Document:

EX-10.22

 Exhibit 10.22 

AMENDED AND RESTATED 

MASTER PURCHASE AND SALE AGREEMENT 

among 
 CARVANA AUTO
RECEIVABLES 2016-1 LLC 
 as Transferor 

and 
 ALLY BANK and ALLY
FINANCIAL INC. 
 each a Purchaser 

DATED AS OF MARCH 6, 2017 

 TABLE OF CONTENTS 

 

							
		  		  	 	PAGE	 
	 ARTICLE I DEFINITIONS AND USAGE
	  	 	1	 
	 Section 1.1
	  	Definitions	  	 	1	 
		
	 ARTICLE II COMMITMENT TO SELL RECEIVABLES POOLS
	  	 	2	 
	 Section 2.1
	  	Commitments to Sell and Purchase Receivables Pools	  	 	2	 
	 Section 2.2
	  	Payment of Second Step Receivables Purchase Price	  	 	3	 
	 Section 2.3
	  	Pricing Model	  	 	3	 
	 Section 2.4
	  	Termination Options	  	 	4	 
	 Section 2.5
	  	Taxes	  	 	7	 
	 Section 2.6
	  	Loss and Liquidation Data	  	 	8	 
	 Section 2.7
	  	Re-Liening Trigger Events	  	 	8	 
		
	 ARTICLE III PURCHASE AND SALE OF RECEIVABLES
	  	 	9	 
	 Section 3.1
	  	Sale of Receivables	  	 	9	 
	 Section 3.2
	  	The Closing	  	 	12	 
		
	 ARTICLE IV
	  	 	12	 
		
	 CLOSINGS
	  	 	12	 
	 Section 4.1
	  	Effecting Purchases	  	 	12	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	13	 
	 Section 5.1
	  	Representations and Warranties of the Purchasers	  	 	13	 
	 Section 5.2
	  	Representations and Warranties of the Transferor	  	 	15	 
		
	 ARTICLE VI CONDITIONS
	  	 	23	 
	 Section 6.1
	  	Conditions to Effectiveness	  	 	23	 
	 Section 6.2
	  	Conditions to Obligation of the Purchasers	  	 	24	 
	 Section 6.3
	  	Conditions to Obligation of the Transferor	  	 	27	 
		
	 ARTICLE VII COVENANTS OF THE TRANSFEROR
	  	 	27	 
	 Section 7.1
	  	Protection of Right, Title and Interest	  	 	27	 
	 Section 7.2
	  	Other Liens or Interests	  	 	29	 
	 Section 7.3
	  	Perfection Costs and Expenses	  	 	29	 
	 Section 7.4
	  	Separateness	  	 	29	 
	 Section 7.5
	  	Notice of Servicer Termination; Etc.	  	 	29	 
	 Section 7.6
	  	Conduct of Business; Ownership	  	 	30	 
	 Section 7.7
	  	Collections	  	 	30	 
	 Section 7.8
	  	Consolidations, Mergers and Sales of Assets	  	 	30	 
	 Section 7.9
	  	Master Sale Agreement	  	 	30	 
	 Section 7.10
	  	Operation of the Transferor	  	 	30	 
	 Section 7.11
	  	Selection Standards; Quarterly Meetings	  	 	30	 
	 Section 7.12
	  	Furnishing of Information and Inspection of Records	  	 	31	 

  
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	 Section 7.13
	  	Compliance with Laws, Etc.	  	 	31	 
	 Section 7.14
	  	Indemnity	  	 	31	 
	 Section 7.15
	  	Publicity	  	 	32	 
	 Section 7.16
	  	No Solicitation	  	 	33	 
	 Section 7.17
	  	Remediation	  	 	33	 
	 Section 7.18
	  	Quarterly Statements as to Compliance	  	 	33	 
	 Section 7.19
	  	Additional Covenants	  	 	33	 
	 Section 7.20
	  	Negative Covenants	  	 	37	 
	 Section 7.21
	  	Accountant’s Letter	  	 	38	 
		
	 ARTICLE VIII MISCELLANEOUS PROVISIONS
	  	 	39	 
	 Section 8.1
	  	Obligations of the Transferor	  	 	39	 
	 Section 8.2
	  	Repurchase of Receivables Upon Breach by the Transferor	  	 	39	 
	 Section 8.3
	  	Assignment of Warranty Receivables	  	 	39	 
	 Section 8.4
	  	Amendment	  	 	39	 
	 Section 8.5
	  	Waivers	  	 	39	 
	 Section 8.6
	  	Notices	  	 	40	 
	 Section 8.7
	  	Costs and Expenses	  	 	40	 
	 Section 8.8
	  	Survival	  	 	41	 
	 Section 8.9
	  	Headings and Cross-References	  	 	41	 
	 Section 8.10
	  	Governing Law, Submission to Jurisdiction, Etc.	  	 	41	 
	 Section 8.11
	  	Counterparts	  	 	42	 
	 Section 8.12
	  	Further Assurances	  	 	42	 
	 Section 8.13
	  	No Reliance	  	 	42	 
	 Section 8.14
	  	Severability of Provisions	  	 	42	 
	 Section 8.15
	  	Assignment	  	 	42	 
	 Section 8.16
	  	No Third Party Beneficiaries	  	 	42	 
	 Section 8.17
	  	No Petition Covenant	  	 	42	 
	 Section 8.18
	  	Special Acknowledgement of Purchasers	  	 	43	 
	 Section 8.19
	  	Effect of Amendment and Restatement	  	 	43	 
			
	 EXHIBITS
	  		  			
			
	 EXHIBIT A
	  	 FORM OF POOL SUPPLEMENT
	  			
	 EXHIBIT B
	  	 [RESERVED]
	  			
	 EXHIBIT C
	  	 FORM OF NOTICE OF CLOSING DATE
	  			
	 EXHIBIT D
	  	 PURCHASE-BID FILE TAPE DATA LAYOUT
	  			
	 EXHIBIT E
	  	 CREDIT POLICY
	  			
	 EXHIBIT F
	  	 SYSTEM DESCRIPTION
	  			
			
	 APPENDIX
	  		  			
			
	 APPENDIX A
	  	 Definitions
	  			

  
 ii 

 AMENDED AND RESTATED MASTER PURCHASE AND SALE AGREEMENT 

THIS AMENDED AND RESTATED MASTER PURCHASE AND SALE AGREEMENT (as from time to time amended, supplemented or otherwise modified and in effect,
this “Agreement”) is made as of March 6, 2017, among Carvana Auto Receivables 2016-1 LLC, a Delaware limited liability company (the “Transferor”), Ally Bank., a Utah chartered
bank, and Ally Financial Inc., a Delaware corporation (each a “Purchaser” and collectively, the “Purchasers”). 

RECITALS: 
 In the regular course
of its business, the Seller (as defined below) sells used automobiles and light trucks and originates automobile and light truck retail installment sale contracts secured by such automobiles and light trucks. 

1. On the Original Execution Date, the Seller and the Transferor have entered into the Master Sale Agreement (Flow) (the “Master Sale
Agreement”) pursuant to which the Seller has agreed to sell, from time to time, Receivables and related property to the Transferor pursuant to the terms and conditions set forth therein. 

2. The Transferor wishes to sell, and the Purchasers wish to purchase, from time to time, Receivables and related property (including the
security interests in the related Financed Vehicles) pursuant to the terms of this Agreement. 
 3. Bridgecrest has agreed to service the
Receivables Pools and related Purchased Property for the benefit of the Purchasers pursuant to the Master Servicing Agreement. 
 4. The
Transferor and the Purchasers wish to provide in this Agreement, among other things, the terms on which the Receivables Pools and related property are to be sold by the Transferor to the Purchasers. 

In consideration of the foregoing, other good and valuable consideration, and the mutual terms and covenants contained herein, the parties
hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND USAGE 
 Section
1.1 Definitions. Certain capitalized terms used in the above recitals and in this Agreement are defined in and shall have the respective meanings assigned to them in (or by reference in) Appendix A to this Agreement. All references
herein to “the Agreement” or “this Agreement” are to this Master Purchase and Sale Agreement as it may be amended, supplemented or modified from time to time, the exhibits and attachments hereto and the capitalized
terms used herein which are defined in such Appendix A, and all references herein to Articles, Sections and subsections are to Articles, Sections or subsections of this Agreement unless otherwise specified. The rules of construction and usage set
forth in such Appendix A shall be applicable to this Agreement. 

 ARTICLE II 

COMMITMENT TO SELL RECEIVABLES POOLS 

Section 2.1 Commitments to Sell and Purchase Receivables Pools 

(a) Transferor Obligation. Upon the terms and subject to the conditions set forth in this Agreement, and in reliance on the covenants,
representations, warranties and agreements set forth herein, the Transferor commits to sell to the Purchasers one Receivables Pool each calendar week during the Commitment Period with a total Cutoff Date Aggregate Outstanding Principal Balance for
all such Receivables Pools sold during the Commitment Period, taken together, equal to the Commitment Amount and each Receivables Pool sold to the Purchaser shall have a Cutoff Date Aggregate Outstanding Principal Balance equal to at least 51%
(adjusted downward for a nonmaterial amount resulting from application of the Selection Procedures, including the Freestyle Selection, at a Purchase Percentage of 51% of the aggregate principal balance of all receivables originated by the Seller
that meet the criteria described in the definition of “Eligible Receivable” during the second calendar week preceding the calendar week in which the related Closing Date shall occur related to such Receivables Pool during the Commitment
Period; provided, that the Transferor shall not be obligated to sell any Receivables Pool if the related Second Step Receivables Purchase Price for such Receivables Pool is less than or equal to the Cutoff Date Aggregate Outstanding Principal
Balance (collectively, the “Transferor Obligation”). 
 (b) Purchaser Obligation. Upon the terms and subject to the
conditions set forth in this Agreement, including Section 2.1(c) below, and in reliance on the covenants, representations, warranties and agreements herein set forth, the Purchasers commit to purchase one Receivables Pool each calendar week
during the Commitment Period on each Closing Date designated by the Transferor pursuant to Section 4.1(a); provided that the sum of the Cutoff Date Aggregate Outstanding Principal Balance for all Receivables Pools
purchased during the Commitment Period shall not exceed the Commitment Amount (the “Purchaser Obligation”). 
 (c) Basic
Documents; Pool Supplement. The Transferor’s right, title and interest in the Receivables and related Purchased Property purchased, from time to time, by the Purchaser pursuant to Section 3.1 shall be transferred
and assigned by the execution and delivery of a Pool Supplement, in form and content substantially similar to Exhibit A attached hereto, and the satisfaction of the terms and conditions and the performance of the transactions contained in
this Agreement and such Pool Supplement, as applicable. The Transferor shall deliver the Pool Supplement to the Purchaser for any Receivables Pool in accordance with the time periods specified in Section 4.1. 

(d) Selection of Receivables Pools. The Receivables to be sold in each Receivables Pool shall be selected by the Seller and the
Transferor in accordance with the Selection Procedures, as selected by the Seller in accordance with the Selection Procedures and sold to the Transferor pursuant to the Master Sale Agreement, after the Transferor has determined that both before and
after giving effect to such Selection Procedures, (i) each such Receivable meets the Eligible Receivable criteria and (ii) each such Receivables Pool (after giving effect to such sale) meets the Eligible Receivables Pool criteria. If any
of the Purchaser, the Seller or the Transferor 

  
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determines that such Receivables Pool does not satisfy the criteria for an Eligible Receivables Pool, then the Seller and the Transferor shall, without any selection believed to be adverse to the
Purchaser, randomly select Eligible Receivables for removal from such Receivables Pool that will positively impact the out of compliance criteria. If the Purchasers reasonably determine that such Receivables Pool does not appear to have been
selected on a random basis (based on information reasonably requested by the Purchasers and provided by the Seller and the Transferor comparing the Receivables to be sold to the Purchasers on the related Closing Date as compared against receivables
originated during the related Origination Period that meet the definition of an Eligible Receivable and are not sold to the Purchasers), then the Purchasers, the Seller and the Transferor will determine an approach to adjust the mix of Eligible
Receivables in such pool (including adding or removing Receivables meeting the definition of Eligible Receivables) to ensure that such Receivables Pool was randomly selected by the Seller and the Transferor. In such circumstance, the Seller, the
Transferor and the Purchasers will revisit this Section 2.1(d) and the related definitions to determine if changes thereto are needed to ensure future Receivables Pools are representative of receivables originated by the Seller during the
related Origination Period that are eligible to be sold hereunder and that there was no adverse selection pursuant to the Freestyle Selection. 

Section 2.2 Payment of Second Step Receivables Purchase Price. Upon the terms and subject to the conditions set forth in this
Agreement, and in reliance on the covenants, representations, warranties and agreements herein set forth, the Second Step Receivables Purchase Price due on each Closing Date shall be paid by the Purchasers to the Transferor on such Closing Date by
wire transfer of immediately available funds to an account or accounts designated by the Transferor. The Second Step Receivables Purchase Price will be set forth in the Settlement Report for each Receivables Pool, in the form set forth in Exhibit
A. 
 Section 2.3 Pricing Model. On the initial Closing Date, the Pricing Model shall be as agreed upon by the
Parties and may thereafter be amended in accordance with this Section 2.3. The “Pricing Model” shall be delivered by the Purchaser to the Transferor in a Microsoft excel file format by electronic mail. The
Parties shall not modify the Pricing Model other than in accordance with this Section 2.3, or by the Purchasers as necessary to cure any ambiguity, correct any error, or to make it consistent with this Agreement;
provided, that, for the avoidance of doubt, the inputs and variables used by the Pricing Model (including, for example, any Specified Variables) shall be freely changeable by the Purchasers based on attributes of the Receivables Pool in order
to determine the Purchase Price without regard to this Section 2.3. Otherwise, the Pricing Model may only be changed as follows: 

(a) At any time, but no more frequently than weekly, the Purchasers will have the right to send a written notice to the Transferor (a
“Pricing Model Change Notice”) proposing changes to the Pricing Model, including any assumptions within the Pricing Model (the “Pricing Model Amendments”), applicable to all Receivable Pools to be purchased on or
after the effective date of such Pricing Model Amendment (which effective date shall be at least 30 days, but no longer than ninety (90) days, after delivery of a Pricing Model Change Notice as described below, or such earlier date as otherwise
agreed to by the Transferor and the Purchasers). A Pricing Model Change Notice shall be provided by the Purchasers to the Transferor at least ninety (90) days prior to the effectiveness of the related Pricing Model Amendment; provided
that, such notice need only be provided thirty (30) days prior to 

  
 3 

 
effectiveness of the related Pricing Model Amendment if the changes based upon (A) 15% deviation in quarterly vintage loss or liquidation experience for any Receivables as compared against prior
assumptions, including experience reflected in Vintage Data reports provided to the Purchasers from the Servicer, (B) changes in any of the Credit Policy or the definitions of Eligible Receivable or Eligible Receivables Pool, (C) changes
impacting the Purchasers or their Affiliates due to or arising out of any Banking Regulatory Change or change in Requirements of Law, (D) changes in the cost of funds (including any internal allocation of costs or cost of funds) to the auto
finance division of the Purchasers, (E) at any time during the existence and continuance of any Catalyst Event or (F) changes to the methodology (including underlying loss assumptions for comparably-designated dealers) for calculating the
NAALR. 
 (b) If the Purchasers and the Transferor reach mutual written agreement regarding such Pricing Model Amendments, then the Pricing
Model shall be amended to include such Pricing Model Amendments for Pools purchased subsequent to the date of such mutual agreement. If the Purchasers and the Transferor are not able to reach mutual agreement regarding such Pricing Model Amendments
within thirty (30) days after receipt of the related Pricing Model Change Notice, then, the Purchasers may elect, in their sole discretion, to (A) remove or amend and resubmit such Pricing Model Change Notice upon written notice to the
Transferor (and the Transferor shall have the longer of (i) the remainder of such thirty (30) day period and (ii) ten (10) days to consider such amended notice) or (B) terminate their obligation to make any further purchases
hereunder effective immediately, upon written notice to the Transferor (the “Pricing Termination Notice”). If there is no agreement to amend the Pricing Model and this Agreement is not so terminated, the Pricing Model will remain in
effect without the proposed change. 
 (c) If a change to the Pricing Model was previously made based on a Pricing Model Change Notice
delivered in connection with the occurrence of a Catalyst Event under Section 2.3(a)(E), within thirty (30) days after the end of such Catalyst Event, the Purchasers shall send a subsequent Pricing Model Change Notice to
the Transferor proposing changes to the Pricing Model that reasonably reflect the change of circumstances that caused the cessation of such Catalyst Event. Notwithstanding the forgoing, if (i) the Pricing Model Amendment has not yet taken
effect and (ii) the Catalyst Event is not continuing, Purchasers shall immediately withdraw the Pricing Model Change Notice upon the termination of the Catalyst Event. 

Section 2.4 Termination Options. 

(a) Transferor Termination Options. The Transferor may terminate the Transferor Obligation and the Purchaser Obligation by providing
the Purchaser written notice thereof at any time after the occurrence of any of the following (the “Transferor Termination Option”): 

(i) the commencement of a voluntary case by either Purchaser under any applicable federal or state bankruptcy, insolvency or
other similar law now or hereafter in effect, or the consent by either Purchaser to the entry of an order for relief in an involuntary case under any such law, or the appointment or taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of either Purchaser; 

  
 4 

 (ii) If the Purchasers and the Transferor are not able to reach mutual agreement
regarding a Pricing Model Amendment; provided ̧ that such termination shall not take effect until the last day of the applicable 90 day or 30 day notice period described in Section 2.3(a), as applicable); 

(iii) the breach of any representation, warranty or covenant in this Agreement or the Master Sale Agreement in any material
respect by a Purchaser and, if such breach is capable of being cured and such Purchaser is attempting in good faith to remedy such breach, such breach shall continue uncured for more than thirty (30) days after written notice of such failure is
received from the Transferor or after discovery of such failure by the related Purchaser; or 
 (iv) for any reason with one
hundred twenty (120) days’ prior written notice to the Purchaser. 
 (b) Purchaser Termination Options. The Purchasers may
terminate the Transferor Obligation and the Purchaser Obligation by providing the Transferor written notice thereof at any time after the occurrence of any of the following (the “Purchaser Termination Option”): 

(i) the commencement of a voluntary case by the Transferor, the Seller, the Performance Guarantor, or the Servicer under any
applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Transferor, the Seller, the Performance Guarantor, or the Servicer to the entry of an order for relief in an involuntary case
under any such law, or the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Transferor, the Seller, the Performance Guarantor, or the Servicer; 

(ii) the Seller or the Performance Guarantor (x) consolidates or merges with or into another Person and is not the
surviving entity, or (y) is a party to a merger, conversion or consolidation and is not the surviving entity, or (z) has a Person succeed to its business and, in each case, in the case of the Performance Guarantor, the Guaranty ceases to
be legally enforceable against the successor entity; 
 (iii) a Servicer Termination Event shall be continuing pursuant to
the terms of the Servicing Agreement; 
 (iv) if for any reason, a modification to the servicing of the Purchased Property in
respect of any Banking Regulatory Change is not made pursuant to Section 3.17 of the Servicing Agreement; 

(v) if the System of Record, including the components thereof, is updated or otherwise modified, or replaced by a successor
computer system utilized by the Seller to select receivables, such that the updated, modified or replaced System of Record, including the components thereof, cannot apply the Selection Procedures, as determined by the Purchasers after consultation
with the Seller during the Quarterly Selection Standards Meeting following the update, modification or replacement of the System of Record, including the components thereof; 

  
 5 

 (vi) (y) the occurrence of a “Termination Event” or “Commitment
Termination Event” under the Receivables Warehouse Facility or a termination event, event of default, or servicer default under any other credit or purchase facility by the Purchasers or any of their Affiliates to the Seller or the Transferor
or any of their consolidated Affiliates that enables or permits the holder or holders of such indebtedness or any trustee or agent on its or their behalf to cause such indebtedness to become due, or to require the prepayment, repurchase, redemption
or defeasance thereof, prior to its scheduled maturity or (z) any indebtedness of the Seller or the Transferor or any of their consolidated Affiliates which exceeds $20,000,000 in aggregate principal or face amount becoming due, or to require
the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; 
 (vii) a Material Adverse
Effect occurs with respect to the Seller or the Transferor; 
 (viii) failure of the Seller or the Transferor to pay any
amount owed to the Purchasers or any other transaction party under any Basic Document for at least five (5) Business Days; 

(ix) the failure of the Seller or the Transferor to deliver a report or data file under in any Basic Document for at least five
(5) Business Days after written notice of such failure is received from either Purchaser or after discovery of such failure by the Seller or the Transferor; 

(x) the breach of any representation, warranty or covenant in any Basic Document in any material respect by the Seller or
Transferor and, if such breach is capable of being cured and the Seller or the Transferor is attempting in good faith to remedy such breach, such breach shall continue uncured for more than thirty (30) days after written notice of such breach
is received from either Purchaser or after discovery of such breach by the Seller or the Transferor; 
 (xi) the Transferor
is required to register as an “investment company” under the Investment Company Act of 1940; 
 (xii) the entry of
(y) one or more judgments against the Transferor of $25,000 or more or (z) a judgment against the Seller of $2,500,000 or more or one or more judgments, in the aggregate, of $5,000,000 or more; 

(xiii) the Purchasers shall cease to have a valid and perfected first-priority security interest in any Purchased Property
related to 5.0% or more of the Aggregate Outstanding Principal Balance of any Purchased Receivables, and, upon and following the Seller’s breach of its purchase obligations pursuant to Section 7.2 of the Master Sale
Agreement or the Transferor’s breach of its repurchase obligations pursuant to Section 8.2 of this Agreement, any of the Purchased Property; 

(xiv) a Pension Benefit Guaranty Corporation or tax lien is filed against the Seller or Transferor; 

  
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 (xv) a Change in Control; 

(xvi) for any reason with one hundred twenty (120) days’ prior written notice to the Transferor; or 

(xvii) upon delivery of a Pricing Termination Notice pursuant to Section 2.3(b) 

Section 2.5 Taxes. 

(a) All payments made by the Transferor, the Servicer, the Seller, the Performance Guarantor or the Purchasers under this Agreement and the
other Basic Documents shall be made free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or
hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding net income taxes and franchise taxes or any other tax based upon net income (including any income or capital gain earned by such Party or subsequent
transferee or assignee thereof in respect of any Receivable) imposed on any Party as a result of a present or former connection between such Party and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or
taxing authority thereof or therein (other than any such connection arising solely from such Party having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement). If any such non-excluded taxes, levies, imposts, duties, charges, fees, deductions or withholdings (“Non-Excluded Taxes”) are required to be withheld from any
amounts payable to any Party hereunder, the amounts so payable to such Party shall be increased to the extent necessary to yield to such Party (after payment of all Non-Excluded Taxes) the amounts payable
hereunder in the amounts specified in or pursuant to this Agreement or the other Basic Documents. Whenever any Non-Excluded Taxes are payable by any Party, as promptly as possible thereafter the Party subject
to such Non-Excluded Taxes shall send to the paying Party a certified copy of an original official receipt received by the Party subject to such Non-Excluded Taxes
showing payment thereof. If any Party fails to pay any Non-Excluded Taxes when due to the appropriate taxing authority or other required documentary evidence, such Party shall indemnify the Party subject to
such Non-Excluded Taxes for any incremental taxes, interest or penalties that may become payable by such Party as a result of any such failure. The agreements in this Section 2.5(a) shall survive the
termination of this Agreement and the payment of all other amounts payable hereunder. 
 (b) Notice of Increased Costs; Relocation of
Purchasing Office; Mandatory Assignment. 
 (i) In the event that a Purchaser becomes aware that any amounts are or will
be owed to it pursuant to Section 2.5(a), then it shall promptly notify the Transferor thereof and, as soon as possible thereafter, such Purchaser shall submit to the Transferor a certificate indicating the amount of such Purchaser’s
increased costs, Non-Excluded Taxes and the calculation thereof. Such certificate shall only be prima facie evidence of such increased costs or Non-Excluded Taxes. 

  
 7 

 (ii) If such Purchaser claims any additional amounts payable pursuant to
Section 2.5(a), it shall use its reasonable efforts (consistent with legal and regulatory restrictions) to avoid the need for changing the methodology for calculating the Second Step Receivables Purchase Price Purchase Price, including
changing the jurisdiction of its applicable purchasing office, provided that the taking of any such action would not, in the reasonable judgment of such Purchaser, be disadvantageous to such Purchaser. 

(c) No Assignee Rights to Increased Costs. The terms and conditions of Section 2.5 hereof are personal to the Purchaser and shall
not accrue to the benefit of any other Person, including any assignee or transferee of any direct or indirect interest in the Receivables. 

Section 2.6 Loss and Liquidation Data. No later than 60 days after the end of each calendar quarter during the period beginning on
the date hereof and ending on the third annual anniversary of the Commitment Termination Date of this Agreement (or, if the Seller provides such information to another finance counterparty or the Seller makes such information publicly available,
until the final payment or liquidation of all of the Purchased Receivables), the Transferor shall, or shall cause the Seller, Bridgecrest or any other Affiliate holding or aggregating such information to, deliver to the Purchasers a cumulative net
loss ratio as of the end of the related calendar quarter (and a narrative description of the methodology for making such calculation), which may be included in the Monthly Servicer Report delivered within 60 days after the end of each calendar
quarter to the extent the information is available at that time, for the Seller’s entire originated portfolio of retail installment sales contracts as of the end of the related calendar quarter. 

Section 2.7 Re-Liening Trigger Events. Upon the occurrence of a Re-Liening Trigger Event, at the direction of the Purchasers, the
Transferor shall, and the Transferor shall direct and cause any Affiliate that is a Title Lien Nominee to and shall cooperate with the Servicer to, take all steps necessary to cause the Certificate of Title or other evidence of ownership of the
related Financed Vehicles (or if such Re-Liening Trigger Event relates to (i) one or more States, the related Financed Vehicles titled in such States or (ii) a Title Lien Nominee, the related Financed Vehicles liened in the name of such
Title Lien Nominee) to be revised to name the Purchasers or their designee as lienholder; any Re-Liening Expenses shall be paid by the Servicer, and to the extent such costs are not paid by the Servicer but are paid by the Purchasers, such costs
shall be recovered by adjusting the Second Step Receivables Purchase Price for an upcoming Receivables Pool as described in Section 2.2 and Schedule 2 attached to the related Pool Supplement. In addition, at the sole expense
of the Purchasers, upon the request of the Purchasers, the Transferor shall, and the Transferor shall direct and cause the any Affiliate that is a Title Lien Nominee and shall cooperate with the Servicer to, take all steps necessary to cause the
Certificate of Title or other evidence of ownership of the related Financed Vehicles identified, individually or by characteristic, by the Purchasers to be revised to name the Purchasers or their designee as lienholder. The Purchasers shall not
direct the Servicer or the Transferor to take any steps to cause the Certificate of Title or other evidence of ownership of the related Financed Vehicle to be revised to name any other Person. The Transferor shall cause any Affiliate that is a Title
Lien Nominee to irrevocably appoint or cause each relevant subservicer to irrevocably appoint, the Purchasers as its attorney-in-fact, such appointment being coupled
with an interest, to take any and all steps required to be performed pursuant to this Section 2.7, including execution of Certificates of Title or any other documents in the name of 

  
 8 

 
the Transferor or such Title Lien Nominee and, in connection with the appointment of any successor Servicer, to execute a power of attorney with respect to such successor Servicer promptly after
its appointment as such, naming such successor Servicer as its attorney-in-fact for the same purposes. 

ARTICLE III 
 PURCHASE AND SALE OF
RECEIVABLES 
 Section 3.1 Sale of Receivables. 

(a) On each Closing Date during the Commitment Period, subject to the terms and conditions of this Agreement, the Transferor agrees to sell to
the Purchasers, and the Purchasers agree to purchase from the Transferor, a Receivables Pool and the following other property relating thereto (collectively, the “Purchased Property”): 

(i) all right, title and interest of the Transferor in, to and under each Receivable included in the applicable Receivables
Pool listed on a Schedule of Receivables (the form of which is attached as Schedule 7 to the Pool Supplement) delivered to the Purchaser on such Closing Date and all monies received thereon after the related Cutoff Date,
exclusive of any amounts allocable to the premium for physical damage collateral protection insurance required by the Seller or the Servicer, as applicable, covering any related Financed Vehicle; 

(ii) the interest of the Transferor in the security interests in the related Financed Vehicles granted by Obligors pursuant to
the Receivables in the applicable Receivables Pool and, to the extent permitted by law, any accessions thereto; 
 (iii) the
interest of the Transferor in any proceeds from claims on any physical damage, credit life, credit disability, warranties, debt cancellation agreements or other insurance policies covering the related Financed Vehicles or Obligors, including any
rebates or credits of any premium or other payment with respect to any of the foregoing; 
 (iv) all of the Transferor’s
right, title and interest in, to and under the related Receivable Files; 
 (v) all right, title and interest of the
Transferor in, to and under the Master Sale Agreement and the applicable First Step Pool Supplement and First Step Receivables Assignment, including the right of the Transferor to cause the Seller to repurchase Receivables under certain
circumstances and the right of the Transferor to be indemnified under the circumstances specified in the Master Sale Agreement; and 

(vi) all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing described in
clauses (i) through (v) above and all payments on or under and all proceeds of every kind and nature whatsoever in respect of 

  
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any or all the foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to payment of any and every kind and other forms
of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing. 

(b) Second Step Receivables Purchase Price. On each Closing Date, in consideration for the related Purchased Property, the Purchasers
shall pay to the Transferor an amount (the “Second Step Receivables Purchase Price”) equal to the Purchase Price for such Purchased Property. 

The Cutoff Date Aggregate Outstanding Principal Balance, the purchase price designated by the Pricing Model, the
Pre-closing Interest Carry Amount, the re-liening expenses described in Section 2.7 and the Second Step Receivables Purchase Price for each Receivables Pool shall be set forth on the
related Pool Supplement. 
 (c) Wire Transfer. The Purchasers shall pay each Second Step Receivables Purchase Price by federal wire
transfer (same day) funds to the Transferor (or its designee) to the account set forth below: 
 Account Name: Carvana LLC

 Account Number: 4124114661 

Bank: Wells Fargo Bank, N.A. 

ABA: 121000248 
 Within two
(2) Business Days after each Closing Date, the Transferor shall pay to or as directed by the Purchasers in (same day) funds an amount equal to the aggregate amount of all Collections received by the Transferor after the related Cutoff Date,
including from the Seller or the Servicer, with respect to the Receivables Pool sold to the Purchasers on such Closing Date through (but excluding) the applicable Closing Date. 

(d) Purchase Price Adjustment Payments. Purchase price adjustment payments may be due to the Transferor by the Purchasers as agreed
upon by the Parties. 
 (e) Purchase Cadence and Settlement Report. Not later than the second (2nd) Business Day following an Origination Period, the Transferor shall provide the Purchasers with the Purchase Percentage and supply the Purchasers with an initial data tape in form and substance
acceptable to the Purchasers containing the information as called for in Exhibit D with respect to all Receivables originated or acquired by the Seller in the preceding Origination Period (and any Previously Originated Receivables to be
included in the Related Receivables Pool) that the Seller and the Transferor intend in good faith to sell to the Purchasers under this Agreement meeting the selection criteria for sale to the Transferor and those Receivables meeting the eligibility
criteria for sale by the Transferor to the Purchasers, a Receivables Pool. Not later than the first (1st) Business Day of the second week following an Origination Period (but at least two
(2) Business Days prior to the related Closing Date), the Transferor shall supply the Purchasers with 

  
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a final data tape in form and substance acceptable to the Purchasers containing the final information as called for in Exhibit D with respect to all Receivables in the related Receivables
Pool and identifying any receivable in the initial data tape that was determined not to be an Eligible Receivable, including any receivable with respect to which the applicable obligor has exercised its right to return the related financed vehicle
and terminate the related receivable. Not less than two (2) Business Days prior to each proposed Closing Date, the Transferor will deliver to the Purchasers a settlement report substantially in the form of Schedule 2
attached to the Pool Supplement (the “Settlement Report”), in form and substance reasonably acceptable to the Purchaser setting forth amounts due the Transferor with respect to the applicable Receivables Pool and containing at least
the calculation of the related Cutoff Date Aggregate Outstanding Principal Balance, the Pre-closing Interest Carry Amount, the purchase price designated by the Pricing Model, the re-liening expenses described
in Section 2.7 and the Second Step Receivables Purchase Price. 
 (f) No Recourse. It is understood that
each sale of Purchased Property by the Transferor to the Purchaser pursuant to this Agreement, a Pool Supplement and the related Second Step Receivables Assignment shall be without recourse (except as set forth herein and in the other Basic
Documents) and the Transferor does not guarantee collection of any Receivable. However, each such sale shall be made pursuant to and in reliance by the Purchaser on the representations, warranties and covenants of the Transferor as set forth in
Section 5.2, the indemnities set forth in Section 7.14 and the repurchase obligation set forth in Section 8.2. 

(g) Intent of the Parties. This Agreement, the applicable Pool Supplement and the related Second Step Receivables Assignment is
intended to effect a sale of each Receivables Pool by the Transferor to the Purchasers, and the parties intend to treat each such transaction as an independent sale for federal income tax and financial reporting purposes. It is the intention of the
Transferor that each sale, transfer, assignment and other conveyance of each Receivables Pool contemplated by this Agreement, the applicable Pool Supplement and the related Second Step Receivables Assignment constitutes an independent sale of the
related Purchased Property from the Transferor to the Purchasers and that the beneficial interest in and title to each such Receivables Pool shall not be part of the Transferor’s estate in the event of the filing of a bankruptcy petition by or
against the Transferor under any bankruptcy law. Each sale, transfer, assignment and other conveyance contemplated by this Agreement, the applicable Pool Supplement and the related Second Step Receivables Assignment does not constitute and is not
intended to result in any assumption by the Purchasers (or any of its assigns) of any obligation of the Seller or the Transferor to the Obligors, Affiliates of the Seller, insurers or any other Person in connection with any Receivables, any
insurance policies or any agreement or instrument relating to any of them, in each case related to such transfer and assignment. Although the parties intend that each sale, transfer, assignment and other conveyance contemplated by this Agreement,
the applicable Pool Supplement and the related Second Step Receivables Assignment to be an independent sale, in the event any such transfer and assignment is deemed to be other than a sale, the parties intend and agree (i) that all filings
described in this Agreement shall give the Purchasers a first priority perfected security interest in, to and under the Receivables Pool and the related Purchased Property and all proceeds of any of the foregoing, in each case with respect to such
transfer and assignment; (ii) this Agreement, together with the applicable Pool Supplement and the related Second Step Receivables Assignment, shall be 

  
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deemed to be the grant of, and the Transferor hereby grants to the Purchasers, a security interest from the Transferor to the Purchasers in such Receivables and the related Purchased Property in
order to secure its obligations hereunder with respect to such transfer and assignment; (iii) this Agreement, together with the applicable Pool Supplement and the related Second Step Receivables Assignment, shall be a security agreement under
applicable law for the purpose of each such transfer and assignment; and (iv) the Purchasers shall have all of the rights, powers and privileges of a secured party under the UCC with respect to each such transfer and assignment and the
Purchased Property related thereto. 
 Section 3.2 The Closing. The initial closing during the Commitment Period shall take place at
or about 11:00 a.m., Chicago time, at the offices of Kirkland & Ellis LLP, in Chicago, Illinois on or about December 30, 2016, or at such other time, date and place as the parties shall agree upon. 

ARTICLE IV 
 CLOSINGS 

Section 4.1 Effecting Purchases.  

(a) General Procedures. During the Commitment Period, the purchase and sale of a Receivables Pool pursuant to the Transferor Obligation
will occur on the Closing Date for the calendar week that follows receipt of notification from the Transferor of its intent to complete such a sale at such time (which Closing Date, for the avoidance of doubt, will fall in the second calendar week
following the related Origination Period). For the avoidance of doubt, subject to the terms and conditions of this Agreement, the Transferor is obligated to sell a Receivables Pool to the Purchasers hereunder during each calendar week during the
Commitment Period; provided, that the Transferor, by written notice to be delivered to the Purchasers no later than the second (2nd) Business Day following an Origination Period, may elect
to defer the related sale if it reasonably determines in good faith that consummating such sale would be administratively burdensome (e.g., due to shortened holiday weeks or other similar events not in its control) and the Receivables Pool that
would have been sold to the Purchasers on such Closing Date will be combined with the Receivables Pool to be sold to the Purchasers on the next succeeding Closing Date; provided, further, that the Transferor may not make such an
election more than six (6) times per twelve month period and such election may not be made to skip closings in consecutive calendar weeks. 

(i) Notification of each sale must be provided by the Transferor to the Purchasers no later the second (2nd) Business Day following an Origination Period (which date falls in the week prior to the week in which the proposed Closing Date for such sale falls), substantially in the form of Exhibit C
attached hereto. Such notification must specify for each such proposed Receivables Pool (i) the approximate Cutoff Date Aggregate Outstanding Principal Balance, (ii) the applicable proposed Closing Date, and (iii) the proposed Cutoff
Date. 
 (ii) Not later than the third (3rd) Business Day after receipt
of the initial data tape received in Section 3.1(e) above (but at least three (3) Business Days prior to the 

  
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related Closing Date), the Purchasers shall notify the Seller of the Purchase Price for each Eligible Receivable on the initial data tape by the Purchasers and the allocation of purchases between
Ally Bank and Ally Financial. 
 (iii) Not later than the second (2nd)
Business Day of the second week following an Origination Period (but at least one (1) Business Day prior to the related Closing Date), the Purchasers shall notify the Seller of the final Purchase Price for the Receivables Pool and the final
allocation of purchase between Ally Bank and Ally Financial. 
 (iv) Not less than two (2) Business Days prior to the
proposed Closing Date, the Transferor shall deliver to the Purchaser the Settlement Report in the form of Schedule 2 to the related Pool Supplement, a receivables pool schedule (the “Receivables Pool Schedule”), which shall
identify as of the Cutoff Date the pool of Receivables (the “Receivables Pool”) to be sold and which shall contain data for each Receivable for the fields specified in Schedules 6, 7 and 10 to the related Pool Supplement, as
well as Schedules 8 and 9 of the related Pool Supplement. The Transferor shall promptly provide to the Purchaser all data related to the Receivables Pool that are necessary to determine the Purchase Price for such Receivables Pool or
that are reasonably requested by the Purchaser. 
 (v) On the Pricing Date, the Purchase Price shall be calculated in
accordance with Section 2.3. 
 (vi) Not less than two (2) Business Days prior to the Closing
Date, the Transferor shall provide the Officer’s Certificate in the form of Schedule 1 as well as the fully executed Schedule 5 of the related Pool Supplement. 

(b) Upon the satisfaction or written waiver of the conditions specified in Section 6.3, on each Closing Date, the
Seller will sell the related Purchased Property to the Transferor and the Transferor will sell the Purchased Property in such Receivables Pool to the Purchaser in accordance with the applicable Basic Documents. 

(c) Due Diligence. With respect to each proposed purchase of a Receivables Pool the Seller and the Transferor agree to cooperate with
the Purchasers, with respect to all reasonable requests for documents or other information and due diligence procedures. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

Section 5.1 Representations and Warranties of the Purchasers. The Purchasers represent and warrant to the Transferor as of the date
hereof and as of each Closing Date: 
 (a) Organization and Good Standing. Ally Bank has been duly organized and is validly existing
as a Utah chartered bank in good standing, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business 

  
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is presently conducted; and as of the date hereof, Ally Bank’s deposits are insured by the Federal Deposit Insurance Corporation and Ally Bank is subject to the Federal Deposit Insurance
Act. Ally Financial has been duly organized and validly exists as an entity in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned
and such business is presently conducted, including to acquire and own the Receivables. 
 (b) Due Qualification. Ally Bank is duly
qualified to do business as a foreign entity in good standing, and has authority to hold loans in all jurisdictions of the United States of America. Ally Financial is duly qualified to do business as a foreign entity in good standing, and has
authority to hold loans in all jurisdictions of the United States of America. 
 (c) Power and Authority. The Purchasers have full
power and authority to execute and deliver this Agreement and the Master Servicing Agreement and to perform the terms and provisions hereof and thereof and the execution, delivery and performance of this Agreement and the Master Servicing Agreement
have been duly authorized by the Purchasers by all necessary action. 
 (d) Due Authorization; Enforceability; No Violation. This
Agreement and the Master Servicing Agreement have been duly authorized, executed and delivered by the Purchasers, and each is the legal, valid and binding obligation of the Purchasers, enforceable against the Purchasers in accordance with its terms,
except as such enforceability may be limited by applicable insolvency, bankruptcy, reorganization, conservatorship, receivership, liquidation or other laws and by general principles of equity, regardless of whether such enforceability is considered
in a proceeding in equity or at law. The consummation of the transactions contemplated by this Agreement and the Master Servicing Agreement and the fulfillment of the terms of this Agreement and the Master Servicing Agreement shall not conflict
with, result in any breach of any of the terms and provisions of or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Purchasers, or, in any material respect, any indenture,
agreement, mortgage, deed of trust or other instrument to which the Purchasers is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement
or other instrument, or violate, in any material respect, any law or, to the best of the Purchaser’s knowledge, any order, rule or regulation applicable to the Purchasers of any Governmental Authority having jurisdiction over the Purchasers or
any of its properties, in each case, that would materially and adversely affect the performance by the Purchasers of its obligations under, or the validity and enforceability of, this Agreement. 

(e) No Proceedings. There are no proceedings or investigations pending, or, to the best of the Purchasers’ knowledge, threatened,
before any Governmental Authority having jurisdiction over either Purchaser or any of their properties (i) asserting the invalidity of this Agreement and the Master Servicing Agreement, or (ii) seeking any determination or ruling that
might materially and adversely affect the performance by either Purchaser of its obligations under, or the validity or enforceability of, this Agreement and the Master Servicing Agreement against the Purchasers. 

  
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 Section 5.2 Representations and Warranties of the Transferor. The Transferor represents
and warrants to the Purchasers as of the date hereof and as of each Closing Date (except as provided herein otherwise): 
 (a)
Organization and Good Standing. It has been duly organized, and is validly existing and in good standing under the laws of the jurisdiction of its formation, with all requisite power and authority to own or lease its properties and conduct
its business as such business is presently conducted, and had at all relevant times, and now has all necessary power, authority and legal right to own or lease its properties and conduct its business as such business is presently conducted,
including to acquire, own and sell the Receivables and the other Purchased Property except for non-compliance which could not, individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect. 
 (b) Due Qualification. It is duly qualified to do business and is in good standing and has obtained all necessary
licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals (including, as applicable, the origination, purchase, sale and servicing of
the Receivables) except for non-compliance which could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(c) Power and Authority; Due Authorization. It (i) has all necessary power, authority and legal right to (A) execute and
deliver the Basic Documents to which it is a party, (B) carry out the terms of the Basic Documents to which it is a party and (C) to assign or grant the security interest in the assets transferred by it on the terms and conditions in this
Agreement and (ii) has taken all necessary action to authorize the execution, delivery and performance of the Basic Documents to which it is a party and to assign or grant a security interest in the assets transferred by it on the terms and
conditions in this Agreement. 
 (d) Binding Obligation. The Basic Documents to which it is a party have been duly executed and
delivered by it and constitute legal, valid and binding obligations of it enforceable against it in accordance with their terms. 
 (e)
No Violation. The consummation of the transactions contemplated by the Basic Documents to which it is a party and the fulfillment of the terms thereof will not (i) conflict with, result in any breach of any of the terms and provisions
of, or constitute (with or without notice or lapse of time or both) a default under, its formation documents or any agreement to which it is bound, (ii) result in the creation or imposition of any Lien upon any of its properties, other than
pursuant to the Master Sale Agreement and this Agreement, or (iii) violate any Requirements of Law, except, in each case, for non-compliance which could not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect. 
 (f) No Proceedings. There is no litigation, proceeding or investigation
pending or, to the best of its knowledge, threatened against it, before any governmental authority (i) asserting the invalidity of any Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by the
Basic Documents, (iii) challenging the enforceability of a material portion of the Receivables or (iv) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect. 

