Document:

EX-4.2

 Exhibit 4.2 

CARMAX AUTO FUNDING LLC, 
 as
Depositor, 
 and 
 U.S. BANK
TRUST NATIONAL ASSOCIATION, 
 as Owner Trustee 
  

 
 AMENDED AND
RESTATED TRUST AGREEMENT 
 Dated as of April 1, 2016 
  

 

 TABLE OF CONTENTS 

 

					
	 	 	 	 	Page
		
	 ARTICLE I DEFINITIONS
	 	1
	 Section 1.1
	 	Definitions	 	1
	 Section 1.2
	 	Other Definitional Provisions	 	1
		
	 ARTICLE II ORGANIZATION OF THE TRUST
	 	2
	 Section 2.1
	 	Name	 	2
	 Section 2.2
	 	Office	 	2
	 Section 2.3
	 	Purposes and Powers	 	2
	 Section 2.4
	 	Appointment of Owner Trustee	 	3
	 Section 2.5
	 	Initial Capital Contribution of Owner Trust Estate	 	3
	 Section 2.6
	 	Declaration of Trust	 	3
	 Section 2.7
	 	Liability of Certificateholders	 	4
	 Section 2.8
	 	Title to Trust Property	 	4
	 Section 2.9
	 	Situs of Trust	 	4
	 Section 2.10
	 	Representations and Warranties of the Depositor	 	4
	 Section 2.11
	 	Federal Income Tax Matters	 	5
		
	 ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS
	 	6
	 Section 3.1
	 	Initial Ownership	 	6
	 Section 3.2
	 	The Certificates	 	6
	 Section 3.3
	 	Authentication of Certificates	 	6
	 Section 3.4
	 	Registration of Certificates; Transfer and Exchange of Certificates	 	7
	 Section 3.5
	 	Mutilated, Destroyed, Lost or Stolen Certificates	 	9
	 Section 3.6
	 	Persons Deemed Owners	 	10
	 Section 3.7
	 	Access to List of Certificateholders’ Names and Addresses	 	10
	 Section 3.8
	 	Maintenance of Office or Agency	 	11
	 Section 3.9
	 	Appointment of Paying Agent	 	11
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	 	11
	 Section 4.1
	 	Prior Notice to Certificateholders with Respect to Certain Matters	 	11
	 Section 4.2
	 	Action by Certificateholders with Respect to Certain Matters	 	12
	 Section 4.3
	 	Action by Certificateholders with Respect to Bankruptcy	 	12
	 Section 4.4
	 	Restrictions on Certificateholders’ Power	 	13
	 Section 4.5
	 	Majority Control	 	13
	 Section 4.6
	 	Certain Litigation Matters	 	13
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	 	13
	 Section 5.1
	 	Establishment of Certificate Payment Account	 	13
	 Section 5.2
	 	Application of Trust Funds	 	13
	 Section 5.3
	 	Method of Payment	 	14
	 Section 5.4
	 	No Segregation of Monies; No Interest	 	14
	 Section 5.5
	 	Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others	 	14
	 Section 5.6
	 	Signature on Returns; Tax Matters Partner	 	15

  
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	 ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	 	15
	 Section 6.1
	 	General Authority	 	15
	 Section 6.2
	 	General Duties	 	16
	 Section 6.3
	 	Action upon Instruction	 	16
	 Section 6.4
	 	No Duties Except as Specified in this Trust Agreement or in Instructions	 	17
	 Section 6.5
	 	No Action Except Under Specified Documents or Instructions	 	17
	 Section 6.6
	 	Restrictions	 	18
	 Section 6.7
	 	Instructions by Electronic Methods	 	18
	 Section 6.8
	 	Communications Regarding Demands to Repurchase Receivables	 	18
		
	 ARTICLE VII REGARDING THE OWNER TRUSTEE
	 	19
	 Section 7.1
	 	Acceptance of Trusts and Duties	 	19
	 Section 7.2
	 	Furnishing of Documents	 	20
	 Section 7.3
	 	Representations and Warranties	 	21
	 Section 7.4
	 	Reliance; Advice of Counsel	 	21
	 Section 7.5
	 	Not Acting in Individual Capacity	 	22
	 Section 7.6
	 	Owner Trustee Not Liable for Certificates or Receivables	 	22
	 Section 7.7
	 	Owner Trustee May Own Certificates and Notes	 	22
	 Section 7.8
	 	Regulation AB	 	22
		
	 ARTICLE VIII COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE
	 	23
	 Section 8.1
	 	Owner Trustee’s Fees and Expenses	 	23
	 Section 8.2
	 	Indemnification	 	23
	 Section 8.3
	 	Payments to the Owner Trustee	 	23
		
	 ARTICLE IX TERMINATION
	 	24
	 Section 9.1
	 	Termination of Trust Agreement	 	24
		
	 ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	 	25
	 Section 10.1
	 	Eligibility Requirements for Owner Trustee	 	25
	 Section 10.2
	 	Resignation or Removal of Owner Trustee	 	25
	 Section 10.3
	 	Successor Owner Trustee	 	26
	 Section 10.4
	 	Merger or Consolidation of Owner Trustee	 	26
	 Section 10.5
	 	Appointment of Co-Trustee or Separate Trustee	 	27
		
	 ARTICLE XI MISCELLANEOUS
	 	28
	 Section 11.1
	 	Supplements and Amendments	 	28
	 Section 11.2
	 	No Legal Title to Owner Trust Estate in Certificateholders	 	30
	 Section 11.3
	 	Limitation on Rights of Others	 	30
	 Section 11.4
	 	Notices	 	30
	 Section 11.5
	 	Severability	 	30
	 Section 11.6
	 	Separate Counterparts	 	31
	 Section 11.7
	 	Successors and Assigns	 	31
	 Section 11.8
	 	Covenants of the Depositor	 	31

  
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	 Section 11.9
	 	No Petition	 	31
	 Section 11.10
	 	No Recourse	 	31
	 Section 11.11
	 	Headings	 	31
	 Section 11.12
	 	Governing Law; Waiver of Jury Trial	 	31
	 Section 11.13
	 	Depositor Payment Obligation	 	32
	 Section 11.14
	 	Certificates Nonassessable and Fully Paid	 	32
	 Section 11.15
	 	Ratification of Prior Actions	 	32
	 Section 11.16
	 	Legal Fees Associated with Indemnification	 	32

 EXHIBITS 
  

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

  
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 AMENDED AND RESTATED TRUST AGREEMENT, dated as of April 1, 2016 (as amended, supplemented or
otherwise modified and in effect from time to time, this “Agreement”), between CARMAX AUTO FUNDING LLC, a Delaware limited liability company, as depositor (the “Depositor”), and U.S. BANK TRUST NATIONAL ASSOCIATION,
a national banking association, as owner trustee and not in its individual capacity (in such capacity, the “Owner Trustee”). 

WHEREAS, CarMax Auto Owner Trust 2016-2 was created on September 25, 2015 pursuant to (i) a Trust Agreement, dated as of
September 25, 2015, between the Depositor and the Owner Trustee (the “Initial Trust Agreement”) and (ii) the filing of a certificate of trust with the Secretary of State of the State of Delaware on September 25, 2015;
and 
 WHEREAS, the Depositor and the Owner Trustee wish to amend and restate the Initial Trust Agreement on the terms and conditions
hereinafter set forth; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Depositor and the Owner Trustee hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.1 Definitions. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in
Appendix A to the Sale and Servicing Agreement, dated as of the date hereof, among CarMax Auto Owner Trust 2016-2, as issuer, the Depositor, and CarMax Business Services, LLC, as servicer, as amended, supplemented or otherwise modified and in effect
from time to time. 
 Section 1.2 Other Definitional Provisions. 

(a) All terms defined in this Trust Agreement shall have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein. 
 (b) As used in this Trust Agreement and in any certificate or other documents made or
delivered pursuant hereto or thereto, accounting terms not defined in this Trust Agreement or in any such certificate or other document, and accounting terms partly defined in this Trust Agreement or in any such certificate or other document to the
extent not defined, shall have the respective meanings assigned to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Trust Agreement or in any such certificate or other document are
inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Trust Agreement or in any such certificate or other document shall control. 

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

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

ARTICLE II 
 ORGANIZATION OF THE
TRUST 
 Section 2.1 Name. The Trust shall be known as “CarMax Auto Owner Trust 2016-2,” in which name the Owner
Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 

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

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

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

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

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

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

Section 2.4 Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of
the date hereof, to have all the rights, powers and duties set forth herein and in the Statutory Trust Statute. 
 Section 2.5
Initial Capital Contribution of Owner Trust Estate. The Depositor has sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum of $100. The Owner Trustee hereby acknowledges receipt in trust from the Depositor of such
amount, which amount constituted the initial Owner Trust Estate and was deposited in the Certificate Payment Account. The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee,
promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 
 Section 2.6 Declaration of Trust. The
Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Transaction
Documents. It is the intention of the parties hereto that (i) the Trust constitute a statutory trust under the Statutory Trust Statute and that this Trust Agreement constitute the governing instrument of such statutory trust and
(ii) solely for income and franchise tax purposes, the Trust shall be treated (A) if it has one beneficial owner, as a non-entity and (B) if it has more than one beneficial owner, as a partnership, with the assets of the partnership
being the Receivables and other assets held by the Trust, the partners of the partnership being the Certificateholders and the Notes constituting indebtedness of the partnership. Unless otherwise required by the appropriate tax authorities, the
Trust shall file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Trust either as a nonentity or as a partnership for such tax purposes. Effective as of the date hereof, the
Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Statute with respect to accomplishing the purposes of the Trust. The parties have caused the filing of the Certificate of Trust with the Secretary of
State. If it is determined that, contrary to the intent of the parties hereto and the position of the Certificateholder, the Trust has “gross receipts” for purposes of HB3, it is the intention of the parties hereto that the Trust be
treated as a “passive entity” for purposes of HB3, formed to hold assets to facilitate securitization transactions in a manner similar to grantor trusts and real estate mortgage investment conduits as defined by Section 860D of the
Code. The Depositor, and the Certificateholders by acceptance of a Certificate, agree that if it is determined that, contrary to the intent of the parties hereto and 

  
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the position of the Certificateholder, the Trust has “gross receipts” for purposes of HB3, they will, unless otherwise required by law, treat the Trust as a “passive entity”
for purposes of HB3 and will not, unless otherwise required by law, take any action to include the Trust as part of an affiliated group engaged in a unitary business (as such terms are used in HB3). Notwithstanding anything to the contrary contained
herein, nothing in this Trust Agreement should be read to imply that the Trust is doing business in Texas or has sufficient nexus with Texas in order for HB3 to apply to the Trust. 

Section 2.7 Liability of Certificateholders. The Certificateholders shall be entitled to the same limitation of personal liability
extended to stockholders of private corporations organized under the General Corporation Law of the State of Delaware. 
 Section 2.8
Title to Trust Property. Legal title to the entirety of the Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity, except where applicable law in any jurisdiction requires title to any part of the Owner Trust
Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee or a separate trustee, as the case may be; provided, that concurrently with or prior to title being deemed to be vested
in a co-trustee or a separate trustee, such trustee must provide a written grant of a security interest in the Owner Trust Estate to the Indenture Trustee and must authorize the filing of a financing statement to perfect the Indenture Trustee’s
security interest. 
 Section 2.9 Situs of Trust. The Trust shall be located and administered in the State of Delaware or the
State of Illinois. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of Illinois. The Trust shall not have any employees in any State other than the State of Delaware;
provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by the Trust only in the State of Delaware or the State of
Illinois, and payments will be made by the Trust only from the State of Delaware or the State of Illinois. The principal office of the Trust will be at the Corporate Trust Office in the State of Illinois. 

