Document:

name_Exh_10_9

		

			 

		

		
			Exhibit 10.9
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			DMIH LIMITED
		

		
			(as Grantor)
		

		
			 
		

		
			 
		

		
			SILICON VALLEY BANK
		

		
			(as Security Trustee for the Secured Parties)
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			SECURITY DEED
		

		
			(DEBENTURE)
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			William Fry
		

		
			Solicitors
		

		
			Fitzwilton House
		

		
			Wilton Place
		

		
			Dublin 2
		

		
			www.williamfry.ie
		

		
			 
		

		
			© William Fry 2014
		

		
			 
		

		
			021830.0010.EH/CAH
		

		
			 
		

		
			
		

		 

		

			 

		

 

		

			 

		

		CONTENTS
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						SECTION 1.0 – INTERPRETATION

					
					
						5

				
	
					
						1.1

					
					
						CREDIT AGREEMENT

					
					
						5

				
	
					
						1.2

					
					
						ADDITIONAL DEFINITIONS

					
					
						5

				
	
					
						1.3

					
					
						INTERPRETATION

					
					
						9

				
	
					
						1.4

					
					
						CERTIFICATES

					
					
						11

				
	
					
						SECTION 2.0 - NATURE OF SECURITY AND COVENANT TO PAY

					
					
						11

				
	
					
						2.1

					
					
						NATURE OF SECURITY

					
					
						11

				
	
					
						2.2

					
					
						COVENANT TO PAY

					
					
						11

				
	
					
						SECTION 3.0 - FIXED CHARGES, ASSIGNMENTS AND FLOATING CHARGE

					
					
						12

				
	
					
						3.1

					
					
						FIXED CHARGES

					
					
						12

				
	
					
						3.2

					
					
						ASSIGNMENTS

					
					
						13

				
	
					
						3.3

					
					
						NON-ASSIGNABLE

					
					
						14

				
	
					
						3.4

					
					
						FLOATING CHARGE

					
					
						14

				
	
					
						3.5

					
					
						CRYSTALLISATION OF FLOATING CHARGE

					
					
						15

				
	
					
						3.6

					
					
						EXCLUDED ASSETS

					
					
						15

				
	
					
						3.7

					
					
						NEGATIVE PLEDGE

					
					
						15

				
	
					
						3.8

					
					
						AFTER ACQUIRED PROPERTY

					
					
						16

				
	
					
						3.9

					
					
						VALIDITY OF CHARGES

					
					
						16

				
	
					
						3.10

					
					
						CONTINUING OBLIGATIONS

					
					
						16

				
	
					
						3.11

					
					
						PROVISO FOR REDEMPTION/RELEASE/REASSIGNMENT

					
					
						16

				
	
					
						SECTION 4.0 - ENFORCEABILITY OF SECURITY

					
					
						17

				
	
					
						4.1

					
					
						EVENTS OF DEFAULT

					
					
						17

				
	
					
						SECTION 5.0 - RIGHTS AND POWERS OF THE LENDER

					
					
						17

				
	
					
						5.1

					
					
						ENTRY INTO POSSESSION

					
					
						17

				
	
					
						5.2

					
					
						FURTHER RIGHT OF POSSESSION

					
					
						18

				
	
					
						5.3

					
					
						POWER OF SALE

					
					
						18

				
	
					
						5.4

					
					
						POWER OF LEASING AND ACCEPTING SURRENDERS

					
					
						18

				
	
					
						5.5

					
					
						POWER TO CONDUCT BUSINESS

					
					
						18

				
	
					
						5.6

					
					
						DUE DATE FOR STATUTORY PURPOSES

					
					
						19

				
	
					
						5.7

					
					
						NON-APPLICABILITY OF SECTIONS 92 AND 94 OF THE ACT

					
					
						19

				
	
					
						5.8

					
					
						POSITION OF THIRD PARTIES

					
					
						19

				
	
					
						5.9

					
					
						RECEIPT OF LENDER GOOD DISCHARGE

					
					
						19

				
	
					
						5.10

					
					
						APPLICATION OF MONIES

					
					
						19

				
	
					
						SECTION 6.0 - APPOINTMENT OF RECEIVER

					
					
						20

				
	
					
						6.1

					
					
						POWER OF APPOINTMENT

					
					
						20

				
	
					
						6.2

					
					
						POWERS OF RECEIVER TO BORROW

					
					
						22

				
	
					
						6.3

					
					
						APPLICATION OF MONIES BY RECEIVER

					
					
						22

				
	
					
						6.4

					
					
						LIABILITY OF THE LENDER AND RECEIVER

					
					
						22

				
	
					
						6.5

					
					
						RECEIVER AGENT OF THE GRANTOR

					
					
						22

				
	
					
						6.6

					
					
						SECTION 108 OF THE ACT

					
					
						23

				
	
					
						SECTION 7.0 - CONTINUING SECURITY, ETC.

					
					
						23

				
	
					
						7.1

					
					
						CONTINUING SECURITY

					
					
						23

				
	
					
						7.2

					
					
						OPENING OF NEW ACCOUNTS

					
					
						23

				
	
					
						7.3

					
					
						REINSTATEMENT

					
					
						23

				
	
					
						7.4

					
					
						WAIVER OF DEFENCES

					
					
						24

				
	
					
						7.5

					
					
						ADDITIONAL SECURITY

					
					
						25

				
	
					
						SECTION 8.0 – SHARES

					
					
						25

				
	
					
						8.1

					
					
						COVENANTS RELATING TO SHARES

					
					
						25

				
	
					
						8.2

					
					
						DEPOSIT OF TITLE DOCUMENTS

					
					
						25

				
	
					
						8.3

					
					
						CHANGES TO RIGHTS

					
					
						25

				

		 

		

			2

		

		

			 

		

 

		

			 

		

			
					
						8.4

					
					
						CALLS

					
					
						25

				
	
					
						8.5

					
					
						OTHER OBLIGATIONS IN RESPECT OF SHARES

					
					
						25

				
	
					
						8.6

					
					
						VOTING AND DIVIDEND RIGHTS

					
					
						24

				
	
					
						SECTION 9.0 - SECURITY ACCOUNTS

					
					
						26

				
	
					
						9.1

					
					
						COVENANTS RELATING TO SECURITY ACCOUNTS

					
					
						26

				
	
					
						9.2

					
					
						SECURITY ACCOUNTS

					
					
						26

				
	
					
						9.3

					
					
						WITHDRAWALS

					
					
						26

				
	
					
						9.4

					
					
						NOTICES OF CHARGE

					
					
						26

				
	
					
						SECTION 10.0 - BOOK DEBT RECEIVABLES ACCOUNT

					
					
						27

				
	
					
						10.1

					
					
						COVENANTS RELATING TO BOOK DEBT RECEIVABLES ACCOUNT

					
					
						27

				
	
					
						10.2

					
					
						BOOK DEBT RECEIVABLES ACCOUNT

					
					
						27

				
	
					
						10.3

					
					
						RECEIPTS

					
					
						27

				
	
					
						10.4

					
					
						WITHDRAWALS

					
					
						27

				
	
					
						10.5

					
					
						NOTICES OF CHARGE

					
					
						27

				
	
					
						10.6

					
					
						LEGAL ASSIGNMENT

					
					
						28

				
	
					
						SECTION 11.0 - RELEVANT CONTRACTS/INSURANCES

					
					
						28

				
	
					
						11.1

					
					
						COVENANTS RELATING TO RELEVANT CONTRACTS AND INSURANCES

					
					
						28

				
	
					
						11.2

					
					
						PRESERVATION

					
					
						28

				
	
					
						11.3

					
					
						FURTHER UNDERTAKINGS

					
					
						28

				
	
					
						11.4

					
					
						NOTICES OF ASSIGNMENT

					
					
						28

				
	
					
						SECTION 12.0 - INTELLECTUAL PROPERTY

					
					
						29

				
	
					
						12.1

					
					
						COVENANTS RELATING TO INTELLECTUAL PROPERTY

					
					
						29

				
	
					
						12.2

					
					
						INTELLECTUAL PROPERTY

					
					
						29

				
	
					
						SECTION 13.0 - GENERAL PROVISIONS

					
					
						29

				
	
					
						13.1

					
					
						ASSIGNMENT

					
					
						29

				
	
					
						13.2

					
					
						CONSOLIDATION

					
					
						29

				
	
					
						13.3

					
					
						PROTECTION OF PURCHASER

					
					
						29

				
	
					
						13.4

					
					
						NO WAIVERS, REMEDIES CUMULATIVE

					
					
						30

				
	
					
						13.5

					
					
						SET-OFF

					
					
						30

				
	
					
						13.6

					
					
						PREFERENTIAL CLAIMS

					
					
						30

				
	
					
						13.7

					
					
						POWER OF ATTORNEY

					
					
						30

				
	
					
						13.8

					
					
						WAIVER

					
					
						30

				
	
					
						13.9

					
					
						ENFORCEMENT OF OTHER RIGHTS

					
					
						31

				
	
					
						13.10

					
					
						APPROPRIATIONS

					
					
						31

				
	
					
						13.11

					
					
						AUTHORITY OF THE LENDER

					
					
						31

				
	
					
						13.12

					
					
						DUTY; OBLIGATIONS AND LIABILITIES

					
					
						31

				
	
					
						13.13

					
					
						OBLIGATIONS AND LIABILITIES WITH RESPECT TO SECURITY ASSETS

					
					
						32

				
	
					
						13.14

					
					
						ADDITIONAL POWERS

					
					
						32

				
	
					
						13.15

					
					
						NOTICES

					
					
						34

				
	
					
						13.16

					
					
						NON-COMPETITION

					
					
						35

				
	
					
						13.17

					
					
						COUNTERPARTS

					
					
						35

				
	
					
						13.18

					
					
						GOVERNING LAW AND JURISDICTION

					
					
						35

				

		
			 
		

		

		

		 

		

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						SCHEDULE 1

					
					
						34

				
	
					
						SCHEDULED PROPERTY

					
					
						34

				
	
					
						SCHEDULE 2

					
					
						35

				
	
					
						PART 1

					
					
						35

				
	
					
						THE FIXTURES AND FITTINGS

					
					
						35

				
	
					
						PART 2

					
					
						35

				
	
					
						THE RELEVANT CONTRACTS

					
					
						35

				
	
					
						PART 3

					
					
						35

				
	
					
						THE LICENCES

					
					
						35

				
	
					
						PART 4

					
					
						35

				
	
					
						THE SHARES

					
					
						35

				
	
					
						PART 5

					
					
						35

				
	
					
						THE INTELLECTUAL PROPERTY

					
					
						35

				
	
					
						PART 6

					
					
						35

				
	
					
						THE SECURITY ACCOUNTS

					
					
						35

				
	
					
						PART 7

					
					
						35

				
	
					
						THE BOOK DEBT RECEIVABLE ACCOUNT

					
					
						35

				
	
					
						[SCHEDULE 3

					
					
						36

				
	
					
						PART 1

					
					
						36

				
	
					
						FORM OF LETTERS FOR SECURITY ACCOUNT

					
					
						36

				
	
					
						PART A

					
					
						36

				
	
					
						NOTICE TO ACCOUNT BANK

					
					
						36

				
	
					
						PART B

					
					
						38

				
	
					
						ACKNOWLEDGEMENT OF SECURITY ACCOUNT BANK

					
					
						38

				
	
					
						PART 2

					
					
						39

				
	
					
						FORMS OF LETTER FOR CONTRACTS

					
					
						39

				
	
					
						PART A

					
					
						39

				
	
					
						NOTICE TO COUNTERPARTY

					
					
						39

				
	
					
						PART B

					
					
						40

				
	
					
						ACKNOWLEDGEMENT OF COUNTERPARTY

					
					
						40

				
	
					
						PART 3

					
					
						41

				
	
					
						PART A

					
					
						41

				
	
					
						NOTICE OF ASSIGNMENT OF INSURANCES

					
					
						41

				
	
					
						PART B

					
					
						43

				
	
					
						LETTER OF UNDERTAKING

					
					
						43

				
	
					
						PART 4

					
					
						45

				
	
					
						FORM OF NOTICE TO AND ACKNOWLEDGEMENT FROM BANK OPERATING BOOK DEBT RECEIVABLES ACCOUNT

					
					
						45

				

		
			 
		

		

		

		 

		

			4

		

		

			 

		

 

		

			 

		

		THIS DEED is made on August 1, 2014
		

		
			BETWEEN:
		

		
			 
		

		
			(1)DMIH LIMITED, a company incorporated in Ireland with registered number 494291 and having its registered office at Arthur Cox Building, Earlsfort Terrace, Dublin 2 (the “Grantor”); and
		

		
			 
		

		
			(2)SILICON VALLEY BANK, a Californian banking corporation having its principal place of business at 15260 Ventura Blvd, Suite 1800, Sherman Oaks, CA 91403, USA (as security trustee on behalf of each of the Secured Parties) (the “Lender”).
		

		
			 
		

		
			RECITALS
		

		
			A.The Grantor has entered into the Credit Agreement with, amongst others, the Lender.
		

		
			B.It is a condition of the Credit Agreement that the Grantor enter into this Deed in favour of the Lender as security trustee on behalf of the Secured Parties.
		

		
			C.The Grantor and the Lender intend this document to have effect as a Deed.
		

		
			D.The directors of the Grantor are satisfied that it is in the best interests of and for the corporate benefit of the Grantor to enter into this Deed.
		

		
			THIS DEED WITNESSES as follows:
		

		
			SECTION 1.0 - INTERPRETATION
		

		
			1.1Credit Agreement
		

		
			Capitalised terms used in this Deed shall have the same meaning in this Deed as in the Credit Agreement unless otherwise provided in this Deed.
		

		
			1.2Additional Definitions
		

		
			In this Deed (including the Recitals) the following expressions shall, unless the context otherwise requires, have the following meanings, namely:
		

		
			1.2.1"Act", the Land and Conveyancing Law Reform Act 2009;
		

		
			1.2.2"Account Bank", such bank as shall be approved by the Lender;
		

		
			1.2.3"Assigned Property", all assets and property assigned by this Deed and such expression shall include any part or parts of the Assigned Property;
		

		
			1.2.4“Business”, the business associated with managing, marketing and operating registries with respect to any gTLDs delegated by ICANN (including pursuant to the terms of the Business and Asset Transfer Agreement), which are operated in accordance with any registry agreement;
		

		
			1.2.5“Business Intellectual Property Rights”, Intellectual Property Rights owned, used or held exclusively or predominantly in, or in connection with, the Business;
		

		
			1.2.6"Book Debt Receivables", all present and future book debts and other debts, rentals, sales proceeds, royalties, fees, revenues, value added tax and monetary claims and all other amounts at any time recoverable or receivable by, or due or owing to, the Grantor 
		

		 

		

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		(whether actual or contingent and whether arising under contract or in any other manner whatsoever) together with:
		

		
			(a)the benefit of all rights, guarantees, Lien and remedies relating to any of the foregoing (including without limitation, claims for damages and other remedies for non-payment of the same, all entitlements to interest, negotiable and non-negotiable instruments, indemnities, reservations of property rights, rights of tracing and unpaid vendor's liens and similar associated rights);
		

		
			(b)all things in action which may give rise to a debt, revenue or claim and all other rights and remedies of whatever nature in respect of the same; and
		

		
			(c)all proceeds of any of the foregoing;
		

		
			1.2.7"Book Debt Receivables Account", the bank account(s) in the name of the Grantor as more particularly listed in Part 7 of Schedule 2 (Book Debts) and with the banks and bearing the account numbers set out therein, or any account or accounts replacing the same from time to time (in whatever currency) and the debt represented thereby;
		

		
			1.2.8“Business and Assets Transfer Agreement”, a business and asset transfer agreement dated 17 November 2012 between United TLD HoldCo Limited and the Grantor;
		

		
			1.2.9"Charged Property", all property and assets charged by this Deed, the Floating Charge Property and the Scheduled Property and such expression shall include any part or parts of the Charged Property;
		

		
			1.2.10"Companies Acts", the Companies Acts 1963 to 2013 and Parts 2 and 3 of the Investment Funds, Companies and Miscellaneous Provisions Act 2006, the Companies (Amendment) Act 2009 and the Companies (Miscellaneous Provisions) Act 2009, including all Acts of the Oireachtas and statutory instruments which are to be read as one with, or construed or read together as one with, such Acts and Parts 2 and 3 of the Investment Funds, Companies and Miscellaneous Provisions Act 2006, and every statutory modification or re-enactment thereof for the time being in force (or, where the context so admits or requires, any one or more of such Acts;
		

		
			1.2.11"Credit Agreement", the credit agreement dated on or about the date of this Deed between (1) Rightside Group, Limited, Rightside Operating Co and eNom, Inc. (as U.S. Borrowers), (2) DMIH Limited, United TLD HoldCo Ltd and Rightside Domains Europe Limited (as Non-U.S. Borrowers) and (3) the Lender;
		

		
			1.2.12“Domains Share Charge”, a security over shares deed dated on or about the date hereof between (1) DMIH Limited and (2) the Lender (as security trustee on behalf of the Secured Parties) in respect of the shares in Rightside Domains Europe Limited;
		

		
			1.2.13"Fixtures and Fittings", all present and future, fixed and moveable fixtures and fittings (including trade fixtures and fittings) and fixed plant, machinery, equipment, implements, motor vehicles and utensils from time to time on any freehold or leasehold property charged by or pursuant to this Deed or otherwise thereon or owned by the Grantor from time to time, including, but not limited to the fixtures, fittings, plant, machinery, equipment, implements, motor vehicles and utensils set out in Part 1 of Schedule 2  (Fixtures and Fittings);
		

		
			1.2.14"Floating Charge Property", the property of the Grantor charged by way of floating charge pursuant to Clause 3.4 of this Deed;
		

		

		

		 

		

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		1.2.15"Group", Rightside Group, Limited, its holding company and its subsidiaries (if any) and any subsidiary or subsidiaries of its holding company (if any) from time to time;
		

		
			1.2.16“ICANN”, means the Internet Corporation for Assigned Names and Numbers;
		

		
			1.2.17"Insurances", contracts and policies of insurance (including, for the avoidance of doubt, all cover notes), including but not limited to the contracts and policies, existing as at the date hereof and listed in Part 8 of Schedule 2  (Insurances) and such other contracts and policies which are taken out after the date of this Deed by or on behalf of the Grantor or (to the extent of such interest) in which the Grantor has an interest (and including, in each case, all key man policies) and all claims, proceeds and returns of premiums of each such contract and policy;
		

		
			1.2.18"Intellectual Property", all copyrights, patents, trade marks, utility models, publication rights, registered designs, (including applications and rights to apply therefor and all renewals, modifications, extensions and derivations thereof), inventions, rights, service marks, rights in trade dress or get-up, trade and business names, domain names, domain name portfolios and top-level domain names, including domain name suffixes, also known as generic Top Level Domains, approved by ICANN, all Business Intellectual Property Rights, all rights under the Business and Asset Transfer Agreement (including applications and rights to apply therefor and all renewals, modifications, extensions and derivations thereof), confidential information and know-how, rights in computer software, database rights, topography rights, trade secrets, goodwill, Software and all other intellectual property rights of a similar nature in any part of the world and all fees, royalties and other rights and benefits of every kind deriving from any of the above and which now or at any time hereafter belong to the Grantor including, but not limited to, those listed in Part 5 of Schedule 2  (Intellectual Property);
		

		
			1.2.19"Intercompany Loans", all Indebtedness in respect of which one member of the Group is the creditor of another member of the Group including, without prejudice to the generality of the foregoing, the Loan Agreement;
		

		
			1.2.20“Intercreditor Agreement”, a subordination and intercreditor agreement dated on or about the date hereof between (1) Obsidian Agency Services, Inc (as administrative agent for the Fund Lenders) (as defined therein), (2) Silicon Valley Bank and (3) Rightside Group Limited.
		

		
			1.2.21"Licences", all licences now or from time to time hereafter held by or on behalf of the Grantor and all licences pertaining to the Scheduled Property, including but not limited to the licences specified in Part 3 of Schedule 2  (Licences), as the same may be amended, varied, extended, renewed or supplemented from time to time, including the benefit of any authorisation (statutory or otherwise) held in connection with the use of any of the Security Assets and the right to recover and receive compensation which may be payable to it in respect of any such authorisation and/or licence;
		

		
			1.2.22“Loan Agreement”, the InterCompany Loan Agreement dated 14 March 2012 (as amended) between the Grantor (as lender), and United TLD HoldCo Limited (as borrower), pursuant to which the Grantor agreed to lend up to USD$40,000,000 to United TLD HoldCo Limited under the terms and conditions set forth therein;
		

		
			1.2.23"Receiver", any one or more receivers and/or manager appointed by the Lender in respect of the Grantor over all or any part of the Security Assets;
		

		

		

		 

		

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		1.2.24"Related Rights", in relation to any Shares:
		

		
			(a)all dividends, distributions, interest and other income paid or payable after the date hereof on all or any of the Shares;
		

		
			(b)all stocks, shares, securities (and the dividends and interest thereon), rights, money or property accruing or offered at any time by way of redemption, bonus, preference, option rights or otherwise to or in respect of any of the Shares or in substitution or exchange for any of the Shares;
		

		
			(c)all rights relating to any of the Shares which are deposited with or registered in the name of any depositary, custodian, nominee, clearing house or system, investment manager, chargee or other similar person or their nominee (including rights against any such person); and
		

		
			(d)all other rights attaching or relating to any of the Shares and all cash or other securities or investments in the future deriving from any of the Shares or such rights;
		

		
			1.2.25"Relevant Contracts", each contract, agreement and instrument assigned or purported to be assigned pursuant to Clause 3.2.3(a) (as the same may be amended, restated, substituted, supplemented or otherwise modified or replaced), including, but not limited to those or contracts, agreements and instruments more particular details of which are set out in Part 2 of Schedule 2  (Relevant Contracts);
		

		
			1.2.26"Rental Income", all rents, fees and other amounts payable or paid to or for the benefit of the Grantor pursuant to, or in contemplation of, any occupational lease;
		

		
			1.2.27"Scheduled Property", all premises intended to be mortgaged, charged or assigned by this Deed listed at Schedule 1 hereto and such expressions shall include any part or parts of the Scheduled Property and any rights and appurtenances appertaining thereto;
		

		
			1.2.28“Second Domains Share Charge” a security over shares deed to be entered into between (1) DMIH Limited and (2) Obsidian Agency Service, Inc. in respect of the shares in Rightside Domains Europe Limited;
		

		
			1.2.29"Secured Obligations", all Obligations owing or incurred by the Non-U.S. Borrowers to the Secured Parties under the Loan Documents whether present or future, actual or contingent (and whether incurred solely or jointly, or jointly and severally, and whether as principal or surety or in some other capacity);
		

		
			1.2.30"Security Accounts", the bank accounts in the name of the Grantor as more particularly listed in Part 6 of Schedule 2  (Security Accounts) and with the banks and bearing the account numbers set out therein, and any account or accounts replacing the same from time to time and the debt represented thereby;
		

		
			1.2.31"Security Assets", all assets, undertakings, rights and property of the Grantor (both present and future), the subject of any security created pursuant to this Deed and includes for the avoidance of doubt, the Grantor's rights and interest in the Assigned Property, the Floating Charge Property and the Charged Property;
		

		
			1.2.32"Security Period", the period beginning on the date of this Deed and ending on the date on which the Lender irrevocably confirms in writing that all the Secured Obligations have been unconditionally and irrevocably paid and discharged in full;
		

		

		

		 

		

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		1.2.33"Shares", all shares specified in Part 4 of Schedule 2  (Shares) under the heading "Shares" and all other shares, stocks, debentures, bonds, warrants, coupons or other securities and investments and all other interests (including, but not limited to, loan capital), in each case together with all Related Rights, now or in the future owned from time to time by, or on behalf of the Grantor except for those shares which are charged pursuant to the terms of the Domains Share Charge and the Second Domains Share Charge, in whatever form in every company, corporation, firm, entity or consortium wheresoever situate;
		

		
			1.2.34"Software":
		

		
			(a)all computer programs, including source code and object code versions;
		

		
			(b)all data, databases and compilations of data, whether machine readable or otherwise; and
		

		
			(c)all documentation, training materials and configurations related to any of the foregoing.
		

		
			1.3Interpretation
		

		
			1.3.1Clause 1.3 of the Credit Agreement shall apply to this Deed unless otherwise provided in this Deed.
		

		
			1.3.2In addition to Clause 1.3.1:
		

		
			(a)an “amendment”, includes a supplement, amendment, novation, restatement or re-enactment and “amended” is to be construed accordingly;
		

		
			(b)“assets”, includes present and future properties, revenues and rights of every description;
		

		
			(c)an “authorisation”, includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration or notarisation;
		

		
			(d)“company”, includes a corporation or a body corporate;
		

		
			(e)“dispose”, means to sell, transfer, grant, lease, lend, grant options over or otherwise dispose of and “disposal” is to be construed accordingly; 
		

		
			(f)"examiner", means an examiner appointed under the provisions of the Companies Acts 1963-2013;
		

		
			(g)“Grantor”, means the Grantor, its successors and permitted assigns;
		

		
			(h)a provision or matter “including” or which “includes” shall be construed without limitation to any events, circumstances, conditions, acts or matters listed or specified after those words;
		

		
			(i)the “Lender” and “Secured Party” shall mean the Lender and each Secured Party respectively, its and their successors, assigns, participants and novatees and this Deed shall be enforceable notwithstanding any change in the constitution of the Lender or any Secured Party or the absorption of the Lender or any Secured Party in or amalgamation with any other person or the 
		

		 

		

			9

		

		

			 

		

 

		

			 

		

		acquisition of all or part of the undertaking of the Lender or a Secured Party by any other person;
		

		
			(j)a “Loan Document” or any other document, agreement or instrument is a reference to that Loan Document or other document, agreement or instrument as amended, restated, assigned, novated, varied, supplemented or replaced from time to time;
		

		
			(k)a “person”, includes any individual, company, government, state, agency, organisation, association, body, department, trust, partnership (whether or not having separate legal personality) or any other entity of any description;
		

		
			(l)a “regulation”, includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law, being of a type with which any person to which it applies is accustomed to comply) of any governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;
		

		
			(m)“subsidiary” and “holding company”, means a subsidiary or a holding company as defined by Section 155 Companies Act, 1963 and “subsidiaries” and “holding companies” and cognate words shall be construed accordingly;
		

		
			(n)the “winding up”, “dissolution” or “examinership” of a company shall be construed so as to include any equivalent or analogous proceedings under the law of the jurisdiction in which a company carries on business including, but not limited to, the seeking of liquidation, winding up, reorganisation, dissolution, examinership, administration, arrangements, adjustment, protection or relief of debtors.
		

		
			(o)a provision of law is a reference to that provision as extended, applied, amended or re-enacted and includes any subordinate legislation;
		

		
			(p)a Clause, a Subclause or a Schedule is a reference to a clause or subclause of, or a schedule to, this Deed; and
		

		
			(q)words denoting the neuter shall include the masculine and feminine and vice versa.
		

		
			1.3.3Unless the contrary intention appears, the index to and the headings in this Deed do not affect its interpretation.
		

		
			1.3.4If the Lender considers that an amount paid by any Non-U.S. Borrower to the Lender under any Loan Agreement is capable of being avoided or otherwise set aside on the liquidation or examinership of the Grantor or otherwise, then such amount shall not be considered to have been irrevocably paid for the purposes hereof.
		

		
			1.3.5Notwithstanding anything to the contrary in this Deed, the obligations, liabilities and undertakings under this Deed shall be deemed not to be undertaken or incurred to the extent that the same would:
		

		
			(a)constitute unlawful financial assistance prohibited by Section 60 of the Companies Act 1963 (or any analogous provision of any other applicable law); or
		

		

		

		 

		

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		(b)constitute a breach of Section 31 of the Companies Act 1990 (or any analogous provision of any other applicable law).
		

		
			1.4Certificates
		

		
			Any certificate or determination of the Lender as to any amounts owing under this Deed will be conclusive and binding on the Grantor, save in the case of manifest error.
		

		
			SECTION 2.0 - NATURE OF SECURITY AND COVENANT TO PAY
		

		
			2.1Nature of Security
		

		
			2.1.1All the security created under this Deed:
		

		
			(a)is created in favour of the Lender as security trustee on behalf of the Secured Parties;
		

		
			(b)is created over all of the present and future assets of the Grantor save for the Excluded Assets; and
		

		
			(c)is security for the payment of all the Secured Obligations.
		

		
			2.1.2If the Grantor is prohibited from creating security over any of its assets (including for the avoidance of doubt, its rights under any document) without obtaining the consent of a third party:
		

		
			(a)the Grantor must notify the Lender promptly upon it becoming aware of the same; and
		

		
			(b)the fixed charge or assignment created by this Deed shall not take effect as regards the relevant asset until such consent is obtained, at which time that asset shall immediately become subject to such charge or assignment;
		

		
			(c)if applicable, the security created by this Deed will secure all amounts which the Grantor may receive, or has received, under that document but exclude the document itself including, but not limited to, all damages, compensation, remuneration, profit, proceeds, rent or income derived therefrom; and
		

		
			(d)unless the Lender otherwise requires, the Grantor must use its best endeavours to promptly obtain the consent of such third party to that asset being secured under this Deed.
		

		
			2.2Covenant to Pay
		

		
			The Grantor hereby unconditionally and irrevocably covenants with the Lender as security trustee for the Secured Parties that it will pay, discharge or perform the Secured Obligations on the due date therefor.  Any amount not paid hereunder when due shall bear interest (after as well as before judgment and payable on demand) at the Default Rate from time to time (compounding on a monthly basis) from the due date until the date such amount is unconditionally and irrevocably paid and discharged in full.
		

		
			
		

		 

		

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		SECTION 3.0 - FIXED CHARGES, ASSIGNMENTS AND FLOATING CHARGE
		

		
			3.1Fixed Charges
		

		
			Subject to Clauses 3.6 and 3.11, the Grantor, as legal and beneficial owner, as continuing security for the payment, performance and discharge of all of the Secured Obligations hereby charges in favour of the Lender as security trustee on behalf of the Secured Parties, by way of first fixed charge, all its present and future rights, title, interest and benefit in and to:
		

		
			3.1.1all its estate, right, title and interest in any land, premises or buildings (including the Scheduled Property) now belonging to the Grantor (whether or not the legal title is vested in the Grantor or registered in the name of the Grantor) and all future estate, right, title and interest of the Grantor in such land, premises or buildings and in any other immovable property (in each case whether freehold or leasehold and whether or not registered) vested in or held by or on behalf of the Grantor from time to time and the proceeds of sale thereof together in all cases (to the extent the same are not already subject to an effective fixed security hereunder) all fixtures and fittings (including trade fixtures) and all fixed plant and machinery from time to time in or on such land, premises or buildings with the payment, performance and discharge of the Secured Obligations, and hereby assents to the registration of such charges as a burden on such freehold, leasehold and other immovable property (as applicable);
		

		
			3.1.2the Licences;
		

		
			3.1.3the Shares and all Related Rights; 
		

		
			3.1.4the Fixtures and Fittings;
		

		
			3.1.5all of its rights in respect of any amount standing to the credit of any account (including without prejudice to the generality of the foregoing, the Security Accounts and the Book Debt Receivables Account) it has with any person and the debt represented by it;
		

		
			3.1.6all Book Debt Receivables, all other moneys due and owing to the Grantor and the benefit of all rights, securities or guarantees of any nature enjoyed or held by it in relation to each of the same;
		

		
			3.1.7all its Intellectual Property, provided that to the extent that a fixed charge is not created over any of the Intellectual Property by this Clause 3.1.7, the charge thereover purported to be effected by this clause shall operate as an absolute assignment of any and all damages, compensation, remuneration, profit, rent, royalty or income which the Grantor may now or at any time hereafter derive therefrom or be awarded or entitled to in any respect thereof;
		

		
			3.1.8all of its beneficial interest, claim or entitlement in and to any pension fund and in and to any asset of any pension fund;
		

		
			3.1.9all of its goodwill;
		

		
			3.1.10all of the uncalled capital of the Grantor and all rights and claims to which the Grantor is now or may hereafter become entitled as a result of any calls made in relation thereto;
		

		
			3.1.11all rights and claims to which the Grantor is now or may hereafter become entitled in relation to or in connection with the Security Assets, including those against any manufacturer, supplier, installer, builder, contractor, professional advisor, lessee or licensee and any guarantor or surety for the obligations of any such person and, to the 
		

		 

		

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		extent that any of the Security Assets are now or at any time hereafter hired, leased or rented to any other person, the rights under the hiring, leasing or rental contract or agreement and any guarantee, indemnity or security for the performance of the obligation of such person and any other rights and benefits relating thereto; and
		

		
			3.1.12all rights and benefits in respect of the Insurances and all claims and returns of premiums in respect thereof to the extent that they are not effectively assigned by Clause 3.3 below.
		

		
			3.2Assignments
		

		
			Subject to Clause 3.6 and Clause 3.11, the Grantor, as legal and beneficial owner as continuing security for the payment, performance and discharge of all of the Secured Obligations hereby assigns and agrees to assign absolutely to the Lender as security trustee on behalf of the Secured Parties by way of first fixed security, all its present and future right, title, interest and benefit in and to:
		

		
			3.2.1(insofar as the same are capable of assignment) the benefit of:
		

		
			(a)all rights of the Grantor to be paid or receive compensation under any statute by reason of any compulsory acquisition, requisition or other exercise of compulsory power in relation to the Scheduled Property or any part thereof or any refusal, withdrawal or modification of planning permission or approval relative thereto or any control or restriction imposed on or affecting the use of all or any part of the Scheduled Property and so that the production of this Deed to the local authority, government body or agency or other person liable to pay such compensation shall be a sufficient authority to such local authority, government body or agency or other person to pay the same to the Lender and the Lender shall have power to give good receipt therefor; and
		

		
			(b)any covenant or undertaking for the making of roads and footpaths, laying down of sewers or the provision of all other usual services including street lighting and the payment of road charges or other private street improvement of the Scheduled Property and any indemnity against payment of such charges or expenses;
		

		
			and hereby irrevocably appoints the Lender to be its attorney and in its name and on its behalf to:
		

		
			(i)claim, assess, agree, recover any such compensation; and
		

		
			(ii)exercise any such right or to give any such notice or counter-notice concerning the Scheduled Property as by or under any statute the Grantor may be entitled to exercise or give against or to any local or other competent or appropriate authority;
		

		
			3.2.2(insofar as the same are capable of assignment) the Insurances and all proceeds in respect of the Insurances and all rights and benefits in respect of the Insurances (including all claims relating to the Insurances and all returns of premiums in respect thereof); 
		

		
			3.2.3(insofar as the same are capable of assignment) all of its rights and benefits (but not its obligations) in respect of: 
		

		

		

		 

		

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		(a)the Relevant Contracts (including all monies payable to the Grantor and all claims, awards and judgments in favour of or received or receivable by the Grantor under or in connection with any Relevant Contracts);
		

		
			(b)all occupational leases;
		

		
			(c)all Rental Income;
		

		
			(d)all guarantees of Rental Income contained in or relating to any occupational lease;
		

		
			(e)all letters of credit issued in its favour; and 
		

		
			(f)all bills of exchange and other negotiable instruments held by it; and
		

		
			3.2.4all of its rights in respect of any Intercompany Loans to which it is a party. 
		

