Document:

EX-4.2

 EXHIBIT 4.2 

This AMENDED AND RESTATED TRUST AGREEMENT, dated as of March 18, 2021 (this “Agreement”), is between CARVANA RECEIVABLES
DEPOSITOR LLC, a Delaware limited liability company, in its capacity as a depositor (the “Depositor”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee and not in its individual capacity (the
“Owner Trustee”). 
 WHEREAS, a certain Trust Agreement, dated as of January 5, 2021, and effective as of
January 5, 2021, was previously entered into (the “Original Trust Agreement”), that contemplated this Trust Agreement; and 

WHEREAS, the Depositor, the Sponsor and the Owner Trustee desire hereby to amend and restate the Original Trust Agreement in its entirety.

 NOW, THEREFORE, the Depositor and the Owner Trustee hereby agree and the Sponsor and Wells Fargo Bank, National Association acknowledges
and agrees as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1    Definitions. Except as otherwise specified herein or as the context may otherwise require,
capitalized terms used but not otherwise defined herein are defined in Part I of Appendix A to the Receivables Purchase Agreement, dated as of the date hereof (the “Receivables Purchase Agreement”),
among Carvana, LLC as the seller and Carvana Receivables Depositor LLC as the purchaser. All references herein to “the Agreement” or “this Agreement” are to this Trust Agreement as it may be amended, supplemented or modified from
time to time, the exhibits and schedules hereto and the capitalized terms used herein, which are defined in Part I of such Appendix A, and all references herein to Articles, Sections and Subsections are to Articles, Sections or
Subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 

ARTICLE II 
 ORGANIZATION

 Section 2.1    Name. The Trust continued hereby shall be known as Carvana Auto Receivables Trust 2021-P1, in which name the Owner Trustee and, solely to the extent provided in the Administration Agreement, the Administrator may conduct the business of the Trust. The Owner Trustee may make and execute contracts
and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. The Certificate of Trust and the amendment to the Certificate of Trust were filed on behalf of the Trust pursuant to Section 3810 of the Statutory Trust
Act. 
 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 in Delaware 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 in the following activities: 
 (a)    to acquire the
Receivables from the Depositor for contribution to the Grantor Trust and to manage and hold the Receivables and the related Contracts; 

(b)    to issue the Notes pursuant to the Indenture and the Certificates pursuant to this Agreement, and to sell, transfer
or exchange the Notes and the Certificates; 
 (c)    to pay the organizational,
start-up and transactional expenses of the Trust to the extent not paid by the Depositor or the initial Certificateholders; 

(d)    to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate pursuant to the terms of the
Indenture and to hold, manage and distribute to the Certificateholders, pursuant to the terms of this Agreement and the Indenture, any portion of the Owner Trust Estate released from the lien of, and remitted to the Trust pursuant to, the Indenture;

 (e)    to enter into and perform its obligations and exercise its rights under the Transaction Documents to which it
is a party and the Acknowledgement Agreement and any additional agreement, document, letter or undertaking executed in connection with the Transaction Documents, the Acknowledgement Agreement or the transactions described therein to which it is a
party; 
 (f)    to engage in those activities, including entering into agreements, that are necessary, suitable or
convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
 (g)    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 Securityholders. 

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 Agreement or the other Transaction Documents. Notwithstanding anything to the contrary in this Agreement or in any other document, neither the Trust nor the Owner Trustee (nor any agent of either person) shall be authorized or empowered to
acquire any other investments, reinvest any proceeds of the Trust or engage in activities other than the foregoing, and, in particular neither the Trust nor the Owner Trustee (nor any agent of either person) shall be authorized or empowered to do
anything that would cause the Trust to fail to qualify as a grantor trust for United States federal income tax purposes. 

Section 2.4    Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the
Trust to have all the rights, powers and duties set forth herein and in the Statutory Trust Act. 

Section 2.5    Initial Capital Contribution of Owner Trust Estate. In accordance with Section 3802(a) of
the Statutory Trust Act, the Depositor has not made, and is not required to make, a contribution to the Trust. 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. 

  
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 Section 2.6    Declaration of Trust. The Owner Trustee
hereby declares that it shall hold the Owner Trust Estate in the name of the Trust and not in the Owner Trustee’s name for the Trust, except as required by and in accordance with Section 2.8, 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 the Trust constitute a statutory trust
under the Statutory Trust Act, that this Agreement constitute the governing instrument of such statutory trust and that the Certificates represent the beneficial interests therein. The rights of the Certificateholders shall be determined as set
forth herein and in the Statutory Trust Act and the relationship between the parties hereto created by this Agreement shall not constitute indebtedness for any purpose. Effective as of the date hereof, the Owner Trustee shall have all rights, powers
and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. 