  
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 (g) All Consents Required. All approvals, authorizations, consents, orders, licenses or
other actions of any person or of any governmental authority required for the due execution, delivery and performance by it of the Basic Documents to which it is a party have been obtained except for
non-compliance which could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(h) Compliance. It is not in violation in any material respect of any Basic Document to which it is a party or any laws, ordinances,
Governmental Rules or regulations to which it is subject except for non-compliance which could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(i) Bulk Sales. The execution, delivery and performance of the Basic Documents to which it is a party is in the ordinary course of
business and does not require compliance with any bulk sales act or similar law. 
 (j) Solvency. As of each Closing Date,
(i) the Transferor is not and shall not become insolvent as a result of the transfer of the related Purchased Property on such date, (ii) the Transferor did not intend to or believe that it would incur debts that would be beyond its
ability to pay as such debts matured, (iii) the Transferor did not transfer the related Purchased Property with the actual intent to hinder, delay or defraud any Person and (iv) the assets of the Transferor did not constitute unreasonably
small capital to carry out its business as conducted. 
 (k) Selection Procedures. No procedures believed by it to be materially
adverse to the interests of the Purchasers were utilized by it in identifying or selecting Receivables to be transferred by it. In addition, each Receivable assigned pursuant to this Agreement has been underwritten in accordance with and satisfies
the standards of the Credit Policy in all material respects. 
 (l) Taxes. It has filed, caused to be filed, or received an extension
of time for filing that has not yet expired, all federal and material state, local or foreign tax returns that are required to be filed by it. It has paid or made adequate provisions for the payment of all federal or material amounts of state, local
or foreign taxes and all material assessments made against it or any of its property (other than any amount of tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves have
been provided on the books of it), and no tax lien has been filed and, to the its knowledge, no claim is being asserted, with respect to any such tax, fee or other charge. 

(m) Exchange Act Compliance; Regulations T, U and X. None of the transactions contemplated in the Basic Documents to which it is a
party (including the use of the proceeds from the advances) will violate or result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including Regulations T, U and X of the Federal Reserve Board, 12
C.F.R., Chapter II. It does not own or intend to carry or purchase, and no proceeds from the sale of the Purchased Property will be used to carry or purchase, any “margin stock” within the meaning of Regulation U or to extend
“purchase credit” within the meaning of Regulation U. 

  
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 (n) Quality of Title. Each Receivable, together with the Contract related thereto,
transferred by it were, prior to the transfer thereof, owned by it free and clear of any Lien except for Permitted Liens, and the Purchasers upon the providing of value described herein shall acquire a valid ownership interest and a perfected first
priority security interest in each Receivable and the related Purchased Property then-existing or thereafter arising, free and clear of any Lien, other than Permitted Liens. No effective financing statement or other instrument similar in effect
covering any portion of the Purchased Property shall, after the relevant Cutoff Date, be on file in any recording office except such as may be filed in favor of the Transferor or the Purchasers in accordance with the Master Sale Agreement and this
Agreement. 
 (o) Security Interest. It has granted a security interest (as defined in the UCC) to the Purchasers in the Purchased
Property, which is enforceable in accordance with applicable law upon execution and delivery of the Basic Documents. Upon the filing of UCC-1 financing statements naming the Purchasers as secured party, or
upon the Collateral Custodian obtaining possession, in the case of that portion of the Purchased Property which constitutes tangible chattel paper, or upon the E-Vault Provider granting control to the
Purchasers, in the case of that portion of the Purchased Property which constitutes electronic chattel paper, the Purchasers shall have a first priority (except for any Permitted Liens) perfected security interest in the Purchased Property. 

(p) Reports Accurate. All Monthly Reports, information, exhibits, financial statements, documents, books, records or reports (including
the data file indicating characteristics of the Receivables and including electronic writings) furnished or to be furnished by the Seller or the Transferor directly or indirectly to the Purchasers, the Servicer, the Collateral Custodian or the bank
holding the Collection Account under or in connection with the Basic Documents to which it is a party (including the information delivered in connection with each sale in the form of Schedule 6 attached to the related Pool
Supplement) are true, correct and complete in all material respects as of the date specified therein or the date so furnished (as applicable). 

(q) Location of Offices. The principal place of business and chief executive office of it and the office where it keeps all the Records
related to the tangible Contracts are located at the address set forth in Section 8.6; provided, that on or about April 1, 2017, the Transferor’s principal place of business and chief executive office will
be located at 1930 W. Rio Salado Pkwy, Tempe, AZ 85251 (or at such other locations as to which the notice and other specified requirements shall have been satisfied). 

(r) Tradenames and Place of Business. (i) Except as specified in this Agreement, it has no trade names, fictitious names, assumed
names or “doing business as” names or other names under which it has done or is doing business and (ii) its principal place of business and chief executive office is located at the address set forth in
Section 8.6 and has been so for the last four (4) months; provided, that on or about April 1, 2017, the Transferor’s principal place of business and chief executive office will be located at 1930 W.
Rio Salado Pkwy, Tempe, AZ 85251. 

  
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 (s) Transfer Agreements. The Master Sale Agreement and this Agreement are the only
agreements pursuant to which it purchases or sells the Receivables and the related Contracts. 
 (t) Value Given. The Purchasers
shall have given reasonably equivalent value to the Transferor in consideration for the transfer by the Transferor to the Purchasers of the Receivables and the related Purchased Property under this Agreement, no such transfer shall have been made
for or on account of an antecedent debt owed by the Transferor to the Purchasers and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code. The Transferor shall have given reasonably equivalent value
to the Seller in consideration for the transfer by the Seller to the Transferor of the Receivables and the related 2016-1 Purchased Property under the Master Sale Agreement, no such transfer shall have been
made for or on account of an antecedent debt owed by the Seller to the Transferor and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code. 

(u) Accounting. The Transferor accounts for the transfers to the Purchasers of Receivables and related Purchased Property under the
Basic Documents as sales of such Receivables and related Purchased Property in its books, records and financial statements, in each case consistent with the requirements set forth in the Basic Documents. The Seller accounts for the transfers to the
Transferor of Receivables and related Purchased Property and by the Transferor to the Purchasers under the Basic Documents as sales of such Receivables and related Purchased Property in its books, records and financial statements, in each case
consistent with the requirements set forth in the Basic Documents, other than for income tax and consolidated accounting purposes. 
 (v)
Investment Company Act. The Transferor is not (i) an “investment company” and is not controlled by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and (ii) a
“covered fund” as defined in the final regulations issued December 10, 2013, implementing Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. In making that determination, the Transferor is
entitled to rely upon the exemption provided in Section 3(c)(5)(A) or (B) of the Investment Company Act, although there may be additional exemptions or exclusions available to the Transferor. 

(w) ERISA. (i) No prohibited transactions or Reportable Events have occurred with respect to any Pension Plan (if any), (ii) no
notice of intent to terminate a Pension Plan under Section 4041(c) of ERISA has been filed, nor has any Pension Plan been terminated under Section 4041(c) of ERISA, nor has the Pension Benefit Guaranty Corporation instituted proceedings to
terminate, or appointed a trustee to administer a Pension Plan and no event has occurred or condition exists that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Pension Plan, and (iii) no liability under Title IV (other than accrued premiums to the Pension Benefit Guaranty Corporation) has been incurred (whether or not assessed), which individually or in the aggregate with respect to all or any of (i),
(ii) and (iii) above, would reasonably be expected to have a Material Adverse Effect on the Seller or Transferor (including its rights and interests in, to or under any Contracts or related Receivables), with respect to the Seller or
Transferor. 

  
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 (x) Accuracy of Representations and Warranties. Each representation or warranty by the
Transferor contained in the Basic Documents to which it is a party or in any certificate or other document furnished by the Seller or Transferor pursuant thereto or in connection therewith is true and correct in all material respects as of the date
made. 
 (y) OFAC. Neither the Transferor nor any Affiliate is a Sanctioned Person. The proceeds of any funding will not be used and
have not been used to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country. 

(z) Master Sale Agreement. As of each Closing Date, the Transferor has not taken any action that would cause the representations and
warranties of the Seller under the Master Sale Agreement or the applicable First Step Pool Supplement, or Bridgecrest under the Master Servicing Agreement, or the Collateral Custodian under the Collateral Custodian Agreement, to be false. 

(aa) Use of Proceeds. No proceeds of a purchase hereunder shall be used by the Transferor for a purpose that violates or would be
inconsistent with Regulations T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time. 
 (bb)
Remediation. In the event that the Seller, the Transferor or the Servicer or any of their Affiliates has been required under any Requirements of Law, or has agreed or made arrangements with any Governmental Authority, to make any Remediation,
such Person shall have taken such action as so agreed or arranged or in compliance with all Requirements of Law, as applicable. 
 (cc)
Receivables. The Transferor makes the following representations and warranties as of each Closing Date (except to the extent otherwise provided) with respect to the Receivables the Transferor sold to the Purchasers on such Closing Date, on
which the Purchasers relies in accepting such Receivables. Such representations and warranties speak as of the applicable Closing Date (except as provided herein otherwise), and shall survive the sale, transfer and assignment of such Receivables to
the Purchasers and any subsequent sale, assignment or transfer of any such Receivables: 
 (i) Characteristics of
Receivables. As of each Cutoff Date (except to the extent otherwise provided in the definition of “Eligible Receivable”) with respect to the related Receivables to be purchased, (A) each Receivable is an Eligible Receivable,
(B) all of the Receivables, together, constitute an Eligible Receivables Pool and (C) the Receivables Pool was selected as described in Section 2.1(d). 

(ii) Creation, Perfection and Priority of Security Interests. The following representations and warranties regarding
creation, perfection and priority of security interests in the related Purchased Property are true and correct: 
 (A) While
it is the intention of the Transferor and the Purchasers that the transfer and assignment contemplated by this Agreement, each Pool Supplement and each Second Step Receivables Assignment shall constitute sales

  
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of the related Purchased Property from the Transferor to the Purchaser, this Agreement, each Pool Supplement and each Second Step Receivables Assignment shall create a valid and continuing
security interest (as defined in the applicable UCC) in the related Purchased Property in favor of the Purchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the
Transferor. 
 (B) Prior to the sale of such Purchased Property to the Purchaser under this Agreement, the Receivables
constituted “tangible chattel paper” or “electronic chattel paper” within the meaning of the applicable UCC. 

(C) All filings (including such UCC filings) as are necessary in any jurisdiction to perfect the security interest of the
Purchasers in the Purchased Property have been (or prior to the applicable Closing Date will be) made. 
 (D) Other than the
sale and backup security interest granted to the Purchasers pursuant to this Agreement, the Transferor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of such Purchased Property. The Transferor has not
authorized the filing of, and is not aware of, any financing statements against the Transferor that include a description of collateral covering such Purchased Property other than the financing statements relating to the security interests granted
to the Purchasers under this Agreement or any financing statement that has been effectively terminated. The Transferor is not aware of any judgment or tax lien filings against it or such Purchased Property. 

(E) Wells Fargo, as Collateral Custodian, or a permitted subcontractor, has in its possession all original copies of the
related Original Contract Documents and other documents that constitute or evidence such Receivables and the related Purchased Property that are tangible chattel paper. The E-Vault Provider has in its
“control” (as such term is used in Section 9-105 of the UCC), for the benefit of the Purchasers as the “secured party” (as such term is used in
Section 9-105 of the UCC), all electronic records constituting or forming a part of the Receivables that are electronic chattel paper, such that the Purchasers have had and will at all times have a first
priority perfected security interest against the Seller and the Transferor and their creditors in such Receivables. Such Receivable Files and other documents that constitute or evidence such Purchased Property do not have any marks or notations
indicating that any ownership or security interest therein has been pledged, assigned or otherwise conveyed to any Person other than the Purchasers. 

(F) None of the Seller, the Transferor, the Servicer or a custodian or vaulting agent thereof holding any Receivable that is
electronic chattel paper has communicated an Authoritative Copy of any loan agreement that constitutes or evidences such Receivable to any Person other than the Purchasers and the Collateral Custodian. 

  
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 (iii) Schedule of Receivables. The information set forth in the related
Schedule of Receivables and in any computer tape regarding the Receivables is true, accurate and complete, and, other than as may be a result of the application of the criteria included in the definitions of Eligible Receivables Pool set forth in
Exhibit A, no selection procedures believed to be adverse to the Purchasers were utilized in selecting such Receivables, with respect to the related Receivables Pool, from those receivables of the Seller or the Transferor that otherwise meet
such criteria as well as the definition of Eligible Receivables. 
 (iv) Compliance With Law. All Requirements of Law
in respect of any aspect of such Receivables and the related Purchased Property (including the origination thereof), in each case, have been complied with in all material respects and each Receivable and the sale of the related Financed Vehicle
evidenced thereby [***] now complies in all material respects with all applicable Requirements of Law. 
 (v) Binding
Obligation. Each such Receivable with respect to the related Receivables Pool represents the genuine, legal, valid and binding payment obligation in writing of the Obligor thereon, enforceable by the holder thereof in accordance with its terms,
except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights in general and by equity, regardless of whether such enforceability
is considered in a proceeding in equity or at law. 
 (vi) Security Interest in Financed Vehicle. Immediately prior to
the sale, transfer and assignment thereof pursuant hereto and the related Second Step Receivables Assignment, each such Receivable with respect to the related Receivables Pool was secured by a valid security interest in the Financed Vehicle in favor
of the Transferor as secured party. 
 (vii) Receivables In Force. As of the applicable Cutoff Date, no such
Receivable has been satisfied, subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the related Receivable in whole or in part. 

(viii) No Waiver. Since the applicable Cutoff Date, no provision of a Receivable has been, or shall be, waived, altered
or modified in any respect other than with respect to alterations and modifications so that such Receivable is an Eligible Receivable (other than clause (ix) thereof, which must have been satisfied at the time of origination) and such
Receivable is enforceable after giving effect thereto. 
 (ix) No Defenses. No right of rescission, setoff,
counterclaim or defense has been asserted or threatened with respect to any such Receivable. 
 (x) No Liens. To the
best of the Transferor’s knowledge: (1) there are no Lien or claims that have been filed for work, labor or materials affecting any Financed 

  

	[***]	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission. 

21 

 
Vehicle securing any such Receivable that are or may be Lien prior to, or equal or coordinate with, the security interest in the Financed Vehicle granted by such Receivable; (2) no
contribution failure has occurred with respect to any Benefit Plan which is sufficient to give rise to a Lien under Section 303(k) of ERISA with respect to any such Receivable; and (3) no tax lien has been filed and no claim related thereto is
being asserted with respect to any such Receivable. 
 (xi) Insurance. Each Obligor under such Receivables is required
to maintain a physical damage insurance policy of the type that the Seller requires in accordance with the Credit Policy. 

(xii) Good Title. No such Receivable or the related Purchased Property has been sold, transferred, assigned or pledged
by the Transferor to any Person other than the Purchasers; immediately prior to the conveyance of such Receivables and the related Purchased Property pursuant to this Agreement, the related Pool Supplement and the related Second Step Receivables
Assignment, the Transferor had good and marketable title thereto, free of any Lien other than Permitted Liens; and, upon execution and delivery of the Pool Supplement and the related Second Step Receivables Assignment by the Transferor, the
Purchasers shall acquire a valid and enforceable perfected ownership interest in each such Receivable and Purchased Property, the unpaid indebtedness evidenced thereby and the collateral security therefor, free of any Lien other than Permitted
Liens. 
 (xiii) Lawful Assignment. No such Receivable or the related Purchased Property was originated in, or is
subject to Requirements of Law of, any jurisdiction the Requirements of Law of which would make unlawful, void or voidable the sale, transfer and assignment of such Receivable and the other related Purchased Property under this Agreement and the
related Second Step Receivables Assignment. None of the Seller, the Transferor or the Servicer has entered into any agreement with any Obligor that prohibits, restricts or conditions the assignment of such Receivable or any other Purchased Property.

 (xiv) All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give the Purchasers a
first priority perfected ownership interest in the Receivables and the related Purchased Property shall have been made. 

(xv) One Original. There is only one original executed copy of each tangible record constituting or forming a part of
such Receivable that is tangible chattel paper or a single Authoritative Copy of each electronic record constituting or forming a part of each Purchased Receivable that is electronic chattel paper. 

(xvi) No Documents or Instruments. No such Receivable, or constituent part thereof, constitutes a “negotiable
instrument” or “negotiable document of title” (as such terms are used in the UCC). 
 (xvii) Accounts and
Receivables Analysis. The information set forth in the Accounts and Receivables Analysis with respect to such Receivable and the related Receivables Pool, as applicable, provided on Schedule 6 of the related Pool
Supplement is true and correct in all material respects. 

  
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 ARTICLE VI 

CONDITIONS 
 Section 6.1
Conditions to Effectiveness. The effectiveness of this Agreement is subject to the satisfaction of the following conditions precedent as of the date hereof: 

(a) Basic Documents. Each of the Purchasers, the Transferor, the Seller, Bridgecrest, the Collateral Custodian and the Performance
Guarantor, as the case may be, shall have executed and delivered each of the Basic Documents to which it is a party, and shall have executed and/or delivered each other document and instrument required to be executed and/or delivered by such party
on or about the Original Execution Date or the date hereof, as applicable, prior to the effectiveness hereof or thereof, hereunder or thereunder. (b) 

(c) Documents to be Delivered by the Transferor. 

(i) Good Standing Certificates. The Purchasers shall have received a certificate from the Secretary of State of the
States of Arizona and Delaware as to the formation and good standing of the Seller and the Transferor, respectively. 
 (ii)
Corporate Documents. The Purchasers shall have received duly certified copies of the Seller and the Transferor’s certificate of formation and limited liability company agreement, resolutions of its directors approving the execution,
delivery and performance of this Agreement and the other Basic Documents to which it is a party and the transactions contemplated hereby and thereby, and such other evidence of the authority and incumbency of officers and other appropriate personnel
of the Seller and the Transferor, respectively. 
 (iii) Opinions. External counsel (which shall be satisfactory to
the Purchasers in its reasonable judgment) for the Transferor, the Seller, Bridgecrest, the Collateral Custodian (which may be internal counsel) and the Performance Guarantor shall have furnished to the Purchasers written opinions dated as of the
Original Execution Date in the form satisfactory to the Purchasers in its reasonable judgment. 
 (iv) Evidence of UCC
Filing. On or prior to Effective Date of this Agreement, the Transferor shall record and file, at its own expense, a UCC-1 financing statement in each jurisdiction in which it is required by applicable
law, authorized by and naming the Transferor as seller or debtor, naming the Purchasers as purchaser or secured party, naming the Receivables and the other Purchased Property as collateral, meeting the requirements of the laws of each such
jurisdiction and in such manner as is necessary to perfect each sale, transfer, assignment and conveyance of Receivables to the Purchasers hereunder. Such UCC-1 financing statement shall be provided to the
Purchasers on or prior to such Effective Date. 

  
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 (v) Other Documents. The Transferor, the Servicer, the Collateral
Custodian and the Performance Guarantor shall have provided such other documents as the Purchaser may reasonably request. 
 (d)
Representations and Warranties. Each of the representations and warranties of each of the Transferor, the Servicer, the Seller, the Collateral Custodian and the Performance Guarantor, under each of the Basic Documents shall be true and
correct in all material respects as of the date hereof (or, if another date for such representation or warranty is specified herein or therein, then such other date), and the Transferor, the Servicer, the Seller, the Collateral Custodian and the
Performance Guarantor shall have performed in all material respects all covenants and agreements required to be performed by it hereunder and thereunder on or prior to the date hereof. 

(e) UCC Search Reports. (A) The Transferor shall deliver to the Purchasers (i) certified copies of requests for information
or copies (Form UCC-11) (or a similar search report certified by parties acceptable to the Purchasers) dated a date reasonably near the Original Execution Date listing all effective financing statements which
name the Seller and the Transferor (under each of its present names and any previous names) as debtor or seller and which are filed in Arizona and Delaware, respectively, and such other jurisdictions where the Purchasers may reasonably request,
together with copies of such financing statements, none of which shall cover any Receivables or other Purchased Property, (ii) search reports, each dated a date reasonably near the Original Execution Date with respect to federal, state and
local tax liens, judgment liens and liens of the PBGC, respectively, filed against the Seller and the Transferor from the Secretaries of State of the States of Arizona and Delaware and from Maricopa County, Arizona and New Castle County, Delaware,
respectively, or such other jurisdictions as the Purchasers shall reasonably request, in each case, showing no such Lien on any of the Receivables or other Purchased Property. 

(f) Receivables Warehouse Facility. Each of Ally Bank, the Seller, Sonoran Auto Receivables Trust
2016-1 and the Transferor, as the case may be, shall have executed and delivered the Receivables Warehouse Facility, and shall have executed and/or delivered each other document and instrument required to be
executed and/or delivered by such party on the Original Execution Date or the date hereof, as applicable, prior to the effectiveness thereof or thereunder. 

Section 6.2 Conditions to Obligation of the Purchasers. The obligation of the Purchasers to purchase Receivables and the related
Purchased Property with respect to each Receivables Pool and the related Purchased Property under this Agreement, the related Pool Supplement and the related Second Step Receivables Assignment is subject to the satisfaction of the following
conditions on or before the related Closing Date: 
 (a) Aggregate Purchase Commitment. After giving effect to such purchase and
sale, the sum of the Cutoff Date Aggregate Outstanding Principal Balance for such Receivables Pool and the aggregate amount of the Cutoff Date Aggregate Outstanding Principal Balance for all previous Receivables Pools within the Commitment Period
shall not exceed the amount of Purchaser’s Obligation as of such Closing Date. 

  
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 (b) Minimum Sales Amount. The Aggregate Outstanding Principal Balance as of the related
Cutoff Date shall not be less than 51% (adjusted downward for a nonmaterial amount resulting from application of the Freestyle Selection at a Purchase Percentage of 51%) of the aggregate principal balance of all receivables meeting the criteria
described in the definition of “Eligible Receivable” originated by the Seller during the second calendar week preceding the related Closing Date unless otherwise agreed by the Purchasers. 

(c) Commitment Termination Event. No Commitment Termination Event shall have occurred and the Sale shall occur during the Commitment
Period. 
 (d) Scheduled Commitment Termination Date. The Scheduled Commitment Termination Date shall not have occurred. 

(e) Representations and Warranties. Each of the representations and warranties of each of the Transferor, the Servicer the Seller, the
Collateral Custodian and the Performance Guarantor, under each of the Basic Documents shall be true and correct in all material respects at the time of each Closing Date (or, if another date for such representation or warranty is specified herein or
therein, then such other date), and the Transferor, Servicer, the Seller, the Collateral Custodian and the Performance Guarantor shall have performed in all material respects all covenants and agreements required to be performed by it hereunder and
thereunder on or prior to each Closing Date. 
 (f) Master Sale Agreement. Each of the conditions to the obligations of the Seller
under the Master Sale Agreement shall have been satisfied without any waiver thereof. 
 (g) Security Interests. The security
interest granted by the Transferor in favor of the Purchasers in each Receivables Pool previously sold to the Purchasers is a valid and continuing security interest prior to all other Liens, and is enforceable as against such other creditors of and
purchasers from the Transferor. 
 (h) Computer Files Marked. Each of the Seller and the Servicer shall have, on or prior to each
Closing Date, indicated in its Receivables System, that such Purchased Property has been sold to the Purchasers pursuant to this Agreement and the related Second Step Receivables Assignment. 

(i) Documents to be Delivered By the Transferor. On or before such Closing Date, the Transferor shall have delivered to
the Purchasers the following documents: 
 (i) The Pool Supplement. The Transferor will execute and deliver the
related Pool Supplement and each of the other documents, certificates and instruments required to be attached thereto as set forth in Exhibit A (a final completed draft of which shall be delivered to the Purchasers at least one Business Day
prior to the Closing Date). 
 (ii) Master Sale Agreement Documents. The Transferor shall deliver to the Purchasers a
set of all documents and other writings delivered in connection with the Master Sale Agreement. 

  
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 (iii) Opinions. On the initial Closing Date, counsel for the Seller and
the Transferor shall have furnished to the Purchasers one or more opinions of external counsel in the form satisfactory to the Purchasers in its reasonable judgment, dated as of the initial Closing Date, with respect to true sale characterization of
the sales from the Seller to the Transferor pursuant to the Master Sale Agreement, nonconsolidation of the Transferor with the Seller and security interest matters (including creation, perfection and filing priority and control of electronic chattel
paper) along with bring-downs of the opinions referred to in Section 6.1(c)(iii). For any subsequent Closing Date, such counsel shall deliver such bring-downs of the foregoing opinions or new opinions with respect to such matters or such
other matters, in each case, due to material changes in circumstances or Requirements of Law (since previously delivered), in each case that the Purchaser shall reasonably request. For the first Closing Date for which there is, or will be, a
concentration with respect to any State of outstanding Receivables in all Eligible Receivables Pools purchased by the Purchasers that exceeds 10% of the aggregate Outstanding Principal Balance of all Receivables in all purchased Eligible Receivables
Pools after giving effect to such sale, counsel for the Seller and the Transferor shall have furnished to the Purchasers one or more opinions of external counsel in the form satisfactory to the Purchasers in its reasonable judgment, dated as of such
Closing Date, with respect to state titling statute opinions with respect to the Lien on the related Financed Vehicles. 

(iv) Officer’s Certificate of the Seller and the Transferor. The Purchasers shall receive on each Closing Date an
Officer’s Certificate of the Seller and the Transferor representing and warranting that, as of such Closing Date, except to the extent that they relate to another date, in which case, they shall be true and correct as of such date, the
representations and warranties of the Seller and the Transferor in the Basic Documents to which they are a party are true and correct in all material respects and that each of the Seller and the Transferor has complied with all agreements and
satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date in all material respects. 

(v) Accountants’ Letter. The Purchasers shall have received an agreed upon procedures letter described in
Section 7.21 for the calendar quarter preceding such the related Closing Date. 
 (vi)
Other Documents. On each Closing Date, the Transferor, the Servicer and the Performance Guarantor shall provide such other documents as the Purchasers may reasonably request. 

(j) Collateral Custodian Certificate. With respect to all Receivables included in the related Receivables Pool, the Transferor shall,
or shall have caused the Seller to, have Delivered each related Original Contract Document to the Collateral Custodian, and the Purchasers shall have received the related executed Document Receipt in accordance with the requirements of the
Collateral Custodian Agreement, and the Seller, the Transferor and the Servicer shall have marked their computer files with respect to such Receivables to indicate the interest of the Purchasers. 

  
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 (k) Other Transactions. The transactions contemplated by the Master Sale Agreement and the
Master Servicing Agreement shall be consummated to the extent that such transactions are intended to be substantially contemporaneous with the transactions hereunder. 

Section 6.3 Conditions to Obligation of the Transferor. The obligation of the Transferor to sell the Receivables with respect to each
Receivables Pool and the related Purchased Property under this Agreement, the related Pool Supplement and the related Second Step Receivables Assignment is subject to the satisfaction of the following conditions on or before the related Closing
Date: 
 (a) Second Step Receivables Purchase Price. On such Closing Date, the Purchasers shall deliver to the Transferor the Second
Step Receivables Purchase Price for such Receivables Pool, in accordance with Section 3.1(b) of this Agreement. 
 (b)
Representations and Warranties True. The representations and warranties of the Purchasers under this Agreement and each of the other Basic Documents to which it is a party shall be true and correct in all material respects as of such Closing
Date, and the Purchasers shall have performed in all material respects all covenants and agreements, if any, required to be performed by it hereunder and thereunder on or prior to such Closing Date. 

(c) Documents to be Delivered By the Purchaser. On or before such Closing Date, the Purchasers shall have delivered to the Transferor
the related Pool Supplement. 
 (d) Other Transactions. The transactions contemplated by the Master Sale Agreement and the Master
Servicing Agreement shall be consummated to the extent that such transactions are intended to be substantially contemporaneous with the transactions hereunder in connection with such sale and such Closing Date. 

(e) Other Documents. On such Closing Date, the Purchasers shall provide such other documents as the Transferor may reasonably request.

 ARTICLE VII 
 COVENANTS OF
THE TRANSFEROR 
 Section 7.1 Protection of Right, Title and Interest. The Transferor covenants and agrees with the Purchasers as
follows: 
 (a) Protection of Title; Filings. The Transferor shall authorize and file such financing statements and amendments to
financing statements and cause to be authorized, as applicable, and filed such continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Purchasers
under this Agreement, each Pool Supplement and each Second Step Receivables Assignment in the Receivables and the other Purchased Property and in the proceeds thereof. The Transferor shall deliver (or cause to be delivered) to the Purchasers
file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 

  
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 (b) Name Change. The Transferor shall not change its State of organization or its name,
identity or corporate structure in any manner that would, could or might make any financing statement or continuation statement filed by the Transferor in accordance with Section 7.1(a) seriously misleading within the meaning of the UCC,
unless it shall have given the Purchasers (i) at least 30 days prior written notice thereof if such change would create a new debtor under the UCC (which for purposes of this Section 7.1(b), shall not include a name change) or change the
jurisdiction that would govern the perfection or effect of perfection against the Transferor and after delivery to the Purchasers of the applicable financing statements necessary to perfect or continue the perfection of the Purchaser’s security
and ownership interests hereunder and under the other Basic Documents, or (ii) otherwise, notice thereof within 30 calendar days after effectiveness of such change, together with delivery to the Purchasers of the applicable financing statements
necessary to perfect or continue the perfection of the Purchaser’s security and ownership interests hereunder and under the other Basic Documents. 

(c) Executive Office; Maintenance of Offices. The Transferor shall (i) give the Purchasers at least 30 days prior written notice
of any relocation of its principal executive office if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new
financing statement Records; provided, that on or about April 1, 2017, the its principal place of business and chief executive office will be located at 1930 W. Rio Salado Pkwy, Tempe, AZ 85251 and (ii) deliver to the Purchasers
acknowledgment copies of the applicable financing statements necessary to perfect or continue the perfection of their respective security or ownership interests hereunder and under the other Basic Documents (it being understood that amendments to
all relevant financing statements will be filed in connection with the change in chief executive office described above). The Transferor shall at all times maintain offices from which it primarily services Receivables and its principal executive
office within the United States of America. 
 (d) New Debtor. In the event that the Transferor shall change the jurisdiction in
which it is formed or otherwise enter into any transaction which would result in a “new debtor” (as defined in the UCC) succeeding to the obligations of the Transferor hereunder, the Transferor shall comply fully with the obligations of
Section 7.1(a). 
 (e) Receivables Systems. If the Transferor maintains computer systems, the Transferor shall maintain, or
cause to be maintained, its computer systems so that, from and after the time of sale of the Receivables under this Agreement, if the computer systems and records (including any backup archives) shall refer to any such Receivable, they shall
indicate clearly the interest of the Purchasers in such Receivable and that such Receivable is owned by the Purchasers. Indication of the Purchaser’s ownership of a Receivable shall be deleted from or modified on the computer systems and
records of the Transferor, if any, when, and only when, the related Receivable shall have been paid in full or repurchased. The Transferor shall cause the Collateral Custodian or the E-Vault Provider on its
behalf at all times to maintain “control” (as such term is used in Section 9-105 of the UCC) of all electronic records constituting or forming a part of a Receivable constituting electronic
chattel paper on behalf of the Purchasers, as “secured party” (as such term is used in Section 9-105 of the UCC) such that the Purchasers have had and at all times will have a first priority
perfected security interest against the Seller and the Transferor and their creditors in such Receivable. 

  
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 (f) Certificates of Title. If the Seller has not received a Certificate of Title related
to a Purchased Receivable naming a Title Lien Nominee the first lien holder on such Certificate of Title for the related Financed Vehicle or the title application or other documentation necessary to obtain a Certificate of Title thereto noting such
lien holder has not been submitted, then, promptly, but no later than [***] days following the related date of origination, the Transferor shall, or shall cause the Seller, to take all steps necessary to perfect the security interest against each
Obligor in the related Financed Vehicle. 
 Section 7.2 Other Liens or Interests. Except for the sale contemplated by this Agreement
and the Second Step Receivables Assignment, the Transferor shall not sell, pledge, assign or transfer any Receivable or the related Purchased Property (or any portion thereof) to any other Person, or grant, create, incur, assume or suffer to exist
any Lien thereon or on any interest therein, and the Transferor shall defend the right, title and interest of the Purchasers in, to and under such Receivables and the related Purchased Property against all claims of third parties claiming through or
under the Transferor. The Transferor shall not do anything to impair the right, title, ownership or security interest of the Purchasers in the Purchased Property. 

Section 7.3 Perfection Costs and Expenses. The Transferor agrees to pay all reasonable costs and disbursements in connection with the
perfection, as against all third parties, of the Purchaser’s right, title and interest in and to the Purchased Property with respect to each Receivables Pool. 

Section 7.4 Separateness. Each of the Seller and the Transferor has taken, and shall continue to take, steps to make it unlikely that a
voluntary or involuntary application for relief by the Seller under the Bankruptcy Code or similar applicable Requirements of Law in any state jurisdiction, would result in consolidation of the assets and liabilities of the Transferor with those of
the Seller. These steps include the maintenance of the Transferor as a separate, limited-purpose subsidiary pursuant to the limitations in the Transferor’s limited liability company agreement and compliance with any assumptions or statements of
fact in the non-consolidation opinion delivered to the Purchasers in connection with this Agreement. These limitations include restrictions on the nature of the Transferor’s business and a restriction on
the Transferor’s ability to commence a voluntary case or proceeding under the United States Bankruptcy Code or similar applicable state Requirements of Law without the unanimous affirmative vote of all of the Transferor’s directors. Under
the circumstances set forth in the Transferor’s limited liability company agreement, the Transferor is required to have at least one (1) director who qualifies thereunder as an independent director. 

Section 7.5 Notice of Servicer Termination; Etc. The Transferor shall notify the Purchasers (A) as soon as possible and in any
event within five (5) Business Days after it obtains knowledge of the occurrence of an Event of Servicing Termination; and (B) promptly after the Transferor obtains knowledge thereof, notice of any litigation, investigation or proceeding
that may exist at any time between the Transferor and any Person or any litigation or proceeding relating to this Agreement, any other Basic Document or the Purchased Property. 

  

	[***]	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission. 

29 

 Section 7.6 Conduct of Business; Ownership. The Transferor shall carry on and conduct its
business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted and do all things necessary to remain duly organized, validly existing and in good standing as a domestic limited liability
company in its jurisdictions of formation and maintain all requisite authority, licenses and permits to conduct its business in each jurisdiction in which its business is conducted, except for any such noncompliance that would not reasonably be
expected to have a Material Adverse Effect on the Purchasers or any of the Purchased Property or any of the transactions contemplated by the Basic Documents. The Transferor shall at all times be a wholly-owned subsidiary of the Seller. 

Section 7.7 Collections. In the event the Transferor receives any Collections after the related Cutoff Date with respect to the
Purchased Property, it shall turn over any Collections received by it with respect to any Purchased Property to the Servicer within two (2) Business Days after its identification of such Collections. 

Section 7.8 Consolidations, Mergers and Sales of Assets. 

(a) The Transferor shall not consolidate or merge with or into any other Person or sell, lease or otherwise transfer all or substantially all
of its assets to any other Person. 
 (b) The Transferor hereby agrees that, until the last Business Day of the twelfth (12th) month
following the latest maturing Receivable, it shall not (i) take any action prohibited by (or inconsistent with) its limited liability company agreement, or (ii) without the prior written consent of the Purchasers, amend its limited
liability company agreement. 
 Section 7.9 Master Sale Agreement. The Transferor, on its own behalf and on behalf of the Purchasers
and the other Seller Indemnified Parties, shall promptly enforce all covenants, indemnities and other obligations of the Seller contained in the Master Sale Agreement (including Sections 6.11 and 7.2 thereof). The Transferor shall
deliver consents, approvals, directions, notices, waivers and take other actions under the Master Sale Agreement as may be directed by the Purchasers. 

Section 7.10 Operation of the Transferor. Without limiting the generality of Sections 7.4 and 7.8(b), the Transferor
shall be operated and managed in accordance with rating agency requirements for single-use special purpose entities. 

Section 7.11 Selection Standards; Quarterly Meetings.  

(a) Until the Commitment Termination Date, in addition to the Quarterly Operations Review (as defined in the Master Servicing Agreement), the
Transferor shall participate in quarterly meetings with the Purchasers (“Quarterly Selection Standards Meeting”) on the 60th day (or such other day as soon thereafter as the
Transferor and the Purchasers shall mutually agree) of each quarter and if such day is not a Business Day, then on the next Business Day (or as Parties may mutually agree) by telephone or, if agreed to by the parties, in person, to discuss and
review, among other things, loss and delinquency performance of the Seller’s originated portfolio of motor vehicle installment sales contracts and installment loans, any material changes to the Seller’s Credit Policy and other origination
or underwriting guidelines, processes or 

  
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policies, including special origination programs, that could influence, modify or impact the Purchased Property or the mix or characteristics of future Receivables Pools, as well as any proposed
amendments or modifications to the definitions of Eligible Receivable or Eligible Receivables Pool since the preceding Quarterly Selection Standards Meeting. 

(b) During, or following, any Quarterly Selection Standards Meeting, the Purchasers may propose a change by delivering a written request to
the Transferor containing such proposed changes (“Selection Standards Change Notice”) to the definitions of Eligible Receivable or Eligible Receivables Pool. If Purchasers and the Transferor reach mutual written agreement regarding
such changes (“Selection Standards Modification”), then the definitions of Eligible Receivable or Eligible Receivables Pool shall be amended to include such Selection Standards Modification for any Receivables Pools purchased on or
after the date of such mutual agreement, or if Purchasers and the Transferor are not able to reach mutual agreement regarding such Selection Standards Modification within 30 days after receipt of the related Selection Standards Change Notice, then
no change will occur to the definitions of Eligible Receivable or Eligible Receivables Pool. 
 Section 7.12 Furnishing of Information
and Inspection of Records. If at any time the Transferor maintains any information regarding the Purchased Property, the Transferor shall furnish to the Purchasers from time to time such information with respect to the Purchased Property as the
Purchasers may reasonably request. If the Transferor maintains such information, the Transferor shall, at any time and from time to time during regular business hours, as requested by the Purchasers, permit the requesting party, or its agents,
representatives or regulators, (i) to examine and make copies of and take abstracts from all books, records and documents (including computer tapes and disks) relating to the Receivables or other Purchased Property, and (ii) to visit the
offices and properties of the Transferor for the purpose of examining such materials described in clause (i), and to discuss matters relating to the Purchased Property or the Transferor’s performance hereunder and under the other Basic
Documents to which such Person is a party with any of the officers, directors, employees or independent public accountants of the Transferor having knowledge of such matters. 

Section 7.13 Compliance with Laws, Etc. The Transferor shall comply with all Requirements of Law applicable to it, except for any such
noncompliance that would not reasonably be expected to have a Material Adverse Effect on the Purchasers or any of the Purchased Property or any of the transactions contemplated by the Basic Documents. 

Section 7.14 Indemnity.  

(a) The Transferor shall indemnify, defend and hold harmless the Purchasers and its officers, directors, employees, Affiliates and agents (the
“Indemnified Parties”) from and against any and all costs, expenses, losses, damages, claims and liabilities arising out of or resulting from the use, ownership or operation by the Transferor or any of its Affiliates of any Financed
Vehicle. 
 (b) The Transferor shall indemnify, defend and hold harmless the Indemnified Parties from and against any and all reasonable and
documented costs, expenses, losses, claims, damages and liabilities solely to the extent that such cost, expense, loss, claim, damage or 

  
 31 

 
liability arose out of or resulted from the action or inaction (including any failure to comply with any applicable Requirements of Law) of any third party to whom the Transferor subcontracted or
delegated the performance of its duties under this Agreement or the other Basic Documents and only to the extent such cost, expense, loss, claim, damage or liability is not related to any credit loss. 

(c) The Transferor shall indemnify, defend and hold harmless the Indemnified Parties from and against any and all costs, expenses, losses,
claims, damages and liabilities, including reasonable external legal fees and expenses (i) to the extent that such cost, expense, loss, claim, damage, or liability arose out of, resulted from or was imposed upon any such Indemnified Party
through the negligence (except for reasonable errors in judgment), willful misfeasance or bad faith of the Transferor or agent in the performance of its duties under this Agreement or the other Basic Documents to which it is a party or by reason of
a breach of its obligations or duties under this Agreement or the other Basic Documents to which it is a party, (ii) arising out of, or resulting from, any breach of any representation, warranty, covenant or obligation of the Transferor in this
Agreement, the other Basic Documents to which it is a party or in any Schedule, Exhibit, written statement or certificate furnished by the Transferor pursuant to this Agreement or the other Basic Documents to which it is a party (in each case, as
each such representation or warranty would read if all qualifications as to knowledge or materiality, including each reference to the defined term “Material Adverse Effect,” were deleted therefrom), (iii) arising out of, or resulting from,
any untrue statement of a material fact in any written information provided or delivered by the Transferor, or any Affiliate of the Transferor on its behalf, to the Purchasers pursuant to, for the purposes of, or in connection with, this Agreement
or the other Basic Documents to which it is a party, (iv) arising out of, or resulting from, any action, suit, proceeding or claim or other litigation to the extent resulting from the actions or omissions of the Seller, the Transferor or any of
their consolidated Affiliates or any of their respective agents, directors, officers, servants or employees, excluding, however, any costs, expenses, losses, claims, damages or liabilities resulting from the gross negligence, bad faith or willful
misconduct on the part of any such Indemnified Party, and (v) resulting from any conduct or omission of the Seller or the Transferor that results in failure of either Purchaser to have a perfected and enforceable security interest against a
related Obligor in the related Financed Vehicle, including any failure to obtain a first priority perfected security interest in the related Financed Vehicle in connection with the origination of the Receivable. Indemnification under this
Section 7.14 shall include reasonable fees and expenses of one external counsel and reasonable costs and expenses of litigation; provided, however, that the Transferor pursuant to this
Section 7.14, the Seller pursuant to Section 5.4 of the Master Sale Agreement and the Servicer pursuant to Section 5.2 of the Master Servicing Agreement shall only be
responsible collectively for reasonable fees and expenses of one external counsel. If the Transferor has made any indemnity payments pursuant to this Section 7.14 and the recipient thereafter collects any of such amounts
from others with respect to such claim, the recipient shall promptly repay such amounts collected to the Servicer, without interest. 
 (d)
This Section 7.14 shall survive any termination of this Agreement. 
 Section 7.15 Publicity. All
media releases, public announcements and public disclosures by any Party or its respective employees or agents, relating to this Agreement or the other Basic Documents or the transactions contemplated hereby or thereby or the name of the

  
 32 

 
Purchasers or the Transferor, including promotional or marketing material, shall be coordinated with and consented to by the other Party in writing prior to the release thereof, which consent
shall not be unreasonably withheld or delayed; provided, however, that any announcement intended solely for internal distribution by the disclosing Party to its directors, employees, officers and agents or any disclosure required by
Requirements of Law or by accounting requirements, shall not require such coordination or consent. 
 Section 7.16 No
Solicitation. The Transferor agrees that it will not, directly or indirectly, specifically solicit, and will not permit any of its Affiliates to, directly or indirectly, specifically solicit, any Obligor (in writing or otherwise) to refinance
any Purchased Receivable (including solicitations for the purchase of a new vehicle); provided, however, that each of Transferor and its Affiliates may, directly or indirectly, engage in a general solicitation directed generally at the
obligors of receivables originated or serviced by the Seller or the Servicer at large, so long as the Obligors under the Purchased Receivables are not the predominant targets of such general solicitation for refinancing. 