Section 2.10 Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee
that: 
 (i) the Depositor has been duly organized and is validly existing as a limited liability company in good standing
under the laws of the State of Delaware, has the power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and has the power, authority and
legal right to acquire, own and sell the Receivables; 
 (ii) the Depositor is duly qualified to do business as a foreign
limited liability company in good standing and has obtained all necessary licenses and approvals in each jurisdiction in which the failure to so qualify or to obtain such licenses and approvals would materially and adversely affect the performance
by the Depositor of its obligations under, or the validity or enforceability of, this Trust Agreement, any of the other Transaction Documents to which the Depositor is a party, the Receivables, the Notes or the Certificates; 

  
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 (iii) the Depositor has the power and authority to execute, deliver and perform
its obligations under this Trust Agreement and the other Transaction Documents to which it is a party, and the Depositor has the power and authority to sell, assign, transfer and convey the property to be sold and transferred to and deposited with
the Trust and has duly authorized such transfer and deposit by all necessary limited liability company action, and the execution, delivery and performance of this Trust Agreement and the other Transaction Documents to which the Depositor is a party
have been duly authorized by the Depositor by all necessary limited liability company action; 
 (iv) the execution, delivery
and performance by the Depositor of this Trust Agreement and the other Transaction Documents to which the Depositor is a party, the consummation of the transactions contemplated hereby and thereby and the fulfillment of the terms hereof and thereof
will not conflict with, result in a breach of any of the terms and provisions of or constitute (with or without notice or lapse of time or both) a default under the certificate of formation or limited liability company agreement of the Depositor or
any material indenture, agreement, mortgage, deed of trust or other instrument to which the Depositor is a party or by which the Depositor is bound or to which any of its properties are subject, or result in the creation or imposition of any lien
upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant to this Trust Agreement), or violate any law, order, rule or regulation applicable to the Depositor
or its properties of any federal or State regulatory body, court, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or any of its properties; 

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

Section 2.11 Federal Income Tax Matters. The Certificateholders acknowledge that it is their intent and that they understand it is
the intent of the Depositor and the Servicer that, for purposes of federal income, State and local income and franchise tax and any other income taxes, the Trust will be treated either as a disregarded entity under Treasury Regulation

  
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Section 301.7701-3 or as a partnership, and that the Certificateholders will be treated as partners in that partnership. The Certificateholders by acceptance of a Certificate agree to such
treatment and agree to take no action inconsistent with such treatment. For each calendar quarter, other than periods in which there is only one Certificateholder: 

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

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

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

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

 If Transfer of the Certificates is permitted pursuant to this Section 3.2 and Section 3.4, a transferee of a Certificate shall
become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name pursuant to
Section 3.4. 
 Section 3.3 Authentication of Certificates. Concurrently with the initial sale of the Receivables to the
Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates to be executed on behalf of the Trust, authenticated and delivered to 

  
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or upon the written order of the Depositor, signed by its president, any vice president, any assistant vice president, its treasurer, any assistant treasurer, its secretary or any assistant
secretary, without further limited liability company action by the Depositor. No Certificate shall entitle its Holder to any benefit under this Trust Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a
certificate of authentication substantially in the form set forth in Exhibit A executed by the Owner Trustee by manual signature, which authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and
delivered hereunder. All Certificates shall be dated the date of their authentication. Upon issuance, authentication and delivery pursuant to the terms hereof, the Certificates will be entitled to the benefits of this Trust Agreement. 

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

(a) The Owner Trustee initially shall be the registrar (the “Certificate Registrar”) for the purpose of registering
Certificates and Transfers of Certificates as herein provided. The Certificate Registrar shall cause to be kept, at the office or agency maintained pursuant to Section 3.8, a register (the “Certificate Register”) in which,
subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and the registration of Transfers of Certificates. Upon any resignation of any Certificate Registrar, the Owner
Trustee shall, upon receipt of written instructions from the Depositor, promptly appoint a successor. 
 (b) The Certificates may not be
acquired with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Code,
including individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code or (iii) employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code whose
acquisition of a Certificate would constitute or result in a violation of any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code (each of (i) through (iii), a “Plan”). Each
Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such Certificateholder is not a Plan and is not a Person acting on behalf of a Plan or a Person using the assets of a Plan to effect the
transfer of such Certificate. 
 Any person who is not an affiliate of the Seller and acquires more than 49.9% of the Certificates will be
deemed to represent that it is not a party in interest (within the meaning of ERISA) or a disqualified person (within the meaning of Section 4975(e)(2) of the Code) with respect to any Plan, other than a Plan that it sponsors for the benefit of
its employees, and that no Plan with respect to which it is a party in interest has or will acquire any interest in the Notes. 
 To the
extent permitted under applicable law (including, but not limited to, ERISA), neither the Owner Trustee nor the Certificate Registrar shall be under any liability to any Person for any registration of transfer of any Certificate that is in fact not
permitted or for taking any other action with respect to such Certificate under the provisions of this Trust Agreement so long as such transfer was registered by the Owner Trustee or the Certificate Registrar in accordance with this Trust Agreement.

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

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

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

(a) If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its
satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to hold each of the Trust, the Certificate
Registrar and the Owner Trustee harmless, then, in the absence of notice to the Trust, the Certificate Registrar or the Owner Trustee that such Certificate has been acquired by a “protected purchaser” (as defined in the Relevant UCC), the
Owner Trustee shall execute on behalf of the Trust and the Owner Trustee shall authenticate and deliver, in exchange for, or in lieu of, any such mutilated, destroyed, lost or stolen Certificate, as the case may be, a replacement Certificate, as the
case may be, of like tenor and Certificate Percentage Interest. If, after the 

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

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

Section 3.7 Access to List of Certificateholders’ Names and Addresses. The Certificate Registrar shall furnish or cause to be
furnished to the Servicer and the Depositor, or to the Indenture Trustee or the Owner Trustee, within fifteen (15) days after receipt by the Certificate Registrar of a written request therefor from the Servicer, the Depositor or the Indenture
Trustee or the Owner Trustee, as the case may be, a list, in such form as the requesting party may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or more Certificateholders or one
or more Holders of Certificates evidencing not less than 25% of the aggregate Certificate Percentage Interest apply in writing to the Certificate Registrar, and such application states that the applicants desire to communicate with other
Certificateholders with respect to their rights under this Trust Agreement or under the Certificates and such application is accompanied by a copy of the communication that such 

  
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applicants propose to transmit, then the Certificate Registrar shall, within five (5) Business Days after the receipt of such application, afford such applicants access during normal
business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or the Owner Trustee accountable by
reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
 Section 3.8
Maintenance of Office or Agency. The Certificate Registrar shall maintain in Chicago, Illinois, an office or offices or agency or agencies where Certificates may be surrendered for registration of Transfer or exchange and where notices and
demands to or upon the Certificate Registrar in respect of the Certificates and the Transaction Documents may be served. The Certificate Registrar shall give prompt written notice to the Depositor, the Owner Trustee and the Certificateholders of any
change in the location of the Certificate Registrar or any such office or agency. 
 Section 3.9 Appointment of Paying Agent.
The Paying Agent shall make distributions to Certificateholders from the Certificate Payment Account pursuant to Section 5.2 and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable
power to withdraw funds from the Certificate Payment Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion
that the Paying Agent shall have failed to perform its obligations under this Trust Agreement in any material respect. The Paying Agent shall initially be the Owner Trustee and any co-paying agent chosen by the Owner Trustee. The Owner Trustee shall
be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Depositor. In the event that the Owner Trustee shall no longer be the Paying Agent, the Owner Trustee, upon receipt of written instructions from the
Depositor, shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall direct such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to
the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it
for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon
removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Section 7.1, Section 7.3 and Section 8.1 shall apply to the Owner Trustee also in its role as Paying
Agent, for so long as the Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the
context requires otherwise. 
 ARTICLE IV 

ACTIONS BY OWNER TRUSTEE 

Section 4.1 Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner
Trustee shall not take action unless (i) at least thirty (30) days before the taking of such action, the Owner Trustee shall have notified the 

  
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Certificateholders, the Administrator and the Depositor (who shall promptly forward such notice to the Rating Agencies) in writing of the proposed action and (ii) the Holders of Certificates
evidencing not less than 51% of the aggregate Certificate Percentage Interest shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that the Holders have withheld consent or provided alternative
direction: 
 (i) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought by the Servicer in
connection with the collection of the Receivables) and the settlement of any action, proceeding, investigation, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection by the
Servicer of the Receivables); 
 (ii) the election by the Trust to file an amendment to the Certificate of Trust (unless such
amendment is required to be filed under the Statutory Trust Statute); 
 (iii) the amendment of the Indenture by a
supplemental indenture in circumstances where the consent of any Noteholder is required; 
 (iv) the amendment of the
Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Certificateholders; 

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

(vi) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent for the Notes or Indenture Trustee
or pursuant to this Trust Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent for the Notes or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this
Trust Agreement, as applicable. 
 Section 4.2 Action by Certificateholders with Respect to Certain Matters. The Owner Trustee
may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing not less than 51% of the aggregate
Certificate Percentage Interest, (i) remove the Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iii) remove the
Administrator pursuant to Section 9 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture,
except as expressly provided in the Transaction Documents. 
 Section 4.3 Action by Certificateholders with Respect to
Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Trust unless (i) the Notes have been paid in full and (ii) each Certificateholder approves of such commencement in
writing in advance and delivers to the Owner Trustee a certificate certifying that such Person reasonably believes that the Trust is insolvent. 

  
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 Section 4.4 Restrictions on Certificateholders’ Power. The Certificateholders
shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Trust Agreement or any of the other Transaction Documents or
would be contrary to Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 Section 4.5
Majority Control. Except as expressly provided herein, any action that may be taken by the Certificateholders under this Trust Agreement may be taken by the Holders of Certificates evidencing not less than 51% of the aggregate Certificate
Percentage Interest. Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Trust Agreement shall be effective if signed by the Holders of Certificates evidencing not less than 51% of the
aggregate Certificate Percentage Interest at the time of the delivery of such notice. 
 Section 4.6 Certain Litigation Matters.
The Owner Trustee shall provide prompt written notice to the Depositor, the Seller and the Servicer of any action, proceeding or investigation known to the Owner Trustee that could reasonably be expected to adversely affect the Trust or the Owner
Trust Estate. 
 ARTICLE V 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

Section 5.1 Establishment of Certificate Payment Account. Pursuant to Section 4.1 of the Sale and Servicing Agreement, the
Servicer has agreed to establish, on or before the Closing Date, and maintain in the name of the Owner Trustee at an Eligible Institution (which shall initially be the Owner Trustee) a segregated trust account designated as the “CarMax Auto
Owner Trust 2016-2 Trust Account” (the “Certificate Payment Account”). The Certificate Payment Account shall be held in trust for the benefit of the Certificateholders. Except as expressly provided in Section 3.9, the
Certificate Payment Account shall be under the sole dominion and control of the Owner Trustee. All monies deposited from time to time in the Certificate Payment Account pursuant to the Sale and Servicing Agreement or the Indenture shall be applied
as provided in this Trust Agreement, the Sale and Servicing Agreement and the Indenture. The amounts on deposit in the Certificate Payment Account shall not be invested. 