		
			3.3Non-assignable
		

		
			To the extent that any such right, title and interest described in Clause 3.2.2 or 3.2.3 is not assignable or capable of assignment:
		

		
			3.3.1the assignment purported to be effected by Clause 3.2 shall operate as:
		

		
			(a)in the case of the Insurances, an assignment of any and all present and future proceeds of the Insurances; and 
		

		
			(b)in the case of the Relevant Contracts, occupational leases, guarantees of Rental Income and letters of credit (as the case may be) an assignment of all present and future damages, compensation, remuneration, profit, rent, income or monies which the Grantor may derive therefrom or be awarded or entitled to in respect thereof; and
		

		
			in each case as continuing security for the payment and performance of the Secured Obligations; and 
		

		
			3.3.2the Grantor shall hold the benefit of any such right, title and interest in trust for the Lender.
		

		
			3.4Floating Charge
		

		
			The Grantor, as beneficial owner, as continuing security for the payment, performance and discharge of the Secured Obligations, hereby charges in favour of the Lender on behalf of the Secured Parties by way of first floating charge all of the Grantor’s stock-in-trade, inventory and raw materials together with the whole of the Grantor’s undertakings, property, assets and rights whatsoever and wheresoever both present and future, other than any assets for the time being effectively mortgaged or charged to the Lender on behalf of the Secured Parties by way of mortgage or fixed charge or effectively assigned to the Lender on behalf of the Secured Parties (whether at law or in equity) pursuant to Clause 3.1, 3.2 and 3.3 of this Deed or otherwise subject to an effective fixed security in favour of the Lender on behalf of the Secured Parties.
		

		
			
		

		 

		

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		3.5Crystallisation of Floating Charge
		

		
			3.5.1The Lender may at any time:
		

		
			(a)on or after the occurrence of an Event of Default which is continuing; and 
		

		
			(b)if it shall appear to the Lender that all or a substantial part of the Floating Charge Property is in danger of being seized or sold under any form of distress or execution levied or threatened to be levied or to be otherwise in jeopardy;
		

		
			by notice in writing to the Grantor convert the floating charge with immediate effect into a fixed charge with regard to any Floating Charge Property specified in the notice.
		

		
			3.5.2Notwithstanding Clause 3.5.1 and without prejudice to any rule of law which may have a similar effect, the floating charge shall automatically be converted with immediate effect into a fixed charge as regards the Floating Charge Property and without notice from the Lender to the Grantor on:
		

		
			(a)the Grantor ceasing to carrying on its business;
		

		
			(b)the presentation of a petition for the compulsory winding up of the Grantor;
		

		
			(c)the convening of a meeting for the passing of a resolution for the voluntary winding up of the Grantor;
		

		
			(d)the appointment by any person of a receiver and/or manager to the Grantor or any of its assets;
		

		
			(e)the presentation of a petition for the appointment of an examiner to the Grantor or any related company; 
		

		
			(f)the creation or attempted creation of any Lien over all or any part of the Floating Charge Property without the prior consent in writing of the Lender or the levying or attempted levying by any person of any distress, execution, sequestration or other process against any of the Floating Charge Property; or
		

		
			(g)the issuance of a notice to the Grantor striking the Grantor off the register of companies.
		

		
			3.6Excluded Assets
		

		
			Notwithstanding Clauses 3.1 to 3.5 (inclusive), no Lien or security interest is hereby granted on any Excluded Assets and references in this Deed to Security Assets shall be deemed to exclude any Excluded Assets.
		

		
			3.7Negative Pledge
		

		
			3.7.1The Grantor shall not, save as otherwise permitted by the terms of the Loan Documents:
		

		
			(a)create or permit to subsist any Lien on any Security Asset; or
		

		
			(b)sell, transfer, licence, lease, grant any option over or otherwise dispose of any Security Asset or enter into any agreement to sell, transfer, licence, lease, grant any option over or otherwise dispose of any Security Asset.
		

		

		

		 

		

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		3.7.2The Grantor, without prejudice to Clause 3.7.1(a) and (b) above but in addition to the restrictions in those sub-clauses, shall not sell, assign, charge, factor or discount or in any other manner deal with any of the Book Debt Receivables without the prior written consent of the Lender.
		

		
			3.8After Acquired Property
		

		
			If and whenever the Grantor shall acquire after the date of this Deed any freehold, leasehold or other immovable property it shall forthwith inform the Lender in writing of the acquisition and as soon as may be practicable if so required by the Lender deliver to the Lender the deeds and documents in its possession relating to the property so acquired and the Grantor shall, if required by the Lender, at the Grantor's own expense, execute, deliver, sign, and do all acts and deeds which shall be necessary to grant to the Lender a first fixed charge on such property in such form as the Lender on behalf of the Secured Parties shall require as further security for all monies intended to be hereby secured.  Forthwith upon the acquisition of any land, the title to which is registered or required to be registered under the Registration of Title Act, 1964, the Grantor shall give notice to the Lender and shall furnish the Lender with such information regarding such land as the Lender may reasonably require and to produce the relevant land certificate to the Lender if required by the Lender to register a Lien as a burden against the Charged Property.
		

		
			3.9Validity of Charges
		

		
			The charges hereby created shall be and shall be deemed to be effective and shall have effect whether or not the principal monies and interest and all other sums intended to be hereby secured or any part thereof shall be advanced before or after or upon the date of the execution of these presents.
		

		
			3.10Continuing Obligations
		

		
			Notwithstanding any other provisions of this Deed:
		

		
			3.10.1the Grantor shall remain liable under any contracts (including the Relevant Contracts), agreements and other documents included in the Security Assets (to the extent set forth therein) to perform all of its duties and obligations thereunder to the same extent as if this Deed had not been executed;
		

		
			3.10.2the exercise by the Lender of any of the rights hereunder shall not release the Grantor from any of its duties or obligations under such contracts, agreements and other documents; and
		

		
			3.10.3the Lender shall not have any obligation or liability under any such contracts, agreements or other documents included in the Security Assets by reason of this Deed, nor shall the Lender be obligated to perform any of the obligations or duties or to discharge any of the liabilities of the Grantor thereunder or to make any payment or any enquiry as to the nature or sufficiency of any payment received by it or the Grantor or to take any action to collect or enforce any such contract, agreement or other document.
		

		
			3.11Proviso for Redemption/Release/Reassignment
		

		
			Upon satisfaction in full of the Secured Obligations and subject to the Grantor ceasing to have any liability (whether actual or contingent) to the Lender on behalf of the Secured Parties in respect of the Secured Obligations in accordance with the terms of this Deed and the Secured Parties ceasing to be under any commitment to advance any amounts to any Credit Party and upon the payment of all costs, charges and expenses incurred by the Lender or any Receiver in relation to this Deed effected by operation of law or pursuant to any judgment, decree or act of 
		

		 

		

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		the Grantor the security hereby constituted shall be automatically released and all rights to the Security Assets shall revert to the Grantor.  The Lender will at any time thereafter at the request and cost of the Grantor (but subject to the rights and claims of any person having prior rights to the Security Assets or any of them) execute and do all such deeds, acts and things that may be necessary to surrender, reassign, discharge or release the charges and assignments hereby created and reconvey or surrender to the Grantor or its assigns the Security Assets.
		

		
			SECTION 4.0 - ENFORCEABILITY OF SECURITY
		

		
			4.1Events of Default 
		

		
			The security hereby constituted shall immediately become enforceable and the floating charge hereby granted shall immediately crystallise and become a specific charge and all rights of the Grantor to deal for any purpose whatsoever with the Security Assets or any part thereof following the occurrence of an Event of Default which is continuing.
		

		
			SECTION 5.0 - RIGHTS AND POWERS OF THE LENDER
		

		
			5.1Entry into Possession
		

		
			At any time after the security hereby constituted shall have become enforceable the Lender may, in its absolute discretion:
		

		
			5.1.1enforce all or any part of the security in any manner it sees fit and the power of sale and other powers conferred on mortgagees by the Act shall apply to this Deed in each case as varied or extended by this Deed without the need to obtain the consent of the Grantor or an order for possession under Sections 97 or 98 of the Act; and/or
		

		
			5.1.2without further notice or demand, enter into possession of the Security Assets (or any part thereof); and/or
		

		
			5.1.3sell, call in, collect, convert into money or otherwise deal with the Security Assets (or any part thereof) with the power to sell any of the Security Assets either together as one lot or in parcels and either by public auction, tender or private contract and either for a sum on account and a charge for the balance with full power upon every such sale to make any special or other stipulation as to the title or evidence of commencement of title or otherwise which the Lender and/or any Receiver shall think proper and with full power to give an option to purchase all or any part of the Security Assets, buy in, rescind or vary any contract for the sale of the Security Assets or any part thereof and to resell the same without being responsible for any loss which may be occasioned thereby and with full power to compromise and effect compositions and for the purposes aforesaid or any of them to execute and do all such assurances and things as it shall think fit and any and all monies expended by the Lender on behalf of the Secured Parties and/or any Receiver under this Section shall be deemed to be expenses properly incurred by the Lender and/or any Receiver.
		

		
			PROVIDED THAT Section 99 of the Act shall not apply to this Deed and neither the Lender nor any Receiver shall be obliged to take any steps to sell or lease the Security Assets (or any part thereof) after going into possession of the Security Assets (or any part thereof) and the Lender and any Receiver shall have absolute discretion as to the time of exercise of the power of sale and the power of leasing and all other powers conferred on them by the Act or otherwise.  The rights of the Lender and any Receiver are without prejudice to and in addition to any right of possession (express or implied) to which the Lender and/or any Receiver is otherwise entitled (whether by virtue of this Deed, operation of law, statute, contract or otherwise).
		

		
			
		

		 

		

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		5.2Further Right of Possession
		

		
			In addition to the powers hereunder given the Lender may enter into possession of and hold or appoint a Receiver to take possession of any part of the Security Assets which may at any time appear to it in danger of being taken under any process of law by any creditor of the Grantor or to be otherwise from any cause whatever in jeopardy and to any Receiver appointed under this Clause the provisions of Clause 6.1 shall apply mutatis mutandis and the Lender may at any time give up possession or withdraw the receivership.
		

		
			5.3Power of Sale
		

		
			At any time after the security hereby constituted has become enforceable the power of sale and all other powers conferred on mortgagees by the Act shall be exercisable immediately without the need:
		

		
			5.3.1for the occurrence of any of the events specified in sub-sections (a) to (c) of section 100(1) of the Act; or
		

		
			5.3.2to give notice as specified in the final proviso to section 100(1) of the Act; or
		

		
			5.3.3to obtain the consent of the Grantor or a court order authorising the exercise of the power of sale under sections 100(2) or (3) of the Act; or
		

		
			5.3.4to give any notice to the Grantor under section 103(2) of the Act.
		

		
			Section 94 of the Act shall not apply to any security constituted by this Deed or any enforcement of such security.
		

		
			5.4Power of Leasing and Accepting Surrenders
		

		
			The statutory powers of leasing conferred on the Lender and any Receiver are extended so as to authorise the Lender and any Receiver to lease, make agreements for leases, accept surrenders of leases and make agreements to accept surrenders of leases as it or he may think fit and without the need to comply with any provision of sections 112 to 114 of the Act.  Without prejudice to the generality of the foregoing, the Lender and any Receiver may exercise the statutory power to accept surrenders of leases conferred by the Act for any purpose that it or he thinks fit and not just for the purpose of granting new leases under section 112 of the Act and any new lease granted by the Lender or any Receiver following the acceptance of a surrender need not comply with the requirements of section 114(3) of the Act.
		

		
			5.5Power to Conduct Business 
		

		
			At any time after the occurrence of an Event of Default which is continuing and until the whole of the Security Assets shall be sold, called in, collected or converted under the powers of conversion the Lender may if it shall think fit so to do, carry on the business of the Grantor in and with the Security Assets and may manage and conduct the same as it shall in its discretion think fit and for the purposes of the said business may employ such agents, managers, Receivers, accountants and servants upon such terms as to remuneration or otherwise as it shall think proper and may exercise all rights of voting conferred by any part of the Security Assets and otherwise deal with and exercise or permit to be exercised any powers or rights incidental to the ownership of any of the Security Assets on such terms and conditions and generally in such manner as it may deem expedient and generally may do or cause to be done all such acts and things and may enter into such arrangements respecting the Security Assets or any part thereof as it could do it if was absolutely entitled thereto and without being responsible for any loss or damage which may arise or be occasioned thereby. The Lender shall out of the profits and income of the Security 
		

		 

		

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		Assets and the monies to be made by it in carrying on the said business pay and discharge the expenses incurred in and about the carrying on and management of the said business or in the exercise of any of the powers conferred by this Section or otherwise in respect of the Security Assets and all outgoings which it shall think fit to pay and shall pay and apply the residue of the said profits, income and monies in the same manner as hereinbefore provided with respect of the monies to arise from any sale, calling in, collection or conversion under the powers of conversion. 
		

		
			5.6Due Date for Statutory Purposes
		

		
			For the purpose of all powers implied by statute (but not otherwise), the Secured Obligations are deemed to have become due on the date of this Deed.
		

		
			5.7Non-applicability of Sections 92 and 94 of the Act
		

		
			Section 92 of the Act shall not apply to this Deed.  Section 94 of the Act shall not apply to the security constituted by this Deed or any enforcement of such security.
		

		
			5.8Position of Third Parties
		

		
			No person (including a purchaser) dealing with the Lender or any Receiver or its or his attornies or agents will be concerned to enquire:
		

		
			5.8.1whether any of the Secured Obligations have become payable or remain due; or
		

		
			5.8.2whether due notice has been given to any person; or
		

		
			5.8.3whether any power which the Lender or any Receiver is purporting to exercise has become exercisable or has been or is being properly exercised; or
		

		
			5.8.4whether the Receiver is authorised to act; or
		

		
			5.8.5how any money paid to the Lender as security trustee on behalf of the Secured Parties or to any Receiver is to be applied,
		

		
			and all protections to purchasers contained in sections 105, 106 and 108(5) of the Act shall apply to any person (including a purchaser) dealing with the Lender or any Receiver in like manner as if the statutory powers of sale and appointing a receiver had not been varied or extended by this Deed.
		

		
			5.9Receipt of Lender Good Discharge
		

		
			Upon any sale, calling in, collection or conversion or other dealing under any of the provisions herein contained the receipt of the Lender or any Receiver for the purchase money of the Security Assets sold or for any other monies paid to it shall effectually discharge the purchaser or person paying the same therefrom and from being concerned to see to the application or the loss or misapplication thereof. 
		

		
			5.10Application of Monies
		

		
			Notwithstanding section 109 of the Act, the Lender shall hold the monies arising from any exercise of the powers of sale or conversion upon trust that it shall thereout in the first place pay or retain or provide for the payment or satisfaction of the costs and expenses and liabilities incurred in or about the execution of such powers or otherwise in relation to these presents and shall apply the residue of such monies in accordance with Clause 8.3 of the Credit Agreement. 
		

		
			
		

		 

		

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		SECTION 6.0 - APPOINTMENT OF RECEIVER
		

		
			6.1Power of Appointment
		

		
			At any time after the occurrence of an Event of Default which is continuing (and so that no delay or waiver of the right to exercise the powers hereby conferred shall prejudice the future exercise of such powers) and without the need for the occurrence of any of the events specified in section 108(1)(a) to (c) inclusive of the Act, the Lender may without further notice by writing under the hand of any director, general manager, assistant general manager or secretary for the time being of the Lender or any person authorised by any one of them in writing appoint a Receiver of the Security Assets or any part thereof and remove any Receiver so appointed and appoint another or others in his stead and/or appoint another person to act jointly with any such Receiver and the following provisions shall have effect:
		

		
			6.1.1such appointment may be made either before or after the Lender shall have entered into or taken possession of the Security Assets or any part thereof;
		

		
			6.1.2such Receiver shall have and be entitled to exercise all powers conferred by the Act, without the restrictions contained in the Act, in the same way as if the Receiver had been duly appointed under the Act and in addition, shall have the power on behalf of and at the cost of the Grantor to do or omit to do anything which the Grantor could do or omit to do in relation to the Security Assets or any part thereof and in particular but without limiting any powers hereinbefore referred to shall have power to do all or any of the following: 
		

		
			(a)to enter upon, take possession of, collect and get in the Security Assets and for that purpose to take, defend or discontinue any proceedings or submit any matter to arbitration or mediation in the name of the Grantor;
		

		
			(b)to re-let or let the Security Assets or any part thereof from time to time to such person or persons as he shall think fit for any term of years which he thinks right or on yearly monthly or weekly tenancies at the best rents which may be reasonably obtainable and to surrender or accept surrenders, grant licences or otherwise dispose of all or any of the Security Assets on such terms and conditions as he may think fit;
		

		
			(c)to carry on, manage, develop, construct or diversify the business of the Grantor or any part thereof (or concur in so doing);
		

		
			(d)to sell or concur in selling the Security Assets or any part thereof and to carry such sale into effect and by deed in the name and on behalf of the Grantor or otherwise convey the same to the purchaser thereof;
		

		
			(e)to make any arrangement or compromise or enter into, vary or cancel any contracts which he shall think expedient in the interests of the Lender; 
		

		
			(f)to make and effect all such repairs, improvements, structural and other alterations or extensions or demolitions or renewals of the Security Assets as he shall think fit and renew such of the plant, machinery and any other effects of the Grantor whatsoever as shall be worn out lost or otherwise become unserviceable without being responsible for loss or damage; and do anything else in connection with the Security Assets which the Receiver may think desirable for the purpose of making productive and increasing the letting or market value of the Security Assets or protecting the security hereby created; and
		

		

		

		 

		

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		(g)to effect, maintain, renew, increase or vary such insurances as he shall, in his absolute discretion, think fit;
		

		
			(h)to promote the formation of a subsidiary company and/or companies of the Grantor with a view to such subsidiary company and/or companies purchasing, leasing, licensing or otherwise acquiring interests in all or any of the assets of the Grantor;
		

		
			(i)to make allowances to, and re-arrangements with, any lessee, tenants or other persons from whom any rents and profits may be receivable (including the granting of any licences and reviewing rent in accordance with the terms of and varying the provisions of any leases affecting the Security Assets);
		

		
			(j)to redeem any prior encumbrance and to settle and prove the accounts of the encumbrancer and accounts so settled and proved shall be conclusive and binding on the Grantor and the money so paid shall be a receivership expenses;
		

		
			(k)to settle, adjust, refer to arbitration, compromise and arrange any claims, accounts, disputes, questions and demands with or by any person who is or claims to be a creditor of the Grantor or relating in any way to the Security Assets or any part thereof and take, defend, continue and discontinue any proceedings relating to the Security Assets or any part thereof;
		

		
			(l)to appoint, hire and employ and to remunerate managers, agents, servants, attendants, workmen and others on such terms and generally in such manner as he shall think fit in connection with any exercise by him of any of the within powers or otherwise for any purpose connected with the Security Assets or any part thereof and to discharge any person so appointed, hired or employed; and
		

		
			(m)generally, to use (at his option) the name of the Grantor in the exercise of all or any of the powers hereby conferred and to do all such other acts and things as maybe considered to be incidental or conducive to any of the matters and powers aforesaid and which the Receiver may or can lawfully do as agent for the Grantor;
		

		
			6.1.3unless otherwise directed by the Lender, such Receiver may also exercise all the powers and authority vested in the Lender by these presents and in particular all powers vested in the Lender by Section 5.0 hereof;
		

		
			6.1.4the Lender may from time to time fix the remuneration of such Receiver and direct payment thereof out of the Charged Property but the Grantor alone shall be liable for such remuneration;
		

		
			6.1.5the Lender may from time to time or at any time require such Receiver to give security for the due performance of his duties as such Receiver and may fix the nature and amount of security to be so given but the Lender shall not be bound in any case to require any such security; 
		

		
			6.1.6the Lender shall be in no way responsible for any misconduct or negligence on the part of such Receiver;
		

		
			6.1.7subject as provided in Section 5.0 and herein the provisions of any relevant enactment conferring powers on a mortgagee or Receiver shall apply to and be deemed to be 
		

		 

		

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		conferred upon any Receiver appointed hereunder as if such provisions and powers were incorporated herein. 
		

		
			6.2Powers of Receiver to Borrow
		

		
			Subject as provided in this Section, any Receiver appointed under these presents may for the purpose of defraying his costs charges, losses or expenses (including his remuneration) which shall be incurred by him in the exercise of the powers, authorities and discretions vested in him and for all other purposes hereof or any of them, raise and borrow money on the security of the Security Assets or any part thereof either in priority to the security hereby constituted or otherwise and on such terms and conditions as he may think fit and no person lending any such money shall be concerned to enquire as to the propriety or purpose of the exercise of this power or to see to the application of any monies so raised or borrowed provided that no Receiver shall exercise this power without first obtaining the written consent of the Lender but the Lender shall incur no responsibility or liability to the Grantor or otherwise by reason of its giving or refusing such consent whether absolutely or subject to any limitation or condition.
		

		
			6.3Application of Monies by Receiver
		

		
			The net profits of carrying on the said business and/or the net proceeds of any sale by the Receiver shall subject to any prior ranking claims thereon, and notwithstanding section 109 of the Act, be applied by him as follows:
		

		
			6.3.1firstly, in payment of all costs, charges and expenses of and incidental to the appointment of the Receiver and the exercise by him of all or any of the powers aforesaid including the remuneration of the Receiver and all outgoings properly paid by him; and
		

		
			6.3.2secondly, in or towards payment in the manner provided in Clause 8.3 of the Credit Agreement,
		

		
			PROVIDED THAT if the Receiver shall be of the opinion that the security may prove deficient payments may be made on account of unpaid principal monies before unpaid interest due under these presents but such alteration in the order of payment of principal monies and interest shall not prejudice the right of the Lender to receive the full amount to which it would have been entitled if the primary order of payment had been observed or any less amount which the sum ultimately realised may be sufficient to pay.
		

		
			6.4Liability of the Lender and Receiver
		

		
			The Lender and any Receiver appointed by the Lender under this Deed shall not, in any circumstances, whether by reason of the Lender or such Receiver entering into possession of the Security Assets or any part thereof or for any other reason whatsoever be liable to account as mortgagee in possession or on any basis whatsoever for anything except actual receipts or be liable for any loss arising from any realisation of the Security Assets or any part thereof or any default or omission in relation to the Security Assets or any exercise or non-exercise of any power, authority or discretion conferred on the Lender or any Receiver in relation to the Security Assets or any part thereof by or pursuant to this Deed or the Act.
		

		
			6.5Receiver Agent of the Grantor
		

		
			Any Receiver appointed hereunder shall be deemed to be the agent of the Grantor for all purposes and be in the same position as the Receiver duly appointed under the Act in connection with his powers and duties hereunder save so far as he shall be specifically authorised to engage the responsibility of the Lender or shall expressly undertake personal liability which he shall not be 
		

		 

		

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		deemed to do by entering into any contract as or in which he is described as Receiver and the Grantor shall be solely responsible for all acts and defaults of the Receiver as agent for the Grantor and for such remuneration of the Receiver as the Lender shall consider reasonable and be liable under any contracts or engagements made or entered into by him and the Lender shall not in making the appointment or in consenting thereto incur any liability for any such acts or defaults or otherwise save in the case of fraud, gross negligence or wilful misconduct.
		

		
			6.6Section 108 of the Act
		

		
			The provisions of section 108 of the Act (with the exception of sub-sections 1(a) and (b) thereof and save so far as modified by the provisions hereof) shall apply to these presents and to any Receiver appointed by the Lender hereunder.  Section 108(7) of the Act shall not apply to the commission and/or remuneration of a Receiver appointed pursuant to this Deed.  A Receiver shall be entitled to remuneration at a rate to be fixed by agreement between such Receiver and the Lender (or failing such agreement to be fixed by the Lender).
		

		
			SECTION 7.0 - CONTINUING SECURITY, ETC.
		

		
			7.1Continuing Security
		

		
			The security constituted by this Deed shall be a continuing security which shall extend to all the Secured Obligations and shall not be considered as satisfied or discharged by any intermediate payment or settlement of all or any of the Secured Obligations and is in addition to and independent of and shall not prejudice, affect or merge with any other security which the Lender may hold at any time for any of the Secured Obligations and shall not be in any way prejudiced thereby or by the invalidity thereof.
		

		
			7.2Opening of New Accounts
		

		
			7.2.1If for any reason the security constituted hereby or pursuant hereto ceases to be a continuing security (other than by way of discharge of such security), the Lender and any Secured Party may open a new account with or continue any existing account with the Grantor and the liability of the Grantor in respect of the Secured Obligations at the date of such cessation shall remain regardless of any payments in or out of any such account.
		

		
			7.2.2At any time on receiving notice that the Grantor has created a Lien over any of the property or assets hereby charged the Lender and any Secured Party may close the then current account of the Grantor (if any) and open a new account with the Grantor and no monies paid or carried to the credit of such new account shall be appropriated towards or have the effect of discharging any part of the amount owing on this security at the date of such notice.  
		

		
			7.3Reinstatement
		

		
			7.3.1Where any discharge (whether in respect of the obligations of the Grantor or any security for those obligations or otherwise) is made in whole or in part or any arrangement is made on the faith of any payment, security or other disposition which is avoided or must be restored on insolvency, liquidation or otherwise without limitation, the liability of the Grantor under this Deed shall continue as if the discharge or arrangement had not occurred.  
		

		
			7.3.2The Lender may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration.
		

		
			
		

		 

		

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		7.4Waiver of Defences
		

		
			7.4.1The liability of the Grantor hereunder will not be affected by any act, omission, circumstance, matter or thing which but for this provision would release or prejudice any of its obligations hereunder or prejudice or diminish such obligations in whole or in part, including without limitation, and whether or not known to the Grantor or any Secured Party:
		

		
			(a)any time, indulgence or waiver granted to, or composition with, the Grantor or any other person; or
		

		
			(b)the release of the Grantor or any other person under the terms of any composition or arrangement with any creditor of the Grantor; or 
		

		
			(c)the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or take up or enforce any rights or remedies against, or any security over assets of, the Grantor or any other person or any non-presentment or non-observance of any formality or other requirement in respect of any instruments or any failure to realise the full value of any other security; or
		

		
			(d)any legal limitation, disability, incapacity or lack of powers, authority or legal personality of or dissolution or change in the members or status of or other circumstance relating to, the Grantor or any other person; or
		

		
			(e)any variation (however fundamental and whether or not involving any increase in the liability of the Grantor thereunder) or replacement of any Loan Document or any other document or security so that references to the Loan Documents or other documents or security in this Deed shall include each such variation or replacement; or
		

		
			(f)any unenforceability, illegality, invalidity or frustration of any obligation of the Grantor or any other person under any Loan Document or any other document or security, or any failure of the Grantor to become bound by the terms of a Loan Document whether through any want of power or authority or otherwise; or
		

		
			(g)any postponement, discharge, reduction, non-provability or other similar circumstance affecting any obligation of the Grantor under a Loan Document or any security granted therefor resulting from any insolvency, liquidation or dissolution proceedings or from any law, regulation or order, this Deed be construed as if there were no such circumstance,
		

		
			to the intent that the Grantor's obligations under this Deed shall remain in full force, and this Deed shall be construed accordingly, as if there were no such circumstance, act, variation, limitation, omission, unenforceability, illegality, matter or thing.
		

		
			The Lender shall not be concerned to see or investigate the powers or authorities of the Grantor or its officers or agents, and monies obtained or Secured Obligations incurred in purported exercise of such powers or authorities or by any person purporting to act on behalf of the Grantor shall be deemed to form a part of the Secured Obligations, and "Secured Obligations" shall be construed accordingly.
		

		
			
		

		 

		

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		7.5Additional Security
		

		
			This Deed is in addition to and is not in any way prejudiced by any other security now or hereafter held by the Lender.
		

		
			SECTION 8.0 - SHARES
		

		
			8.1Covenants relating to Shares
		

		
			The Grantor hereby covenants with the Lender as security trustee on behalf of the Secured Parties that in relation to the Shares it will at all times during the continuance of this security comply with the provisions set forth in the following Clauses of this Section, save to the extent otherwise permitted by the terms of the Credit Agreement.
		

		
			8.2Deposit of Title Documents
		

		
			The Grantor shall:
		

		
			8.2.1immediately upon the date of this Deed, or if acquired after the date of this Deed, forthwith following the acquisition of same, deposit with the Lender, or as the Lender may direct, all certificates and other documents of title or evidence of ownership in relation to any of the Shares; and
		

		
			8.2.2execute in blank and deliver to the Lender all share transfer forms and all other documents which may be requested by the Lender in order to enable the Lender or its nominees to be registered as the owner or otherwise obtain a legal title to any of the Shares.
		

		
			8.3Changes to Rights
		

		
			The Grantor shall not take or allow the taking of any action on its behalf in relation to any of the Shares which would (in the opinion of the Lender) prejudice the value of, or the ability of the Lender to realise, the security created in this Deed.
		

		
			8.4Calls 
		

		
			The Grantor shall pay all calls or other payments due and payable in respect of any of the Shares and in the event of the Grantor failing to do so, the Lender may, but shall not be obliged to, pay the calls or other payments on behalf of the Grantor.  The Grantor must immediately on request reimburse the Lender for any payment made by the Lender in respect of the foregoing.
		

		
			8.5Other Obligations in respect of Shares
		

		
			8.5.1The Grantor shall promptly copy to the Lender and comply with all requests for information which is within its knowledge relating to any of the Shares.  If it fails to do so, the Lender may elect to provide such information as it may have on behalf of the Grantor.
		

		
			8.5.2The Grantor shall comply with all other conditions and obligations assumed by it in respect of any of the Shares.
		

		
			
		

		 

		

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		8.6Voting and Dividend Rights
		

		
			8.6.1Until the occurrence of an Event of Default which is continuing and upon the receipt of written notice from the Lender informing the Grantor otherwise:
		

		
			(a)the Grantor may exercise the voting rights, powers and other rights in respect of the relevant Shares provided that such rights and powers must not be exercised in any manner which would prejudice the value of, or the ability of the Lender to realise, the security created by this Deed; and
		

		
			(b)all dividends or other income paid or payable in relation to any investments shall be paid directly to the Grantor.
		

		
			The Grantor shall indemnify the Lender against any loss or liability incurred by the Lender as a consequence of the Lender acting in respect of the Shares on the direction of the Grantor unless such loss or liability is caused by the negligence or wilful default of the Lender.
		

		
			8.6.2Upon the occurrence of an Event of Default which is continuing and upon the receipt of written notice from the Lender informing the Grantor otherwise, the Lender may exercise (in the name of the Grantor and without any further consent or authority on the part of the relevant company) any voting rights and any powers or rights which may be exercised by the legal or beneficial owner of any Share, any person who is the holder of any investment.
		

		
			SECTION 9.0 - SECURITY ACCOUNTS
		

		
			9.1Covenants relating to Security Accounts
		

		
			The Grantor hereby covenants with the Lender as security trustee on behalf of the Secured Parties that in relation to the Security Accounts it will at all times during the continuance of this security comply with the provisions set forth in the following Clauses of this Section 9.0, save to the extent otherwise permitted by the Credit Agreement.
		

		
			9.2Security Accounts
		

		
			All Security Accounts must, unless the Lender otherwise agrees in writing, be maintained with an Account Bank.
		

		
			9.3Withdrawals
		

		
			9.3.1The Grantor shall not, following the occurrence of an Event of Default which is continuing, withdraw any moneys from a Security Account except with the prior consent of the Lender.
		

		
			9.3.2Subject as provided in Clause 9.3.1, the Lender (or a Receiver) may withdraw amounts standing to the credit of a Security Account to meet an amount due and payable in accordance with the terms of the Loan Documents when it is due and payable.
		

		
			9.4Notices of Charge
		

		
			Upon execution and delivery of this Deed, the Grantor shall immediately:
		

		
			9.4.1give notice to any relevant Account Bank substantially in the form of Part 1 of Schedule 3  (Form of Letters for Security Account); and
		

		

		

		 

		

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		9.4.2use its best endeavours to ensure that the Account Bank acknowledges the notice substantially in the form of Part 1 of Schedule 3  (Form of Letters for Security Account).
		

		
			SECTION 10.0 - BOOK DEBT RECEIVABLES ACCOUNT
		

		
			10.1Covenants relating to Book Debt Receivables Account
		

		
			The Grantor hereby covenants with the Lender as security trustee on behalf of the Secured Parties that in relation to the Book Debt Receivables Account it will at all times during the continuance of this security comply with the provisions set forth in the following Clauses of this Section 10.0, save to the extent otherwise permitted by the Credit Agreement.
		

		
			10.2Book Debt Receivables Account
		

		
			The Book Debt Receivables Account must, unless the Lender otherwise agrees in writing, be maintained with an Account Bank.
		

		
			10.3Receipts
		

		
			The Grantor shall get in and realise its Book Debt Receivables in the ordinary course of its business and hold the proceeds of the getting in and realisation on trust for the Lender on behalf of the Secured Parties.
		

		
			10.4Withdrawals
		

		
			10.4.1The Grantor shall not, without the prior written consent of the Lender, withdraw any moneys from Book Debt Receivables Account.
		

		
			10.4.2The Lender (or a Receiver) may withdraw amounts standing to the credit of a Book Debt Receivables Account to meet any Secured Obligation due and payable in accordance with the terms of the Loan Documents when it is due and payable.
		

		
			10.5Notices of Charge
		

		
			10.5.1Upon execution and delivery of this Deed, the Grantor shall immediately deliver to the Account Bank with which the Book Debt Receivables Account is maintained, a notice to the Account Bank, and procure that the Account Bank has signed and delivered to the Lender, a letter, in each case substantially in the form of Part 4 of Schedule 3 (Form of Notice to Account Bank operating Book Debts Receivables Accounts).
		

		
			10.5.2Upon receipt of the acknowledgement in Clause 10.5.1 above from the Account Bank, the Lender will send a letter to that branch substantially in the form of Part 4 of Schedule 3  (Form of Letters for Book Debt Receivables Account).
		

		
			10.5.3The Grantor shall:
		

		
			(a)collect all Book Debt Receivables in the ordinary course of trading as agent for the Lender;
		

		
			(b)immediately upon receipt pay all monies which it may receive in respect of the Book Debt Receivables into the Book Debt Receivables Account;
		

		
			(c)pending such payment into a Book Debt Receivables Account hold all monies so received upon trust for the Lender.
		

		
			
		

		 

		

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		10.6Legal Assignment
		

		
			The Grantor shall, if called upon to do so by the Lender, execute and deliver to the Lender a legal assignment of its then Book Debt Receivables and other debts on such terms as the Lender may require and give notice thereof to the debtors from whom the same are due owing or incurred and take any other steps as the Bank may require to perfect such legal assignment.
		

		
			SECTION 11.0 - RELEVANT CONTRACTS/INSURANCES
		

		
			11.1Covenants relating to Relevant Contracts and Insurances
		

		
			The Grantor hereby covenants with the Lender as security trustee on behalf of the Secured Parties that in relation to the Relevant Contracts and Insurances it will at all times during the continuance of this security comply with the provisions set forth in the following Clauses of this Section.
		

		
			11.2Preservation
		

		
			The Grantor shall not, without the prior written consent of the Lender:
		

		
			11.2.1amend or waive any term of, or terminate, any Relevant Contract to which it is a party; or
		

		
			11.2.2take any action which might jeopardise the existence or enforceability of any such Relevant Contract.
		