Section 7.17 Remediation. The Transferor shall (i) provide the Purchasers with written notice, to the extent not prohibited
by any applicable Requirements of Law, of any Remediation if such Remediation could reasonably be expected, individually or in the aggregate with any other Remediation, to have a Material Adverse Effect on the Purchasers or any of the Purchased
Property and (ii) implement any Remediation in accordance with all terms thereof and all applicable Requirements of Law. 

Section 7.18 Quarterly Statements as to Compliance. The Transferor shall deliver to the Purchasers, on or before the forty-fifth
(45th) day following each calendar quarter, beginning February 14, 2017 (or, if such day is not a Business Day, the next succeeding Business Day), an Officer’s Certificate of the Transferor, dated as of the last Business Day of the
immediately preceding calendar quarter, in each instance stating that (i) a review of the activities of the Transferor during the preceding calendar quarter (or, with respect to the first such certificate, such period as shall have elapsed from
the Effective Date to the date of such certificate) and of its performance under this Agreement has been made under such officer’s supervision and (ii) to the best of such officer’s knowledge, based on such review, the Transferor has
fulfilled all its obligations under this Agreement in all material respects throughout such period, or, if there has been a default in the fulfillment of any such obligation, in any material respect specifying each such default known to such officer
and the nature and status thereof. 
 Section 7.19 Additional Covenants. From the date hereof until the later of the Commitment
Termination Date and the date on which the Receivables have been paid in full, the Transferor will: 
 (a) Preservation of Existence;
License. It will preserve and maintain its existence, rights, franchises and privileges in its State of formation, and qualify and remain qualified in good standing in each jurisdiction where the failure to preserve and maintain such existence,
rights, franchises, privileges and qualification has had, or would reasonably be expected to have, a Material Adverse Effect and (without suspension or limitation) will not terminate or let lapse any licenses, consents or approval currently held by
it necessary to ensure its performance of any duty contemplated by this Agreement and the other Basic Document to which it is a party. 

  
 33 

 (b) Performance and Compliance with Contracts. It will, at its expense, timely and fully
perform and comply with all provisions, covenants and other promises required to be observed by it under the Contracts and in and all other agreements related to such Contracts. It shall enforce its rights under this Agreement and the other Basic
Documents. 
 (c) Keeping of Records and Books of Account. It will (or will cooperate with the Servicer to) maintain and implement
administrative and operating procedures (including an ability to re-create records evidencing Receivables in the event of the destruction of the originals thereof, in the case of tangible Contracts, or loss of
access to the vault system of the Contracts maintained therein, in the case of electronic Contracts), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables.

 (d) Transferred Assets. With respect to each Receivable transferred or acquired by it, it will: (i) transfer or acquire such
Receivable pursuant to and in accordance with the terms of the Master Sale Agreement and this Agreement, (ii) take all action necessary to perfect, protect and more fully evidence the assignee’s interest in such Receivable, including
(A) filing and maintaining, effective financing statements (Form UCC-1) in all necessary or appropriate filing offices, and filing continuation statements, amendments or assignments with respect thereto
in such filing offices and (B) executing or causing to be executed such other instruments or notices as may be necessary or appropriate and (iii) taking all additional action that the Purchasers may reasonably request, including the filing
of financing statements to perfect, protect and more fully evidence the respective interests of the parties to the Master Sale Agreement and this Agreement in the Purchased Property. 

(e) Collection Policy. It will (or will cooperate with the Servicer to), to the extent applicable, comply with the Collection Policy
with respect to each Receivable. 
 (f) Taxes. It will file or cause to be filed all federal and material state, local or foreign tax
returns that are required to be filed by it. It will shall pay all federal or material amounts of state, local or foreign taxes and all material assessments made against it or any of its property (other than any amount of tax the validity of which
it plans to contest in good faith by appropriate proceedings and with respect to which it retains reserves on its books). 
 (g) Use of
Proceeds. The Transferor will use the proceeds only to acquire Receivables from the Seller. 
 (h) Liens. It will not create, or
participate in the creation of, or permit to exist, any Lien with respect to the Collection Account or any account into which collections on the Receivables are deposited, except as set forth in the Basic Documents. 

(i) Reporting. It will distribute, or cause to be distributed, to the Purchasers: 

(i) Monthly Reports. Not later than the Reporting Date preceding each Payment Date, a Monthly Servicer Report. 

  
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 (ii) Additional Data. Additionally, and solely to the extent such data is
available, the Transferor shall provide, or reasonably cooperate with the Servicer to provide the Purchasers the Monthly Servicer Report or Monthly Data File, as applicable, in a format reasonably acceptable to the Purchasers, with data regarding
the characteristics of the Receivables, in form and substance reasonably acceptable to the Purchasers, including (A) delinquencies (including a list of Delinquent Receivables), and (B) annualized losses or loss information by vintage
origination year on the Seller’s originated portfolio of motor vehicle installment sales contracts and installment loans, presented on a quarterly basis, in each case of clause (A) and (B), until the third annual anniversary
of the Commitment Termination Date of this Agreement (or, if the Seller provides such information to another finance counterparty or the Seller makes such information publicly available, until the final payment or liquidation of all of the Purchased
Receivables). 
 (iii) Income Tax Liability. Within ten (10) Business Days after the receipt of revenue agent
reports or other written proposals, determinations or assessments of the Internal Revenue Service or any other taxing authority which propose, determine or otherwise set forth positive adjustments to the tax liability of any “Affiliated
Group” (within the meaning of Section 1504(a)(l) of the Code) which equal or exceed one million dollars ($1,000,000) with respect to the Seller or twenty-five thousand dollars ($25,000) with respect to the Transferor, telephonic or emailed
notice (confirmed in writing within five (5) Business Days) specifying the nature of the items giving rise to such adjustments and the amounts thereof. 

(iv) Tax Returns. Upon demand by the Purchasers, copies of all federal, State and local tax returns and reports filed by
the Seller or the Transferor (excluding sales, use and like taxes), to the extent the Seller or the Transferor is required to file such tax returns. 

(v) Auditors’ Management Letters. Promptly after any auditors’ management letters are received by the Seller
or the Transferor or by its accountants, which refer in whole or in part to any inadequacy, defect, problem, qualification or other lack of fully satisfactory accounting controls utilized by the Seller or the Transferor. 

(vi) ERISA. Promptly after receiving written notice of any “Reportable Event” (as defined in Title IV of
ERISA) with respect to the Seller or the Transferor (or any ERISA Affiliate thereof), a copy of such written notice. 
 (vii)
Notice of Material Events. Promptly after obtaining knowledge of an event or circumstance that is likely to result in a Commitment Termination Event, Event of Servicing Termination or have a Material Adverse Effect on the Seller or the
Transferor, the Purchased Property, or the Purchasers, notice of such event or circumstance. Promptly upon the entry of a judgment against the Seller of $1,000,000 or more. 

(j) Accounting Policy. It will promptly notify the Purchasers of any material change in its accounting policies. 

  
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 (k) Other. It will furnish to the Purchasers promptly, from time to time, such other
information, documents, records or reports respecting the Purchased Property or the condition or operations, financial or otherwise, of it as the Purchasers may from time to time reasonably request in order to protect the interests of the Purchasers
under or as contemplated by the Basic Documents. 
 (l) Compliance with System Description. It will, and will cause the Collateral
Custodian and E-Vault Provider to, at all times comply in all material respects with the System Description with respect to matters related to the perfection in the Receivables and the Purchased Receivables by
“control” (as such term is used in Section 9-105 of the UCC). 
 (m) Financial
Statements. To the extent not filed with the Commission and publicly available on EDGAR, within 120 days after the end of each fiscal year and 60 days after each fiscal quarter (or if the Seller is a reporting company under the Securities and
Exchange Act of 1934, such period as required thereunder for the filing thereof), the Transferor will cause the Seller to provide to the Purchasers copies of its audited financial statements for the prior fiscal year or unaudited financial
statements with respect to each of the first three fiscal quarters. 
 (n) Access to Systems. During the period beginning on the
initial Closing Date and ending thirty (30) days after the Commitment Period, the Transferor shall, or cause the Seller to, give the Purchasers and their duly authorized representatives, attorneys and auditors, upon reasonable request of
Purchaser, on-site access to the Transferor and the Seller’s loan originations systems and document repository, which access shall facilitate quality assurance and quality control reviews, to enable the
Purchasers to back-up Receivables Files to the Purchasers’ systems, enable the Purchasers to review Receivables originations processes, procedures, approvals and boarding and permit the Purchasers with
reasonable access to the Seller’s quality reporting and backup documentation (e.g., workpapers, sampled transactions and account-level results). Promptly following the end of each calendar month during the period beginning on the initial
Closing Date and ending thirty (30) days after the Commitment Period, the Transferor shall, and shall cause the Seller to, at the reasonable request of Purchasers, provide the Purchasers with screenshots that would enable the Purchasers to
complete the foregoing review on a sample of Receivables determined by the Purchasers (limited to one hundred (100) Receivables in any calendar week). 

(o) Annual Opinion of Counsel. Counsel for the Transferor shall deliver on or before March 15 of each year (or, if such date is
not a Business Day, the next succeeding Business Day), beginning March 15, 2018, an Opinion or Opinions of Counsel addressed to the Purchasers stating that, in the opinion of such counsel, such action has been taken with respect to the
authorization, execution and filing of any financing statements and continuation statements as is necessary to maintain the liens and security interests created under this Agreement and reciting the details of such action or stating that in the
opinion of such counsel no such action is necessary to maintain the liens and security interests created under this Agreement. 
 (p)
Delivery of Servicer Files. To the extent that any portion of the Servicer Files related to any Purchased Receivable is not in the possession of the Servicer immediately prior to any related Closing Date, the Transferor shall, and shall cause
the Seller to, deliver such portion of the Servicer Files for each Receivable listed on the Schedule of Receivables delivered to the Purchasers on each Closing Date. 

  
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 Section 7.20 Negative Covenants. From the date hereof until the later of the
Commitment Termination Date and the date on which the Receivables have been paid in full, the Transferor will not: 
 (a) Other
Business. It will not (i) engage in any business other than the transactions contemplated by the Basic Documents, (ii) incur any indebtedness, obligation, liability or contingent obligation of any kind other than pursuant to or as
contemplated by the Basic Documents (excluding any incidental expenses incurred in connection with the performance of its obligations under the Basic Documents) or (iii) form any subsidiary or make any investments in any other person. 

(b) Receivables Not to be Evidenced by Instruments. It will take no action to cause any Receivable that is not, as of the
Closing Date or the related Settlement Date, as the case may be, evidenced by an “instrument” (as defined in Article 9 of the UCC), other than an instrument that constitutes part of chattel paper, to be so evidenced except in connection
with the enforcement or collection of such Receivable. 
 (c) True Sale. It will not account for or treat (whether in its financial
statements or otherwise) the transfers by the Seller to the Transferor or the Transferor to the Purchasers in any manner other than as the sale, or absolute assignment, of the Receivables and related assets. 

(d) ERISA Matters. It will not, to the extent it could reasonably result in material liability to or impairment of any assets of or
interests of the Purchaser in assets of the Transferor, (i) engage or permit any ERISA affiliate to engage in any prohibited transaction for which an exemption is not available or has not previously been obtained from the United States
Department of Labor, (ii) permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the Code with respect to any Pension Plan, (iii) fail to make any payments to a Multiemployer Plan
that it or any ERISA Affiliate is required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (iv) permit the filing of any notice of intent to terminate a Pension Plan under Section 4041(c) of ERISA,
(v) permit the termination of any Pension Plan under Section 4041(c) of ERISA or the institution by the Pension Benefit Guaranty Corporation of proceedings to terminate or appoint a trustee to administer a Pension Plan, or (vi) permit any
event or condition that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, except for non-compliance which could
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 (e) Formation Documents;
Transfer Agreement. Without the prior consent of the Purchasers, the Transferor will not amend, modify, waive or terminate any provision of its formation documents, and the Seller and the Transferor will not amend, modify, waive or terminate any
provision of the Basic Documents. 
 (f) Changes in Payment Instructions to Obligors. It will not add or make any change, or permit
the Servicer to make any change, in its instructions to Obligors regarding payments to be 

  
 37 

 
made with respect to the Receivables, unless the Purchasers shall have consented to such change and has received duly executed copies of all documentation related thereto, which documentation
shall be satisfactory in form and substance to the Purchasers. 
 (g) Extension or Amendment of Receivables. It will not, except as
otherwise permitted in pursuant to this Agreement or the other Basic Documents, extend, amend or otherwise modify, or permit the Servicer to extend, amend or otherwise modify, the terms of any Receivables. 

(h) Credit Policy. During the Commitment Period, the Transferor will not, and it will not permit the Seller to, amend, modify, restate
or replace, in whole or in part, its identity, income, and payment verification practices, including, but not limited to, any change to Exhibit E attached hereto, without written notification to the Purchasers; provided that the prior
written consent of the Purchasers shall be required if such amendment, modification, restatement or replacement would impair the collectability of any Receivable or otherwise materially and adversely affect the interests or the remedies of the
Purchasers under this Agreement or any other Basic Document. At the Purchasers’ request, but no more frequently than [***], the Transferor will, or shall cause to be provided, to the Purchasers an explanation of all material changes to the
Seller’s policies concerning generation of financing terms over the preceding [***]. For the avoidance of doubt, changes to the Receivable Structure Constraints shall be considered material changes to policies concerning generation of financing
terms. 
 (i) Collection Policy. The Transferor will not amend, modify, restate or replace, in whole or in part, the Collection
Policy, as such guidelines, policies and procedures as may be amended, modified, restated, replaced or otherwise supplemented from time to time in accordance with Section 3.1(c) of the Master Servicing Agreement, and as modified by the
Servicing Exceptions, if any, or with respect to any successor Servicer, the customary servicing and collection guidelines, policies and procedures of such successor Servicer with such changes as shall be required by the Purchasers and agreed to in
writing by such successor Servicer and the Purchasers, as such agreed upon guidelines, policies and procedures may be changed from time to time in accordance with Section 3.1(c) of the Master Servicing Agreement. 

(j) No Assignments. It will not assign or delegate, grant any interest in or permit any Lien (other than Permitted Liens) to exist upon
any of its rights, obligations or duties under this Agreement or any other Basic Document without the prior written consent of the Purchasers. 

Section 7.21 Accountant’s Letter. Not later than thirty (30) days after the end of each calendar quarter,
upon the request of the Purchasers, the Transferor shall cause a firm of independent certified public accountants, to furnish to the Purchasers a letter in form and substance acceptable to the Purchasers, stating as of the Cutoff Date that they have
performed specified procedures with respect to each Receivables Pool sold to the Purchasers during the preceding calendar quarter. The Transferor shall be responsible for all expenses associated with obtaining such agreed upon procedures letters up
to $[***] annually; provided that in the event an agreed upon procedures letter reveals deviations material in nature or amount, then the Transferor shall be obligated to reimburse up to an additional $[***] of agreed upon procedure letters
costs incurred in the following 12-month period. 

  

	[***]	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission. 

38 

 ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

Section 8.1 Obligations of the Transferor. The obligations of the Transferor under this Agreement shall not be affected by reason of
any invalidity, illegality or irregularity of any Receivable with respect to any Receivables Pool. 
 Section 8.2 Repurchase of
Receivables Upon Breach by the Transferor. Upon (i) the discovery of any breach of any representation or warranty as set forth in Section 5.2(cc) of this Agreement (and with respect to paragraph (x) therein, without
giving effect to any knowledge requirements) or (ii) the Purchasers incurring any cost, expense, loss, claim, damage or liability resulting from any conduct or omission of the Seller or the Transferor that results in the failure of either
Purchaser to have a perfected and enforceable security interest against a related Obligor in the related Financed Vehicle (including any failure to obtain a first priority perfected security interest in the related Financed Vehicle in connection
with the origination of the Receivable), the Party discovering such breach shall give prompt written notice of the breach to the other Parties. Unless the breach described in clause (i) above has been cured in all material respects by
the last day of the Collection Period immediately following the Collection Period during which such breach is discovered or notice of such breach is given and, with respect to the failure described in clause (ii) above, in each such
circumstance, the Transferor shall repurchase, as of the last day of such Collection Period, any Receivable for which such representation or warranty was breached for the Warranty Payment. In consideration of the repurchase of a Warranty Receivable,
the Transferor shall remit, or cause to be remitted the Warranty Payment to the applicable Collection Account for distribution pursuant to Section 4.2 of the Master Servicing Agreement. The obligation of the Transferor to repurchase any
Receivable as to which a breach has occurred and is continuing, shall, if such obligation is fulfilled, constitute the sole remedy (except as provided in Section 7.14 of this Agreement) against the Transferor for such breach available to
the Purchasers. 
 Section 8.3 Assignment of Warranty Receivables. With respect to all Receivables repurchased pursuant to this
Agreement, the Purchasers shall assign to the Transferor, without recourse, representation or warranty to the Transferor, all the Purchaser’s right, title and interest in and to such Receivables, and all security and documents relating thereto.

 Section 8.4 Amendment. This Agreement may be amended from time to time by a written amendment duly executed and delivered by the
Transferor and the Purchasers. 
 Section 8.5 Waivers. No failure or delay on the part of the Purchasers in exercising any power,
right or remedy under this Agreement, any Pool Supplement or any Second Step Receivables Assignment shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise
thereof or the exercise of any other power, right or remedy. 

  
 39 

 Section 8.6 Notices. All communications and notices pursuant hereto to either Party must
be in writing personally delivered, sent by facsimile or email, in each case with a copy to follow via first class mail or mailed by certified mail-return receipt requested, and shall be deemed to have been duly given at the address, fax number or
email for each Party set forth below. 
  

			
	 To Transferor:
	    	Carvana Auto Receivables 2016-1 LLC
		    	c/o Carvana, LLC, its sole member
		    	4020 East Indian School Road
		    	Phoenix, Arizona 85018
		    	Attention: General Counsel
		    	Email: DL-CarvanaLegal@carvana.com
		
	With a copy to:	    	Snell & Wilmer L.L.P.
		    	400 East Van Buren
		    	Phoenix, Arizona 85004-2202
		    	Attention: Brian Burke
		    	602.382.6379
		    	bburke@swlaw.com
		
	 To Purchasers:
	    	Ally Bank
		    	6985 Union Park Center
		    	Midvale, UT 84047
		    	Attn: Greg Behrmann
		    	Telephone No.: (801) 790-5068
		    	Email: greg.behrmann@ally.com
		
	 and:
	    	Ally Financial
		    	Ally Detroit Center
		    	500 Woodward Avenue
		    	MC: MI-01-14-LEGAL
		    	Detroit, MI 48225
		    	Attn: General Counsel
		    	Fax No.: (313) 334-3276

 Section 8.7 Costs and Expenses. Except as otherwise provided in this Agreement or the other Basic
Documents, the Transferor agrees to pay to the Purchasers all reasonable costs and expenses in connection with the preparation, execution and delivery of this Agreement and the other Basic Documents and the other documents to be delivered hereunder
or in connection herewith and any requested amendments, waivers or consents hereof including, without limitation, the reasonable fees and out-of-pocket expenses of
counsel for the Purchasers (which shall not exceed $[***] under both the Basic Documents and the Receivables Warehouse 

  

	[***]	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission. 

40 

 
Facility), with respect thereto and all costs and expenses, if any, in connection with the enforcement of this Agreement and the other documents delivered hereunder or in connection herewith.

 Section 8.8 Survival. The respective agreements, representations, warranties and other statements by the Transferor and the
Purchasers set forth in or made pursuant to this Agreement shall remain in full force and effect and shall survive the closing under Section 3.2 and any sale, transfer or other assignment of the Receivables or other Purchased Property by
the Purchasers. 
 Section 8.9 Headings and Cross-References. The various headings in this Agreement are included for convenience
only and shall not affect the meaning or interpretation of any provision of this Agreement. 
 Section 8.10 Governing Law, Submission to
Jurisdiction, Etc. 
 (a) THIS AGREEMENT AND THE SECOND STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

(b) THE TRANSFEROR AND THE PURCHASERS HEREBY MUTUALLY AGREE TO SUBMIT TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR
THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY. EACH OF THE TRANSFEROR AND THE PURCHASERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT
AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (c) THE TRANSFEROR AND
PURCHASERS EACH HEREBY WAIVES (TO THE EXTENT THAT IT MAY LAWFULLY DO SO) ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATED TO, OR IN CONNECTION
WITH THIS AGREEMENT, ANY OTHER BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. INSTEAD, ANY DISPUTE RESOLVED IN COURT SHALL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 

  
 41 

 Section 8.11 Counterparts. This Agreement may be executed in two or more counterparts
and by different parties on separate counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement electronically
or by facsimile shall be as effective as delivery of a manually executed counterpart of this Agreement. 
 Section 8.12 Further
Assurances. The Transferor and Purchasers shall each, at the request of the other, execute and deliver to the other all other instruments that either may reasonably request in order to more fully effect the sale of the Purchased Property to the
Purchasers. 
 Section 8.13 No Reliance. The Purchasers acknowledges and agrees that it is purchasing the Receivables without
recourse to the Transferor (other than as otherwise provided in this Agreement). 
 Section 8.14 Severability of Provisions. If
any provision of this Agreement is invalid or unenforceable, then, to the extent such invalidity or unenforceability shall not deprive either Party of any material benefit intended to be provided by this Agreement, all of the remaining provisions of
this Agreement shall remain in full force and effect and shall be binding upon the parties hereto. 
 Section 8.15 Assignment.
Subject to the terms of the Confidentiality and Reconstitution Agreement, neither the Transferor nor the Purchasers may assign or otherwise transfer its rights and obligations under this Agreement without the prior written consent of the other
Party. 
 Section 8.16 No Third Party Beneficiaries. This Agreement does not create, and shall not be deemed to create, a
relationship between the Parties or any of them and any third party in the nature of a third party beneficiary or fiduciary relationship; provided, however, that the existence of this Section 8.15 shall not relieve the
Transferor of its indemnity obligations set forth in Section 7.14 of this Agreement and the Purchasers may enforce such indemnification claims for the Indemnified Parties set forth in Section 7.14. 

Section 8.17 No Petition Covenant. Notwithstanding any prior termination of this Agreement, the Purchasers shall not, prior to the date
which is one year and one day after (i) the final payment or liquidation of all the Receivables and (ii) and payment in full of all obligations owing to Ally Bank under the Receivables Warehouse Facility, acquiesce, petition or otherwise
invoke or cause the Transferor to invoke the process of any Governmental Authority for the purpose of commencing or sustaining a case against the Transferor under any federal or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Transferor or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Transferor under any federal or state
bankruptcy or Insolvency Proceeding. 

  
 42 

 Section 8.18 Special Acknowledgement of Purchasers. Each Purchaser hereby acknowledges
that it is a sophisticated purchaser capable of analyzing the risk of purchasing the Receivables and that subsequent to the consummation of the transaction contemplated hereby, the Purchasers shall bear all of the risks of ownership of the
Receivables, including the risks of defaults and credit losses with respect thereto, except as otherwise set forth in any of the Basic Documents. 

Section 8.19 Effect of Amendment and Restatement. It is the intent of the parties hereto that this Amended and Restated Master Purchase
and Sale Agreement shall, as of the date hereof, amend and restate and replace in its entirety the Master Purchase and Sale Agreement (the “Original Master Purchase and Sale Agreement”), dated December 22, 2016, among the
Transferor and the Purchasers; provided that, with respect to the period of time from December 22, 2016, through the date hereof, the rights, obligations, representations and warranties of the parties shall be governed by the Original
Master Purchase and Sale Agreement; provided further, that the amendment and restatement of the Original Master Purchase and Sale Agreement shall not affect any of the grants, transfers or conveyances contemplated by the Original Master
Purchase and Sale Agreement to have occurred prior to the date hereof. Each of the parties hereto, in each of its respective capacities hereunder and under each of the other Basic Documents, as applicable, hereby consents to the amendment and
restatement of the Original Master Purchase and Sale Agreement and each of the other Basic Documents on the date hereof, and does hereby acknowledge receipt of notice of such amendments and restatements and waives any further notice requirement with
respect thereto, if and to the extent any such consent or notice was required hereunder or thereunder 
 * * * 

  
 43 

 The Parties have caused this Amended and Restated Master Purchase and Sale Agreement to be
executed by their respective duly authorized officers as of the date and year first above written. 
  

			
	 CARVANA AUTO RECEIVABLES 2016-1 LLC,

as Transferor

		
	By:	 	 /s/ Paul Breaux

		 	Name: Paul Breaux
		 	Title: Vice President
	
	 ALLY BANK, as

Purchaser

		
	By:	 	 /s/ D.P. Shevsky

		 	Name: D.P. Shevsky
		 	Title: Chief Risk Officer
	
	 ALLY FINANCIAL INC.,
 as
Purchaser

		
	By:	 	 /s/ D.T. Rowe

		 	Name: D.T. Rowe
		 	Title: Regional Vice President

  

			
	Agreed to and accepted by:
	
	CARVANA, LLC, as Seller
		
	By:	 	 /s/ Paul Breaux

		 	Name: Paul Breaux
		 	Title:   Vice President

  
 S-1 

 EXHIBIT A 

FORM OF POOL SUPPLEMENT 
 THIS
POOL SUPPLEMENT TO THE AMENDED AND RESTATED MASTER PURCHASE AND SALE AGREEMENT (this “Supplement”), dated as of [INSERT DATE], by and among Carvana Auto Receivables 2016-1 LLC, a Delaware limited liability company (the
“Transferor”), and Ally Bank and Ally Financial Inc. (collectively, the “Purchaser”). Except as otherwise expressly provided herein or unless the context otherwise requires, all capitalized terms used herein shall
have the meanings attributed to them in Appendix A to the Amended and Restated Master Purchase and Sale Agreement (the “Master Purchase and Sale Agreement”), dated as of March 6, 2017, by and among the Transferor and the
Purchasers, as amended, supplemented or otherwise modified from time to time. 
 Section 1. Receivables Pool Specific
Information. 
 (a) The following information shall apply to the Receivables Pool sold to the Purchasers on the date hereof: 

 

					
	 Receivables Pool Number:
	  	 	[Insert Pool Number	] 
	 Pool Cutoff Date:
	  	 	[            , 20    	]. 
	 Closing Date:
	  	 	[            , 20    	]. 
	 Cutoff Date Aggregate Outstanding Principal Balance:
	  	$	[            	]. 
	 Purchase Price set by Pricing Model:
	  	$	[            	]. 
	 Pre-closing Interest Carry Amount
	  	$	[            	]. 
	 Minus Re-Liening Expenses:
	  	$	[            	]. 
	 Second Step Receivables Purchase Price:
	  	$	[            	]. 
	 Total to be Wired
	  	$	[            	]. 
	 The first Distribution Date:
	  	 	[            , 20    	].
	 The first Reporting Date:
	  	 	[            , 20    	]. 

 (b) The following Schedules are attached hereto and incorporated herein by reference: 

 

			
	SCHEDULE 1	  	Officer’s Certificate of the Transferor
		
	SCHEDULE 2	  	Settlement Report

  
 Ex. A-1 

			
	SCHEDULE 3	  	Schedule of Purchaser’s Estimated Cumulative Net Losses
		
	SCHEDULE 4	  	Schedule of Transferor’s Estimated Cumulative Net Losses
		
	SCHEDULE 5	  	Second Step Receivables Assignment
		
	SCHEDULE 6	  	Accounts and Receivables Analysis for the subject Receivables Pool
		
	SCHEDULE 7	  	Schedule of Receivables for the subject Receivables Pool
		
	SCHEDULE 8	  	Collection Account
		
	SCHEDULE 9	  	Validation of Selection Procedures pursuant to Section 2.1(d)
		
	SCHEDULE 10	  	Pool Stratifications and Other Pool Characteristics

 Each such Schedule shall be completed and executed (as applicable) as of the Closing Date. 

Section 2. Representations and Warranties of the Transferor. 

The representations and warranties of the Transferor set forth in Section 5.2 of the Master Purchase and Sale Agreement shall be
true as of the Closing Date. 
 Section 3. Effect of Supplement. Except as specifically supplemented herein, the Master
Purchase and Sale Agreement shall continue in full force and effect in accordance with its original terms. Reference to this specific Supplement need not be made in the Master Purchase and Sale Agreement, or any other instrument or document executed
in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Master Purchase and Sale Agreement, any reference in any of such items to the Master Purchase and Sale Agreement being
sufficient to refer to the Master Purchase and Sale Agreement as supplemented hereby. 
 Section 4. Counterparts. This
Supplement may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Supplement electronically or by facsimile shall be as effective as delivery of a manually executed counterpart of this Agreement. Any of the parties hereto may execute this Supplement by signing any such counterpart and each
of such counterparts shall for all purposes be deemed to be an original. This Supplement shall be governed by the internal laws of the State of New York. 

  
 Ex. A-2 

 * * * * * 

IN WITNESS WHEREOF, the parties hereto have caused this Pool Supplement to Amended and Restated Master Purchase and Sale Agreement to be duly
executed by their respective officers duly authorized as of the day and year first above written. 
  

			
	 CARVANA AUTO RECEIVABLES 2016-1 LLC,

as Transferor

		
	By:	 	  

		 	Name:
		 	Title:
	
	 ALLY BANK,
 as
Purchaser

		
	By:	 	  

		 	Name:
		 	Title:
	
	 ALLY FINANCIAL INC.,
 as
Purchaser

		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex. A-3 

 Schedule 1 

Officer’s Certificate of the Transferor 

In accordance with Section 1(b) of the Pool Supplement dated
[            ] [    ], 20    , by and among Carvana Auto Receivables 2016-1 LLC, a Delaware limited liability company (the
“Transferor”) and Ally Bank and Ally Financial Inc. (collectively, the “Purchasers”), the undersigned hereby certifies to the Purchasers that, as of the date hereof, the representations and warranties of the
Transferor under the Master Purchase and Sale Agreement and the other Basic Documents to which it is a party are true and correct in all material respects (or, if another date for such representation or warranty is specified therein, then as of such
other date), and that the Transferor has complied with all agreements and satisfied all conditions on its part to be performed or satisfied in all material respects on or prior to the date hereof pursuant to the Master Sale Agreement and the other
Basic Documents to which it is a party. 

  
 Sch. 1-1 

 IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of the date
and year first above written. 
  

			
	CARVANA AUTO RECEIVABLES 2016-1 LLC, as Transferor
		
	By 	 	  

	Name:	 	
	Its:	 	

  
 Sch. 1-2 

 Schedule 2 

FORM OF SETTLEMENT REPORT1 

 

					
	Pool Cutoff Date	  	 	    /    /20    	 
	Closing Date	  	 	    /    /20    	 
	Days Elapsed between Cutoff and Closing	  	 	[    ]	 
		
	A. Cutoff Date Aggregate Outstanding Principal Balance	  	 	$[                    ]	 
		
	B. Purchase Price set by Pricing Model	  	 	$[                    ]	 
	C. Plus Pre-closing Interest Carry Amount	  	 	$[                    ]	 
	D. Less Re-Liening Expenses	  	 	$[                    ]	 
		
	Second Step Receivables Purchase Price	  	 	$[                    ]	 
		
	Total to be Wired	  	 	$[                    ]	 

 Collections after the related Cutoff Date of each Receivable to the Closing Date to be paid by the Seller to the Purchasers on
[            ] [    ], 20[    ] pursuant to Section 2.1 of the Master Purchase and Sale Agreement. 

 

	1 	Example – not actual 

  
 Sch. 2-1 

 Schedule 3 

Schedule of Purchaser’s Estimated Cumulative Net Losses 

 

							
	 Month 0-[83]
	  	 Monthly Net

Charge Offs $
	  	 Cumulative Net

Charge Offs $
	 
	 0
	  		  			
	 1
	  		  			
	 2
	  		  			
	 3
	  		  			
	 4
	  		  			
	 5
	  		  			
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	 35
	  		  			
	 36
	  		  			
	 37
	  		  			

  
 Sch. 3-1 

					
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	 79
	 		 	
	 80
	 		 	
	 81
	 		 	
	 82
	 		 	
	 83
	 		 	

  
 Sch. 3-2 

 Schedule 4 

Schedule of Transferor’s Estimated Cumulative Net Losses 

 

							
	 Month 0-83
	  	 Monthly Net

Charge Offs $
	  	 Cumulative Net

Charge Offs $
	 
	 0
	  		  			
	 1
	  		  			
	 2
	  		  			
	 3
	  		  			
	 4
	  		  			
	 5
	  		  			
	 6
	  		  			
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	 24
	  		  			
	 25
	  		  			
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	 27
	  		  			
	 28
	  		  			
	 29
	  		  			
	 30
	  		  			
	 31
	  		  			
	 32
	  		  			
	 33
	  		  			
	 34
	  		  			
	 35
	  		  			
	 36
	  		  			

  
 Sch. 4-1 

					
	 37
	 		 	
	 38
	 		 	
	 39
	 		 	
	 40
	 		 	
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	 42
	 		 	
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	 44
	 		 	
	 45
	 		 	
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	 76
	 		 	
	 77
	 		 	
	 78
	 		 	
	 79
	 		 	
	 80
	 		 	
	 81
	 		 	
	 82
	 		 	
	 83
	 		 	

  
 Sch. 4-2 

 Schedule 5 

Second Step Receivables Assignment 

[DATE] 
 For value received, in
accordance with the Amended and Restated Master Purchase and Sale Agreement dated as of March 6, 2017 (the “Master Purchase and Sale Agreement”), among the undersigned and Ally Bank and Ally Financial Inc. (collectively, the
“Purchasers”), as amended, supplemented, restated or otherwise modified from time to time, the undersigned does hereby sell, assign, transfer and otherwise convey to the Purchaser, without recourse (except as provided in the Master
Purchase and Sale Agreement) the following (collectively, the “Purchased Property”): 
  

	1.	all right, title and interest of the Transferor in, to and under the Receivables listed on the Schedule of Receivables attached as Schedule 7 to the related Pool Supplement, delivered to the Purchasers on the date
hereof, and all monies received thereon after the related Cutoff Date, exclusive of any amounts allocable to the premium for physical damage collateral protection insurance required by the Seller or the Servicer covering any related Financed
Vehicle; 

  

	2.	the interest of the Transferor in the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; 

 

	3.	the interest of the Transferor in any proceeds from claims on any physical damage, credit life, credit disability, warranties, debt cancellation agreements or other insurance policies covering the related Financed
Vehicles or Obligors, including any rebates or credits of any premiums or other payment with respect to any of the foregoing; 

  

	4.	all of the Transferor’s right, title and interest in, to and under the Receivable Files; 

  

	5.	all right, title and interest of the Transferor in, to and under the Master Sale Agreement and the applicable First Step Pool Supplement and the applicable First Step Receivables Assignment, including the right of the
Transferor to cause the Seller to repurchase Receivables under certain circumstances and the right of the Transferor to be indemnified under the circumstances specified in the Master Sale Agreement; and 

 

	6.	all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing described in clauses (1) through (5) above and all payments on or under and all
proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to payment of any and every kind and other forms
of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing. 

  
 Sch. 5-1 

 It is the intention of the Transferor and the Purchasers that the sale, transfer, assignment and
other conveyance of the Receivables contemplated by this Second Step Receivables Assignment shall constitute an independent sale of such Receivables from the Transferor to the Purchasers and the beneficial interest in and title to such Receivables
shall not be part of the Transferor’s estate in the event of the filing of a bankruptcy petition by or against the Transferor under any bankruptcy law. Although the parties intend that the sale, transfer, assignment and other conveyance
contemplated by this Second Step Receivables Assignment to be an independent sale, in the event any such sale, transfer, assignment and other conveyance is deemed to be other than a sale, the parties intend and agree (i) that all filings
described in the Master Purchase and Sale Agreement shall give the Purchasers a first priority perfected security interest in, to and under such Receivables and the related Purchased Property and all proceeds of any of the foregoing, in each case
with respect to such transfer and assignment; (ii) this Second Step Receivables Assignment together with the Master Purchase and Sale Agreement and the related Pool Supplement shall be deemed to be the grant of, and the Transferor hereby grants
to the Purchasers, a security interest from the Transferor to the Purchasers in such Receivables and the related Purchased Property in order to secure its obligations with respect to such transfer and assignment; (iii) this Second Step
Receivables Assignment together with the Master Purchase and Sale Agreement and the related Pool Supplement shall be a security agreement under applicable law for the purpose of each such transfer and assignment; and (iv) the Purchasers shall
have all of the rights, powers and privileges of a secured party under the UCC with respect to such transfer and assignment and the Purchased Property related thereto. 

The foregoing conveyance does not constitute and is not intended to result in any assumption by the Purchasers of any obligation of the
undersigned to the Obligors, insurers or any other Person in connection with such Receivables, the applicable Receivable Files, any insurance policies or any agreement or instrument relating to any of them. 

This Second Step Receivables Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the
undersigned contained in the Master Purchase and Sale Agreement and is to be governed by the Master Purchase and Sale Agreement. 

Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Master Purchase and Sale Agreement.

 * * * * * 

  
 Sch. 5-2 

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

			
	CARVANA AUTO RECEIVABLES 2016-1 LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 Sch. 5-3 

 Schedule 6 

Accounts and Receivables Analysis 

Any form of Analysis approved in writing from time to time by Transferor and the Purchasers. 

  
 Sch. 6-4 

 Schedule 7 

Schedule of Receivables 
 For each
Receivables Pool, to include final information as called for in Exhibit D, Purchase-Bid File Tape Data Layout. 
 Electronic files sent to Purchasers
at the following date and time:         .xls - sent         AM/PM on             , 20    

  
 Sch. 7-1 

 Schedule 8 

Collection Account 
 Ally Bank 

ABA # [wire only] 
 Account # [    ] 

Attn.: [    ] 
 Ally Financial 

ABA # [wire only] 
 Account # [    ] 

Attn.: [    ] 

  
 Sch. 8-1 

 Schedule 9 

Selection Validation pursuant to Section 2.1(d) 

  
 Sch. 9-1 

 Schedule 10 

Pool Stratifications and Other Pool Characteristics 

Any form of pool stratifications and other pool characteristics approved in writing from time to time by Transferor and the Purchasers. 

  
 Sch. 10-1 

 EXHIBIT B 

[RESERVED] 

  
 Ex. B-1 

 EXHIBIT C 

FORM OF NOTICE OF CLOSING DATE 

[Letterhead of Transferor] 

[INSERT DATE] 
 [Ally Bank/Ally Financial] 

Attention: [                    ] 

 

	 	Re:	Purchase Request 

 Dear
[                    ]: 
 Reference is
hereby made to the Amended and Restated Master Purchase and Sale Agreement, dated as of March 6, 2017 (the “Master Purchase and Sale Agreement”), by and among Carvana Auto Receivables 2016-1 LLC (the “Transferor”)
and Ally Bank and Ally Financial Inc. (collectively, the “Purchasers”). Capitalized terms used herein without definition shall have the meanings set forth in the Master Purchase and Sale Agreement. 

The Seller hereby gives notice of its intent to sell a Receivables Pool during the following week which would result in a Closing Date of
[INSERT DATE] for the sale of such Receivables Pool pursuant to Section 4.1 of the Master Purchase and Sale Agreement.[2] 

The proposed Cutoff Date for such Receivables is [INSERT DATE] and the Cutoff Date Aggregate Outstanding Principal Balance is approximately
$[INSERT AMOUNT]. 
 In connection with the sale of the Receivables Pool to be made on the Closing Date, the Seller hereby certifies that
the following statements are true on the date hereof, and will be true on the Closing Date: 
 (a) the representations and warranties of the
Seller set forth in Article V of the Master Purchase and Sale Agreement are true and correct on and as of the Closing Date as though made on and as of such date; 

(b) no Commitment Termination Event has occurred; 

(c) the Scheduled Commitment Termination Date has not occurred; 

(d) the sum of the Cutoff Date Aggregate Outstanding Principal Balance for this Closing Date and the Cutoff Date Aggregate Outstanding
Principal Balance for the previous [Closing Date does/Closing Dates do] not, within the Commitment Period, exceed the Purchaser’s Obligation; 

 

	2 	To be updated with the applicable information for each transaction. 

  
 Ex. C-1 

 (e) the amount of the Purchaser’s Obligation for the Commitment Period outstanding is
$            prior to giving effect to the purchase of the Receivables Pool to be made on the Closing Date; 

(f) the amount of the Purchaser’s Obligation for the Commitment Period outstanding is
$            after giving effect to the purchase of the Receivables Pool to be made on the Closing Date; and 

(g) the conditions to closing specified in Section 6.2 of the Master Purchase and Sale Agreement have been satisfied and/or will
be satisfied as of the applicable Closing Date. 
 The Purchasers, as applicable, shall remit to the Seller’s account the Purchase
Price no later than 1:00 p.m. (New York City time) in immediately available funds on the Closing Date. 
  

			
	Very truly yours,
	
	CARVANA AUTO RECEIVABLES 2016-1 LLC
		
	By	 	  

	Authorized Signatory

  
 Ex. C-2 

 EXHIBIT D 

PURCHASE-BID FILE TAPE DATA LAYOUT 

Any form of Layout approved in writing from time to time by Transferor and the Purchasers. 

  
 Ex. D-1 

 EXHIBIT E 

CREDIT POLICY 
 The
Microsoft Word files contained in the file named “Carvana-UnderwritingPolicyandProcedure.docx” that the Seller delivered to the Transferor and the Purchasers by electronic mail at 4:41 P.M. eastern time on December 13, 2016 

  
 Ex. E-1 

 EXHIBIT F 

SYSTEM DESCRIPTION 
 The Microsoft Word
files contained in the file named “2014-6-18 eOriginal Authoritative Copy System Description doc” that the Seller’s counsel Snell & Wilmer L.L.P. delivered to the Transferor and the Purchasers’ counsel
Kirkland & Ellis LLP by electronic mail at 10:23 A.M. eastern time on December 21, 2016. 