Section 5.2 Application of Trust Funds. 

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

  
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 (b) On each Distribution Date, the Owner Trustee shall, or, if the Owner Trustee is not the
Paying Agent, the Owner Trustee shall direct the Paying Agent to, make available to each Certificateholder the statement provided to the Owner Trustee by the Servicer pursuant to Section 4.9 of the Sale and Servicing Agreement with respect to
such Distribution Date. 
 (c) In the event that any withholding tax is imposed on any Trust payment (or any allocation of income) to a
Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.2. The Owner Trustee and each Paying Agent are hereby authorized and directed to retain from amounts
otherwise distributable to the Certificateholders sufficient funds for the payment of any such withholding tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such
Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S.
Certificateholder), the Owner Trustee may withhold such amounts in accordance with this Section 5.2. If a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably cooperate with such
Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred. 

Section 5.3 Method of Payment. Subject to Section 5.2(c), distributions required to be made to Certificateholders on any
Distribution Date shall be made to each Certificateholder of record on the preceding Record Date either by wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefor,
if such Certificateholder shall have provided to the Certificate Registrar and the Paying Agent appropriate written instructions at least five (5) Business Days prior to such Distribution Date and such Certificateholder is the Depositor or, if
not, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register. Notwithstanding the foregoing, the final distribution in respect of any Certificate (whether on the Final Scheduled Maturity Date or
otherwise) will be payable only upon presentation and surrender of such Certificate at the office or agency maintained for that purpose by the Certificate Registrar pursuant to Section 3.8. 

Section 5.4 No Segregation of Monies; No Interest. Subject to Section 5.1 and Section 5.2, monies received by the Owner
Trustee hereunder need not be segregated in any manner except to the extent required by law, the Indenture or the Sale and Servicing Agreement and may be deposited under such general conditions as may be prescribed by law, and the Owner Trustee
shall not be liable for any interest thereon. 
 Section 5.5 Accounting and Reports to the Noteholders, Certificateholders, the
Internal Revenue Service and Others. The Owner Trustee shall, based on information provided by the Seller, (i) maintain (or cause to be maintained) the books of the Trust on the basis of a fiscal year ending on the last day of February and
based on the accrual method of accounting, (ii) deliver to each Certificateholder, as may be required by the Code and applicable Treasury 

  
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Regulations, such information as may be required (including Schedule K-1) to enable such Certificateholder to prepare its federal and State income tax returns, (iii) file such tax returns
relating to the Trust (including a partnership information return, IRS Form 1065) and make such elections as may from time to time be required or appropriate under any applicable State or federal statute or rule or regulation thereunder so as to
maintain the Trust’s characterization as a partnership for federal income tax purposes, (iv) cause such tax returns to be signed in the manner required by law and (v) collect or cause to be collected any withholding tax as described
in and in accordance with Section 5.2(c) with respect to income or distributions to Certificateholders. The Owner Trustee, on behalf of the Trust, shall elect under Section 1278 of the Code to include in income currently any market
discount that accrues with respect to the Receivables. The Owner Trustee, on behalf of the Trust, shall not make the election provided under Section 754 of the Code. 

The Owner Trustee may satisfy its obligations with respect to this Section 5.5 by retaining, on behalf of the Trust, at the expense of
the Seller, a firm of independent public accountants (the “Accountants”) selected by the Seller. The Owner Trustee, on behalf of the Trust, may require the Accountants to provide to the Owner Trustee, on or before March 15,
2017, a letter in form and substance satisfactory to the Owner Trustee as to whether any federal tax withholding on Certificates is then required and, if required, the procedures to be followed with respect thereto to comply with the requirements of
the Code. The Accountants shall be required to update such letter in each instance that any additional tax withholding is subsequently required or any previously required tax withholding shall no longer be required. The Owner Trustee shall be deemed
to have discharged its obligations pursuant to this Section 5.5 upon its retention of the Accountants, and the Owner Trustee shall not have any liability with respect to the default or misconduct of the Accountants. 

Section 5.6 Signature on Returns; Tax Matters Partner. 

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

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

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

Section 6.1 General Authority. The Owner Trustee is authorized and directed to execute and deliver the Transaction Documents to
which the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust is to be a party, in each case in such form as the Depositor shall approve, as
evidenced conclusively by the Owner Trustee’s execution thereof and the Depositor’s execution of this Trust Agreement, and to direct the Indenture Trustee to authenticate and deliver Notes in the aggregate principal amount of
$1,175,000,000 (comprising $230,000,000 in aggregate principal amount of Class A-1 Notes, $194,000,000 in aggregate principal amount of Class A-2a Notes, $194,000,000 in aggregate principal amount of Class A-2b

  
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Notes, $365,000,000 in aggregate principal amount of Class A-3 Notes, $113,900,000 in aggregate principal amount of Class A-4 Notes, $28,200,000 in aggregate principal amount of Class B
Notes, $31,700,000 in aggregate principal amount of Class C Notes and $18,200,000 in aggregate principal amount of Class D Notes). In addition to the foregoing, the Owner Trustee is authorized to take all actions required of the Trust pursuant to
the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action on behalf of the Trust as is permitted by the Transaction Documents and which the Certificateholders, the Servicer or the Administrator
recommends in writing with respect to the Transaction Documents, except to the extent that this Trust Agreement expressly requires the consent of Certificateholders for such action. 

Section 6.2 General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its
responsibilities pursuant to the terms of this Trust Agreement and to administer the Trust for the benefit of the Certificateholders, subject to the lien of the Indenture and in accordance with the provisions of this Trust Agreement. Notwithstanding
the foregoing, the Owner Trustee shall be deemed to have discharged (or caused to be discharged) its duties and responsibilities hereunder to the extent the Administrator is required in the Administration Agreement to perform any act or to discharge
such duty of the Owner Trustee or the Trust hereunder or under any other Transaction Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the Administration
Agreement. The Owner Trustee shall not be charged with knowledge of any Event of Default unless either (i) a Responsible Officer shall have actual knowledge of such Event of Default or (ii) written notice of such Event of Default shall
have been given to the Owner Trustee in accordance with the provisions of this Trust Agreement. 
 Section 6.3 Action upon
Instruction. 
 (a) Subject to Article IV, and in accordance with the terms of the Transaction Documents, the Certificateholders may, by
written instruction, direct the Owner Trustee in the management of the Trust. 
 (b) The Owner Trustee shall not be required to take any
action under this Trust Agreement or any other Transaction Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or
is contrary to the terms of this Trust Agreement or any other Transaction Document or is otherwise contrary to law. 
 (c) Subject to
Article IV, whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Trust Agreement or any other Transaction Document, the Owner Trustee shall promptly give notice (in such form
as shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the
Certificateholders received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate written instruction within ten (10) days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, 

  
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not inconsistent with this Trust Agreement or the other Transaction Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person
for such action or inaction. 
 (d) Subject to Article IV, in the event the Owner Trustee is unsure as to the application of any provision
of this Trust Agreement or any other Transaction Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Trust Agreement permits any
determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate
under the circumstances) to the Certificateholders requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable,
on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate written instruction within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such
notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Trust Agreement or the other Transaction Documents, as it shall deem to be in the best
interests of the Certificateholders and shall have no liability to any Person for such action or inaction. 
 Section 6.4 No Duties
Except as Specified in this Trust Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of or otherwise deal with the Owner Trust
Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee or the Trust is a party, except as expressly provided by the terms of this Trust Agreement or in
any document or written instruction received by the Owner Trustee pursuant to Section 6.3, and no implied duties or obligations shall be read into this Trust Agreement or any other Transaction Document against the Owner Trustee. The Owner
Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or otherwise to perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or
file any Commission filing for the Trust or to record this Trust Agreement or any other Transaction Document. The Owner Trustee shall, however, at its own cost and expense, promptly take all action as may be necessary to discharge any lien (other
than the lien of the Indenture) on any part of the Owner Trust Estate that results from actions by, or claims against, the Owner Trustee in its individual capacity that are not related to the ownership or the administration of the Owner Trust
Estate. 
 Section 6.5 No Action Except Under Specified Documents or Instructions. The Owner Trustee shall not manage, control,
use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Trust Agreement, (ii) in accordance
with the other Transaction Documents to which the Trust is a party and (iii) in accordance with any document or written instruction delivered to the Owner Trustee pursuant to Section 6.3. 

  
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 Section 6.6 Restrictions. The Owner Trustee shall not take any action (i) that
is inconsistent with the purposes of the Trust set forth in Section 2.3 or (ii) that, to the actual knowledge of the Owner Trustee, would (A) affect the treatment of the Notes as indebtedness for federal income or Virginia income or
franchise tax purposes, (B) be deemed to cause a taxable exchange of the Notes for federal income or Virginia income or franchise tax purposes or (C) cause the Trust or any portion thereof to be taxable as an association or publicly traded
partnership taxable as a corporation for federal income or Virginia income or franchise tax purposes. The Certificateholders, the Depositor, the Administrator and the Servicer shall not direct the Owner Trustee to take action that would violate the
provisions of this Section 6.6. 
 Section 6.7 Instructions by Electronic Methods. The Owner Trustee is hereby authorized
to rely upon and comply with instructions and directions sent by e-mail, facsimile and other similar unsecured electronic methods (“Electronic Methods”) by persons believed by the Owner Trustee to be authorized to give instructions and
directions on behalf of the Depositor. The Owner Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions or directions on behalf of
the Depositor (other than to verify that the signature on a facsimile is the signature of a person authorized to give instructions and directions on behalf of the Depositor), and the Owner Trustee shall have no liability for any losses, liabilities,
costs or expenses incurred or sustained by the Depositor as a result of such reliance upon or use of Electronic Methods to submit instructions and directions to the Owner Trustee, including the risk of the Owner Trustee taking unauthorized
instructions, and the risk of interception and misuse by third parties. 
 Section 6.8 Communications Regarding Demands to
Repurchase Receivables. The Owner Trustee shall provide notice to CarMax and the Depositor as soon as practicable of all demands communicated to a Responsible Officer of the Owner Trustee for the repurchase or replacement of any Receivable for
breach of the representations and warranties concerning such Receivable. Subject to this Section 6.8, the Owner Trustee shall have no obligation to take any other action with respect to a demand. However, the Owner Trustee shall, upon
written request of either CarMax or the Depositor, provide notification to CarMax and the Depositor with respect to any actions taken by the Owner Trustee with respect to any such demand communicated to a Responsible Officer of the Owner Trustee in
respect of any Receivables, such notifications to be provided by the Owner Trustee as soon as practicable and in any event within five Business Days of such request or such other time frame as may be mutually agreed to by the Owner Trustee and
CarMax or the Depositor, as applicable. The Owner Trustee acknowledges and agrees that the purpose of this Section 6.8 is to facilitate compliance by CarMax and the Depositor with Rule 15Ga-1 under the Exchange Act, as amended, and Items
1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and Regulations”). The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations may change over time, whether due to
interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by CarMax and the Depositor in
good faith for delivery of information under these provisions on the basis of evolving interpretations of the Repurchase Rules and Regulations. The Owner Trustee shall cooperate fully with CarMax and the Depositor to deliver any and all records and
any other information in its actual possession that are reasonably requested in writing by CarMax or the Depositor and necessary in the good faith determination of CarMax and the Depositor to permit them to comply