Section 2.7    Liability of the Certificateholders. Certificateholders shall be entitled to the same
limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 

Section 2.8    Title to Trust Property. Legal title to all 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 transferred to and
vested in the Owner Trustee, a co-trustee or a separate trustee, as the case may be; provided that in no event shall title to, or any ownership interest in, any part of the Owner Trust Estate be
vested in the name of the Owner Trustee without the express prior written consent of the Owner Trustee (which may be withheld or conditioned by the Owner Trustee for any reason in good faith). Any such trustee shall take such part of the Owner Trust
Estate subject to the security interest of the Indenture Trustee therein established under the Indenture. Any such trustee’s acceptance of its appointment shall constitute acknowledgment of such security interest and shall constitute a Grant to
the Indenture Trustee of a security interest in all property held by such trustee. The Administrator, on behalf of any such trustee, shall prepare and file all such financing statements naming the Trust as debtor that are necessary or advisable to
perfect, make effective or continue the lien and security interest of the Indenture Trustee. 

Section 2.9    Situs of Trust. The Trust shall be located and administered in the States of Delaware or New
York. 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 New York. 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 shall be received by the Trust only in the State of Delaware or the State of New York, and
payments shall be made by the Trust only from the State of Delaware or the State of New York. The only office of the Trust shall be the Corporate Trust Office of the Owner Trustee in the State of Delaware. 

  
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 Section 2.10    Representations and Warranties of the
Depositor. The Depositor hereby represents and warrants to the Owner Trustee that: 
 (a)    The Depositor has been
duly formed and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such
business is presently conducted and had at all relevant times, and now has, power, authority and legal right to acquire and own the Receivables and related Contracts contemplated to be transferred to the Trust pursuant to the Receivables Transfer
Agreement. 
 (b)    The Depositor is duly qualified to do business as a foreign entity in good standing, and has
obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications except where the failure to qualify could not reasonably be expected to
result in a Material Adverse Effect or where such license or approval has been applied for. 
 (c)    The Depositor has
the power and authority to execute and deliver this Agreement and any other Transaction Document to which the Depositor is a party and to carry out its terms, the Depositor has full power and authority to sell and assign the property to be sold and
assigned to and deposited with the Trust as part of the Owner Trust Estate and the Depositor has duly authorized such sale and assignment to the Trust by all necessary limited liability company action; and the execution, delivery and performance of
this Agreement have been duly authorized by the Depositor by all necessary limited liability company action. 

(d)    This Agreement, when duly executed and delivered, shall constitute legal, valid and binding obligation of the
Depositor enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general
and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(e)    The consummation of the transactions contemplated by this Agreement and any other Transaction Document to which the
Depositor is a party, and the fulfillment of the terms of this Agreement and any other Transaction Document to which the Depositor is a party do not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time) a default under, the Depositor’s Formation Documents or any Contractual Obligation of the Depositor, (ii) result in the creation or imposition of any Lien upon any of the Depositor’s
properties pursuant to the terms of any such Formation Documents or Contractual Obligation, other than this Agreement, or (iii) to the best of the Depositor’s knowledge, violate any Applicable Law. 

Section 2.11    Tax Treatment. The Depositor and Owner Trustee, by entering into this Agreement, express their
intention that the Trust will be treated, for United States federal income tax purposes, as a grantor trust and it is neither the purpose nor the intent of the parties hereto to create a partnership, joint venture or association taxable as a
corporation. If the Depositor is not the sole owner or beneficial owner of the Certificates, through sale of the Certificates, issuance by the Trust of additional Certificates to a Person other than the Depositor or otherwise, the