  
 Ex. F-1 

 APPENDIX A 

DEFINITIONS AND USAGE 

(a) Construction and Usage. Unless otherwise provided in the Master Sale Agreement, the Master Purchase and Sale Agreement, the Master
Servicing Agreement or any other Basic Documents, the following rules of construction and usage are applicable to this Appendix and the Master Sale Agreement, the Master Purchase and Sale Agreement, the Master Servicing Agreement and any other Basic
Documents. 
 (i) As used in this Appendix or in any Basic Document and in any certificate or other document made or
delivered pursuant thereto, accounting terms not defined herein, or in any such Basic Document, or in any such certificate or other document, and accounting terms partly defined herein or in any such certificate or other document, to the extent not
defined herein, have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms herein, in any such Basic Document or in any such certificate or other document are
inconsistent with the meanings of such terms under such generally accepted accounting principles, the definitions contained herein, in such Basic Document or in any such certificate or other document control. 

(ii) The words “hereof,” “herein,” “hereunder” and words of similar import when used in any Basic
Document refer to such Basic Document as a whole and not to any particular provision or subdivision thereof. References in any Basic Document to “Article,” “Section” or another subdivision or to an attachment are, unless the
context otherwise requires, to an article, section or subdivision of or an attachment to such Basic Document. The term “including” means “including without limitation.” The word “or” is not exclusive. 

(iii) The definitions contained in any Basic Document are equally applicable to both the singular and plural forms of such
terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 (iv) Any agreement, instrument,
statute or regulation defined or referred to below means such agreement, instrument, statute or regulation as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the
case of statutes) by succession of comparable successor statutes and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein. 

(v) Any interest calculated over a period under any Basic Document shall be based on the actual number of days in such period
and 365-day years. 
 (b) Definitions 

All terms defined in this Appendix shall have the defined meanings when used in any Basic Document, unless otherwise specified or defined
therein. 

  
 App. A-1 

 “2-year Prime ABS Spread” means, as of any day, the “2-year Prime ABS
Spread” for the most recent week set forth in the Morgan Markets Auto ABS Index; provided, that, if the Morgan Markets Auto ABS Index ceases or fails to publish the 2-year Prime ABS Spread, the 2-year Prime ABS Spread shall be the 2-year
Prime ABS Spread as determined by the Purchasers from time to time in the ordinary course of their business and provided to the Transferor; and provided, further, that if the Purchasers no longer periodically determine the 2-year Prime
ABS Spread in the ordinary course of their business, then the Purchasers and the Transferor will otherwise establish a methodology for determining the 2-year Prime ABS Spread in a manner mutually acceptable to the Purchasers and the Transferor. 

“Accounts and Receivables Analysis” means, with respect to a Receivables Pool and a First Tier Receivables Pool, the accounts
and receivables analysis set forth in Schedule 6 attached to the related Pool Supplement and Schedule 4 attached to the related First Step Pool Supplement, respectively. 

“Action Plan”, with respect to a Receivables Pool, has the meaning set forth in Section 3.16(d) of the Master
Servicing Agreement. 
 “Action Plan Meeting”, with respect to a Receivables Pool, has the meaning set forth in
Section 3.16(c) of the Master Servicing Agreement. 
 “Administrative Purchase Payment” means, with respect to
an Administrative Receivable within a Receivables Pool to be repurchased as of the last day of a Collection Period, a payment equal to the sum of (i) the product of (a) the Outstanding Principal Balance with respect to such
Administrative Receivable as of such date and (b) the Receivables Purchase Rate and (ii) the product of (x) the amount set forth in clause (i) above, (y) the APR of such Administrative Receivable and (z) 30/360.

 “Administrative Receivable” means a Receivable which the Servicer has repurchased pursuant to Section 3.8 of
the Master Servicing Agreement. 
 “Affiliate” means, with respect to any specified Person, any other Person controlling,
controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Aggregate Outstanding Principal Balance” means, with respect to a First Tier Receivables Pool or a Receivables Pool and as
of any date, the aggregate of the Outstanding Principal Balance of each Receivable in such First Tier Receivables Pool or Receivables Pool, as applicable. 

“Ally Bank” means Ally Bank, a Utah chartered bank, and its permitted successors and assigns. 

  
 App. A-2 

 “Ally Bank Controls Effectiveness Review” means the Ally Bank process that
assesses a suppliers’ risk management controls in compliance with FDIC/FFIEC Third Party Vendor Management guidelines. 
 “Ally
Financial” means Ally Financial Inc., a Delaware corporation, and its permitted successors and assigns. 
 “Anti-Corruption
Laws” has the meaning set forth in Section 3.30 of the Master Servicing Agreement. 
 “Annual Percentage
Rate” or “APR” of a Receivable means the annual rate of finance charges stated in the Receivable. 

“Applicable Servicing Modification,” with respect to a Banking Regulatory Change, shall be the modification to the
Servicer’s servicing standards and practices (i) approved by the Banking Regulator, if the Banking Regulator has approved a different modification than that proposed by the Purchaser in the related Notice of Banking Regulatory Change, (ii) if
clause (i) is inapplicable, then as approved by the Purchaser, if the Purchaser has approved a different modification than that proposed by the Purchaser in the related Notice of Banking Regulatory Change, or (iii) otherwise, the modification
proposed by the Purchaser in the related Notice of Banking Regulatory Change. 
 “Authoritative Copy” means with respect to
any Electronic Contract, a copy of such Contract that is unique, identifiable and, except as otherwise provided in Section 9-105 of the UCC, unalterable, and is marked “original” or has no watermark or other marking that would
indicate that it is a “copy” or “duplicate” or not an original or not an “authoritative” copy. 

“Available Collections” means, with respect to a Receivables Pool for any date or period of determination, the sum of the
following amounts with respect to such date or period: 
  

	 	(i)	all monies collected from whatever source on such date or during such period with respect to the Receivables within such Receivables Pool; 

 

	 	(ii)	all Liquidation Proceeds received with respect to a Receivable within such Receivables Pool during such period; and 

  

	 	(iii)	the Administrative Purchase Payments or Warranty Payments received with respect to each Receivable within such Receivables Pool that became an Administrative Receivable or Warranty Receivable on such date or during such
period pursuant to Section 8.2 of the Master Purchase and Sale Agreement or pursuant to Section 3.8 of the Master Servicing Agreement; 

provided, however, that in calculating the Available Collections the following will be excluded: 

 

	 	(i)	all payments and proceeds of any Receivables the Warranty Payment or Administrative Purchase Payment of which has previously been included in Available Collections for such Receivables Pool; 

  
 App. A-3 

 “Banking Regulator” means a United States federal or State regulatory agency or
instrumentality having authority over U.S. national banks or state chartered banks, including the Office of the Comptroller of the Currency, the Federal Reserve Board, the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, the
Federal Financial Institutional Examination Council and the Utah Department of Financial Institutions, or any successor federal or state agency or instrumentality. 

“Banking Regulatory Change” will occur if (i) a Banking Regulator adopts or modifies regulations or policies which alter
the obligations of U.S. national or state chartered banks in general, or Ally Bank in particular, with respect to the servicing of retail automotive loans and retail automotive installment sales contracts, (ii) such regulations apply to retail
automotive installment sale contracts owned or serviced by Ally Bank, (iii) compliance by third parties servicing receivables (as servicer for Ally Bank) owned by Ally Bank is required by law and (iv) such regulations require the Servicer
(as servicer for Ally Bank) to implement new servicing standards or practices, or otherwise modify the existing standards or practices, other than those set forth in the Basic Documents. 

“Bankruptcy Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from
time to time. 
 “Basic Documents” means the Master Sale Agreement (including the First Step Receivables Assignment), the
Master Purchase and Sale Agreement (including the Second Step Receivables Assignment), the Master Servicing Agreement, the Pool Supplements, the First Step Pool Supplements, the Master Confidentiality and Reconstitution Agreement, the Collateral
Custodian Agreement, the Letter Agreement and any other document, certificate, opinion, agreement or writing the execution of which is necessary or incidental to carrying out the transactions contemplated by this Agreement or any of the other
foregoing documents. 
 “Benefit Plan” means any of (i) an employee benefit plan (as defined in Section 3(3) of ERISA)
that is subject to the provisions of Title I of ERISA, (ii) a plan subject to Section 4975 of the Code or (iii) any entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity. 

“Bridgecrest” means Bridgecrest Credit Company, LLC, an Arizona limited liability company, and its permitted successors and
assigns. 
 “Business Continuity Plan” means the document in which the Servicer plans to protect its employees, and
continue its most critical business functions in situations where the facilities, people or information technology resources are interrupted for an extended period. 

“Business Day” means any day other than a Saturday, a Sunday or any other day on which banking institutions or trust
companies in New York, New York, Minneapolis, Minnesota or Detroit, Michigan may, or are required to, remain closed. 
 “CAR
2016-1” means the Transferor. 
 “CAR 2016-1 Purchased Property” has the meaning set forth in
Section 3.1(a) of the Master Sale Agreement. 

  
 App. A-4 

 “Carvana” means Carvana, LLC, an Arizona limited liability company, and its
permitted successors and assigns. 
 “Catalyst Event” means a period of time commencing on the date when the 2-year Prime
ABS Spread exceeds 0.75% and continuing until the earliest time as of which the 2-year Prime ABS Spread is equal to or less than 0.75%. 

“CER” has the meaning set forth in Section 3.23 of the Master Servicing Agreement. 

“Certificate of Title” means with respect to a Financed Vehicle, (i) the original certificate of title relating thereto, or
copies of correspondence to the applicable Registrar of Titles, and all enclosures thereto, for issuance of the original Certificate of Title or (ii) if the applicable Registrar of Titles issues a letter or other form of evidence of lien in lieu of
a Certificate of Title (including electronic titling), either notification of an electronic recordation, by either a Title Intermediary or the applicable Registrar of Titles, or the original lien entry letter or form or copies of correspondence to
such applicable Registrar of Titles, and all enclosures thereto, for issuance of the original lien entry letter or form, which, in either case, shall name the related Obligor as the owner of such Financed Vehicle and a Title Lien Nominee as secured
party. 
 “Change in Control” means the (i) failure of Carvana to maintain, directly or indirectly, (A) control of the
board of directors (or similar governing body) and (B) a beneficial ownership of 100% percent of the equity interests (having ordinary voting power on an as-converted, fully-diluted basis) of the Transferor or (ii) failure of Persons that, as of the
Closing Date, directly or indirectly maintain, (X) control of the board of directors (or similar governing body) and (Y) a beneficial ownership of more than fifty percent (50%) of the equity interests (having ordinary voting power on an
as-converted, fully-diluted basis) of Carvana to maintain such control or more than 50% ownership, other than as a result of (1) a registered public offering of securities of Carvana or (2) transfers of equity interests to Affiliates of such Persons
or to other Persons that, individually or collectively, as of the Closing Date, owned equity interests (having ordinary voting power on an as-converted, fully-diluted basis) of Carvana representing not less than ten percent (10%) of such equity
interests or Affiliates thereof. 
 “Change Order” has the meaning set forth in Section 7.1(b) of the Master
Servicing Agreement. 
 “Change Request” has the meaning set forth in Section 7.1(b) of the Master Servicing
Agreement. 
 “Closing” means the initial closing that shall take place at or about 11:00 a.m., Chicago time, at the
offices of Kirkland & Ellis LLP, in Chicago, Illinois on or about December 30, 2016, or at such other time, date and place as the parties shall agree upon. 

“Closing Date” means, with respect to a First Tier Receivables Pool and subject to Section 3.1(e) of the Master
Sale Agreement or a Receivables Pool and subject to Section 4.1(a) of the Master Purchase and Sale Agreement, the date on which the related First Step Pool Supplement or Pool Supplement is executed and delivered and the Purchase Price is
paid, which generally will be the third (3rd) Business Day of the calendar week that follows receipt by the Purchasers of notification from the Transferor of its intent to complete such a sale; provided that, if there is a corresponding
Funding Date under the Master Transfer Agreement (Warehouse) in the same calendar week, the Closing Date shall occur on the same day as such Funding Date. 

  
 App. A-5 

 “CNL” means, with respect to any Receivables Pool and any Distribution Date, the
Cumulative Net Losses for such Receivables Pool through the last day of the related Collection Period. 
 “Code” means the
Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated thereunder. 
 “Collateral
Custodian” means Wells Fargo Bank, National Association. 
 “Collateral Custodian Agreement” means the Collateral
Custodian Agreement, dated as of December 29, 2016, among the Purchasers, the Collateral Custodian, the Servicer, the Transferor and the Seller, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Collateral Custodian Fee: The fees set forth in the Collateral Custodian Agreement as the Collateral Custodian Fees. 

“Collection Account” has the meaning set forth in Section 4.1 of the Master Servicing Agreement. 

“Collection Period” means each calendar month during the term of the Master Servicing Agreement or, in the case of the
initial Collection Period, the period from and including the Cutoff Date of the related Receivables to and including the last day of the month preceding the month in which the first related Distribution Date occurs. Any amount stated “as of the
close of business of the last day of a Collection Period” gives effect to all applications of Collections and all remittances or distributions as of the end of the day on such last day. 

“Collection Policy” means, with respect to (i) the initial Servicer, the customary servicing and collection guidelines,
policies and procedures of the Servicer, including those as attached as Exhibit D to the Master Servicing Agreement, in effect on the date of the Master Servicing Agreement, as such guidelines, policies and procedures as may be amended,
modified, restated, replaced or otherwise supplemented from time to time in accordance with Section 3.1(c) of the Master Servicing Agreement, and as modified by the Servicing Exceptions and the Process Remediations attached to the Master
Servicing Agreement as Exhibit F, if any, or (ii) any successor Servicer, the customary servicing and collection guidelines, policies and procedures of such successor Servicer with such changes as shall be required by the Purchasers and
agreed to in writing by such successor Servicer and the Purchasers, as such agreed upon guidelines, policies and procedures may be changed from time to time in accordance with Section 3.1(c) of the Master Servicing Agreement. 

“Collections” means, with respect to a First Tier Receivables Pool or a Receivables Pool, all amounts collected by the
Servicer or its agents (from whatever source) or otherwise turned over to the Collection Account on or with respect to the related Receivables or the other CAR 2016-1 Purchased Property or Purchased Property, as applicable. 

  
 App. A-6 

 “Commission” means the Securities and Exchange Commission. 

“Commitment Amount” means the sum of (i) $375,000,000 less 62.5% of the aggregate Outstanding Principal Balance of all retail
installment sales contracts which would be Eligible Contracts under the definition thereof sold by the Seller during the Commitment Period to parties other than the Transferor plus (ii) the Outstanding Principal Balance of a Receivable that had been
previously included in a Receivables Pool and was repurchased, remediated and resold to the Purchasers in a subsequent Receivables Pool. 

“Commitment Period” means the period from the Effective Date to the earliest of (i) the Scheduled Commitment Termination
Date, (ii) the occurrence of a Commitment Termination Event and (iii) the purchase by the Purchasers of Receivables Pools with a total Cutoff Date Aggregate Outstanding Principal Balance in an amount equal to the Commitment Amount. 

“Commitment Termination Event” means the occurrence of a termination pursuant to Section 2.4(a) or 2.4(b)
of the Master Purchase and Sale Agreement. 
 “Confidential Information” means all information and material of any type,
scope or subject matter whatsoever relating to the Purchasers, the Transferor, the Seller, the Servicer or any of their subsidiaries, whether oral or written, and howsoever evidenced or embodied, which each Party, each Party’s representatives
or agents (including any officers of any Party or any of their subsidiaries) may furnish to the other, or to which either Party is afforded access by the other Party, either directly or indirectly for purposes of such Party’s participation in
the transactions contemplated by the Master Purchase and Sale Agreement. However, “Confidential Information” shall not include information or material of a Party which (i) becomes generally available to the public other than as a result of
a disclosure by the receiving Party or its agents and other representatives, (ii) was available to the receiving Party on a non-confidential basis prior to its disclosure by the disclosing Party, (iii) becomes available to the receiving Party on a
non-confidential basis from a source other than the disclosing Party or the disclosing Party’s representatives or agents, provided that such source is not bound by a confidentiality agreement or otherwise prohibited from transmitting the
information to the Purchaser, the Seller, the Servicer or the Transferor by a contractual, legal or fiduciary obligation or (iv) consists of the documents evidencing the consummation of the transactions contemplated by the Basic Documents so long as
all references to the other Party and all information specific to the assets sold or price paid pursuant to the transactions are removed. 

“Confidentiality Agreement” has the meaning set forth in Section 2(c) of the Master Confidentiality and
Reconstitution Agreement. 
 “Contract” means, a fully-executed retail installment sale contract, direct purchase money
loan or conditional sale contract for a Financed Vehicle and any amendments, modifications or supplements to such retail installment sale contract under which an extension of credit is made in the ordinary course of business of the Seller to such
Obligor and which is secured by the related Financed Vehicle. 
 “Credit Policy” means the credit underwriting guidelines,
policies and procedures that Carvana or its Subsidiaries utilize in originating or acquiring retail installment sales contracts, including the credit policies as attached as Exhibit E to the Master Purchase and Sale Agreement,

  
 App. A-7 

 
as such guidelines, policies and procedures may be amended, modified, restated, replaced or otherwise supplemented from time to time in accordance with Section 7.20(h) of the Master
Purchase and Sale Agreement and Section 6.22(f) of the Master Sale Agreement. 
 “Cumulative Net Losses” means,
with respect to a Receivables Pool as of any Distribution Date, the sum of (i) the aggregate Net Losses experienced on all Liquidating Receivables with such Receivables Pool from the first day of the related Origination Period through the end
of the related Collection Period and (ii) the Outstanding Principal Balance as of the Pool Termination Date of any Receivables within such Receivables Pool outstanding on the related Pool Termination Date. 

“Customer Information” has the meaning set forth in Section 2(b) of the Master Confidentiality and Reconstitution
Agreement. 
 “Cutoff Date” means with respect to each First Tier Receivables Pool and Receivables Pool, the last day of
the related Origination Period; provided that for the purpose of this definition, Sunday shall be deemed to be the last day of the calendar week. 

“Cutoff Date Aggregate Outstanding Principal Balance” means, with respect to a First Tier Receivables Pool or a Receivables
Pool and as of the applicable Cutoff Date, the aggregate of the Outstanding Principal Balance of each Receivable in such First Tier Receivables Pool or Receivables Pool as of the applicable Cutoff Date, as applicable. 

“Defaulted Receivable” means any Receivable upon the first occurrence of any of the following: (i) all, or any part in
excess of 10% of any scheduled payment (the “Default Threshold”) is one hundred and twenty-one (121) (or such shorter period as shall be specified in the Collection Policy, it being understood that such period in the Collection
Policy shall not be lengthened without the prior written consent of the Purchasers) or more days delinquent on the last day of a calendar month (taking into account the application by the Servicer of payments received in any Collection Period to
previously unpaid scheduled payments or portions thereof in accordance with the Collection Policy); provided however, during the period beginning on the initial Closing Date and ending on December 31, 2016, the Default Threshold
shall be the lesser of 50% of any scheduled payment and the lowest Default Threshold applied in accordance with the Collection Policy; provided, further, that during such period, all reporting and the calculations of Outstanding
Principal Balance and similar amounts with respect to the Receivables shall be made as if the 10% standard is in place, (ii) for which the Financed Vehicle has been surrendered or repossessed and the redemption period granted the Obligor or
required by applicable law has expired, or is to be repossessed but is unable to be located or is otherwise subject to being repossessed, (iii) which has been settled for less than the Outstanding Principal Balance, (iv) which has been
liquidated by the Servicer through the sale of the related Financed Vehicle, (v) for which proceeds have been received which in the Servicer’s judgment, constitute the final amounts recoverable in respect of such Receivable, or
(vi) which has been charged-off (or should have been charged-off) in accordance with the Collection Policy. 
 “Delinquent
Receivable” means any Receivable (other than a Defaulted Receivable) for which all or any part of a scheduled payment (the “Delinquency Threshold”) is one (1) or more days past due, taking into account the application
by the Servicer of payments received in any 

  
 App. A-8 

 
Collection Period to previously unpaid scheduled payments or portions thereof in accordance with the Collection Policy. For purposes of determining delinquency, in accordance with the Collection
Policy, the Servicer applies payments from Obligors in order of delinquency of outstanding scheduled payments, with payments first applied to the longest overdue and outstanding scheduled payment or portion thereof. 

“Deliver” means, (x) With respect to a Tangible Contract or other document in a Receivable File other than an Electronic
Contract or an electronic Certificate of Title, to deliver physical possession of such Tangible Contract or other document via reputable overnight delivery service, (y) with respect to an Electronic Contract, to direct Wells Fargo Bank, National
Association, to transfer such Electronic Contract to the Forward Flow Vault Partition and (z) with respect to electronic Certificates of Title, to cause the applicable Title Intermediary to provide the Collateral Custodian with full electronic
access to view such electronic Certificates of Title on the records of the Title Intermediary. The terms “Delivery” and “Delivered” shall have corollary meanings. 

“Disclosure Information” has the meaning set forth in Section 3(a)(iv) of the Master Confidentiality and
Reconstitution Agreement. 
 “Distribution Date” means, with respect to each First Tier Receivables Pool or Receivables
Pool, the 15th day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day, beginning on the date specified in the applicable First Step Pool Supplement or
Pool Supplement, as applicable. 
 “Document Receipt” means the Document Receipt substantially in the form attached as an
exhibit to the Collateral Custodian Agreement executed by the Collateral Custodian and delivered to the Purchasers and the Servicer. 

“DriveTime” means DriveTime Automotive Group, Inc., a Delaware corporation, and its permitted successors and assigns. 

“Effective Date” means, the date upon which all of the conditions described in Section 6.1 to the Master Purchase
and Sale Agreement are met. 
 “Electronic Contract” means a Contract that constitutes “electronic chattel paper”
under and as defined in Section 9-102(31) of the UCC. 
 “Eligible Receivable” means, with respect to each Receivable
in a First Tier Receivables Pool or a Receivables Pool, as applicable that such Receivable: 
 (i) Such Receivable was
underwritten by the Seller in its ordinary course of business and in accordance with the Credit Policies of the Seller as approved by the Purchasers; 

(ii) Such Receivable was purchased by the Transferor from the Seller in the ordinary course of business and as soon as is
practicable after the file with respect to such Receivable is complete and the related Cutoff Date shall not, without the prior consent of the Purchasers, be more than [***] days after the date of origination of such Receivable;

  
 App. A-9 

 
provided, however, such [***] day limit shall not apply to any Receivable that was repurchased from the Purchasers as a result of a breach of the representations, warranties or covenants
in the Master Sale Agreement or the Master Purchase and Sale Agreement, such breach has been cured in all respects and such Receivable is not as of the date of sale past due; 

(iii) Each such sale and assignment of such Receivable was made without any fraud or misrepresentation; 

(iv) With respect to each such sale and assignment of such Receivable, the Seller and the Transferor have taken all steps
reasonably necessary to ensure that such sale and assignment has been perfected under the relevant UCC; 
 (v) With respect
to such Receivable, the Seller shall have taken all steps necessary to ensure that all filings (including UCC filings) necessary in any jurisdiction to give the Transferor a first priority perfected security interest in the CAR 2016-1 Purchased
Property shall have been made and the Transferor shall have taken all steps necessary to ensure that all filings (including UCC filings) necessary in any jurisdiction to give the Purchasers a first priority perfected security interest in the
Purchased Property shall have been made; 
 (vi) The terms of such Receivable (a) create a valid enforceable security
interest in favor of the holder thereof, and (b) contain customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for realization against the Financed Vehicle; 

(vii) With respect to such Receivable, the related Original Contract Documents are in the possession of the Custodian and the
Custodian has issued a collateral receipt to the Purchasers as required under the Collateral Custodian Agreement and the related Servicer Files are in the possession of the Servicer; 

(viii) (a) a Title Lien Nominee is named as the first lien holder on the Certificate of Title for the related Financed
Vehicle, or if a new or replacement Certificate of Title is being or will be applied for with respect to such Financed Vehicle, documentation has been or will be submitted to obtain title thereto noting such Person as lien holder and such title is
free and clear of all Liens and adverse claims that are equal or superior to the Lien of such Person and its assigns and (i) if the Certificate of Title has not been received, the Collateral Custodian will have received a copy of the title
application within 45 days of inclusion as part of the Purchased Property and (ii) such Certificate of Title will be received within 180 days of inclusion as part of the Purchased Property or (b) in those states that permit electronic
recordation of Liens, such Person is named as the first lien holder on the Certificate of Title for the related Financed Vehicle on the electronic Lien and title system of the applicable state, or the Servicer or the Originator has submitted for
electronic recordation, by either a third-party service provider or the relevant state registrar of titles, for such Person to be named as the lien 

  

	[***]	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission. 

App. A-10 

 
holder on the Certificate of Title on the electronic Lien and title system of the applicable state and (i) if a confirmation has not been received, the Collateral Custodian will have
received a copy of the electronic submission within 45 days of inclusion as part of the Purchased Property and (ii) a confirmation document is received within 180 days of inclusion as part of the Purchased Property and such title is free and
clear of all Liens and adverse claims that are equal or superior to the Lien of such Person and its assigns; 
 (ix) Such
Receivable (including the related Contract) is currently [***] in compliance with all Requirements of Law; 
 (x) At the time
of origination by the Seller, the related Financed Vehicle was covered by an insurance policy that covers physical loss or damage in at least the minimum amount required by the state in which the related Obligor resides, the related Obligor is
required under the terms of the related Contract to maintain such insurance policy, and there are no forced-placed insurance premiums added to the Original Amount Financed; 

(xi) Such Receivable arises under a Contract which, together with such Receivable (a) has been executed and delivered (or
electronically authenticated) by the related Obligor, (b) is in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor, (c) is evidenced by only one executed original copy (or with respect to
electronic chattel paper, one Authoritative Copy) (in each case within the meaning of the UCC), (d) contains customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for the realization
against the Purchased Property of the benefits of the security provided thereby, including all the rights of a secured party under the relevant UCC, except as enforceability thereof may be limited by bankruptcy, insolvency, reorganization or similar
laws affecting the enforcement of creditors’ rights generally and by general principles of equity, (e) does not require the Obligor under such Contract to consent to the transfer of the rights and duties of the Seller under such Contract,
and (f) does not contain a confidentiality provision that purports to restrict the ability of the Purchasers, to exercise their rights under the Basic Documents, including its right to review the Contract. With respect to a Contract that is
electronic chattel paper, the record or records composing the electronic chattel paper are created, stored and assigned in such a manner that (A) a single Authoritative Copy of the record or records exists which is unique, identifiable and
unalterable (other than a revision that is readily identifiable as an authorized or unauthorized revision) other than with the participation of the Collateral Custodian in the case of an addition or amendment of a permitted and identifiable assignee
and), (B) each copy of the Authoritative Copy and any copy of a copy is readily identifiable as a copy that is not the Authoritative Copy, and (C) the Authoritative Copy has been communicated to and is maintained by the Collateral
Custodian; 
 (xii) The maturity date of such Receivable has not been deferred or extended, except in accordance with the
Credit Policy and the Collection Policy and no other provision of the related Contract has been waived, amended or rewritten or amounts due 

  

	[***]	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission. 

App. A-11 

 
and owing thereunder deferred or waived (except waivers, amendments, rewrites, deferrals or waivers in all material respects in accordance with the Credit Policy and the Collection Policy and
alterations and modifications so that such Receivable is an Eligible Receivable (other than clause [***] hereof, which must have been satisfied at the time of origination)) and such Receivable is enforceable after giving effect thereto; 

(xiii) Such Receivable (a) is not subject to any dispute, offset, counterclaim or defense whatsoever (except the discharge
in bankruptcy of such Obligor), and (b) with respect thereto (i) there is no material breach, default, violation or event of acceleration existing under the related Contract, and there is no event which, with the passage of time, or with
notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration and (ii) to the best of the its knowledge, no right of rescission, setoff, counterclaim or defense shall have been
asserted or threatened; 
 (xiv) Such Receivable is assignable without notice to or the consent of the related Obligor; 

(xv) The Obligor of such Receivable is not a government or government agency, and such Obligor is not an individual that was
included on OFAC’s List of Specially Designated Nationals at the time of origination; 
 (xvi) Such Receivable is
denominated and payable only in Dollars by an Obligor with a billing address in any State or territory of the United States or United States military installation; 

(xvii) Such Receivable is not, as of the Closing Date for the related Receivables Pool, (a) a Delinquent Receivable,
(b) a Defaulted Receivable or (c) a Liquidating Receivable; 
 (xviii) Each Receivable constitutes any of
“chattel paper,” “an account,” an “instrument” or a “general intangible” as defined in the UCC; 

(xix) The Transferor has good and marketable title to such Receivable free and clear of all liens (other than Permitted Liens)
and such Receivable, together with the Contract related thereto, has not been satisfied, subordinated or rescinded, nor shall any Financed Vehicle or other related security have been released from the security interest granted under the related
Contract in whole or in part; 
 (xx) The Transferor has acquired a valid and perfected first priority security interest in
such Receivable and, upon the sale by the Transferor to the Purchasers pursuant to the Master Purchase and Sale Agreement, the Purchasers have acquired a valid and perfected first priority security interest in such Receivable; 

(xxi) The Contract related to such Receivable is a Simple Interest Receivable, and scheduled payments under each Receivable
have been applied in accordance with the method for allocating principal and interest set forth in such Receivable; 

  

	[***]	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission. 

App. A-12 

 (xxii) The first scheduled payment in respect of such Receivable is no more than
[***] days from the related contract date; 
 (xxiii) If such Receivable is a Receivable newly originated by the Seller, at
the time of sale of such Receivable, the first scheduled payment was not past due; provided, that no funds have been advanced by the Transferor or the Seller, or anyone acting on behalf of any of them in order to cause such Receivable to
comply with this clause (xxiii); 
 (xxiv) The Financed Vehicle related to such Receivable (a) was purchased with the
proceeds of such Receivable, (b) has all accessories and optional equipment described in the Contract, (c) is not at the time of origination designated for racing or modified for use as a public livery vehicle or any other commercial use, (d) has a
history verified by Carvana through an Autocheck report (which may be an aggregate report in a data tape format) reflecting no disclosed accidents, no title issues or odometer discrepancies with respect to each Financed Vehicle; 

(xxv) Such Receivable shall have been originated in the United States of America to an Obligor domiciled in the United States
for the retail sale of a Financed Vehicle by the Seller who, at the time of origination, had all material licenses, permits and consents necessary to originate Receivables in the jurisdiction in which such Contract was originated; 

(xxvi) Such Receivable shall not have been originated in, or be subject to the laws of, any jurisdiction under which the
transfer of such Receivable under the transaction documents shall be unlawful, void or voidable; 
 (xxvii) With respect to
such Receivable, none of the Seller or the Transferor is required to perform any additional service for, or perform or incur any additional obligation to, the related Obligor in order to enforce the related Contract; 

(xxviii) With respect to such Receivable there exists a Receivable File that contains, without limitation, each of the items
described in the definition of “Receivable File”, including the applicable Original Contract Documents, and the Servicer File and Original Contract Documents are in the possession of the Servicer and the Custodian, respectively, and, with
respect to each document contained therein, each form has been correctly prepared in all material respects; 
 (xxix) The
information relating to the Receivables set forth in the related Schedule of Receivables is true and correct; 
 (xxx) The
Financed Vehicle related to such Receivable is not of a model year older than 10 years as of the date of origination; 

  

	[***]	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission. 

App. A-13 

 (xxxi) The Financed Vehicle related to such Receivable does not, as of the date
of origination of the related Contract, have mileage in excess of 100,000 miles; 
 (xxxii) The original term of such
Receivable is not more than seventy-two (72) months; 
 (xxxiii) The Loan-to-Value at origination did not exceed [***]%;
provided, however, that notwithstanding the foregoing, up to 50 Receivables transferred to the Purchasers or pledged under the Receivables Warehouse Facility, in the aggregate, in any calendar year will be exempt from the eligibility
criteria specified in this clause (xxxiii) for so long as such Receivables are held by the Purchasers and pledged to the Borrower; 

(xxxiv) The Obligor has a FICO score of not less than 590 which, except for a Receivable included in the initial Receivables
Pool on the initial Closing Date, shall not, without the consent of the Purchasers, has been obtained by Carvana within thirty (30) days prior to the origination of the related Receivable; 

(xxxv) Contract provides for level payments, except for the last payment, which is less than or equal to the amount of the
preceding level payments, that fully amortized the financed amount and requires that any prepayment must fully pay the Original Amount Financed plus accrued interest to date; 

(xxxvi) Obligor is a natural person, is not an Affiliate of Carvana, is the end user of the Financed Vehicle and the Financed
Vehicle is intended for personal, family or household use; 
 (xxxvii) The Contract does not permit the Obligor to reduce or
delay payment or return the Financed Vehicle in lieu or cancellation of payment or to substitute, exchange or add a vehicle as CAR 2016-1 Purchased Property or Purchased Property, respectively; and 

(xxxviii) Has a governing law provision approved by the Purchasers for use in the jurisdiction where the Obligor (but not any
of the Obligor’s agents) took delivery of the vehicle. 
 “Eligible Receivables Pool” is as agreed upon by the Parties
to the Master Sale Agreement and Master Purchase and Sale Agreement. 
 “ERISA” means The Employee Retirement Income
Security Act of 1974, as amended, and the regulations promulgated thereunder. 
 “E-Vault Provider” means eOriginal, Inc.

 “Event of Servicing Termination” means an event specified in Section 6.1 of the Master Servicing Agreement.

  

	[***]	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission. 

App. A-14 

 “Exchange Act” means The Securities Exchange Act of 1934. 

“FDIC/FFIEC Third Party Vendor Management” means the guidance to address the management by a regulated entity of third and
fourth party suppliers issued by the Federal Deposit Insurance Corporation, the Federal Financial Institutions Examination Council or any other regulatory entity that covers a business in which Ally Bank or an Ally Bank Affiliate currently operates
or may look to operate in the future. 
 “FICO Score” means, as of any date of determination, the credit score for the
applicable Obligor using the Fair, Isaac & Co. FICO Auto Version 3.0 methodology, as provided to Carvana or the Servicer by Experian or such other version as approved by the Purchasers, which, except for Receivables included in the initial
Receivables Pool on the initial Closing Date, shall not, without the consent of the Purchasers, be obtained more than thirty (30) days prior to the applicable origination date. 

“Financed Vehicle” means a used automobile or light truck, together with all accessories thereto, securing an Obligor’s
indebtedness under a Receivable. 
 “First Step Pool Supplement” means the First Step Pool Supplement, in the form of
Exhibit A to the Master Sale Agreement, executed by CAR 2016-1 and the Seller on each Closing Date. 
 “First Step
Receivables Assignment” means the document of assignment attached as Schedule 3 to the First Step Pool Supplement. 

“First Step Receivables Purchase Price” means, with respect to a First Tier Receivables Pool, an amount equal to the related
Closing Date Purchase Price. 
 “First Tier Receivables Pool” has the meaning set forth in the recitals to the Master Sale
Agreement. 
 “Forward Flow Vault Partition” means the segregated vault partition of the E-Vault System established in the
name of the Purchasers. 
 “Freestyle Selection” means the random order that the Receivables are to be selected in the
System of Record, after consideration of the Purchase Percentage, Eligible Receivable criteria and Eligible Receivables Pool criteria. The Receivables to be sold to the Transferor will be based on the contract number of the Receivables. The Seller
shall sell to the Transferor all Receivables where the ninth and tenth digits of the contract number (such number, the “randomization code”) are a number from 01 through the number equal to the Purchase Percentage (it being
understood that a Purchase Percentage of 100 would have a randomization code of 00) or, with respect to any Previously Originated Receivable that later becomes an Eligible Receivable, such Previously Originated Receivable shall be included in such
Eligible Receivables Pool if its randomization code falls within the Purchase Percentage for its related Origination Period. For example, if the Purchase Percentage for an Origination Period is 85%, the Seller would sell Receivables with contract
numbers ending in 01 through 85, and retain Receivables with contract numbers ending in 86 through 00. The Seller shall ensure that contract numbers are assigned randomly as they are entered into the System of Record and in no way adverse to the
Purchasers. 

  
 App. A-15 

 “GAP Letter” has the meaning set forth in Section 3.13 of the Master
Servicing Agreement. 
 “GLBA” means the Gramm-Leach-Bliley Act and its implementing regulations. 

“GLBA Privacy Requirements” has the meaning set forth in Section 2(b) of the Master Confidentiality and
Reconstitution Agreement. 
 “General Change” has the meaning set forth in Section 3.18(d) of the Master
Servicing Agreement. 
 “Governmental Authority” means any government, any state or other political subdivision thereof and
any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and having jurisdiction over the applicable Person. 

“Governmental Rules” means any and all laws, statutes, codes, rules, regulations, ordinances, orders, writs, decrees and
injunctions, of any Governmental Authority and any and all legally binding conditions, standards, prohibitions, requirements and judgments of any Governmental Authority. 

“Indemnified Parties” has the meaning set forth in Section 7.14 of the Master Purchase and Sale Agreement. 

“Individual Pre-closing Interest Carry Amount” means, with respect to a Receivable in a Receivables Pool therein and as of
the related Closing Date, an amount equal to (i) the Outstanding Principal Balance of such Receivable as of the Cutoff Date, multiplied by (ii) the Pricing Model all-in cost of funds of the Purchasers, for the related FICO band related
to such Receivable, multiplied by (iii) (A) with respect to a Receivable for which the last scheduled payment for such Receivable was on or prior to the Cutoff Date, the number of days from the day following such last scheduled payment date
through (and including) the related Closing Date for such Receivable and (B) with respect to a Receivable for which the first scheduled payment date for such Receivable does not occur on or prior to the Cutoff Date, the number of days from the day
following the date of origination of such Receivable through (and including) the related Closing Date for such Receivable, divided by (iv) 365. 

“Information Security Program” has the meaning set forth in Section 3.17(b) of the Master Servicing Agreement.

 “Information Recipient” has the meaning set forth in Section 3.28 of the Master Servicing Agreement. 

“Insolvency Event” means with respect to a specified Person, such Person shall (A) file a petition or commence a
proceeding (1) to take advantage of any Insolvency Law or (2) for the appointment of a trustee, conservator, receiver, liquidator or similar official for or relating to 

  
 App. A-16 

 
such Person or all or substantially all of its property, or for the winding up or liquidation of its affairs, (B) consent or fail to object to any such petition filed or proceeding commenced
against or with respect to it or all or substantially all of its property, or any such involuntary petition or proceeding shall not have been dismissed or stayed within sixty (60) days of its filing or commencement, or a court, agency or other
supervisory authority with jurisdiction shall not have decreed or ordered relief with respect to such petition or proceeding, (C) admit in writing its inability to pay its debts generally as they become due, (D) make an assignment for the benefit of
its creditors, (E) voluntarily suspend payment of its obligations or (F) take any action in furtherance of any of the foregoing 

“Insolvency Laws” means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium,
arrangement, rearrangement, receivership, insolvency, reorganization, suspension of payments, marshaling of assets and liabilities or similar debtor relief laws from time to time in effect affecting the rights of creditors generally. 

“Insolvency Proceeding” means with respect to any Person, any bankruptcy, insolvency, arrangement, rearrangement,
conservatorship, moratorium, suspension of payments, readjustment of debt, reorganization, receivership, liquidation, marshaling of assets and liabilities or similar proceeding of or relating to such Person under any Insolvency Laws. 

“Inspection Standard” has the meaning set forth in Section 3.18(a) of the Master Servicing Agreement. 

“Letter Agreement” means the amended and restated letter agreement, dated as of March 6, 2017, among the Purchasers, the
Seller, the Transferor and the Servicer, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Lien” means any security interest, lien, charge, pledge, equity, or encumbrance of any kind. 

“Liquidating Receivable” means a Receivable as to which the Servicer (i) has reasonably determined, in accordance with
its customary servicing procedures, that eventual payment of amounts owing on such Receivable is unlikely, or (ii) has repossessed and disposed of the Financed Vehicle. 

“Liquidation Expenses” means, with respect to a Liquidating Receivable, the actual reasonable out-of-pocket costs of
liquidation not to exceed $550 (or such greater amount as the Servicer determines is reasonably necessary in accordance with its customary procedures to refurbish and dispose of a liquidated Financed Vehicle. 

“Liquidation Proceeds” means, with respect to a Liquidating Receivable, all amounts realized with respect to such Receivable
net of Liquidation Expenses and any amounts that are required to be refunded to the Obligor on such Receivable, but in any event not less than zero. 

“Loan-to-Value Ratio” means, with respect to any Receivable, the ratio (expressed as a percentage) of (x) the original
Principal Balance of such Receivable on the date such Receivable was originated by the Seller, to (y) the lesser of (1) the Transferor’s reported book value based on Carvana’s total capitalized cost or (2) the customer’s purchase
price for the automobile 

  
 App. A-17 

 
financed pursuant to the related Contract, as specified in such Contract. Notwithstanding the foregoing, it is understood that, for determinations by the Purchasers under the Pricing Model,
Loan-to-Value Ratio will be calculated as the ratio (expressed as a percentage) of the Original Amount Financed for such Receivable and the good wholesale value of the Financed Vehicle as determined by Kelly Blue Book as of the date of origination
of the related Receivable or, if such value is not available, the clean trade-in value as determined by National Appraisal Guides, Inc. in the most recent NADA guide or such other source as shall be approved in writing by the Purchasers. 

“Master Confidentiality and Reconstitution Agreement” means the Master Confidentiality and Reconstitution Agreement, dated as
of December 29, 2016, by and among Carvana, Bridgecrest, the Transferor and the Purchasers, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Master Purchase and Sale Agreement” means the Amended and Restated Master Purchase and Sale Agreement, dated as of March 6,
2017, by and among the Transferor and the Purchasers, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Master Sale Agreement” means the Amended and Restated Master Sale Agreement (Flow), dated as of March 6, 2017, by and among
the Seller and CAR 2016-1, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Master
Sale Agreement (Warehouse)” means the Amended and Restated Master Sale Agreement (Warehouse), dated as of March 6, 2017, by and among Carvana and CAR 2016-1, as the same may be amended, restated, supplemented or otherwise modified from time
to time. 
 “Master Servicing Agreement” means the Master Servicing Agreement (Flow), dated as of December 29, 2016,
by and among Carvana, Bridgecrest and the Purchasers, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Master Transfer Agreement (Warehouse)” means the Amended and Restated Master Transfer Agreement, dated as of March 6, 2017,
by and among CAR 2016-1 and Sonoran Auto Receivables Trust 2016-1, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Material Adverse Effect” means, with respect to any Person and to any event or circumstance, a material adverse effect on
(i) the business, financial condition, operations, performance or properties of such Person, (ii) the validity or enforceability of the Master Sale Agreement, Master Purchase and Sale Agreement or any other Basic Document or the validity,
enforceability or collectability of (a) a material portion of the Receivables purchased by the Purchasers, or (b) a material portion of the collections of such Receivables or the security interests in the Financed Vehicles, (iii) the rights and
remedies of either Purchaser, (iv) the ability of such Person to perform its obligations under the Master Sale Agreement, Master Purchase and Sale Agreement or any other Basic Document to which it is a party or (v) the status, existence,
perfection, priority or enforceability of either Purchaser interest in any Purchased Property. 