		
			11.3Further Undertakings
		

		
			The Grantor hereby further undertakes with the Lender that it shall:
		

		
			11.3.1duly and promptly perform its obligations, and diligently pursue its rights, under each Relevant Contract to which it is a party; and
		

		
			11.3.2supply the Lender and any Receiver with copies of each Relevant Contract and any information and documentation relating to any Relevant Contract requested by the Lender or any Receiver.
		

		
			11.4Notices of Assignment
		

		
			Upon execution and delivery of this Deed, the Grantor shall immediately serve a notice of assignment:
		

		
			11.4.1in relation to the Insurances, substantially in the form of Part 2 of Schedule 3  (Notice of Assignment of Insurances);
		

		
			11.4.2in relation to the Relevant Contracts, substantially in the form set out in Part 2 of Schedule 3 (Notice to Contract Party), on each counterparty to a Relevant Contract to which it is a party; and
		

		
			11.4.3use its best endeavours to procure that each such party acknowledges that notice, substantially in the form of Part 3 of Schedule 3  (Letter of Undertaking) or Part 3 of Schedule 3  (Acknowledgement from Contract Party) as the case may be.
		

		
			
		

		 

		

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		SECTION 12.0 - INTELLECTUAL PROPERTY
		

		
			12.1Covenants relating to Intellectual Property
		

		
			The Grantor hereby covenants with the Lender as security trustee on behalf of the Secured Parties that in relation to the Intellectual Property it will at all times during the continuance of this security comply with the provisions set forth in the following Clauses of this Section.
		

		
			12.2Intellectual Property
		

		
			The Grantor shall:
		

		
			12.2.1if it shall become aware of any infringement of its Intellectual Property, at once give the Lender all information in its possession with regard thereto and at its own cost commence and diligently prosecute and permit the Lender in the name, and at the cost of the Grantor, to commence and prosecute all proceedings which in the sole opinion of the Lender are necessary to prevent such infringement or to recover damages in respect thereof;
		

		
			12.2.2not, without prior written consent of the Lender in relation to its Intellectual Property or any part thereof grant any exclusive registered user agreement or exclusive licence;
		

		
			12.2.3lodge all notices, complete all filings and registrations and do all other acts as may be necessary to ensure that its Intellectual Property is valid and subsisting and remains vested in it and take all such actions and proceedings as are reasonably necessary to protect such Intellectual Property and if any or all such Intellectual Property shall at any time become void to lodge all notices and do all acts as may be necessary to restore such Intellectual Property to it and in particular to pay all fees as may be necessary for all of the above purposes before the same shall become due.
		

		
			SECTION 13.0 - GENERAL PROVISIONS
		

		
			13.1Assignment
		

		
			The provisions of Clause 10.6 of the Credit Agreement shall apply to this Deed as though references to “this Agreement” were to “this Deed”.
		

		
			13.2Consolidation
		

		
			The statutory restrictions on the consolidation of mortgages shall not apply to this security.
		

		
			13.3Protection of Purchaser
		

		
			Where a conveyance is made in professed exercise of the power of sale applicable hereto the title of the purchaser (the "Purchaser") shall not be impeachable on the grounds that no case has arisen to authorise the sale or that due notice was not given or that the power was otherwise improperly exercised and the Purchaser shall not either before or on conveyance be concerned to see or inquire whether a case has arisen to authorise the sale or due notice has been given or the power is otherwise than properly or regularly exercised but this provision shall not prejudice a claim for damages against the person exercising the power or any person damnified by an unauthorised or improper or irregular exercise thereof.
		

		
			
		

		 

		

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		13.4No Waivers, Remedies Cumulative
		

		
			No failure on the part of the Lender (or any Secured Party) to exercise, nor any delay in exercising any right, remedy, power or privilege under this Deed or any Loan Document will operate as a waiver thereof, nor will any single or partial exercise of any such right, remedy, power or privilege preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges under this Deed are cumulative and not exclusive of any such right, remedy, power or privilege that may otherwise be available to the Lender or any Secured Party.
		

		
			13.5Set-off
		

		
			In addition to any other right of set-off to which the Lender (or any Secured Party) may at any time be entitled (whether by agreement, operation or law or otherwise), the Lender (or any Secured Party) may at any time after the occurrence and during the continuance of an Event of Default (both before and after any demand hereunder and without notice) set-off any liability of the Grantor to the Lender (or any Secured Party) (whether actual or contingent and whether or not then due and payable) against any credit balance on any account of the Grantor with the Lender (or any Secured Party) and may retain the whole or any part of such credit balance to meet the liability of the Grantor to the Lender (or any Secured Party).
		

		
			13.6Preferential Claims
		

		
			The Grantor shall procure that all debts and obligations to or in respect of persons employed by the Grantor which by law may have priority over the security hereby created shall be punctually duly paid and discharged.  
		

		
			13.7Power of Attorney    
		

		
			13.7.1The Grantor by way of security irrevocably appoints the Lender as security trustee on behalf of the Secured Parties (whether or not a Receiver has been appointed) and, also as a separate appointment, or any Receiver or Receivers appointed to be the attorney or attorneys of the Grantor for the Grantor and in the name and on behalf of the Grantor as its act and deed to execute, deliver and perfect all documents and do all things which the attorney may consider to be required or desirable for:
		

		
			(a)carrying out any obligation imposed on the Grantor by this Deed (including the execution and delivery of any deeds, charges, assignments or other security and any transfers of any of the Security Assets); and
		

		
			(b)enabling the Lender and/or any Receiver to exercise, or delegate the exercise of, any of the rights, powers and authorities conferred on them by or pursuant to this Deed or by law (including the exercise of any right of a legal or beneficial owner of any of the Security Assets).
		

		
			13.7.2The Grantor shall ratify and confirm all things done and all documents executed by any attorney in the exercise or purported exercise of any of his powers.  
		

		
			13.7.3The Power of Attorney referred to in this Deed shall become enforceable following the occurrence of an Event of Default which shall be continuing.
		

		
			13.8Waiver    
		

		
			A waiver by the Lender (or any Secured Party) of any breach of any of the terms provisions or conditions hereof or the acquiescence by the Lender (or any Secured Party) in any act (whether 
		

		 

		

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		commission or omission) shall not constitute a general waiver of such term provision or condition or of any subsequent act contrary thereto.
		

		
			13.9Enforcement of Other Rights
		

		
			The Grantor waives any right it may have of first requiring the Lender (or any Secured Party) to proceed against or enforce any other rights or security the Lender (or any Secured Party) may have or benefit from before enforcing the security constituted hereby.
		

		
			13.10Appropriations
		

		
			Until all the Secured Obligations have been unconditionally and irrevocably paid and discharged in full, the Lender as security trustee on behalf of the Secured Parties may:
		

		
			13.10.1refrain from applying or enforcing any other monies, security or rights held or received by it in respect of the Secured Obligations unless and until the amounts recovered by the Lender from the Grantor are sufficient to discharge in full all of the Secured Obligations PROVIDED THAT it holds any such other monies not applied in accordance with Clause 13.10.2 below or apply and enforce the same in such manner and order as it sees fit (whether against the Secured Obligations or otherwise) and the Grantor shall not be entitled to the benefit of the same; and
		

		
			13.10.2hold in a suspense account any moneys received from the Grantor or on account of the Grantor's liability in respect of the Secured Obligations.  Amounts standing to the credit of any such suspense account shall bear interest at a rate considered by the Lender (acting reasonably) to be a fair market rate.
		

		
			13.11Authority of the Lender
		

		
			The Grantor acknowledges that the rights and responsibilities of the Lender under this Deed with respect to any action taken by the Lender or the exercise or non-exercise by the Lender of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Deed shall, as between the Lender and the other Secured Parties, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Lender and the Grantor, the Lender shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and the Grantor shall not be under any obligation or entitlement to make any inquiry respecting such authority.
		

		
			13.12Duty; Obligations and Liabilities
		

		
			The Lender’s sole duty with respect to the custody, safekeeping and physical preservation of the Security Assets in its possession shall be to deal with them in the same manner as the Lender deals with similar property for its own account.  The powers conferred on the Lender hereunder are solely to protect the Lender’s interest in the Security Assets and shall not impose any duty upon the Lender to exercise any such powers.  The Lender shall be accountable only for amounts that it receives as a result of the exercise of such powers, and neither it nor any of its Affiliates shall be responsible to the Grantor for any act or failure to act hereunder, except for their own gross negligence or wilful misconduct as finally determined by a court of competent jurisdiction.  In addition, the Lender shall not be liable or responsible for any loss or damage to any Security Assets, or for any diminution in the value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency, consignee or other bailee if such Person has been selected by the Lender in good faith.
		

		
			
		

		 

		

			31

		

		

			 

		

 

		

			 

		

		13.13Obligations and Liabilities with respect to Security Assets
		

		
			No Secured Party and no Affiliates thereof shall be liable for failure to demand, collect or realise upon any Security Assets or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Security Assets upon the request of the Grantor or any other person or to take any other action whatsoever with regard to any Security Assets.  The powers conferred on the Lender hereunder shall not impose any duty upon any other Secured Party to exercise any such powers.  The other Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their respective officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or wilful misconduct as finally determined by a court of competent jurisdiction.
		

		
			13.14Additional Powers
		

		
			13.14.1By way of supplement to the Trustee Act 1893 (as amended) it is expressly declared as follows:
		

		
			(a)the Lender (as security trustee on behalf of the Secured Parties) may in relation to any of the provisions of this Deed act or rely upon the opinion or advice of or any information obtained from any lawyer, accountant, valuer, surveyor, broker, auctioneer or other expert commissioned by the Lender (as security trustee on behalf of the Secured Parties) and the Lender shall not be responsible for any loss occasioned by so acting or relying;
		

		
			(b)the Lender (as security trustee on behalf of the Secured Parties) shall not be liable for acting on any opinion, advice or information purporting to be so conveyed although the same shall contain some error or shall not be authentic;
		

		
			(c)the Lender (as security trustee on behalf of the Secured Parties) may refrain from doing anything which would or might in its opinion be contrary to any law of any jurisdiction or any directive or regulation of any agency of any state or which would or might otherwise render it liable to any person and may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation;
		

		
			(d)neither the Lender (as security trustee on behalf of the Secured Parties) nor any of its officers, employees or agents shall be liable for:
		

		
			(i)the execution, genuineness, validity, enforceability or sufficiency of this Deed, any Loan Document or any other document in connection therewith; or
		

		
			(ii)the collectability of amounts payable hereunder; or
		

		
			(iii)the accuracy of any statement (whether written or not) made in or in connection with this Deed or other document in connection therewith;
		

		
			(e)the Lender (as security trustee on behalf of the Secured Parties) and every attorney, agent or other person appointed by it under or in connection with this Deed shall be entitled to be indemnified out of amounts received by the Lender (as security trustee on behalf of the Secured Parties) under this Deed against all liabilities and expenses reasonably and properly incurred in the execution 
		

		 

		

			32

		

		

			 

		

 

		

			 

		

		of any power, trust, authority or discretion in connection with this Deed and against all actions, proceedings, costs, claims and demands in respect of any matter or things done or omitted to be done in any way relating to this Deed unless the same result from the gross negligence or wilful default of the Lender (as security trustee on behalf of the Secured Parties) or any such attorney, agent or other person;
		

		
			(f)all moneys which under the trusts contained in this Deed are received or held by the Lender (as security trustee on behalf of the Secured Parties) may be invested in the name of the Lender (as security trustee on behalf of the Secured Parties) or any nominee or under the control of the Lender (as security trustee on behalf of the Secured Parties) in any investment for the time being authorised by Irish law for the investment by a trustee of trust moneys or by placing the same on deposit in the name of the Lender (as security trustee on behalf of the Secured Parties) or any nominee or under the control of the Lender (as security trustee on behalf of the Secured Parties) at such bank or institution (including the Lender (as security trustee on behalf of the Secured Parties)) as the Lender subject to the terms hereof, the Lender may direct or in such currency as the Lender or, subject to the terms hereof, the Lender may direct and the Lender (as security trustee on behalf of the Secured Parties) may at any time vary or transfer any such investments for or into other such investments or convert any moneys so deposited into any other currency as the Lender or subject to the terms hereof, the Lender shall from time to time direct and shall not be responsible for any loss occasioned thereby, whether by depreciation in value, fluctuation in exchange rates or otherwise;
		

		
			(g)the Lender (as security trustee on behalf of the Secured Parties) shall have full power to determine all questions and doubts arising in relation to the interpretation or application of any of the provisions of this Deed as it affects the Lender (as security trustee on behalf of the Secured Parties) and every such determination (whether made upon a question actually raised or implied in the acts or proceedings of the Lender (as security trustee on behalf of the Secured Parties)) shall be conclusive and shall bind the other parties hereto provided it is reasonable;
		

		
			(h)the Lender (as security trustee on behalf of the Secured Parties) may in the conduct of the trusts hereof (otherwise than in relation to its right to make any declaration, determination or decision) instead of acting personally employ and pay an agent (whether being a lawyer or other person) to transact or concur in transacting any business and to do or concur in doing any acts required to be done by the Lender (as security trustee on behalf of the Secured Parties) (including the receipt and payment of money) and any such agent engaged in any profession or business shall be entitled to be paid all usual professional and other charges for business transacted and acts done by him or any partner or employee of his in connection with the trusts hereof; and
		

		
			(i)any investment or any part or all of the Security Asset may, at the discretion of the Lender (as security trustee on behalf of the Secured Parties), be made or retained in the names of nominees.
		

		
			13.14.2The Lender (as security trustee on behalf of the Secured Parties) may assume without enquiry (in the absence of knowledge by or an express notice to it to the contrary acquired or received by it in its capacity as Lender (as security trustee on behalf of the Secured Parties) hereunder) that each of the parties hereto is duly performing and observing all its obligations contained in this Deed.
		

		
			
		

		 

		

			33

		

		

			 

		

 

		

			 

		

		13.14.3The Lender (as security trustee on behalf of the Secured Parties) may, from time to time, be the Lender (as security agent on behalf of the Secured Parties) or act in any other capacity in respect of a Loan Party and shall in such event be entitled, notwithstanding that it is also a Lender, to take or refrain from taking, any action which it would be entitled so to take if it was not the Lender (as security trustee on behalf of the Secured Parties) and shall not be precluded, by virtue of its position as the Lender (as security trustee on behalf of the Secured Parties), or in any other capacity, from exercising any of its discretions, powers and duties as Lender (as security trustee on behalf of the Secured Parties). The Lender (as security trustee on behalf of the Secured Parties) may enter into any financial or business contracts or any other transaction or arrangement with the Grantor or any other person and the Lender (as security trustee on behalf of the Secured Parties) shall be in no way accountable to the Grantor or any other person for any profits or benefits arising from any such contract or transaction.
		

		
			13.14.4The powers, trusts, authorities and discretions conferred upon the Lender (as security trustee on behalf of the Secured Parties) by this Deed shall be in addition to any which may from time to time be vested in the Lender by the general law or otherwise.
		

		
			13.14.5The Lender (as security trustee on behalf of the Secured Parties) shall have the power, in any circumstances, to appoint a new or additional trustee or trustees, being person(s) appointed by the Lender (as security trustee on behalf of the Secured Parties) at its sole discretion.  Any appointment of a new, additional trustee or trustees shall be in writing signed by or on behalf of the Lender (as security trustee on behalf of the Secured Parties).  These powers shall be in addition to the powers contained in the Trustee Act 1893 (as amended).
		

		
			13.14.6The Lender may retire at any time and without being responsible for the costs occasioned by such retirement.  Prior to confirmation by the Lender that the Secured Obligations have been irrevocably discharged in full, the retirement of the Lender (as security trustee on behalf of the Secured Parties) shall not take effect until the appointment of a new Lender (as security trustee on behalf of the Secured Parties) (the “New Trustee”) has been made and accepted by the Lender and the new Trustee (as security trustee on behalf of the Secured Parties) shall have executed all deeds and documents as are necessary to effect such appointment and the transfer of the Lender’s rights and obligations under this Deed.
		

		
			13.15Notices
		

		
			13.15.1Any notice, demand or other communication required or permitted to be given or made under this Deed shall be addressed or sent as follows:
		

		
			(a)if to the Lender to:
		

		
			Address:15260 Ventura Blvd., Suite 1800
Shearman Oaks, CA 91403
		

		
			Attention:Vicky Regan
		

		
			Fax No.(818) 783-7984
		

		
			(b)if to the Grantor, to:
		

		
			Address:Arthur Cox Building
Earlsfort Centre
Earlsfort Terrace

		

		 

		

			34

		

		

			 

		

 

		

			 

		

		Dublin 2
Ireland
		

		
			Attention:David Ryan
		

		
			Fax No.+353 1 9012199
		

		
			13.15.2Any notice, demand or other communication required or permitted to be given or made hereunder shall be validly given or made if delivered personally or if despatched by pre-paid letter post addressed as aforesaid or if sent by fax message to such fax number (if any) as may be specified as aforesaid and shall be deemed to be given or made:
		

		
			(a)if delivered by hand - at the time of delivery; and
		

		
			(b)if sent by post - two Business Days after the same shall have been posted.
		

		
			13.16Non-Competition
		

		
			13.16.1Until all the Secured Obligations have been unconditionally and irrevocably paid and discharged in full the Grantor shall not by virtue of any payment made, security realised or monies received or recovered under the Loan Documents or any security therefor for or on account of the liability of any third party:
		

		
			(a)be subrogated to any rights, security or moneys held, received or receivable by the Lender or the Secured Parties (or any trustee or agent on their behalf) or be entitled to any right of contribution or indemnity; or
		

		
			(b)claim, rank, prove or vote as a creditor of any other Loan Party or its estate in competition with the Lender (or any trustee or agent on its behalf); or
		

		
			(c)receive, claim or have the benefit of any payment, distribution or security from or on account of any other Loan Party, or exercise any right of set-off as against any other Loan Party.
		

		
			13.16.2The Grantor will hold in trust for and forthwith pay or transfer to the Lender any payment or distribution or benefit of security received by it contrary to the provision of this Clause 13.16.  If the Grantor exercises any right of set-off contrary to the above, it will forthwith pay an amount equal to the amount set off to the Lender. 
		

		
			13.17Counterparts
		

		
			This Deed may be executed in any number of counterparts and by the parties to this Deed on separate counterparts, each of which, when executed and delivered, shall constitute an original, but all the counterparts shall together constitute but one and the same instrument.
		

		
			13.18Governing Law and Jurisdiction
		

		
			13.18.1This Deed shall be governed by and construed in accordance with the laws of Ireland.
		

		
			13.18.2The Grantor hereby agrees for the exclusive benefit of the Lender that any legal action or proceeding (the "Proceedings") brought against it with respect to this Deed may be brought in the High Court in Ireland or such other competent Court of Ireland as the Lender may elect and the Grantor waives any objection to the Proceedings being taken in such courts whether on the grounds of venue or on the ground that the Proceedings have been brought in an inconvenient forum.  The Grantor undertakes to enter an unconditional appearance within 14 days after the completion of any service or process of any Proceedings.  The Grantor hereby consents to the service by post of any process issued in that jurisdiction.  Nothing herein shall affect the Lender's right to serve process in any other manner permitted by law.
		

		

		

		 

		

			35

		

		

			 

		

 

		

			 

		

		13.18.3Nothing in this Clause shall limit the right of the Lender to take Proceedings to any other court or competent jurisdiction nor shall the taking of Proceedings in any or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not).
		

		
			IN WITNESS whereof the parties have executed and delivered this Deed on the date specified above.
		

		

		

		 

		

			36

		

		

			 

		

 

		

			 

		

		SCHEDULE  1
		

		
			Scheduled Property
		

		
			None at the date of this Deed.
		

		
			 
		

		

		

		 

		

			37

		

		

			 

		

 

		

			 

		

		schedule  2
		

		
			Part 1
		

		
			The Fixtures and Fittings
		

		
			None at the date of this Deed.
		

		
			Part 2
		

		
			The Relevant Contracts
		

		
			1.The Business and Assets Transfer Agreement
		

		
			2.The Loan Agreement
		

		
			part 3
		

		
			The Licences
		

		
			None at the date of this Deed.
		

		
			Part 4
		

		
			The Shares
		

		
			None at the date of this Deed.
		

		
			Part 5
		

		
			The Intellectual Property
		

		
			None at the date of this Deed.
		

		
			Part 6
		

		
			The Security Accounts
		

		
			None at the date of this Deed. 
		

		
			Part 7
		

		
			The Book Debt Receivable Account
		

		
			None at the date of this Deed. 
		

		
			 
		

		
			PART 8
		

		
			The Insurances
		

		
			None at the date of this Deed. 
		

		

		

		 

		

			38

		

		

			 

		

 

		

			 

		

		schedule  3
		

		
			PART 1
		

		
			Form of Letters for Security Account
		

		
			Part A
		

		
			Notice to Account Bank
		

		
			 
		

		
			[On the letterhead of the Grantor]
		

		
			 
		

		
			To:[Account Bank]
		

		
			 
		

		
			 
		

		
			[Date]
		

		
			 
		

		
			 
		

		
			Dear Sirs
		

		
			Security Deed dated [                      ] 2014 (the "Security Deed") between (1) DMIH Limited and (2) Silicon Valley Bank (acting as security trustee for the Secured Parties) (the “Lender”)
		

		
			1.This letter constitutes notice to you that pursuant to the Security Deed we have charged (by way of a first fixed charge) in favour of the Lender all our right, title and interest in respect of any monies standing to the credit of the accounts maintained by us with you, more particular details of which are set out in the Schedule to this Notice (the "Accounts").
		

		
			2.We irrevocably instruct and authorise you to:
		

		
			2.1disclose to the Lender any information relating to any Account requested from you by the Lender;
		

		
			2.2comply with the terms of any written notice or instruction relating to any Account received by you from the Lender;
		

		
			2.3hold all sums standing to the credit of any Account to the order of the Lender; and
		

		
			2.4pay or release any sum standing to the credit of any Account in accordance with the written instructions of the Lender.
		

		
			3.We are not permitted to withdraw any amount from any Account without the prior written consent of the Lender.
		

		
			4.We acknowledge that you may comply with the instructions in this letter without any further permission from us.
		

		
			5.We enclose a copy of the Security Deed.
		

		
			6.The instructions in this letter may not be revoked or amended without the prior written consent of the Lender.
		

		

		

		 

		

			39

		

		

			 

		

 

		

			 

		

		7.This letter is governed by Irish law.
		

		
			8.Please confirm your agreement to the above by sending the attached acknowledgement to the Lender at [                   ] with a copy to ourselves.
		

		
			 
		

		
			Yours faithfully
		

		
			 
		

		
			 
		

		
			 
		

		
			....................................
		

		
			(Authorised signatory)
		

		
			DMIH LIMITED
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			Schedule
		

		
			 
		

		
			The Security Accounts
		

		
			 
		

		
			 
		

		
			[Details]
		

		

		

		 

		

			40

		

		

			 

		

 

		

			 

		

		Part B
		

		
			Acknowledgement of Security Account Bank
		

		
			 
		

		
			[On the letterhead of the Account Bank]
		

		
			 
		

		
			To:Silicon Valley Bank (as security trustee on behalf of the Secured Parties) (the “Lender”)
		

		
			 
		

		
			 
		

		
			Copy:[Grantor]
		

		
			[Date]
		

		
			 
		

		
			 
		

		
			Dear Sirs
		

		
			Security Deed dated [                      ] 2014 (the "Security Deed") between (1) DMIH Limited and (2) Silicon Valley Bank (as security trustee on behalf of the Secured Parties) (the “Lender”)
		

		
			We confirm receipt from DMIH Limited (the "Grantor") of a notice (the "Notice") dated [                      ] 2014 with respect to a charge under the terms of the Security Deed over all the right, title and interest of the Grantor to any amount standing to the credit of any of the Grantor's accounts with us (the "Accounts").
		

		
			We confirm that we:
		

		
			1.accept the instructions contained in the notice and agree to comply with the Notice;
		

		
			2.have not received notice of the interest of any third party in any Account;
		

		
			3.have neither claimed nor exercised, nor will claim or exercise, any security interest, set-off, counterclaim or other right in respect of any Account; and
		

		
			4.will not permit any amount to be withdrawn from any Account without your prior written consent.
		

		
			The Accounts maintained with us are:
		

		
			[Specify accounts and account numbers]
		

		
			This letter is governed by Irish law.
		

		
			 
		

		
			Yours faithfully
		

		
			 
		

		
			 
		

		
			 
		

		
			.......................................
		

		
			(Authorised signatory)
		

		
			[Account Bank]
		

		

		

		 

		

			41

		

		

			 

		

 

		

			 

		

		Part 2
		

		
			Forms of Letter for Contracts
		

		
			Part A
		

		
			Notice to Counterparty
		

		
			To:[Contract party]
		

		
			 
		

		
			[Date]
		

		
			 
		

		
			 
		

		
			Dear Sirs
		

		
			Security Deed dated [                      ] 2014 (the "Security Deed") between (1) DMIH Limited and (2) Silicon Valley Bank (as security trustee on behalf of the Secured Parties) (the “Lender”)
		

		
			1.This letter constitutes notice to you that under the Security Deed we have assigned by way of security to the Lender all our right, title and interest in and to [insert details of Contracts or add a schedule of Contracts] (the "Contracts").
		

		
			2.We confirm that:
		

		
			2.1we will remain liable under the Contracts to perform all the obligations assumed by us under the Contracts; and
		

		
			2.2none of the Lender, its agents, any receiver or any other person will at any time be under any obligation or liability to you under or in respect of the Contracts.
		

		
			3.We will also remain entitled to exercise all our rights, powers and discretions under the Contracts, and you should continue to give notices under the Contracts to us, unless and until you receive notice from the Lender to the contrary stating that the security has become enforceable.  In this event, all the rights, powers and discretions will be exercisable by, and notices must be given to, the Lender or as it directs.
		

		
			4.Please note that we have agreed that we will not amend or waive any provision of or terminate the Contracts without the prior consent of the Lender.
		

		
			5.This letter is governed by Irish law.
		

		
			Please acknowledge receipt of this letter by sending the attached acknowledgement to the Lender at [                      ].
		

		
			 
		

		
			Yours faithfully
		

		
			 
		

		
			 
		

		
			..............................
		

		
			(Authorised signatory)
		

		
			DMIH LIMITED
		

		

		

		 

		

			42

		

		

			 

		

 

		

			 

		

		Part B
		

		
			Acknowledgement of Counterparty
		

		
			 
		

		
			To:Silicon Valley Bank
		

		
			 
		

		
			 
		

		
			Copy:DMIH Limited
		

		
			 
		

		
			[Date]
		

		
			 
		

		
			 
		

		
			Dear Sirs
		

		
			We confirm receipt from DMIH Limited (the "Grantor") of a notice dated [                      ] (the "Notice") of an assignment on the terms of the Security Deed dated [                      ] 2014 of all the Grantor's right, title and interest in and to [insert details of the Contracts] (the "Contracts").
		

		
			We confirm that we will pay all sums due, and give notices, under the Contracts as directed in the Notice.
		

		
			This letter is governed by Irish law.
		

		
			 
		

		
			Yours faithfully
		

		
			 
		

		
			 
		

		
			 
		

		
			...................................
		

		
			(Authorised signatory)
		

		
			[Counterparty]
		

		

		

		 

		

			43

		

		

			 

		

 

		

			 

		

		Part 3
		

		
			Part A
		

		
			Notice of Assignment of Insurances
		

		
			 
		

		
			(for attachment by way of endorsement to the Insurance Policies)
		

		
			 
		

		
			 
		

		
			To:[Insurer]
		

		
			 
		

		
			[Date]
		

		
			 
		

		
			We, DMIH Limited hereby give notice that by a Security Deed dated [               ], between (1) DMIH Limited and (2) Silicon Valley Bank (as security trustee on behalf of the Secured Parties) (the “Lender”), we have assigned to the Lender the policies of insurance more particular details of which are set out in the Schedule to this Notice (the "Policies") and all our interest (including the benefit of all money owing or to become owing to us in respect of the Policies together with all interest thereon).
		

		
			We hereby irrevocably authorise and instruct you to issue a letter of undertaking, in the form attached, to the Lender and to act on the instructions of the Lender in the manner provided in that letter without any further reference to or authorisation from us.
		

		
			This letter shall be governed by Irish law.
		

		
			 
		

		
			Yours faithfully
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			..............................
		

		
			(Authorised signatory)
		

		
			DMIH LIMITED
		

		
			 
		

		

		

		 

		

			44

		

		

			 

		

 

		

			 

		

		
		

		
			SCHEDULE
		

		
			Policies
		

		

		

		 

		

			45

		

		

			 

		

 

		

			 

		

		Part B
		

		
			Letter of Undertaking
		

		
			 
		

		
			To:Silicon Valley Bank as security trustee on behalf of the Secured Parties (the “Lender”)
		

		
			 
		

		
			 
		

		
			 
		

		
			[Date]
		

		
			Dear Sirs,
		

		
			Letter of Undertaking
		

		
			In accordance with an assignment of the insurance policies referred to in the Schedule to this letter (the "Policies") made by DMIH Limited (the "Grantor") we undertake:
		

		
			1.to note your interest as loss payee on the Policies; 
		

		
			2.to disclose to you without any reference to or further authority from the Grantor such information relating to the Policies as you may at any time request; 
		

		
			3.not to release any of the Policies on request by the Grantor without your prior written consent; 
		

		
			4.following written notification from you of the occurrence of an Event of Default which is outstanding, to pay all claims payable under the policies of Insurance to you unless you otherwise agree in writing and save as obliged by law. 
		

		
			This letter shall be governed by Irish law.
		

		
			 
		

		
			Yours faithfully, 
		

		
			 
		

		
			 
		

		
			..............................
for and on behalf of
		

		
			[Insurer]
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			46

		

		

			 

		

 

		

			 

		

		
		

		
			SCHEDULE
		

		
			Policies
		

		

		

		 

		

			47

		

		

			 

		

 

		

			 

		

		part 4
		

		
			Form of notice to and acknowledgement from bank operating Book Debt Receivables Account
		

		
			 
		

		
			To:[insert name and address of Account Bank]
		

		
			 
		

		
			Dear Sirs,
		

		
			 
		

			
					
						Re:

					
					
						Account Holder: DMIH Limited (the "Grantor")

				
	
					
						Account No: (the "Book Debt Receivables Account")

				
	
					
						Account Branch: [insert branch address]

				

		
			 
		

		
			1.We give notice that, by a Security Deed dated 2014 (the "Security Deed") between (1) the Grantor and (2) Silicon Valley Bank (the "Lender"), the Grantor has charged to the Lender all its present and future right, title and interest in and to:
		

		
			1.1[the Book Debt Receivables, the Book Debt Receivables Account, all monies from time to time standing to the credit of the Book Debt Receivables Account and all additions to or renewals or replacements thereof (in whatever currency); and 
		

		
			1.2all monies standing to the credit of any other accounts from time to time maintained with you by the Grantor,]
		

		
			(together the "Charged Accounts") and to all interest from time to time accrued or accruing on the Charged Accounts and all rights to repayment of any of the foregoing by you.
		

		
			2.We advise you that, under the terms of the Security Deed, we are not entitled to withdraw any monies from the Book Debt Receivables Accounts without first having obtained the prior written consent of the Lender.
		

		
			3.We irrevocably authorise and instruct you from time to time: 
		

		
			3.1unless the Lender so authorises you, not to permit withdrawals from the Security Accounts; 
		

		
			3.2to hold all monies from time to time standing to the credit of the Charged Accounts to the order of the Lender; 
		

		
			3.3to pay all or any part of the monies standing to the credit of the Charged Accounts to the Lender (or as it may direct) promptly following receipt of written instructions from the Lender to that effect; and 
		

		
			3.4to disclose to the Lender such information relating to the Grantor and the Charged Accounts as the Lender may from time to time request you to provide.
		

		
			3.5[to pay all monies received by you for our account to (and only to) [specify account].]
		

		

		

		 

		

			48

		

		

			 

		

 

		

			 

		

		4.We agree that you are not bound to enquire whether the right of the Lender to withdraw any monies from any Charged Account has arisen or be concerned with the propriety or regularity of the exercise of that right or to be concerned with notice to the contrary or be concerned with or responsible for the application of any monies received by the Lender.
		

		
			5.The provisions of this notice may only be revoked or amended with the prior written consent of the Lender.  
		

		
			6.Please confirm by completing the enclosed copy of this notice and returning it to the Lender (with a copy to the Grantor) that:
		

		
			6.1you agree to act in accordance with the provisions of this notice;
		

		
			6.2you have not, at the date this notice is returned to the Lender, received notice of any assignment or charge of or claim to the monies standing to the credit of any of the Charged Accounts or the grant of any security or other interest over those monies in favour of any third party and you will notify the Lender promptly if you should do so in the future; and
		

		
			6.3you do not now and will not in the future exercise any right to combine accounts or any rights of set-off or lien or any similar rights in relation to the monies standing to the credit of the Charged Accounts. 
		

		
			7.This notice (and any acknowledgement) shall be governed by and construed in accordance with the laws of Ireland.
		

		
			 
		

		
			Yours faithfully,
		

		
			 
		

		
			 
		

		
			______________________________ 
		

		
			for and on behalf of
		

		
			DMIH LIMITED
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			Countersigned by
		

		
			 
		

		
			 
		

		
			______________________________ 
		

		
			for and on behalf of
		

		
			[                      ]
		

		
			 
		

		

		

		 

		

			49

		

		

			 

		

 

		

			 

		

		[On Copy]
		

		
			 
		

		
			To:Silicon Valley Bank
		

		
			as security trustee on behalf of the Secured Parties (the “Lender”)
		

		
			 
		

		
			[                      ]
		

		
			 
		

		
			 
		

		
			Copy to:  DMIH Limited
		

		
			 
		

		
			We acknowledge receipt of the above notice. We confirm and agree:
		

		
			(a)that the matters referred to in it do not conflict with the terms which apply to any Charged Account; and 
		

		
			(b)the matters set out in paragraphs 1 to 3 in the above notice.
		