  
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Depositor and the Owner Trustee, by entering into this Agreement, and the Certificateholders, by acquiring any Certificates or interest therein, (i) express their intention that the
Certificates will, for United States federal income tax purposes, qualify as interests in a grantor trust and (ii) unless otherwise required by the appropriate taxing authorities, agree to treat the Certificates as interests in an entity as
described in clause (i) of this Section 2.11 for United States federal income tax purposes. The parties agree that, unless otherwise required by appropriate tax authorities, the Trust shall file or cause to be filed
annual or other necessary returns, reports and other forms consistent with such characterization of the Trust for such tax purposes. In furtherance of the foregoing, (i) the purpose of the Trust shall be to protect and conserve the assets of
the Trust, and the Trust shall not at any time engage in or carry on any kind of business or any kind of commercial or investment activity other than as expressly permitted by this Agreement and (ii) the Trust and Owner Trustee (and any agent
of either person) shall take, or refrain from taking, all such action as is necessary to maintain the status of the Trust as a grantor trust. Notwithstanding anything to the contrary in this Agreement or otherwise, neither the Trust nor the Owner
Trustee (nor any agent of either person) shall (1) acquire any assets or dispose of any portion of the Trust other than pursuant to the specific provisions of this Agreement, (2) vary the investment of the Trust within the meaning of
Treasury Regulation Section 301.7701-4(c) or (3) substitute new investments or reinvest so as to enable the Trust to take advantage of variations in the market to improve the investment of any
Certificateholder. The Owner Trustee shall not have any authority to manage, control, use, sell, dispose of or otherwise deal with any part of the Trust property except as required by the express terms of this Agreement in accordance with the powers
granted to or the authority conferred upon the Owner Trustee pursuant to this Agreement. 
 ARTICLE III 

THE CERTIFICATES 

Section 3.1    Initial Certificate Ownership. Since the formation of the Trust and until the issuance of the
Certificates, the Depositor has been the sole beneficiary of the Trust. 
 Section 3.2     Form of the
Certificates. 
 (a)    Each of the Certificates, upon original issuance, shall be issued in the form of Exhibit
A hereto, representing Book-Entry Certificates. 
 (b)    The Book-Entry Certificates shall be issued in an
aggregate nominal principal amount of $100,000, and all beneficial interests in the Book-Entry Certificates shall be owned, in the minimum nominal principal amount of $5,000 and integral multiples of $1 in excess thereof. The Trust shall not issue
any Certificate that would cause the aggregate nominal principal amount of all Certificates to exceed $100,000, or 100,000 units, without the prior written consent of all Certificateholders. No distributions of moneys to the Certificateholders under
the Transaction Documents shall be deemed to reduce the nominal principal amount of any Certificate prior to payment in full of all Notes; provided, however, that the final aggregate $100,000 distributed to the
Certificateholders under the Transaction Documents upon final distribution of the Owner Trust Estate and termination of the Trust pursuant to Section 7.1 shall be deemed to repay the aggregate nominal principal amount of
the Certificates in full; and provided, further, that any failure to pay in full the nominal principal amount of a Certificate on 

  
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such final Distribution Date shall not result in any recourse to, claim against or liability of any Person for such shortfall. Any amounts payable to the Certificateholders on or in respect of
the Certificates under the Transaction Documents shall be paid and allocated to the various Certificateholders ratably based on their respective Percentage Interests. Such Book-Entry Certificates shall initially be registered on the Certificate
Register in the name of the Certificate Depository (initially, Cede & Co.), and no Certificate Owner shall receive a Definitive Certificate representing such Certificate Owner’s interest in such Book-Entry Certificate, except as
provided in Section 3.12. After such time as Book-Entry Certificates have been issued and unless and until Definitive Certificates have been issued to the applicable Certificateholders pursuant to
Section 3.12 in exchange for the Book-Entry Certificates: 
 (i)    the provisions of this
Section shall be in full force and effect; 
 (ii)    the Certificate Registrar, the Paying Agent and the Owner Trustee
shall be entitled to deal with the Clearing Agency for all purposes of this Agreement (including the payment of amounts payable under the Transaction Documents and the giving of instructions or directions hereunder) as the sole Certificateholders of
the Certificates other than the Definitive Certificates, and shall have no obligation to the Certificate Owners other than the Certificateholders of the Definitive Certificates; 

(iii)    to the extent that the provisions of this Section conflict with any other provisions of this Agreement, the
provisions of this Section shall control; 
 (iv)    the rights of Certificate Owners (other than the
Certificateholders of the Definitive Certificates) shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between or among such Certificate Owners and the Clearing Agency or the Clearing
Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the Certificate Depository Agreement, unless and until Definitive Certificates are issued pursuant to Section 3.12, the initial
Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit payments due under the Transaction Documents with regard to the Book-Entry Certificates to such Clearing Agency Participants; 