  
 App. A-18 

 “Monthly Data File” has the meaning set forth in Section 4.3 of the
Master Servicing Agreement. 
 “Monthly Servicer Report” has the meaning set forth in Section 4.3 of the Master
Servicing Agreement. 
 “NAALR” means the net average annualized loss rate for the related FICO band or Eligible
Receivables Pool, as applicable, as determined by the Purchasers in accordance with their customary policies and procedures, without specific deviation for the Seller or Transferor other than deviation with respect to performance of the Receivables
resulting from the application of such customary policies and procedures applied consistently. 
 “Net Loss” means, with
respect to a Receivables Pool, (i) as of any Distribution Date, for each Liquidating Receivable in such Receivables Pool, the Outstanding Principal Balance of such Liquidating Receivable when it became a Liquidating Receivable minus all Liquidation
Proceeds received with respect to such Liquidating Receivable on or before the last day of the related Collection Period and (ii) as of the related Pool Termination Date, and with respect to each Receivable then outstanding within such Receivables
Pool, the Outstanding Principal Balance of such Receivable as of the last day of the related Collection Period. 
 “Non-Excluded Taxes” has the meaning set forth in Section 2.5(c) of the Master Purchase and Sale Agreement. 

“Notice of Banking Regulatory Change” has the meaning set forth in Section 3.18(a) of the Master Servicing
Agreement. 
 “Notified Total Costs” has the meaning set forth in Section 3.18(b) of the Master Servicing
Agreement. 
 “NPPI” means “non-public personal information” as defined in 16 C.F.R. § 314.2(b) (2003) as
well as any information that identifies a customer or consumer (as such terms are defined by the Gramm-Leach-Bliley Act of 1999 (15 U.S.C. § 6801 et seq.), as amended from time to time) and information from which a customer’s or
consumer’s identity can be ascertained, either from the information itself or by combining the information with information from other sources. NPPI also includes any information Ally Financial or Ally Bank (including any of their Affiliates)
may directly or indirectly disclose to the Servicer or any Servicer agent or which the Servicer or any Servicer agent may collect or otherwise have access to due to the Servicer or the Servicer agents’ relationship with Ally Financial, Ally
Bank or any of their Affiliates that relates to an individual. This includes, but is not limited to, financial information; medical or health related information; credit history; income; financial benefits; application, loan or claim information;
names or lists of individuals derived from nonpublic personally identifiable information or otherwise derived from Ally Financial, Ally Bank or any of their Affiliates; and the identification of an individual as an Ally Financial or Ally Bank
customer or as an individual Ally Financial or Ally Bank claimant. 
 “Obligor” means the purchaser or co-purchasers of the Financed Vehicle or any other Person who owes payments under a Receivable. 

  
 App. A-19 

 “OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets
Control. 
 “Officer’s Certificate” means with respect to any Person, a certificate signed by a Responsible Officer of
such Person. 
 “OFSS” has the meaning set forth in Section 3.23 of the Master Servicing Agreement. 

“Operations Diligence” has the meaning set forth in Section 3.15(b) of the Master Servicing Agreement. 

“Opinion of Counsel” means a written opinion of counsel, which counsel may be internal or external counsel to a Party,
reasonably acceptable to the Party receiving such opinion. 
 “Original Amount Financed” means, with respect to a
Receivable and as of the date on which such Receivable was originated, the aggregate amount advanced under the Receivable toward the purchase price of the Financed Vehicle, including accessories, vehicle delivery fees, insurance premiums, service
and warranty contracts and other items customarily financed as part of automobile and light truck retail installment sale contracts or direct purchase money loans and related costs. 

“Original Contract Documents” means, with respect to each Receivable, (i) the original Contract and (ii) the
Certificate of Title or evidence that such Certificate of Title has been applied for. For the avoidance of doubt, an Authoritative Copy of an electronic document shall constitute an original. 

“Original Execution Date” means December 22, 2016. 

“Origination Period” means, each calendar week during the period beginning with the week of December 12, 2016 and ending
with the week containing the last day of the Commitment Period; provided, that, with respect to the initial First Tier Receivables Pool and Receivables Pool, respectively, the “Origination Period” shall be the period consented to by
the Purchasers. 
 “Other Information” has the meaning set forth in Section 2(c) of the Master Confidentiality
and Reconstitution Agreement. 
 “Outstanding Principal Balance” means, with respect to a Receivable and as of any date,
the Original Amount Financed, less: 
 (i) payments received from or on behalf of the related Obligor prior to such date
allocable to principal; 
 (ii) any refunded portion of extended warranty protection plan costs, physical damage, credit life
or disability, warranties, debt cancellation and other insurance premiums included in the Original Amount Financed and allocable to principal; 

(iii) any Administrative Purchase Payment or Warranty Payment to the extent allocable to principal; and 

(iv) any Liquidation Proceeds previously received on or prior to the last day of the related Collection Period allocable to
principal with respect to such Receivable. 

  
 App. A-20 

 “Outward Facing Supplier Standards” means Ally Bank’s “Outward Facing
Supplier Standards” as provided by Ally Bank to the Servicer. 
 “Party” means, with respect to each Basic Document,
each Person that is a party to such Basic Document, and its permitted successors and assigns. 
 “Patriot Act” has the
meaning set forth in Section 2(f) of the Master Confidentiality and Reconstitution Agreement. 
 “Performance
Guarantor” means, DriveTime and its successors and permitted assigns under the Master Servicing Agreement. 
 “Permitted
Disclosures” has the meaning set forth in Section 2(c) of the Master Confidentiality and Reconstitution Agreement. 

“Permitted Liens” any of (a) Liens created pursuant to any Basic Document or (b) with respect to any Financed
Vehicle, the Lien noted on the Certificate of Title related to the Financed Vehicle in favor of a Title Lien Nominee. 

“Person” means any legal person, including any individual, corporation, partnership, joint venture, association, limited
liability company, joint stock company, trust, unincorporated organization, or government or any agency or political subdivision thereof. 

“Pool Balance” means, with respect to a First Tier Receivables Pool or a Receivables Pool, as applicable, as of the close of
business of the last day of a Collection Period, the Aggregate Outstanding Principal Balance of the Receivables in such First Tier Receivables Pool or Receivables Pool (excluding Administrative Receivables and Warranty Receivables and Liquidating
Receivables as of such date). 
 “Pool Supplement” means the Pool Supplement, in the form of Exhibit A to the Master
Purchase and Sale Agreement executed by the Seller and the Purchaser on each Closing Date. 
 “Pool Termination Date”
means, with respect to each Receivables Pool, the date that occurs on the last day of the sixth (6th) month after the maturity date of the Receivable within such Receivables Pool with the
longest original term to maturity as of the Cutoff Date for such Receivables Pool. 
 “Pre-closing Interest Carry Amount”
means, with respect to a Receivables Pool and as of the related Closing Date, an amount equal to the sum of the Individual Pre-closing Interest Carry Amounts for each of the Receivables in such Receivables Pool. 

“Previously Originated Receivable” means, for any Closing Date and the related Eligible Receivables Pool, an Eligible
Receivable originated in a prior Origination Period that met the eligibility criteria to be included in an Eligible Receivables Pool that could have been sold to the Purchasers pursuant to the Master Purchase and Sale Agreement on a prior Closing
Date but for 

  
 App. A-21 

 (i) the Seller not having completed ministerial administrative procedures for such Receivable (such as validating
receipt of the down payment) or (ii) the failure to satisfy the representations and warranties regarding the information provided for such Receivable on the related Schedule of Receivables in Section 5.2(cc)(iii) of the Master
Purchase and Sale Agreement and clause (xxiv) of the definition of “Eligible Receivable” and such Receivables was removed or repurchased from a prior First Tier Receivables Pool or Receivables Pool, as applicable, solely as a
result of such failure (and not for any other reason); provided, that no such Receivable shall have been originated earlier than the [***] day prior to the related Cutoff Date. 

“Pricing Date” shall mean, with respect to any Receivables Pool, the date on which the Purchase Price is agreed, which date
shall be no more than two (2) Business Days prior to such Closing Date. 
 “Pricing Model” has the meaning set forth
in Section 2.3 of the Master Purchase and Sale Agreement. 
 “Pricing Model Amendments” has the meaning set
forth in Section 2.3(a) of the Master Purchase and Sale Agreement. 
 “Pricing Model Change Notice” has the
meaning set forth in Section 2.3(a) of the Master Purchase and Sale Agreement. 
 “Pricing Termination Notice”
has the meaning set forth in Section 2.3(b) of the Master Purchase and Sale Agreement 
 “Program” has the
meaning set forth in Section 3.27 of the Master Servicing Agreement. 
 “Protective Measures” means the steps
specified in Section 2(d) of the Master Confidentiality and Reconstitution Agreement. 
 “Public
Securitization” means a public offering registered with the Commission or a private offering under Rule 144A of the Securities Act of asset backed securities backed by United States automotive retail installment sale contracts originated or
acquired by Carvana or its Affiliates and sponsored by Carvana or any U.S. special purpose subsidiary thereof engaged in such offerings. 

“Purchase Percentage” for an Origination Period, means, the percentage equal or greater than to (i) the aggregate
Outstanding Principal Balance of all Receivables originated or acquired by the Seller to be sold to the Transferor on the related Closing Date pursuant to the Master Sale Agreement divided by (ii) the aggregate principal balance of all
receivables originated or acquired by the Seller that meet the criteria described in the definition of “Eligible Receivable” during such Origination Period (which, for purposes of clause (ii) shall be reduced by the aggregate
principal balance of receivables with respect to which the applicable obligor has exercised its right to return the related financed vehicle and terminate the related receivable). In the event that the Purchase Percentage is less than 100% in a
Origination Period, the Commitment Amount shall be reduced by 62.5% of the amount that the Purchase Percentage has 

  

	[***]	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission. 

App. A-22 

 
been reduced by with respect to the dollar value of the receivables that will not be sold to the Transferor for such Origination Period, provided, however, that in no event shall
the Purchase Percentage be less than 51% and, in the event the Seller or the Transferor shall fail to notify the Purchasers of the Purchase Percentage for any Origination Period, the Purchase Percentage from the prior Origination Period shall apply;
provided, further, however, in addition, for each Origination Period the Purchase Percentage under the Master Sale Agreement and the Master Purchase and Sale Agreement must be equal or greater than the purchase percentage for the corresponding
origination period in the Master Sale Agreement (Warehouse). 
 “Purchase Price” means the price applicable to the
Purchased Receivables purchased in any Receivables Pool, which shall be equal to the sum of (i) the price for such Receivables Pool designated by the Pricing Model (for the avoidance of doubt, the Pricing Model will, for each Purchased
Receivable in such Receivables Pool, (A) increase the related purchase price for any interest scheduled to accrue (ignoring any non-scheduled payment that may be received by the Seller) for the period from the date of origination (or, if such
Purchased Receivable has at least one scheduled monthly payment occurring prior to the related Cutoff Date, from such most recent scheduled monthly payment date) through the related Closing Date and (B) decrease the related purchase price for
the portion of any non-scheduled payment received by the Seller prior to the related Cutoff Date allocated to accrued interest) plus (ii) the Pre-closing Interest Carry Amount for such Receivables Pool as of the Closing Date. 

“Purchased Property” has the meaning set forth in Section 3.1(a) of the Master Purchase and Sale Agreement. 

“Purchased Receivables” means, as applicable, all Receivables purchased by CAR 2016-1 in any First Tier Receivables Pool
pursuant to the Master Sale Agreement and all Receivables purchased by the Purchaser in any Receivables Pool pursuant to the Master Purchase and Sale Agreement. 

“Purchasers” means either Ally Bank or Ally Financial, and its permitted successors and assigns, if the reference to
“Purchaser” relates to Receivables purchased by a specified Purchaser, or both Ally Bank and Ally Financial, and their permitted successors and assigns, if the reference to “Purchaser” or “Purchasers” relates to the
Receivables or the Receivables Pools as a whole, as the context may require. 
 “Purchaser Estimated Cumulative Net Losses”
means, with respect to a Receivables Pool and any Distribution Date, the Cumulative Net Losses estimated as of the related Closing Date that the Receivables within such Receivables Pool will incur as of the end of the related Collection Period, as
set forth on Schedule 3 in the applicable Pool Supplement. 
 “Purchaser Inspection Parties” has the meaning set
forth in Section 3.19(a) of the Master Servicing Agreement. 
 “Purchaser Obligation” has the meaning set forth
in Section 2.1(b) of the Master Purchase and Sale Agreement. 

  
 App. A-23 

 “Purchaser Termination Option” has the meaning set forth in
Section 2.4(b) of the Master Purchase and Sale Agreement. 
 “Quarterly Operations Review” has the meaning set
forth in Section 3.15(a) of the Master Servicing Agreement. 
 “Quarterly Review Event” has the meaning set
forth in Section 3.15(c) of the Master Servicing Agreement. 
 “Quarterly Selection Standards Meeting” has the
meaning set forth in Section 7.11(a) of the Master Purchase and Sale Agreement. 
 “Receivable” means a
Contract for a Financed Vehicle and any amendments, modifications or supplements to such retail installment sale contract that is included in the Schedule of Receivables attached as Schedule 7 to each Pool Supplement. The term
“Receivable” does not include any Repurchased Receivable. 
 “Receivable Files” means, with respect to each
Receivable and the related Contract, collectively, the Original Contract Documents and the Servicer Files. 
 “Receivable Structure
Constraints” is as agreed upon by the Parties to the Master Sale Agreement and Master Purchase and Sale Agreement. 

“Receivables Pool” shall have the meaning given to such term in Section 4.1 of the Master Purchase and Sale
Agreement. 
 “Receivables Pool CNL Ratio” means, for any Distribution Date, the ratio of (i) net losses with respect
to the Receivables included in a Receivables Pool during the related Collection Period to (ii) the difference between the beginning balance of the Outstanding Principal Balance for such Collection Period and the ending balance of the
Outstanding Principal Balance for such Collection Period, in each case with respect to the Receivables included in such Receivables Pool. 

“Receivables Pool CNL Ratio Comparison” means, with respect to a Receivables Pool on any Distribution Date, (x) the
Receivables Pool CNL Ratio for such Receivables Pool reported on any Distribution Date for the related Collection Period, divided by (y) the Carvana entire portfolio cumulative net loss ratio for the same Collection Period. 

“Receivables Pool Schedule” has the meaning set forth in Section 4.1(a) of the Master Purchase and Sale
Agreement. 
 “Receivables Purchase Rate” means, with respect to Receivables, the percentage equivalent of a fraction, the
numerator of which is the Purchase Price for such Receivable, and the denominator of which is the Cutoff Date Aggregate Outstanding Principal Balance of such Receivables. 

  
 App. A-24 

 “Receivables System” means the principal computer system of the Servicer used in
the servicing of retail installment sales contracts and direct purchase money loans, including back-up archives. 

“Receivables Warehouse Facility” means the Loan and Security Agreement, dated as of December 22, 2016, by and among
Sonoran Auto Receivables Trust 2016-1, the Transferor, Carvana and Ally Bank, as the same may be amended, restated, supplemented or otherwise modified from time to time, 

“Reconstitution” means a direct or indirect encumbrance, risk transfer or disposition of the Purchased Property, or any part
thereof, by the Purchaser in the form of a whole loan sale transaction, a securitization transaction funded by securities sold to the public and/or private capital markets or by an asset backed commercial paper conduit, a synthetic transaction where
all or a portion of the risk of loss on a reference pool of Receivables is transferred to an investor or counterparty, or any combination of the foregoing; provided, however, that the Purchaser shall not engage in more than three
Reconstitutions with respect to the Receivables included in a Receivables Pool sold to the Purchaser under the Master Purchase and Sale Agreement on any Closing Date. 

“Reconstitution Assets” has the meaning set forth in Section 3(a)(iii) of the Master Confidentiality and
Reconstitution Agreement. 
 “Reconstitution Assets Servicing Agreement” has the meaning set forth in
Section 3(c) of the Master Confidentiality and Reconstitution Agreement. 
 “Registrar of Titles” means with
respect to any State, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon. 

“Regulation AB” Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as
such may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531
(January 7, 2005)), in the adopting release (Asset-Backed Securities Disclosure and Registration, Securities Act Release 33-9638, 79 Fed. Reg. 57,184 (September 24, 2014)) and in any adopting release in respect of any amendment with respect to any
of the foregoing or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

“Regulator Inspection Parties” has the meaning set forth in Section 3.19(a) of the Master Servicing Agreement.

 “Re-Liening Expenses” means, any costs associated with the revision of the Certificates of Title pursuant to
Section 2.7 of the Master Sale and Purchase Agreement. 
 “Re-Liening Trigger Event” has the meaning agreed
upon by the Parties to the Master Sale Agreement and Master Purchase and Sale Agreement. 

  
 App. A-25 

 “Relationship Manager” has the meaning set forth in Section 3.26 of
the Master Servicing Agreement. 
 “Remediation” has the meaning set forth in Section 5.1(r) of the Master
Servicing Agreement. 
 “Report of Assessment of Compliance with Servicing Criteria” has the meaning set forth in
Section 3.12 of the Master Servicing Agreement. 
 “Reporting Date” means the 10th day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day. 

“Repurchased Receivable” means any repurchased Administrative Receivable or repurchased Warranty Receivable. 

“Requirements of Law” means all (a) requirements of applicable federal, state and local laws, and regulations thereunder
and (b) orders, decrees, directives, rules and binding guidelines of, or agreements, with any Governmental Authority that are directed to or binding on such Person or such Person’s business, operations, services (including, with respect to
the Servicer, the Servicer’s obligation to service the Purchased Property on behalf of the Purchasers pursuant to the Master Servicing Agreement) or assets, including, in each case, usury laws, Utah banking laws, the Federal Truth-in-Lending
Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Consumer Financial Protection
Bureau’s Regulations “B” and “Z,” the Servicemembers Civil Relief Act of 2003, the Texas Consumer Credit Code, the United States Foreign Corrupt Practices Act of 1977, the Patriot Act and state adaptations of the National
Consumer Act and the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws; provided, that, in each case with respect to clauses (a) and (b) above, with respect to
the Servicer’s obligations described in the Master Servicing Agreement, “Requirements of Law” shall not include any items described in clauses (a) or (b) above that are directed to or binding on Ally Financial
or Ally Bank solely as a result of such Peron’s status as a bank holding company or Utah charted bank, respectively, unless otherwise specified on Exhibit E to the Master Servicing Agreement. Following the date of the Master Servicing
Agreement Date during the term of the Master Servicing Agreement, should the Servicer offer or enter into any subsequent agreement with another Person to service assets on behalf of such Person in compliance with, or provide indemnity for breach of,
Requirements of Law applicable to Ally Financial or Ally Bank that are excluded from this definition as a result of the preceding proviso, then this definition shall be deemed to be modified to include such broader provision without any further
action of the Parties. 
 “Responsible Officer” means, when used with respect to any Person, any officer of such Person,
including any president, vice president, assistant vice president, secretary, assistant secretary or any other officer thereof customarily performing functions similar to those performed by the individuals who at the time shall be such officers,
respectively, or to whom any matter is referred because of such officer’s knowledge of or familiarity with the particular subject. 

  
 App. A-26 

 “Rule 193 Receivables” has the meaning set forth in Section 3(a)(iv)
of the Master Confidentiality and Reconstitution Agreement. 
 “Schedule of Receivables” means, the list identifying the
Receivables attached as Schedule 7 to each Pool Supplement (which list may be in the form of electronic file, microfiche, disk or other means acceptable to the Purchaser, or pursuant to the Master Sale Agreement). 

“Scheduled Commitment Termination Date” means the date that is the 364 day anniversary of the date of the Master Purchase and
Sale Agreement. 
 “SEC Reporting Date” has the meaning set forth in Section 3.18(b) of the Master Servicing
Agreement. 
 “Second Step Receivables Assignment” means the document of assignment attached as Schedule 5 to
each Pool Supplement. 
 “Second Step Receivables Purchase Price” has the meaning set forth in Section 3.1(b)
of the Master Purchase and Sale Agreement. 
 “Securities Act” means the Securities Act of 1933. 

“Selection Procedures” means, the process for selecting Eligible Receivables for inclusion in any First Tier Receivables Pool
and Receivables Pool pursuant to Section 3.1(d) of the Master Sale Agreement and Section 2.1(d) of the Master Purchase and Sale Agreement, respectively, whereby such First Tier Receivables Pool and Receivables Pool is
selected by the Seller and Transferor utilizing the System of Record under a Freestyle Selection. Such selection shall be made subject to the Eligible Receivable criteria and Eligible Receivables Pool criteria and the sequential contract number
assignment described in Section 2.1(d) of the Master Sale Agreement and Section 3.1(d) of the Master Purchase and Sale Agreement. 

“Seller” means Carvana, as the seller of the CAR 2016-1 Purchased Property under the Master Sale Agreement, and its permitted
successors and assigns. 
 “Seller Indemnified Parties” has the meaning set forth in Section 6.11(a) of the
Master Sale Agreement. 
 “Servicer” means Bridgecrest as the servicer of the Receivables, or any permitted successor or
assignee thereto under the Master Servicing Agreement. 
 “Servicer Coverage” has the meaning set forth in
Section 3.22 of the Master Servicing Agreement. 
 “Servicer Files” means the documents specified in
Section 2.1 of the Master Servicing Agreement. 
 “Servicer Indemnified Parties” has the meaning set forth in
Section 5.2(a) of the Master Servicing Agreement. 

  
 App. A-27 

 “Servicer Review Trigger Event” has the meaning set forth in
Section 3.15 of the Master Servicing Agreement. 
 “Servicer Termination Threshold Event” means, with respect
to the sold Receivables Pools, on any Distribution Date, the aggregate CNL for such Receivables Pools shall be equal to [***] or greater of the aggregate Purchaser Estimated Cumulative Net Losses for such Receivables Pools on such Distribution Date.

 “Servicing Criteria” means “Servicing Criteria” set forth in Item 1122(d) of Regulation AB, as such may
be amended from time to time. 
 “Servicing Exception” means any exceptions or supplements to the Collections Policy
specified on Exhibit E to the Servicing Agreement (including any requirement of federal, state or local law, or any regulation or any order, decree, directive, rule and binding guideline of, or agreement, with any Governmental Authority
applicable to either Purchaser solely as a result of such Purchaser’s status as a bank holding company or Utah charted bank, as applicable, that the Purchasers determine requires revisions to the existing Collections Policy), as may be amended
or supplemented from time to time by the Purchasers. 
 “Servicing Fee” means, with respect to a Receivables Pool as of any
Distribution Date, the fee payable to the Servicer for services rendered during the related Collection Period, which will be equal to one-twelfth of the Servicing Fee Rate multiplied by the Pool Balance of
such Receivables Pool as of the first day of such Collection Period; provided that in connection with any initial Collection Period that includes days falling in more than one calendar month, the Servicing Fee shall be calculated for such
initial Collection Period giving effect to the reduction of the Pool Balance of such Receivables Pool as of the first day of each such calendar month following the related Cutoff Date during such initial Collection Period. 

“Servicing Fee Rate” is as agreed upon by the Parties to the Master Servicing Agreement. 

“Settlement Date” means with respect to each Origination Period in which Transferor has submitted notification of its intent
to complete a sale, the third (3rd) Business Day of the second calendar week that follows such Origination Period. 

“Settlement Report” has the meaning set forth in Section 3.1(e) of the Master Purchase and Sale Agreement. 

“Simple Interest Method” means the method of allocating each monthly payment (including multiple monthly payments) on a
Simple Interest Receivable to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the Outstanding Principal Balance thereon multiplied by the fixed rate of interest applicable to
such Receivable multiplied by the period of time elapsed (expressed as a fraction of a calendar year) since the preceding payment of interest with respect to such Outstanding Principal Balance was made. 

  

	[***]	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission. 

App. A-28 

 “Simple Interest Receivable” means any Receivable under which the portion of
each payment allocable to earned interest and the portion allocable to the principal is determined in accordance with the Simple Interest Method. For purposes hereof, all payments with respect to a Simple Interest Receivable shall be allocated to
principal and interest in accordance with the Simple Interest Method. 
 “SOC 1” has the meaning set forth in
Section 3.13 of the Master Servicing Agreement. 
 “Specified Variables” is as agreed upon by the Parties to
the Master Sale Agreement and Master Purchase and Sale Agreement. 
 “State” means any of the 50 states of the United
States of America, or the District of Columbia. 
 “Supplemental Fees” means, with respect to a Receivables Pool as of any
Distribution Date, the fee payable to the Purchaser during the related Collection Period, determined pursuant to and defined in Section 3.10(b) of the Master Servicing Agreement. 

“System Description” means the written description of the eOriginal e-contract system attached to the Master Purchase and
Sale Agreement as Exhibit F. 
 “System of Record” means the computer system and programs in place on the date that
the Master Sale Agreement and Master Purchase and Sale Agreement become effective (as such system may be updated or otherwise modified) utilized by the Seller to select Receivables for each First Tier Receivables Pool and Receivables Pool under the
Master Sale Agreement and by the Transferor to select Receivables for each Receivables Pool under the Master Purchase and Sale Agreement, respectively. 

“TPSM” means Ally Bank’s Third Party Supplier Management team. 

“Title Intermediary” means, VINTek or another title administration service provider approved in writing by the Seller and
Purchasers. 
 “Title Lien Nominee” means Carvana or GFC Lending LLC (or any other name approved in writing by the
Purchasers). 
 “Three-Month Average Receivables Pool CNL Ratio Comparison” means, on any Distribution Date, the average of
the Receivables Pool CNL Ratio Comparison with respect to a Receivable Pool for such Distribution Date and the two Distribution Dates preceding such Distribution Date. 

“Transferor” means Carvana Auto Receivables 2016-1 LLC, a Delaware limited liability company, and its permitted successors
and assigns. 
 “Transferor Obligation” has the meaning set forth in Section 2.1(a) of the Master Purchase and
Sale Agreement. 

  
 App. A-29 

 “Transferor Termination Option” has the meaning set forth in
Section 2.4(a) of the Master Purchase and Sale Agreement. 
 “Treasury Regulations” means the regulations,
including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury
Regulations. 
 “UCC” means the Uniform Commercial Code as in effect in any relevant jurisdiction, from time to time. 

“Vehicle Age” with respect to a Financed Vehicle, means the year of origination of the Contract for such Financed Vehicle
minus the model year of such Financed Vehicle. 
 “Warranty Payment” means, with respect to a Warranty Receivable within a
First Tier Receivables Pool or a Receivables Pool, as applicable, to be repurchased as of the last day of a Collection Period, a payment equal to the sum of (i) the product of (a) the Outstanding Principal Balance with respect to
such Warranty Receivable as of such date and (b) the Receivables Purchase Rate and (ii) the product of (x) the amount set forth in clause (i) above, (y) the APR of such Administrative Receivable and (z) 30/360.

 “Warranty Receivable” means a Receivable which the Transferor has repurchased pursuant to Section 8.2 of the
Master Purchase and Sale Agreement or Seller has repurchased pursuant to Section 7.2 of the Master Sale Agreement. 

*         *        *
        *         * 

  
 App. A-30EX-10.23

 Exhibit 10.23 

AMENDED AND RESTATED 

MASTER TRANSFER AGREEMENT 

between 
 CARVANA AUTO
RECEIVABLES 2016-1 LLC 
 as Transferor 

and 
 SONORAN AUTO
RECEIVABLES TRUST 2016-1 
 DATED AS OF MARCH 6, 2017 

 TABLE OF CONTENTS 

 

					
	 	 	 	  	PAGE
		
	 ARTICLE I DEFINITIONS AND USAGE
	  	1
	 Section 1.1
	 	Definitions	  	1
		
	 ARTICLE II RECEIVABLES POOLS
	  	2
	 Section 2.1
	 	Purchase and Sale of Receivables Pools	  	2
	 Section 2.2
	 	Payment of Receivables Purchase Price	  	2
	 Section 2.3
	 	Loss and Liquidation Data	  	3
	 Section 2.4
	 	Re-Liening Trigger Events	  	3
		
	 ARTICLE III PURCHASE AND SALE OF RECEIVABLES
	  	3
	 Section 3.1
	 	Sale of Receivables	  	3
	 Section 3.2
	 	The Closing	  	6
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	6
	 Section 4.1
	 	Representations and Warranties of the Trust	  	6
	 Section 4.2
	 	Representations and Warranties of the Transferor	  	8
		
	 ARTICLE V CONDITIONS
	  	17
	 Section 5.1
	 	Conditions to Effectiveness	  	17
	 Section 5.2
	 	Conditions to Obligation of the Trust	  	18
	 Section 5.3
	 	Conditions to Obligation of the Transferor	  	19
		
	 ARTICLE VI COVENANTS OF THE TRANSFEROR
	  	20
	 Section 6.1
	 	Protection of Right, Title and Interest	  	20
	 Section 6.2
	 	Other Liens or Interests	  	21
	 Section 6.3
	 	Perfection Costs and Expenses	  	22
	 Section 6.4
	 	Separateness	  	22
	 Section 6.5
	 	Notice of Servicer Termination; Etc.	  	22
	 Section 6.6
	 	Conduct of Business; Ownership	  	22
	 Section 6.7
	 	Collections	  	22
	 Section 6.8
	 	Selection Standards; Quarterly Meetings	  	22
	 Section 6.9
	 	Furnishing of Information and Inspection of Records	  	23
	 Section 6.10
	 	Compliance with Laws, Etc.	  	23
	 Section 6.11
	 	Indemnification	  	23
	 Section 6.12
	 	Forbearance	  	24
	 Section 6.13
	 	Consolidations, Mergers and Sales of Assets	  	25
	 Section 6.14
	 	Operation of the Transferor	  	25
	 Section 6.15
	 	Furnishing of Information and Inspection of Records	  	25
	 Section 6.16
	 	Publicity	  	25
	 Section 6.17
	 	No Solicitation	  	25
	 Section 6.18
	 	Remediation	  	26
	 Section 6.19
	 	Quarterly Statements as to Compliance	  	26
	 Section 6.20
	 	Additional Covenants	  	26
	 Section 6.21
	 	Negative Covenants	  	29

  
 i 

					
	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	31
	 Section 7.1
	 	Obligations of the Transferor	  	31
	 Section 7.2
	 	Repurchase of Receivables Upon Breach by the Transferor	  	31
	 Section 7.3
	 	Assignment of Warranty Receivables	  	32
	 Section 7.4
	 	Amendment	  	32
	 Section 7.5
	 	Waivers	  	32
	 Section 7.6
	 	Notices	  	32
	 Section 7.7
	 	Costs and Expenses	  	33
	 Section 7.8
	 	Survival	  	33
	 Section 7.9
	 	Headings and Cross-References	  	33
	 Section 7.10
	 	Governing Law, Submission to Jurisdiction, Etc.	  	33
	 Section 7.11
	 	Counterparts	  	34
	 Section 7.12
	 	Further Assurances	  	34
	 Section 7.13
	 	Severability of Provisions	  	34
	 Section 7.14
	 	Assignment	  	34
	 Section 7.15
	 	Further Assignment; Third Party Beneficiary	  	35
	 Section 7.16
	 	Limitations on Rights of Others	  	35
	 Section 7.17
	 	No Petition Covenant	  	35
	 Section 7.18
	 	Concerning the Owner Trustee	  	35
	 Section 7.19
	 	Effect of Amendment and Restatement	  	36
			
	 EXHIBITS
	 		  	
			
	 EXHIBIT A
	 	 FORM OF POOL SUPPLEMENT
	  	
	 EXHIBIT B
	 	 CREDIT POLICY
	  	
			
	 APPENDICES
	 		  	
			
	 APPENDIX A
	 	 DEFINITIONS AND USAGE
	  	

  
 ii 

 AMENDED AND RESTATED MASTER TRANSFER AGREEMENT 

THIS AMENDED AND RESTATED MASTER TRANSFER AGREEMENT (as from time to time amended, supplemented or otherwise modified and in effect, this
“Agreement”) is made as of March 6, 2017, between Carvana Auto Receivables 2016-1 LLC, a Delaware limited liability company (the “Transferor”), and Sonoran Auto Receivables
Trust 2016-1 LLC, a Delaware statutory trust (the “Trust”). 
 RECITALS: 

1. In the regular course of its business, Carvana, LLC (“Carvana”) sells used automobiles and light trucks and originates
automobile and light truck retail installment sale contracts secured by such automobiles and light trucks. 
 2. On the Original Execution
Date, Carvana and the Transferor have entered into the Master Sale Agreement (Warehouse) (the “Master Sale Agreement (Warehouse)”) pursuant to which Carvana has agreed to sell, and the Transferor has agreed to purchase, from time to
time, certain Receivables and related property (including the security interests in the related Financed Vehicles). 
 3. The Transferor
wishes to sell, and the Trust wishes to purchase, from time to time, such Receivables and related property (including the security interests in the related Financed Vehicles) pursuant to the terms of this Agreement. 

4. Pursuant to the Loan and Security Agreement, dated as of December 22, 2016 (the “Loan and Security Agreement”), by
and among the Transferor, the Trust, Carvana, Ally Bank, as Administrative Agent (the “Administrative Agent”), and the Lenders party thereto, the Lenders will provide advances to the Trust to finance the purchase of the Receivables
and related property by the Trust under this Agreement. 
 5. The Transferor and the Trust wish to provide in this Agreement, among other
things, the terms on which each pool of Receivables (each, a “Receivables Pool”) and related property are to be sold by the Transferor to the Trust. 

In consideration of the foregoing, other good and valuable consideration, and the mutual terms and covenants contained herein, the parties
hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND USAGE 
 Section
1.1 Definitions. Certain capitalized terms used in the above recitals and in this Agreement and not defined herein are defined in and shall have the respective meanings assigned to them in (or by reference in) Appendix A hereto;
provided that, if not defined therein, as defined in the Loan and Security Agreement. All references herein to “the Agreement” or “this Agreement” are to this Amended and Restated Master Transfer Agreement as it may
be amended, supplemented or modified from time to time, the exhibits and attachments hereto and the capitalized terms used herein which are defined in such Appendix A, and all references herein to Articles, Sections and subsections are to Articles,
Sections or subsections of this Agreement unless otherwise specified. The rules of construction and usage set forth in such Appendix A shall be applicable to this Agreement. 

 ARTICLE II 

RECEIVABLES POOLS 
 Section 2.1
Purchase and Sale of Receivables Pools 
 (a) Transferor Obligation. Upon the terms and subject to the conditions set forth in
this Agreement, and in reliance on the covenants, representations, warranties and agreements set forth herein, the Transferor agrees to sell to the Trust each First Tier Receivables Pool it acquires from Carvana in each calendar week during the
Commitment Period; provided, however, in no event shall Receivables required to be sold by Transferor to the Purchasers (as defined in the Master Sale Agreement (Flow) pursuant to the Master Sale Agreement (Flow) be sold to the Trust pursuant
to this Agreement and in no event shall the randomization code (as defined in the definition of Freestyle Selection) of any Receivables in any such Receivables Pool exceed the Purchase Percentage for the Origination Period in which such Receivable
was originated. 
 (b) Trust Obligation. Upon the terms and subject to the conditions set forth in this Agreement, including
Section 2.1(c) below, and in reliance on the covenants, representations, warranties and agreements herein set forth, the Trust agrees to purchase each such Receivables Pool on each Closing Date described in
Section 3.1(e); provided that in no event shall the Trust be obligated to purchase from Transferor hereunder Receivables with a principal amount exceeding an aggregate principal balance as of each Receivable’s
applicable Closing Date of $292,207,792.21 plus the aggregate principal balance (as of each Receivable’s applicable resold Closing Date) of all Receivables previously sold to the Trust, repurchased, remediated, and resold to the Trust. 

(c) Transaction Documents; Pool Supplement. The Transferor’s right, title and interest in the Receivables and related Purchased
Property purchased, from time to time, by the Trust pursuant to Section 3.1 shall be transferred and assigned by the execution and delivery of a Pool Supplement, in form and content substantially similar to Exhibit A
attached hereto, and the satisfaction of the terms and conditions and the performance of the transactions contained in this Agreement and such Pool Supplement, as applicable. The Transferor shall deliver the Pool Supplement to the Trust for any
Receivables Pool on the applicable Closing Date. 
 Section 2.2 Payment of Receivables Purchase Price. Upon the terms and
subject to the conditions set forth in this Agreement, and in reliance on the covenants, representations, warranties and agreements herein set forth, the Receivables Purchase Price due on each Closing Date shall be paid by the Trust to the
Transferor on such Closing Date by wire transfer of immediately available funds to an account or accounts designated by the Transferor. The Receivables Purchase Price will be set forth in the Settlement Report attached to the Pool Supplement for the
related Receivables Pool, in the form set forth in Exhibit A. 

  
 2 

 Section 2.3 Loss and Liquidation Data.(a) No later than 60 days after the end of each
calendar quarter during the period beginning on the date hereof and ending on the date all amounts outstanding under the Loan and Security Agreement (other than inchoate obligations for which no claim has been made) have been paid in full, the
Transferor shall, or shall cause the Servicer or any other Affiliate holding or aggregating such information to, deliver to the Trust (who shall deliver such information to the Administrative Agent pursuant to the Loan and Security Agreement) a
cumulative net loss ratio as of the end of the related calendar quarter (and a narrative description of the methodology for making such calculation), which may be included in the Monthly Servicer Report delivered within 60 days after the end of each
calendar quarter to the extent the information is available at that time, for Carvana’s entire originated portfolio of retail installment sales contracts as of the end of the related calendar quarter. 

Section 2.4 Re-Liening Trigger Events. Upon the occurrence of a Re-Liening Trigger Event, at the direction of the Trust or, upon the pledge of such property to the Administrative Agent pursuant to the Loan and Security Agreement, the Administrative Agent, the Transferor shall,
and the Transferor shall direct and cause any Title Lien Nominee (if not and Affiliate of the Transferor) to and shall cooperate with the Servicer to, take all steps necessary to cause the Certificate of Title or other evidence of ownership of the
related Financed Vehicles (or if such Re-Liening Trigger Event relates to (i) one or more States, the related Financed Vehicles titled in such State or (ii) a Title Lien Nominee, the related Financed
Vehicles liened in the name of such Title Lien Nominee) to be revised to name the Administrative Agent or its designee as lienholder. In addition, at the sole expense of the Administrative Agent and the Lenders, upon the request of the
Administrative Agent, the Transferor shall, and the Transferor shall direct and cause any Title Lien Nominee (if not an Affiliate of the Transferor) and shall cooperate with the Servicer to, take all steps necessary to cause the Certificate of Title
or other evidence of ownership of the related Financed Vehicles identified, individually or by characteristic, by the Administrative Agent to be revised to name the Administrative Agent or its designee as lienholder. The Transferor shall cause any
Title Lien Nominee to irrevocably appoint the Administrative Agent as its attorney-in-fact, such appointment being coupled with an interest, to take any and all steps
required to be performed pursuant to this Section 2.4, including execution of Certificates of Title or any other documents in the name of the Transferor or such Title Lien Nominee. 

ARTICLE III 
 PURCHASE AND SALE OF
RECEIVABLES 
 Section 3.1 Sale of Receivables 

(a) Purchased Property. On each Closing Date, subject to the terms and conditions of this Agreement, the Transferor agrees to sell to
the Trust, and the Trust agrees to purchase from the Transferor, a Receivables Pool and the following other property relating thereto (collectively, the “Purchased Property”): 

(i) all right, title and interest of the Transferor in, to and under each Receivable included in the applicable Receivables
Pool listed on a Schedule of Receivables (the form of which is attached as Schedule 5 to the Pool Supplement) 

  
 3 

 
delivered to the Trust on such Closing Date and all monies received thereon after the related Cutoff Date, exclusive of any amounts allocable to the premium for physical damage collateral
protection insurance required by the Transferor or the Servicer, as applicable, covering any related Financed Vehicle; 

(ii) the interest of the Transferor in the security interests in the related Financed Vehicles granted by Obligors pursuant to
the Receivables in the applicable Receivables Pool and, to the extent permitted by law, any accessions thereto; 
 (iii) the
interest of the Transferor in any proceeds from claims on any physical damage, credit life, credit disability, warranties, debt cancellation agreements or other insurance policies covering the related Financed Vehicles or Obligors, including any
rebates or credits of any premium or other payment with respect to any of the foregoing; 
 (iv) all of the Transferor’s
right, title and interest in, to and under the related Receivable Files; 
 (v) all of the Transferor’s right, title and
interest in and to the Master Sale Agreement (Warehouse) and remedies thereunder and the assignment to the Trust of all UCC financing statements filed against Carvana under or in connection with the Master Sale Agreement (Warehouse); and 

(vi) all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing described in
clauses (i) through (v) above and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the foregoing,
voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles,
general intangibles, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of
the foregoing. 
 (b) Receivables Purchase Price. On each Closing Date, in consideration for the related Purchased Property, the
Trust shall pay to the Transferor an amount (the “Receivables Purchase Price”) equal to the Purchase Price for such Purchased Property. The Receivables Purchase Price for each Receivables Pool shall be set forth in the Settlement
Report attached to the related Pool Supplement. 
 (c) Payment Within two (2) Business Days after each Closing Date, the
Transferor shall pay to or as directed by the Trust in (same day) funds an amount equal to the aggregate amount of all Collections received by the Transferor after the related Cutoff Date, including from the Servicer, with respect to the Receivables
Pool sold to the Trust on such Closing Date through (but excluding) the applicable Closing Date. 
 (d) Selection of Receivables
Pools. The Receivables to be sold in each Receivables Pool shall be all of the Receivables purchased by the Transferor pursuant to the Master Sale Agreement (Warehouse) and shall have been selected in accordance with Section 3.1(d) of the

  
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Master Sale Agreement (Warehouse). If the Administrative Agent reasonably determines that such Receivables Pool does not appear to have been selected on a random basis (based on information
reasonably requested by the Administrative Agent and provided by the Transferor comparing the Receivables to be sold to the Trust on the related Closing Date as compared against receivables originated by Carvana during the related Origination Period
that meet the definition of an Eligible Receivable under the Loan and Servicing Agreement and are not being transferred to the Transferor pursuant to the Master Sale Agreement (Flow)), then the Administrative Agent, Carvana, the Transferor and the
Trust will determine an approach to adjust the mix of Eligible Receivables in such Receivables Pool and the related CAR 2016-1 Purchased Property (as defined in the Master Sale Agreement (Warehouse) (including
adding or removing Receivables meeting the definition of Eligible Receivables in the Loan and Security Agreement) to ensure that such Receivables Pool was randomly selected by Carvana and the Transferor and the Trust, as applicable. In such
circumstance, Carvana, the Transferor, the Trust and the Administrative Agent will revisit this Section 3.1(d) to determine if changes thereto are needed to ensure future Receivables Pools and the related CAR
2016-1 Purchased Property are representative of receivables originated by Carvana during the related Origination Period that are eligible to be sold hereunder and that there was no adverse selection pursuant
to the Freestyle Selection. The Transferor acknowledges and agrees that Carvana’s computer systems assign contract numbers to Contracts on a random basis and Carvana may not change such contract numbering system at any time without the
Administrative Agent’s prior written consent (upon which, the Administrative Agent, Carvana, the Trust and the Transferor each agree to develop an alternative methodology in order to randomly select Contracts to be included in succeeding
Receivables Pools and the related CAR 2016-1 Purchased Property). 
 (e) Settlement Report.
Not later than the third (3rd) Business Day prior to a Closing Date, the Transferor shall supply the Trust a final data tape in form and substance necessary for the Trust to comply with the
information requirements under the Loan and Security Agreement. Not less than three (3) Business Days prior to each proposed Closing Date, the Transferor will deliver to the Trust and the Administrative Agent a Settlement Report substantially
in the form of Schedule 2 attached to the Pool Supplement in form and substance necessary for the Trust to comply with the information requirements under the Loan and Security Agreement setting forth amounts due the Transferor with respect to
the applicable Receivables Pool and containing at least the calculation of the related Receivables Purchase Price. Each sale hereunder shall occur immediately after the related sale for the related First Tier Receivables Pool under the Master Sale
Agreement (Warehouse). 
 (f) No Recourse. It is understood that each sale of Purchased Property by the Transferor to the Trust
pursuant to this Agreement, the related Pool Supplement and the related Receivables Assignment shall be without recourse (except as set forth herein, and as the Trust’s rights in such recourse shall be pledged by the Trust to the Administrative
Agent pursuant to the Loan and Security Agreement) and the Transferor does not guarantee collection of any Receivable. However, each such sale shall be made pursuant to and in reliance by the Trust on the representations, warranties and covenants of
the Transferor as set forth in Section 4.2, the indemnities set forth in Section 6.11 and the repurchase obligation set forth in Section 7.2 and the corresponding
provisions of the Master Sale Agreement (Warehouse) assigned to the Trust. 

