is not a party in interest (within the meaning of ERISA) or a disqualified person (within the meaning of Section 4975(e)(2) of the Code) with respect to any Plan, other than a Plan that it sponsors for the
benefit of its employees, and that no Plan with respect to which it is a party in interest has or will acquire any interest in the Notes. 

The Certificates are issuable only in registered form in denominations as provided in the Trust Agreement, subject to certain limitations
therein set forth. 
 The Owner Trustee, the Certificate Registrar and any Paying Agent may treat the Person in whose name this Certificate
is registered in the Certificate Register (as of the day of determination) as the owner of this Certificate for the purpose of receiving distributions pursuant to the Trust Agreement and for all other purposes whatsoever, and none of the Owner
Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary. 
 The Trust Agreement, with certain
exceptions therein provided, and the Trust shall terminate and be of no further force or effect upon the earlier of (i) the payment to the Servicer, the Noteholders[, the Swap Counterparty] and the Certificateholders of all amounts required to
be paid to them pursuant to the terms of the Indenture, the Sale and Servicing Agreement[, the Swap Agreement] and the Trust Agreement and (ii) the Distribution Date next succeeding the month which is one year after the maturity or other
liquidation of the last Receivable and the disposition of any amounts received upon liquidation of any property remaining in the Trust. 

THIS CERTIFICATE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Ex. A-6 








 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:                  

 

			
	FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto	 	  

	  



			
	  
	  	

 (name and address of assignee) 

the within Certificate and all rights thereunder, and hereby irrevocably constitutes and appoints
                            , attorney, to transfer said Certificate on the Certificate Register, with full
power of substitution in the premises. 
 Dated: 
  

			
		 	                                      
                                         
                          */
		
		 	Signature Guaranteed:
		
		 	                                    
                                         
                            */

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Certificate in every particular, without alteration, enlargement or any change
whatsoever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar. 


  
 Ex. A-7 








 Exhibit B 

Form of Certificate of Trust 

Certificate of Trust of CarMax Auto Owner Trust 20[    ]-[    ] 

This Certificate of Trust of CarMax Auto Owner Trust 20[    ]-[    ] (the “Trust”) is
being duly executed and filed by [            ], a [            ], as owner trustee (the “Owner Trustee”), to
form a statutory trust under the Delaware Statutory Trust Act (12 Del. Code, § 3801 et seq.) (the “Act”). 

1. Name. The name of the statutory trust formed hereby is CarMax Auto Owner Trust
20[    ]-[    ]. 
 2. Delaware Trustee. The name and business address of a trustee of the
Trust having its principal place of business in the State of Delaware is [            ], [            ],
[            ], [            ]. 

3. Effective Date. This Certificate of Trust shall be effective upon its filing with the Secretary of State of the State of Delaware.

 IN WITNESS WHEREOF, the undersigned has executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act. 

 

			
	[                                    
    ],
	as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:



  
 Ex. B