  
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with the provisions of the Repurchase Rules and Regulations. In no event shall the Owner Trustee have (i) any responsibility or liability in connection with any filing required to be made by
a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities except as expressly
set forth in this Section 6.8. 
 ARTICLE VII 

REGARDING THE OWNER TRUSTEE 

Section 7.1 Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this Trust Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms of this Trust Agreement.
The Owner Trustee shall not be answerable or accountable hereunder or under any other Transaction Document under any circumstances, except (i) for its own willful misconduct, bad faith or negligence or (ii) in the case of the inaccuracy of
any representation or warranty contained in Section 7.3 expressly made by the Owner Trustee, in its individual capacity. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 

(i) the Owner Trustee shall not be liable for any error of judgment made in good faith by a responsible officer of the Owner
Trustee unless it is proved that the Owner Trustee was negligent in ascertaining the pertinent facts; 
 (ii) the Owner
Trustee shall not be liable with respect to any action taken or omitted to be taken in good faith by it in accordance with the provisions of this Trust Agreement at the instructions of any Certificateholder, the Indenture Trustee, the Depositor, the
Administrator or the Servicer; 
 (iii) no provision of this Trust Agreement or any other Transaction Document shall require
the Owner Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers hereunder or under any other Transaction Document if the
Owner Trustee shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 

(iv) the Owner Trustee shall not be liable for any indebtedness evidenced by or arising under any of the Transaction Documents,
including the principal of and interest on the Notes or payments of Excess Collections to the Certificateholders; 
 (v) the
Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Trust Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the
Owner Trust Estate or for or in respect of the validity or sufficiency of the other Transaction Documents, other than the certificate of authentication on the Certificates, and the Owner Trustee shall in no event assume or incur any liability, duty,
or obligation to any Noteholder or to any Certificateholder, other than as expressly provided for herein and in the other Transaction Documents; 

  
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 (vi) the Owner Trustee shall not be liable for the default or misconduct of the
Servicer, the Administrator, the Depositor or the Indenture Trustee under any of the Transaction Documents or otherwise, and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust under this Trust Agreement
or the other Transaction Documents that are required to be performed by the Administrator under the Administration Agreement, the Servicer under the Sale and Servicing Agreement or the Indenture Trustee under the Indenture; 

(vii) the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust
Agreement, or to institute, conduct or defend any litigation under this Trust Agreement or otherwise or in relation to this Trust Agreement or any other Transaction Document, at the request, order or direction of any of the Certificateholders,
unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby; 

(viii) the right of the Owner Trustee to perform any discretionary act enumerated in this Trust Agreement or any other
Transaction Document shall not be construed as a duty, and the Owner Trustee shall not be answerable other than for its willful misconduct, bad faith or negligence in the performance of any such act; 

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

(x) the Owner Trustee shall have no responsibility for the accuracy of any information provided to Certificateholders or any
other person that has been obtained from, or provided to the Owner Trustee by, any other Person; and 
 (xi) the Owner
Trustee shall not be liable for any failure to anticipate incurring Expenses as long as the Owner Trustee acts in good faith based on the facts reasonably available to it at the time of such determination. 

Section 7.2 Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholders promptly upon receipt of a written
request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents. 

  
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 Section 7.3 Representations and Warranties. The Owner Trustee, in its individual
capacity, hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that: 
 (a) it is a national banking
association duly organized and validly existing in good standing under the laws of the United States and has all requisite power and authority to execute, deliver and perform its obligations under this Trust Agreement; 

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

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

Section 7.4 Reliance; Advice of Counsel. 

(a) The Owner Trustee may rely upon, shall be protected in relying upon, and shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a
certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or
matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized
officers of the relevant party, as to such fact or matter and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Trust Agreement
or the other Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such
agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care and (ii) may consult with counsel, 

  
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accountants and other skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in
accordance with the written opinion or advice of any such counsel, accountants or other such Persons and not contrary to this Trust Agreement or any other Transaction Document. 

Section 7.5 Not Acting in Individual Capacity. Except as provided in Section 7.3, in accepting the trusts hereby created,
U.S. Bank Trust National Association acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Trust Agreement or any
other Transaction Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 
 Section 7.6 Owner
Trustee Not Liable for Certificates or Receivables. The recitals contained herein and in the Certificates (other than the signature and countersignature of the Owner Trustee on the Certificates) shall be taken as the statements of the Depositor,
and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Trust Agreement, any other Transaction Document, the Certificates (other than the
signature and countersignature of the Owner Trustee on the Certificates) or the Notes, or of any Receivable or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity
and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the
Owner Trust Estate or its ability to generate the payments to be distributed to the Certificateholders under this Trust Agreement or to the Noteholders under the Indenture, including the existence, condition and ownership of any Financed Vehicle,
the existence and enforceability of any insurance thereon, the existence and contents of any Receivable on any computer or other record thereof, the validity of the assignment of any Receivable to the Trust or any intervening assignment, the
completeness of any Receivable, the performance or enforcement of any Receivable, the compliance by the Depositor or the Servicer with any warranty or representation made under any Transaction Document or in any related document, or the accuracy of
any such warranty or representation or any action of the Indenture Trustee, the Administrator or the Servicer taken in the name of the Owner Trustee. 

Section 7.7 Owner Trustee May Own Certificates and Notes. The Owner Trustee, in its individual or any other capacity, may become
the owner or pledgee of Certificates or Notes and may deal with the Depositor, the Servicer, the Administrator and the Indenture Trustee in banking transactions with the same rights as it would have if it were not Owner Trustee. 

Section 7.8 Regulation AB. The Owner Trustee shall cooperate in good faith with the Depositor to ensure compliance by the
Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance
provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel or otherwise. The Owner Trustee shall deliver to the Depositor (including any of its assignees or designees) upon request
any and all 

  
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reports, statements, certifications, records and other information necessary in the good faith determination of the Depositor to permit the Depositor to comply with the provisions of Regulation
AB, together with such disclosures relating to the Owner Trustee and the Receivables, or the servicing of the Receivables, reasonably believed by the Depositor to be necessary in order to effect such compliance. The Depositor shall not request
information or disclosures pursuant to this Section 7.8 other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act or the rules and regulations of the Commission under the Securities Act or the
Exchange Act. 
 ARTICLE VIII 

COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE 

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

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

Section 8.3 Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII shall be deemed not
to be a part of the Owner Trust Estate immediately after such payment. 

  
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 ARTICLE IX 

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

 (b) No Certificateholder shall be entitled to revoke or terminate the Trust. 

(c) Notice of any termination of the Trust, specifying the Distribution Date upon which the Certificateholders shall surrender their
Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to Certificateholders mailed within five (5) Business Days of receipt of notice of such termination from the
Servicer, stating (i) the Distribution Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein specified, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificates at the office of the Paying Agent
therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the
Certificates, the Paying Agent shall cause to be distributed to the Certificateholders, subject to Section 3808 of the Statutory Trust Statute, amounts distributable on such Distribution Date pursuant to Section 5.2. In the event that all
of the Certificateholders shall not surrender their Certificates for cancellation within six (6) months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner
Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates and the cost thereof shall be paid out of the funds and other assets that
shall remain subject to this Trust Agreement. Subject to applicable escheat laws, any funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the Certificateholders in proportion to each
Certificateholder’s Certificate Percentage Interest. 

  
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 (d) Upon the winding up of the Trust, in accordance with Section 3808 of the Statutory Trust
Statute, and its termination, the Owner Trustee shall, at the written direction of the Depositor, cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of
Section 3810 of the Statutory Trust Statute. 
 ARTICLE X 

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 

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

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

If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and shall fail to resign
after written request therefor by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any
public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or the Owner Trustee shall otherwise become incapable of acting, then the Administrator
shall remove the Owner Trustee. If the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee (acceptable to the Depositor) by
written instrument, in duplicate, one copy of which instrument shall be delivered to the removed Owner Trustee and one copy to the successor Owner Trustee. 

  
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 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee
pursuant to this Section 10.2 shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Administrator
shall provide notice of such resignation or removal of the Owner Trustee to the Depositor, the Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. 

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

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

Section 10.4 Merger or Consolidation of Owner Trustee. 

(a) If the Owner Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or
assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association, without any further act except the filing of an amendment to the Certificate of Trust, if required under the Statutory
Trust Statute, shall be the successor Owner Trustee; provided, however, that such corporation or banking association must be otherwise qualified and eligible under Section 10.1. The Owner Trustee shall provide the Administrator
(who shall promptly forward to the Rating Agencies) with prior written notice of any such transaction. 

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

Section 10.5 Appointment of Co-Trustee or Separate Trustee. 

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

(iii) the Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate
trustee or co-trustee. 

  
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 (c) Any notice, request or other writing given to the Owner Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Trust Agreement and the conditions of this Article X. Each
separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein,
subject to all the provisions of this Trust Agreement, specifically including every provision of this Trust Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall
be filed with the Owner Trustee and a copy thereof given to the Administrator. 
 (d) Any separate trustee or co-trustee may at any time
constitute the Owner Trustee its agent or attorney-in-fact with full power and authority, to the extent permitted by law, to do any lawful act under or in respect of this Trust Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new
or successor trustee. 
 ARTICLE XI 

MISCELLANEOUS 
 Section 11.1
Supplements and Amendments. 
 (a) This Trust Agreement may be amended from time to time by a written amendment duly executed and
delivered by the Depositor and the Owner Trustee, without the consent of any Noteholder, any Certificateholder or any other Person; provided, however, that (i) any such amendment shall not, as evidenced by an Opinion of Counsel to
the Depositor delivered to the Indenture Trustee, adversely affect in any material respect the interests of the Noteholders or (ii) the Rating Agency Condition is satisfied with respect to such amendment and the Servicer notifies the Indenture
Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 
 (b) This Trust Agreement may be amended
from time to time by the Depositor and the Owner Trustee, with the consent of the Holders (as defined in the Indenture) of Notes evidencing not less than 51% of the Note Balance or, if the Notes have been paid in full, the Holders of Certificates
evidencing not less than 51% of the aggregate Certificate Percentage Interest, for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Trust Agreement or modifying in any manner the rights
of the Noteholders or the Certificateholders; provided, however, that no such amendment may: 
 (i) increase or
reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority of, collections of payments on or in respect of the Receivables or distributions that are required to be made for the benefit of the
Noteholders or the Certificateholders, or change any Note Rate, without the consent of all Noteholders and Certificateholders adversely affected by such amendment; 

  
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 (ii) reduce the percentage of the Note Balance or the percentage of the aggregate
Certificate Percentage Interest the consent of the Holders of which is required for any amendment to this Trust Agreement without the consent of all the Noteholders and Certificateholders adversely affected by the amendment; or 

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

(c) Any term or provision of this Trust Agreement may also be amended from time to time by the Depositor and the Owner Trustee for the purpose
of conforming the terms of this Trust Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect to any Retained Notes or the
Certificates without the consent of the Indenture Trustee, any Noteholder, any Certificateholder, the Trust, or any other Person; provided, however, that the Depositor shall provide written notification of the substance of such
amendment to the Indenture Trustee and the Trust. 
 (d) Prior to the execution of any amendment or consent pursuant to Section 11.1,
the Depositor shall provide written notification of the substance of such amendment or consent to each Rating Agency. 
 (e) Promptly after
the execution of any such amendment or consent, the Owner Trustee shall furnish an executed copy of such amendment or consent to each Certificateholder and the Depositor shall furnish written notification of the substance of such amendment or
consent to the Indenture Trustee and the Rating Agencies. 
 (f) It shall not be necessary for the consent of the Certificateholders or the
Noteholders pursuant to Section 11.1(b) to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other
consents of Certificateholders provided for in this Trust Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable requirements as the
Owner Trustee may prescribe. 
 (g) Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall file
such amendment or cause such amendment to be filed with the Secretary of State. 
 (h) The Owner Trustee may, but shall not be obligated to,
enter into any such amendment that affects the Owner Trustee’s own rights, duties, liabilities or immunities under this Trust Agreement or otherwise. 