		
			 
		

		
			 
		

		
			 
		

		
			_________________________ 
		

		
			for and on behalf of
		

		
			[Account Bank]
		

		
			 
		

		
			 
		

		
			Dated: [                      ]
		

		
			 
		

		
			 
		

		

		

		 

		

			50

		

		

			 

		

 

		

			 

		

		
		

		
			EXECUTION PAGE
		

		
			 
		

		
			Grantor 
		

		
			 
		

			
					
						GIVEN under the COMMON SEAL

					
						of DMIH LIMITED:

					
						 

					
					
						 

					
					
						/s/ Richard Danis

				
	
					
						 

					
					
						 

					
					
						Director

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Statton Hammock

				
	
					
						 

					
					
						 

					
					
						Director/Secretary

				

		
			 
		

		
			 
		

		
			 
		

		
			Security Trustee
		

		
			 
		

			
					
						Signed by and

					
						duly authorised on behalf of

					
						SILICON VALLEY BANK (as security trustee for the Secured Parties)

					
						 

					
					
						 

					
					
						/s/ Ted Bell

				
	
					
						 

					
					
						 

					
					
						Authorised Signatory

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			WF-9364204.exv
		

		
			 
		

		 

		

			51EX-4.1

 EXHIBIT 4.1 

CARMAX AUTO OWNER TRUST 2014-4, 

as Issuer, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Indenture Trustee 
  

 
 INDENTURE 

Dated as of November 1, 2014 
  

 
 $181,000,000
0.21000% Class A-1 Asset-backed Notes 
 $271,000,000 0.67% Class A-2a Asset-backed Notes 

$115,000,000 LIBOR + 0.27% Class A-2b Asset-backed Notes 

$406,000,000 1.25% Class A-3 Asset-backed Notes 

$116,900,000 1.81% Class A-4 Asset-backed Notes 

$29,100,000 2.20% Class B Asset-backed Notes 

$27,400,000 2.44% Class C Asset-backed Notes 

$18,600,000 3.04% Class D Asset-backed Notes 

 CROSS REFERENCE TABLE (1) 

 

							
	 TIA

Section
	 	 	  	 Indenture

Section
	 
	 310
	 	(a)(1)	  	 	Section 6.11	  
		 	(a)(2)	  	 	Section 6.11	  
		 	(a)(3)	  	 	Section 6.10	  
		 	(a)(4)	  	 	N.A.	  
		 	(a)(5)	  	 	Section 6.11	  
		 	(b)	  	 	Section 6.8; Section 6.11	  
		 	(c)	  	 	N.A.	  
	 311
	 	(a)	  	 	Section 6.12	  
		 	(b)	  	 	Section 6.12	  
		 	(c)	  	 	N.A.	  
	 312
	 	(a)	  	 	Section 7.1	  
		 	(b)	  	 	Section 7.2	  
		 	(c)	  	 	Section 7.2	  
	 313
	 	(a)	  	 	Section 7.4	  
		 	(b)(1)	  	 	Section 7.4	  
		 	(b)(2)	  	 	Section 7.4; Section 11.5	  
		 	(c)	  	 	Section 7.4	  
		 	(d)	  	 	Section 7.3	  
	 314
	 	(a)	  	 	Section 7.3	  
		 	(b)	  	 	Section 11.15	  
		 	(c)(1)	  	 	Section 11.1	  
		 	(c)(2)	  	 	Section 11.1	  
		 	(c)(3)	  	 	Section 11.1	  
		 	(d)	  	 	Section 11.1	  
		 	(e)	  	 	Section 11.1	  
		 	(f)	  	 	Section 11.1	  
	 315
	 	(a)	  	 	Section 6.1	  
		 	(b)	  	 	Section 6.5; Section 11.5	  
		 	(c)	  	 	Section 6.1	  
		 	(d)	  	 	Section 6.1	  
		 	(e)	  	 	Section 5.13	  
	 316
	 	(a)(last sentence)	  	 	Section 1.1	  
		 	(a)(1)(A)	  	 	Section 5.11	  
		 	(a)(1)(B)	  	 	Section 5.12	  
		 	(a)(2)	  	 	N.A.	  
		 	(b)	  	 	Section 5.7	  
		 	(c)	  	 	N.A.	  
	 317
	 	(a)(1)	  	 	Section 5.3	  
		 	(a)(2)	  	 	Section 5.3	  
		 	(b)	  	 	Section 3.3	  
	 318
	 	(a)	  	 	Section 11.7	  

  
 i 

  

	(1)	Note: This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture. 

	(2)	N.A. means Not Applicable. 

  
 ii 

 TABLE OF CONTENTS 

ARTICLE I 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
  

							
	 Section 1.1
	  	Definitions	  	 	2	  
	 Section 1.2
	  	Incorporation by Reference of Trust Indenture Act	  	 	13	  
	 Section 1.3
	  	Rules of Construction	  	 	13	  
	  
 ARTICLE II

THE NOTES
  
	 
   

  
 

	 Section 2.1
	  	Form	  	 	14	  
	 Section 2.2
	  	Execution, Authentication and Delivery	  	 	15	  
	 Section 2.3
	  	Temporary Notes	  	 	15	  
	 Section 2.4
	  	Tax Treatment	  	 	16	  
	 Section 2.5
	  	Registration; Registration of Transfer and Exchange	  	 	16	  
	 Section 2.6
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	18	  
	 Section 2.7
	  	Persons Deemed Owners	  	 	19	  
	 Section 2.8
	  	Payments	  	 	19	  
	 Section 2.9
	  	Cancellation	  	 	24	  
	 Section 2.10
	  	Release of Collateral	  	 	24	  
	 Section 2.11
	  	Book-Entry Notes	  	 	24	  
	 Section 2.12
	  	Notices to Clearing Agency	  	 	25	  
	 Section 2.13
	  	Definitive Notes	  	 	25	  
	 Section 2.14
	  	Authenticating Agents	  	 	26	  
	 Section 2.15
	  	Calculation Agent	  	 	26	  
	  
 ARTICLE III

COVENANTS
  
	 
   

  
 

	 Section 3.1
	  	Payment of Principal and Interest	  	 	27	  
	 Section 3.2
	  	Maintenance of Office or Agency	  	 	27	  
	 Section 3.3
	  	Money for Payments To Be Held in Trust	  	 	27	  
	 Section 3.4
	  	Existence	  	 	29	  
	 Section 3.5
	  	Protection of Trust Estate	  	 	29	  
	 Section 3.6
	  	Opinions as to Trust Estate	  	 	30	  
	 Section 3.7
	  	Performance of Obligations; Servicing of Receivables	  	 	30	  
	 Section 3.8
	  	Negative Covenants	  	 	32	  
	 Section 3.9
	  	Annual Statement as to Compliance	  	 	33	  
	 Section 3.10
	  	Issuer May Consolidate, etc., Only on Certain Terms	  	 	33	  
	 Section 3.11
	  	Successor or Transferee	  	 	35	  
	 Section 3.12
	  	No Other Business	  	 	35	  
	 Section 3.13
	  	No Borrowing	  	 	35	  
	 Section 3.14
	  	Servicer’s Obligations	  	 	36	  
	 Section 3.15
	  	Guarantees, Loans, Advances and Other Liabilities	  	 	36	  
	 Section 3.16
	  	Capital Expenditures	  	 	36	  

  
 iii 

							
	 Section 3.17
	  	Restricted Payments	  	 	36	  
	 Section 3.18
	  	Notice of Events of Default	  	 	36	  
	 Section 3.19
	  	Removal of Administrator	  	 	36	  
	 Section 3.20
	  	Further Instruments and Acts	  	 	36	  
	 Section 3.21
	  	Sales Finance Company Licenses	  	 	36	  
	 Section 3.22
	  	Representations and Warranties by the Issuer to the Indenture Trustee	  	 	37	  
	  
 ARTICLE IV

SATISFACTION AND DISCHARGE
  
	 
   

  
 

	 Section 4.1
	  	Satisfaction and Discharge of Indenture	  	 	37	  
	 Section 4.2
	  	Satisfaction, Discharge and Defeasance of the Notes	  	 	38	  
	 Section 4.3
	  	Application of Trust Money	  	 	39	  
	 Section 4.4
	  	Repayment of Monies Held by Paying Agent	  	 	39	  
	  
 ARTICLE V

REMEDIES
  
	 
   

  
 

	 Section 5.1
	  	Events of Default	  	 	39	  
	 Section 5.2
	  	Acceleration of Maturity; Rescission and Annulment	  	 	41	  
	 Section 5.3
	  	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	 	41	  
	 Section 5.4
	  	Remedies; Priorities	  	 	44	  
	 Section 5.5
	  	Optional Preservation of the Receivables	  	 	47	  
	 Section 5.6
	  	Limitation of Suits	  	 	47	  
	 Section 5.7
	  	Unconditional Rights of Noteholders to Receive Principal and Interest	  	 	48	  
	 Section 5.8
	  	Restoration of Rights and Remedies	  	 	48	  
	 Section 5.9
	  	Rights and Remedies Cumulative	  	 	48	  
	 Section 5.10
	  	Delay or Omission Not a Waiver	  	 	48	  
	 Section 5.11
	  	Control by Noteholders of the Controlling Class	  	 	48	  
	 Section 5.12
	  	Waiver of Past Defaults	  	 	49	  
	 Section 5.13
	  	Undertaking for Costs	  	 	49	  
	 Section 5.14
	  	Waiver of Stay or Extension Laws	  	 	50	  
	 Section 5.15
	  	Action on Notes	  	 	50	  
	 Section 5.16
	  	Performance and Enforcement of Certain Obligations	  	 	50	  
	  
 ARTICLE VI

THE INDENTURE TRUSTEE
  
	 
   

  
 

	 Section 6.1
	  	Duties of Indenture Trustee	  	 	51	  
	 Section 6.2
	  	Rights of Indenture Trustee	  	 	53	  
	 Section 6.3
	  	Individual Rights of Indenture Trustee	  	 	53	  
	 Section 6.4
	  	Indenture Trustee’s Disclaimer	  	 	54	  
	 Section 6.5
	  	Notice of Defaults	  	 	54	  
	 Section 6.6
	  	Reports by Indenture Trustee to Holders	  	 	54	  

  
 iv 

							
	 Section 6.7
	  	Compensation and Indemnity	  	 	54	  
	 Section 6.8
	  	Replacement of Indenture Trustee	  	 	55	  
	 Section 6.9
	  	Successor Indenture Trustee by Merger	  	 	56	  
	 Section 6.10
	  	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	56	  
	 Section 6.11
	  	Eligibility; Disqualification	  	 	57	  
	 Section 6.12
	  	Preferential Collection of Claims Against Issuer	  	 	58	  
	 Section 6.13
	  	Communications Regarding Demands to Purchase Receivables	  	 	58	  
	  
 ARTICLE VII

NOTEHOLDERS’ LISTS AND REPORTS
  
	 
   

  
 

	 Section 7.1
	  	Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders	  	 	59	  
	 Section 7.2
	  	Preservation of Information; Communications to Noteholders	  	 	59	  
	 Section 7.3
	  	Reports by Issuer	  	 	59	  
	 Section 7.4
	  	Reports by Indenture Trustee	  	 	60	  
	  
 ARTICLE VIII

ACCOUNTS, DISBURSEMENTS AND RELEASES
  
	 
   

  
 

	 Section 8.1
	  	Collection of Money	  	 	60	  
	 Section 8.2
	  	Trust Accounts	  	 	60	  
	 Section 8.3
	  	General Provisions Regarding Accounts	  	 	61	  
	 Section 8.4
	  	Release of Trust Estate	  	 	62	  
	 Section 8.5
	  	Opinion of Counsel	  	 	62	  
	  
 ARTICLE IX

SUPPLEMENTAL INDENTURES
  
	 
   

  
 

	 Section 9.1
	  	Supplemental Indentures Without Consent of Noteholders	  	 	63	  
	 Section 9.2
	  	Supplemental Indentures with Consent of Noteholders	  	 	64	  
	 Section 9.3
	  	Execution of Supplemental Indentures	  	 	66	  
	 Section 9.4
	  	Effect of Supplemental Indenture	  	 	66	  
	 Section 9.5
	  	Conformity with Trust Indenture Act	  	 	66	  
	 Section 9.6
	  	Reference in Notes to Supplemental Indentures	  	 	66	  
	  
 ARTICLE X

REDEMPTION OF NOTES
  
	 
   

  
 

	 Section 10.1
	  	Redemption	  	 	67	  
	 Section 10.2
	  	Form of Redemption Notice	  	 	67	  
	 Section 10.3
	  	Notes Payable on Redemption Date	  	 	68	  
	  
 ARTICLE XI

MISCELLANEOUS
  
	 
   

  
 

	 Section 11.1
	  	Compliance Certificates and Opinions, etc	  	 	68	  

  
 v 

							
	 Section 11.2
	  	Form of Documents Delivered to Indenture Trustee	  	 	70	  
	 Section 11.3
	  	Acts of Noteholders	  	 	70	  
	 Section 11.4
	  	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	  	 	71	  
	 Section 11.5
	  	Notices to Noteholders; Waiver	  	 	72	  
	 Section 11.6
	  	Alternate Payment and Notice Provisions	  	 	72	  
	 Section 11.7
	  	Conflict with Trust Indenture Act	  	 	73	  
	 Section 11.8
	  	Effect of Headings and Table of Contents	  	 	73	  
	 Section 11.9
	  	Successors and Assigns	  	 	73	  
	 Section 11.10
	  	Severability	  	 	73	  
	 Section 11.11
	  	Benefits of Indenture	  	 	73	  
	 Section 11.12
	  	Legal Holiday	  	 	73	  
	 Section 11.13
	  	GOVERNING LAW	  	 	73	  
	 Section 11.14
	  	Counterparts	  	 	73	  
	 Section 11.15
	  	Recording of Indenture	  	 	74	  
	 Section 11.16
	  	Trust Obligation	  	 	74	  
	 Section 11.17
	  	No Petition	  	 	74	  
	 Section 11.18
	  	Inspection	  	 	74	  
	 Section 11.19
	  	Third-Party Beneficiaries	  	 	75	  
	 Section 11.20
	  	Limitation on Recourse to CarMax Funding	  	 	75	  

  

			
	 APPENDICES
  

	 APPENDIX A
	  	Additional Representations and Warranties
	  
 EXHIBITS

 

	 EXHIBIT A-1
	  	Form of Class A-1 Note
	 EXHIBIT A-2a
	  	Form of Class A-2a Note
	 EXHIBIT A-2b
	  	Form of Class A-2b Note
	 EXHIBIT A-3
	  	Form of Class A-3 Note
	 EXHIBIT A-4
	  	Form of Class A-4 Note
	 EXHIBIT B
	  	Form of Class B Note
	 EXHIBIT C
	  	Form of Class C Note
	 EXHIBIT D
	  	Form of Class D Note
	 EXHIBIT E
	  	Form of Opinion of Counsel

  
 vi 

 INDENTURE, dated as of November 1, 2014 (as amended, supplemented or otherwise modified and
in effect from time to time, this “Indenture”), between CARMAX AUTO OWNER TRUST 2014-4, a Delaware statutory trust (the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in
its individual capacity but solely as indenture trustee (in such capacity, the “Indenture Trustee”). 
 Each party agrees
as follows for the benefit of the other party and for the equal and ratable benefit of the holders of the Issuer’s 0.21000% Class A-1 Asset-backed Notes (the “Class A-1 Notes”), 0.67% Class A-2a Asset-backed Notes
(the “Class A-2a Notes”), LIBOR + 0.27% Class A-2b Asset-backed Notes (the “Class A-2b Notes”), 1.25% Class A-3 Asset-backed Notes (the “Class A-3 Notes”), 1.81% Class A-4
Asset-backed Notes (the “Class A-4 Notes” and, collectively with the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes and the Class A-3 Notes, the “Class A Notes”), 2.20% Class B
Asset-backed Notes (the “Class B Notes”), 2.44% Class C Asset-backed Notes (the “Class C Notes”) and 3.04% Class D Asset-backed Notes (the “Class D Notes” and, collectively with the Class A
Notes, the Class B Notes and the Class C Notes, the “Notes”): 
 GRANTING CLAUSE 

The Issuer hereby Grants to the Indenture Trustee on the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes, all
of the Issuer’s right, title and interest in, to and under, whether now owned or existing or hereafter acquired or arising (i) the Receivables; (ii) all amounts received on or in respect of 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 Issuer in such Financed Vehicles; (iv) all proceeds from claims on or refunds of premiums with respect
to any 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 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 Issuer under the Sale and Servicing Agreement, including the right to require the Servicer to purchase Receivables from the Issuer;
(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 Issuer; 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
(collectively, the “Collateral”). 
 The foregoing Grant is made in trust to secure the payment of principal of and
interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. 

 The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes, acknowledges
such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Holders of the Notes
may be adequately and effectively protected. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions. 

(a) Except as otherwise specified herein or as the context may otherwise require, the following terms shall have the respective meanings set
forth below for all purposes of this Indenture. 
 “Accrual Period” shall mean (i) in the case of the Class A-1
Notes and the Class A-2b Notes, each period from and including a Distribution Date to but excluding the following Distribution Date (or, in the case of the initial Accrual Period, the period from and including the Closing Date to but excluding
the initial Distribution Date) and (ii) in the case of the Class A-2a Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes, each period from and including the 15th day of a
month to but excluding the 15th day of the following month (or, in the case of the initial Accrual Period, the period from and including the Closing Date to but excluding December 15, 2014). 

“Act” shall have the meaning specified in Section 11.3(a). 

“Administration Agreement” shall mean the Administration Agreement, dated as of November 1, 2014, among the
Administrator, the Issuer and the Indenture Trustee. 
 “Administrator” shall mean CarMax, or any successor Administrator
under the Administration Agreement. 
 “Authenticating Agent” shall have the meaning specified in Section 2.14(a).

 “Authorized Officer” shall mean, with respect to the Issuer, any officer of the Owner Trustee who is authorized to act
for or on behalf of the Owner Trustee in matters relating to the Issuer and who is identified on the list of Authorized Officers or authorized signatories delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may
be modified or supplemented from time to time thereafter) and, for so long as the Administration Agreement is in full force and effect, any officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuer
and to be acted upon by the Administrator pursuant to the Administration Agreement. 

  
 2 

 “Book-Entry Notes” shall mean a beneficial interest in the Notes, ownership and
transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.11. 
 “Business
Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions or trust companies in New York, New York, Chicago, Illinois. Wilmington, Delaware, Minneapolis, Minnesota or Richmond, Virginia are authorized or
obligated by law, executive order or governmental decree to remain closed. 
 “Calculation Agent” shall have the meaning
specified in Section 2.15 of this Indenture. 
 “CarMax” shall mean CarMax Business Services, LLC, a Delaware
limited liability company. 
 “Certificate of Trust” shall have the meaning specified in the Trust Agreement. 

“Class” shall mean a class of Notes, which may be the Class A-1 Notes, the Class A-2a Notes, the Class A-2b
Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes or the Class D Notes. 
 “Class A
Noteholders” shall mean, collectively, the Class A-1 Noteholders, the Class A-2a Noteholders, the Class A-2b Noteholders, the Class A-3 Noteholders and the Class A-4 Noteholders. 

“Class A-1 Final Distribution Date” shall mean the November 16, 2015 Distribution Date. 

“Class A-1 Noteholder” shall mean the Person in whose name a Class A-1 Note is registered on the Note Register. 

“Class A-1 Notes” shall mean the 0.21000% Class A-1 Asset-backed Notes issued by the Issuer pursuant to this Indenture
in the initial aggregate principal amount of $181,000,000. 
 “Class A-1 Rate” shall mean 0.21000% per annum. 

“Class A-2a Final Distribution Date” shall mean the February 15, 2018 Distribution Date. 

“Class A-2a Noteholder” shall mean the Person in whose name a Class A-2a Note is registered on the Note Register. 

“Class A-2a Notes” shall mean the 0.67% Class A-2a Asset-backed Notes issued by the Issuer pursuant to this Indenture in
the initial aggregate principal amount of $271,000,000. 
 “Class A-2a Rate” shall mean 0.67% per annum. 

  
 3 

 “Class A-2b Final Distribution Date” shall mean the February 15, 2018
Distribution Date. 
 “Class A-2b Noteholder” shall mean the Person in whose name a Class A-2b Note is registered on
the Note Register. 
 “Class A-2b Notes” shall mean the LIBOR + 0.27% Class A-2b Asset-backed Notes issued by the
Issuer pursuant to this Indenture in the initial aggregate principal amount of $115,000,000. 
 “Class A-2b Rate” shall
mean LIBOR + 0.27% per annum. 
 “Class A-3 Final Distribution Date” shall mean the November 15, 2019
Distribution Date. 
 “Class A-3 Noteholder” shall mean the Person in whose name a Class A-3 Note is registered on the
Note Register. 
 “Class A-3 Notes” shall mean the 1.25% Class A-3 Asset-backed Notes issued by the Issuer pursuant to
this Indenture in the initial aggregate principal amount of $406,000,000. 
 “Class A-3 Rate” shall mean 1.25% per
annum. 
 “Class A-4 Final Distribution Date” shall mean the July 15, 2020 Distribution Date. 

“Class A-4 Noteholder” shall mean the Person in whose name a Class A-4 Note is registered on the Note Register. 

“Class A-4 Notes” shall mean the 1.81% Class A-4 Asset-backed Notes issued by the Issuer pursuant to this Indenture in
the initial aggregate principal amount of $116,900,000. 
 “Class A-4 Rate” shall mean 1.81% per annum. 

“Class B Final Distribution Date” shall mean the September 15, 2020 Distribution Date. 

“Class B Noteholder” shall mean the Person in whose name a Class B Note is registered on the Note Register. 

“Class B Notes” shall mean the 2.20% Class B Asset-backed Notes issued by the Issuer pursuant to this Indenture in the
initial aggregate principal amount of $29,100,000. 
 “Class B Rate” shall mean 2.20% per annum. 

“Class C Final Distribution Date” shall mean the November 16, 2020 Distribution Date. 

  
 4 

 “Class C Noteholder” shall mean the Person in whose name a Class C Note is
registered on the Note Register. 
 “Class C Notes” shall mean the 2.44% Class C Asset-backed Notes issued by the Issuer
pursuant to this Indenture in the initial aggregate principal amount of $27,400,000. 
 “Class C Rate” shall mean
2.44% per annum. 
 “Class D Final Distribution Date” shall mean the May 17, 2021 Distribution Date. 

“Class D Noteholder” shall mean the Person in whose name a Class D Note is registered on the Note Register. 

“Class D Notes” shall mean the 3.04% Class D Asset-backed Notes issued by the Issuer pursuant to this Indenture in the
initial aggregate principal amount of $18,600,000. 
 “Class D Rate” shall mean 3.04% per annum. 

“Class Final Distribution Date” shall mean all or any of the Class A-1 Final Distribution Date, the Class A-2a
Final Distribution Date, the Class A-2b Final Distribution Date, the Class A-3 Final Distribution Date, the Class A-4 Final Distribution Date, the Class B Final Distribution Date, the Class C Final Distribution Date and the Class D
Final Distribution Date, as the context requires. 
 “Clearing Agency” shall mean an organization registered as a
“clearing agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Agency Participant” shall mean a
broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 

“Closing Date” shall mean November 13, 2014. 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated
thereunder. 
 “Collateral” shall have the meaning specified in the Granting Clause of this Indenture. 

“Collection Period” shall mean each calendar month during the term of this Agreement or, in the case of the initial
Collection Period, the period from but excluding the Cutoff Date to and including November 30, 2014. 
 “Commission”
shall mean the Securities and Exchange Commission. 
 “Controlling Class” shall mean (i) the Class A Notes so
long as any Class A Notes are outstanding, (ii) thereafter the Class B Notes so long as any Class B Notes are outstanding, (iii) thereafter the Class C Notes so long as any Class C Notes are outstanding and (iv) thereafter the
Class D Notes. 

  
 5 

 “Corporate Trust Office” shall mean the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be administered, which office at date of execution of this Indenture is located at Sixth and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota 55479, Attention: Asset
Backed Securities Department, or at such other address as the Indenture Trustee may designate from time to time by written notice to the Noteholders and the Issuer, or the principal corporate trust office of any successor Indenture Trustee at the
address designated by such successor Indenture Trustee by written notice to the Noteholders and the Issuer. 
 “Default”
shall mean any event that, with notice or the lapse of time or both, would become an Event of Default. 
 “Definitive
Notes” shall have the meaning specified in Section 2.11. 
 “Depositor” shall mean CarMax Auto Funding LLC, a
Delaware limited liability company. 
 “Designated LIBOR Page” means the display on Reuters Screen LIBOR01 Page or any
successor service or any page as may replace the designated page on that service or any successor service that displays the London interbank rates of major banks for United States dollars. 

“Distribution Date” shall mean the 15th day of each month or, if such 15th day is not a Business Day, the following Business
Day, commencing on December 15, 2014. 
 “Event of Default” shall have the meaning specified in Section 5.1. 

“Excess Collections” shall have the meaning specified in Section 2.8(a)(xv). 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Executive Officer” shall mean, with respect to any corporation or limited liability company, as applicable, the Chief
Executive Officer, the Chief Operating Officer, the Chief Financial Officer, the President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary or the Treasurer of such corporation, depository institution or
limited liability company, and, with respect to any partnership, any general partner of such partnership. 
 “FATCA” shall
mean Sections 1471 through 1474 of the Code, commonly referred to as the Foreign Account Tax Compliance Act. 
 “FATCA Withholding
Tax” shall mean any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements thereunder or
official interpretations thereof. 

  
 6 

 “Fitch” shall mean Fitch Ratings, Inc. 

“Grant” shall mean to mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create,
and to grant a lien upon and a security interest in and right of set-off against, and to deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and
options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other
monies payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and
receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 

“Holder” or “Noteholder” shall mean the Person in whose name a Note is registered in the Note Register. 

“Indenture Trustee” shall mean Wells Fargo Bank, National Association, a national banking association, not in its individual
capacity but solely as Indenture Trustee under this Indenture, and any successor Indenture Trustee under this Indenture. 

“Independent” shall mean, when used with respect to any specified Person, that such Person (i) is in fact independent of
the Issuer, any other obligor on the Notes, the Depositor, the Seller, the Servicer and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuer,
any such other obligor, the Depositor, the Seller, the Servicer or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuer, any such other obligor, the Depositor, the Seller, the Servicer or any Affiliate of any
of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions. 

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

“Insolvency Event” shall mean, with respect to any Person, (i) the making by such Person of a general assignment for the
benefit of creditors, (ii) the filing by such Person of a voluntary petition in bankruptcy, (iii) such Person being adjudged bankrupt or insolvent, or having had entered against such Person an order for relief in any bankruptcy or
insolvency proceeding, (iv) the filing by such Person of a petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, (v) the filing
by such Person of an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such Person in any proceeding specified in clause (vii) below, (vi) seeking, consenting to or acquiescing in
the appointment of a trustee, receiver or liquidator of such Person or of all or any substantial part of 

  
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the assets of such Person or (vii) the failure to obtain dismissal within sixty (60) days of the commencement of any proceeding against such Person seeking reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, or the entry of any order appointing a trustee, liquidator or receiver of such Person of all or any substantial portion of the assets of such
Person. 
 “Issuer” shall mean CarMax Auto Owner Trust 2014-4 or any successor to CarMax Auto Owner Trust 2014-4 and, for
purposes of any provision contained herein and required by the TIA, each other obligor on the Notes. 
 “Issuer Order”
shall mean a written order signed in the name of the Issuer by an Authorized Officer of the Issuer and delivered to the Indenture Trustee by the Administrator, if signed by an officer of the Administrator, or at the written direction of the
Depositor, if signed by an officer of the Owner Trustee. 
 “Issuer Request” shall mean a written request signed in the
name of the Issuer by an Authorized Officer of the Issuer and delivered to the Indenture Trustee by the Administrator, if signed by an officer of the Administrator, or at the written direction of the Depositor, if signed by an officer of the Owner
Trustee. 
 “LIBOR” shall mean, for any Distribution Date and related Accrual Period, the rate per annum for deposits in
United States dollars having a one-month maturity that appears on the Designated LIBOR Page (or any successor service or any page as may replace the designated page on that service or any successor service that displays the London interbank rates of
major banks for United States dollars) at approximately 11:00 a.m., London time, on the applicable LIBOR Determination Date; provided, however, that for the first Accrual Period, LIBOR shall mean 0.15840%, which is an interpolated rate for deposits
based on London interbank offered rates for deposits in United States dollars for a period that corresponds to the actual number of days in the first Accrual Period; and, provided further, that, in the event that such rate does not appear on the
Designated LIBOR Page on the applicable LIBOR Determination Date, then LIBOR shall be the arithmetic mean (rounded upwards to the nearest one-sixteenth of 1%) of the rates at which one-month United States dollar deposits are offered to prime banks
in the London interbank market by four major banks in that market selected by the Calculation Agent as of the LIBOR Determination Date and time specified above and in an amount that is representative of a single transaction in such market at such
time. If at least two such quotations are provided by such banks, LIBOR will be the arithmetic mean of such quotations. If fewer than two quotations are provided by such banks, then LIBOR shall be the arithmetic mean (rounded upwards to the nearest
one-sixteenth of 1%) of the rates at which one-month loans in United States dollars are offered to leading European banks by three major banks in The City of New York selected by the Calculation Agent as of 11:00 a.m., New York City time, on the
applicable LIBOR Determination Date and in an amount that is representative of a single transaction in such market at such time. If no such quotation can be obtained, LIBOR for such Distribution Date and related Accrual Period will be LIBOR for the
prior Distribution Date and related Accrual Period. The determination of LIBOR for each Distribution Date and related Accrual Period by the Calculation Agent will be final and binding in the absence of manifest error. 

  
 8 

 “LIBOR Determination Date” shall mean, for any Distribution Date and related
Accrual Period, two London Business Days prior to the Distribution Date preceding such Distribution Date (or, in the case of the first Distribution Date, two London Business Days prior to the Closing Date). 

“London Business Day” shall mean, for the purpose of determining LIBOR, a day on which banking institutions in the City of
London, England are open for general business (including dealings in foreign exchange and foreign currency deposits). 
 “Maryland
Code” shall mean Maryland Code Annotated, Financial Institutions §11-401 et seq. 
 “Note Balance” shall
mean, at any time, the aggregate principal amount of all Notes Outstanding at such time or the aggregate principal amount of all Notes of the Controlling Class Outstanding at such time, as the context requires. 

“Note Depository Agreement” shall mean the Letter of Representations dated as of the Closing Date, among the Issuer and The
Depository Trust Company, as the initial Clearing Agency, relating to the Notes. 
 “Note Owner” shall mean, with respect
to any Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note as reflected on the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency
Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency). 
 “Note
Rate” shall mean, in the case of the Class A-1 Notes, the Class A-1 Rate; in the case of the Class A-2a Notes, the Class A-2a Rate; in the case of the Class A-2b Notes, the Class A-2b Rate; in the case of the
Class A-3 Notes, the Class A-3 Rate; in the case of the Class A-4 Notes, the Class A-4 Rate; in the case of the Class B Notes, the Class B Rate; in the case of the Class C Notes, the Class C Rate; and in the case of the Class D
Notes, the Class D Rate. 
 “Note Register” shall have the meaning specified in Section 2.5. 

“Note Registrar” shall have the meaning specified in Section 2.5. 

“Noteholder FATCA Information” means, with respect to any Noteholder or Note Owner, information sufficient to eliminate the
imposition of, or determine the amount of, U.S. withholding tax under FATCA. 
 “Noteholder Tax Identification Information”
means, with respect to any Noteholder or Note Owner, properly completed and signed tax certifications (generally, in the case of U.S. Federal Income Tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a “United
States Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a “United States Person” within the meaning of
Section 7701(a)(30) of the Code). 

  
 9 

 “Noteholders” shall mean the Class A-1 Noteholders, the Class A-2a
Noteholders, the Class A-2b Noteholders, the Class A-3 Noteholders, the Class A-4 Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders. 

“Notes” shall mean the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes,
the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes. 
 “Officer’s Certificate” shall
mean a certificate signed by an Authorized Officer of the Issuer and delivered to the Indenture Trustee, which certificate shall comply with the applicable requirements of Section 11.1. 

“Opinion of Counsel” shall mean one or more written opinions of counsel who may, except as otherwise expressly provided in
this Indenture, be an employee of, or outside counsel to, the Issuer, the Depositor, the Seller or the Servicer and who shall be acceptable to the Indenture Trustee, which opinion or opinions shall be addressed to the Indenture Trustee as Indenture
Trustee, shall comply with any applicable requirements of Section 11.1 and shall be in form and substance satisfactory to the Indenture Trustee. 

“Outstanding” shall mean, as of the date of determination, all Notes theretofore authenticated and delivered under this
Indenture except: 
  

	 	(i)	Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation; 

  

	 	(ii)	Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes; provided,
however, that if such Notes are to be redeemed, notice of such redemption must have been duly given pursuant to this Indenture or provision for such notice must have been made in a manner satisfactory to the Indenture Trustee; and

  

	 	(iii)	 Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to
the Indenture Trustee is presented that any such Notes are held by a “protected purchaser” (as defined in the Relevant UCC); provided, however, that in determining whether the Holders of the requisite principal amount of the
Notes Outstanding have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Transaction Document, Notes owned by the Issuer, any other obligor upon the Notes, the Depositor, the Seller, the Servicer
or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying on any such request, demand, authorization, direction,
notice, consent or 

  
 10 

	 	
waiver, only Notes that a Responsible Officer knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Depositor, the Seller, the Servicer or any Affiliate
of any of the foregoing Persons. 

 “Owner Trustee” shall mean U.S. Bank Trust National Association, a
national banking association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement, and any successor Owner Trustee under the Trust Agreement. 

“Paying Agent” shall mean the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture
Trustee specified in Section 6.11 and is authorized by the Issuer to make payments to and distributions from the Collection Account and the Note Payment Account, including payment of principal of and interest on the Notes, on behalf of the
Issuer. 
 “Pennsylvania Motor Vehicle Sales Finance Company Act” shall mean 69 P.S. §601 et seq. 

“Predecessor Note” shall mean, with respect to any particular Note, every previous Note evidencing all or a portion of the
same debt as that evidenced by such particular Note. Any Note authenticated and delivered under Section 2.6 in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed, for purposes of this definition, to evidence the same debt as
the mutilated, lost, destroyed or stolen Note. 
 “Proceeding” shall mean any suit in equity, action at law or other
judicial or administrative proceeding. 
 “Rating Agency” shall mean Fitch or Standard & Poor’s;
provided, however, that if Fitch or Standard & Poor’s cease to exist, Rating Agency shall mean any nationally recognized statistical rating organization or other comparable Person designated by the Issuer, written notice
of which designation shall have been given to the Depositor, the Servicer, the Indenture Trustee and the Owner Trustee. 
 “Rating
Agency Condition” shall mean, with respect to any action, a condition that is satisfied if the person requesting such action (i) delivers a letter from each Rating Agency to the Depositor, the Seller, the Servicer, the Indenture
Trustee and the Owner Trustee to the effect that such action will not result in a reduction or withdrawal of the then-current rating assigned by such Rating Agency to any Class of Notes or (ii) provides ten (10) Business Days’ prior
written notice of such action to each Rating Agency and such Rating Agency has not notified the Depositor, the Seller, the Servicer, the Indenture Trustee and the Owner Trustee in writing that such action will result in a reduction or withdrawal of
the then-current rating assigned by such Rating Agency to any Class of Notes. 

  
 11 

 “Record Date” shall mean, with respect to any Distribution Date or Redemption
Date, the close of business on the Business Day preceding such Distribution Date or Redemption Date; provided, however, that if Definitive Notes have been issued pursuant to Section 2.13, Record Date shall mean, with respect to
any Distribution Date or Redemption Date, the last day of the preceding Collection Period. 
 “Redemption Date” shall mean
the Distribution Date specified by the Servicer pursuant to Section 10.1 on which date the Indenture Trustee shall withdraw any amounts remaining in the Reserve Account and deposit the portion of such amounts payable to the Noteholders in the
Note Payment Account. 
 “Redemption Price” shall mean, in the case of a redemption of Notes pursuant to Section 10.1,
an amount equal to the unpaid principal amount of the Notes redeemed plus accrued and unpaid interest thereon. 
 “Responsible
Officer” shall mean any managing director, principal, vice president, assistant vice president, assistant secretary, assistant treasurer or trust officer of the Indenture Trustee or any other officer of the Indenture Trustee customarily
performing functions similar to those performed by any of the above designated officers and, with respect to a particular corporate trust matter, any other officer of the Indenture Trustee to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject. 
 “Sale and Servicing Agreement” shall mean the
Sale and Servicing Agreement, dated as of November 1, 2014, among the Issuer, the Depositor and the Servicer. 