(v)    whenever this Agreement requires or permits actions to be taken based upon instructions or directions of
Certificateholders evidencing a specified Percentage Interest, the Clearing Agency shall deliver instructions to the Owner Trustee only to the extent that it has received instructions to such effect from Certificate Owners or Clearing Agency
Participants or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Book-Entry Certificates; 

(vi)    owners of a beneficial interest in a Book-Entry Certificate shall not be entitled to have any portion of a
Book-Entry Certificate registered in their names and shall not be considered to be the Certificateholders of any Book-Entry Certificates under this Agreement; and 

(vii)    payments on a Book-Entry Certificate shall be made to the Clearing Agency, or its nominee, as the registered
owner thereof, and none of the Trust, the 

  
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Owner Trustee or the Paying Agent shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a
Book-Entry Certificate or for maintaining, supervising or reviewing any records relating to the beneficial ownership interests. 

(c)    Notwithstanding any provision to the contrary herein, so long as a Book-Entry Certificate remains outstanding and
is held by or on behalf of the Clearing Agency, transfers of a Book-Entry Certificate, in whole or in part, shall only be made in accordance with Section 3.4. Subject to Section 3.4, transfers of a
Book-Entry Certificate shall be limited to transfers of such Book-Entry Certificate in whole, but not in part, to a nominee of the Clearing Agency or to a successor of the Clearing Agency or such successor’s nominee. 

(d)    In the event that a Book-Entry Certificate is exchanged for one or more Definitive Certificates pursuant to
Section 3.12, such Certificates may be exchanged for one another only in accordance with the provisions of this Agreement and with such procedures as may be from time to time adopted by the Trust and the Owner Trustee. 

(e)    The Certificates shall represent the entire undivided beneficial interest in the Trust. The Certificates shall be
executed on behalf of the Trust by manual or facsimile signature of a Responsible 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 duly issued, fully paid and non-assessable beneficial interests in the Trust, 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. 

(f)    The Certificates shall be typewritten, printed, lithographed or engraved or produced by any combination of these
methods (with or without steel engraved borders) all as determined by the officers executing such Certificates, as evidenced by their execution of such Certificates. The Certificates shall be issued in fully-registered form. The beneficial interests
in the Certificates may be purchased in the minimum nominal principal denomination of $5,000 and integral multiples of $1 in excess thereof. Each $1,000 in nominal principal amount of the Certificates shall equal a 1% Percentage Interest. No
Certificate shall be issued that would cause the aggregate nominal principal amount of all Certificates (including those retained by the Depositor or a majority-owned affiliate of the Sponsor) to exceed $100,000, or 100,000 units, without the prior
written consent of all Certificateholders. 
 (g)    The terms of the Certificates set forth in Exhibit A shall
form part of this Agreement. Certificate Owners, by their acceptance of a beneficial interest in a Certificate, shall be deemed to have made the representations and agreements set forth in Exhibit A. Each transferee of a beneficial interest
in a Certificate shall deliver an undertaking letter in the form attached hereto as Exhibit C to the Owner Trustee and the Depositor. 

Section 3.3    Execution, Authentication and Delivery. Concurrently with the sale of the Receivables and
related Contracts to the Trust pursuant to the Receivables Transfer Agreement, the Owner Trustee shall cause Certificates representing the entire undivided beneficial interest in the Trust to be executed on behalf of the Trust, authenticated by the
Certificate Registrar and 

  
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delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president, any vice president, 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 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 Certificate Registrar or the Certificate Registrar’s authenticating agent, by manual signature. Such 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. 

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

(a)    The Depositor hereby appoints Wells Fargo Bank, National Association as the initial certificate registrar, and in
such capacity or any successor certificate registrar thereof (such entity, the “Certificate Registrar”), as an agent for the Trust, shall keep or cause to be kept, at the office or agency maintained pursuant to
Section 3.8, a register (such 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 of transfers and exchanges of Certificates as provided herein. Upon any resignation of a Certificate Registrar, the Depositor shall promptly appoint a successor or, if it elects not to make such an appointment, any court of
competent jurisdiction may appoint a successor Certificate Registrar. The entries in the Certificate Register shall be conclusive absent manifest error, and the Trust, the Owner Trustee, the Certificate Registrar and the Paying Agent shall treat
each Person whose name is recorded in the Certificate Register pursuant to the terms hereof as a Certificateholder hereunder for all purposes of this Agreement. This Section 3.4 shall be construed so that the Certificates
under this Agreement are at all times maintained in “registered form” within the meaning of Section 5f.103-1(c) of the United States Treasury Regulations. The Certificate Registrar shall record
(a) the Percentage Interest assigned to each Certificate and (b) all distributions made to each Certificateholder with respect to the Trust’s assets. 