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

Section 11.2 No Legal Title to Owner Trust Estate in Certificateholders. The Certificateholders shall not have legal title to any
part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided beneficial interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise,
of any right, title or interest of the Certificateholders in and to their beneficial interest in the Owner Trust Estate shall operate to terminate this Trust Agreement or the trusts hereunder or entitle any transferee to an accounting or to the
transfer to it of legal title to any part of the Owner Trust Estate. 
 Section 11.3 Limitation on Rights of Others. The
provisions of this Trust Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Administrator, the Certificateholders, the Servicer and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Trust Agreement or in the Certificates, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Trust Agreement
or any covenants, conditions or provisions contained herein. 
 Section 11.4 Notices. All demands, notices and other
communications under this Trust Agreement shall be in writing, personally delivered, sent by telecopier, email, overnight courier or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt
(i) in the case of the Owner Trustee, at the Corporate Trust Office, (ii) in the case of the Depositor, at the following address: 12800 Tuckahoe Creek Parkway, Suite 400, Richmond, Virginia 23238, Attention: Treasurer, (iii) in the
case of the Indenture Trustee, at the Corporate Trust Office, (iv) in the case of Standard & Poor’s, at the following address: Standard & Poor’s Ratings Services, a division of Standard & Poor’s
Financial Services LLC, 55 Water Street, 43rd Floor, New York, New York 10041, Attention: Asset Backed Surveillance Department, (v) in the case of Fitch, at the following address: Fitch Ratings, Inc., 33 Whitehall Street, New York, New York
10004, Attention: Auto Asset Backed Securities Group, and via email to notifications.abs@fitchratings.com, and (vi) in the case of the Administrator, at the following address: 12800 Tuckahoe Creek Parkway, Richmond, Virginia 23238, Attention:
Treasury Department. Any notice required or permitted to be mailed to a Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Holder as shown in the Certificate Register. Any notice so mailed within the time
prescribed in this Trust Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder shall receive such notice. 

Section 11.5 Severability. If any provision of this Trust Agreement or the Certificates shall be held for any reason whatsoever
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Trust Agreement and the Certificates shall not in any way be affected or impaired thereby. 

  
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 Section 11.6 Separate Counterparts. This Trust Agreement may be executed in any
number of counterparts, each of which counterparts when so executed shall be deemed to be an original, and all of which counterparts shall together constitute but one and the same instrument. 

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

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

Section 11.11 Headings. The Article and Section headings herein and the Table of Contents are for convenience only and shall not
define or limit any of the terms or provisions hereof. 
 Section 11.12 Governing Law; Waiver of Jury Trial. 

(a) This Trust Agreement shall be construed in accordance with the laws of the State of Delaware and the obligations, rights and remedies of
the parties under this Trust Agreement shall be determined in accordance with such laws. 

  
 31 

 (b) The parties hereto hereby irrevocably waive, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Trust Agreement. 
 Section 11.13
Depositor Payment Obligation. The Depositor shall be responsible for payment of the Administrator’s compensation under the Administration Agreement and shall reimburse the Administrator for all expenses and liabilities of the
Administrator incurred under the Administration Agreement. 
 Section 11.14 Certificates Nonassessable and Fully Paid. The
Certificateholders shall not be personally liable for the obligations of the Trust. The interests represented by the Certificates shall be nonassessable for any losses or expenses of the Trust or for any reason whatsoever, and, upon the
authentication thereof by the Owner Trustee pursuant to Section 3.3, Section 3.4 or Section 3.5, the Certificates are and shall be deemed fully paid. 

Section 11.15 Ratification of Prior Actions. Any actions taken by the Owner Trustee or the Administrator, in each case for itself
or on behalf of the Trust, in connection with the opening of bank accounts, deposit of monies into such accounts, obtaining of sales finance company licenses on behalf of the Trust and any actions related thereto are hereby confirmed and ratified in
all respects, and the Owner Trustee shall be entitled to the indemnity provided for in Section 8.2 with respect to such actions. 

Section 11.16 Legal Fees Associated with Indemnification. With respect to any indemnification provisions in this Trust Agreement
providing that a party to this Trust Agreement is required to indemnify another party to this Trust Agreement for attorney’s fees and expenses, such fees and expenses are intended to include attorney’s fees and expenses relating to the
enforcement of such indemnity. 
 [SIGNATURE PAGE FOLLOWS] 

  
 32 

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

			
	CARMAX AUTO FUNDING LLC,
	as Depositor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 U.S. BANK TRUST NATIONAL ASSOCIATION,

as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

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

		
	By:	 	  

	Name:	 	
	Title:	 	

  

  
 Trust Agreement (CAOT 2016-2) 

 Exhibit A 

Form of Certificate 

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

			
	REGISTERED	  	NO. R-[    ]

 CARMAX AUTO OWNER TRUST 2016-2 

ASSET-BACKED CERTIFICATE 

evidencing a beneficial interest in the property of CarMax Auto Owner Trust 2016-2, a Delaware statutory trust (the “Trust”),
which property includes a pool of retail installment sale contracts secured by new and used motor vehicles sold by CarMax Business Services, LLC, a Delaware limited liability company (the “Seller”), to CarMax Auto Funding LLC, a
Delaware limited liability company (the “Depositor”), and sold by the Depositor to the Trust. The property of the Trust (other than the Certificate Payment Account and the proceeds thereof) has been pledged by the Trust to Wells
Fargo Bank, National Association, a national banking association as Indenture Trustee (in such capacity, the “Indenture Trustee”), pursuant to an Indenture dated as of April 1, 2016 (as amended, supplemented or otherwise
modified from time to time, the “Indenture”) between the Trust and the Indenture Trustee to secure the payment of the Notes issued thereunder. 

This certifies that CarMax Auto Funding LLC is the registered owner of a 100% Certificate Percentage Interest nonassessable, fully paid,
beneficial interest in the Trust. The Trust was created pursuant to a Trust Agreement dated as of September 25, 2015 between the Depositor and U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee (in
such capacity, the “Owner Trustee”),as amended and restated by an Amended and Restated Trust Agreement dated as of April 1, 2016 (as amended, supplemented or otherwise modified and in effect from time to time, the
“Trust Agreement”) among the Depositor and the Owner Trustee, a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used but not defined herein have the meanings assigned to them in the
Trust Agreement or in the Sale and Servicing Agreement dated as of April 1, 2016 (as amended, supplemented or otherwise modified and in effect from time to time, the “Sale and Servicing Agreement”) among the Trust, the
Depositor, and CarMax Business Services, LLC, as servicer (in such capacity, the “Servicer”). 
 This Certificate is issued
under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. The property of the Trust
includes: (i) a pool of retail installment sale contracts originated in connection with the sale of new or used motor vehicles (the “Receivables”); (ii) all amounts received on or in respect of the Receivables after the
Cutoff Date; (iii) the security interests in the Financed Vehicles granted 

  
 Ex. A-1 

 
by the Obligors pursuant to the Receivables and any other interest of the Seller or the Depositor in such Financed Vehicles; (iv) all proceeds from claims on or refunds of premiums with
respect to physical damage, theft, GAP, credit life or credit disability insurance policies relating to the Financed Vehicles or the Obligors; (v) the Receivable Files; (vi) the Collection Account, the Note Payment Account, the Certificate
Payment Account and the Reserve Account and all amounts, securities, financial assets, investments and other property deposited in or credited to any of the foregoing and all proceeds thereof; (vii) all rights of the Depositor under the
Receivables Purchase Agreement, including the right to require the Seller to repurchase Receivables from the Depositor; (viii) all rights of the Trust under the Sale and Servicing Agreement, including the right to require the Servicer to
purchase Receivables from the Trust; (ix) the right to realize upon any property (including the right to receive future Liquidation Proceeds) that shall have secured a Receivable and have been repossessed by or on behalf of the Trust; and
(x) all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the
foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all accounts, general intangibles, chattel paper, instruments, documents, money, investment property, deposit accounts,
letters of credit, letter-of-credit rights, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and all other property which at any time constitutes all or part of or is included in the
proceeds of any of the foregoing. 
 THE RIGHTS OF THE TRUST IN THE FOREGOING PROPERTY OF THE TRUST (OTHER THAN THE CERTIFICATE PAYMENT
ACCOUNT AND THE PROCEEDS THEREOF) HAVE BEEN PLEDGED TO THE INDENTURE TRUSTEE TO SECURE THE PAYMENT OF THE NOTES. 
 Pursuant to the Trust
Agreement, there will be distributed on each Distribution Date to the Person in whose name this Certificate is registered at the close of business on the Business Day preceding such Distribution Date such Certificateholder’s Certificate
Percentage Interest in the amount to be distributed to Certificateholders on such Distribution Date. 
 “Distribution Date”
means the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day, commencing on May 16, 2016. 

THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE
SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS AS DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE. 
 It
is the intent of the Depositor, the Seller, the Servicer and the Certificateholders that, for purposes of federal income taxes, State and local income taxes and any other income taxes, the Trust will be treated either as a disregarded entity under
Treasury Regulation Section 301.7701-3 or as a partnership, and that the Certificateholders (including the Depositor) will be treated as partners in that partnership. The Certificateholders, by acceptance of a Certificate, agree to such
treatment and agree to take no action inconsistent with such treatment. 