  
 5 

 (g) Intent of the Parties. This Agreement, the applicable Pool Supplement and the related
Receivables Assignment is intended to effect a sale of each Receivables Pool by the Transferor to the Trust, and the parties intend to treat each such transaction on a standalone basis as an independent sale for financial reporting purposes. It is
the intention of the Transferor and the Trust that each sale, transfer, assignment and other conveyance of Receivables Pools contemplated by this Agreement, the applicable Pool Supplement and the related Receivables Assignment constitutes an
independent sale of the related Purchased Property from the Transferor to the Trust and that the beneficial interest in and title to each such Receivables Pool shall not be part of the Transferor’s estate in the event of the filing of a
bankruptcy petition by or against the Transferor under any bankruptcy law. Each sale, transfer, assignment and other conveyance contemplated by this Agreement, the applicable Pool Supplement and the related Receivables Assignment does not constitute
and is not intended to result in any assumption by the Trust (or any of its assigns) of any obligation of the Transferor to the Obligors, Affiliates of the Transferor, insurers or any other Person in connection with any Receivables, any insurance
policies or any agreement or instrument relating to any of them, in each case related to such transfer and assignment. Although the Parties intend that each sale, transfer, assignment and other conveyance contemplated by this Agreement, the
applicable Pool Supplement and the related Receivables Assignment to be an independent sale, in the event any such transfer and assignment is deemed to be other than a sale, the parties intend and agree: (i) that all filings described in this
Agreement shall give the Trust a first priority perfected security interest in, to and under the Receivables Pool and the related Purchased Property and all proceeds of any of the foregoing, in each case with respect to such transfer and assignment;
(ii) this Agreement, together with the applicable Pool Supplement and the related Receivables Assignment, shall be deemed to be the grant of, and the Transferor hereby grants to the Trust, a security interest from the Transferor to the Trust
and the Administrative Agent as assignee in such Receivables and the related Purchased Property in order to secure its obligations hereunder with respect to such transfer and assignment; (iii) this Agreement, together with the applicable Pool
Supplement and the related Receivables Assignment, shall be a security agreement under applicable law for the purposes of each such transfer and assignment; and (iv) the Trust shall have all of the rights, powers and privileges of a secured
party under the UCC with respect to each such transfer and assignment and the Purchased Property related thereto. 
 (h) Due Diligence. The
Transferor shall provide to the Trust such documents and other information necessary for the Trust to comply with Section 4.2(m) of the Loan and Security Agreement. 

Section 3.2 The Closing. The initial closing (the “Closing”) shall take place at or about 11:00 a.m.,
Chicago time, at the offices of Kirkland & Ellis LLP, in Chicago, Illinois on or about December 30, 2016, or at such other time, date and place as the parties shall agree upon. 

ARTICLE IV 
 REPRESENTATIONS AND
WARRANTIES 
 Section 4.1 Representations and Warranties of the Trust. The Trust represents and warrants to the Transferor as
of the date hereof and as of each Closing Date: 
 (a) Organization and Good Standing. It has been duly organized, and is validly
existing and in good standing under the laws of the jurisdiction of its formation, with all requisite power and authority to own or lease its properties and conduct its business as such business is presently conducted, and had at all relevant times,
and now has all necessary power, authority and legal right to own or lease its properties and conduct its business as such business is presently conducted, including to acquire, own and sell the Receivables and the other Purchased Property except
for non-compliance which could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

  
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 (b) Due Qualification. It is duly qualified to do business and is in good standing and has
obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals (including, as applicable, the origination, purchase,
sale and servicing of the Receivables) except for non-compliance which could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(c) Power and Authority; Due Authorization. It (i) has all necessary power, authority and legal right to (A) execute and
deliver the Transaction Documents to which it is a party, (B) carry out the terms of the Transaction Documents to which it is a party and (C) to assign or grant the security interest in the assets transferred by it on the terms and
conditions in the Transaction Documents to which it is a party and (ii) has taken all necessary action to authorize the execution, delivery and performance of the Transaction Documents to which it is a party and to assign or grant a security
interest in the assets transferred by it on the terms and conditions in the Transaction Documents to which it is a party. 
 (d) Binding
Obligation. The Transaction Documents to which it is a party have been duly executed and delivered by it and constitute legal, valid and binding obligations of it enforceable against it in accordance with their terms. 

(e) No Violation. The consummation of the transactions contemplated by the Transaction Documents to which it is a party and the
fulfillment of the terms thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, its formation documents or any agreement
to which it is bound, (ii) result in the creation or imposition of any Lien upon any of its properties, other than pursuant to the Transaction Documents, or (iii) violate any Requirements of Law, except, in each case, for non-compliance which could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(f) No Proceedings. There is no litigation, proceeding or investigation pending or, to the best of its knowledge, threatened against
it, before any governmental authority (i) asserting the invalidity of any Transaction Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by the Transaction Documents, (iii) challenging the
enforceability of a material portion of the Receivables or (iv) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect. 

(g) All Consents Required. All approvals, authorizations, consents, orders, licenses or other actions of any person or of any
governmental authority required for the due execution, 

  
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delivery and performance by it of the Transaction Documents to which it is a party have been obtained except for non-compliance which could not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 (h) Compliance. It is not in
violation in any material respect of any Transaction Documents to which it is a party or any laws, ordinances, Governmental Rules or regulations to which it is subject except for non-compliance which could
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 Section 4.2 Representations
and Warranties of the Transferor. The Transferor represents and warrants to the Trust as of the date hereof and as of each Closing Date (except as provided herein otherwise): 

 

	 	(a)	Organization and Good Standing. It has been duly organized, and is validly existing and in good standing under the laws of the jurisdiction of its formation, with all requisite power and authority to own or lease
its properties and conduct its business as such business is presently conducted, and had at all relevant times, and now has all necessary power, authority and legal right to own or lease its properties and conduct its business as such business is
presently conducted, including to acquire, own and sell the Receivables and the other Purchased Property except for non-compliance which could not, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect. 

  

	 	(b)	Due Qualification. It is duly qualified to do business and is in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct
of its business requires such qualifications, licenses or approvals (including, as applicable, the origination, purchase, sale and servicing of the Receivables) except for non-compliance which could not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

  

	 	(c)	Power and Authority; Due Authorization. It (i) has all necessary power, authority and legal right to (A) execute and deliver the Transaction Documents to which it is a party, (B) carry out the
terms of the Transaction Documents to which it is a party and (C) to assign or grant the security interest in the assets transferred by it on the terms and conditions in this Agreement and (ii) has taken all necessary action to authorize
the execution, delivery and performance of the Transaction Documents to which it is a party and to assign or grant a security interest in the assets transferred by it on the terms and conditions in this Agreement. 

 

	 	(d)	Binding Obligation. The Transaction Documents to which it is a party have been duly executed and delivered by it and constitute legal, valid and binding obligations of it enforceable against it in accordance with
their terms. 

  

	 	(e)	 No Violation. The consummation of the transactions contemplated by the Transaction Documents to which it
is a party and the fulfillment of the terms thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, its formation documents

  
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or any agreement to which it is bound, (ii) result in the creation or imposition of any Lien upon any of its properties, other than pursuant to this Agreement, or (iii) violate any
Requirements of Law, except, in each case, for non-compliance which could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

 

	 	(f)	No Proceedings. There is no litigation, proceeding or investigation pending or, to the best of its knowledge, threatened against it, before any governmental authority (i) asserting the invalidity of any
Transaction Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by the Transaction Documents, (iii) challenging the enforceability of a material portion of the Receivables or (iv) seeking any
determination or ruling that would reasonably be expected to have a Material Adverse Effect. 

  

	 	(g)	All Consents Required. All approvals, authorizations, consents, orders, licenses or other actions of any person or of any governmental authority required for the due execution, delivery and performance by it of
the Transaction Documents to which it is a party have been obtained except for non-compliance which could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

  

	 	(h)	Compliance. It is not in violation in any material respect of any Transaction Document to which it is a party or any laws, ordinances, Governmental Rules or regulations to which it is subject except for non-compliance which could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

 

	 	(i)	Bulk Sales. The execution, delivery and performance of the Transaction Documents to which it is a party is in the ordinary course of business and does not require compliance with any bulk sales act or similar
law. 

  

	 	(j)	Solvency. As of each Closing Date, (i) the Transferor is not and shall not become insolvent as a result of the transfer of the related Purchased Property on such date, (ii) the Transferor did not intend
to or believe that it would incur debts that would be beyond its ability to pay as such debts matured, (iii) the Transferor did not transfer the related Purchased Property with the actual intent to hinder, delay or defraud any Person and
(iv) the assets of the Transferor did not constitute unreasonably small capital to carry out its business as conducted. 

  

	 	(k)	Selection Procedures. No procedures believed by it to be materially adverse to the interests of the Trust, the Administrative Agent or the Lenders were utilized by it in identifying or selecting Receivables to be
transferred by it. In addition, each Receivable assigned pursuant to this Agreement has been underwritten in accordance with and satisfies the standards of the Credit Policy in all material respects. 

 

	 	(l)	 Taxes. It has filed, caused to be filed, or received an extension of time for filing that has not yet
expired, all federal and material state, local or foreign tax returns that are required to be filed by it. It has paid or made adequate provisions for the payment of all federal or material amounts of state, local or foreign taxes and all material
assessments made 

  
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against it or any of its property (other than any amount of tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves have
been provided on the books of it), and no tax lien has been filed and, to the its knowledge, no claim is being asserted, with respect to any such tax, fee or other charge. 

 

	 	(m)	Exchange Act Compliance; Regulations T, U and X. None of the transactions contemplated in the Transaction Documents to which it is a party (including the use of the proceeds from the advances) will violate or
result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including Regulations T, U and X of the Federal Reserve Board, 12 C.F.R., Chapter II. It does not own or intend to carry or purchase, and no
proceeds from the sale of the Purchased Property will be used to carry or purchase, any “margin stock” within the meaning of Regulation U or to extend “purchase credit” within the meaning of Regulation U. 

 

	 	(n)	Quality of Title. Each Receivable, together with the Contract related thereto, transferred by it were, prior to the transfer thereof, owned by it free and clear of any Lien except for Permitted Liens, and the
Trust upon the providing of value described herein shall acquire a valid ownership interest and a perfected first priority security interest in each Receivable and the related Purchased Property then-existing or thereafter arising, free and clear of
any Lien, other than Permitted Liens. Immediately upon the transfer thereof pursuant to this Agreement, each Receivable, together with the Contract related thereto, shall be owned by the Trust free and clear of any Lien except for Permitted Liens,
and the Administrative Agent upon the providing of value described in the Loan and Security Agreement shall acquire a valid perfected first priority security interest in each Receivable and the related Purchased Property then-existing or thereafter
arising, free and clear of any Lien, other than Permitted Liens. No effective financing statement or other instrument similar in effect covering any portion of the Purchased Property or the Purchased Property or the Collateral shall, after the
relevant Closing Date, be on file in any recording office except such as may be filed in favor of Carvana, the Transferor, the Trust or the Administrative Agent in accordance with the Master Sale Agreement (Warehouse), this Agreement and the Loan
and Security Agreement. 

  

	 	(o)	 Security Interest. It has granted a security interest (as defined in the UCC) to the Trust in the
Purchased Property, which is enforceable in accordance with applicable law upon execution and delivery of this Agreement. Upon the filing of UCC-1 financing statements naming the Trust as secured party, or
upon the Collateral Custodian obtaining possession, in the case of that portion of the Purchased Property which constitutes tangible chattel paper, or upon the E-Vault Provider granting control to the Trust,
in the case of that portion of the Purchased Property which constitutes electronic chattel paper, the Trust shall have a first priority (except for any Permitted Liens) perfected security interest in the Purchased Property. Upon the sale of thereof
to the Trust pursuant to the Master Transfer Agreement, the Trust shall have granted a security interest (as defined in the UCC) to the Trust in the Purchased Property, which is enforceable in accordance with applicable law upon execution and
delivery of the Master Transfer Agreement. Upon the pledge thereof to the Administrative Agent pursuant to the Loan and Security Agreement, 

  
 10 

	 	
the Trust shall have granted a security interest (as defined in the UCC) to the Administrative Agent in the Collateral, which is enforceable in accordance with applicable law upon execution and
delivery of the Loan and Security Agreement. Upon the filing of UCC-1 financing statements naming the Administrative Agent as secured party, or upon the Collateral Custodian obtaining possession, in the case
of that portion of the Collateral which constitutes tangible chattel paper, or upon the E-Vault Provider granting control to the Administrative Agent, in the case of that portion of the Collateral which
constitutes electronic chattel paper, the Administrative Agent shall have a first priority (except for any Permitted Liens) perfected security interest in the Collateral. 

 

	 	(p)	Reports Accurate. All Settlement Reports, Funding Reports, information, exhibits, financial statements, documents, books, records or reports (including the data file indicating characteristics of the Receivables
and including electronic writings) furnished or to be furnished by the Transferor directly or indirectly to the Trust, the Administrative Agent, the Lenders, the Servicer, the Collateral Custodian or the Account Bank under or in connection with the
Transaction Documents to which the Transferor is a party (including the information delivered in connection with each sale in the form of Schedule 4 attached to the related Pool Supplement) are true, correct and complete in all material
respects as of the date specified therein or the date so furnished (as applicable). 

  

	 	(q)	Location of Offices. The principal place of business and chief executive office of it and the office where it keeps all the Records related to the tangible Contracts are located at the address set forth in
Section 7.6; provided, that on or about April 1, 2017, the Transferor’s principal place of business and chief executive office will be located at 1930 W. Rio Salado Pkwy, Tempe, AZ 85251 (or at such other
locations as to which the notice and other specified requirements shall have been satisfied). 

  

	 	(r)	Tradenames and Place of Business. (i) Except as specified in this Agreement, it has no trade names, fictitious names, assumed names or “doing business as” names or other names under which it has
done or is doing business and (ii) its principal place of business and chief executive office is located at the address set forth in Section 7.6 and has been so for the last four (4) months; provided, that
on or about April 1, 2017, the Transferor’s principal place of business and chief executive office will be located at 1930 W. Rio Salado Pkwy, Tempe, AZ 85251. 

 

	 	(s)	Transfer Agreements. This Agreement, the Master Sale Agreement (Warehouse), the Master Sale Agreement (Flow) and the Flow Purchase Agreement are the only agreements pursuant to which it purchases or sells the
Receivables and the related Contracts. 

  

	 	(t)	Value Given. The Trust shall have given reasonably equivalent value to the Transferor in consideration for the transfer by the Transferor to the Trust of the Receivables and the related Purchased Property under
this Agreement, no such transfer shall have been made for or on account of an antecedent debt owed by the Transferor to the Trust and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

  
 11 

	 	(u)	Accounting. The Transferor accounts for the transfers to the Trust of Receivables and related Purchased Property under this Agreement on a standalone basis as sales of such Receivables and related Purchased
Property in its books, records and financial statements, in each case consistent with the requirements set forth in this Agreement. The Trust accounts for the transfers to the Administrative Agents of the Collateral under the Loan and Security
Agreement as pledges in its books, records and financial statements. Carvana may account for such transfers as pledges for income tax and consolidated accounting purposes. 

 

	 	(v)	Investment Company Act. The Transferor is not an “investment company” and is not controlled by an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

  

	 	(w)	ERISA. (i) No prohibited transactions or Reportable Events have occurred with respect to any Pension Plan (if any), (ii) no notice of intent to terminate a Pension Plan under Section 4041(c) of ERISA has
been filed, nor has any Pension Plan been terminated under Section 4041(c) of ERISA, nor has the Pension Benefit Guaranty Corporation instituted proceedings to terminate, or appointed a trustee to administer a Pension Plan and no event has occurred
or condition exists that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, and (iii) no liability under Title IV (other than accrued premiums to
the Pension Benefit Guaranty Corporation) has been incurred (whether or not assessed), which individually or in the aggregate with respect to all or any of (i), (ii) and (iii) above, would reasonably be expected to have a Material Adverse
Effect on the Transferor, the Trust or the Administrative Agent or the Lenders (including its rights and interests in, to or under any Contracts or related Receivables), with respect to the Transferor or the Trust. 

 

	 	(x)	Accuracy of Representations and Warranties. Each representation or warranty by the Transferor contained in the Transaction Documents to which it is a party or in any certificate or other document furnished by the
Transferor or the Trust pursuant thereto or in connection therewith is true and correct in all material respects as of the date made. 

  

	 	(y)	OFAC. Neither the Transferor nor any Affiliate is a Sanctioned Person. The proceeds of any funding will not be used and have not been used to fund any operations in, finance any investments or activities in or
make any payments to, a Sanctioned Person or a Sanctioned Country. 

  

	 	(z)	Other Agreements. As of each Closing Date, the Transferor has not taken any action that would cause the representations and warranties of Carvana, the Trust, the Servicer, the Collateral Custodian or the Account
Bank under the Transaction Documents to be false. 

  

	 	(aa)	Use of Proceeds. No proceeds of a purchase hereunder shall be used by the Transferor for a purpose that violates or would be inconsistent with Regulations T, U or X promulgated by the Board of Governors of the
Federal Reserve System from time to time. 

  
 12 

	 	(bb)	Remediation. In the event that Carvana, the Transferor, the Trust or the Servicer or any of their Affiliates has been required under any Requirements of Law, or has agreed or made arrangements with any
Governmental Authority, to make any Remediation, such Person shall have taken such action as so agreed or arranged or in compliance with all Requirements of Law, as applicable. 

 

	 	(cc)	Receivables. The Transferor makes the following representations and warranties as of each Closing Date (except to the extent otherwise provided) with respect to the Receivables the Transferor sold to the Trust on
such Closing Date, on which the Trust, the Administrative Agent and the Lenders relies in accepting such Receivables. Such representations and warranties speak as of the applicable Closing Date (except as provided herein otherwise), and shall
survive the sale, transfer and assignment of such Receivables to the Trust and any subsequent sale, assignment or transfer of any such Receivables: 

(i) Selection of Receivables. As of each Cutoff Date with respect to the related Receivables to be purchased, the
Receivables Pool was selected as described in Section 2.1(a). 
 (ii) Creation, Perfection and Priority of Security
Interests. The following representations and warranties regarding creation, perfection and priority of security interests in the Purchased Property or the Collateral, as applicable, are true and correct: 

(A) While it is the intention of the Transferor and the Trust that the transfer and assignment contemplated by this Agreement,
each Pool Supplement and each Receivables Assignment shall constitute sales of the related Purchased Property from the Transferor to the Trust, this Agreement, each Pool Supplement and, upon execution and delivery, each Receivables Assignment shall
create a valid and continuing security interest (as defined in the applicable UCC) in the related Purchased Property in favor of the Trust, which security interest is prior to all other Liens, and is enforceable as such against creditors of and
purchasers from the Transferor. The Loan and Security Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the Administrative Agent, which security interest is prior to all other
Liens, and is enforceable as such against creditors of and purchasers from the Trust. 
 (B) Prior to the sale of such
Purchased Property to the Trust under this Agreement, the Receivables constituted “tangible chattel paper” or “electronic chattel paper” within the meaning of the applicable UCC. 

(C) All filings (including such UCC filings) as are necessary in any jurisdiction to perfect the security interest of the
Trust and the Administrative Agent in the Purchased Property and the Collateral (subject to permitted exceptions for titling), as applicable, have been (or prior to the applicable Closing Date will be) made. 

  
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 (D) Other than the sale and backup security interest granted to the Trust or the
Administrative Agent pursuant to this Agreement, the Transferor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of such Purchased Property or Collateral. The Transferor has not authorized the filing of, and
is not aware of, any financing statements against the Transferor that include a description of collateral covering such Purchased Property other than the financing statements relating to the security interests granted to the Trust and the
Administrative Agent, as assignees, under this Agreement or any financing statement that has been effectively terminated. The Transferor is not aware of any judgment or tax lien filings against it or such Purchased Property or the Collateral. 

(E) Wells Fargo, as Collateral Custodian, or a permitted subcontractor, has in its possession all original copies of the
related Original Contract Documents and other documents that constitute or evidence such Receivables and the related Purchased Property that are tangible chattel paper. The E-Vault Provider has in its
“control” (as such term is used in Section 9-105 of the UCC), for the benefit of the Trust, and upon the pledge of the Collateral to the Administrative Agent pursuant to the Loan and Security
Agreement, as the “secured party” (as such term is used in Section 9-105 of the UCC), all electronic records constituting or forming a part of the Receivables that are electronic chattel paper,
such that the Trust has had, and will have, and the Administrative Agent has had and will have, at all times a first priority perfected security interest against the Transferor, the Trust and their respective creditors in such Receivables or
Collateral, as applicable. Such Receivable Files and other documents that constitute or evidence such Purchased Property do not have any marks or notations indicating that any ownership or security interest therein has been pledged, assigned or
otherwise conveyed to any Person other than the Trust and, upon assignment to the Administrative Agent pursuant to the Loan and Security Agreement, the Administrative Agent. 

(F) None of the Transferor, the Trust, the Servicer or a custodian or vaulting agent thereof holding any Receivable that is
electronic chattel paper has communicated an Authoritative Copy of any loan agreement that constitutes or evidences such Receivable to any Person other than the Collateral Custodian for the benefit of the Trust and, upon assignment of the Collateral
to the Administrative Agent pursuant to the Loan and Security Agreement, the Administrative Agent. 
 (iii) Schedule of
Receivables. The information set forth in the related Schedule of Receivables and in any computer tape regarding the Receivables is true, accurate and complete, and no selection procedures believed to be adverse to the Trust, the Administrative
Agent or the Lenders were utilized in selecting such Receivables, with respect to the related Receivables Pool, from those receivables of Carvana that otherwise meet such criteria as well as the definition of Eligible Receivables. 

  
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 (iv) Compliance With Law. All Requirements of Law in respect of any aspect
of such Receivables and the related Purchased Property (including the origination thereof), in each case, have been complied with in all material respects and each Receivable and the sale of the related Financed Vehicle evidenced thereby complied at
the time it was originated or made and now complies in all material respects with all applicable Requirements of Law. 
 (v)
Binding Obligation. Each such Receivable with respect to the related Receivables Pool represents the genuine, legal, valid and binding payment obligation in writing of the Obligor thereon, enforceable by the holder thereof in accordance with
its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights in general and by equity, regardless of whether such
enforceability is considered in a proceeding in equity or at law. 
 (vi) Security Interest in Financed Vehicle.
Immediately prior to the sale, transfer and assignment thereof pursuant hereto and the related Receivables Assignment, each such Receivable with respect to the related Receivables Pool was secured by a valid security interest in the Financed Vehicle
in favor of the Transferor as secured party. Immediately prior to the sale, transfer and assignment thereof pursuant to the Loan and Security Agreement, each such Receivable with respect to the related Receivables Pool was secured by a valid
security interest in the Financed Vehicle in favor of the Trust as secured party. 
 (vii) Receivables In Force. As of
the applicable Cutoff Date, no such Receivable has been satisfied, subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the related Receivable in whole or in part. 

(viii) No Waiver. Since the applicable Cutoff Date, no provision of a Receivable has been, or shall be, waived, altered
or modified in any respect other than with respect to alterations and modifications so that such Receivable meets the Eligible Receivable criteria (other than clause (ix) thereof, which must have been satisfied at the time of origination
and at all times since that date) and such Receivable is enforceable after giving effect thereto. 
 (ix) No Defenses.
No right of rescission, setoff, counterclaim or defense has been asserted or threatened with respect to any such Receivable. 

(x) No Liens. To the best of the Transferor’s knowledge: (1) there are no Lien or claims that have been filed
for work, labor or materials affecting any Financed Vehicle securing any such Receivable that are or may be Lien prior to, or equal or coordinate with, the security interest in the Financed Vehicle granted by such Receivable; (2) no
contribution failure has occurred with respect to any Benefit Plan which is 

  
 15 

 
sufficient to give rise to a Lien under Section 303(k) of ERISA with respect to any such Receivable; and (3) no tax lien has been filed and no claim related thereto is being asserted with
respect to any such Receivable. 
 (xi) Insurance. Each Obligor under such Receivables is required to maintain a
physical damage insurance policy of the type that Carvana requires in accordance with the Credit Policy. 
 (xii) Good
Title. No such Receivable or the related Purchased Property or the Collateral has been sold, transferred, assigned or pledged by the Transferor to any Person other than the Trust, the Trust and the Administrative Agent; immediately prior to the
conveyance of such Receivables and the related Purchased Property pursuant to this Agreement, the related Pool Supplement and the related Receivables Assignment, the Transferor had good and marketable title thereto, free of any Lien other than
Permitted Liens; and, upon execution and delivery of the Loan and Security Agreement, the Administrative Agent shall acquire a valid and enforceable perfected security interest in each such Receivable and Purchased Property and the Collateral
(subject to permitted exceptions for titling), the unpaid indebtedness evidenced thereby and the collateral security therefor, free of any Lien other than Permitted Liens. 

(xiii) Lawful Assignment. No such Receivable or the related Purchased Property was originated in, or is subject to
Requirements of Law of, any jurisdiction the Requirements of Law of which would make unlawful, void or voidable the sale, transfer and assignment of such Receivable and the other related Purchased Property under this Agreement and the related
Receivables Assignment or the pledge of the Collateral under the Loan and Security Agreement. None of the Transferor, the Trust, the Trust or the Servicer has entered into any agreement with any Obligor that prohibits, restricts or conditions the
assignment of such Receivable or any other Purchased Property or Collateral. 
 (xiv) All Filings Made. All filings
(including UCC filings) necessary in any jurisdiction to give the Trust and the Administrative Agent a first priority perfected ownership interest in the Receivables and the related Purchased Property or the Collateral (subject to permitted
exceptions for titling), as applicable, shall have been made. 
 (xv) One Original. There is only one original
executed copy of each tangible record constituting or forming a part of such Receivable that is tangible chattel paper or a single Authoritative Copy of each electronic record constituting or forming a part of each Purchased Receivable that is
electronic chattel paper. 
 (xvi) No Documents or Instruments. No such Receivable, or constituent part thereof,
constitutes a “negotiable instrument” or “negotiable document of title” (as such terms are used in the UCC). 

(xvii) Accounts and Receivables Analysis. The information set forth in the Accounts and Receivables Analysis with
respect to such Receivable and the related Receivables Pool, as applicable, provided on Schedule 4 of the related Pool Supplement is true and correct in all material respects. 

  
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 ARTICLE V 

CONDITIONS 
 Section 5.1
Conditions to Effectiveness. The effectiveness of this Agreement (the “Effective Date”) is subject to the satisfaction of the following conditions precedent as of the date hereof: 

(a) Transaction Documents. Each of Carvana, the Transferor, the Trust, the Administrative Agent, the Lenders, the Servicer, the
Collateral Custodian, the Account Bank and the Performance Guarantor, as the case may be, shall have executed and delivered each of the Transaction Documents to which it is a party, and shall have executed and/or delivered each other document and
instrument required to be executed and/or delivered by such party on the Original Execution Date or the date hereof, as applicable, prior to the effectiveness hereof or thereof, hereunder or thereunder. (b) 

(b) Documents to be Delivered by the Transferor. 

(i) Evidence of UCC Filing. On or prior to Effective Date, the Transferor shall record and file, at its own expense, a UCC-1 financing statement in each jurisdiction in which it is required by applicable law, authorized by and naming and the Transferor as seller or debtor, naming the Trust as purchaser or secured party, naming the
Administrative Agent as assignee, naming the Receivables and the other Purchased Property as collateral, meeting the requirements of the laws of each such jurisdiction and in such manner as is necessary to perfect each sale, transfer, assignment and
conveyance of Receivables to the Trust hereunder. Such UCC-1 financing statement shall be provided to the Trust (who will in turn provide such UCC-1 financing statement
to the Administrative Agent) on or prior to such Effective Date. 
 (ii) Other Documents. Carvana, the Transferor, the
Servicer, the Collateral Custodian, the Account Bank and the Performance Guarantor shall have provided such other documents as the Trust or the Administrative Agent may reasonably request or otherwise require for the Trust to comply with the
requirements to effectiveness under the Loan and Security Agreement. 
 (c) Representations and Warranties. Each of the
representations and warranties of each of Carvana, the Transferor, the Trust, the Servicer, the Collateral Custodian, the Account Bank and the Performance Guarantor, under each of the Transaction Documents shall be true and correct in all material
respects as of the date hereof (or, if another date for such representation or warranty is specified herein or therein, then such other date), and Carvana, the Transferor, the Trust, the Servicer, the Collateral Custodian, the Account Bank and the
Performance Guarantor shall have performed in all material respects all covenants and agreements required to be performed by it hereunder and thereunder on or prior to the date hereof. 

  
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 (d) Flow Purchase Agreement. Each of Ally Bank, Ally Financial, Carvana and the
Transferor, as the case may be, shall have executed and delivered the Flow Purchase Agreement and shall have executed and/or delivered each other document and instrument required to be executed and/or delivered by such party on the Original
Execution Date or the date hereof, as applicable, prior to the effectiveness thereof or thereunder. 
 Section 5.2 Conditions to
Obligation of the Trust. The obligation of the Trust to purchase Receivables and the related Purchased Property with respect to each Receivables Pool and the related Purchased Property under this Agreement, the related Pool Supplement and
the related Receivables Assignment is subject to the satisfaction of the following conditions on or before the related Closing Date: 
 (a)
Maximum Sales Amount. The Receivables to be sold shall not include any receivables sold by Transferor to the Purchasers (as defined in the Master Sale Agreement (Flow) pursuant to the Master Sale Agreement (Flow) and the randomization code
(as defined in the definition of Freestyle Selection) of any Receivables to be sold shall not exceed the Purchase Percentage for the Origination Period in which such Receivable was originated as specified in Section 2.1(a). 

(b) Representations and Warranties. Each of the representations and warranties of each of Carvana, the Transferor, the Servicer, the
Collateral Custodian, the Account Bank and the Performance Guarantor, under each of the Transaction Documents shall be true and correct in all material respects at the time of each Closing Date (or, if another date for such representation or
warranty is specified herein or therein, then such other date), and Carvana, the Transferor, the Servicer, the Collateral Custodian, the Account Bank and the Performance Guarantor shall have performed in all material respects all covenants and
agreements required to be performed by it hereunder and thereunder on or prior to each Closing Date. 
 (c) Security Interests. The
security interest granted by the Transferor in favor of the Trust and by the Trust to the Administrative Agent in each Receivables Pool previously sold is a valid and continuing security interest prior to all other Liens, and is enforceable as
against such other creditors of and purchasers from the Transferor and the Trust, as applicable. 
 (d) Computer Files Marked. Each
of the Transferor and the Servicer shall have, on or prior to each Closing Date, indicated in its Receivables System, that such Purchased Property has been sold to the Trust and, upon pledge to the Administrative Agent under the Loan and Security
Agreement, pledged to the Administrative Agent. 
 (e) Documents to be Delivered By the Transferor. On or before such Closing Date,
the Transferor shall have delivered to the Trust the following documents: 
 (i) The Pool Supplement. The Transferor
will execute and deliver the related Pool Supplement and each of the other documents, certificates and instruments required to be attached thereto as set forth in Exhibit A (a final completed draft of which shall be delivered to the Trust at
least one Business Day prior to the Closing Date). 
 (ii) Other Documents. On each Closing Date, Carvana, the Trust,
the Servicer, the Collateral Custodian, the Account Bank and the Performance Guarantor shall provide 

  
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or cause to be provided such other documents as the Trust may reasonably request or otherwise require for the Trust to comply with the conditions precedent under the Loan and Security Agreement.

 (f) Collateral Custodian Certificate. With respect to all Receivables included in the related Receivables Pool, the Transferor
shall have Delivered each related Original Contract Document to the Collateral Custodian and the Trust shall have received the related executed Document Receipt in accordance with the requirements of the Collateral Custodian Agreement, and the
Transferor and the Servicer shall have marked their computer files with respect to such Receivables to indicate the interest of the Trust or its or their assignee. 

(g) First Step Sale. The closing of the transactions contemplated to occur on such Closing Date pursuant to the Master Sale Agreement
(Warehouse) shall occur simultaneously with the closing of the transactions contemplated herein. 
 (h) Other Transactions. The
transactions contemplated by the Loan and Security Agreement and the other Transaction Documents shall be consummated to the extent that such transactions are intended to be substantially contemporaneous with the transactions hereunder. 

Section 5.3 Conditions to Obligation of the Transferor. The obligation of the Transferor to sell the Receivables with respect to each
Receivables Pool and the related Purchased Property under this Agreement, the related Pool Supplement and the related Receivables Assignment is subject to the satisfaction of the following conditions on or before the related Closing Date: 

(a) Receivables Purchase Price. On such Closing Date, the Trust shall deliver to the Transferor the Receivables Purchase Price for such
Receivables Pool, in accordance with Section 2.1(b) of this Agreement. 
 (b) Representations and Warranties True. The
representations and warranties of the Trust under this Agreement and each of the other Transaction Documents to which it is a party shall be true and correct in all material respects as of such Closing Date, and the Trust shall have performed in all
material respects all covenants and agreements, if any, required to be performed by it hereunder and thereunder on or prior to such Closing Date. 

(c) Documents to be Delivered By the Trust. On or before such Closing Date, the Trust shall have delivered to the Transferor the
related Pool Supplement. 
 (d) Other Documents. On such Closing Date, the Trust shall provide such other documents as the Transferor
may reasonably request. 
 (e) First Step Sale. The closing of the transactions contemplated to occur on such Closing Date pursuant
to the Master Sale Agreement (Warehouse) shall occur simultaneously with the closing of the transactions contemplated herein. 
 (f)
Other Transactions. The transactions contemplated by the Loan and Security Agreement and the other Transaction Documents shall be consummated to the extent that such transactions are intended to be substantially contemporaneous with the
transactions hereunder in connection with such sale and such Closing Date. 

  
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 ARTICLE VI 

COVENANTS OF THE TRANSFEROR 

Section 6.1 Protection of Right, Title and Interest. The Transferor covenants and agrees with the Trust as follows: 

(a) Protection of Title; Filings. The Transferor shall authorize and file such financing statements and amendments to financing
statements and cause to be authorized, as applicable, and filed such continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of (i) the Trust under
this Agreement, each Pool Supplement and each Receivables Assignment and (ii) the interests of the Administrative Agent and the Lenders under the Loan and Security Agreement. The Transferor shall deliver (or cause to be delivered) to the Trust
and the Administrative Agent file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 

(b) Name Change. The Transferor shall not change its State of organization or its name, identity or corporate structure in any manner
that would, could or might make any financing statement or continuation statement filed by the Transferor in accordance with Section 6.1(a) seriously misleading within the meaning of the UCC, unless it shall have given the Trust and the
Administrative Agent (i) at least 30 days prior written notice thereof if such change would create a new debtor under the UCC (which for purposes of this Section 6.1(b), shall not include a name change) or change the jurisdiction that
would govern the perfection or effect of perfection against the Transferor and after delivery to the Trust and the Administrative Agent of the applicable financing statements necessary to perfect or continue the perfection of the Trust’s and
the Administrative Agent’s security and ownership interests hereunder and under the other Transaction Documents, or (ii) otherwise, notice thereof within 30 calendar days after effectiveness of such change, together with delivery to the
Trust and the Administrative Agent of the applicable financing statements necessary to perfect or continue the perfection of their respective security and ownership interests hereunder and under the other Transaction Documents. 

(c) Executive Office; Maintenance of Offices. The Transferor shall (i) give the Trust and the Administrative Agent at least 30
days prior written notice of any relocation of its principal executive office if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation
statement or of any new financing statement Records; provided, that on or about April 1, 2017, the its principal place of business and chief executive office will be located at 1930 W. Rio Salado Pkwy, Tempe, AZ 85251 and
(ii) deliver to the Trust and the Administrative Agent acknowledgment copies of the applicable financing statements necessary to perfect or continue the perfection of their respective security or ownership interests hereunder and under the
other Transaction Documents (it being understood that amendments to all relevant financing statements will be filed in connection with the change in chief executive office described above). The Transferor shall at all times maintain offices from
which it primarily services Receivables and its principal executive office within the United States of America. 

  
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 (d) New Debtor. In the event that the Transferor shall change the jurisdiction in which it
is formed or otherwise enter into any transaction which would result in a “new debtor” (as defined in the UCC) succeeding to the obligations of the Transferor hereunder, the Transferor shall comply fully with the obligations of Section
6.1(a). 
 (e) Receivables System. The Transferor shall maintain its Receivables System so that, from and after the time of sale
of the Receivables under this Agreement, if the computer systems and records (including any backup archives) shall refer to any such Receivable, they shall indicate clearly the ownership interest of the Trust and, upon pledge to the Administrative
Agent under the Loan and Security Agreement, the security interest of the Administrative Agent in such Receivable, as applicable. Indication of the Trust’s ownership of and the Administrative Agent’s security interest in a Receivable shall
be deleted from or modified on the Receivables System and records of the Transferor, if any, when, and only when, the related Receivable shall have been paid in full or repurchased. The Transferor shall cause the Collateral Custodian or the E-Vault Provider on its behalf at all times to maintain “control” (as such term is used in Section 9-105 of the UCC) of all electronic records constituting or
forming a part of a Receivable constituting electronic chattel paper on behalf of the Trust and, upon pledge to the Administrative Agent under the Loan and Security Agreement, the Administrative Agent as “secured party” (as such term is
used in Section 9-105 of the UCC) such that the Trust and the Administrative Agent, as applicable, have had and at all relevant times will have a first priority perfected security interest against the
Transferor and the Trust, as applicable, and their creditors in such Receivable. 
 (f) Certificates of Title. If the Transferor has
not received a Certificate of Title related to a Purchased Receivable naming a Title Lien Nominee the first lien holder on such Certificate of Title for the related Financed Vehicle or the title application or other documentation necessary to obtain
a Certificate of Title thereto noting such lien holder has not been submitted, then, promptly, but no later than 30 days after the related date of origination, the Transferor shall take all steps necessary to perfect the security interest against
each Obligor in the related Financed Vehicle. 
 (g) Maintenance of Records. If at any time the Transferor proposes to sell, grant a
security interest in, or otherwise transfer any interest in automotive contracts to any prospective purchaser, lender or other transferee, the Transferor shall give to such prospective purchaser, lender or other transferee computer tapes, records or
printouts (including any restored from back-up archives) that, if they refer in any manner whatsoever to any specific Receivable, indicate that such Receivable has been sold to the Trust and pledged to the
Administrative Agent, unless such Receivable has been paid in full or purchased by Carvana, the Transferor or the Servicer in accordance with the terms of the applicable Transaction Documents. 

Section 6.2 Other Liens or Interests. Except for the sale contemplated by this Agreement and the Receivables Assignment, the
Transferor shall not sell, pledge, assign or transfer any Receivable or the related Purchased Property (or any portion thereof) to any other Person, or grant, create, incur, assume or suffer to exist any Lien thereon or on any interest

  
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therein, and the Transferor shall defend the right, title, and interest of the Trust and the Administrative Agent in, to and under such Receivables and the related Purchased Property or the
Collateral, as applicable, against all claims of third parties claiming through or under the Transferor or the Trust, in the case of the Administrative Agent. The Transferor shall not do anything to impair the, right, title, ownership or security
interest of the Trust and the Administrative Agent in the Purchased Property. 
 Section 6.3 Perfection Costs and Expenses. The
Transferor agrees to pay all reasonable costs and disbursements in connection with the perfection, as against all third parties, of the Trust’s right, title and interest in and to the Purchased Property with respect to each Receivables Pool.

 Section 6.4 Separateness. The Transferor has taken, and shall continue to take, steps to make it unlikely that a voluntary or
involuntary application for relief by Carvana under the Bankruptcy Code or similar applicable Requirements of Law in any state jurisdiction, would result in consolidation of the assets and liabilities of the Transferor with those of Carvana. These
steps include the maintenance of the Transferor as a separate, limited-purpose subsidiary pursuant to the limitations in the Transferor’s limited liability company agreement and compliance with any assumptions or statements of fact in the non-consolidation opinion delivered to the Administrative Agent in connection with the Transaction Documents. 

Section 6.5 Notice of Servicer Termination; Etc. The Transferor shall notify the Trust and the Administrative Agent (A) as
soon as possible and in any event within five (5) Business Days after it obtains knowledge of the occurrence of an Event of Servicing Termination; and (B) promptly after the Transferor obtains knowledge thereof, notice of any litigation,
investigation or proceeding that may exist at any time between the Transferor and any Person or any litigation or proceeding relating to this Agreement, the other Transaction Documents or the Purchased Property. 

Section 6.6 Conduct of Business; Ownership. The Transferor shall carry on and conduct its business in substantially the same manner and
in substantially the same fields of enterprise as it is presently conducted and do all things necessary to remain duly organized, validly existing and in good standing as a domestic limited liability company in its jurisdictions of formation and
maintain all requisite authority, licenses and permits to conduct its business in each jurisdiction in which its business is conducted, except for any such noncompliance that would not reasonably be expected to have a Material Adverse Effect. 

Section 6.7 Collections. In the event the Transferor receives any Collections after the applicable Cutoff Date with respect to the
Purchased Property for any amount due, it shall turn over any Collections received by it with respect to any Purchased Property to the Servicer within two (2) Business Days after its identification of such Collections. 