(b)    Any Certificateholder may at any time, without consent of the Noteholders, sell, transfer, convey or assign in any
manner its rights to and interests in the Certificates (including its right to distributions from the Reserve Account), provided that: (A)(i) such transfer, conveyance or assignment is made to the Depositor or an Affiliate thereof, or such
entity pledges its rights and interests in the Certificates or (B)(i) such action will not result in a reduction or withdrawal of the rating of any class of Notes, (ii) such transferee or assignee agrees to take positions for tax purposes
consistent with the tax positions agreed to be taken by the Certificateholder, (iii) the conditions set forth in Section 3.4(h) and (j) have been satisfied and (iv) 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; and provided, further, that, after the Closing Date, no Retained Certificate shall be sold, transferred, conveyed or assigned unless counsel satisfactory to the Owner Trustee has rendered
an Opinion of Counsel to the effect that (1) such sale, transfer, conveyance or assignment by the Depositor would not cause the Trust to fail to qualify as a grantor trust for United States federal income tax purposes and (2) all Retained
Notes 

  
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(excluding for this purpose Retained Notes to the extent such Retained Notes are not treated as outstanding for United States federal income tax purposes) will be characterized as indebtedness
for United States federal income tax purposes, provided, that the Opinion of Counsel required by clauses (1) and (2) shall not be required if (I) the Depositor sells, transfers, conveys or assigns such Retained
Certificate to (y) an Affiliate of the Depositor treated as the Depositor for United States federal income tax purposes or (z) an Affiliate of the Depositor where such Retained Certificates transferred to such Affiliate represents all of
the issued Certificates of the Trust and such Affiliate (including a person treated as an Affiliate for United States federal income tax purposes) also owns all of the Retained Notes or (II) prior to the date of the effectiveness of such sale,
transfer, conveyance or assignment by the Depositor, the Owner Trustee have received an Opinion of Counsel to the effect that all Retained Notes (excluding for this purpose Retained Notes to the extent such Retained Notes are not treated as
outstanding for United States federal income tax purposes) will be characterized as indebtedness for United States federal income tax purposes. In addition, (i) such sale, pledge or other transfer shall be made to a person whom the transferor
reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A), acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified institutional
buyers”) to whom notice is given that the sale, pledge or other transfer is being made in reliance on Rule 144A, (ii) such sale, pledge or other transfer shall occur outside of the United States to a
Non-U.S. Person in accordance with Rule 903 or Rule 904 of Regulation S of the Securities Act and that person delivers any necessary certifications pursuant to this Agreement, or (iii) such sale, pledge
or other transfer shall otherwise be made in a transaction exempt from the registration requirements of the Securities Act, and, in the case of this clause (iii), in the event the Certificates are Definitive Certificates (A) the Certificate
Registrar shall require that both the prospective transferor and the prospective transferee certify to the Owner Trustee and the Administrator in writing the facts surrounding such transfer, which certification shall be in form and substance
satisfactory to the Owner Trustee and the Administrator, and (B) the Certificate Registrar shall require a written opinion of counsel (which shall not be at the expense of the Depositor, the Indenture Trustee, the Servicer, the Trust, the Owner
Trustee, the Administrator, Certificate Registrar or any other provider of services to the Trust), satisfactory to the Administrator to the effect that such transfer will not violate the Securities Act. 

(c)    The Administrator may conclusively rely upon advice of the Depositor in reviewing the form and substance of the
certifications and opinions required by Sections 3.4(b)(iii)(A) and 3.4(b)(iii)(B) and the Certificate Registrar hereby agrees, upon request of the Administrator, to inform the Administrator as to whether or not it shall have received
the opinion and certifications required by the foregoing sentence, but shall otherwise have no obligation with respect to the delivery or sufficiency of such documents. 

(d)    [Reserved.] 

(e)    Upon surrender for registration of transfer of any Certificate at the office or agency maintained pursuant to
Section 3.8 and upon compliance with any provisions of this Agreement relating to such transfer, the Owner Trustee shall execute on behalf of the Trust, and the Certificate Registrar shall authenticate and deliver (or shall
cause its authenticating agent to authenticate and deliver), in the name of the designated transferee or transferees, one or more new Certificates of a like aggregate Percentage Interest in the Trust dated the date of authentication by the
Certificate Registrar or any authenticating agent. 