  
 Ex. A-2 

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

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

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

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-3 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual capacity,
has caused this Certificate to be duly executed as of the date set forth below. 
 Dated: April 20, 2016 

 

			
	CARMAX AUTO OWNER TRUST 2016-2
		
	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: April 20, 2016 
  

			
	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. A-4 

 [REVERSE OF CERTIFICATE] 

This Certificate does not represent an obligation of, or an interest in, the Depositor, the Seller, the Servicer, the Administrator, the Owner
Trustee or any Affiliates of any of them, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein, in the Trust Agreement or in the other Transaction Documents. In addition, this
Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the
Sale and Servicing Agreement. 
 The Trust Agreement permits the Depositor and the Owner Trustee, on behalf of the Trust, with certain
exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Trust Agreement without the consent of the Holders of the Certificates. The Trust Agreement also permits the Depositor and the Owner
Trustee, on behalf of the Trust, with certain exceptions as therein provided, to amend or waive certain terms and conditions set forth in the Trust Agreement with the consent of the Holders of the Notes evidencing not less than 51% of the Note
Balance or, if the Notes have been paid in full, the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest. Any such consent or waiver by the Holder of this Certificate shall be conclusive and binding
on such Holder and on all future Holders of this Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this
Certificate. 
 As provided in the Trust Agreement and subject to certain limitations therein set forth, the Transfer of this Certificate
may be registered in the Certificate Register upon surrender of this Certificate for registration of Transfer at the office or agency of the Certificate Registrar maintained for that purpose in Chicago, Illinois and a written instrument of transfer
in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates in any authorized denomination and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No service charge shall be made for any registration of Transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a
sum sufficient to cover any tax or governmental charge that may be imposed in connection therewith. The initial Certificate Registrar appointed under the Trust Agreement is the Owner Trustee. 

Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such Certificateholder is
not acquiring the Certificate with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the
fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), including individual retirement accounts and Keogh plans, that is
subject to the provisions of Section 4975 of the Code or (iii) employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code whose acquisition of a Certificate would constitute or result in a
violation of any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

  
 Ex. A-5 

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

The Certificates are issuable only in registered form in denominations as provided in the Trust Agreement, subject to certain limitations
therein set forth. 
 The Owner Trustee, the Certificate Registrar and any Paying Agent may treat the Person in whose name this Certificate
is registered in the Certificate Register (as of the day of determination) as the owner of this Certificate for the purpose of receiving distributions pursuant to the Trust Agreement and for all other purposes whatsoever, and none of the Owner
Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary. 
 The Trust Agreement, with certain
exceptions therein provided, and the Trust shall terminate and be of no further force or effect upon the earlier of (i) the payment to the Servicer, the Noteholders and the Certificateholders of all amounts required to be paid to them pursuant
to the terms of the Indenture, the Sale and Servicing Agreement and the Trust Agreement and (ii) the Distribution Date next succeeding the month which is one year after the maturity or other liquidation of the last Receivable and the
disposition of any amounts received upon liquidation of any property remaining in the Trust. 
 THIS CERTIFICATE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Ex. A-6 

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:                     

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

 
  
  

 
 (name and address of assignee) 

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

Dated: 
  

			
	  
	 	*/
	
	Signature Guaranteed:
		
	  
	 	*/

  

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

  
 Ex. A-7 

 Exhibit B 

Form of Certificate of Trust 

Certificate of Trust of CarMax Auto Owner Trust 2016-2 

This Certificate of Trust of CarMax Auto Owner Trust 2016-2 (the “Trust”) is being duly executed and filed by U.S. Bank Trust
National Association, a national banking association, as owner trustee (the “Owner Trustee”), to form a statutory trust under the Delaware Statutory Trust Act (12 Del. Code, § 3801 et seq.) (the
“Act”). 
 1. Name. The name of the statutory trust formed hereby is CarMax Auto Owner Trust 2016-2. 

2. Delaware Trustee. The name and business address of a trustee of the Trust having its principal place of business in the State of
Delaware is U.S. Bank Trust National Association, 300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801. 
 3. Effective Date.
This Certificate of Trust shall be effective upon its filing with the Secretary of State of the State of Delaware. 
 IN WITNESS WHEREOF,
the undersigned has executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act. 
  

			
	U.S. BANK TRUST NATIONAL ASSOCIATION,
	as Owner Trustee
		
	By:	 	  

		 	 Name:
 Title:

  
 Ex. BEX-4.1

 Exhibit 4.1 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST

 Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS
A(2016-2) TERMS DOCUMENT 
 Dated as of April 19, 2016 

to 
 SECOND AMENDED AND RESTATED
INDENTURE SUPPLEMENT 
 Dated as of December 22, 2015 

for the DiscoverSeries Notes 
 to

 AMENDED AND RESTATED INDENTURE 

Dated as of December 22, 2015 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	   
   

			
	 Section 1.01
	  	Definitions	  	 	1	  
	 Section 1.02
	  	Representations and Warranties of Issuer	  	 	7	  
	 Section 1.03
	  	Representations and Warranties of Indenture Trustee	  	 	8	  
	 Section 1.04
	  	Limitations on Liability	  	 	8	  
	 Section 1.05
	  	Governing Law	  	 	8	  
	 Section 1.06
	  	Counterparts	  	 	8	  
	 Section 1.07
	  	Ratification of Indenture and Indenture Supplement	  	 	9	  
	
	 ARTICLE II

THE CLASS A(2016-2) NOTES
	   
   

			
	 Section 2.01
	  	Creation and Designation	  	 	9	  
	 Section 2.02
	  	Adjustments to Required Subordinated Percentages and Amount	  	 	9	  
	 Section 2.03
	  	Interest Payment	  	 	9	  
	 Section 2.04
	  	Notification of LIBOR	  	 	10	  
	 Section 2.05
	  	Payments of Interest and Principal	  	 	10	  
	 Section 2.06
	  	Form of Delivery of Class A(2016-2) Notes; Depository; Denominations	  	 	10	  
	 Section 2.07
	  	Delivery and Payment for the Class A(2016-2) Notes	  	 	10	  
	 Section 2.08
	  	Targeted Deposits to the Accumulation Reserve Account	  	 	11	  
	 Section 2.09
	  	Additional Issuances of Notes	  	 	11	  
	 Section 2.10
	  	Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	12	  
	 Section 2.11
	  	Variable Accumulation Period	  	 	12	  

 EXHIBIT A FORM OF CLASS A(2016-2) NOTE 

  
 -i- 

 THIS CLASS A(2016-2) TERMS DOCUMENT (this “Terms Document”), by and between
DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the
United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of April 19, 2016. 

Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class A Notes of the DiscoverSeries and shall specify the
principal terms thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context
otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as
well as the singular; 
 (2) all other terms used herein which are defined in the Indenture Supplement or the Indenture, either directly or
by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted
hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation; 
 (4)
all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms Document; the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular Article, Section or other subdivision; 

(5) in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in
the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling, but solely with respect to the Class A(2016-2) Notes; 

(6) each capitalized term defined herein shall relate only to the Class A(2016-2) Notes and no other Tranche of Notes issued by the Issuer;

 (7) “including” and words of similar import will be deemed to be followed by “without limitation”; and 

  

 (8) for purposes of determining any amount or making any calculation hereunder, such amount or
calculation, (x) if specified to be as of the first day of any Due Period, shall (a) include any Notes issued during such Due Period as if such Notes had been outstanding on the first day of such Due Period and (b) give effect to any
payments, deposits or other allocations made on the Distribution Date related to the prior Due Period and (y) if specified to be as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other
allocations made on the related Distribution Date. 
 “Accumulation Amount” means $45,833,333.34; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Amount shall be determined in accordance with the definition of “Accumulation Amount” in the Indenture
Supplement. 
 “Accumulation Commencement Date” means March 1, 2018, or such later date as the Calculation Agent on
behalf of the Issuer determines in accordance with Section 2.11 hereof. 
 “Accumulation Period” has the meaning set
forth in the Indenture Supplement. 
 “Accumulation Period Length” means 12 months; provided, however, if the
commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Period Length shall be determined in accordance with the definition of “Accumulation Period Length” in the Indenture
Supplement. 
 “Accumulation Reserve Funding Period” shall not apply if the Calculation Agent on behalf of the Issuer
notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right column of the following
table was in effect on the immediately preceding Distribution Date, if such Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date immediately preceding the
earlier to occur of: 
 (x) the Expected Maturity Date for the Class A(2016-2) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2016-2) Notes is paid in full. 

 

			
	 Distribution Date:
	  	 Condition:

	(a) The Distribution Date occurring three (3) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.11 hereof) and any following Distribution
Date	  	No condition.
		
	(b) The Distribution Date occurring four (4) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.11 hereof) and any following Distribution Date	  	The three-month rolling average Excess Spread Percentage is less than 4%.

  
 2 

			
	(c) The Distribution Date occurring six (6) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.11 hereof) and any following Distribution
Date	  	The three-month rolling average Excess Spread Percentage is less than 3%.
		
	(d) The Distribution Date occurring twelve (12) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.11 hereof) and any following Distribution
Date	  	The three-month rolling average Excess Spread Percentage is less than 2%.

 provided, however, if at any point the Accumulation Reserve Funding Period has not commenced because no
condition requiring funding has occurred or the Calculation Agent has determined that the Accumulation Period Length will be shortened to one (1) month, and subsequently a condition requiring funding occurs and the Calculation Agent determines
that the Accumulation Period Length will not be so shortened, the Accumulation Reserve Funding Period shall commence on the following Distribution Date. 

“Class A(2016-2) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect
to the Class A(2016-2) Notes or (b) an Event of Default and acceleration of the Class A(2016-2) Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an Excess
Spread Early Redemption Cure has occurred, a Class A(2016-2) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class A(2016-2) Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class A(2016-2)
Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2016-2) Noteholder” means a Person
in whose name a Class A(2016-2) Note is registered in the Note Register. 
 “Class A(2016-2) Termination Date” means the
earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2016-2) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and
satisfied pursuant to Article VI thereof. 
 “Excess Spread Percentage” for any Distribution Date means a fraction, the
numerator of which is the Excess Spread Amount for such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related
Due Period. 

  
 3 

 “Expected Maturity Date” means March 15, 2019. 

“Indenture” means the Amended and Restated Indenture, dated as of December 22, 2015, between the Issuer and Indenture
Trustee, as such agreement may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Indenture Supplement” means the Second Amended and Restated Indenture Supplement, dated as of December 22, 2015, for
the DiscoverSeries Notes, between the Issuer and the Indenture Trustee, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Initial Dollar Principal Amount” means $550,000,000, or such higher amount as is specified in any Notice of Additional
Issuance under Section 2.09 hereof. 
 “Interest Accrual Period” means, with respect to any Interest Payment Date, the
period from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2016-2) Note, from and including the applicable Issuance Date) to but excluding such Interest Payment Date. 

“Interest Payment Date” means the fifteenth day of each month commencing in May 2016, or if such fifteenth day is not a
Business Day, the next succeeding Business Day. 
 “Issuance Date” means April 19, 2016, with respect to all Class
A(2016-2) Notes issued on the date hereof and, with respect to any additional Class A(2016-2) Notes issued pursuant to Section 2.09 hereof, any Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 

“Legal Maturity Date” means September 15, 2021. 

“LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in United States dollars with a duration
comparable to the relevant Interest Accrual Period which appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the Indenture Trustee on
the basis of the rates at which deposits in United States dollars are offered by major banks in the London interbank market, selected by the Indenture Trustee, at approximately 11:00 a.m., London time, on such day to prime banks in the London
interbank market with a duration comparable to the relevant Interest Accrual Period commencing on that day. The Indenture Trustee will request the principal London office of at least four banks to provide a quotation of its rate. If at least two
such quotations are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by four major banks in New York City,
selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration comparable to the relevant Interest Accrual Period commencing on that day. If LIBOR
with respect to a LIBOR Determination Date is not determined pursuant to the foregoing, LIBOR with respect to such LIBOR Determination Date will be LIBOR with respect to the immediately prior LIBOR Determination Date. 