“Seller” shall mean CarMax, in its capacity as seller of the Receivables under the Receivables Purchase Agreement. 

“Servicer” shall mean CarMax, in its capacity as servicer of the Receivables under the Sale and Servicing Agreement, and its
successors in such capacity (including the Indenture Trustee if the Indenture Trustee is appointed successor Servicer pursuant to Section 8.2(a)). 

“Standard & Poor’s” shall mean Standard & Poor’s Ratings Services, a Standard &
Poor’s Financial Services LLC business. 
 “State” shall mean any of the 50 states of the United States or the
District of Columbia. 
 “Successor Servicer” shall have the meaning specified in Section 3.7(e). 

“Transaction Documents” shall mean the Receivables Purchase Agreement, the Trust Agreement, the Sale and Servicing Agreement,
the Certificate of Trust, this Indenture, the Administration Agreement, the Note Depository Agreement and the other documents and certificates delivered in connection therewith. 

“Trust Accounts” shall mean the Collection Account, the Note Payment Account, the Certificate Payment Account and the Reserve
Account. 

  
 12 

 “Trust Agreement” shall mean the Amended and Restated Trust Agreement, dated as
of November 1, 2014, between the Depositor and the Owner Trustee. 
 “Trust Estate” shall mean all money, instruments,
rights and other property that are subject or intended to be subject to the lien and security interest of this Indenture for the benefit of the Noteholders (including all property and interests Granted to the Indenture Trustee), including all
proceeds thereof. 
 “Trust Fiscal Year” shall mean the period commencing on March 1 of any year and ending on
February 28 (or February 29, if applicable) of the following year. 
 “Trust Indenture Act” or
“TIA” shall mean the Trust Indenture Act of 1939, as amended. 
 (b) Except as otherwise specified herein or as the context
may otherwise require, capitalized terms used but not otherwise defined herein have the respective meanings set forth in, or incorporated by reference into, the Sale and Servicing Agreement or the Trust Agreement for all purposes of this Indenture.

 Section 1.2 Incorporation by Reference of Trust Indenture Act. 

(a) Whenever this Indenture refers to a provision of the TIA, that provision is incorporated by reference in and made a part of this
Indenture. The following TIA terms used in this Indenture have the following meanings: 
  

	 	(i)	“Indenture securities” shall mean the Notes. 

  

	 	(ii)	“Indenture security holder” shall mean a Noteholder. 

  

	 	(iii)	“Indenture to be qualified” shall mean this Indenture. 

  

	 	(iv)	“Indenture trustee” or “Institutional trustee” shall mean the Indenture Trustee. 

  

	 	(v)	“Obligor on the indenture securities” shall mean the Issuer and any other obligor on the Notes. 

  

	 	(vi)	All other TIA terms used in this Indenture that are defined in the TIA, defined by TIA reference to another statute or defined by Commission rule have the respective meanings assigned to them by such definitions.

 Section 1.3 Rules of Construction. 

(a) Unless the context otherwise requires: 
  

	 	(i)	a term has the meaning assigned to it; 

  
 13 

	 	(ii)	an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect from time to time; 

 

	 	(iii)	“or” is not exclusive; 

  

	 	(iv)	“including” means including without limitation; 

  

	 	(v)	words in the singular include the plural and words in the plural include the singular; 

  

	 	(vi)	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; 

  

	 	(vii)	references to a Person are also to its successors and permitted assigns; and 

  

	 	(viii)	Article, Section and Exhibit references contained in this Indenture are references to Articles, Sections and Exhibits in or to this Indenture unless otherwise specified. 

ARTICLE II 
 THE NOTES 

Section 2.1 Form. 

(a) The Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes, the
Class B Notes, the Class C Notes and the Class D Notes, together with the Indenture Trustee’s certificates of authentication, shall be substantially in the form set forth in Exhibit A-1, Exhibit A-2a, Exhibit A-2b, Exhibit A-3, Exhibit A-4,
Exhibit B, Exhibit C and Exhibit D, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution thereof. Any portion of the text of any Note may be set forth on the reverse thereof, with
an appropriate reference thereto on the face of the Note. 
 (b) The Definitive Notes shall be typewritten, printed, lithographed or
engraved, or produced by any combination of these methods (with or without steel engraved borders), all as determined by the Authorized Officers executing such Notes, as evidenced by their execution of such Notes. 

  
 14 

 (c) Each Note shall be dated the date of its authentication. The terms of the Notes set forth in
Exhibit A-1, Exhibit A-2a, Exhibit A-2b, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit C and Exhibit D are part of the terms of this Indenture and are incorporated herein by reference. 

Section 2.2 Execution, Authentication and Delivery. 

(a) The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signatures of any such Authorized Officer on
the Notes may be manual or facsimile. 
 (b) Notes bearing the manual or facsimile signature of individuals who were at any time Authorized
Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices on the date of such Notes. 

(c) The Indenture Trustee shall, upon Issuer Order, authenticate and deliver the Class A-1 Notes for original issue in an aggregate
principal amount of $181,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $271,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $115,000,000, the Class A-3 Notes
for original issue in an aggregate principal amount of $406,000,000, the Class A-4 Notes for original issue in an aggregate principal amount of $116,900,000, the Class B Notes for original issue in an aggregate principal amount of $29,100,000,
the Class C Notes for original issue in an aggregate principal amount of $27,400,000 and the Class D Notes for original issue in an aggregate principal amount of $18,600,000. The aggregate principal amounts of Class A-1 Notes, Class A-2a
Notes, Class A-2b Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes outstanding at any time may not exceed those respective amounts except as provided in Section 2.6. 

(d) Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in minimum denominations of
$5,000 and in integral multiples of $1,000 in excess thereof. 
 (e) No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and
such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.3 Temporary Notes. 

(a) Pending the preparation of Definitive Notes pursuant to Section 2.13, the Issuer may execute, and upon receipt of an Issuer Order the
Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not
inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

  
 15 

 (b) If temporary Notes are issued pursuant to Section 2.3(a), the Issuer shall cause
Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Note Registrar
to be maintained as provided in Section 3.2, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange
therefor, a like principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

Section 2.4 Tax Treatment. 

(a) The Issuer has entered into this Indenture, and the Notes shall be issued, with the intention that, for federal, State and local income
and franchise tax purposes, the Notes shall qualify as indebtedness of the Issuer secured by the Trust Estate. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an
interest in the applicable Book-Entry Note), agree to treat the Notes as indebtedness of the Issuer for federal, State and local income and franchise tax purposes. 

(b) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. 

(c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that
the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of
Section 2.4(b). 
 Section 2.5 Registration; Registration of Transfer and Exchange. 

(a) The Indenture Trustee initially shall be the registrar (the “Note Registrar”) for the purpose of registering Notes and
transfers of Notes as herein provided. The Note Registrar shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Note Registrar shall provide for the
registration of Notes and the registration of transfers of Notes. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar. 

(b) If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, (i) the Issuer shall give the Indenture
Trustee prompt written notice of the appointment of such Note Registrar and of the location, or any change in the location, of the Note Register, (ii) the Indenture Trustee shall have the right to inspect the Note Register at all reasonable
times and to obtain copies thereof and (iii) the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Holders of the
Notes and the principal amounts and number of such Notes. 

  
 16 

 (c) Upon surrender for registration of transfer of any Note at the office or agency of the Issuer
to be maintained as provided in Section 3.2, if the requirements of Section 8-401 or 8A-401, as applicable, of the Relevant UCC are met, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver to the Noteholder
making such surrender, in the name of the designated transferee or transferees, one or more new Notes of the same Class in any authorized denomination, of a like aggregate principal amount. The Indenture Trustee may rely upon the Administrator with
respect to the determination of whether the requirements of Section 8-401 or 8A-401, as applicable, of the Relevant UCC are met. 
 (d)
At the option of the Noteholder, Notes may be exchanged for other Notes of the same Class in any authorized denominations, of a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes
are so surrendered for exchange, if the requirements of Section 8-401 or 8A-401, as applicable, of the Relevant UCC are met, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver to the Noteholder making such
exchange, the Notes which such Noteholder is entitled to receive. The Indenture Trustee may rely upon the Administrator with respect to the determination of whether the requirements of Section 8-401 or 8A-401, as applicable, of the Relevant UCC
are met. 
 (e) All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

(f) All Notes presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar. 
 (g) No service charge shall be made to a Holder for any registration of transfer or
exchange of Notes, but the Indenture Trustee may require payment by such Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Section 2.3 or Section 9.6 not involving any transfer. 
 (h) The Issuer shall not be required to make, and
the Note Registrar need not register, transfers or exchanges of Notes selected for redemption or Notes with respect to which the due date for any payment will occur within fifteen (15) days. 

(i) Each Person who initially acquires a Note (or an interest therein) or to whom a Note (or an interest therein) is transferred will be
deemed to have represented and warranted, by its acceptance of the Note (or an interest therein), that either (a) it is not acquiring the Note (or an interest therein) with the plan assets of any (i) “employee benefit plan” (as

  
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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; or (b) the acquisition and
holding of the Note (or an interest therein) will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable
law. 
 (j) Any purported transfer of a Note not in accordance with this Section 2.5 shall be null and void and shall not be given
effect for any purpose whatsoever. 
 Section 2.6 Mutilated, Destroyed, Lost or Stolen Notes. 

(a) If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of
the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the
Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a “protected purchaser” (as defined in the Relevant UCC), and provided that the requirements of Section 8-405 or 8A-405, as applicable, of the
Relevant UCC are met, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) days of the Indenture Trustee’s receipt of evidence to its satisfaction of such destruction, loss or theft
shall be due and payable, or shall have been called for redemption in whole pursuant to Section 10.1, instead of issuing a replacement Note of the same Class, the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon
the Redemption Date without surrender thereof. The Indenture Trustee may conclusively rely upon the Administrator with respect to the determination of whether the requirements of Section 8-405 or 8A-405, as applicable, of the Relevant UCC are
met. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a “protected purchaser” (as defined in the Relevant UCC) of the original Note in lieu of
which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom such replacement Note was delivered or
any Person taking such replacement Note from such Person to whom such replacement Note 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 Issuer or the Indenture Trustee in connection therewith. 

(b) Upon the issuance of any replacement Note under this Section 2.6, the Issuer may require the payment by the Holder of such Note 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 Indenture Trustee) related thereto. 

  
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 (c) Every replacement Note issued pursuant to this Section 2.6 in replacement of any
mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to
all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 (d) The provisions of
this Section 2.6 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 Notes. 

Section 2.7 Persons Deemed Owners. Prior to due presentation of a Note for registration of transfer, the Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee may, subject to Section 2.6, treat the Person in whose name such Note is registered in the Note Register (as of the day of determination) as the owner of such Note for the purpose of
receiving payments of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note shall be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be
affected by any notice to the contrary. 
 Section 2.8 Payments. 

(a) Prior to any acceleration of the Notes pursuant to Section 5.2, on each Distribution Date, upon receipt of written instructions from
the Servicer pursuant to Section 4.6(d) of the Sale and Servicing Agreement, the Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall apply the Available Funds for such Distribution Date to make the
following payments and deposits in the following order of priority: 
  

	 	(i)	to the Servicer, the Total Servicing Fee for the preceding Collection Period and any Unreimbursed Servicer Advances for the preceding Collection Period; 

 

	 	(ii)	if the Indenture Trustee has become the Servicer pursuant to Section 8.2 of the Sale and Servicing Agreement, to the Indenture Trustee, (a) any amounts due in connection with indemnification of the Indenture
Trustee as Successor Servicer and not paid pursuant to Section 7.2 of the Sale and Servicing Agreement and (b) any unpaid Transition Costs due to the Indenture Trustee as Successor Servicer in connection with such transfer of servicing and
not paid pursuant to Section 8.2(b) of the Sale and Servicing Agreement; provided, however, that total payments pursuant to clauses (a) and (b) of this clause (ii) shall not exceed $175,000 in the aggregate;

  

	 	(iii)	to the Note Payment Account, for payment of interest on each Class of the Class A Notes, the Total Note Interest for each Class of the Class A Notes for such Distribution Date; 

  
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	 	(iv)	to the Note Payment Account, for payment of principal of the Notes in the priority set forth in Section 2.8(d), the Priority Principal Distributable Amount, if any, for such Distribution Date; 

 

	 	(v)	to the Note Payment Account, for payment of interest on the Class B Notes, the Total Note Interest for the Class B Notes for such Distribution Date; 

 

	 	(vi)	to the Note Payment Account, for payment of principal of the Notes in the priority set forth in Section 2.8(d), the Secondary Principal Distributable Amount, if any, for such Distribution Date; 

 

	 	(vii)	to the Note Payment Account, for payment of interest on the Class C Notes, the Total Note Interest for the Class C Notes for such Distribution Date; 

 

	 	(viii)	to the Note Payment Account, for payment of principal of the Notes in the priority set forth in Section 2.8(d), the Tertiary Principal Distributable Amount, if any, for such Distribution Date; 

 

	 	(ix)	to the Note Payment Account, for payment of interest on the Class D Notes, the Total Note Interest for the Class D Notes for such Distribution Date; 

 

	 	(x)	to the Note Payment Account, for payment of principal of the Notes in the priority set forth in Section 2.8(d), the Quaternary Principal Distributable Amount, if any, for such Distribution Date; 

 

	 	(xi)	to the Reserve Account, the Reserve Account Deficiency, if any, for such Distribution Date; 

  

	 	(xii)	to the Note Payment Account, for payment of principal of the Notes in the priority set forth in Section 2.8(d), the Regular Principal Distributable Amount, if any, for such Distribution Date; 

 

	 	(xiii)	if the Indenture Trustee or any other Successor Servicer has become the Servicer pursuant to Section 8.2 of the Sale and Servicing Agreement, to the Indenture Trustee or such other Successor Servicer, as
applicable, any Transition Costs due to the Indenture Trustee in connection with such transfer of servicing and not paid pursuant to Section 8.2(b) of the Sale and Servicing Agreement that are in excess of the cap described in clause
(ii) above plus any Transition Costs due to such other Successor Servicer in connection with such transfer of servicing and not paid pursuant to Section 8.2(b) of the Sale and Servicing Agreement plus the Additional Servicing
Fee, if any, for the preceding Collection Period; 

  
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	 	(xiv)	to the Indenture Trustee, any amounts due in connection with indemnification of the Indenture Trustee if it has become the Successor Servicer and not paid pursuant to Section 7.2 of the Sale and Servicing Agreement
that are in excess of the cap described in clause (ii) above; and 

  

	 	(xv)	unless the Notes have been declared immediately due and payable following an Event of Default, to the Certificate Payment Account, for payment to the Certificateholders, or, if the Notes have been declared immediately
due and payable following an Event of Default, to the Note Payment Account, for payment to the Noteholders, any remaining Available Funds (the “Excess Collections”). 

(b) Notwithstanding any other provision of this Section 2.8 and except as provided in Section 5.5, following the occurrence and
during the continuation of an Event of Default which has resulted in an acceleration of the Notes, the Indenture Trustee shall apply all Available Funds pursuant to Section 5.4(b). 

(c) If the amount on deposit in the Note Payment Account (including any portion of the Reserve Account Draw Amount) on any Distribution Date
is less than the amount described in clause (iii) above for such Distribution Date, the Indenture Trustee shall pay the available amount to the Holders of each Class of Class A Notes pro rata based on the Total Note Interest payable to
such Class on such Distribution Date. 
 (d) The principal of each Note shall be payable in installments on each Distribution Date in an
aggregate amount (unless the Notes have been declared immediately due and payable following an Event of Default) for all Classes of Notes equal to the sum of the Priority Principal Distributable Amount, the Secondary Principal Distributable Amount,
the Tertiary Principal Distributable Amount, the Quaternary Principal Distributable Amount and the Regular Principal Distributable Amount, in each case for such Distribution Date. On each Distribution Date (unless the Notes have been declared
immediately due and payable following an Event of Default), upon receipt of instructions from the Servicer pursuant to Section 4.6(d) of the Sale and Servicing Agreement, the Indenture Trustee (or, if the Indenture Trustee is not the Paying
Agent, the Paying Agent) shall apply or cause to be applied the amount on deposit in the Note Payment Account on such Distribution Date in respect of the Priority Principal Distributable Amount, the Secondary Principal Distributable Amount, the
Tertiary Principal Distributable Amount, the Quaternary Principal Distributable Amount and the Regular Principal Distributable Amount, in each case for such Distribution Date, to make the following payments in the following order of priority: 

 

	 	(i)	to the Class A-1 Noteholders until the principal amount of the Class A-1 Notes has been paid in full; 

  

	 	(ii)	to the Class A-2a Noteholders and the Class A-2b Noteholders, ratably, until the principal amount of the Class A-2a Notes and the Class A-2b Notes has been paid in full; 

  
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	 	(iii)	to the Class A-3 Noteholders until the principal amount of the Class A-3 Notes has been paid in full; 

  

	 	(iv)	to the Class A-4 Noteholders until the principal amount of the Class A-4 Notes has been paid in full; 

  

	 	(v)	to the Class B Noteholders until the principal amount of the Class B Notes has been paid in full; 

  

	 	(vi)	to the Class C Noteholders until the principal amount of the Class C Notes has been paid in full; and 

  

	 	(vii)	to the Class D Noteholders until the principal amount of the Class D Notes has been paid in full. 

(e) The unpaid principal amount of the Class A-1 Notes, to the extent not previously paid, shall be due and payable on the Class A-1
Final Distribution Date, the principal amount of the Class A-2a Notes, to the extent not previously paid, shall be due and payable on the Class A-2a Final Distribution Date, the principal amount of the Class A-2b Notes, to the extent
not previously paid, shall be due and payable on the Class A-2b Final Distribution Date, the principal amount of the Class A-3 Notes, to the extent not previously paid, shall be due and payable on the Class A-3 Final Distribution
Date, the principal amount of the Class A-4 Notes, to the extent not previously paid, shall be due and payable on the Class A-4 Final Distribution Date, the principal amount of the Class B Notes, to the extent not previously paid, shall be
due and payable on the Class B Final Distribution Date, the principal amount of the Class C Notes, to the extent not previously paid, shall be due and payable on the Class C Final Distribution Date and the principal amount of the Class D Notes, to
the extent not previously paid, shall be due and payable on the Class D Final Distribution Date. 
 (f) The Class A-1 Notes, the
Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes shall accrue interest during each Accrual Period at the Class A-1 Rate, the
Class A-2a Rate, the Class A-2b Rate, the Class A-3 Rate, the Class A-4 Rate, the Class B Rate, the Class C Rate and the Class D Rate, respectively, and such interest shall be due and payable on each Distribution Date. Interest
on the Class A-1 Notes and the Class A-2b Notes shall be calculated on the basis of the actual number of days elapsed and a 360-day year. Interest on the Class A-2a Notes, the Class A-3 Notes, the Class A-4 Notes, the Class
B Notes, the Class C Notes and the Class D Notes shall be calculated on the basis of a 360-day year of twelve 30-day months. Subject to Section 3.1, any installment of interest or principal, if any, payable on any Note that is punctually paid
or duly provided for on the applicable Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the related Record Date by check mailed first-class postage prepaid to such
Person’s address as it appears on the Note Register on such Record Date or by wire transfer in immediately available funds to the account designated in writing to the Indenture Trustee by such Person at least five Business Days prior to the
related Record Date; provided, however, that, unless Definitive Notes have been issued pursuant to Section 2.13, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially,
such nominee to be Cede & Co.), 

  
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payment shall be made by wire transfer in immediately available funds to the account designated by such Person, and except for the final installment of principal payable with respect to such Note
on a Distribution Date or on the related Class Final Distribution Date (and except for the Redemption Price for any Note called for redemption in whole pursuant to Section 10.1(a) or Section 10.2(b)), which shall be payable as provided
below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. The Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall pay all Total Note Interest
for any Distribution Date to the Holders of the Notes on the related Record Date even if a portion of such Total Note Interest relates to an earlier Distribution Date. 

(g) All principal and interest payments on each Class of Notes shall be made pro rata to the Holders of such Class. The
Indenture Trustee shall, before the Distribution Date on which the Issuer expects to pay the final installment of principal of and interest on any Note, notify the Holder of such Note as of the related Record Date of such final installment. Such
notice shall be mailed or transmitted by facsimile and shall specify that such final installment shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for
payment of such installment. Notices in connection with redemption of Notes shall be mailed to Noteholders as provided in Section 10.2. 

(h) Notwithstanding the foregoing, the unpaid principal amount of the Notes shall be due and payable, to the extent not previously paid, on
the date on which the Notes have been declared immediately due and payable following an Event of Default. On each Distribution Date following acceleration of the Notes, upon receipt of instructions from the Servicer pursuant to Section 4.6(d)
of the Sale and Servicing Agreement, the Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall apply or cause to be applied the amount on deposit in the Note Payment Account on such Distribution Date in
respect of principal together with all Excess Collections, if any, to make the following payments in the following order of priority: 
  

	 	(i)	to the Class A-1 Noteholders until the principal amount of the Class A-1 Notes has been paid in full; 

  

	 	(ii)	to the Holders of each Class of the remaining Class A Notes, pro rata based on the outstanding principal amount of such Class as of such Distribution Date, until the principal amount of each such
Class of the remaining Class A Notes has been paid in full; 

  

	 	(iii)	to the Class B Noteholders until the principal amount of the Class B Notes has been paid in full; 

  

	 	(iv)	to the Class C Noteholders until the principal amount of the Class C Notes has been paid in full; and 

  

	 	(v)	to the Class D Noteholders until the principal amount of the Class D Notes has been paid in full. 

(i) The Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall transfer amounts from the Reserve
Account and deposit amounts transferred from the Reserve Account, in each case at the written direction of the Servicer and on behalf of the Noteholders, in accordance with the Sale and Servicing Agreement. 

  
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 Section 2.9 Cancellation. All Notes surrendered for payment, registration of
transfer, exchange or redemption in whole pursuant to Section 10.1(a) or Section 10.2(b) shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the
Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall
be promptly canceled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as expressly permitted by this Indenture. All canceled Notes may be held or
disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it, provided that such Issuer Order is
timely and the Notes have not been previously disposed of by the Indenture Trustee. 
 Section 2.10 Release of Collateral.
Subject to Section 11.1 and the terms of the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request (which shall include delivery instructions and other
relevant information) accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the
effect that the TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Indenture Trustee’s obligations under TIA Sections 314(c) and 314(d)(1), the
Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order. 

Section 2.11 Book-Entry Notes. The Notes, upon original issuance, shall be issued in the form of typewritten Notes representing
Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Notes shall be such Notes registered initially or from time to time on the Note Register in the name of
Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner thereof shall receive a definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.13. Unless and until
definitive, fully registered Notes (the “Definitive Notes”) have been issued to such Note Owners pursuant to Section 2.13: 
  

	 	(i)	the provisions of this Section 2.11 shall be in full force and effect; 

  

	 	(ii)	the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of
instructions or directions hereunder) as the sole Holder of the Notes, and shall have no obligation to the Note Owners; 

  
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	 	(iii)	to the extent that the provisions of this Section 2.11 conflict with any other provisions of this Indenture, the provisions of this Section 2.11 shall control; 

 

	 	(iv)	the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency
Participants pursuant to the Note Depository Agreement; unless and until Definitive Notes are issued pursuant to Section 2.13, the initial Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and
transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and 

  

	 	(v)	whenever this Indenture requires or permits actions to be taken based upon written instructions or directions of Holders of Notes (or Holders of Notes of any Class thereof, including the Controlling Class) evidencing a
specified percentage of the principal amount of the Notes or any Class of Notes Outstanding, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or
Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes or such Class of Notes and has delivered such instructions to the Indenture Trustee. 

Section 2.12 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this
Indenture, unless and until Definitive Notes shall have been issued to such Note Owners pursuant to Section 2.13, the Indenture Trustee shall give all such notices and communications specified herein to be given to Holders of the Notes to the
Clearing Agency, and shall have no obligation to such Note Owners. 
 Section 2.13 Definitive Notes. If (i) the
Administrator or the Servicer advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and the Indenture Trustee or the
Administrator is unable to locate a qualified successor or (ii) after the occurrence of an Event of Default or an Event of Servicing Termination, Note Owners of the Book-Entry Notes representing beneficial interests aggregating not less than
51% of the principal amount of such Notes advise the Indenture Trustee and the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of such Note Owners, then the
Clearing Agency shall notify all Note Owners and the Indenture Trustee in writing of the occurrence of such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the
typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer, at its own expense, shall execute and deliver the Definitive Notes to the Indenture Trustee and the Indenture Trustee
shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the 

  
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Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of
Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 
 Section 2.14
Authenticating Agents. 
 (a) The Indenture Trustee may appoint one or more Persons (each, an “Authenticating
Agent”) with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Section 2.2, Section 2.3, Section 2.5 and Section 2.6, as
fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent
pursuant to this Section 2.14 shall be deemed to be the authentication of Notes “by the Indenture Trustee”. 
 (b) Any entity
into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any entity succeeding to
all or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any document or any further act on the part of the parties hereto
or such Authenticating Agent or such successor entity. 
 (c) Any Authenticating Agent may at any time resign by giving written notice of
resignation to the Indenture Trustee and the Owner Trustee. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Owner Trustee. Upon
receiving such notice of resignation or upon such a termination, the Indenture Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Owner Trustee. 

(d) The Administrator agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services. The provisions of
Section 2.9 and Section 6.4 shall be applicable to any Authenticating Agent. 
 Section 2.15 Calculation Agent. 

(a) The Issuer hereby agrees that, for so long as any of the Class A-2b Notes remain Outstanding, the Issuer will at all times cause
there to be an agent appointed to calculate LIBOR in respect of each Accrual Period (the “Calculation Agent”), which agent shall (i) be a financial institution, subject to supervision or examination by federal or state
authority, (ii) have a rating of at least “BBB+” by Fitch (if rated by Fitch) and “BBB+” by Standard & Poor’s, (iii) have an office within the United States and (iv) be engaged generally in
transactions in U.S. Eurodollar deposits in the international Eurodollar market. 
 (b) The Issuer hereby appoints the Indenture Trustee as
Calculation Agent for purposes of determining LIBOR on each LIBOR Determination Date for each Accrual Period. 

  
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 (c) The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is
unable or unwilling to act as such, is removed by the Issuer or fails to determine LIBOR for any Accrual Period, the Issuer will promptly appoint a replacement Calculation Agent. The Calculation Agent may not resign its duties without a successor
having been duly appointed. 
 (d) The Calculation Agent shall, as soon as possible after 11:00 a.m. (London time) on each LIBOR
Determination Date, but in no event later than 11:00 a.m. (London time) on the Business Day immediately following each LIBOR Determination Date, calculate LIBOR for the related Accrual Period and will communicate such rate to the Issuer, the
Servicer and the Indenture Trustee (if the Indenture Trustee is not acting as Calculation Agent). 
 ARTICLE III 

COVENANTS 
 Section 3.1
Payment of Principal and Interest. The Issuer shall duly and punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. Amounts properly withheld under the Code by any
Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 

Section 3.2 Maintenance of Office or Agency. The Note Registrar shall maintain in the Borough of Manhattan, The City of New York,
an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Note Registrar in respect of the Notes and this Indenture may be served. The Note Registrar shall give prompt
written notice to the Issuer, the Depositor and the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If, at any time, the Issuer and the Note Registrar shall fail to maintain any such office or
agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive
all such surrenders, notices and demands. 
 Section 3.3 Money for Payments To Be Held in Trust. 

(a) As provided in Section 8.2, all payments of amounts due and payable with respect to the Notes that are to be made from amounts
withdrawn from the applicable Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the applicable Trust Accounts shall be paid over to the Issuer, except as
provided in this Section 3.3. 
 (b) On or before each Distribution Date and Redemption Date, the Issuer shall deposit or cause to be
deposited in the Note Payment Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless the Paying Agent is the Indenture
Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act. 

  
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 (c) The Issuer shall cause each Paying Agent other than the Indenture Trustee to execute and
deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 3.3, that such
Paying Agent shall: 
  

	 	(i)	hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and pay such sums to such Persons as herein provided; 

  

	 	(ii)	give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes;

  

	 	(iii)	at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

 

	 	(iv)	immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for payment of the Notes if at any time it ceases to meet the standards required to be met by a Paying Agent
at the time of its appointment; and 

  

	 	(v)	comply with all requirements of the Code and any State or local tax law with respect to the withholding from any payments made by it on the Notes of any applicable withholding taxes imposed thereon and with respect to
any applicable reporting requirements in connection therewith. 

 (d) The Issuer may at any time, for the purpose of obtaining
the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the
same trusts as those upon which such sums were held by such Paying Agent, and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 

(e) Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for two (2) years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request, and the Holder of such
Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to such
trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and direction of the Issuer cause to be published once, in a
newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such 

  
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money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then
remaining shall be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment (including mailing notice of such repayment to
Holders whose Notes have been called but have not been surrendered for redemption in whole pursuant to Section 10.1 or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture
Trustee or of any Paying Agent at the last address of record for each such Holder). 
 Section 3.4 Existence. The Issuer shall
keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United
States, in which case the Issuer shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 

Section 3.5 Protection of Trust Estate. 

(a) The Issuer shall from time to time authorize, execute and deliver all such supplements and amendments hereto and all such financing
statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action, necessary or advisable to: 
  

	 	(i)	maintain or preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof; 

 

	 	(ii)	perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 

  

	 	(iii)	enforce any of the Collateral; or 

  

	 	(iv)	preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in the Trust Estate against the claims of all Persons. 

(b) The Issuer hereby authorizes the Indenture Trustee to file any financing statement or continuation statement required pursuant to this
Section 3.5 and designates the Indenture Trustee as its agent and attorney-in-fact to execute any other instrument required to be executed pursuant to this Section 3.5. The Issuer further hereby authorizes the Indenture Trustee to file any
financing statement and amendments thereto that indicate the Collateral (A) as all assets of the Issuer, all personal property of the Issuer or words of similar effect, regardless of whether any particular asset included in the Collateral falls
within the scope of Article 9 of the Relevant UCC, or (B) as being of an equal or lesser scope or with greater detail. 

  
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 Section 3.6 Opinions as to Trust Estate. 

(a) On the Closing Date, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel substantially in the form attached as Exhibit
E. 
 (b) On or before March 31 of each year (commencing with the year 2015), the Issuer shall deliver to the Depositor and the
Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any
other requisite documents and with respect to the authorization and filing of any financing statements and continuation statements as is necessary to maintain the lien and security interest created by this Indenture and reciting the details of such
action or stating that, in the opinion of such counsel, no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents and the authorization and filing of any financing statements and continuation statements that shall, in the opinion of such counsel, be required to maintain the lien and security
interest of this Indenture until March 31 in the following year. 
 Section 3.7 Performance of Obligations; Servicing of
Receivables. 
 (a) The Issuer shall not take any action and shall use its best efforts not to permit any action to be taken by others
that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or
discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture and the other Transaction Documents. 

(b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties
by a Person identified to the Indenture Trustee in an Officer’s Certificate shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its
duties under this Indenture. 
 (c) The Issuer shall punctually perform and observe all of its obligations and agreements contained in this
Indenture, the other Transaction Documents and the instruments and agreements included in the Trust Estate, including filing or causing to be filed all financing statements and continuation statements required to be filed under the Relevant UCC by
the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 

(d) If the Issuer shall have knowledge of the occurrence of an Event of Servicing Termination, the Issuer shall promptly notify the Depositor,
the Indenture Trustee, the Rating Agencies and the Administrator in writing of such event and shall specify in such notice the action, if any, the Issuer is taking in respect of such default. If an Event of Servicing Termination shall arise from the
failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure. 

  
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 (e) As promptly as possible after the giving of notice of termination to the Servicer of the
Servicer’s rights and powers pursuant to Section 8.1 of the Sale and Servicing Agreement, the Issuer may (subject to the rights of the Indenture Trustee to direct such appointment pursuant to Section 8.2 of the Sale and Servicing
Agreement) appoint a successor servicer (the “Successor Servicer”), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee. In the event that a Successor
Servicer has not been appointed or has not accepted its appointment at the time when the Servicer ceases to act as Servicer, the Indenture Trustee, without further action, shall be the successor to the Servicer in all respects in accordance with
Section 8.2 of the Sale and Servicing Agreement. The Indenture Trustee may resign as the Servicer by giving written notice of such resignation to the Issuer and in such event shall be released from such duties and obligations, such release not
to be effective until the date a new servicer enters into a servicing agreement with the Issuer as provided below. Upon delivery of any such notice to the Issuer, the Issuer shall obtain a new servicer as the Successor Servicer under the Sale and
Servicing Agreement. Any Successor Servicer (other than the Indenture Trustee) shall (i) be an established financial institution having a net worth of not less than $50,000,000 and whose regular business includes the servicing of motor vehicle
installment sale contracts and (ii) enter into a servicing agreement with the Issuer having substantially the same provisions as the provisions of the Sale and Servicing Agreement applicable to the Servicer. If, within thirty (30) days
after the delivery of the notice referred to above, the Issuer shall not have obtained such a new servicer, the Indenture Trustee may appoint, or may petition a court of competent jurisdiction to appoint, a Successor Servicer. In connection with any
such appointment, the Indenture Trustee may make such arrangements for the compensation of such successor as it and such successor shall agree, subject to the limitations set forth below and in the Sale and Servicing Agreement, and, in accordance
with Section 8.2 of the Sale and Servicing Agreement, the Issuer shall enter into an agreement with such successor for the servicing of the Receivables (such agreement to be in form and substance satisfactory to the Indenture Trustee). If the
Indenture Trustee shall succeed to the Servicer’s duties as servicer of the Receivables as provided herein, it shall do so in its individual capacity and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI
shall be inapplicable to the Indenture Trustee in its duties as the successor to the Servicer and the servicing of the Receivables. In case the Indenture Trustee shall become successor to the Servicer under the Sale and Servicing Agreement, the
Indenture Trustee shall be entitled to appoint as Servicer any one of its Affiliates; provided, however, that the Indenture Trustee, in its capacity as the Servicer, shall be fully liable for the actions and omissions of such Affiliate in such
capacity as Successor Servicer. Notwithstanding any other provisions of this Indenture to the contrary, in no event shall the Indenture Trustee be liable for any servicing fee or for any differential in the amount of the servicing fee paid under the
Sale and Servicing Agreement and the amount necessary to induce any Successor Servicer to act as Successor Servicer under the Sale and Servicing Agreement. 

(f) Upon any termination of the Servicer’s rights and powers pursuant to Section 8.1 of the Sale and Servicing Agreement, the Issuer
shall promptly notify the Depositor, the Indenture Trustee, the Administrator and the Rating Agencies in writing of such termination. Upon any appointment of a Successor Servicer by the Issuer, the Issuer shall promptly notify the Depositor, the
Indenture Trustee, the Administrator and the Rating Agencies in writing of such appointment, specifying in such notice the name and address of such Successor Servicer. 

  
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 (g) The Issuer shall not waive timely performance by the Depositor, the Seller or the Servicer of
their respective obligations under the Transaction Documents if such waiver would reasonably be expected to materially adversely affect the interests of the Noteholders. 