  
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 (f)    At the option of a Holder, Certificates may be exchanged for
other Certificates of a like aggregate Percentage Interest, as shown on the applicable Certificates, upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.8. Whenever
any Certificates are so surrendered for exchange, the Owner Trustee shall execute on behalf of the Trust, and the Certificate Registrar shall authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver) one or more
Certificates dated the date of authentication by the Certificate Registrar or any authenticating agent. Such Certificates shall be delivered to the Holder making the exchange. 

(g)    Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a
written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder or his attorney duly authorized in writing and such other documents and instruments as may be required by
Section 3.4(b). Each Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed or otherwise disposed of by the Owner Trustee or Certificate Registrar in accordance with
its customary practice. 
 (h)    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 and any other expenses of the Owner Trustee or the Certificate Registrar in connection with any transfer or exchange of Certificates. 

(i)    The Certificates may not be held by or for the account of a Benefit Plan Investor other than an “insurance
company general account,” as defined in Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”), whose underlying assets include less than
25% “plan assets” subject to ERISA, who is not and is not an affiliate of a person that has discretionary authority or control with respect to the assets of the Trust or provides investment advice for a fee (direct or indirect) with
respect to such assets, and for which the purchase and holding of Certificates is eligible and satisfies all conditions for relief under PTCE 95-60. The Certificates also may not be acquired or held by or for
the account of any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) (including non-U.S. or governmental
plans) if such acquisition and holding would result in a violation of any Similar Law. 
 (j)    Each Certificateholder
or beneficial owner of a Certificate that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Owner Trustee, Certificate Registrar and Paying Agent on or prior to the date such person becomes a
Certificateholder or beneficial owner of a Certificate under this Agreement (and from time to time thereafter upon the reasonable request of the Owner Trustee, Certificate Registrar or the Paying Agent), executed originals of Internal Revenue
Service Form W-9 certifying that such Certificateholder or beneficial owner of a Certificate is exempt from U.S. federal backup withholding tax. Each Certificateholder or beneficial owner of a Certificate that
is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Owner Trustee, Certificate Registrar and the Paying Agent on or prior to the date such person becomes a

  
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Certificateholder or beneficial owner of a Certificate under this Agreement (and from time to time thereafter upon the reasonable request of the Owner Trustee, Certificate Registrar or the Paying
Agent), executed originals of Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable, and to the extent such
Certificateholder is not the beneficial owner of the Certificate, Internal Revenue Service Form W-8IMY accompanied by Internal Revenue Service Form W-8BEN or W-8BEN, as applicable. In the case of a Certificateholder or beneficial owner of a Certificate that is not a United States person (as defined in Section 7701(a)(30) of the Code) and provides an Internal Revenue
Service Form W-8BEN or W-8BEN-E, as applicable (or Internal Revenue Service Form W-8IMY
accompanied with a Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable) under this
Section 3.4(j) in order to claim the benefits of the exemption for portfolio interest under Section 881(c) of the Code (instead of, for example, claiming the benefits of an income tax treaty to which the United States
is a party), such Certificateholder (or in the case of a Certificateholder providing such Internal Revenue Service Form W-8IMY, the beneficial owner of the Certificate) hereby represents and warrants that it
is not a (i) “bank” within the meaning of Section 881(c)(3)(A) of the Code, (ii) “10 percent shareholder” of the Trust within the meaning of Section 881(c)(3)(B) of the Code or (iii) “controlled foreign
corporation” described in Section 881(c)(3)(C) of the Code. 
 (k)    Each Certificateholder or beneficial
owner of a Certificate, represents and agrees that, as a result of its own activities separate from those of the Trust, it would not be required to treat income from the Certificates as effectively connected to a United States trade or business of a
person that is not a United States person (as defined in Section 7701(a)(30) of the Code), and it further acknowledges that the Trust Agreement provides that no Certificateholder or beneficial owner of a Certificate shall provide the Owner
Trustee, Certificate Registrar, or Paying Agent with either an IRS Form W-8ECI (or successor form) or an IRS Form W-8IMY (or successor form) to which an IRS Form W-8ECI (or successor form) is attached (either directly or as part of another form attached to such IRS Form W-8IMY). Each Certificateholder or beneficial owner of a
Certificate, represents and agrees that, no portion of such Certificate or any interest therein may be transferred, directly or indirectly, to any person that would provide an IRS Form W-8ECI or IRS Form W-8IMY with an attached IRS Form W-8ECI in response to the withholding requirements in the Trust Agreement. 