Section 6.8 Selection Standards; Quarterly Meetings. Until the Commitment Termination Date, in addition to the Quarterly
Operations Review (as defined in the Master Servicing Agreement), the Transferor shall participate in quarterly meetings with the Administrative Agent and the Lenders (“Quarterly Selection Standards Meeting”) on the 60th day (or such other day as soon thereafter as the Transferor and the Administrative Agent shall 

  
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mutually agree) of each quarter and if such day is not a Business Day, then on the next Business Day (or as Parties may mutually agree) by telephone or, if agreed to by the parties, in person, to
discuss and review, among other things, loss and delinquency performance of Carvana’s originated portfolio of motor vehicle installment sales contracts and installment loans, any material changes to the Carvana’s Credit Policy and other
origination or underwriting guidelines, processes or policies, including special origination programs, that could influence, modify or impact the Purchased Property or the mix or characteristics of future Receivables Pools, as well as any proposed
amendments or modifications to the definitions of Eligible Receivable or Eligible Receivables Pool since the preceding Quarterly Selection Standards Meeting. 

Section 6.9 Furnishing of Information and Inspection of Records. If at any time the Transferor maintains any information regarding the
Purchased Property, the Transferor shall furnish to the Administrative Agent from time to time such information with respect to the Purchased Property as the Administrative Agent may reasonably request. If the Transferor maintains such information,
the Transferor shall, at any time and from time to time during regular business hours, as requested by the Administrative Agent, permit the requesting party, or its agents, representatives or regulators, (i) to examine and make copies of and
take abstracts from all books, records and documents (including computer tapes and disks) relating to the Receivables or other Purchased Property, and (ii) to visit the offices and properties of the Transferor for the purpose of examining such
materials described in clause (i), and to discuss matters relating to the Purchased Property or the Transferor’s performance hereunder and under the other Transaction Documents to which such Person is a party with any of the officers,
directors, employees or independent public accountants of the Transferor having knowledge of such matters. 
 Section 6.10 Compliance
with Laws, Etc. The Transferor shall comply with all Requirements of Law applicable to it, except for any such noncompliance that would not reasonably be expected to have a Material Adverse Effect on the Trust, the Administrative Agent, the
Lenders or any of the Purchased Property or any of the transactions contemplated by the Transaction Documents. 
 Section 6.11
Indemnification.  
 (a) The Transferor shall indemnify, defend and hold harmless the Trust, the Owner Trustee, the
Administrative Agent, the Lenders and their respective assigns and their respective officers, directors, employees, Affiliates and agents (the “Transferor Indemnified Parties”) from and against any and all costs, expenses, losses,
damages, claims and liabilities arising out of or resulting from the use, ownership or operations by the Transferor or any of its Affiliates of any Financed Vehicle. 

(b) The Transferor shall indemnify, defend and hold harmless the Transferor Indemnified Parties from and against any and all reasonable and
documented costs, expenses, losses, claims, damages and liabilities solely to the extent that such cost, expense, loss, claim, damage or liability arose out of or resulted from the action or inaction (including any failure to comply with any
applicable Requirements of Law) of any third party to whom the Transferor subcontracted or delegated the performance of its duties under this Agreement or the other Transaction Documents to which it is a party and only to the extent such cost,
expense, loss, claim, damage or liability is not related to any credit loss. 

  
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 (c) The Transferor shall indemnify, defend and hold harmless the Transferor Indemnified Parties
from and against any and all costs, expenses, losses, claims, damages and liabilities, including reasonable external legal fees and expenses (i) to the extent that such cost, expense, loss, claim, damage, or liability arose out of, resulted
from or was imposed upon any such Transferor Indemnified Party through the negligence (except for reasonable errors in judgment), willful misfeasance or bad faith of the Transferor or agent in the performance of its duties under this Agreement or
the other Transaction Documents to which it is a party or by reason of a breach of its obligations or duties under this Agreement or the other Transaction Documents to which it is a party, (ii) arising out of, or resulting from, any breach of
any representation, warranty, covenant or obligation of the Transferor in this Agreement, or the other Transaction Documents to which it is a party or in any Schedule, Exhibit, written statement or certificate furnished by the Transferor pursuant to
this Agreement or the other Transaction Documents to which it is a party (in each case, as each such representation or warranty would read if all qualifications as to knowledge or materiality, including each reference to the defined term
“Material Adverse Effect,” were deleted therefrom), (iii) arising out of, or resulting from, any untrue statement of a material fact in any written information provided or delivered by the Transferor, or any Affiliate of the Transferor on
its behalf, to the Trust, the Administrative Agent or the Lenders pursuant to, for the purposes of, or in connection with, this Agreement or the other Transaction Documents to which it is a party, (iv) arising out of, or resulting from, any
action, suit, proceeding or claim or other litigation to the extent resulting from the actions or omissions of the Transferor, the Trust or any of their consolidated Affiliates or any of their respective agents, directors, officers, servants or
employee, excluding, however, any costs, expenses, losses, claims, damages or liabilities resulting from the gross negligence, bad faith or willful misconduct on the part of such Transferor Indemnified Party and (v) resulting from any conduct
or omission of the Transferor or the Trust that results in failure of the Trust or the Administrative Agent, as applicable, to have a perfected and enforceable security interest against a related Obligor in the related Financed Vehicle, including
any failure to obtain a first priority perfected security interest in the related Financed Vehicle in connection with the origination of the Receivable. Indemnification under this Section 6.11 shall include reasonable fees
and expenses of one external counsel and reasonable costs and expenses of litigation; provided, however, that the Transferor pursuant to this Section 6.11, Carvana pursuant to Section 6.11 of the Master
Sale Agreement (Warehouse), the Trust, the Transferor or the Trust Administrator pursuant to Article XI of the Loan and Security Agreement, and the Servicer pursuant to Section 5.2 of the Master Servicing Agreement shall only be responsible
collectively for reasonable fees and expenses of one external counsel. If the Transferor has made any indemnity payments pursuant to this Section 6.11 and the recipient thereafter collects any of such amounts from others
with respect to such claim, the recipient shall promptly repay such amounts collected to the Servicer, without interest. 
 (d) This
Section 6.11 shall survive any termination of this Agreement. 
 Section 6.12 Forbearance. The Transferor
shall not cause or permit the Trust to take any action which would result in the Trust’s failure to comply with Sections 6.4 or 6.14 hereunder or the Trust’s failure to comply with Sections 6.1(o) of the Loan and Security
Agreement. 

  
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 Section 6.13 Consolidations, Mergers and Sales of Assets. The Transferor and the Trust
will not be a party to any merger or consolidation, or purchaser or otherwise acquire all or substantially all of the assets or any stock of any class of, or any partnership or joint venture interest in, any other Person, or sell, transfer, covey or
lease all or any substantial part of its assets, or sell or assign with or without recourse any portion of its assets or the Collateral or any interest therein (other than pursuant to the Transaction Documents. 

Section 6.14 Operation of the Transferor. Without limiting the generality of Section 6.4, the Transferor
shall be operated and managed in accordance with rating agency requirements for single-use special purpose entities. 

Section 6.15 Furnishing of Information and Inspection of Records. The Transferor shall furnish to the Trust and the Administrative
Agent from time to time such information with respect to the Purchased Property or the origination or acquisition thereof as the Trust and the Administrative Agent may reasonably request to the extent that such information is not held by or under
the control of the Servicer. The Transferor shall, at any time and from time to time during regular business hours, as requested by the Trust or the Administrative Agent, permit the requesting party, or its agents, representatives or regulators,
(i) to examine and make copies of and take abstracts from all books, records and documents (including computer tapes and disks) relating to the Receivables or other Purchased Property to the extent that such information is not held by or under
the control of the Servicer, and (ii) to visit the offices and properties of the Transferor for the purpose of examining such materials described in clause (i), and to discuss matters relating to the Purchased Property or the origination or
acquisition thereof or the Transferor’s performance hereunder and under the other Transaction Documents to which such Person is a party with any of the officers, directors, employees or independent public accountants of the Transferor having
knowledge of such matters. 
 Section 6.16 Publicity. All media releases, public announcements and public disclosures by any Party or
its respective employees or agents, relating to this Agreement or the other Transaction Documents or the transactions contemplated hereby or thereby or the name of the Transferor, the Trust, the Administrative Agent or the Lenders, including
promotional or marketing material, shall be coordinated with and consented to by the other Party in writing prior to the release thereof, which consent shall not be unreasonably withheld or delayed; provided, however, that any
announcement intended solely for internal distribution by the disclosing Party to its directors, employees, officers and agents or any disclosure required by Requirements of Law or by accounting requirements, shall not require such coordination or
consent. 
 Section 6.17 No Solicitation. The Transferor agrees that it will not, directly or indirectly, specifically solicit, and
will not permit any of its Affiliates to, directly or indirectly, specifically solicit, any Obligor (in writing or otherwise) to refinance any Purchased Receivable (including solicitations for the purchase of a new vehicle); provided,
however, that each of Transferor and its Affiliates may, directly or indirectly, engage in a general solicitation directed generally at the obligors of receivables originated or serviced by the Transferor or the Servicer at large, so long as
the Obligors under the Purchased Receivables are not the predominant targets of such general solicitation for refinancing. 

  
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 Section 6.18 Remediation. The Transferor shall (i) provide the Trust and the
Administrative Agent with written notice, to the extent not prohibited by any applicable Requirements of Law, of any Remediation if such Remediation could reasonably be expected, individually or in the aggregate with any other Remediation, to have a
Material Adverse Effect on the Trust, the Administrative Agent or the Lenders or any of the Purchased Property or the Collateral and (ii) implement any Remediation in accordance with all terms thereof and all applicable Requirements of Law.

 Section 6.19 Quarterly Statements as to Compliance. The Transferor shall deliver to the Trust and the Administrative Agent
and the Lenders on or before the forty-fifth (45th) day following each calendar quarter, beginning February 14, 2018 (or, if such day is not a Business Day, the next succeeding Business Day), an Officer’s Certificate of the Transferor,
dated as of the last Business Day of the immediately preceding calendar quarter, in each instance stating that (i) a review of the activities of the Transferor during the preceding calendar quarter (or, with respect to the first such
certificate, such period as shall have elapsed from the Effective Date to the date of such certificate) and of its performance under this Agreement has been made under such officer’s supervision and (ii) to the best of such officer’s
knowledge, based on such review, the Transferor has fulfilled all its obligations under this Agreement in all material respects throughout such period, or, if there has been a default in the fulfillment of any such obligation, in any material
respect specifying each such default known to such officer and the nature and status thereof. 
 Section 6.20 Additional
Covenants. From the date hereof until the later of the Commitment Termination Date and the date on which the Receivables have been paid in full, the Transferor will: 

(a) Preservation of Existence; License. It will preserve and maintain its existence, rights, franchises and privileges in its State of
formation, and qualify and remain qualified in good standing in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or would reasonably be expected to have, a
Material Adverse Effect and (without suspension or limitation) will not terminate or let lapse any licenses, consents or approval currently held by it necessary to ensure its performance of any duty contemplated this Agreement or the other
Transaction Documents to which it is a party. 
 (b) Performance and Compliance with Contracts. It will, at its expense, timely and
fully perform and comply with all provisions, covenants and other promises required to be observed by it under the Contracts and in and all other agreements related to such Contracts. It shall enforce its rights under this Agreement or the other
Transaction Documents to which it is a party. 
 (c) Keeping of Records and Books of Account. It will (or will cooperate with the
Servicer to) maintain and implement administrative and operating procedures (including an ability to re-create records evidencing Receivables in the event of the destruction of the originals thereof, in the
case of tangible Contracts, or loss of access to the vault system of the Contracts maintained therein, in the case of electronic Contracts), and keep and maintain all documents, books, records and other information reasonably necessary or advisable
for the collection of all Receivables. 

  
 26 

 (d) Transferred Assets. With respect to each Receivable transferred or acquired by it, it
will: (i) transfer or acquire such Receivable pursuant to and in accordance with the terms of this Agreement, (ii) take all action necessary to perfect, protect and more fully evidence the assignee’s interest in such Receivable,
including (A) filing and maintaining, effective financing statements (Form UCC-1) in all necessary or appropriate filing offices, and filing continuation statements, amendments or assignments with respect
thereto in such filing offices and (B) executing or causing to be executed such other instruments or notices as may be necessary or appropriate and (iii) taking all additional action that the Trust or the Administrative Agent may
reasonably request, including the filing of financing statements to perfect, protect and more fully evidence the respective interests of the parties to this Agreement, the Master Sale Agreement (Warehouse) and the Loan and Security Agreement in the
Purchased Property. 
 (e) Collection Policy. It will (or will cooperate with the Servicer to), to the extent applicable, comply with
the Collection Policy with respect to each Receivable. 
 (f) Taxes. It will file or cause to be filed all federal and material
state, local or foreign tax returns that are required to be filed by it. It will shall pay all federal or material amounts of state, local or foreign taxes and all material assessments made against it or any of its property (other than any amount of
tax the validity of which it plans to contest in good faith by appropriate proceedings and with respect to which it retains reserves on its books). 

(g) Liens. It will not create, or participate in the creation of, or permit to exist, any Lien with respect to the Collection Account
or any account into which collections on the Receivables are deposited, except as set forth in the Transaction Documents. 
 (h)
Reporting. It will distribute, or cause to be distributed, to the Trust and the Administrative Agent: 
 (i)
Settlement Reports. Not later than the second Business Day preceding each Settlement Date, a Settlement Report, and not later than the third Business Day preceding any Funding Date, a Funding Report. 

(ii) Additional Data. Additionally, and solely to the extent such data is available, the Transferor shall provide, or
reasonably cooperate with the Servicer to provide the Administrative Agent the Monthly Servicer Report or Monthly Data File, as applicable, in a format reasonably acceptable to the Administrative Agent, with data regarding the characteristics of the
Receivables, in form and substance necessary for the Trust and the Servicer to comply with the information requirements under the Loan and Security Agreement and the Master Servicing Agreement, respectively, and the reasonably acceptable to the
Administrative Agent, including (A) delinquencies (including a list of Delinquent Receivables), and (B) annualized losses or loss information by vintage origination year on Carvana’s originated portfolio of motor vehicle installment
sales contracts and installment loans, presented on a quarterly basis, in each case of clause (A) and (B), until the date all amounts outstanding under the Loan and Security Agreement (other than inchoate obligations for which no
claim has been made) have been paid in full. 

  
 27 

 (iii) Income Tax Liability. Within ten (10) Business Days after the
receipt of revenue agent reports or other written proposals, determinations or assessments of the Internal Revenue Service or any other taxing authority which propose, determine or otherwise set forth positive adjustments to the tax liability of any
“Affiliated Group” (within the meaning of Section 1504(a)(l) of the Code) which equal or exceed twenty-five thousand dollars ($25,000) with respect to the Transferor or the Trust, telephonic or emailed notice (confirmed in writing within
five (5) Business Days) specifying the nature of the items giving rise to such adjustments and the amounts thereof. 

(iv) Tax Returns. Upon demand by the Administrative Agent, copies of all federal, State and local tax returns and
reports filed by the Transferor (excluding sales, use and like taxes), to the extent the Transferor is required to file such tax returns. 

(v) Auditors’ Management Letters. Promptly after any auditors’ management letters are received by the
Transferor or by its accountants, which refer in whole or in part to any inadequacy, defect, problem, qualification or other lack of fully satisfactory accounting controls utilized by the Transferor. 

(vi) ERISA. Promptly after receiving written notice of any “Reportable Event” (as defined in Title IV of
ERISA) with respect to the Transferor (or any ERISA Affiliate thereof), a copy of such written notice. 
 (vii) Notice of
Material Events. Promptly after obtaining knowledge of an event or circumstance that is likely to result in a Commitment Termination Event, Event of Servicing Termination or have a Material Adverse Effect on the Transferor or the Trust, the
Purchased Property, the Administrative Agent or the Lenders, or entry of a judgment against the Transferor or the Trust of $25,000 or more, notice of such event or circumstance. 

(i) Accounting Policy. It will promptly notify the Trust and the Administrative Agent of any material change in its accounting
policies. 
 (j) Other. It will furnish to the Administrative Agent promptly, from time to time, such other information, documents,
records or reports respecting the Purchased Property or the condition or operations, financial or otherwise, of it as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Trust, the
Administrative Agent and the Lenders under or as contemplated by the Transaction Documents. 
 (k) Compliance with System
Description. It will, and will cause the Collateral Custodian and E-Vault Provider, at all times comply in all material respects with the System Description with respect to matters related to the
perfection in the Receivables, the Purchase Receivable and the Collateral by “control” (as such term is used in Section 9-105 of the UCC). 

(l) Financial Statements. To the extent not filed with the Securities and Exchange Commission and publicly available on EDGAR, within
120 days after the end of each fiscal year 

  
 28 

 
and 60 days after each fiscal quarter (or if the Transferor is a reporting company under the Securities and Exchange Act of 1934, such period as required thereunder for the filing thereof), the
Transferor will provide to the Administrative Agent copies of its unaudited financial statements for the prior fiscal year or unaudited financial statements with respect to each of the first three fiscal quarters. 

(m) Access to Systems. During the period beginning on the initial Closing Date and ending thirty (30) days after the Commitment
Period, the Transferor shall give the Administrative Agent and the Lender and their duly authorized representatives, attorneys and auditors, upon reasonable request of the Administrative Agent, on-site access
to the Transferor’s loan tracking systems and document repository, which access shall facilitate quality assurance and quality control reviews, enable the Administrative Agent and the Lenders to back-up
Receivables Files to the their respective systems, to enable them to review Receivables tracking processes, procedures, approvals and boarding and permit them with reasonable access to the Transferor’s quality reporting and backup documentation
(e.g., workpapers, sampled transactions and account-level results). Promptly following the end of each calendar month during the period beginning on the initial Closing Date and ending thirty (30) days after the Commitment Period, the
Transferor shall, at the reasonable request of the Administrative Agent, provide the Administrative Agent and the Lenders with screenshots that would enable them to complete the foregoing review on a sample of Receivables determined by the
Administrative Agent (limited to one hundred (100) Receivables in any calendar week. 
 (n) Annual Opinion of Counsel. Counsel
for the Transferor shall deliver on or before March 15 of each year (or, if such date is not a Business Day, the next succeeding Business Day), beginning March 15, 2018, an Opinion or Opinions of Counsel addressed to the Trust and the
Administrative Agent and the Lenders stating that, in the opinion of such counsel, such action has been taken with respect to the authorization, execution and filing of any financing statements and continuation statements as is necessary to maintain
the liens and security interests created under this Agreement and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the liens and security interests created under this
Agreement. 
 (o) Delivery of Servicer Files. To the extent that any portion of the Servicer Files related to any Purchased
Receivable is not in the possession of the Servicer immediately prior to any related Closing Date, the Transferor shall deliver such portion of the Servicer Files for each Receivable listed on the Schedule of Receivables delivered to the
Administrative Agent on each Closing Date. 
 Section 6.21 Negative Covenants. From the date hereof until the later of the
Commitment Termination Date and the date on which the Receivables have been paid in full, the Transferor will not: 
 (a) Receivables Not
to be Evidenced by Instruments. It will take no action to cause any Receivable that is not, as of the Closing Date or the related Settlement Date, as the case may be, evidenced by an “instrument” (as defined in Article 9 of the UCC),
other than an instrument that constitutes part of chattel paper, to be so evidenced except in connection with the enforcement or collection of such Receivable. 

  
 29 

 (b) True Sale. It will not account for or treat (whether in its financial statements or
otherwise) the transfers by Carvana to the Transferor or the Transferor to the Trust in any manner other than as the sale, or absolute assignment, of the Receivables and related assets. 

(c) ERISA Matters. It will not, to the extent it could reasonably result in material liability to or impairment of any assets of or
interests of the Trust, the Administrative Agent or the Lenders in assets of the Transferor, (i) engage or permit any ERISA affiliate to engage in any prohibited transaction for which an exemption is not available or has not previously been
obtained from the United States Department of Labor, (ii) permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the Code with respect to any Pension Plan, (iii) fail to make
any payments to a Multiemployer Plan that it or any ERISA Affiliate is required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (iv) permit the filing of any notice of intent to terminate a Pension
Plan under Section 4041(c) of ERISA, (v) permit the termination of any Pension Plan under Section 4041(c) of ERISA or the institution by the Pension Benefit Guaranty Corporation of proceedings to terminate or appoint a trustee to administer a
Pension Plan, or (vi) permit any event or condition that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, except for non-compliance which could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(d) Changes in Payment Instructions to Obligors. It will not add or make any change, or permit the Servicer to make any change, in its
instructions to Obligors regarding payments to be made with respect to the Receivables, unless the Administrative Agent shall have consented to such change and has received duly executed copies of all documentation related thereto, which
documentation shall be satisfactory in form and substance to the Administrative Agent. 
 (e) Extension or Amendment of Receivables.
It will not, except as otherwise permitted in pursuant to this Agreement or the other Transaction Documents, extend, amend or otherwise modify, or permit the Servicer to extend, amend or otherwise modify, the terms of any Receivables. 

(f) Credit Policy. During the Commitment Period, the Transferor will not permit Carvana to amend, modify, restate or replace, in whole
or in part, its identity, income, and payment verification practices, including, but not limited to, any change to Exhibit B attached hereto, without written notification to the Administrative Agent; provided that the prior written
consent of the Administrative Agent shall be required if such amendment, modification, restatement or replacement would impair the collectability of any Receivable or otherwise materially and adversely affect the interests or the remedies of the
Administrative Agent or the Lenders under this Agreement or any other Transaction Document. At the Administrative Agent’s request, but no more frequently than [***], the Transferor will cause Carvana to provide to the Administrative Agent an
explanation of all material changes to Carvana’s policies concerning generation of financing terms over the preceding [***]. For the avoidance of doubt, changes to the Receivable Structure Constraints shall be considered material changes to
policies concerning generation of financing terms. 
  

			
	[***]	  	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission.

  
 30 

 (g) Collection Policy. The Transferor will not amend, modify, restate or replace, in whole
or in part, the Collection Policy, as such guidelines, policies and procedures as may be amended, modified, restated, replaced or otherwise supplemented from time to time in accordance with Section 3.1(c) of the Master Servicing Agreement,
and as modified by the Servicing Exceptions, if any, or with respect to any successor Servicer, the customary servicing and collection guidelines, policies and procedures of such successor Servicer with such changes as shall be required by the
Administrative Agent and agreed to in writing by such successor Servicer and the Administrative Agent, as such agreed upon guidelines, policies and procedures may be changed from time to time in accordance with Section 3.1(c) of the Master
Servicing Agreement. 
 (h) No Assignments. It will not assign or delegate, grant any interest in or permit any Lien (other than
Permitted Liens) to exist upon any of its rights, obligations or duties under this Agreement or any other Transaction Document without the prior written consent of the Administrative Agent. 

ARTICLE VII 
 MISCELLANEOUS
PROVISIONS 
 Section 7.1 Obligations of the Transferor. The obligations of the Transferor under this Agreement
shall not be affected by reason of any invalidity, illegality or irregularity of any Receivable with respect to any Receivables Pool. 

Section 7.2 Repurchase of Receivables Upon Breach by the Transferor. Upon (i) the discovery of any breach of any
representation or warranty as set forth in Section 4.2(cc) of this Agreement (and with respect to paragraph (x) therein, without giving effect to any knowledge requirements) or (ii) The Transferor, the Trust, the
Administrative Agent or the Lenders incurring any cost, expense, loss, claim, damage or liability resulting from any conduct or omissions of Carvana or the Transferor that results in the failure of the Trust or the Administrative Agent to have a
perfected and enforceable security interest against a related Obligor in the related Financed Vehicle (including any failure to obtain a first priority perfected security interest in the related Financed Vehicle in connection with the origination of
the Receivable), the Party discovering such breach shall give prompt written notice of the breach to the other Parties. Unless the breach described in clause (i) above has been cured in all material respects by the last day of the
Collection Period immediately following the Collection Period during which such breach is discovered or notice of such breach is given and, with respect to the failure described in clause (ii) above, in each such circumstance, or unless
Carvana has repurchased such Receivables pursuant to Section 7.2 of the Master Sale Agreement (Warehouse) the Transferor shall repurchase, as of the last day of such Collection Period, any Receivable for which such representation or warranty
was breached for the Warranty Payment. In consideration of the repurchase of a Warranty Receivable, the Transferor shall remit the Warranty Payment to the Trust, who shall in turn remit, or cause to be remitted, such payment to the Collection
Account for distribution pursuant to Section 4.2 of the Master Servicing Agreement. The obligation of the Transferor to repurchase any Receivable as to which a breach has occurred and is continuing, shall, if such
obligation is fulfilled, constitute the sole remedy (except as provided in Section 6.11 of this Agreement) against the Transferor for such breach available to the Trust, the Administrative Agent and the Lenders. 

  
 31 

 Section 7.3 Assignment of Warranty Receivables. With respect to all Receivables
repurchased pursuant to this Agreement, the Trust shall assign to the Transferor, without recourse, representation or warranty to the Transferor, all of the Trust’s right, title and interest in and to such Receivables, and all security and
documents relating thereto 
 Section 7.4 Amendment. This Agreement may be amended from time to time, with prior written consent
of the Administrative Agent and the Lenders, by a written amendment duly executed and delivered by the Transferor and the Trust. 

Section 7.5 Waivers. No failure or delay on the part of the Trust or any assignee thereof in exercising any power, right or remedy
under this Agreement, any Pool Supplement or any Receivables Assignment shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the exercise of
any other power, right or remedy. 
 Section 7.6 Notices. All communications and notices pursuant hereto to either Party must be in
writing personally delivered, sent by facsimile or email, in each case with a copy to follow via first class mail or mailed by certified mail-return receipt requested, and shall be deemed to have been duly given at the address, fax number or email
for each Party set forth below. 
  

			
	To the Transferor:	  	Carvana Auto Receivables 2016-1 LLC
		  	c/o Carvana, LLC, its sole member
		  	4020 East Indian School Road
		  	Phoenix, Arizona 85018
		  	Attention: General Counsel
		  	Email: DL-CarvanaLegal@carvana.com
		
	With a copy to:	  	Snell & Wilmer L.L.P.
		  	400 East Van Buren
		  	Phoenix, Arizona 85004-2202
		  	Attention: Brian Burke
		  	602.382.6379
		  	bburke@swlaw.com
		
	To the Trust:	  	Sonoran Auto Receivables Trust 2016-1
		  	CAIH, LLC
		  	227 West Monroe, Suite 4800
		  	Chicago, Illinois 60606
		  	Attention: Gregory Drake
		  	Email:
[                                    
]

  
 32 

			
	With a copy to:	  	Carvana, LLC
		  	4020 East Indian School Road
		  	Phoenix, Arizona 85018
		  	Attention: General Counsel
		  	Email: DL-CarvanaLegal@carvana.com
		
	To Administrative	  	
	Agent:	  	Ally Bank
		  	6985 Union Park Center
		  	Midvale, UT 84047
		  	Attn: Greg Behrmann
		  	Telephone No.: (801) 790-5068
		  	Email: greg.behrmann@ally.com
		
	To Carvana:	  	Carvana, LLC
		  	4020 East Indian School Road
		  	Phoenix, Arizona 85018
		  	Attention: General Counsel
		  	Email: DL-CarvanaLegal@carvana.com@carvana.com
		
	With a copy to:	  	Snell & Wilmer L.L.P.
		  	400 East Van Buren
		  	Phoenix, Arizona 85004-2202
		  	Attention: Brian Burke
		  	602.382.6379
		  	bburke@swlaw.com

 Section 7.7 Costs and Expenses. Except as otherwise provided in this Agreement or the other Transaction
Documents, the Transferor and the Trust shall each pay its own expenses incident to the performance of its respective obligations under this Agreement. 

Section 7.8 Survival. The respective agreements, representations, warranties and other statements by the Transferor and the Trust set
forth in or made pursuant to this Agreement shall remain in full force and effect and shall survive the closing under Section 2.2 and any sale, transfer or other assignment of the Receivables or other Purchased Property by
the Trust. 
 Section 7.9 Headings and Cross-References. The various headings in this Agreement are included for convenience
only and shall not affect the meaning or interpretation of any provision of this Agreement. 
 Section 7.10 Governing Law, Submission to
Jurisdiction, Etc. 
 (a) THIS AGREEMENT AND THE RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 33 

 (b) THE TRANSFEROR AND THE TRUST HEREBY MUTUALLY AGREE TO SUBMIT TO THE NONEXCLUSIVE JURISDICTION
OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH OF THE TRANSFEROR AND THE TRUST HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE
OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(c) THE TRANSFEROR AND THE TRUST EACH HEREBY WAIVES (TO THE EXTENT THAT IT MAY LAWFULLY DO SO) ANY RIGHT TO HAVE A JURY PARTICIPATE IN
RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATED TO, OR IN CONNECTION WITH THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. INSTEAD, ANY
DISPUTE RESOLVED IN COURT SHALL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 
 Section 7.11 Counterparts. This Agreement may be
executed in two or more counterparts and by different parties on separate counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature
page to this Agreement electronically or by facsimile shall be as effective as delivery of a manually executed counterpart of this Agreement. 

Section 7.12 Further Assurances. The Transferor and the Trust shall each, at the request of the other or the Administrative
Agent execute and deliver to the other all other instruments that either may reasonably request in order to more fully effect the sale of the Purchased Property to the Trust or the sale of the Purchased Property to the Trust or the pledge thereof to
the Administrative Agent. 
 Section 7.13 Severability of Provisions. If any provision of this Agreement is invalid or
unenforceable, then, to the extent such invalidity or unenforceability shall not deprive either Party of any material benefit intended to be provided by this Agreement, all of the remaining provisions of this Agreement shall remain in full force and
effect and shall be binding upon the parties hereto. 
 Section 7.14 Assignment. Neither the Transferor nor the Trust may assign
or otherwise transfer its rights and obligations under this Agreement without the prior written consent of the other Party and the Administrative Agent except that the Trust may pledge such rights to the Administrative Agent pursuant to the Loan and
Security Agreement. 

  
 34 

 Section 7.15 Further Assignment; Third Party Beneficiary. The Transferor acknowledges that
the Trust may, pursuant to the Loan and Security Agreement, pledge such Receivables and related Purchase Property to the Administrative Agent. The Parties hereby acknowledge and agree that the Administrative Agent and the Lenders may rely on, and
each is an express third party beneficiary of, this Agreement and the Receivables Assignment, and each of the representations, warranties, covenants and agreements hereunder and thereunder. 

Section 7.16 Limitations on Rights of Others. The provisions of this Agreement, each Pool Supplement and each Receivables
Assignment are solely for the benefit of the Transferor, the Trust and the Administrative Agent and the Lenders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right,
remedy or claim in, under, or in respect of this Agreement or any covenants, conditions or provisions contained herein. This Agreement does not create, and shall not be deemed to create, a relationship between the Parties or either of them and any
third party, other than the Administrative Agent and the Lenders, as described in Section 7.15 above in the nature of a third party beneficiary or fiduciary relationship; provided, however, that the existence
of this Section 7.16 shall not relieve the Transferor of its indemnity obligations set forth in Section 6.11 of this Agreement and the Trust may, and shall when requested, enforce such
indemnification claims for the Transferor Indemnified Parties set forth in Section 6.11. 
 Section 7.17 No
Petition Covenant. Notwithstanding any prior termination of this Agreement, the Trust shall not, prior to the date which is one year and one day after the later (i) of the final payment or liquidation of all Receivables purchased by Ally
Bank and Ally Financial, Inc. under the Flow Purchase Agreement and (ii) the repayment in full of all obligations owing to the Administrative Agent and the Lenders pursuant to the Loan and Security Agreement, acquiesce, petition or otherwise
invoke or cause the Transferor to invoke the process of any Governmental Authority for the purpose of commencing or sustaining a case against the Transferor under any federal or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Transferor or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Transferor under any federal or state
bankruptcy or Insolvency Proceeding. 
 Section 7.18 Concerning the Owner Trustee. It is expressly understood and agreed by the
parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust, National Association (“WTNA”), not individually or personally but solely as Owner Trustee of the Trust, in the exercise of the powers and
authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by WTNA but is made and
intended for the purpose of binding only the Trust, (c) nothing herein contained shall be construed as creating any liability on WTNA, individually or personally, to perform any covenant either expressed or implied contained herein of the
Trust, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) WTNA has made no investigation as to the accuracy or completeness of any representations and
warranties made by the Trust in this Agreement and (e) under no circumstances shall WTNA be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Trust under this Agreement or any other Transaction Documents. 

  
 35 

 Section 7.19 Effect of Amendment and Restatement. It is the intent of the parties hereto
that this Amended and Restated Master Transfer Agreement shall, as of the date hereof, amend and restate and replace in its entirety the Master Transfer Agreement (the “Original Master Transfer Agreement”), dated December 29,
2016, among the Transferor and the Trust; provided that, with respect to the period of time from December 29, 2016, through the date hereof, the rights, obligations, representations and warranties of the parties shall be governed by the
Original Master Transfer Agreement; provided further, that the amendment and restatement of the Original Master Transfer Agreement shall not affect any of the grants, transfers or conveyances contemplated by the Original Master Transfer Agreement to
have occurred prior to the date hereof. Each of the parties hereto, in each of its respective capacities hereunder and under each of the other Transaction Documents, as applicable, hereby consents to the amendment and restatement of the Original
Master Transfer Agreement and each of the other Transaction Documents on the date hereof, and does hereby acknowledge receipt of notice of such amendments and restatements and waives any further notice requirement with respect thereto, if and to the
extent any such consent or notice was required hereunder or thereunder. 
 * * * 

  
 36 

 The Parties have caused this Amended and Restated Master Transfer Agreement to be executed by
their respective duly authorized officers as of the date and year first above written. 
  

			
	CARVANA AUTO RECEIVABLES 2016-1 LLC, as Transferor
		
	By:	 	 /s/ Paul Breaux

		 	Name: Paul Breaux
		 	Title: Vice President
	
	SONORAN AUTO RECEIVABLES
TRUST 2016-1
		
	By:	 	WILMINGTON TRUST,
		 	NATIONAL ASSOCIATION,
		 	not in its individual capacity, but solely
		 	as Owner Trustee
		
	By:	 	 /s/ Dorri Costello

		 	Name: Dorri Costello
		 	Title: Vice President

  
 S-1 

 EXHIBIT A 

FORM OF POOL SUPPLEMENT 
 THIS
POOL SUPPLEMENT (this “Supplement”) to the Amended and Restated Master Transfer Agreement (the “Master Transfer Agreement”), dated as of March 6, 2017, by and between Carvana Auto Receivables 2016-1 LLC, a Delaware limited liability company (the “Transferor”) and Sonoran Auto Receivables Trust 2016-1, a Delaware statutory trust (the
“Trust”). Except as otherwise expressly provided herein or unless the context otherwise requires, all capitalized terms used herein shall have the meanings attributed to them in Appendix A to the Master Transfer Agreement.

 Receivables Pool Specific Information. 

(a) The following information shall apply to the Receivables Pool sold by the Transferor to the Trust on the date hereof: 

 

			
	Receivables Pool Number:	  	[Insert Pool Number]
		
	Pool Cutoff Date:	  	[                , 20    ].
		
	Closing Date:	  	[                , 20    ].
		
	Cutoff Date Aggregate Outstanding Principal Balance:	  	$ [                    ].
		
	Purchase Price:	  	$ [                    ].
		
	Total to be Wired	  	$ [                    ].
		
	The first Payment Date:	  	[                , 20    ].
		
	The first Reporting Date:	  	[                , 20    ].

 (b) The following Schedules are attached hereto and incorporated herein by reference: 

 

			
	SCHEDULE 1	    	Officer’s Certificate of the Transferor
		
	SCHEDULE 2	    	Settlement Report
		
	SCHEDULE 3	    	Receivables Assignment
		
	SCHEDULE 4	    	Accounts and Receivables Analysis for the subject Receivables Pool
		
	SCHEDULE 5	    	Schedule of Receivables for the subject Receivables Pool
		
	SCHEDULE 6	    	Pool Stratifications and Other Pool Characteristics

 Each such Exhibit shall be completed and executed (as applicable) as of the Closing Date. 

Section 2. Representations and Warranties of the Transferor. 

The representations and warranties of the Transferor set forth in Section 4.2(n) of the Master Transfer Agreement
shall be true as of the Closing Date. 
 Section 3. Effect of Supplement. Except as
specifically supplemented herein, the Master Transfer Agreement shall continue in full force and effect in accordance with its original terms. Reference to this specific Supplement need not be made in the Master Transfer Agreement, or any other
instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Master Transfer Agreement, any reference in any of such items to the Master Transfer Agreement
being sufficient to refer to the Master Transfer Agreement as supplemented hereby. 
 Section 4.
Counterparts. This Supplement may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Supplement electronically or by facsimile shall be as effective as delivery of a manually executed counterpart of this Agreement. Any of the parties hereto may execute this Supplement by signing any
such counterpart and each of such counterparts shall for all purposes be deemed to be an original. This Supplement shall be governed by the internal laws of the State of New York. 

Section 5 Concerning the Owner Trustee. It is expressly understood and agreed by the parties hereto
that (a) this Pool Supplement is executed and delivered by Wilmington Trust, National Association (“WTNA”), not individually or personally but solely as Owner Trustee of the Trust, in the exercise of the powers and authority conferred
and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by WTNA but is made and intended for the
purpose of binding only the Trust, (c) nothing herein contained shall be construed as creating any liability on WTNA, individually or personally, to perform any covenant either expressed or implied contained herein of the Trust, all such
liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) WTNA has made no investigation as to the accuracy or completeness of any representations and warranties made
by the Trust in this Pool Supplement and (e) under no circumstances shall WTNA be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty
or covenant made or undertaken by the Trust under this Pool Supplement or any other Transaction Documents. 
 * * * * * 

  
 Ex. A- 2 - 

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

			
	SONORAN AUTO RECEIVABLES TRUST 2016-1
		
	By: 	 	WILMINGTON TRUST,
NATIONAL ASSOCIATION,
not in its individual capacity, but solely
as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CARVANA AUTO RECEIVABLES 2016-1 LLC, as Transferor
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. A- 3 - 

 Schedule 1 

Officer’s Certificate of the Transferor 

In accordance with Section 1(b) of the Pool Supplement dated as of
[                ], 20[    ], by and between Sonoran Auto Receivables Trust 2016-1, a Delaware statutory
trust (the “Trust”), and Carvana Auto Receivables 2016-1 LLC (the “Transferor”), a Delaware limited liability company, the undersigned hereby certifies to the Trust that, as
of the date hereof, the representations and warranties of the Transferor under the Master Transfer Agreement and the other Transaction Documents to which it is a party are true and correct in all material respects (or, if another date for such
representation or warranty is specified therein, then as of such other date), and that the Transferor has complied with all agreements and satisfied all conditions on its part to be performed or satisfied in all material respects on or prior to the
date hereof pursuant to the Master Transfer Agreement and the other Transaction Documents to which it is a party. 

  
 Sch. 1-1 

 IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of the date
and year first above written. 
  

			
	CARVANA AUTO RECEIVABLES 2016-1, LLC, as Transferor
		
	By	 	  

	Name:	 	
	Title:	 	

  
 Sch. 1-2 

 Schedule 2 

FORM OF SETTLEMENT REPORT1 

 

			
	Pool Cutoff Date	  	    /    /20    
	Closing Date	  	    /    /20    
	Days Elapsed between Cutoff and Closing	  	[    ]
		
	A. Cutoff Date Aggregate Outstanding Principal Balance	  	$[                    ]
		
	B. Purchase Price	  	$[                    ]
		
	Receivables Purchase Price	  	$[                    ]
		
	Total to be Wired	  	$[                    ]

 Collections after the related Cutoff Date of each Receivable to the Closing Date to be paid by the Transferor to the Trust on
[            ] [    ], 20[    ] pursuant to Section 2.1 of the Master Transfer Agreement. 

	 	

  

	1 	Example - not actual 

  
 Sch. 2-1 

 Schedule 3 

Receivables Assignment 

[                ], 201[    ] 

For value received, in accordance with the Amended and Restated Master Transfer Agreement dated as of March 6, 2017 (the “Master
Transfer Agreement”), between the undersigned and Sonoran Auto Receivables Trust 2016-1 (the “Trust”), as amended, supplemented or otherwise modified from time to time, the
undersigned does hereby sell, assign, transfer and otherwise convey to the Trust (except as provided in the Master Transfer Agreement), without recourse (except as provided in the Master Transfer Agreement) the following (collectively, the
“Purchased Property”): 
 (i) all right, title and interest of the Transferor in, to and under the
Receivables listed on the Schedule of Receivables attached as Schedule 5 to the related Pool Supplement, delivered to the Trust on the date hereof, and all monies received thereon after the related Cutoff Date, exclusive of any amounts allocable to
the premium for physical damage collateral protection insurance required by the Transferor or the Servicer covering any related Financed Vehicle; 

(ii) the interest of the Transferor in the security interests in the Financed Vehicles granted by Obligors pursuant to the
Receivables and, to the extent permitted by law, any accessions thereto; 
 (iii) the interest of the Transferor in any
proceeds from claims on any physical damage, credit life, credit disability, warranties, debt cancellation agreements or other insurance policies covering the related Financed Vehicles or Obligors, including any rebates or credits of any premiums or
other payment with respect to any of the foregoing; 
 (iv) all of the Transferor’s right, title and interest in, to and
under the Receivable Files; 
 (v) all of the Transferor’s right, title and interest in and to the Master Sale Agreement
(Warehouse), dated as of December 29, 2016, between the Transferor and Carvana, LLC, and remedies thereunder and the assignment to the Trust of all UCC financing statements filed against Carvana under or in connection with such Master Sale
Agreement (Warehouse); and 
 (vi) all present and future claims, demands, causes and choses in action in respect of any or
all of the foregoing described in clauses (i) through (v) above and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of
any or all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment
property, payment intangibles, general intangibles, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are
included in the proceeds of any of the foregoing. 

  
 Sch. 3-1 

 It is the intention of the Transferor and the Trust that the sale, transfer, assignment and
other conveyance of the Receivables contemplated by this Receivables Assignment shall constitute an independent sale of such Receivables from the Transferor to the Trust and the beneficial interest in and title to such Receivables shall not be part
of the Transferor’s estate in the event of the filing of a bankruptcy petition by or against the Transferor under any bankruptcy law. Although the parties intend that the sale, transfer, assignment and other conveyance contemplated by this
Receivables Assignment to be an independent sale, in the event any such sale, transfer, assignment and other conveyance is deemed to be other than a sale, the parties intend and agree (i) that all filings described in the Master Transfer
Agreement shall give the Trust a first priority perfected security interest in, to and under such Receivables and the related Purchased Property and all proceeds of any of the foregoing, in each case with respect to such transfer and assignment;
(ii) this Receivables Assignment together with the Master Transfer Agreement and the related Pool Supplement shall be deemed to be the grant of, and the Transferor hereby grants to the Trust, a security interest from the Transferor to the Trust
in such Receivables and the related Purchased Property in order to secure its obligations with respect to such transfer and assignment; (iii) this Receivables Assignment together with the Master Transfer Agreement and the related Pool
Supplement shall be a security agreement under applicable law for the purpose of each such transfer and assignment; and (iv) the Trust shall have all of the rights, powers and privileges of a secured party under the UCC with respect to such
transfer and assignment and the Purchased Property related thereto. 
 The foregoing conveyance does not constitute and is not intended to
result in any assumption by the Trust of any obligation of the undersigned to the Obligors, insurers or any other Person in connection with such Receivables, the applicable Receivable Files, any insurance policies or any agreement or instrument
relating to any of them. 
 This Receivables Assignment is made pursuant to and upon the representations, warranties and agreements on the
part of the undersigned contained in the Master Transfer Agreement and is to be governed by the Master Transfer Agreement. 
 Capitalized
terms used herein and not otherwise defined shall have the meaning assigned to them in the Master Transfer Agreement. 