Section 3.8 Negative Covenants. 

(a) If any Notes are Outstanding, the Issuer shall not: 
  

	 	(i)	except as expressly permitted by this Indenture, the Trust Agreement, the Receivables Purchase Agreement or the Sale and Servicing Agreement, sell, transfer, exchange or otherwise dispose of any of the properties or
assets of the Issuer, including those included in the Trust Estate, unless directed to do so in writing by the Indenture Trustee; 

  

	 	(ii)	claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code or applicable State law) or assert any
claim against any present or former Noteholder by reason of the payment of taxes levied or assessed upon the Issuer; 

  

	 	(iii)	dissolve or liquidate in whole or in part; 

  

	 	(iv)	(A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released
from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (B) permit any lien (including any lien arising in connection with any tax imposed under HB3), charge, excise, claim,
security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than
tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any of the Financed Vehicles and arising solely as a result of an action or omission of the related Obligor) or (C) permit the lien of this
Indenture not to constitute a valid and perfected first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate; 

 

	 	(v)	engage in any activities other than financing, acquiring, owning, pledging and managing the Receivables as contemplated by the Receivables Purchase Agreement, the Trust Agreement, the Sale and Servicing Agreement and
this Indenture and activities incidental to such activities; or 

  
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	 	(vi)	incur, assume or guarantee any indebtedness other than the indebtedness evidenced by the Notes or indebtedness otherwise permitted by the Receivables Purchase Agreement, the Trust Agreement, the Sale and Servicing
Agreement or this Indenture. 

 Section 3.9 Annual Statement as to Compliance. 

(a) On or before May 31 of each year (commencing with the year 2015), the Issuer shall deliver to the Depositor and the Indenture Trustee
an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 
  

	 	(i)	a review of the activities of the Issuer during the preceding Trust Fiscal Year (or, in the case of the Officer’s Certificate to be delivered in the year 2015, during the period beginning on the Closing Date and
ending on February 28, 2015) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 

  

	 	(ii)	to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied in all material respects with all conditions and covenants under this Indenture throughout such preceding Trust
Fiscal Year (or, in the case of the Officer’s Certificate to be delivered in the year 2015, during the period beginning on the Closing Date and ending on February 28, 2015) or, if there has been a default in its compliance with any such
condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof. 

Section 3.10 Issuer May Consolidate, etc., Only on Certain Terms. 

(a) The Issuer shall not consolidate or merge with or into any other Person, unless: 

 

	 	(i)	the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall be a Person organized and existing under the laws of the United States or any State and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Depositor and the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or
observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein; 

  
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	 	(ii)	immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 

  

	 	(iii)	the Rating Agency Condition shall have been satisfied with respect to such transaction; 

  

	 	(iv)	the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to the
Issuer, any Noteholder or any Certificateholder; 

  

	 	(v)	any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and 

  

	 	(vi)	the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article
III and that all conditions precedent provided for in this Indenture relating to such transaction have been complied with (including any filing required by the Exchange Act). 

(b) Other than as specifically contemplated by the Transaction Documents, the Issuer shall not convey or transfer any of its properties or
assets, including those included in the Trust Estate, to any other Person, unless: 
  

	 	(i)	the Person that acquires by conveyance or transfer the properties or assets of the Issuer the conveyance or transfer of which is hereby restricted (A) shall be a United States citizen or a Person organized and
existing under the laws of the United States or any State, (B) shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual
payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) shall expressly agree
by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of the Holders of the Notes, (D) unless otherwise provided in such supplemental indenture,
shall expressly agree to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) shall expressly agree by means of such supplemental
indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 

  
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	 	(ii)	immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 

  

	 	(iii)	the Rating Agency Condition shall have been satisfied with respect to such transaction; 

  

	 	(iv)	the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee and the Depositor) to the effect that such transaction will not have any material adverse tax
consequence to the Issuer, any Noteholder or any Certificateholder; 

  

	 	(v)	any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and 

  

	 	(vi)	the Issuer shall have delivered to the Indenture Trustee and the Depositor an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply
with this Article III and that all conditions precedent provided for in this Indenture relating to such transaction have been complied with (including any filing required by the Exchange Act). 

Section 3.11 Successor or Transferee. 

(a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such
consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein. 

(b) Upon any conveyance or transfer of all the properties and assets of the Issuer in accordance with Section 3.10(b), CarMax Auto Owner
Trust 2014-4 shall be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee and the
Depositor stating that CarMax Auto Owner Trust 2014-4 is to be so released. 
 Section 3.12 No Other Business. The Issuer shall
not engage in any business other than financing, acquiring, owning and pledging the Receivables in the manner contemplated by this Indenture and the other Transaction Documents, issuing the Notes pursuant to the terms hereof and the Certificate
pursuant to the terms of the Trust Agreement and activities incidental thereto. 
 Section 3.13 No Borrowing. The Issuer shall
not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Notes. 

  
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 Section 3.14 Servicer’s Obligations. The Issuer shall cause the Servicer to
comply with the Sale and Servicing Agreement. 
 Section 3.15 Guarantees, Loans, Advances and Other Liabilities. Except as
contemplated by this Indenture and the other Transaction Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or
performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or
agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

Section 3.16 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for
capital assets (either realty or personalty). 
 Section 3.17 Restricted Payments. The Issuer shall not, directly or indirectly,
(i) make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any
ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any
amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, distributions as contemplated by, and to the extent funds are available for such purpose under the Sale and Servicing Agreement, the Trust
Agreement or this Indenture. The Issuer shall not, directly or indirectly, make payments to or distributions from the Collection Account, the Note Payment Account, the Certificate Payment Account or the Reserve Account except in accordance with this
Indenture and the other Transaction Documents. 
 Section 3.18 Notice of Events of Default. The Issuer shall give the Indenture
Trustee, the Depositor, the Rating Agencies and the Administrator prompt written notice of each Event of Default hereunder, each default on the part of the Depositor or the Servicer of its obligations under the Sale and Servicing Agreement and each
default on the part of the Seller or the Depositor of its obligations under the Receivables Purchase Agreement. 
 Section 3.19
Removal of Administrator. For so long as any Notes are Outstanding, the Issuer shall not remove the Administrator without cause unless the Rating Agency Condition shall have been satisfied with respect to such removal. 

Section 3.20 Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuer shall execute and deliver such
further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

Section 3.21 Sales Finance Company Licenses. The Issuer shall take such action as, in its reasonable judgment, shall be necessary
to maintain the effectiveness of all sales finance company licenses required under the Maryland Code and all licenses required under the Pennsylvania Motor Vehicle Sales Finance Company Act in connection with this Indenture and the transactions
contemplated hereby until the lien and security interest of this Indenture shall no longer be in effect in accordance with the terms hereof. 

  
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 Section 3.22 Representations and Warranties by the Issuer to the Indenture Trustee.
The Issuer hereby represents and warrants to the Indenture Trustee that the representations and warranties regarding creation, perfection and priority of security interests in the Receivables, which are attached to this Indenture as Appendix A, are
true and correct to the extent they are applicable. 
 ARTICLE IV 

SATISFACTION AND DISCHARGE 

Section 4.1 Satisfaction and Discharge of Indenture. 

(a) This Indenture shall cease to be of further effect with respect to the Notes, except as to (i) rights of registration of transfer and
exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Section 3.3, Section 3.4, Section 3.5,
Section 3.8, Section 3.10, Section 3.12, Section 3.13, Section 3.16 and Section 3.17, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee
under Section 6.7 and the obligations of the Indenture Trustee under Section 4.3) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of
them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when either: 

 

	 	(i)	all Notes of all Classes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.6 and
(ii) Notes for whose payment money has theretofore been irrevocably deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been
delivered to the Indenture Trustee for cancellation; or 

  

	 	(ii)	all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and payable and the Issuer has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee (or, if
the Indenture Trustee is not the Paying Agent, the Paying Agent), in trust, cash or direct obligations of or obligations guaranteed by the United States (which will mature prior to the date needed), in an amount sufficient to pay and discharge the
entire indebtedness on such Notes when due on the applicable Class Final Distribution Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.1(a)), as the case may be; and 

  
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	 	(iii)	the Issuer has paid or caused to be paid all other sums payable by the Issuer hereunder and under the other Transaction Documents. 

Section 4.2 Satisfaction, Discharge and Defeasance of the Notes. 

(a) Upon satisfaction of the conditions set forth in Section 4.2(b) below, the Issuer shall be deemed to have paid and discharged the
entire indebtedness on all the Notes Outstanding, and the provisions of this Indenture, as it relates to such Notes, shall no longer be in effect (and the Indenture Trustee, at the expense of the Issuer, shall execute proper instruments
acknowledging the same), except as to: 
  

	 	(i)	the rights of the Noteholders to receive, from the trust funds described in Section 4.2(b)(i), payment of the principal of and interest on the Notes Outstanding at maturity of such principal or interest;

  

	 	(ii)	the obligations of the Issuer with respect to the Notes under Section 2.5, Section 2.6, Section 3.2 and Section 3.3; 

 

	 	(iii)	the obligations of the Issuer to the Indenture Trustee under Section 6.7; and 

  

	 	(iv)	the rights, powers, trusts and immunities of the Indenture Trustee hereunder and the duties of the Indenture Trustee hereunder. 

(b) The satisfaction, discharge and defeasance of the Notes pursuant to Section 4.2(a) is subject to the satisfaction of all of the
following conditions: 
  

	 	(i)	the Issuer has deposited or caused to be deposited irrevocably (except as provided in Section 4.4) with the Indenture Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to,
the benefit of the Holders of the Notes, which, through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day prior to the due date of any payment referred to below, money in an
amount sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Indenture Trustee, to pay and discharge the entire indebtedness on the Notes
Outstanding, for principal thereof and interest thereon to the date of such deposit (in the case of Notes that have become due and payable) or to the maturity of such principal and interest, as the case may be; 

 

	 	(ii)	such deposit will not result in a breach or violation of, or constitute an event of default under, any Transaction Document or other agreement or instrument to which the Issuer is bound; 

  
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	 	(iii)	no Event of Default has occurred and is continuing on the date of such deposit or on the ninety-first (91st) day after such date; 

 

	 	(iv)	the Issuer has delivered to the Depositor and the Indenture Trustee an Opinion of Counsel to the effect that the satisfaction, discharge and defeasance of the Notes pursuant to this Section 4.2 will not cause any
Noteholder to be treated as having sold or exchanged any of its Notes for purposes of Section 1001 of the Code; and 

  

	 	(v)	the Issuer has delivered to the Depositor and the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to the
defeasance contemplated by this Section 4.2 have been complied with. 

 Section 4.3 Application of Trust
Money. All monies deposited with the Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by the Indenture Trustee, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly
or through any Paying Agent, to the Holders of the Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest, but such monies need
not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law. 

Section 4.4 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with
respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and
applied according to Section 3.3, and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 

ARTICLE V 
 REMEDIES 

Section 5.1 Events of Default. 

(a) “Event of Default” means the occurrence of any one of the following events (whatever the reason for such event and whether
such event shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

 

	 	(i)	default in the payment of any interest on any Note of the Controlling Class when the same becomes due and payable and such default shall continue for a period of five (5) or more Business Days; 

 

	 	(ii)	default in the payment of any principal due and payable on any Class of Notes on the related Class Final Distribution Date; 

  
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	 	(iii)	material default in the observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement a default in the observance or performance of which is specifically
dealt with elsewhere in this Section 5.1), and such default shall continue or not be cured for a period of sixty (60) days after there shall have been given, by registered or certified mail, to the Issuer by the Depositor or the Indenture
Trustee or to the Issuer, the Depositor and the Indenture Trustee by the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class, a written notice specifying such default and requiring it to be remedied and stating
that such notice is a notice of Default hereunder; 

  

	 	(iv)	any representation or warranty of the Issuer made in this Indenture or in any certificate delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when
the same shall have been made, and the circumstance or condition in respect of which such representation or warranty was incorrect shall not have been eliminated or otherwise cured for a period of thirty (30) days after there shall have been
given, by registered or certified mail, to the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the Depositor and to the Indenture Trustee by the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling
Class, a written notice specifying such incorrect representation or warranty and requiring it to be remedied and stating that such notice is a notice of Default hereunder; 

 

	 	(v)	the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate in an involuntary case under any applicable federal or State
bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or ordering
the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; and 

 

	 	(vi)	 the commencement by the Issuer of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter
in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or the making by the Issuer of any general 

  
 40 

	 	
assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of any action by the Issuer in furtherance of any of the
foregoing. 

 (b) The Issuer shall deliver to the Indenture Trustee and the Depositor, within five (5) days after the
occurrence of any event that, with notice or the lapse of time or both, would become an Event of Default under clause (iii) or (iv), written notice of such Default in the form of an Officer’s Certificate, the status of such Default and
what action the Issuer is taking or proposes to take with respect to such Default. 
 Section 5.2 Acceleration of Maturity;
Rescission and Annulment. 
 (a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee or the Holders of
Notes evidencing not less than 51% of the Note Balance of the Controlling Class may, upon prior written notice to the Administrator (who shall promptly forward such notice to each Rating Agency), declare the Notes to be immediately due and payable
by written notice to the Issuer (and to the Indenture Trustee if given by Noteholders), the Depositor and the Servicer, and upon any such declaration the unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through
the date of acceleration, shall become immediately due and payable. 
 (b) If the Notes have been declared immediately due and payable
following an Event of Default, before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as hereinafter provided in this Article V, the Holders of Notes evidencing not less than 51% of the Note Balance of
the Controlling Class, by written notice to the Issuer, the Depositor, the Indenture Trustee and the Administrator (who shall promptly forward such notice to each Rating Agency), may rescind and annul such declaration of acceleration and its
consequences if: 
  

	 	(i)	the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay all principal of and interest on the Notes and all other amounts that would then be due hereunder or upon the Notes if the Event of
Default giving rise to such acceleration had not occurred; and 

  

	 	(ii)	all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12. 

(c) No such rescission shall affect any subsequent default or impair any right consequent thereto. 

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 

(a) If (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues
for a period of five (5) Business Days, or (ii) default is made in the payment of the principal of any Note when the same becomes 

  
 41 

 
due and payable, the Issuer shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the amount then due and payable on the Notes
for principal and interest, with interest upon the overdue principal at the applicable Note Rate and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the applicable Note Rate and
in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and other
amounts due and owing to the Indenture Trustee pursuant to Section 6.7. 
 (b) If the Issuer shall fail forthwith to pay such amounts
upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce
the same against the Issuer or any other obligor upon the Notes and collect in the manner provided by law out of the property of the Issuer or such other obligor, wherever situated, the monies adjudged or decreed to be payable. 

(c) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may, as more particularly provided in
Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

 (d) If there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership
interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or other similar law, or if a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or if there shall be pending any other comparable judicial Proceedings relative to the
Issuer or any other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

 

	 	(i)	to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have
the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents and attorneys, and all other amounts due and owing to the Indenture
Trustee pursuant to Section 6.7) and of the Noteholders allowed in such Proceedings; 

  
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	 	(ii)	unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

  

	 	(iii)	to collect and receive any monies or other property payable or deliverable on any such claims and to pay all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf;
and 

  

	 	(iv)	to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the
Issuer, its creditors and its property; 

  

	 	(v)	and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of the Noteholders to make payments to the Indenture Trustee and, in the event that the
Indenture Trustee shall consent to the making of payments directly to the Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee and each predecessor Indenture
Trustee, and their respective agents and attorneys, and all other amounts due and owing to the Indenture Trustee pursuant to Section 6.7. 

(e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such
proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 (f) All rights of action and of
asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action
or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes. 

(g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this
Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings. 

  
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 Section 5.4 Remedies; Priorities. 

(a) If the Notes have been declared immediately due and payable following an Event of Default, the Indenture Trustee may, or at the written
direction of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class shall, take one or more of the following actions as so directed (subject to Section 5.5): 

 

	 	(i)	institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise,
enforce any judgment obtained, and collect from the Issuer and any other obligor upon the Notes monies adjudged due; 

  

	 	(ii)	institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate; 

  

	 	(iii)	exercise any remedies of a secured party under the Relevant UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

 

	 	(iv)	sell the Trust Estate or any portion thereof or rights or interest therein at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture
Trustee may not sell or otherwise liquidate the Trust Estate at the direction of the Holders following an Event of Default, other than an Event of Default described in Section 5.1 (i) or (ii), unless (A) the Holders of 100% of the
Note Balance consent thereto, (B) the proceeds of such sale or liquidation will be sufficient to pay in full the Note Balance and all accrued but unpaid interest on the Outstanding Notes or (C) the Indenture Trustee determines that the
Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared immediately due and payable, and the Indenture Trustee obtains the
consent of the Holders of Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling Class. In determining such sufficiency or insufficiency with respect to clauses (B) and (C) above, the Indenture Trustee may, but need
not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 

  
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 (b) Notwithstanding the provisions of Section 2.8 or Section 8.2, if the Indenture
Trustee collects any money or property pursuant to this Section 5.4 and the Notes have been accelerated, it (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall pay out such money or property (and other amounts,
including all amounts held on deposit in the Reserve Account) in the following order of priority: 
  

	 	(i)	first, to the Servicer, the Total Servicing Fee for the preceding Collection Period and any Unreimbursed Servicer Advances for the preceding Collection Period; 

 

	 	(ii)	second, on a pro rata basis, (A) if the Indenture Trustee has become the Servicer pursuant to Section 8.2 of the Sale and Servicing Agreement, any amounts due in connection with indemnification of the
Indenture Trustee as Successor Servicer and not paid pursuant to Section 7.2 of the Sale and Servicing Agreement plus any Transition Costs due in connection with such transfer of servicing and not paid pursuant to Section 8.2(b) of
the Sale and Servicing Agreement and (B) to the Indenture Trustee, all amounts due to the Indenture Trustee as compensation pursuant to Section 6.7 not previously paid by the Administrator, and to the Owner Trustee, all amounts due to the
Owner Trustee pursuant to Sections 8.1 and 8.2 of the Trust Agreement not previously paid by the Servicer; 

  

	 	(iii)	third, on a pro rata basis, to the Class A Noteholders, the Total Note Interest for each Class of the Class A Notes; 

  

	 	(iv)	fourth, if an Event of Default described in Section 5.1 (i), (ii), (v) or (vi) has occurred, in the following order of priority: 

 

	 	(A)	to the Class A-1 Noteholders until the principal amount of the Class A-1 Notes has been paid in full; 

  

	 	(B)	to the Holders of each Class of the remaining Class A Notes, pro rata based on the outstanding principal amount of such Class of Class A Notes as of such Distribution Date, until the principal
amount of each such Class of the remaining Class A Notes has been paid in full; 

  

	 	(C)	to the Class B Noteholders, the Total Note Interest for the Class B Notes; 

  

	 	(D)	to the Class B Noteholders, until the principal amount of the Class B Notes has been paid in full; 

  

	 	(E)	to the Class C Noteholders, the Total Note Interest for the Class C Notes; 

  

	 	(F)	to the Class C Noteholders, until the principal amount of the Class C Notes has been paid in full; 

  
 45 

	 	(G)	to the Class D Noteholders, the Total Note Interest for the Class D Notes; 

  

	 	(H)	to the Class D Noteholders, until the principal amount of the Class D Notes has been paid in full; 

  

	 	(v)	fifth, if an Event of Default described in Section 5.1 (iii) or (iv) has occurred, in the following order of priority: 

 

	 	(A)	to the Class B Noteholders, the Total Note Interest for the Class B Notes; 

  

	 	(B)	to the Class C Noteholders, the Total Note Interest for the Class C Notes; 

  

	 	(C)	to the Class D Noteholders, the Total Note Interest for the Class D Notes; 

  

	 	(D)	to the Class A-1 Noteholders until the principal amount of the Class A-1 Notes has been paid in full; 

  

	 	(E)	to the Holders of each Class of the remaining Class A Notes, pro rata based on the outstanding principal amount of such Class of Class A Notes as of such Distribution Date, until the principal
amount of each such Class of the remaining Class A Notes has been paid in full; 

  

	 	(F)	to the Class B Noteholders, until the principal amount of the Class B Notes has been paid in full; 

  

	 	(G)	to the Class C Noteholders, until the principal amount of the Class C Notes has been paid in full; 

  

	 	(H)	to the Class D Noteholders, until the principal amount of the Class D Notes has been paid in full; 

  

	 	(vi)	sixth, if the Indenture Trustee or any other Successor Servicer has become the Servicer pursuant to Section 8.2 of the Sale and Servicing Agreement, to such Successor Servicer, any Transition Costs due in
connection with such transfer of servicing and not paid pursuant to Section 8.2(b) of the Sale and Servicing Agreement plus the Additional Servicing Fee, if any, for the preceding Collection Period; and 

 

	 	(vii)	seventh, to the Certificateholders, any remaining amounts. 

 (c) Prior to an acceleration of
the Notes following an Event of Default, if the Indenture Trustee collects any money or property pursuant to this Article V, such amounts shall be deposited in the Collection Account and distributed in accordance with Section 2.8 and
Section 8.2. 

  
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 (d) The Indenture Trustee may fix a record date and payment date for any payment to Noteholders
pursuant to this Section 5.4. At least five (5) days before such record date, the Indenture Trustee on behalf of the Issuer shall mail to each Noteholder a notice that states the record date, the payment date and the amount to be paid.

 Section 5.5 Optional Preservation of the Receivables. If the Notes have been declared immediately due and payable following
an Event of Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate and apply proceeds as if there had been no declaration of
acceleration; provided, however, that the Available Funds shall be applied in accordance with such declaration of acceleration in the manner specified in Section 4.6(d) of the Sale and Servicing Agreement. It is the desire of the
parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain
possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 
 Section 5.6
Limitation of Suits. 
 (a) No Holder of any Note shall have any right to institute any Proceeding with respect to this Indenture or
for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
  

	 	(i)	such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 

  

	 	(ii)	the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its
own name as Indenture Trustee hereunder; 

  

	 	(iii)	such Holder or Holders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request; 

 

	 	(iv)	the Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 

 

	 	(v)	no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class.

  
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 (b) It is understood and intended that no one or more Holders of Notes shall have any right in
any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders of Notes or
to enforce any right under this Indenture, except in the manner herein provided. 
 (c) In the event the Indenture Trustee shall receive
conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each evidencing less than 51% of the Note Balance of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action, if
any, shall be taken, notwithstanding any other provisions of this Indenture. 
 Section 5.7 Unconditional Rights of Noteholders to
Receive Principal and Interest. Notwithstanding any other provisions of this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note
on the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the
consent of such Holder. 
 Section 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has
instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or such Noteholder, then and in every such
case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 Section 5.9 Rights and Remedies
Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 5.10 Delay or Omission Not a Waiver. No delay or
omission of the Indenture Trustee or any Noteholder to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or any
acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or the Noteholders, as
the case may be. 
 Section 5.11 Control by Noteholders of the Controlling Class. 

(a) The Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class shall have the right to direct the time,
method and place of conducting any 

  
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Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, however, that:

  

	 	(i)	such direction shall not be in conflict with any rule of law or with this Indenture; 

  

	 	(ii)	subject to the express terms of Section 5.4, any written direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the Holders of Notes evidencing not less than 100% of the Note Balance;

  

	 	(iii)	if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such section, then any written direction to the Indenture Trustee by the
Holders of Notes evidencing less than 100% of the Note Balance to sell or liquidate the Trust Estate shall be of no force and effect; and 

  

	 	(iv)	the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction. 

(b) Notwithstanding the rights of Noteholders set forth in this Section 5.11, subject to Section 6.1, the Indenture Trustee need not
take any action that it reasonably believes might involve it in costs, expenses and liabilities for which it will not be adequately indemnified or might materially adversely affect the rights of any Noteholders not consenting to such action. 

Section 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, may, on behalf of all Noteholders, waive any past Default or Event of Default and its consequences except a Default or Event of Default
(i) in the payment of principal of or interest on any of the Notes or (ii) in respect of a covenant or provision hereof that cannot be amended, supplemented or modified without the consent of all the Noteholders. Upon any such waiver, the
Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereto. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred,
for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

Section 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such Holder’s
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered
or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,

  
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including reasonable attorney’s fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
provided, however, that the provisions of this Section 5.13 shall not apply to (i) any suit instituted by the Indenture Trustee, (ii) any suit instituted by any Noteholder or group of Noteholders, in each case holding
Notes evidencing in the aggregate more than 10% of the Note Balance (or, in the case of any suit which is instituted by the Controlling Class, more than 10% of the Note Balance of the Controlling Class) or (iii) any suit instituted by any
Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

Section 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it shall not
at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture, and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 Section 5.15 Action
on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither
the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon
any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b). 

Section 5.16 Performance and Enforcement of Certain Obligations. 

(a) Promptly following a request from the Indenture Trustee to do so, and at the Administrator’s expense (or, if the Indenture Trustee is
then acting as the Administrator, at the expense of CarMax), the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor and the Servicer of their respective
obligations to the Issuer under or in connection with the Sale and Servicing Agreement or by the Seller of its obligations under or in connection with the Receivables Purchase Agreement, and to exercise any and all rights, remedies, powers and
privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Depositor
or the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Depositor and the Servicer of their respective obligations thereunder. 

(b) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may, and at the direction (which direction shall be in
writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling Class shall (subject to Section 6.2(f)), exercise all

  
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rights, remedies, powers, privileges and claims of the Issuer against the Depositor or the Servicer under or in connection with the Sale and Servicing Agreement or against the Seller under or in
connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Depositor or the Servicer, as the case may be, of its obligations to the Issuer thereunder and
to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall be suspended. 

(c) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer agrees to take all
such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller of its obligations to the Depositor under or in connection with the Receivables Purchase Agreement in accordance with the terms
thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Receivables Purchase Agreement to the extent and in the manner directed by the Indenture Trustee, including
the transmission of notices of default on the part of the Depositor thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller of its obligations under the Receivables Purchase
Agreement. 
 (d) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may, and at the direction (which
direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling Class shall (subject to Section 6.2(f)), exercise all
rights, remedies, powers, privileges and claims of the Depositor against the Seller under or in connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the
Seller of its obligations to the Depositor thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Receivables Purchase Agreement, and any right of the Depositor to take such action shall be suspended.

 ARTICLE VI 
 THE INDENTURE
TRUSTEE 
 Section 6.1 Duties of Indenture Trustee. 

(a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee shall exercise the rights and powers vested in it by
this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(b) Except during the continuance of an Event of Default: 
  

	 	(i)	the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the
Indenture Trustee; and 

  
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	 	(ii)	in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to
the Indenture Trustee and, if required by the terms of this Indenture, conforming to the requirements of this Indenture; provided, however, that the Indenture Trustee shall examine the certificates and opinions to determine whether or
not they conform to the requirements of this Indenture. 

 (c) The Indenture Trustee may not be relieved from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
  

	 	(i)	this paragraph does not limit the effect of paragraph (b) of this Section 6.1; 

  

	 	(ii)	the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and

  

	 	(iii)	the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.11. 

(d) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing
with the Issuer. 
 (e) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required
by law or the terms of this Indenture or the Sale and Servicing Agreement. 
 (f) No provision of this Indenture shall require the Indenture
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 if the Indenture Trustee shall have reasonable grounds to
believe that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured or provided to it. 
 (g)
Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section 6.1 and the TIA. 

(h) The Indenture 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 Indenture Trustee in accordance with the provisions of this Indenture. 

(i) The Indenture Trustee shall be required to carry out its duties as specified in Sections 4.1, 4.7, 4.9, 7.4(c), 8.1, 8.2, 8.3(a), 8.4,
10.12 and 10.14 of the Sale and Servicing 

  
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Agreement. In furtherance of the foregoing, Sections 4.1, 4.7, 4.9, 7.4(c), 8.1, 8.2, 8.3(a), 8.4, 10.12 and 10.14 of the Sale and Servicing Agreement are hereby incorporated by reference into
this Indenture to the extent that they refer to obligations of the Indenture Trustee. 
 Section 6.2 Rights of Indenture
Trustee. 
 (a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or
presented by the proper Person. 
 (b) Before the Indenture Trustee acts or refrains from acting, it may request and shall be entitled to
receive an Officer’s Certificate or an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel unless it is proved
that the Indenture Trustee was negligent in such reliance. 
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such
agent, attorney, custodian or nominee appointed with due care by it hereunder. 
 (d) The Indenture Trustee shall not be liable for any
action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that such action or omission by the Indenture Trustee does not constitute willful misconduct,
negligence or bad faith. 
 (e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal
matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of
such counsel. 
 (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might
be incurred by it in compliance with such request or direction. 
 (g) The Indenture Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Indenture Trustee, in its discretion, may make
such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Issuer, personally or by agent or attorney. 
 Section 6.3 Individual Rights of Indenture Trustee. The Indenture Trustee, in its
individual or any other capacity, may become the owner or pledgee of Notes and may otherwise 

  
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deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent hereunder may do the
same with like rights. 
 Section 6.4 Indenture Trustee’s Disclaimer. The Indenture Trustee (i) shall not be
responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes and (ii) shall not be accountable for the Issuer’s use of the proceeds from the Notes or responsible for any statement of the
Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication. 

Section 6.5 Notice of Defaults. If a Default occurs and is continuing and if it is known to a Responsible Officer of the Indenture
Trustee, the Indenture Trustee shall mail to each Noteholder and the Administrator notice of such Default within ninety (90) days after it occurs. Except in the case of a Default in payment of principal of or interest on any Note (including
payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests
of Noteholders. 
 Section 6.6 Reports by Indenture Trustee to Holders. The Indenture Trustee shall deliver, within a reasonable
period of time after the end of each calendar year, to each Person who at any time during such calendar year was a Noteholder, such information furnished to the Indenture Trustee as may be required to enable such Person to prepare its federal and
State income tax returns. 
 Section 6.7 Compensation and Indemnity. 

(a) The Administrator, on behalf of the Issuer, shall pay to the Indenture Trustee from time to time reasonable compensation for its services.
The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Administrator, on behalf of the Issuer, shall reimburse the Indenture Trustee for all expenses, advances and
disbursements reasonably incurred or made by it, including costs of collection, in addition to the compensation for its services; provided, however, that the Administrator need not reimburse the Indenture Trustee for any expense
incurred through the Indenture Trustee’s willful misconduct, negligence, or bad faith. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants
and experts. The Administrator, on behalf of the Issuer, shall indemnify the Indenture Trustee for, and hold it and its officers, directors, employees, representatives and agents, harmless against, any and all loss, liability or expense (including
reasonable attorneys’ fees and expenses) incurred by it in connection with the administration of this trust and the performance of its duties hereunder; provided, however, that the Administrator need not indemnify the Indenture
Trustee for, or hold it harmless against, any such loss, liability or expense incurred through the Indenture Trustee’s willful misconduct, negligence, or bad faith. The Indenture Trustee shall notify the Issuer and the Administrator promptly of
any claim for which it may seek indemnity. Any failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not, however, relieve the Administrator of its obligations hereunder. The Administrator, on behalf of the Issuer,
shall defend any such claim. The Indenture Trustee may 

  
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have separate counsel in connection with the defense of any such claim, and the Administrator, on behalf of the Issuer, shall pay the fees and expenses of such counsel. If the Indenture Trustee
is then acting as Administrator, all payment obligations to the Indenture Trustee pursuant to this Section 6.7 shall be paid by CarMax. 

(b) The payment obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the resignation or removal of the
Indenture Trustee and the discharge of this Indenture. 
 (c) When the Indenture Trustee incurs fees or expenses after the occurrence of a
Default specified in Section 5.1(a)(v) or Section 5.1(a)(vi) with respect to the Issuer, such fees and expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal
or State bankruptcy, insolvency or similar law. 
 Section 6.8 Replacement of Indenture Trustee. 

(a) No resignation or removal of the Indenture Trustee, and no appointment of a successor Indenture Trustee, shall become effective until the
acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8. The Indenture Trustee may resign at any time by so notifying the Issuer, the Administrator, the Depositor and the Noteholders. The Holders of Notes
evidencing not less than 51% of the Note Balance of the Controlling Class, may remove the Indenture Trustee without cause by notifying the Indenture Trustee (with a copy to the Issuer, the Administrator, the Depositor and the Rating Agencies) of
such removal and, following such removal, may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 
  

	 	(i)	the Indenture Trustee fails to comply with Section 6.11; 

  

	 	(ii)	the Indenture Trustee is adjudged to be bankrupt or insolvent; 

  

	 	(iii)	a receiver or other public officer takes charge of the Indenture Trustee or its property; or 

  

	 	(iv)	the Indenture Trustee otherwise becomes incapable of acting. 

 (b) If the Indenture Trustee
resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Administrator shall promptly appoint a successor
Indenture Trustee. 
 (c) Any successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture
Trustee, the Issuer, the Administrator and the Depositor. Upon delivery of such written acceptance, the resignation or removal of the retiring Indenture Trustee shall become effective and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture
Trustee to the successor Indenture Trustee. 

  
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 (d) If a successor Indenture Trustee does not take office within sixty (60) days after the
retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class may petition any court of competent jurisdiction for the
appointment of a successor Indenture Trustee. If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee. 
 (e) Notwithstanding the replacement of the Indenture Trustee pursuant to this Section 6.8, the
Administrator’s obligations under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee. 

Section 6.9 Successor Indenture Trustee by Merger. 

(a) If the Indenture 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 shall be the successor Indenture Trustee; provided, however, that such corporation
or banking association must be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Rating Agencies, the Administrator and the Depositor with prior written notice of any such transaction. 

(b) If at the time such successor or successors by consolidation, merger or conversion to the Indenture Trustee shall succeed to the trusts
created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated,
and in case at that time any of the Notes shall not have been authenticated, any such successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor trustee or in the name of the successor to the Indenture
Trustee. In all such cases such certificates shall have the full force which the Notes or this Indenture provide that the certificate of the Indenture Trustee shall have. 

Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 

(a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver an instrument to appoint one or more Persons to act as a co-trustee or co-trustees, jointly with the Indenture
Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and,
subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee under this Indenture shall be required to
meet the terms of eligibility as a successor trustee under Section 6.11 and no notice of the appointment of any co-trustee or separate trustee shall be required under Section 6.8. 

  
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 (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 Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture 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 Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular
act or acts are to be performed the Indenture 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 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 Indenture Trustee; 

 

	 	(ii)	no trustee under this Indenture shall be personally liable by reason of any act or omission of any other trustee under this Indenture; and 

 

	 	(iii)	the Indenture Trustee 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 Indenture 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 Indenture and the conditions of this Article VI. 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 Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this
Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Each such instrument shall be filed with the Indenture Trustee. 

(d) Any separate trustee or co-trustee may at any time constitute the Indenture 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 Indenture 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 Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

Section 6.11 Eligibility; Disqualification. 

(a) The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a). The Indenture Trustee or its parent shall
have a combined capital and surplus of 

  
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at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long-term debt rating acceptable to each of the Rating Agencies. The Indenture Trustee
shall comply with TIA Section 310(b). 
 (b) Within 90 days after ascertaining the occurrence of an Event of Default which shall not
have been cured or waived, unless authorized by the Commission, the Indenture Trustee shall resign with respect to the Class A Notes, the Class B Notes, the Class C Notes or the Class D Notes in accordance with Section 6.8, and the Issuer
shall appoint a successor Indenture Trustee for one or more of such Classes, as applicable, so that there will be separate Indenture Trustees for the Class A Notes, the Class B Notes, the Class C Notes or the Class D Notes. In the event the
Indenture Trustee fails to comply with the terms of the preceding sentence, the Indenture Trustee shall comply with clauses (ii) and (iii) of TIA Section 310(b). 