(l)    Each Certificateholder or beneficial owner of a Certificate that would be subject to U.S. federal withholding tax
imposed by FATCA if such person were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), shall deliver to the Owner Trustee, Certificate
Registrar, Paying Agent, Administrator or any person designated by any of the foregoing (individually or collectively as the context may require, the “FATCA Administrator”) at the time or times prescribed by law and at such time or
times reasonably requested by the FATCA Administrator such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the FATCA
Administrator to comply with FATCA and to determine that such Certificateholder or beneficial owner of a Certificate has complied with such person’s obligations under FATCA or to determine the amount to deduct and withhold from such payment to
such person. 

  
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 (m)    No transfer of a Certificate shall be permitted if such transfer
is effected through an established securities market or secondary market (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and any regulation thereunder. 

(n)    Each prospective transferee of a Certificate understands that the Certificates are being offered only in a
transaction not involving any public offering in the United States within the meaning of the Securities Act, none of the Certificates have been or will be registered under the Securities Act, and, if in the future the transferee decides to offer,
resell, pledge or otherwise transfer the Certificates, such Certificates may only be offered, resold, pledged or otherwise transferred in accordance with this Agreement and the applicable legend on such Certificates set forth below. 

(o)    Each transferee of a Certificate understands that an investment in the Certificates involves certain risks,
including the risk of loss of all or a substantial part of its investment under certain circumstances. Each transferee acknowledges that it has had access to such financial and other information concerning the Trust and the Certificates as it deemed
necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Certificates. Each transferee acknowledges that it has such knowledge and experience in financial and business matters that the transferee
is capable of evaluating the merits and risks of its investment in the Certificates, and the transferee and any accounts for which it is acting are each able to bear the economic risk of the holder’s or of its investment. 

(p)    No transferee of a Certificate will offer, transfer, pledge, sell or otherwise dispose of the Certificates or any
interest in the Certificates to any Person in any manner, or solicit any offer to buy, transfer or otherwise dispose of the Certificates or any interest in the Certificates from any Person in any manner, or make any general solicitation by means of
general advertising or in any other manner, or take any other action that would constitute a distribution of the Certificates under the Securities Act or that would render the disposition of the Certificates a violation of Section 5 of the
Securities Act or any other applicable securities laws or require registration pursuant thereto, and will not authorize any Person to act on its behalf, in such manner with respect to the Certificates. 

(q)    In connection with the transfer of a Certificate, the Trust shall determine in its sole discretion that the
transfer complies with the requirements of Sections 3.4(i) through 3.4(l) of this Agreement. 

(r)    Each transferee of a Certificate acknowledges that the Trust, the Owner Trustee, Certificate Registrar, any initial
purchaser or placement agent and others will rely upon the truth and accuracy of the acknowledgements, representations, warranties and agreements in this Section 3.4 and agrees that if any of the acknowledgements,
representations, warranties or agreements made by it in connection with its purchase of the Certificates are no longer accurate, the transferee will promptly notify the Trust, the Owner Trustee, Certificate Registrar, and any initial purchaser or
placement agent. 

  
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 (s)    Each Certificateholder and each transferee of a Certificate
acknowledges that the Certificates will bear a legend substantially in the form of the legend appearing in the form of Certificate attached hereto as Exhibit A. 

(t)    Each transferee of a Definitive Certificate shall deliver an undertaking letter in the form attached hereto as
Exhibit C to the Owner Trustee, Certificate Registrar, and the Depositor. 
 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, the Owner Trustee and the Trust such
security or indemnity as may be required by them to hold each of them harmless, then, in the absence of actual knowledge of a Responsible Officer of the Certificate Registrar or the Owner Trustee that such Certificate has been acquired by a
protected purchaser, the Owner Trustee shall execute on behalf of the Trust, and the Certificate Registrar shall authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a replacement Certificate of a like aggregate Percentage Interest in the Trust, as shown on the Certificate Register; provided, however, that if any such destroyed, lost or stolen
Certificate, but not a mutilated Certificate, shall have become or within seven (7) days shall be payable, then, instead of issuing a replacement Certificate, the Paying Agent may make distributions to the registered Certificateholder of such
destroyed, lost or stolen Certificate when so payable. 
 (b)    If, after the delivery of a replacement Certificate or
payment in respect of a destroyed, lost or stolen Certificate pursuant to Section 3.5(a), a protected purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents for payment or
distribution such original Certificate, the Certificate Registrar shall be entitled to recover such replacement Certificate (and any distributions or payments made with respect thereto) or such payment or distribution from the Person to whom it 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, 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 Certificate Registrar in connection therewith. 