  
 4 

 “LIBOR Business Day,” if applicable, shall mean a day other than a Saturday or a
Sunday on which banking institutions in both the City of London, England and in New York, New York are not required or authorized by law to be closed. 

“LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the commencement of an Interest Accrual
Period. 
 “Note Interest Rate” means, for any Interest Accrual Period, LIBOR + 0.54% per annum, calculated on the
basis of the actual number of days elapsed and a 360-day year; provided, that if the sum of LIBOR + 0.54% for such Interest Accrual Period is less than 0.00%, then the Note Interest Rate for such Interest Accrual Period will be deemed to be 0.00%.

 “Notice of Additional Issuance” has the meaning set forth in Section 2.09 hereof. 

“Required Daily Deposit Target Finance Charge Amount” means, for any day in a Due Period, an amount equal to the Class A
Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class A Tranche Interest Allocation cannot
be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class A Tranche Interest Allocation determined based on a
pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by 1.25. 

“Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such Due Period is in the
Accumulation Period for the Class A(2016-2) Notes, the Accumulation Amount, (ii) if such day is on or after the occurrence and during the continuance of a Class A(2016-2) Adverse Event, the Nominal Liquidation Amount of the Class A(2016-2)
Notes and (iii) in all other circumstances, zero. 
 “Required Subordinated Amount of Class B Notes” means, for the
Class A(2016-2) Notes for any date of determination, an amount equal to the product of 
 (a) the Required Subordinated Percentage of Class
B Notes for such Class A(2016-2) Notes on such date of determination; and 
 (b) the Nominal Liquidation Amount of such Class A(2016-2)
Notes on such date of determination; 
 provided, however, that for any date of determination on or after the occurrence and during the
continuation of a Class A(2016-2) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2016-2) Notes will be the greater of 

(x) the amount determined above for such date of determination; and 

(y) the amount determined above for the date immediately prior to the date on which such Class A(2016-2) Adverse Event shall have occurred.

  
 5 

 “Required Subordinated Amount of Class C Notes” means, for the Class A(2016-2)
Notes for any date of determination, an amount equal to the product of 
 (a) the Required Subordinated Percentage of Class C Notes for such
Class A(2016-2) Notes on such date of determination; and 
 (b) the Nominal Liquidation Amount of such Class A(2016-2) Notes on such date of
determination; 
 provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class
A(2016-2) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2016-2) Notes will be the greater of 
 (x) the
amount determined above for such date of determination; and 
 (y) the amount determined above for the date immediately prior to the date on
which such Class A(2016-2) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class D Notes” means, for
the Class A(2016-2) Notes for any date of determination, an amount equal to the product of 
 (a) the Required Subordinated Percentage of
Class D Notes for such Class A(2016-2) Notes on such date of determination; and 
 (b) the Nominal Liquidation Amount of such Class
A(2016-2) Notes on such date of determination; 
 provided, however, that for any date of determination on or after the occurrence and during
the continuation of a Class A(2016-2) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2016-2) Notes will be the greater of 

(x) the amount determined above for such date of determination; and 

(y) the amount determined above for the date immediately prior to the date on which the Class A(2016-2) Adverse Event shall have occurred.

 “Required Subordinated Percentage of Class B Notes” means, for the Class A(2016-2) Notes, 6.96202532%, subject to
adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class C Notes” means, for the
Class A(2016-2) Notes, 8.86075950%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage
of Class D Notes” means, for the Class A(2016-2) Notes, 10.75949368%, subject to adjustment in accordance with Section 2.02. 

“Reuters Screen LIBOR01” means the display page currently so designated on the Reuters Screen (or such other page as may
replace that page on that service for the purpose of displaying comparable rates or prices). 

  
 6 

 “Specified Rating” means, for the Class A(2016-2) Notes, Aaa(sf) with respect to
Moody’s, AAA(sf) with respect to Standard & Poor’s and AAAsf with respect to Fitch. 
 “Stated Principal
Amount” means $550,000,000 or such higher amount as is specified in any Notice of Additional Issuance under Section 2.09. 

“Targeted Accumulation Reserve Subaccount Deposit” means, with respect to any Distribution Date during the Accumulation
Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2016-2) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the
Calculation Agent on behalf of the Issuer. 
 Section 1.02 Representations and Warranties of Issuer. The Issuer represents and
warrants that: 
 (a) the Issuer has been duly formed and is validly existing as a statutory trust in good standing under the laws of the
State of Delaware, and has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 

(b) the execution, delivery and performance of this Terms Document by the Issuer have been duly authorized by all necessary limited liability
company and statutory trust proceedings of the Beneficiary and the Owner Trustee, do not require any approval or consent of any governmental agency or authority and do not and will not conflict with any material provision of the Certificate of Trust
or the Trust Agreement of the Issuer; 
 (c) this Terms Document is the valid, binding and enforceable obligation of the Issuer, except as
the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles; 

(d) to the best of the Issuer’s knowledge, this Terms Document will not conflict with any law or governmental regulation or court decree
applicable to it; 
 (e) the Issuer is not required to be registered under the Investment Company Act; 

(f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in connection with this Terms
Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or based on reasonable estimates on the date as
of which such information is stated or certified; and 
 (g) to the best knowledge of the Issuer, there are no proceedings or investigations
pending against the Issuer before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Issuer (i) asserting the invalidity of this Terms Document, (ii) seeking to
prevent the consummation of any of the transactions contemplated by this Terms Document or (iii) seeking any determination or ruling which in the Issuer’s judgment would materially and adversely affect the performance by the Issuer of its
obligations under this Terms Document or the validity or enforceability of this Terms Document. 

  
 7 

 Section 1.03 Representations and Warranties of Indenture Trustee. The Indenture
Trustee represents and warrants and any successor trustee shall represent and warrant that: 
 (a) the Indenture Trustee is organized,
existing and in good standing under the laws of the United States of America; 
 (b) the Indenture Trustee has full power, authority and
right to execute, deliver and perform this Terms Document, and has taken all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 

(c) this Terms Document has been duly executed and delivered by the Indenture Trustee. 

Section 1.04 Limitations on Liability. 

(a) It is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and delivered by the Owner
Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on
the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as
creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to this Terms Document and by any
Person claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 
 (b) None of the
Indenture Trustee, the Owner Trustee, the Calculation Agent, the Beneficiary, the Depositor, any Master Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect
to this Terms Document, and recourse may be had solely to the Collateral pledged to secure these Class A(2016-2) Notes under the Indenture, the Indenture Supplement and this Terms Document. 

Section 1.05 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

Section 1.06 Counterparts. This Terms Document may be executed in any number of counterparts, each of which when so executed will
be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 

  
 8 

 Section 1.07 Ratification of Indenture and Indenture Supplement. As supplemented by
this Terms Document, each of the Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as supplemented by the Indenture Supplement and this Terms Document shall be read, taken and construed as one and the
same instrument. 
 ARTICLE II 

The Class A(2016-2) Notes 

Section 2.01 Creation and Designation. There is hereby created a Tranche of Class A Notes to be issued pursuant to this Terms
Document, the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class A(2016-2) Notes.” 

Section 2.02 Adjustments to Required Subordinated Percentages and Amount. 

(a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class B Notes, the
Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2016-2) Notes, without the consent of any Noteholders; provided that the Issuer has received written
confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 

(b) On any date, the Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of Class B
Notes, the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class A(2016-2) Notes with a different form of credit enhancement (including, without limitation, a cash collateral
account, a letter of credit, a reserve account, a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms Document as shall
be necessary for such replacement without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments will not result in a
Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 
 Section 2.03 Interest Payment. For each Interest Payment
Date, the amount of interest due with respect to the Class A(2016-2) Notes shall be an amount equal to 
  

	 	(i)	(A) a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period and the denominator of which is 360, times 

 

	 	(B)	the Note Interest Rate in effect with respect to such related Interest Accrual Period, times 

  

	 	(ii)	the Outstanding Dollar Principal Amount of the Class A(2016-2) Notes determined as of the first date of such related Interest Accrual Period, 

  
 9 

 plus any Class A Tranche Interest Allocation Shortfall for such Class A(2016-2) Notes for the
immediately preceding Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual Period, calculated on the basis of the actual number of days in the related Interest Accrual
Period and a 360-day year. 
 Section 2.04 Notification of LIBOR. On each LIBOR Determination Date, the Indenture Trustee shall
send to the Issuer, the Beneficiary, each applicable Master Servicer and any stock exchange on which the Class A(2016-2) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic transmission,
notification of LIBOR for the following Interest Accrual Period. 
 Section 2.05 Payments of Interest and Principal. 

(a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date;
provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture
Supplement; and provided, further, that if a Class A(2016-2) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class A(2016-2) Notes in
accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class A(2016-2) Notes shall be made as set forth in Section 1102 of the Indenture. 

(b) The right of the Class A(2016-2) Noteholders to receive payments from the Issuer will terminate on the Class A(2016-2) Termination Date.

 (c) All payments of principal, interest or other amounts to the Class A(2016-2) Noteholders will be made pro rata based on the
Stated Principal Amount of their Class A(2016-2) Notes. 
 Section 2.06 Form of Delivery of Class A(2016-2) Notes; Depository;
Denominations. 
 (a) The Class A(2016-2) Notes shall be delivered in the form of a Global Note which shall be a Registered Note as
provided in Section 204 of the Indenture. The form of the Class A(2016-2) Notes is attached hereto as Exhibit A. 
 (b) The Depository
for the Class A(2016-2) Notes shall be The Depository Trust Company, and the Class A(2016-2) Notes shall initially be registered in the name of Cede & Co., its nominee. 

(c) The Class A(2016-2) Notes will be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of that amount.

 Section 2.07 Delivery and Payment for the Class A(2016-2) Notes. The Issuer shall execute and deliver the Class A(2016-2)
Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2016-2) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture. 

  
 10 

 Section 2.08 Targeted Deposits to the Accumulation Reserve Account. The deposit
targeted to be made to the Accumulation Reserve Subaccount for the Class A(2016-2) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve Subaccount Deposit minus
any amount on deposit in the Accumulation Reserve Subaccount for the Class A(2016-2) Notes. 
 Section 2.09 Additional Issuances
of Notes. Subject to clauses (ii), (iii), (iv) and (v) of Section 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class A(2016-2) Notes, so long as the following conditions precedent are
satisfied: 
 (a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional Class A(2016-2) Notes (the
“Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 
  

	 	(i)	the Issuance Date of such additional Class A(2016-2) Notes; 

  

	 	(ii)	the amount of such additional Class A(2016-2) Notes being offered and the resulting Initial Dollar Principal Amount and Stated Principal Amount of Class A(2016-2) Notes; 

 

	 	(iii)	the date from which interest on such additional Class A(2016-2) Notes will accrue (which may be a date prior to the date of issuance thereof); 

 

	 	(iv)	the first Interest Payment Date on which interest will be paid on such additional Class A(2016-2) Notes; and 

  

	 	(v)	any other terms that the Issuer set forth in such notice of issuance of additional Class A(2016-2) Notes to clarify the rights of Holders of such additional Class A(2016-2) Notes or the effect of such issuance of
additional Class A(2016-2) Notes on any calculations to be made with respect to the Class A(2016-2) Notes, the Class A Notes or the Issuer. 