  
 Sch. 3-2 

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

			
	CARVANA AUTO RECEIVABLES 2016-1, LLC, as Transferor
		
	By:	 	  

		 	Name:
		 	Title:

  
 Sch. 3-3 

 Schedule 4 

Accounts and Receivables Analysis 

Any form of Analysis approved in writing from time to time by Transferor, the Trust and the Administrative Agent. 

  
 Sch. 4-4 

 Schedule 5 

Schedule of Receivables 
 For each
Receivables Pool, to include final information required for the Trust to complete the related Funding Request and Funding Report. 

Electronic files sent to Trust at the following date and time:
                    .xls - sent          AM/PM on
                , 20     

  
 Sch. 5-1 

 Schedule 6 

Pool Stratifications and Other Pool Characteristics 

Any form of pool stratifications and other pool characteristics approved in writing from time to time by Transferor, the Trust and the
Administrative Agent. 

  
 Sch. 6-1 

 EXHIBIT B 

CREDIT POLICY 
 The
Microsoft Word files contained in the file named “Carvana-UnderwritingPolicyandProcedure.docx” that Carvana delivered to the Trust and the Administrative Agent by electronic mail at 4:41 P.M. eastern time on December 13, 2016 

  
 Exh B-1 

 APPENDIX A 

DEFINITIONS AND USAGE 

(a) Construction and Usage. Unless otherwise provided in the Master Sale Agreement (Warehouse), the Master Transfer Agreement,
or the Master Servicing Agreement (the “Specified Documents”), the following rules of construction and usage are applicable to this Appendix and the Specified Documents. 

(i) As used in this Appendix or in Specified Documents and in any certificate or other document made or delivered pursuant
thereto, accounting terms not defined herein, or in any such Specified Document, or in any such certificate or other document, and accounting terms partly defined herein or in any such certificate or other document, to the extent not defined herein,
have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms herein, in any such Specified Document or in any such certificate or other document are inconsistent
with the meanings of such terms under such generally accepted accounting principles, the definitions contained herein, in such Specified Document or in any such certificate or other document control. 

(ii) The words “hereof,” “herein,” “hereunder” and words of similar import when used in any
Specified Document refer to such Specified Document as a whole and not to any particular provision or subdivision thereof. References in any Specified Document to “Article,” “Section” or another subdivision or to an attachment
are, unless the context otherwise requires, to an article, section or subdivision of or an attachment to such Specified Document. The term “including” means “including without limitation.” The word “or” is not
exclusive. 
 (iii) The definitions contained in any Specified Document are equally applicable to both the singular and
plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 (iv) Any
agreement, instrument, statute or regulation defined or referred to below means such agreement, instrument, statute or regulation as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver
or consent and (in the case of statutes) by succession of comparable successor statutes and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein. 

(b) Definitions 
 All
terms defined in this Appendix shall have the defined meanings when used in any Specified Document, unless otherwise specified or defined therein. 

“Account Bank” means Wells Fargo Bank, National Association, or any successor thereto in its capacity as Account Bank under
the Account Control Agreement. 

  
 App. A-1 

 “Account Control Agreement” means the Securities Account Control Agreement,
dated on or about the date hereof, among the Borrower, the Administrative Agent and the Account Bank, pursuant to which the Borrower grants exclusive control over the Accounts to the Administrative Agent. 

“Accounts and Receivables Analysis” means, with respect to a Receivables Pool and a First Tier Receivables Pool, the accounts
and receivables analysis set forth in Schedule 6 attached to the related Pool Supplement and Schedule 4 attached to the related First Step Pool Supplement, respectively. 

“Action Plan”, with respect to a Receivables Pool, has the meaning set forth in Section 3.16(d) of the Master
Servicing Agreement. 
 “Action Plan Meeting”, with respect to a Receivables Pool, has the meaning set forth in Section
3.16(c) of the Master Servicing Agreement. 
 “Administrative Purchase Payment” means, with respect to an
Administrative Receivable within a Receivables Pool to be repurchased as of the last day of a Collection Period, a payment equal to the sum of (i) the Outstanding Principal Balance with respect to such Administrative Receivable as of
such date and (ii) the product of (x) the amount set forth in clause (i)(a) above, (y) the APR of such Administrative Receivable and (z) the number of days from the last payment of principal with respect to such
Receivable/360. 
 “Administrative Receivable” means a Receivable which the Servicer has repurchased pursuant to
Section 3.8 of the Master Servicing Agreement. 
 “Affiliate” means, with respect to any
specified Person, any other Person controlling, controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
 “Aggregate Outstanding Principal Balance” means, with respect to a First Tier Receivables Pool or a
Receivables Pool and as of any date, the aggregate of the Outstanding Principal Balance of each Receivable in such First Tier Receivables Pool or Receivables Pool, as applicable. 

“Ally Bank” means Ally Bank, a Utah chartered bank, and its permitted successors and assigns. 

“Ally Bank Controls Effectiveness Review” means the Ally Bank process that assesses a supplier’s risk management
controls in compliance with FDIC/FFIEC Third Party Vendor Management guidelines. 
 “Ally Financial” means Ally Financial
Inc., a Delaware corporation, and its permitted successors and assigns. 

  
 App. A-2 

 “Annual Percentage Rate” or “APR” means, with respect to a
Receivable, the annual rate of finance charges stated in the Receivable. 
 “Anti-Corruption Laws” has the meaning set
forth in Section 3.28 of the Master Servicing Agreement. 
 “Applicable Servicing Modification,”
with respect to a Banking Regulatory Change, shall be the modification to the Servicer’s servicing standards and practices (i) approved by the Banking Regulator, if the Banking Regulator has approved a different modification than that
proposed by the Administrative Agent in the related Notice of Banking Regulatory Change, (ii) if clause (i) is inapplicable, then as approved by the Administrative Agent, if the Administrative Agent has approved a different modification
than that proposed by the Purchaser in the related Notice of Banking Regulatory Change, or (iii) otherwise, the modification proposed by the Purchaser in the related Notice of Banking Regulatory Change. 

“Authoritative Copy” means, with respect to any Electronic Contract, a copy of such Contract that is unique, identifiable
and, except as otherwise provided in Section 9-105 of the UCC, unalterable, and is marked “original” or has no watermark or other marking that would indicate that it is a “copy” or
“duplicate” or not an original or not an “authoritative” copy. 
 “Banking Regulator” means a United
States federal or State regulatory agency or instrumentality having authority over U.S. national banks or state chartered banks, including the Office of the Comptroller of the Currency, the Federal Reserve Board, the Office of Thrift Supervision,
the Federal Deposit Insurance Corporation, the Federal Financial Institutional Examination Council and the Utah Department of Financial Institutions, or any successor federal or state agency or instrumentality. 

“Banking Regulatory Change” will occur if (i) a Banking Regulator adopts or modifies regulations or policies which alter
the obligations of U.S. national or state chartered banks in general, or Ally Bank in particular, with respect to the servicing of retail automotive loans and retail automotive installment sales contracts, (ii) such regulations apply to retail
automotive installment sale contracts owned or serviced by Ally Bank, (iii) compliance by third parties servicing receivables (as servicer for Ally Bank) owned by Ally Bank is required by law and (iv) such regulations require the Servicer
(as servicer for Ally Bank) to implement new servicing standards or practices, or otherwise modify the existing standards or practices, other than those set forth in the Transaction Documents. 

“Bankruptcy Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time
to time. 
 “Benefit Plan” means any of (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that
is subject to the provisions of Title I of ERISA, (ii) a plan subject to Section 4975 of the Code or (iii) any entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such
entity. 
 “Bridgecrest” means Bridgecrest Credit Company, LLC, an Arizona limited liability company, and its permitted
successors and assigns. 

  
 App. A-3 

 “Business Continuity Plan” means the document in which the Servicer plans to
protect its employees, and continue its most critical business functions in situations where the facilities, people or information technology resources are interrupted for an extended period. 

“Business Day” means any day other than a Saturday, a Sunday or any other day on which banking institutions or trust
companies in New York, New York, Wilmington, Delaware, Minneapolis, Minnesota or Detroit, Michigan may, or are required to, remain closed. 

“CAR 2016-1” means Carvana Auto Receivables
2016-1 LLC, a Delaware limited liability company. 
 “Carvana” Carvana, LLC, an
Arizona limited liability company. 
 “CER” has the meaning set forth in Section 3.23 of the
Master Servicing Agreement. 
 “Certificate of Title” means, with respect to a Financed Vehicle, (i) the original
Certificate of Title relating thereto, or copies of correspondence to the applicable Registrar of Titles, and all enclosures thereto, for issuance of the original Certificate of Title or (ii) if the applicable Registrar of Titles issues a
letter or other form of evidence of lien in lieu of a Certificate of Title (including electronic titling), either notification of an electronic recordation, by either a Title Intermediary or the applicable Registrar of Titles, or the original lien
entry letter or form or copies of correspondence to such applicable Registrar of Titles, and all enclosures thereto, for issuance of the original lien entry letter or form, which, in either case, shall name the related Obligor as the owner of such
Financed Vehicle and a Title Lien Nominee as secured party. 
 “Change Order” has the meaning set forth in Section
7.1(b) of the Master Servicing Agreement. 
 “Change Request” has the meaning set forth in Section 7.1(b) of the
Master Servicing Agreement. 
 “Closing Date” means, with respect to a First Tier Receivables Pool and subject to
Section 3.1(e) of the Master Sale Agreement (Warehouse) or a Receivables Pool and subject to Section 4.1(a) of the Master Transfer Agreement, the date on which the related First Step Pool Supplement or Pool Supplement, as applicable,
is executed and delivered and the First Step Receivables Purchase Price or the Purchase Price, as applicable, is paid, which will be the same day as the Funding Date in that calendar week under the Loan and Security Agreement. 

“CNL” means, with respect to any Receivables Pool and any Settlement Date, the Cumulative Net Losses for such Receivables
Pool through the last day of the related Collection Period. 
 “Code” means the Internal Revenue Code of 1986, as amended
from time to time, and the Treasury Regulations promulgated thereunder. 
 “Collateral” has the meaning set forth in
Section 1.1 of the Loan and Security Agreement. 

  
 App. A-4 

 “Collateral Custodian” means Wells Fargo Bank, National Association, and its
successors and permitted assigns as Collateral Custodian under the Collateral Custodian Agreement. 
 “Collateral Custodian
Agreement” means the Collateral Custodian Agreement, dated on or about December 29, 2016, among the Borrower, the Administrative Agent, the Collateral Custodian and the Account Bank. 

“Collection Account” means the segregated account established by the Borrower with Account Bank and subject to the Account
Control Agreement, into which all Collections are to be deposited. 
 “Collection Period” means, with respect to any
Settlement Date, the immediately preceding calendar month or, in the case of the initial Collection Period, the Cut-off Date to and including the last day of the month preceding the month in which the first
Settlement Date occurs. 
 “Collection Policy” means, with respect to (i) the initial Servicer, the customary
servicing and collection guidelines, policies and procedures of the Servicer, including those attached as Exhibit D to the Servicing Agreement, in effect on the date of the Servicing Agreement, as such guidelines, policies and procedures may be
amended, modified, restated, replaced or otherwise supplemented from time to time in accordance with Section 3.1(c) of the Servicing Agreement, and as modified by the Servicing Exceptions and the Process Remediations attached to the Servicing
Agreement as Exhibit F, if any, or (ii) any successor Servicer, the customary servicing and collection guidelines, policies and procedures of such successor Servicer with such changes as shall be required by the Administrative Agent and agreed
to in writing by such successor Servicer and the Administrative Agent, as such agreed upon guidelines, policies and procedures may be changed from time to time in accordance with Section 3.1(c) of the Servicing Agreement. 

“Collections” means all amounts collected by the Servicer or its agents (from whatever source) or otherwise turned over to
the Collection Account on or with respect to the related Receivables or the other Collateral. 
 “Commission” means the
Securities and Exchange Commission. 
 “Commitment Period” means the period beginning on December 29, 2016 and ending
on the Commitment Termination Date. 
 “Commitment Termination Date” means any date agreed upon in writing by Seller, the
Trust and the Administrative Agent pursuant to which the Trust’s commitment to purchase Receivables from Transferor shall expire.  

“Commitment Termination Event” has the meaning specified in the Loan and Security Agreement. 

“Confidential Information” means all information and material of any type, scope or subject matter whatsoever relating to the
Administrative Agent, the Lenders, the Transferor, 

  
 App. A-5 

 
Carvana, the Servicer or any of their subsidiaries, whether oral or written, and howsoever evidenced or embodied, which each Party, each Party’s representatives or agents (including any
officers of any Party or any of their subsidiaries) may furnish to the other, or to which either Party is afforded access by the other Party, either directly or indirectly for purposes of such Party’s participation in the transactions
contemplated by the Loan and Security Agreement. However, “Confidential Information” shall not include information or material of a Party which (i) becomes generally available to the public other than as a result of a disclosure by
the receiving Party or its agents and other representatives, (ii) was available to the receiving Party on a non-confidential basis prior to its disclosure by the disclosing Party, (iii) becomes
available to the receiving Party on a non-confidential basis from a source other than the disclosing Party or the disclosing Party’s representatives or agents, provided that such source is not, to
receiving Party’s knowledge, bound by a confidentiality agreement or otherwise prohibited from transmitting the information to the Administrative Agent, the Lenders, Carvana, the Servicer or the Transferor by a contractual, legal or fiduciary
obligation or (iv) consists of the documents evidencing the consummation of the transactions contemplated by the Transaction Documents so long as all references to the other Party and all information specific to the assets sold or price paid
pursuant to the transactions are removed. 
 “Contract” means any fully-executed retail installment sale contract, direct
purchase money loan or conditional sale contract for a Financed Vehicle under which an extension of credit is made in the ordinary course of business of Carvana to an Obligor and which is secured by the related Financed Vehicle. 

“Credit Policy” means the credit underwriting guidelines, policies and procedures that Carvana and its Subsidiaries utilize
in originating or acquiring retail installment sales contracts, including the credit policies as attached as Exhibit D to the Loan and Security Agreement, as such guidelines, policies and procedures may be changed from time to time in accordance
with Section 6.2(k) of the Loan and Security Agreement. 
 “Cumulative Net Losses” means, with respect to a
Receivables Pool as of any Settlement Date, the sum of (i) the aggregate Net Losses experienced on all Liquidating Receivables with such Receivables Pool from the first day of the related Origination Period through the end of the related
Collection Period and (ii) the Outstanding Principal Balance as of the Pool Termination Date of any Receivables within such Receivables Pool outstanding on the related Pool Termination Date. 

“Customer Information” has the meaning set forth in Section 2(b) of the Master Confidentiality and Reconstitution
Agreement. 
 “Cut-off Date” or “Cutoff Date” means, with respect
to any Receivable acquired by the Borrower and made a part of the Collateral, the last day of the preceding calendar week; provided that for the purpose of this definition, Sunday shall be deemed to be the last day of the calendar week. 

“Cutoff Date Aggregate Outstanding Principal Balance” means, with respect to a First Tier Receivables Pool or a Receivables
Pool and as of the applicable Cutoff Date, the aggregate of the Outstanding Principal Balance of each Receivable in such First Tier Receivables Pool or Receivables Pool as of the applicable Cutoff Date, as applicable. 

  
 App. A-6 

 “Disclosure Information” has the meaning set forth in
Section 3(a)(iv) of the Master Confidentiality and Reconstitution Agreement. 
 “DriveTime” means
DriveTime Automotive Group, Inc., a Delaware corporation, and its permitted successors and assigns. 
 “Electronic
Contract” means a Contract that constitutes “electronic chattel paper” under and as defined in Section 9-102(31) of the UCC. 

“Eligible Receivable” has the meaning set forth in Section 1.1 of the Loan and Security Agreement.

 “E-Vault Provider” means eOriginal, Inc. 

“Event of Servicing Termination” or “Servicing Termination Event” means an event specified in
Section 6.1 of the Master Servicing Agreement. 
 “Exchange Act” means The Securities Exchange
Act of 1934. 
 “FDIC/FFIEC Third Party Vendor Management” means the guidance to address the management by a regulated
entity of third and fourth party suppliers issued by the Federal Deposit Insurance Corporation, the Federal Financial Institutions Examination Council or any other regulatory entity that covers a business in which Ally Bank or an Ally Bank Affiliate
currently operates or may look to operate in the future. 
 “Financed Vehicle” means, with respect to a Receivable, any new
or used automobile, light-duty truck, minivan or sport utility vehicle, together with all accessories thereto, securing such Receivable. 

“First Step Pool Supplement” means the First Step Pool Supplement, in the form of Exhibit A to the
Master Sale Agreement, executed by CAR 2016-1 and the Seller on each Closing Date. 
 “First
Step Receivables Assignment” means the document of assignment attached as Schedule 4 to the First Step Pool Supplement executed by the Seller. 

“First Step Receivables Purchase Price” means, with respect to a First Tier Receivables Pool, an amount equal to the Purchase
Price for such First Tier Receivables Pool for the related Closing Date. 
 “First Tier Receivables Pool” has the meaning
set forth in the recitals to the Master Sale Agreement. 
 “Freestyle Selection” means the random order that the
Receivables are to be selected in the System of Record, after consideration of the Purchase Percentage and the criteria for a Receivable to be an Eligible Receivable. The Receivables to be sold to by the Seller to the Transferor will be based on the
contract number of the Receivables. Subject to the provisions 

  
 App. A-7 

 
and restrictions contained in the Master Sale Agreement (Warehouse), the Seller shall sell to the Transferor all Receivables where the ninth and tenth digits of the contract number (such number,
the “randomization code”) are a number from 01 through the number equal to the Purchase Percentage (it being understood that a Purchase Percentage of 100 would have a randomization code of 00) or, with respect to any Previously
Originated Receivable that later becomes an Eligible Receivable, such Previously Originated Receivable shall be included in such Receivables Pool if its randomization code falls within the Purchase Percentage for its related Origination Period. For
example, if the Purchase Percentage for an Origination Period is 85%, the Seller would sell Receivables with contract numbers ending in 01 through 85, and retain Receivables with contract numbers ending in 86 through 00. The Seller shall ensure that
contract numbers are assigned randomly as they are entered into the System of Record and in no way adverse to the Trust, the Administrative Agent or the Lender(s). 

“GAP Letter” has the meaning set forth in Section 3.13 of the Master Servicing Agreement. 

“General Change” has the meaning set forth in Section 3.18(b) of the Master Servicing Agreement. 

“GLBA” means the Gramm-Leach-Bliley Act and its implementing regulations. 

“Governmental Authority” means any government, any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and having jurisdiction over the applicable Person. 

“Governmental Rules” means any and all laws, statutes, codes, rules, regulations, ordinances, orders, writs, decrees and
injunctions, of any Governmental Authority and any and all legally binding conditions, standards, prohibitions, requirements and judgments of any Governmental Authority. 

“Information Recipient” has the meaning set forth in Section 3.26 of the Master Servicing
Agreement. 
 “Information Security Program” has the meaning set forth in Section 3.17(b) of the Master Servicing
Agreement. 
 “Insolvency Event” means with respect to a specified Person, such Person shall (A) file a petition or
commence a proceeding (1) to take advantage of any Insolvency Law or (2) for the appointment of a trustee, conservator, receiver, liquidator or similar official for or relating to such Person or all or substantially all of its property, or
for the winding up or liquidation of its affairs, (B) consent or fail to object to any such petition filed or proceeding commenced against or with respect to it or all or substantially all of its property, or any such involuntary petition or
proceeding shall not have been dismissed or stayed within sixty (60) days of its filing or commencement, or a court, agency or other supervisory authority with jurisdiction shall not have decreed or ordered relief with respect to such petition
or proceeding, (C) admit in writing its inability to pay its debts generally as they become due, (D) make an assignment for the benefit of its creditors, (E) voluntarily suspend payment of its obligations or (F) take any action
in furtherance of any of the foregoing 

  
 App. A-8 

 “Insolvency Laws” means the Bankruptcy Code and all other applicable
liquidation, conservatorship, bankruptcy, moratorium, arrangement, rearrangement, receivership, insolvency, reorganization, suspension of payments, marshaling of assets and liabilities or similar debtor relief laws from time to time in effect
affecting the rights of creditors generally. 
 “Insolvency Proceeding” means with respect to any Person, any bankruptcy,
insolvency, arrangement, rearrangement, conservatorship, moratorium, suspension of payments, readjustment of debt, reorganization, receivership, liquidation, marshaling of assets and liabilities or similar proceeding of or relating to such Person
under any Insolvency Laws. 
 “Inspection Standard” has the meaning set forth in Section 3.18(a) of the Master
Servicing Agreement. 
 “Insurance Policy” means, with respect to any Receivable, an insurance policy covering physical
damage, warranties, debt cancellation, credit life, credit disability, theft, mechanical breakdown or similar event with respect to the related Financed Vehicle or the related Obligor, as applicable. 

“Lender” means each signatory to the Loan and Security Agreement as a lender, and the successors and permitted assigns of any
lender from time to time that becomes a party hereto by execution of an assignment. 
 “Lien” means any security interest,
lien, charge, pledge, equity, or encumbrance of any kind. 
 “Liquidating Receivable” means a Receivable as to which the
Servicer (i) has reasonably determined, in accordance with its customary servicing procedures, that eventual payment of amounts owing on such Receivable is unlikely, or (ii) has repossessed and disposed of the Financed Vehicle. 

“Liquidation Expenses” means, with respect to a Liquidating Receivable, the actual reasonable
out-of-pocket costs of liquidation not to exceed $550 (or such greater amount as the Servicer determines is reasonably necessary in accordance with its customary
procedures to refurbish and dispose of a liquidated Financed Vehicle). 
 “Liquidation Proceeds” means, with respect to a
Liquidating Receivable, all amounts realized with respect to such Receivable net of Liquidation Expenses and any amounts that are required to be refunded to the Obligor on such Receivable, but in any event not less than zero. 

“Loan-to-Value Ratio” or
“LTV” has the meaning set forth for LTV in Section 1.1 of the Loan and Security Agreement. 

“Master Sale Agreement” or “Master Sale Agreement (Warehouse)” means the Master Sale Agreement (Warehouse),
dated on or about December 29, 2016, by and among Carvana, LLC and Carvana Auto Receivables 2016-1 LLC, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

  
 App. A-9 

 “Master Sale Agreement (Flow)” means the Master Sale Agreement (Flow), dated as
of December 22, 2016, by and among Carvana, LLC and Carvana Auto Receivables 2016-1 LLC, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Master Servicing Agreement” or “Servicing Agreement” means the Master Servicing Agreement (Warehouse), to
be dated on or about December 29, 2016, by and among Carvana, the Servicer, the Trust and the Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Master Servicing Agreement (Flow)” means the Master Servicing Agreement (Flow), to be dated on or about December 29,
2016, by and among Carvana, the Servicer and the Purchasers, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Master Transfer Agreement” means the Master Transfer Agreement, dated on or about December 29, 2016, by and among
Carvana Auto Receivables 2016-1 LLC and Sonoran Auto Receivables Trust 2016-1, as the same may be amended, restated, supplemented or otherwise modified from time to
time. 
 “Material Adverse Effect” means, with respect to any Person and to any event or circumstance, a material adverse
effect on (i) the business, financial condition, operations, performance or properties of such Person, (ii) the validity or enforceability of the Loan and Security Agreement or any other Transaction Document or the validity, enforceability
or collectability of (a) a material portion of the Receivables, or (b) a material portion of the Collections or the security interests in the Financed Vehicles, (iii) the rights and remedies of the Administrative Agent and Secured
Parties, (iv) the ability of such Person to perform its obligations under the Loan and Security Agreement or any Transaction Document to which it is a party or (v) the status, existence, perfection, priority or enforceability of the
Administrative Agent’s or any Lender’s interest in the Collateral. 
 “Monthly Data File” has the meaning set
forth in Section 4.3 of the Master Servicing Agreement. 
 “Monthly Servicer Report” has the
meaning set forth in Section 4.3 of the Master Servicing Agreement. 
 “Net Loss” means, with
respect to a Receivables Pool, (i) as of any Settlement Date, for each Liquidating Receivable in such Receivables Pool, the Outstanding Principal Balance of such Liquidating Receivable when it became a Liquidating Receivable minus all
Liquidation Proceeds received with respect to such Liquidating Receivable on or before the last day of the related Collection Period and (ii) as of the related Pool Termination Date, and with respect to each Receivable then outstanding within
such Receivables Pool, the Outstanding Principal Balance of such Receivable as of the last day of the related Collection Period. 

  
 App. A-10 

 “Notice of Banking Regulatory Change” has the meaning set forth in Section
3.18(a) of the Master Servicing Agreement. 
 “Notified Total Costs” has the meaning set forth in Section
3.18(b) of the Master Servicing Agreement. 
 “NPPI” means “non-public
personal information” as defined in 16 C.F.R. § 314.2(b) (2003) as well as any information that identifies a customer or consumer (as such terms are defined by the Gramm-Leach-Bliley Act of 1999 (15 U.S.C. § 6801 et seq.), as
amended from time to time) and information from which a customer’s or consumer’s identity can be ascertained, either from the information itself or by combining the information with information from other sources. NPPI also includes any
information Ally Financial or Ally Bank (including any of their Affiliates) may directly or indirectly disclose to the Servicer or any Servicer agent or which the Servicer or any Servicer agent may collect or otherwise have access to due to the
Servicer or the Servicer agents’ relationship with Ally Financial, Ally Bank or any of their Affiliates that relates to an individual. This includes, but is not limited to, financial information; medical or health related information; credit
history; income; financial benefits; application, loan or claim information; names or lists of individuals derived from nonpublic personally identifiable information or otherwise derived from Ally Financial, Ally Bank or any of their Affiliates; and
the identification of an individual as an Ally Financial or Ally Bank customer or as an individual Ally Financial or Ally Bank claimant. 

“Obligor” means the purchaser or co-purchasers of the Financed Vehicle or any other
Person who owes payments under a Receivable. 
 “Officer’s Certificate” means, with respect to any Person, a
certificate signed by a Responsible Officer of such Person. 
 “OFSS” or “Outward Facing Supplier
Standards” has the meaning set forth in Section 3.23 of the Master Servicing Agreement. 

“Operations Diligence” has the meaning set forth in Section 3.15(c) of the Master Servicing Agreement. 

“Opinion of Counsel” means a written opinion of counsel, which counsel may be internal or external counsel to a Party,
reasonably acceptable to the Party receiving such opinion. 
 “Original Amount Financed” means, with respect to a
Receivable and as of the date on which such Receivable was originated, the aggregate amount advanced under the Receivable toward the purchase price of the Financed Vehicle, including accessories, vehicle delivery fees, insurance premiums, service
and warranty contracts and other items customarily financed as part of automobile and light truck retail installment sale contracts or direct purchase money loans and related costs. 

“Original Contract Documents” means with respect to each Receivable, (i) the original Contract and (ii) the
Certificate of Title or evidence that such Certificate of Title has been applied for. For the avoidance of doubt, an Authoritative Copy of an electronic document shall constitute an original. 

  
 App. A-11 

 “Origination Period” means, each calendar week during the period beginning with
the week of December 12, 2016, and ending with the week containing the last day of the Commitment Period; provided, that, with respect to the initial First Tier Receivables Pool and Receivables Pool, respectively, the “Origination
Period” shall be the period consented to by the Administrative Agent. 
 “Outstanding Principal Balance” means, with
respect to a Receivable and as of any date, the Original Amount Financed, less: 
 (i) payments received from or on behalf of
the related Obligor prior to such date allocable to principal; 
 (ii) any refunded portion of extended warranty protection
plan costs, physical damage, credit life or disability, warranties, debt cancellation and other insurance premiums included in the Original Amount Financed and allocable to principal; 

(iii) any Administrative Purchase Payment or Warranty Payment to the extent allocable to principal; and 

(iv) any Liquidation Proceeds previously received on or prior to the last day of the related Collection Period allocable to
principal with respect to such Receivable. 
 “Owner Trustee” means Wilmington Trust, National Association, acting not in
its individual capacity, but solely as Owner Trustee for the Borrower, or any successor Owner Trust pursuant to the terms of the Trust Agreement. 

“Party” means, with respect to each Transaction Document, each Person that is a party to such Transaction Document, and its
permitted successors and assigns. 
 “Performance Guarantor” means DriveTime Automotive Group, Inc. and its successors and
permitted assigns under the Servicing Agreement. 
 “Pool Balance” means, with respect to a First Tier Receivables Pool or
a Receivables Pool, as applicable, as of the close of business of the last day of a Collection Period, the Aggregate Outstanding Principal Balance of the Receivables in such First Tier Receivables Pool or Receivables Pool (excluding Administrative
Receivables and Warranty Receivables and Liquidating Receivables as of such date). 
 “Pool Supplement” means the Pool
Supplement, in the form of Exhibit A to the Master Transfer Agreement executed by the Transferor and the Trust on each Closing Date. 

“Previously Originated Receivable” means, for any Closing Date and the related Receivables Pool, an Eligible Receivable
originated in a prior Origination Period that met the eligibility criteria to be included in a Receivables Pool that could have been sold to the 

  
 App. A-12 

 
Purchasers pursuant to the Master Sale Agreement (Warehouse) and Master Transfer Agreement on a prior Closing Date but for (i) the Seller not having completed ministerial administrative
procedures for such Receivable (such as validating receipt of the down payment) or (ii) the failure to satisfy the representations and warranties regarding the information provided for such Receivable on the related Schedule of Receivables in
Section 4.2(cc)(iii) of the Master Sale Agreement (Warehouse) and the Master Transfer Agreement and such Receivable was removed or repurchased from a prior First Tier Receivables Pool or Receivables Pool, as applicable, solely as a result of
such failure (and not for any other reason); provided, that no such Receivable shall have been originated earlier than the [***] day prior to the related Cutoff Date. 

“Program” has the meaning set forth in Section 3.25 of the Master Servicing Agreement. 

“Purchase Percentage” means, for an Origination Period, the corresponding “Purchase Percentage” for the
corresponding origination period pursuant to the Master Sale Agreement (Flow). 
 “Purchase Price” means for any First Tier
Receivables Pool or Receivables Pool, the fair market value determined from time to time by Carvana, the Transferor and the holder of the certificates issued by the Trust. 

“Purchased Property” has the meaning set forth in Section 3.1(a) of the Master Transfer Agreement. 

“Purchased Receivables” means, as applicable, all Receivables purchased by CAR 2016-1
in any First Tier Receivables Pool pursuant to the Master Sale Agreement and all Receivables purchased by the Purchaser in any Receivables Pool pursuant to the Master Purchase and Sale Agreement. 

“Purchaser Inspection Parties” has the meaning set forth in Section 3.19(a) of the Master Servicing Agreement. 

“Purchasers” means either Ally Bank or Ally Financial, and its permitted successors and assigns, if the reference to
“Purchaser” relates to Receivables purchased by a specified Purchaser, or both Ally Bank and Ally Financial, and their permitted successors and assigns, if the reference to “Purchaser” or “Purchasers” relates to the
Receivables or the Receivables Pools as a whole, as the context may require. 
 “Quarterly Operations Review” has the
meaning set forth in Section 3.15(a) of the Master Servicing Agreement. 
 “Quarterly Review Event” has the meaning
set forth in Section 3.15(c) of the Master Servicing Agreement. 
 “Receivable” means a Contract for a Financed
Vehicle and any amendments, modifications or supplements to such retail installment sale contract that is included in the Schedule of Receivables attached as Schedule 5 to each Pool Supplement. The term “Receivable” does not include
any Repurchased Receivable. 
  

			
	[***]	  	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission.

  
 App. A-13 

 “Receivable Files” means, with respect to each Receivable and the related
Contract, collectively, the Original Contract Documents and the Servicer Files. 
 “Receivables Assignment” means, with
respect to each Receivables Pool, the document of assignment attached as Schedule 3 to the related Pool Supplement. 

“Receivables Pool” shall have the meaning given to such term in Section 3.1 of the Master Transfer
Agreement. 
 “Receivables Pool CNL Ratio” means, for any Settlement Date, the ratio of (i) net losses with respect to
the Receivables included in a Receivables Pool during the related Collection Period to (ii) the difference between the beginning balance of the Outstanding Principal Balance for such Collection Period and the ending balance of the Outstanding
Principal Balance for such Collection Period, in each case with respect to the Receivables included in such Receivables Pool. 

“Receivables Pool CNL Ratio Comparison” means, with respect to a Receivables Pool on any Settlement Date, (x) the
Receivables Pool CNL Ratio for such Receivables Pool reported on any Settlement Date for the related Collection Period, divided by (y) the Carvana entire portfolio cumulative net loss ratio for the same Collection Period. 

“Receivables Purchase Rate” the rate agreed upon from time to time by Carvana, the Transferor and the holders of the
certificates issued by the Trust. 
 “Receivables System” means the principal computer system of the Servicer used in the
servicing of retail installment sales contracts and direct purchase money loans, including back up archives. 
 “Regulation
AB” Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time and subject to such clarification and
interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)), in the adopting
release (Asset-Backed Securities Disclosure and Registration, Securities Act Release 33-9638, 79 Fed. Reg. 57,184 (September 24, 2014)) and in any adopting release in respect of any amendment with respect to
any of the foregoing or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

“Regulator Inspection Parties” has the meaning set forth in Section 3.19(a) of the Master Servicing Agreement. 

“Relationship Manager” has the meaning set forth in Section 3.24 of the Master Servicing Agreement.

  
 App. A-14 

 “Re-Liening Expenses” means any costs
associated with the revision of the Certificates of Title pursuant to Section 2.14 of the Loan and Security Agreement. 

“Re-Liening Trigger Event” has the meaning agreed upon by the Seller, the Trust and
the Administrative Agent. 
 “Remediation” has the meaning set forth in Section 5.1(r) of the Master Servicing
Agreement. 
 “Repurchased Receivable” means any repurchased Administrative Receivable or repurchased Warranty Receivable.

 “Requirements of Law” means, with respect to any Person, all (a) requirements of applicable federal, state and
local laws, and regulations thereunder and (b) orders, decrees, directives, rules and binding guidelines of, or agreements, with any Governmental Authority that are directed to or binding on such Person or such Person’s business,
operations, services (including, with respect to the Servicer, the Servicer’s obligation to service the Collateral for the benefit of the Lenders pursuant to the Servicing Agreement) or assets, including, in each case, usury laws, Utah banking
laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices
Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Consumer Financial Protection Bureau’s Regulations “B” and “Z,” the Servicemembers Civil Relief Act of 2003, the Texas Consumer Credit Code, the
United States Foreign Corrupt Practices Act of 1977, the Patriot Act and state adaptations of the National Consumer Act and the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws; provided,
that, in each case with respect to clauses (a) and (b) above, with respect to the Servicer’s obligations described in the Servicing Agreement, “Requirements of Law” shall not include any items described in clauses (a) or (b)
above that are directed to or binding on Ally Financial or Ally Bank solely as a result of such Peron’s status as a bank holding company or Utah charted bank, respectively, unless otherwise specified on Exhibit E to the Servicing Agreement.
Following the Closing Date during the term of the Servicing Agreement, should the Servicer offer or enter into any subsequent agreement with another Person to service assets on behalf of such Person in compliance with, or provide indemnity for
breach of, Requirements of Law applicable to Ally Financial or Ally Bank that are excluded from this definition as a result of the preceding proviso, then this definition shall be deemed to be modified to include such broader provision without any
further action of the Parties. 
 “Responsible Officer” means (a) When used with respect to any Person other than the
Owner Trustee, Collateral Custodian or Account Bank, any officer of such Person, including any president, vice president, assistant vice president, secretary, assistant secretary or any other officer thereof customarily performing functions similar
to those performed by the individuals who at the time shall be such officers, respectively, or to whom any matter is referred because of such officer’s knowledge of or familiarity with the particular subject, (b) with respect to the Owner
Trustee, any officer within the Corporate Trust Administration office of the Owner Trustee with direct responsibility for the administration of the Trust Agreement and also, with respect to a particular matter, any other officer to whom such matter
is referred because of such 

  
 App. A-15 

 
officer’s knowledge of, and familiarity with, the particular subject, (c) with respect to the Borrower, the Owner Trustee or the Trust Administrator, and (d) with respect to the
Collateral Custodian or Account Bank, any officer in the Corporate Trust Office of the such Person, including any president, vice president, executive vice president, assistant vice president, treasurer, secretary, assistant secretary, corporate
trust officer or any other officer thereof customarily performing functions similar to those performed by the individuals who at the time shall be such officers, respectively, or to whom any matter is referred because of such officer’s
knowledge of or familiarity with the particular subject, and, in each case, having direct responsibility for the administration of the Loan and Security Agreement and the other Transaction Agreements to which such Person is a party. 

“Schedule of Receivables” means, the list identifying the Receivables attached as Schedule 5 to
each Pool Supplement (which list may be in the form of electronic file, microfiche, disk or other means acceptable to the Purchaser, or pursuant to the Master Sale Agreement). 

“Securities Act” means the Securities Act of 1933. 

“Selection Procedures” means, the process for selecting Eligible Receivables for inclusion in any First Tier Receivables Pool
and Receivables Pool pursuant to Section 3.1(d) of the Master Sale Agreement whereby such First Tier Receivables Pool and Receivables Pool is selected by the Seller and Transferor utilizing the System of Record under a Freestyle Selection.
Such selection shall be made subject to the Eligible Receivable criteria and the sequential contract number assignment described in Section 3.1(d) of the Master Sale Agreement. 

“Seller Indemnified Parties” has the meaning set forth in Section 6.11 of the Master Sale Agreement
(Warehouse). 
 “Servicer” means initially Bridgecrest Credit Company, LLC as the servicer of the Receivables, or any
permitted successor or assignee thereto under the Master Servicing Agreement. 
 “Servicer Coverage” has the meaning set
forth in Section 3.22 of the Master Servicing Agreement. 
 “Servicer Files” means the documents
specified in Section 2.1 of the Master Servicing Agreement. 
 “Servicer Review Trigger Event”
has the meaning set forth in Section 3.16 of the Master Servicing Agreement. 
 “Servicer Termination
Threshold Event” means, with respect to the sold Receivables Pools, on any Settlement Date, the aggregate CNL for such Receivables Pools shall be equal to [***]% or greater of the aggregate Administrative Agent’s estimated Cumulative
Net Losses for such Receivables Pools on such Settlement Date. 
  

			
	[***]	  	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission.

  
 App. A-16 

 “Servicing Criteria” means “Servicing Criteria” set forth in Item
1122(d) of Regulation AB, as such may be amended from time to time. 
 “Servicing Exception” means any exceptions or
supplements to the Collections Policy specified on Exhibit E to the Servicing Agreement (including any requirement of federal, state or local law, or any regulation or any order, decree, directive, rule and binding guideline of, or
agreement, with any Governmental Authority applicable to the Lender solely as a result of the Lender’s status as a bank holding company or a bank, as applicable, that the Administrative Agent determines requires revisions to the existing
Collections Policy), as may be amended or supplemented from time to time by the Administrative Agent 
 “Servicing Fee”
means the fee payable to the Servicer in accordance with the Servicing Agreement and Section 2.11(a) of the Loan and Security Agreement, which fee shall be equal to the product of (x) the Servicing Fee Rate, (y) the Principal Balance of
the Receivables held by the Borrower as of the open of business on first Business Day of the related Monthly Period, and (z) a fraction, the numerator of which is thirty (30) and the denominator of which is three hundred sixty (360). 

“Servicing Fee Rate” has the meaning agreed upon by the Parties. 

“Settlement Date” means the fifteenth (15th) day of each calendar month beginning in the calendar month after the Closing
Date. 
 “Settlement Report” means a monthly statement (including a data tape) prepared and delivered on or prior to the
Business Day preceding the applicable Settlement Date to the Administrative Agent, the Lender(s), the Owner Trustee, the Account Bank and the other Persons specified in the Servicing Agreement by the Servicer with respect to the immediately
preceding calendar month, which shall be in substantially the form of Exhibit G-1 to the Loan and Security Agreement, as such form may be amended from time to time. 

“SOC 1” has the meaning set forth in Section 3.13 of the Master Servicing Agreement. 

“State” means any of the 50 states of the United States of America, or the District of Columbia. 

“System of Record” means the computer system and programs in place on the date that the Master Sale Agreement (Warehouse)
become effective (as such system may be updated or otherwise modified) utilized by Carvana to select Receivables for each First Tier Receivables Pool under the Master Sale Agreement (Warehouse). 

“Three-Month Average Receivables Pool CNL Ratio Comparison” means, on any Settlement Date, the average of the Receivables
Pool CNL Ratio Comparison with respect to a Receivable Pool for such Settlement Date and the two Settlement Dates preceding such Settlement Date. 

“Title Intermediary” means, VINTek or another title administration service provider approved in writing by the Seller and
Purchasers. 

  
 App. A-17 

 “Title Lien Nominee” means Carvana LLC or GFC Lending LLC (or any other name
approved in writing by the Administrative Agent). 
 “Transaction Documents” means the Loan and Security Agreement, the
Master Sale Agreement (Warehouse), the Master Transfer Agreement, the Servicing Agreement, the Collateral Custodian Agreement, the Account Control Agreement, the Trust Agreement, and any other document, certificate, opinion, agreement or writing the
execution of which is necessary or incidental to carrying out the transactions contemplated by the Loan and Security Agreement or any of the other foregoing documents. 

“Transferor Indemnified Parties” has the meaning set forth in Section 6.11 of the Master Transfer
Agreement. 
 “Treasury Regulations” means the regulations, including proposed or temporary regulations, promulgated under
the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

“Trust Administrator” means Carvana, or any successor Trust Administrator pursuant to the Loan and Security Agreement or the
Trust Agreement. 
 “Trust Agreement” means that certain amended and restated trust agreement of the Borrower, dated on or
about the date hereof, between the Transferor and the Owner Trustee. 
 “Warranty Payment” means, with respect to a
Warranty Receivable within a First Tier Receivables Pool or a Receivables Pool, as applicable, to be repurchased as of the last day of a Collection Period, a payment equal to the sum of (i) the Outstanding Principal Balance with respect
to such Warranty Receivable as of such date and (ii) the product of (x) the amount set forth in clause (i)(a) above, (y) the APR of such Warranty Receivable and (z) the number of days from the last payment of principal with
respect to such Receivable/360. 
 “Warranty Receivable” means a Receivable which the Transferor has repurchased pursuant
to Section 7.2 of the Master Transfer Agreement or the Seller has repurchased pursuant to Section 7.2 of the Master Sale Agreement (Warehouse). 

*        *        *       
 *        * 

  
 App. A-18

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