(c) In the case of the appointment pursuant to this Section 6.11 of a successor Indenture Trustee with respect to any Class of Notes, the
Issuer, the retiring Indenture Trustee and the successor Indenture Trustee with respect to such Class of Notes shall execute and deliver an indenture supplemental hereto wherein each successor Indenture Trustee shall accept such appointment and
which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, the successor Indenture Trustee all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to
the Notes of the Class to which the appointment of such successor Indenture Trustee relates, (ii) if the retiring Indenture Trustee is not retiring with respect to all Classes of Notes, shall contain such provisions as shall be deemed necessary
or desirable to confirm that all rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of each Class as to which the retiring Indenture Trustee is not retiring shall continue to be vested in the Indenture
Trustee and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Indenture Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Indenture Trustees co-trustees of the same trust and that each such Indenture Trustee shall be a trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Indenture Trustee; and upon the removal of the retiring Indenture Trustee shall become effective to the extent provided herein. 

Section 6.12 Preferential Collection of Claims Against Issuer. The Indenture Trustee shall comply with TIA Section 311(a),
excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

Section 6.13 Communications Regarding Demands to Purchase Receivables. The Indenture Trustee agrees to cooperate in good faith
with any reasonable request by the Depositor for information which is required in order to enable the Depositor to comply with the provisions of Items 1104(e) and 1121(c) of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates to the
Indenture Trustee or to the Indenture Trustee’s obligations under this Agreement. The Indenture Trustee shall provide the Depositor with notification, as soon as practicable and in any event within five (5) Business Days, of all demands
communicated to the Indenture Trustee for the repurchase or replacement of any Receivable. 

  
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 ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

Section 7.1 Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders. If and so long as the Indenture Trustee is not
the Note Registrar, the Issuer shall furnish or cause to be furnished to the Indenture Trustee (i) not more than five (5) days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and
addresses of the Holders of Notes as of such Record Date and (ii) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after receipt by the Issuer of any such request, a list of similar form and
content as of a date not more than ten (10) days prior to the time such list is furnished; provided, however, that, with respect to Notes issued as Book-Entry Notes, no such list shall be required to be furnished. 

Section 7.2 Preservation of Information; Communications to Noteholders. 

(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of the Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may
destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished. 
 (b) Noteholders may communicate
pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 
 (c) The
Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c). 
 Section 7.3 Reports by
Issuer. 
 (a) The Issuer shall: 
  

	 	(i)	file with the Indenture Trustee, within fifteen (15) days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

  

	 	(ii)	file with the Indenture Trustee and the Commission in accordance with the rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to
compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

  
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	 	(iii)	supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by
the Issuer pursuant to clauses (i) and (ii) of this Section (a) and by the rules and regulations prescribed from time to time by the Commission. 

(b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall correspond to the Trust Fiscal Year. 

Section 7.4 Reports by Indenture Trustee. 

(a) If required by TIA Section 313(a), within sixty (60) days after each March 31, beginning with March 31, 2015, the
Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee shall also comply with TIA Section 313(b). 

(b) The Indenture Trustee shall file with the Commission and each stock exchange, if any, on which the Notes are listed a copy of each report
mailed to Noteholders pursuant to this Indenture. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

ARTICLE VIII 
 ACCOUNTS,
DISBURSEMENTS AND RELEASES 
 Section 8.1 Collection of Money. Except as otherwise expressly provided herein, the Indenture
Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee
pursuant to this Indenture and the Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in this
Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance,
including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V.

 Section 8.2 Trust Accounts. 

(a) On or before the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for
the benefit of the Noteholders and the Certificateholders, the Collection Account as provided in Section 4.1(a) of the Sale and Servicing Agreement. On or before each Distribution Date, the Servicer shall deposit in the Collection Account all
amounts required to be deposited therein with respect to the preceding Collection Period as provided in Section 4.2 of the Sale and Servicing Agreement. 

  
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 (b) On or before the Closing Date, the Issuer shall cause the Servicer to establish and maintain,
in the name of the Indenture Trustee, for the benefit of the Noteholders, the Reserve Account as provided in Section 4.7 of the Sale and Servicing Agreement. On each Distribution Date, upon receipt of instructions from the Servicer pursuant to
Section 4.6(b) of the Sale and Servicing Agreement, the Indenture Trustee shall withdraw from the Reserve Account (up to the amount on deposit in the Reserve Account) and deposit in the Collection Account the amount, if any, by which the
Required Payment Amount for such Distribution Date exceeds the Available Collections for such Distribution Date. 
 (c) [RESERVED]. 

(d) On each Distribution Date, the Indenture Trustee shall apply or cause to be applied the amount on deposit in the Collection Account on
such Distribution Date in accordance with Section 2.8(a). 
 (e) On or before the Closing Date, the Issuer shall cause the Servicer to
establish and maintain, in the name of the Indenture Trustee, for the exclusive benefit of the Noteholders, the Note Payment Account as provided in Section 4.1(b) of the Sale and Servicing Agreement. On each Distribution Date, the Indenture
Trustee shall apply or cause to be applied the amount on deposit in the Note Payment Account on such Distribution Date in accordance with Section 2.8 (a) or (d), as applicable. 

Section 8.3 General Provisions Regarding Accounts. 

(a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall
be invested by the Indenture Trustee at the written direction of the Servicer in Permitted Investments as provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement. All income or other gain (net of losses and investment expenses) from
investments of monies deposited in the Trust Accounts shall be withdrawn by the Indenture Trustee from such accounts and distributed (but only under the circumstances set forth in the Sale and Servicing Agreement) as provided in Sections 4.1 and 4.7
of the Sale and Servicing Agreement. The Servicer shall not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest granted and perfected in such
account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if
requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 

(b) Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the
Trust Accounts resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its
commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

  
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 (c) If (i) the Servicer shall have failed to give written investment directions for any
funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 A.M. (New York City time) (or such other time as may be agreed upon by the Issuer and Indenture Trustee), on the Business Day preceding each Distribution Date, (ii) a
Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared immediately due and payable pursuant to Section 5.2 or (iii) the Notes shall have been declared
immediately due and payable following an Event of Default, amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.4 as if there had not been such a declaration, then the Indenture Trustee shall, to
the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or more Permitted Investments. 
 Section 8.4
Release of Trust Estate. 
 (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee
may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The Indenture Trustee shall, at such time as there
are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer
or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section (b) only upon receipt of an Issuer Request accompanied
by an Officer’s Certificate, an Opinion of Counsel addressed to the Indenture Trustee and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of
Section 11.1. 
 Section 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven (7) days notice
when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also require, except in connection with any action contemplated by
Section 8.4(b), as a condition to such action, an Opinion of Counsel, addressed to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete such action, and concluding that all conditions
precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture;
provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

  
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 ARTICLE IX 

SUPPLEMENTAL INDENTURES 

Section 9.1 Supplemental Indentures Without Consent of Noteholders. 

(a) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, without the consent of the Holders of any Notes, with prior
written notice to the Rating Agencies and the Administrator, at any time and from time to time, enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the following purposes: 

 

	 	(i)	to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be
subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 

  

	 	(ii)	to evidence the succession, in compliance with the applicable provisions hereof, of another Person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes
contained; 

  

	 	(iii)	to add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer; 

 

	 	(iv)	to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 

  

	 	(v)	to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with any other provision herein or in any supplemental indenture or in any offering document
used in connection with the initial offer and sale of the Notes or to add any provisions to or change in any manner or eliminate any of the provisions of this Indenture which will not be inconsistent with other provisions of this Indenture;

  

	 	(vi)	to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to
facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or 

  

	 	(vii)	to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and
to add to this Indenture such other provisions as may be expressly required by the TIA; 

  
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 provided, however, that (i) no such supplemental indenture may materially adversely affect the
interests of any Noteholder, and (ii) no such supplemental indenture will be permitted unless an Opinion of Counsel is delivered to the Indenture Trustee to the effect that such supplemental indenture will not cause the Issuer to be
characterized for federal income tax purposes as an association taxable as a corporation or otherwise have any material adverse impact on the federal income taxation of any Notes Outstanding or any Noteholder. A supplemental indenture shall be
deemed not to materially adversely affect the interests of any Noteholder if (i) the Person requesting such supplemental indenture obtains and delivers to the Indenture Trustee an Opinion of Counsel to that effect or (ii) the Rating Agency
Condition is satisfied. The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 

Section 9.2 Supplemental Indentures with Consent of Noteholders. 

(a) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, with the consent of the Holders of Notes evidencing not
less than 51% of the Note Balance of the Controlling Class and with prior notice to the Rating Agencies and the Administrator, by Act of such Holders delivered to the Issuer and the Indenture Trustee, at any time and from time to time, enter into
one or more indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that (i) no such supplemental indenture may materially adversely affect the interests of any Noteholder and (ii) no such supplemental indenture will be permitted unless an Opinion of Counsel is
delivered to the Indenture Trustee to the effect that such supplemental indenture will not cause the Issuer to be characterized for federal income tax purposes as an association taxable as a corporation or otherwise have any material adverse impact
on the federal income taxation of any Notes Outstanding or any Noteholder; and, provided further, that no such supplemental indenture may, without the consent of the Holder of each Outstanding Note affected by such supplemental indenture: 

 

	 	(i)	change any Class Final Distribution Date or the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the Note Rate applicable thereto or the Redemption
Price with respect thereto, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment
where, or the coin or currency in which, any Note or the interest thereon is payable; 

  

	 	(ii)	impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of available funds, as provided in Article V, to the payment of any amount due on the Notes on or
after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 

  
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	 	(iii)	reduce the percentage of the Note Balance or the Note Balance of the Controlling Class the consent of the Holders of which is required for any such supplemental indenture or for any waiver of compliance with the
provisions of this Indenture or of defaults hereunder and their consequences as provided in this Indenture; 

  

	 	(iv)	modify or alter (A) the provisions of the second proviso to the definition of the term “Outstanding” or (B) the definition of the term “Note Balance” or the definition of the term
“Controlling Class”; 

  

	 	(v)	reduce the percentage of the Note Balance the consent of the Holders of which is required to direct the Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale
would be insufficient to pay in full the principal amount of and accrued but unpaid interest on the Notes; 

  

	 	(vi)	reduce the percentage of the Note Balance of the Controlling Class the consent of the Holders of which is required for any such supplemental indenture amending the provisions of this Indenture which specify the
applicable percentage of the Note Balance of the Controlling Class the consent of which is required for such supplemental indenture or the amendment of any other Transaction Document; 

 

	 	(vii)	affect the calculation of the amount of interest on or principal of the Notes payable on any Distribution Date, including the calculation of any of the individual components of such calculation; 

 

	 	(viii)	modify any of the provisions of this Indenture in such a manner as to affect the rights of the Holders of the Notes to the benefit of any provisions for the mandatory redemption of the Notes; or 

 

	 	(ix)	permit the creation of any Lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien
of this Indenture on any such collateral at any time subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture. 

(b) It shall not be necessary for any Act of Noteholders under this Section 9.2 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section 9.2, the Indenture

  
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Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any
failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive and, subject to Section 6.1 and Section 6.2, shall be fully protected in relying
upon an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent in this Indenture to the execution and delivery of such supplemental indenture have
been satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise.
Notwithstanding anything in this Indenture to the contrary, no supplemental indenture shall be effective without the prior written consent of the Owner Trustee if the supplemental indenture would adversely modify the amount or timing of
distributions to be made to the Owner Trustee under this Indenture. 
 Section 9.4 Effect of Supplemental Indenture. Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to
such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 9.5 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed
pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

Section 9.6 Reference in Notes to Supplemental Indentures. Any Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes. 

  
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 ARTICLE X 

REDEMPTION OF NOTES 

Section 10.1 Redemption. 

(a) The Notes are subject to redemption in whole, but not in part, at the direction of the Servicer, pursuant to Section 9.1(a) of the
Sale and Servicing Agreement, on any Distribution Date on which the Servicer exercises its option to purchase the assets of the Issuer pursuant to such Section 9.1(a), and the amount paid by the Servicer shall be treated as collections in
respect of the Receivables and applied to pay all amounts due to the Servicer under the Sale and Servicing Agreement and the unpaid principal amount of the Notes plus all accrued and unpaid interest (including any overdue interest) thereon. If the
Notes are to be redeemed pursuant to this Section 10.1(a), the Issuer shall furnish or cause the Servicer to furnish notice of such redemption to the Depositor, the Indenture Trustee, the Owner Trustee, the Rating Agencies and the Administrator
not later than ten (10) days prior to the Redemption Date and the Issuer shall deposit the Redemption Price of the Notes to be redeemed in the Note Payment Account by 10:00 A.M. (New York City time) on the Redemption Date, whereupon all such
Notes shall be due and payable on the Redemption Date. 
 (b) In the event that the assets of the Issuer are purchased by the Servicer
pursuant to Section 9.1(a) of the Sale and Servicing Agreement, all amounts on deposit in the Note Payment Account shall be paid to the Noteholders up to the unpaid principal amount of the Notes and all accrued and unpaid interest thereon. If
such amounts are to be paid to Noteholders pursuant to this Section 10.1(b), the Issuer shall, to the extent practicable, furnish or cause the Servicer to furnish notice of such event to the Depositor, the Indenture Trustee, the Rating Agencies
and the Administrator not later than ten (10) days prior to the Redemption Date, whereupon all such amounts shall be payable on the Redemption Date. 

Section 10.2 Form of Redemption Notice. 

(a) Notice of redemption of the Notes under Section 10.1(a) shall be given by the Indenture Trustee by first-class mail, postage prepaid,
or by facsimile mailed or transmitted promptly following receipt of notice from the Issuer or the Servicer pursuant to Section 10.1(a), but not later than ten (10) days prior to the applicable Redemption Date, to each Holder of the Notes
as of the close of business on the second Record Date preceding the applicable Redemption Date, at such Holder’s address or facsimile number appearing in the Note Register. 

(b) All notices of redemption shall state: 
  

	 	(i)	the Redemption Date; 

  

	 	(ii)	the Redemption Price; and 

  

	 	(iii)	the place where the Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2). 

  
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 (c) Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at
the expense of the Issuer. Any failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not, however, impair or affect the validity of the redemption of any other Note. 

Section 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption as required by
Section 10.2 (in the case of redemption pursuant to Section 10.1(a)), become due and payable on the Redemption Date at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall
accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 

ARTICLE XI 
 MISCELLANEOUS 

Section 11.1 Compliance Certificates and Opinions, etc. 

(a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the
Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of
Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the
applicable requirements of this Section 11.1, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or
opinion need be furnished. 
 (b) Every certificate or opinion with respect to compliance with a condition or covenant provided for in this
Indenture shall include: 
  

	 	(i)	a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

 

	 	(ii)	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

 

	 	(iii)	a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such
covenant or condition has been complied with; and 

  

	 	(iv)	a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 

  
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 (c) Prior to the deposit of any Collateral or other property or securities with the Indenture
Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, deliver to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within ninety (90) days of such deposit) to the Issuer of the Collateral or other property or
securities to be so deposited. 
 (d) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of any signer thereof as to the matters described in Section 11.1(c), the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value to the Issuer of
the property or securities to be so deposited and of all other such property or securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates
furnished pursuant to Section 11.1(c) and this Section 11.1(d), is 10% or more of the Note Balance, but such a certificate need not be furnished with respect to any property or securities so deposited if the fair value thereof to the
Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Note Balance. 
 (e) Whenever any
property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair
value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the
provisions hereof. 
 (f) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or
stating the opinion of any signer thereof as to the matters described in Section 11.1(e), the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities
and of all other property, other than property as contemplated by Section 11.1(g) or securities released from the lien of this Indenture since the commencement of the then-current calendar year, as set forth in the certificates required by
Section 11.1(e) and this Section 11.1(f), is 10% or more of the Note Balance, but such a certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related
Officer’s Certificate is less than $25,000 or less than 1% of the Note Balance. 
 (g) Notwithstanding Section 2.10 or any other
provisions of this Section 11.1, the Issuer may, without compliance with the requirements of the other provisions of this Section 11.1, (i) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to
the extent permitted or required by the Transaction Documents and (ii) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Transaction Documents. 

  
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 Section 11.2 Form of Documents Delivered to Indenture Trustee. 

(a) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

(b) Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such officer’s certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, one or more officers of the
Depositor, the Seller, the Servicer, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the Depositor, the Seller, the Servicer, the Administrator or the Issuer, unless such
Authorized Officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

(c) Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 (d) Whenever in this Indenture,
in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with
any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such
case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon
the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
 Section 11.3 Acts of
Noteholders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by the Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by the Noteholders in person or by agents duly appointed in writing, and except as herein otherwise expressly
provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 11.3. 

  
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 (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved in any manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of
every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note. 
 Section 11.4 Notices, etc., to Indenture Trustee, Issuer and Rating Agencies. 

(a) Any request, demand, authorization, direction, notice, instruction, consent, waiver, Act of Noteholders or other document provided or
permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, instruction, consent, waiver, Act of Noteholders or other document is to be made upon, given or furnished to or filed with: 

 

	 	(i)	the Indenture Trustee by any Noteholder or by the Issuer, shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office;

  

	 	(ii)	the Issuer by the Indenture Trustee or by any Noteholder, shall be sufficient for every purpose hereunder if in writing and sent by first-class mail, postage prepaid, or overnight courier to the Issuer addressed to:
CarMax Auto Owner Trust 2014-4, in care of U.S. Bank Trust National Association, at its Corporate Trust Office as defined in the Trust Agreement, with a copy to the Administrator at 12800 Tuckahoe Creek Parkway, Richmond, Virginia 23238, Attention:
Treasury Department, or at any other address previously furnished in writing to the Indenture Trustee by the Issuer or the Administrator; 

  

	 	(iii)	the Depositor by the Indenture Trustee, the Servicer or any Noteholder, shall be sufficient for every purpose hereunder if in writing and sent by first-class mail, postage prepaid, or overnight courier to the Depositor
addressed to CarMax Auto Funding LLC at 12800 Tuckahoe Creek Parkway, Suite 400, Richmond, Virginia 23238, Attention: Treasurer; or 

  

	 	(iv)	 the Administrator by the Indenture Trustee, the Issuer, the Servicer, the Depositor or any Noteholder, shall be sufficient for every purpose hereunder
if in writing and sent by first-class mail, postage prepaid, or overnight courier to the Administrator 

  
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addressed to CarMax Business Services, LLC at 12800 Tuckahoe Creek Parkway, Richmond, Virginia 23238, Attention: Treasury Department. 

(b) Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or the Owner Trustee shall be in writing,
personally delivered, telecopied or mailed by certified mail, return receipt requested, to (i) in the case of Fitch, at the following address: Fitch Ratings, Inc., 33 Whitehall Street, New York, New York 10004, Attention: Auto Asset Backed
Securities Group, and via email to notifications.abs@fitchratings.com and (ii) in the case of Standard & Poor’s, at the following address: Standard & Poor’s Ratings Services, a division of Standard &
Poor’s Financial Services LLC, 55 Water Street, 43rd Floor, New York, New York, 10041, Attention: Asset Backed Surveillance Department. 

Section 11.5 Notices to Noteholders; Waiver. 

(a) Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at its address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such
notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

(b) Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such a waiver. 
 (c) If, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to
the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 (d) Where this Indenture provides for notice to the
Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 

Section 11.6 Alternate Payment and Notice Provisions. Notwithstanding any other provisions of this Indenture or any of the Notes
to the contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this
Indenture for such payments or notices. The Issuer shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall cause payments to be made and notices to be given in accordance with such agreements. 

  
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 Section 11.7 Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. The provisions of TIA Sections 310 through 317 that
impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

Section 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 11.9 Successors and
Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors,
co-trustees and agents. 
 Section 11.10 Severability. If any provision of this Indenture or the Notes shall be invalid, illegal
or unenforceable, the validity, legality, and enforceability of the remaining provisions of this Indenture and the Notes shall not in any way be affected or impaired thereby. 

Section 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, the Noteholders, any other party secured hereunder and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture. 
 Section 11.12 Legal Holiday. If the date on which any payment is due shall not be a Business Day,
then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no
interest shall accrue for the period from and after any such nominal date. 
 Section 11.13 GOVERNING LAW. THIS INDENTURE SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS INDENTURE SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS
THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

Section 11.14 Counterparts. This Indenture 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. 

  
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 Section 11.15 Recording of Indenture. If this Indenture is subject to recording in
any appropriate public recording office, such recording shall be effected by the Issuer at its expense and shall be accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the
Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

 Section 11.16 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the
Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith against (i) the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, of any holder
of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacities), and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner
Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI, Article VII and Article VIII of the Trust Agreement. 

Section 11.17 No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder or Note Owner, by accepting
a Note or beneficial interest in a Note, as the case may be, hereby covenant and agree that they will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, or cooperate with
or encourage others to institute against the Depositor or the Issuer, 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 Notes, this Indenture or any of the other Transaction Documents. 
 Section 11.18
Inspection. The Issuer shall, with reasonable prior notice, permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine the books of account, records, reports and other papers of the Issuer,
to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent
certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be
required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

  
 74 

 Section 11.19 Third-Party Beneficiaries. This Indenture shall inure to the benefit of
and be binding upon the parties hereto, the Owner Trustee, the Noteholders, the Certificateholders and their respective successors and permitted assigns. Except as otherwise provided in this Article XI, no other Person shall have any right or
obligation hereunder. 
 Section 11.20 Limitation on Recourse to CarMax Funding. Notwithstanding anything to the contrary
contained herein, the Depositor shall only be required to pay (i) any fees, expenses, indemnities or other liabilities that it may incur under the Transaction Documents from funds available pursuant to, and in accordance with, the applicable
payment priorities set forth in the Transaction Documents and (ii) to the extent the Depositor has additional funds available (other than funds described in the preceding clause (i)) that would be in excess of amounts that would be necessary to
pay the debt and other obligations of the Depositor in accordance with the Depositor’s certificate of formation, operating agreement and all financing documents to which the Depositor is a party. The agreement set forth in the preceding
sentence shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. In addition, no amount owing by the Depositor under any Transaction Document in excess of liabilities that it is required to pay in
accordance with the preceding sentence shall constitute a “claim” (as defined in Section 101(5) of the Bankruptcy Code) against it. 

[SIGNATURE PAGE FOLLOWS] 

  
 75 

 IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture 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 OWNER TRUST 2014-4
		
	By:	  	U.S. BANK TRUST NATIONAL ASSOCIATION,
		  	 not in its individual capacity but solely
 as
Owner Trustee

 
			
		
	By:	 	 /s/ Edwin J. Janis

			
	Name:	 	Edwin J. Janis

 
			
	Title:	 	Vice President
	
	WELLS FARGO BANK,
	 NATIONAL ASSOCIATION,
 not in its
individual capacity but solely
 as Indenture Trustee

 
			
		
	By:	 	 /s/ Tara H. Anderson

			
	Name:	 	Tara H. Anderson

 
			
	Title:	 	Vice President

 Indenture (CAOT 2014-4) 

 APPENDIX A 

Additional Representations and Warranties 
  

	 	1.	This Indenture creates a valid and continuing “security interest” (as defined in the Relevant UCC) in the Receivables in favor of the Indenture Trustee, which security interest is prior to all other Liens and
is enforceable as such as against creditors of and purchasers from the Issuer. 

  

	 	2.	With respect to each Receivable, the Issuer has taken all steps necessary to perfect its security interest against the related Obligor in the related Financed Vehicle. 

 

	 	3.	The Receivables constitute “tangible chattel paper” (as defined in the Relevant UCC). 

  

	 	4.	The Issuer owns and has good and marketable title to the Receivables free and clear of any Lien, claim or encumbrance of any Person. 

 

	 	5.	The Issuer has caused or will cause prior to the Closing Date the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law necessary to perfect the
security interest in the Receivables granted to the Indenture Trustee under this Indenture. 

  

	 	6.	Other than the security interest granted to the Indenture Trustee under the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Issuer
has not authorized the filing of and is not aware of any financing statements against the Seller, the Depositor or the Issuer that include a description of collateral covering the Receivables other than the financing statements relating to the
security interests granted to the Depositor, the Issuer and the Indenture Trustee under the Transaction Documents or any financing statement that has been terminated. The Issuer is not aware of any judgment or tax lien filings against the Seller,
the Depositor or the Issuer. 

  

	 	7.	All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee in connection herewith describing the Receivables contain a statement to the following effect: “A purchase of or
security interest in any collateral described in this financing statement will violate the rights of the Indenture Trustee.” 

  
 App. A 

 Exhibit A-1 

Form of Class A-1 Note 
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	 REGISTERED
	 	$[            ]
		
	 NO. [    ]
	 	CUSIP NO. 14313UAA4

 CARMAX AUTO OWNER TRUST 2014-4 

0.21000% CLASS A-1 ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2014-4, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [            ] DOLLARS payable on each
Distribution Date in an amount equal to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class A-1 Notes pursuant to Section 2.8 of the Indenture dated as of November 1, 2014 (as
amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the
“Indenture Trustee”); provided, however, that, if not paid prior to such date, the unpaid principal amount of this Class A-1 Note shall be due and payable on the earlier of the November 16, 2015 Distribution
Date (the “Class A-1 Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also
contains rules as to construction that shall be applicable hereto. 
 The Issuer shall pay interest on this Class A-1 Note at the rate
per annum shown above on each Distribution Date, until the principal of this Class A-1 Note is paid or made available for payment, on the principal amount of this Class A-1 Note outstanding on the preceding Distribution Date (after giving
effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Class A-1 Note shall accrue for each Distribution Date from and
including the 

  
 Ex. A-1-1 

 
preceding Distribution Date (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding such Distribution Date.
Interest shall be computed on the basis of actual days elapsed and a 360-day year. Interest on this Class A-1 Note on each Distribution Date shall equal the product of (i) the rate per annum shown above, (ii) the principal amount of
this Class A-1 Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date) and (iii) the actual number of days in the applicable interest period divided by
360; provided, however, that the interest payable on this Class A-1 Note on December 15, 2014 shall equal $33,786.67. The principal of and interest on this Class A-1 Note shall be paid in the manner specified on the
reverse hereof. 
 “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 December 15, 2014. 
 The principal of and interest on this Class A-1 Note are payable in
such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-1 Note shall be applied first to interest due and payable
on this Class A-1 Note as provided above and then to the unpaid principal of this Class A-1 Note. 
 Reference is hereby made to
the further provisions of this Class A-1 Note 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 Class A-1 Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class A-1 Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-1-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class A-1 Note to be duly executed as of the
date set forth below. 
 Dated: November 13, 2014 
  

			
	CARMAX AUTO OWNER TRUST 2014-4
		
	By:    	 	 U.S. BANK TRUST NATIONAL ASSOCIATION,
 not in
its individual capacity but solely as Owner Trustee

 
			
	By:	 	   

 
			
	 Name:
	 	
	 Title:
	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-1 Notes designated above and referred to in the within-mentioned Indenture. 

Dated: November 13, 2014 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Indenture Trustee

	By:	 	   

 
			
	Name:	 	
	Title:	 	

  
 Ex. A-1-3 

 [REVERSE OF CLASS A-1 NOTE] 

This Class A-1 Note is one of a duly authorized issue of Notes of the Issuer, designated as its 0.21000% Class A-1 Asset-backed
Notes, which, together with the 0.67% Class A-2a Asset-backed Notes, the LIBOR + 0.27% Class A-2b Asset-backed Notes, the 1.25% Class A-3 Asset-backed Notes, the 1.81% Class A-4 Asset-backed Notes, the 2.20% Class B Asset-backed
Notes, the 2.44% Class C Asset-backed Notes and the 3.04% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class A-1 Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes are subordinated to the Class A-1 Notes to the extent set forth in
the Indenture and the Sale and Servicing Agreement. 
 As described above, the entire unpaid principal amount of this Class A-1 Note
shall be due and payable on the earlier of the Class A-1 Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes,
together with accrued and unpaid interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing
not less than 51% of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-1 Notes shall be made
pro rata to the Holders entitled thereto if the Notes have been declared immediately due and payable. 
 Payments of interest on this
Class A-1 Note due and payable on any Distribution Date, together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-1 Note, shall be made by check mailed
to the Person whose name appears as the Holder of this Class A-1 Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately
available funds to the account designated in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class A-1 Notes registered on the Record Date in the
name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the
Person entitled thereto at the address of such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-1 Note be submitted for notation of payment. Any reduction in the principal amount of this
Class A-1 Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-1 Note and of any Class A-1 Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-1

  
 Ex. A-1-4 

 
Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Class A-1 Note at the Indenture Trustee’s
Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class A-1 Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class A-1 Note may be registered on the Note Register upon surrender of this Class A-1 Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class A-1 Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-1 Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any
successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer 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 Indenture or any of the other Transaction Documents. 

  
 Ex. A-1-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) 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 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; or (b) the acquisition and
holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class A-1 Note is issued with the intention that, for federal, State and local income,
and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to
treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to
the due presentment for registration of transfer of this Class A-1 Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A-1 Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A-1 Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf
of the Issuer, and the Indenture Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51%
of the Note Balance of the Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on 

  
 Ex. A-1-6 

 
behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class A-1 Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future
Holders of this Class A-1 Note and of any Class A-1 Note 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 Class A-1 Note. 

The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-1 NOTE AND THE INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class A-1 Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class A-1 Note or the performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-1 Note. 

  
 Ex. A-1-7 

 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 Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note 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 Note 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 Note Registrar. 

  
 Ex. A-1-8 

 Exhibit A-2a 

Form of Class A-2a Note 
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	 	$[            ]
		
	NO. [    ]	 	CUSIP NO. 14313UAB2

 CARMAX AUTO OWNER TRUST 2014-4 

0.67% CLASS A-2a ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2014-4, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [            ] DOLLARS payable on each
Distribution Date in an amount equal to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class A-2a Notes pursuant to Section 2.8 of the Indenture dated as of November 1, 2014 (as
amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the
“Indenture Trustee”); provided, however, that principal of this Class A-2a Note will not be due and payable until the Class A-1 Notes have been paid in full; and, provided further, that, if not
paid prior to such date, the unpaid principal amount of this Class A-2a Note shall be due and payable on the earlier of the February 15, 2018 Distribution Date (the “Class A-2a Final Distribution Date”) and the Redemption
Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 

The Issuer shall pay interest on this Class A-2a Note at the rate per annum shown above on each Distribution Date, until the principal of
this Class A-2a Note is paid or made available for payment, on the principal amount of this Class A-2a Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding

  
 Ex. A-2a-1 

 
Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Class A-2a Note shall accrue for each Distribution Date from and including
the 15th day of the preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding the 15th day of the month in which such Distribution Date occurs. Interest
shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class A-2a Note on each Distribution Date shall equal one-twelfth of the product of (i) the rate per annum shown above and (ii) the
principal amount of this Class A-2a Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date); provided, however, that the interest payable on
this Class A-2a Note on December 15, 2014 shall equal $161,395.56. The principal of and interest on this Class A-2a Note shall be paid in the manner specified on the reverse hereof. 

“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 December 15, 2014. 
 The principal of and interest on this Class A-2a Note are payable in such coin or currency of
the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-2a Note shall be applied first to interest due and payable on this Class A-2a
Note as provided above and then to the unpaid principal of this Class A-2a Note. 
 Reference is hereby made to the further provisions
of this Class A-2a Note 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 Class A-2a Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class A-2a Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-2a-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class A-2a Note to be duly executed as of the
date set forth below. 
 Dated: November 13, 2014 
  

			
	CARMAX AUTO OWNER TRUST 2014-4
		
	By:    	 	 U.S. BANK TRUST NATIONAL ASSOCIATION,
 not in
its individual capacity but solely
as Owner Trustee

 
			
	 By:
	 	   

 
			
	 Name:
	 	
	 Title:
	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-2a Notes designated above and referred to in the within-mentioned Indenture. 

Dated: November 13, 2014 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Indenture Trustee

	 By:
	 	   

 
			
	 Name:
	 	
	 Title:
	 	

  
 Ex. A-2a-3 

 [REVERSE OF CLASS A-2a NOTE] 

This Class A-2a Note is one of a duly authorized issue of Notes of the Issuer, designated as its 0.67% Class A-2a Asset-backed
Notes, which, together with the 0.21000% Class A-1 Asset-backed Notes, the LIBOR + 0.27% Class A-2b Asset-backed Notes, the 1.25% Class A-3 Asset-backed Notes, the 1.81% Class A-4 Asset-backed Notes, the 2.20% Class B
Asset-backed Notes, the 2.44% Class C Asset-backed Notes and the 3.04% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class A-2a Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-2a Notes are subordinated to the Class A-1 Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes
and the Class D Notes are subordinated to the Class A-2a Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The Class A-2a Notes and the Class A-2b Notes are pari passu to the extent set forth in the
Indenture and the Sale and Servicing Agreement. 
 As described above, the entire unpaid principal amount of this Class A-2a Note shall
be due and payable on the earlier of the Class A-2a Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes,
together with accrued and unpaid interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing
not less than 51% of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-2a Notes shall be made
pro rata to the Holders entitled thereto if the Notes have been declared immediately due and payable. 
 Payments of interest on this
Class A-2a Note due and payable on any Distribution Date, together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-2a Note, shall be made by check
mailed to the Person whose name appears as the Holder of this Class A-2a Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in
immediately available funds to the account designated in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class A-2a Notes registered on the
Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-2a Note be submitted for notation of payment. Any reduction in the principal
amount of this Class A-2a Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-2a Note and of any

  
 Ex. A-2a-4 

 
Class A-2a Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in
the Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-2a Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Holder
hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and surrender of this
Class A-2a Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class A-2a Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class A-2a Note may be registered on the Note Register upon surrender of this Class A-2a Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class A-2a Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-2a Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any
successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against 

  
 Ex. A-2a-5 

 
the Depositor or the Issuer 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 Indenture or any of the other Transaction Documents. 
 Each Noteholder or
Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) 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 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; or (b) the acquisition and holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a
violation of any substantially similar applicable law. 
 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a
Note Owner, a beneficial interest in this Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the
Noteholder FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of
interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class A-2a Note is issued with the intention that, for federal, State and local
income, and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees
to treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior
to the due presentment for registration of transfer of this Class A-2a Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A-2a Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A-2a Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf
of the Issuer, and the Indenture Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not

  
 Ex. A-2a-6 

 
less than 51% of the Note Balance of the Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on behalf of
the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders of not less than 51% of the Note
Balance of the Controlling Class or the Holder of this Class A-2a Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of this Class A-2a Note and of any Class A-2a Note
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 Class A-2a Note. 

The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-2A NOTE AND THE INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class A-2a Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class A-2a Note or the performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-2a Note. 

  
 Ex. A-2a-7 

 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 Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note 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 Note 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 Note Registrar. 