All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such Class A(2016-2) Notes; 

(b) no Class A(2016-2) Adverse Event has occurred and is continuing; and 

(c) either (i) the issuance of such additional Class A(2016-2) Notes would be treated as part of the same issue as the outstanding Class
A(2016-2) Notes under Treasury Regulation Sections 1.1275-1(f)(1) or 1.1275-2(k) or (ii) such additional Class A(2016-2) Notes are not issued with “original issue discount” for purposes of Section 1273 of the Code. 

The Issuer shall not have to satisfy the conditions set forth in Section 310 of the Indenture in connection with an issuance of
additional Class A(2016-2) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class A(2016-2) Notes; provided, however, that the Issuer shall have to deliver to the Indenture Trustee a
Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such issuance. 

  
 11 

 Section 2.10 Designation of Additional Amounts to Be Included in the Excess Spread Amount
for the DiscoverSeries Notes. At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the Group Finance Charge Collections
Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections allocated to such Series, multiplied
by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including the Class A(2016-2) Notes) and the denominator of which is (i) the Aggregate
Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series that provide that the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be
included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries. 
 Section 2.11
Variable Accumulation Period. Notwithstanding anything to the contrary in Section 4.02 of the Indenture Supplement, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement
of the Accumulation Period for the Class A(2016-2) Notes and determine a new Accumulation Commencement Date, subject to the conditions set forth in this Section 2.11; provided, however, that the Accumulation Period shall commence
no later than the first day of the Due Period related to the Expected Maturity Date for the Class A(2016-2) Notes. Any such delay by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the scheduled Due Period
immediately preceding the first Due Period in the Accumulation Period (after giving effect to any prior delay in the commencement of the Accumulation Period pursuant to this Section 2.11). 

The Calculation Agent on behalf of the Issuer shall cause such delay if the Calculation Agent determines in good faith that each of the
following conditions will be satisfied: (i) the Calculation Agent on behalf of the Issuer delivers to the Indenture Trustee a certificate to the effect that the Calculation Agent on behalf of the Issuer reasonably believes that, based on the
payment rate and the anticipated availability of Series Principal Amounts and Reallocated Principal Amounts, the delay in the commencement of the Accumulation Period for the Class A(2016-2) Notes will not result in any Tranche of Notes not being
paid in full on the relevant Expected Maturity Date (as defined in the applicable Terms Document); (ii) such delay is permitted under the Series 2007-CC Series Supplement or any other applicable agreement relating to any Additional Collateral
Certificate; and (iii) the Accumulation Amount, the Accumulation Commencement Date and the Accumulation Period Length shall have been adjusted. The Calculation Agent on behalf of the Issuer shall not be required to obtain confirmation from the
applicable Note Rating Agencies that such delay in the commencement of the Accumulation Period will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes, unless at the time of such delay there is a Tranche of
Outstanding DiscoverSeries Notes, which were issued prior to January 1, 2009 and for which the commencement of the Accumulation Period for such Tranche of Notes has already been delayed pursuant to Section 4.02 of the Indenture Supplement.
If such confirmation from the applicable Note Rating Agency is not required, the Calculation Agent on behalf of the Issuer shall provide written notice to each applicable Note Rating Agency in the event that the commencement of the Accumulation
Period for the Class A(2016-2) Notes is delayed pursuant to this Section 2.11. 
 [Remainder of page intentionally blank; signature
page follows] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all
as of the day and year first above written. 
  

			
	DISCOVER CARD EXECUTION NOTE TRUST,        as Issuer
		
	By:	 	Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
		
	By:	 	/s/ Jennifer A. Luce
		 	Name: Jennifer A. Luce
		 	Title: Vice President
	
	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee
		
	By:	 	/s/ Julia Linian
		 	Name: Julia Linian
		 	Title: Vice President

 [Signature Page to Class A(2016-2) Terms Document] 

 EXHIBIT A 

FORM OF CLASS A(2016-2) NOTE 

 DISCOVERSERIES CLASS A(2016-2) NOTE 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT AT ANY TIME
INSTITUTE AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT
ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, ANY RECEIVERSHIP, INSOLVENCY, BANKRUPTCY OR SIMILAR PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY
OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE, ANY DERIVATIVE AGREEMENT, ANY SUPPLEMENTAL CREDIT ENHANCEMENT AGREEMENT AND ANY SUPPLEMENTAL LIQUIDITY AGREEMENT. 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

			
	 REGISTERED
 No. [●]
	  	 $[●]*

CUSIP NO. 254683 BT1

DISCOVER CARD EXECUTION NOTE TRUST 

ONE-MONTH LIBOR + 0.54% 

DISCOVERSERIES CLASS A(2016-2) NOTE 

DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (herein referred to as the
“Issuer” or the “Note Issuance Trust”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of $[●] ([●]
dollars) payable on the March 15, 2019 Payment Date (the “Expected Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement (as defined on the reverse hereof); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the September 15, 2021 Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of one-month LIBOR
+ 0.54% per annum; provided, that if the sum of LIBOR + 0.54% is less than 0.00%, then interest on this Note will be deemed to accrue at a rate of 0.00%, as more specifically set forth in the Class A(2016-2) Terms Document dated as of
April 19, 2016 (the “Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the
Indenture), and shall be due and payable on each Interest Payment Date for the period from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2016-2) Notes, from and including the
applicable Issuance Date) to but excluding such Interest Payment Date. Interest will be computed on the actual number of days elapsed and a 360-day year. Such principal of and interest on this Note shall be paid in the manner specified on the
reverse hereof. 
 The principal and interest may be payable monthly, and may be payable earlier or later than the Expected Maturity Date,
following an Event of Default or while an Early Redemption Event has occurred and is continuing. No principal or interest will be distributed on the Note following the distribution of proceeds of a Receivables Sale. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. 
 The Initial Dollar Principal Amount of the Class A(2016-2) Notes is $550,000,000.

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, Indenture Supplement or the Terms Document referred to on the reverse hereof, or be valid or obligatory for any purpose. 

 

	* 	Denominations of $100,000 and in integral multiples of $1,000 in excess thereof. 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile,
by its Authorized Officer. 
  

			
	DISCOVER CARD EXECUTION NOTE TRUST,        as Issuer
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	 
		 	Name:
		 	Title:
		
		 	Date:             , 20    

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

			
	 US BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture
Trustee

		
	By:	 	 
		 	Name:
		 	Title:
		
		 	Date:             , 20    

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its One-Month LIBOR + 0.54% Class A(2016-2)
DiscoverSeries Notes (herein called the “Class A(2016-2) Notes”), all issued under an Amended and Restated Indenture dated as of December 22, 2015 (such Indenture, as may be further amended, restated, amended and restated,
supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture”), as supplemented by a Second Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated as of December 22,
2015 (such Indenture Supplement, as may be further amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture Supplement”), between the Issuer and
Indenture Trustee, to which Indenture and Indenture Supplement reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class A(2016-2) Notes
are subject to all terms of the Indenture, the Indenture Supplement and the Terms Document. All terms used in this Class A(2016-2) Note that are defined in the Indenture, the Indenture Supplement and the Terms Document shall have the meanings
assigned to them in or pursuant to the Indenture, the Indenture Supplement and the Terms Document. 
 The Class B Notes, the Class C Notes
and the Class D Notes of the DiscoverSeries and other tranches of Class A Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class A(2016-2) Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture and the Indenture Supplement. 
 Principal of the Class A(2016-2) Notes will be payable on the Expected Maturity Date in an amount
described on the face hereof except as otherwise provided in the Indenture or the Indenture Supplement. 
 As described above, the entire
unpaid principal amount of this Class A(2016-2) Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Class A(2016-2) Notes shall be due and payable on the date on which an
Event of Default relating to the Class A(2016-2) Notes shall have occurred and be continuing and, except in the event of an insolvency related default, the Indenture Trustee or the Majority Holders of the applicable Series, Class or Tranche of
Outstanding Dollar Principal Amount of the Outstanding Notes have declared the Class A(2016-2) Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided, however, that such
acceleration of the entire unpaid principal amount of the Notes may be rescinded by the Majority Holders of such applicable Series, Class or Tranche of Notes. 

On any day occurring on or after the date on which the aggregate Nominal Liquidation Amount of any Tranche of Notes is reduced to less than 5%
of its highest Outstanding Dollar Principal Amount, the Depositor or any Affiliate thereof has the right, but not the obligation, to redeem such Tranche of Notes in whole but not in part, pursuant to Section 1202 of the Indenture. The
redemption price will be an amount equal to the Outstanding Dollar Principal Amount of such Tranche, plus accrued, unpaid and additional interest or principal accreted and unpaid on such Tranche to but excluding the date of redemption. 

 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Note
Issuance Trust, may from time to time issue, or direct the Owner Trustee, on behalf of the Note Issuance Trust, to issue, one or more Series, Classes or Tranches of Notes. 

On each Payment Date, the Paying Agent shall distribute to each Holder of Class A(2016-2) Notes of record on the related Record Date (except
for the final distribution with respect to this Class A(2016-2) Note) such Holder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Class A
Notes. 
 Payments of interest on this Class A(2016-2) Note due and payable on each Payment Date, together with any installment of
principal, if any, to the extent not in full payment of this Class A(2016-2) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class A(2016-2) Note on the Note Register as of the close of business
on each Record Date, except that with respect to Class A(2016-2) Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring
that this Class A(2016-2) Note be submitted for notation of payment. Any reduction in the principal amount of this Class A(2016-2) Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon
all future Holders of this Class A(2016-2) Note and of any Class A(2016-2) Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided
in the Indenture, for payment in full of the then remaining unpaid principal amount of this Class A(2016-2) Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered
Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Class A(2016-2) Note at the
Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. 

As provided in the Indenture and subject to certain limitations set forth therein and as set forth in the first legend on the face hereof, the
transfer of this Class A(2016-2) Note may be registered on the Note Register upon surrender of this Class A(2016-2) Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company
located, or having a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and
thereupon one or more new Class A(2016-2) Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated 

 
transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Class A(2016-2) Note, but the transferor may be required to pay a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 To
the fullest extent permitted by applicable law, each Noteholder or Note Owner, by acceptance of a Class A(2016-2) Note or, in the case of a Note Owner, a beneficial interest in a Class A(2016-2) Note, covenants and agrees that by accepting the
benefits of the Indenture it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer, or join in any institution against the Issuer,
any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal or
state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 

Prior to the due presentment for registration of transfer of this Class A(2016-2) Note, the Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee may treat the Person in whose name this Class A(2016-2) Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether
or not this Class A(2016-2) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding Dollar Principal Amount of each adversely affected
Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the Holders of all the Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class A(2016-2) Note shall be conclusive and binding upon such
Holder and upon all future Holders of this Class A(2016-2) Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class
A(2016-2) Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Class A(2016-2) Note includes any successor to the Issuer under the Indenture. 

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
and the Holders of Notes under the Indenture. 

 The Class A(2016-2) Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A(2016-2) NOTE AND THE INDENTURE WILL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

No reference herein to the Indenture and no provision of this Class A(2016-2) Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class A(2016-2) Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Class A(2016-2) Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture Supplement
in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A(2016-2) Note. 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 
  

 
 FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises. 
  

									
					
	Dated:                                     
                                         
              	 		 		 	 	 	*
		 		 		 	Signature Guaranteed:	 	

  

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

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