  
 Ex. A-2a-8 

 Exhibit A-2b 

Form of Class A-2b Note 
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	 	$[            ]
		
	NO. [    ]	 	CUSIP NO. 14313UAH9

 CARMAX AUTO OWNER TRUST 2014-4 

LIBOR + 0.27% CLASS A-2b ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2014-4, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [            ] DOLLARS payable on each
Distribution Date in an amount equal to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class A-2b Notes pursuant to Section 2.8 of the Indenture dated as of November 1, 2014 (as
amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the
“Indenture Trustee”); provided, however, that principal of this Class A-2b Note will not be due and payable until the Class A-1 Notes have been paid in full; and, provided further, that, if not
paid prior to such date, the unpaid principal amount of this Class A-2b Note shall be due and payable on the earlier of the February 15, 2018 Distribution Date (the “Class A-2b Final Distribution Date”) and the Redemption
Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 

The Issuer shall pay interest on this Class A-2b Note at a rate based on LIBOR determined in accordance with the terms of the Indenture
plus 0.27% per annum shown above on each Distribution Date, until the principal of this Class A-2b Note is paid or made available for payment, on the principal amount of this Class A-2b Note outstanding on the preceding

  
 Ex. A-2b-1 

 
Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Class A-2b Note shall accrue for each Distribution Date from and including the preceding Distribution Date (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date)
to but excluding such Distribution Date. Interest shall be computed on the basis of actual days elapsed and a 360-day year. Interest on this Class A-2b Note on each Distribution Date shall equal one-twelfth of the product of (i) the rate
per annum shown above and (ii) the principal amount of this Class A-2b Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date); provided,
however, that the interest payable on this Class A-2b Note on December 15, 2014 shall equal $43,792.00. The principal of and interest on this Class A-2b Note shall be paid in the manner specified on the reverse hereof. 

“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 December 15, 2014. 
 The principal of and interest on this Class A-2b Note are payable in such coin or currency of
the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-2b Note shall be applied first to interest due and payable on this Class A-2b
Note as provided above and then to the unpaid principal of this Class A-2b Note. 
 Reference is hereby made to the further provisions
of this Class A-2b Note 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 Class A-2b Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class A-2b Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-2b-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class A-2b Note to be duly executed as of the
date set forth below. 
 Dated: November 13, 2014 
  

			
	 CARMAX AUTO OWNER TRUST 2014-4

		
	 By:    
	 	 U.S. BANK TRUST NATIONAL ASSOCIATION,
 not in
its individual capacity but solely
as Owner Trustee

 
			
		
	 By:
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-2b Notes designated above and referred to in the within-mentioned Indenture. 

Dated: November 13, 2014 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Indenture Trustee

		
	 By:
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

  
 Ex. A-2b-3 

 [REVERSE OF CLASS A-2b NOTE] 

This Class A-2b Note is one of a duly authorized issue of Notes of the Issuer, designated as its LIBOR + 0.27% Class A-2b
Asset-backed Notes, which, together with the 0.21000% Class A-1 Asset-backed Notes, the 0.67% Class A-2a Asset-backed Notes,the 1.25% Class A-3 Asset-backed Notes, the 1.81% Class A-4 Asset-backed Notes, the 2.20% Class B
Asset-backed Notes, the 2.44% Class C Asset-backed Notes and the 3.04% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class A-2b Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-2b Notes are subordinated to the Class A-1 Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes
and the Class D Notes are subordinated to the Class A-2b Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The Class A-2b Notes and the Class A-2a Notes are pari passu to the extent set forth in the
Indenture and the Sale and Servicing Agreement. 
 As described above, the entire unpaid principal amount of this Class A-2b Note shall
be due and payable on the earlier of the Class A-2b Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes,
together with accrued and unpaid interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing
not less than 51% of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-2b Notes shall be made
pro rata to the Holders entitled thereto if the Notes have been declared immediately due and payable. 
 Payments of interest on this
Class A-2b Note due and payable on any Distribution Date, together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-2b Note, shall be made by check
mailed to the Person whose name appears as the Holder of this Class A-2b Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in
immediately available funds to the account designated in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class A-2b Notes registered on the
Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-2b Note be submitted for notation of payment. Any reduction in the principal
amount of this Class A-2b Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-2b Note and of

  
 Ex. A-2b-4 

 
any Class A-2b Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided
in the Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-2b Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the
Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and surrender of this
Class A-2b Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class A-2b Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class A-2b Note may be registered on the Note Register upon surrender of this Class A-2b Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class A-2b Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-2b Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any
successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against 

  
 Ex. A-2b-5 

 
the Depositor or the Issuer 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 Indenture or any of the other Transaction Documents. 
 Each Noteholder or
Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) 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 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; or (b) the acquisition and holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a
violation of any substantially similar applicable law. 
 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a
Note Owner, a beneficial interest in this Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the
Noteholder FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of
interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class A-2b Note is issued with the intention that, for federal, State and local
income, and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees
to treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior
to the due presentment for registration of transfer of this Class A-2b Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A-2b Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A-2b Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf
of the Issuer, and the Indenture Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not

  
 Ex. A-2b-6 

 
less than 51% of the Note Balance of the Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on behalf of
the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders of not less than 51% of the Note
Balance of the Controlling Class or the Holder of this Class A-2b Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of this Class A-2b Note and of any Class A-2b Note
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 Class A-2b Note. 

The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-2B NOTE AND THE INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class A-2b Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class A-2b Note or the performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-2b Note. 

  
 Ex. A-2b-7 

 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 Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note 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 Note 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 Note Registrar. 

  
 Ex. A-2b-8 

 Exhibit A-3 

Form of Class A-3 Note 
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

					
	 REGISTERED
	  	$	[            	] 

  

					
	 NO. [    ]
	  	 	CUSIP NO. 14313UAC0	  

 CARMAX AUTO OWNER TRUST 2014-4 

1.25% CLASS A-3 ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2014-4, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [            ] DOLLARS payable on each
Distribution Date in an amount equal to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class A-3 Notes pursuant to Section 2.8 of the Indenture dated as of November 1, 2014 (as
amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the
“Indenture Trustee”); provided, however, that, except under certain limited circumstances described in the Indenture, principal of this Class A-3 Note will not be due and payable until the Class A-1 Notes,
the Class A-2a Notes and the Class A-2b Notes have been paid in full; and, provided further, that, if not paid prior to such date, the unpaid principal amount of this Class A-3 Note shall be due and payable on the
earlier of the November 15, 2019 Distribution Date (the “Class A-3 Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are
defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 
 The Issuer shall pay
interest on this Class A-3 Note at the rate per annum shown above on each Distribution Date, until the principal of this Class A-3 Note is paid or made available for payment, on the principal amount of this Class A-3 Note outstanding
on the preceding 

  
 Ex. A-3-1 

 
Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Class A-3 Note shall accrue for each Distribution Date from and including the 15th day of the preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing
Date) to but excluding the 15th day of the month in which such Distribution Date occurs. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class A-3 Note on each Distribution Date
shall equal one-twelfth of the product of (i) the rate per annum shown above and (ii) the principal amount of this Class A-3 Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on
such preceding Distribution Date); provided, however, that the interest payable on this Class A-3 Note on December 15, 2014 shall equal $451,111.11. The principal of and interest on this Class A-3 Note shall be paid in
the manner specified on the reverse hereof. 
 “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 December 15, 2014. 
 The principal of and interest on this
Class A-3 Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-3 Note shall be
applied first to interest due and payable on this Class A-3 Note as provided above and then to the unpaid principal of this Class A-3 Note. 

Reference is hereby made to the further provisions of this Class A-3 Note 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 Class A-3 Note. 
 Unless the certificate of
authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile signature, this Class A-3 Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-3-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class A-3 Note to be duly executed as of the
date set forth below. 
 Dated: November 13, 2014 
  

			
	 CARMAX AUTO OWNER TRUST 2014-4

		
	 By:    
	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
		 	 not in its individual capacity but solely
 as
Owner Trustee

 
			
		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-3 Notes designated above and referred to in the within-mentioned Indenture. 

Dated: November 13, 2014 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Indenture Trustee

 
			
		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

  
 Ex. A-3-3 

 [REVERSE OF CLASS A-3 NOTE] 

This Class A-3 Note is one of a duly authorized issue of Notes of the Issuer, designated as its 1.25% Class A-3 Asset-backed Notes,
which, together with the 0.21000% Class A-1 Asset-backed Notes, the 0.67% Class A-2a Asset-backed Notes, the LIBOR + 0.27% Class A-2b Asset-backed Notes, the 1.81% Class A-4 Asset-backed Notes, the 2.20% Class B Asset-backed
Notes, the 2.44% Class C Asset-backed Notes and the 3.04% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class A-3 Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-3 Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes and the Class A-2b Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The Class A-4 Notes, the
Class B Notes, the Class C Notes and the Class D Notes are subordinated to the Class A-3 Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. 

As described above, the entire unpaid principal amount of this Class A-3 Note shall be due and payable on the earlier of the
Class A-3 Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued and unpaid interest thereon
through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-3 Notes shall be made pro rata to the Holders entitled thereto if the
Notes have been declared immediately due and payable. 
 Payments of interest on this Class A-3 Note due and payable on any
Distribution Date, together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-3 Note, shall be made by check mailed to the Person whose name appears as the
Holder of this Class A-3 Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately available funds to the account designated
in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class A-3 Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-3 Note be submitted for notation of payment. Any reduction in the principal amount of this Class A-3 Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-3 Note and of any Class A-3 Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the 

  
 Ex. A-3-4 

 
Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-3 Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the
Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Class A-3 Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of
New York. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-3 Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class A-3 Note may be registered on the Note Register upon surrender of this Class A-3 Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class A-3 Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-3 Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any
successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer 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 Indenture or any of the other Transaction Documents. 

  
 Ex. A-3-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) 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 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; or (b) the acquisition and
holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class A-3 Note is issued with the intention that, for federal, State and local income,
and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to
treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to
the due presentment for registration of transfer of this Class A-3 Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A-3 Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A-3 Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf
of the Issuer, and the Indenture Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51%
of the Note Balance of the Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on 

  
 Ex. A-3-6 

 
behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class A-3 Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future
Holders of this Class A-3 Note and of any Class A-3 Note 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 Class A-3 Note. 

The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-3 NOTE AND THE INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class A-3 Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class A-3 Note or the performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-3 Note. 

  
 Ex. A-3-7 

 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 Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note 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 Note 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 Note Registrar. 

  
 Ex. A-3-8 

 Exhibit A-4 

Form of Class A-4 Note 
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

					
	 REGISTERED
	  	$	[            	] 

  

					
	 NO. [    ]
	  	 	CUSIP NO. 14313UAD8	  

 CARMAX AUTO OWNER TRUST 2014-4 

1.81% CLASS A-4 ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2014-4, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [            ] DOLLARS payable on each
Distribution Date in an amount equal to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class A-4 Notes pursuant to Section 2.8 of the Indenture dated as of November 1, 2014 (as
amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the
“Indenture Trustee”); provided, however, that, except under certain limited circumstances described in the Indenture, principal of this Class A-4 Note will not be due and payable until the Class A-1 Notes,
the Class A-2a Notes, the Class A-2b Notes and the Class A-3 Notes have been paid in full; and, provided further, that, if not paid prior to such date, the unpaid principal amount of this Class A-4 Note shall be due
and payable on the earlier of the July 15, 2020 Distribution Date (the “Class A-4 Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined
herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 
 The
Issuer shall pay interest on this Class A-4 Note at the rate per annum shown above on each Distribution Date, until the principal of this Class A-4 Note is paid or made available for payment, on the principal amount of this Class A-4
Note outstanding on the preceding 

  
 Ex. A-4-1 

 
Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Class A-4 Note shall accrue for each Distribution Date from and including the 15th day of the preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing
Date) to but excluding the 15th day of the month in which such Distribution Date occurs. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class A-4 Note on each Distribution Date
shall equal one-twelfth of the product of (i) the rate per annum shown above and (ii) the principal amount of this Class A-4 Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on
such preceding Distribution Date); provided, however, that the interest payable on this Class A-4 Note on December 15, 2014 shall equal $188,079.11. The principal of and interest on this Class A-4 Note shall be paid in
the manner specified on the reverse hereof. 
 “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 December 15, 2014. 
 The principal of and interest on this
Class A-4 Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-4 Note shall be
applied first to interest due and payable on this Class A-4 Note as provided above and then to the unpaid principal of this Class A-4 Note. 

Reference is hereby made to the further provisions of this Class A-4 Note 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 Class A-4 Note. 
 Unless the certificate of
authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile signature, this Class A-4 Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-4-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class A-4 Note to be duly executed as of the
date set forth below. 
 Dated: November 13, 2014 
  

			
	 CARMAX AUTO OWNER TRUST 2014-4

		
	 By:    
	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
		 	 not in its individual capacity but solely
 as
Owner Trustee

 
			
		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-4 Notes designated above and referred to in the within-mentioned Indenture. 

Dated: November 13, 2014 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Indenture Trustee

 
			
		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

  
 Ex. A-4-3 

 [REVERSE OF CLASS A-4 NOTE] 

This Class A-4 Note is one of a duly authorized issue of Notes of the Issuer, designated as its 1.81% Class A-4 Asset-backed Notes,
which, together with the 0.21000% Class A-1 Asset-backed Notes, the 0.67% Class A-2a Asset-backed Notes, the LIBOR + 0.27% Class A-2b Asset-backed Notes, the 1.25% Class A-3 Asset-backed Notes, the 2.20% Class B Asset-backed
Notes, the 2.44% Class C Asset-backed Notes and the 3.04% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class A-4 Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-4 Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes and the Class A-3 Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The
Class B Notes, the Class C Notes and the Class D Notes are subordinated to the Class A-4 Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. 

As described above, the entire unpaid principal amount of this Class A-4 Note shall be due and payable on the earlier of the
Class A-4 Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued and unpaid interest thereon
through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the Holders entitled thereto if the
Notes have been declared immediately due and payable. 
 Payments of interest on this Class A-4 Note due and payable on any
Distribution Date, together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-4 Note, shall be made by check mailed to the Person whose name appears as the
Holder of this Class A-4 Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately available funds to the account designated
in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class A-4 Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-4 Note be submitted for notation of payment. Any reduction in the principal amount of this Class A-4 Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-4 Note and of any Class A-4 Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the 

  
 Ex. A-4-4 

 
Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-4 Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the
Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Class A-4 Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of
New York. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-4 Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class A-4 Note may be registered on the Note Register upon surrender of this Class A-4 Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class A-4 Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-4 Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any
successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer 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 Indenture or any of the other Transaction Documents. 

  
 Ex. A-4-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) 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 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; or (b) the acquisition and
holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class A-4 Note is issued with the intention that, for federal, State and local income,
and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to
treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to
the due presentment for registration of transfer of this Class A-4 Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A-4 Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A-4 Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf
of the Issuer, and the Indenture Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51%
of the Note Balance of the Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on 

  
 Ex. A-4-6 

 
behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class A-4 Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future
Holders of this Class A-4 Note and of any Class A-4 Note 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 Class A-4 Note. 

The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-4 NOTE AND THE INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class A-4 Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class A-4 Note or the performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-4 Note. 

  
 Ex. A-4-7 

 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 Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note 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 Note 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 Note Registrar. 

  
 Ex. A-4-8 

 Exhibit B 

Form of Class B Note 
 UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

					
	 REGISTERED
	  	$	[            	] 

  

					
	 NO. [    ]
	  	 	CUSIP NO. 14313UAE6	  

 CARMAX AUTO OWNER TRUST 2014-4 

2.20% CLASS B ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2014-4, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [            ] DOLLARS payable on each
Distribution Date in an amount equal to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class B Notes pursuant to Section 2.8 of the Indenture dated as of November 1, 2014 (as amended,
supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the
“Indenture Trustee”); provided, however, that principal of this Class B Note will not be due and payable until the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes
and the Class A-4 Notes have been paid in full; and, provided further, that, if not paid prior to such date, the unpaid principal amount of this Class B Note shall be due and payable on the earlier of the September 15, 2020
Distribution Date (the “Class B Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture,
which also contains rules as to construction that shall be applicable hereto. 
 The Issuer shall pay interest on this Class B Note at the
rate per annum shown above on each Distribution Date, until the principal of this Class B Note is paid or made available for payment, on the principal amount of this Class B Note outstanding on the preceding Distribution Date (after giving effect to
all payments of principal made on such preceding Distribution Date), 

  
 Ex. B-1 

 
subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Class B Note shall accrue for each Distribution Date from and including the 15th day of the
preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding the 15th day of the month in which such Distribution Date occurs. Interest shall be computed on
the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class B Note on each Distribution Date shall equal one-twelfth of the product of (i) the rate per annum shown above and (ii) the principal amount of this
Class B Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date); provided, however, that the interest payable on this Class B Note on
December 15, 2014 shall equal $56,906.67. The principal of and interest on this Class B Note shall be paid in the manner specified on the reverse hereof. 

“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 December 15, 2014. 
 The principal of and interest on this Class B Note are payable in such coin or currency of the
United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class B Note shall be applied first to interest due and payable on this Class B Note as provided
above and then to the unpaid principal of this Class B Note. 
 Reference is hereby made to the further provisions of this Class B Note 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 Class B Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class B Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. B-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class B Note to be duly executed as of the date
set forth below. 
 Dated: November 13, 2014 
  

			
	 CARMAX AUTO OWNER TRUST 2014-4

		
	 By:    
	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
		 	not in its individual capacity but solely as Owner Trustee

 
			
		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class B Notes designated above and referred to in the within-mentioned Indenture. 

Dated: November 13, 2014 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Indenture Trustee

 
			
		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

  
 Ex. B-3 

 [REVERSE OF CLASS B NOTE] 

This Class B Note is one of a duly authorized issue of Notes of the Issuer, designated as its 2.20% Class B Asset-backed Notes, which,
together with the 0.21000% Class A-1 Asset-backed Notes, the 0.67% Class A-2a Asset-backed Notes, the LIBOR + 0.27% Class A-2b Asset-backed Notes, the 1.25% Class A-3 Asset-backed Notes, the 1.81% Class A-4 Asset-backed
Notes, the 2.44% Class C Asset-backed Notes and the 3.04% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class B Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.
The Class B Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes and the Class A-4 Notes to the extent set forth in the Indenture and the Sale and Servicing
Agreement. The Class C Notes and the Class D Notes are subordinated to the Class B Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. 

As described above, the entire unpaid principal amount of this Class B Note shall be due and payable on the earlier of the Class B Final
Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of
acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class have
declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class B Notes shall be made pro rata to the Holders entitled thereto if the Notes have been declared
immediately due and payable. 
 Payments of interest on this Class B Note due and payable on any Distribution Date, together with the
installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class B Note, shall be made by check mailed to the Person whose name appears as the Holder of this Class B Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately available funds to the account designated in writing to the Indenture Trustee by such Person
at least five (5) Business Days prior to the related Record Date, except that with respect to Class B Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of such
Record Date without requiring that this Class B Note be submitted for notation of payment. Any reduction in the principal amount of this Class B Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall
be binding upon all future Holders of this Class B Note and of any Class B Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided
in the Indenture, 

  
 Ex. B-4 

 
for payment in full of the then remaining unpaid principal amount of this Class B Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify
the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and
surrender of this Class B Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class B Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class B Note may be registered on the Note Register upon surrender of this Class B Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, and thereupon one or more new Class B Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will
be charged for any registration of transfer or exchange of this Class B Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest
in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any successor or assign of the Indenture Trustee or the
Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer 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 Indenture or any of the other Transaction Documents. 

  
 Ex. B-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) 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 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; or (b) the acquisition and
holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class B Note is issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat
the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to the due
presentment for registration of transfer of this Class B Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class B Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class B Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to
the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain exceptions
therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on 

  
 Ex. B-6 

 
behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class B Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of
this Class B Note and of any Class B Note 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 Class B Note. 

The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS B NOTE AND THE INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF
WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class B Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class B Note or the performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder shall have no
claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Class B Note. 

  
 Ex. B-7 

 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 Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note 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 Note 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 Note Registrar. 

  
 Ex. B-8 

 Exhibit C 

Form of Class C Note 
 UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

	 REGISTERED 
	 $[            ] 

 

	 NO. [        ] 
	 CUSIP NO. 14313UAF3 

CARMAX AUTO OWNER TRUST 2014-4 

2.44% CLASS C ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2014-4, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of
[                    ] DOLLARS payable on each Distribution Date in an amount equal to the aggregate amount, if any, payable from the Note Payment
Account in respect of principal on the Class C Notes pursuant to Section 2.8 of the Indenture dated as of November 1, 2014 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”)
between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”); provided, however, that principal of this Class C Note
will not be due and payable until the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes have been paid in full; and, provided further, that, if
not paid prior to such date, the unpaid principal amount of this Class C Note shall be due and payable on the earlier of the November 16, 2020 Distribution Date (the “Class C Final Distribution Date”) and the Redemption Date,
if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 

The Issuer shall pay interest on this Class C Note at the rate per annum shown above on each Distribution Date, until the principal of this
Class C Note is paid or made available for payment, on the principal amount of this Class C Note outstanding on the preceding Distribution 

  
 Ex. C-1 

 
Date (after giving effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this
Class C Note shall accrue for each Distribution Date from and including the 15th day of the preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding the
15th day of the month in which such Distribution Date occurs. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class C Note on each Distribution Date shall equal one-twelfth of the
product of (i) the rate per annum shown above and (ii) the principal amount of this Class C Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date);
provided, however, that the interest payable on this Class C Note on December 15, 2014 shall equal $59,427.56. The principal of and interest on this Class C Note shall be paid in the manner specified on the reverse hereof. 

“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 December 15, 2014. 
 The principal of and interest on this Class C Note are payable in such coin or currency of the
United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class C Note shall be applied first to interest due and payable on this Class C Note as provided
above and then to the unpaid principal of this Class C Note. 
 Reference is hereby made to the further provisions of this Class C Note 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 Class C Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class C Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. C-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class C Note to be duly executed as of the date
set forth below. 
  

							
	Dated: November 13, 2014	 		 	CARMAX AUTO OWNER TRUST 2014-4
				
		 		 	By:    	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
		 		 		 	not in its individual capacity but solely as Owner Trustee

							
				
		 		 	By:	 	  

							
		 		 	Name:	 	
		 		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class C Notes designated above and referred to in the within-mentioned Indenture. 

Dated: November 13, 2014 
  

							
		 		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Indenture Trustee

				
		 		 	By:	 	  

							
		 		 	Name:	 	
		 		 	Title:	 	

  
 Ex. C-3 

 [REVERSE OF CLASS C NOTE] 

This Class C Note is one of a duly authorized issue of Notes of the Issuer, designated as its 2.44% Class C Asset-backed Notes, which,
together with the 0.21000% Class A-1 Asset-backed Notes, the 0.67% Class A-2a Asset-backed Notes, the LIBOR + 0.27% Class A-2b Asset-backed Notes, the 1.25% Class A-3 Asset-backed Notes, the 1.81% Class A-4 Asset-backed
Notes, the 2.20% Class B Asset-backed Notes and the 3.04% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class C Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.
The Class C Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes to the extent set forth in the Indenture and the Sale and
Servicing Agreement. The Class D Notes are subordinated to the Class C Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. 

As described above, the entire unpaid principal amount of this Class C Note shall be due and payable on the earlier of the Class C Final
Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of
acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class have
declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class C Notes shall be made pro rata to the Holders entitled thereto if the Notes have been declared
immediately due and payable. 
 Payments of interest on this Class C Note due and payable on any Distribution Date, together with the
installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class C Note, shall be made by check mailed to the Person whose name appears as the Holder of this Class C Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately available funds to the account designated in writing to the Indenture Trustee by such Person
at least five (5) Business Days prior to the related Record Date, except that with respect to Class C Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of such
Record Date without requiring that this Class C Note be submitted for notation of payment. Any reduction in the principal amount of this Class C Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall
be binding upon all future Holders of this Class C Note and of any Class C Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided
in the Indenture, 

  
 Ex. C-4 

 
for payment in full of the then remaining unpaid principal amount of this Class C Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify
the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and
surrender of this Class C Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class C Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class C Note may be registered on the Note Register upon surrender of this Class C Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, and thereupon one or more new Class C Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will
be charged for any registration of transfer or exchange of this Class C Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest
in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any successor or assign of the Indenture Trustee or the
Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer 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 Indenture or any of the other Transaction Documents. 

  
 Ex. C-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) 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 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; or (b) the acquisition and
holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class C Note is issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat
the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to the due
presentment for registration of transfer of this Class C Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class C Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class C Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to
the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain exceptions
therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on 

  
 Ex. C-6 

 
behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class C Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of
this Class C Note and of any Class C Note 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 Class C Note. 

The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 This Class C Note and the Indenture shall be construed in
accordance with the laws of the State of New York, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws without giving effect to the conflicts of laws provisions thereof
which may require the application of the laws of any other jurisdiction (other than Section 5-1401 of the New York General Obligations Law). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class C Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class C Note or the performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder shall have no
claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Class C Note. 

  
 Ex. C-7 

 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 Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note 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 Note 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 Note Registrar. 

  
 Ex. C-8 

 Exhibit D 

Form of Class D Note 
 UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

	 REGISTERED 
	 $[            ] 

 

	 NO. [        ] 
	 CUSIP NO. 14313UAG1 

CARMAX AUTO OWNER TRUST 2014-4 

3.04% CLASS D ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2014-4, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of
[                    ] DOLLARS payable on each Distribution Date in an amount equal to the aggregate amount, if any, payable from the Note Payment
Account in respect of principal on the Class D Notes pursuant to Section 2.8 of the Indenture dated as of November 1, 2014 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”)
between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”); provided, however, that principal of this Class D Note
will not be due and payable until the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes have been paid in full; and,
provided further, that, if not paid prior to such date, the unpaid principal amount of this Class D Note shall be due and payable on the earlier of the May 17, 2021 Distribution Date (the “Class D Final Distribution
Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be
applicable hereto. 
 The Issuer shall pay interest on this Class D Note at the rate per annum shown above on each Distribution Date, until
the principal of this Class D Note is paid or made available for payment, on the principal amount of this Class D Note outstanding on the preceding Distribution 

  
 Ex. D-1 

 
Date (after giving effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this
Class D Note shall accrue for each Distribution Date from and including the 15th day of the preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding the
15th day of the month in which such Distribution Date occurs. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class D Note on each Distribution Date shall equal one-twelfth of the
product of (i) the rate per annum shown above and (ii) the principal amount of this Class D Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date);
provided, however, that the interest payable on this Class D Note on December 15, 2014 shall equal $50,261.33. The principal of and interest on this Class D Note shall be paid in the manner specified on the reverse hereof. 

“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 December 15, 2014. 
 The principal of and interest on this Class D Note are payable in such coin or currency of the
United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class D Note shall be applied first to interest due and payable on this Class D Note as provided
above and then to the unpaid principal of this Class D Note. 
 Reference is hereby made to the further provisions of this Class D Note 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 Class D Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class D Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. D-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class D Note to be duly executed as of the date set forth below.

 Dated: November 13, 2014 
  

			
	CARMAX AUTO OWNER TRUST 2014-4
		
	By:    	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
		 	not in its individual capacity but solely as Owner Trustee

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class D Notes designated above and referred to in the within-mentioned Indenture. 

Dated: November 13, 2014 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Indenture Trustee

		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 Ex. D-3 

 [REVERSE OF CLASS D NOTE] 

This Class D Note is one of a duly authorized issue of Notes of the Issuer, designated as its 3.04% Class D Asset-backed Notes, which,
together with the 0.21000% Class A-1 Asset-backed Notes, the 0.67% Class A-2a Asset-backed Notes, the LIBOR + 0.27% Class A-2b Asset-backed Notes, the 1.25% Class A-3 Asset-backed Notes, the 1.81% Class A-4 Asset-backed
Notes, the 2.20% Class B Asset-backed Notes and the 2.44% Class C Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class D Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.
The Class D Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes to the extent set forth in the
Indenture and the Sale and Servicing Agreement. 
 As described above, the entire unpaid principal amount of this Class D Note shall be due
and payable on the earlier of the Class D Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued
and unpaid interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of
the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class D Notes shall be made pro rata to the Holders
entitled thereto if the Notes have been declared immediately due and payable. 
 Payments of interest on this Class D Note due and payable
on any Distribution Date, together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class D Note, shall be made by check mailed to the Person whose name appears as the
Holder of this Class D Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately available funds to the account designated in
writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class D Notes registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such
Person as it appears on the Note Register as of such Record Date without requiring that this Class D Note be submitted for notation of payment. Any reduction in the principal amount of this Class D Note (or any one or more Predecessor Notes)
effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Class D Note and of any Class D Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not
noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Class D 

  
 Ex. D-4 

 
Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Class D Note at the Indenture Trustee’s Corporate
Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class D Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class D Note may be registered on the Note Register upon surrender of this Class D Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, and thereupon one or more new Class D Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will
be charged for any registration of transfer or exchange of this Class D Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest
in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any successor or assign of the Indenture Trustee or the
Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer 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 Indenture or any of the other Transaction Documents. 

  
 Ex. D-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) 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 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; or (b) the acquisition and
holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class D Note is issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat
the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to the due
presentment for registration of transfer of this Class D Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class D Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class D Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to
the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain exceptions
therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on 

  
 Ex. D-6 

 
behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class D Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of
this Class D Note and of any Class D Note 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 Class D Note. 

The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS D NOTE AND THE INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF
WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class D Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class D Note or the performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder shall have no
claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Class D Note. 

  
 Ex. D-7 

 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 Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note 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 Note 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 Note Registrar. 

  
 Ex. D-8 

 Exhibit E 

Form of Opinion of Counsel 
  

	1.	Pursuant to Sections 18-201(a), 18-204 and 18-206 of the Delaware Limited Liability Company Act, the Secretary of State of the State of Delaware is required to maintain a public record showing limited liability
companies that have been organized. Pursuant to Section 3810, Section 3811 and Section 3812 of the Delaware Statutory Trust Act, the Secretary of State of the State of Delaware is required to maintain a public record showing statutory
trusts that have been formed. Based solely on our review of (i) the Delaware Limited Liability Company Act as found in “Corporation: Covering Corporation Practice, Procedure, Law—Aspen Law & Business,” as supplemented
through                     , 20    ; (ii) the Delaware Statutory Trust Act as found in “Delaware Code Annotated,
Volume 7A, 2007 Volume—Michie;” and (iii) as to each of CarMax, the Depositor and the Issuing Entity’s existence in the State of Delaware, a copy of the certificate of formation of each of CarMax and the Depositor and a copy of
the certificate of trust of the Issuing Entity, each as supplied to us by the Secretary of State of the State of Delaware, each of CarMax, the Depositor and the Issuing Entity is a registered organization (as such term is defined in the New York
UCC) formed under the laws of the State of Delaware. For the purposes of this opinion, we have assumed that each of CarMax, the Depositor and the Issuing Entity is organized solely under the laws of the State of Delaware. Each of CarMax, the
Depositor and the Issuing Entity is, therefore, located, for purposes of Article 9 of the New York UCC, in the State of Delaware and the local law of Delaware governs perfection by the filing of a financing statement of a nonpossessory security
interest in the Receivables granted by CarMax, the Depositor and the Issuing Entity. 

  

	2.	Assuming the Receivables are created under, and are evidenced solely by, retail installment sale contracts in the form attached to the Receivables Purchase Agreement as Exhibit B, and assuming they are completed
in their entirety and executed and there is nothing that would prevent them from being enforceable, then the Receivables will constitute “tangible chattel paper” as such term is defined in Article 9 of the New York UCC. 

 

	3.	When each of the Receivables Purchase Agreement and the First Step Bill of Sale has been duly executed and delivered by all parties thereto and when value has been given as provided in Section 9-203(b)(1) of the
New York UCC with respect to the Receivables, the Depositor will have a valid and enforceable security interest in such Receivables and identifiable cash proceeds thereof. When, in addition to the foregoing, the First Step Financing Statement has
been duly filed in the office of the Secretary of State of the State of Delaware, the security interest in favor of the Depositor in such Receivables and identifiable cash proceeds thereof will be perfected. 

 

	4.	 When each of the Receivables Purchase Agreement, the First Step Bill of Sale and the Sale and Servicing Agreement has been duly executed and delivered
by all parties thereto and when value has been given as provided in Section 9-203(b)(1) of the New York UCC with respect to the Receivables, the Issuing Entity will have a valid and enforceable security interest in such Receivables and the
identifiable cash proceeds thereof. When, in addition to the foregoing, each of the First Step Financing Statement and the Second Step Financing 

  
 Ex. E-1 

	 	
Statement has been duly filed in the office of the Secretary of State of the State of Delaware, the security interest in favor of the Issuing Entity in such Receivables and identifiable cash
proceeds thereof will be perfected. 

  

	5.	When each of the Basic Documents has been duly executed and delivered by all parties thereto and when value has been given as provided in Section 9-203(b)(1) of the New York UCC with respect to the Receivables, the
Indenture Trustee will have a valid and enforceable security interest in such Receivables and the identifiable cash proceeds thereof. When, in addition to the foregoing, all of the Financing Statements have been duly filed in the office of the
Secretary of State of the State of Delaware, the security interest in favor of the Indenture Trustee in such Receivables and identifiable cash proceeds thereof will be perfected. 

 

	6.	Under the New York UCC, a nonpossessory security interest in tangible chattel paper can be perfected by the filing of a financing statement only in the jurisdiction where the debtor is located. Because each of CarMax,
the Depositor and the Issuing Entity is located in Delaware for purposes of the New York UCC, Delaware is the only jurisdiction in which a financing statement could be filed to perfect a nonpossessory security interest in the rights of CarMax, the
Depositor and the Issuing Entity in the Receivables. Therefore, to the extent a financing statement was filed there, the office of the Secretary of State of the State of Delaware constitutes the only filing office from which UCC Search Reports must
be reviewed to determine whether another nonpossessory security interest in the rights of CarMax, the Depositor or the Issuing Entity in the Receivables exists which was perfected by filing. We have not reviewed any UCC search reports other than the
UCC Search Reports. 

  

	7.	Based solely on our review of the UCC Search Reports and assuming the Terminated Financing Statements are duly filed in the office of the Secretary of State of the State of Delaware, the respective security interests of
the Depositor, the Issuing Entity and the Indenture Trustee in the Receivables and identifiable cash proceeds thereof are subject to no equal or prior security interest perfected by filing a financing statement under the Delaware UCC. To the extent
the Receivables constitute “tangible chattel paper” under the New York UCC, the local law of the jurisdiction in which the Receivables are physically located governs the effect of perfection or non-perfection and the priority of a
nonpossessory security interest in the Receivables. For purposes of our opinion, we have assumed that the UCC provisions governing the effect of perfection or non-perfection and the priority of nonpossessory security interests in tangible chattel
paper as in effect in each jurisdiction in which the Receivables are physically located, and the interpretation of such provisions in each such jurisdiction, are identical to the corresponding provisions and interpretations under the New York UCC.

  

	8.	 When each of the Basic Documents has been duly executed and delivered by all parties thereto, and value has been given as provided in
Section 9-203(b)(1) of the New York UCC with respect to the Collection Account and the Note Payment Account (collectively, the “Accounts”), the Indenture Trustee will have a valid and enforceable security interest in the
Accounts and the identifiable cash proceeds thereof and such security interest will be perfected under the New York UCC. For the purposes of this opinion, we have also assumed that each Account is a “deposit account” as defined in the New
York UCC, that such Account is maintained with the Indenture Trustee and that the Indenture Trustee is a “bank” 

  
 Ex. E-2 

	 	
as defined in the New York UCC. To the extent each Account constitutes a “securities account” as defined in the New York UCC, and when each of the Financing Statements has been duly
filed in the office of the Secretary of State of the State of Delaware, the security interest of the Indenture Trustee in the Accounts and identifiable cash proceeds thereof has been perfected. 

  
 Ex. E-3

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