(c)    In connection with the issuance of any replacement Certificate under this Section 3.5,
the Owner Trustee, and the Certificate Registrar 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 relation thereto and any other reasonable expenses
(including the fees and expenses of the Owner Trustee and the Certificate Registrar) connected therewith. 
 (d)    Any
duplicate Certificate issued pursuant to this Section 3.5 in replacement of any mutilated, destroyed, lost or stolen Certificate shall constitute an original additional beneficial interest in the Trust, whether or not the
mutilated, destroyed, lost or stolen Certificate shall be found at any time or be enforced by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Certificates duly issued hereunder.

  
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 (e)    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 Certificateholders. Subject to the provisions of Section 3.4 herein, prior
to due presentation of a Certificate for registration of transfer, the Owner Trustee or the Certificate Registrar and any Paying Agent may treat the Person in whose name any Certificate shall be registered in the Certificate Register as the
Certificateholder of such Certificate for the purpose of receiving distributions pursuant to Article V and for all other purposes whatsoever, and neither the Owner Trustee nor the Certificate Registrar and the Paying Agent shall be affected
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 Paying Agent and the Depositor, within fifteen (15) days after receipt by the Certificate Registrar of a request therefor from the Paying Agent or the
Depositor in writing, a list of the names and addresses of the Certificateholders as of the most recent Record Date. Each Holder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Paying Agent, 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 Corporate Trust Office and Records. The Owner Trustee shall maintain an office
or offices or agency or agencies where notices and demands to or upon the Owner Trustee in respect of the Certificates and the Transaction Documents may be served. The Owner Trustee initially designates its office located at Rodney Square North,
1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, as its principal office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor, the Paying Agent and the
Certificateholders of any change in the location of the Owner Trustee or any such office or agency. The Owner Trustee shall maintain (or cause to be maintained) copies of all documents, instructions, notices and any other writings (in hard copy or
electronic form), delivered to the Owner Trustee by any Person with respect to the Trust. The Certificate Registrar shall maintain an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or
exchange. The Certificate Registrar initially designates its office located at 600 S. 4th Street, MAC N9300-061, Minneapolis, MN 55415, Attn: Corporate Trust Services – Asset Backed Administration,
as its principal office for such purposes. The Certificate Registrar shall give prompt written notice to the Depositor, the Paying Agent, the Owner Trustee and the Certificateholders of any change in the location of the Certificate Register or
any such office or agency. 
 Section 3.9    Appointment of Paying Agent. Except as otherwise provided in
Section 5.2, the Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.2 and shall report the amounts of such distributions to
the Owner Trustee and the Servicer. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the 

  
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distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee is directed by the Administrator in writing that the Paying Agent shall
have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be the Indenture Trustee, and any co-paying agent chosen by the Administrator. The
Indenture Trustee shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrator. If the Indenture Trustee shall no longer be the Paying Agent, the Indenture Trustee, upon receipt of written
direction from the Administrator, shall appoint a successor to act as Paying Agent (which shall be a bank, insurance company or trust company). The Administrator shall cause such successor Paying Agent or any additional Paying Agent appointed by the
Administrator 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
shall 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 Sections 6.3, 6.6, 6.7 and 6.9 shall apply to the
Indenture Trustee also in its role as Paying Agent or Certificate Registrar for so long as the Indenture Trustee shall act as Paying Agent or Certificate Registrar and, to the extent applicable, to any other paying agent, certificate registrar or
authenticating agent appointed hereunder. The rights, protections, indemnities and immunities of the Indenture Trustee under the Indenture and the Servicing Agreement shall apply to Wells Fargo Bank, National Association in its roles as Paying Agent
and Certificate Registrar for so long as Wells Fargo Bank, National Association shall act as Paying Agent or Certificate Registrar and, to the extent applicable, to any other paying agent, certificate registrar or authenticating agent appointed
hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 

Section 3.10    Depositor as Certificateholder. The Depositor in its individual or any other capacity
may become the owner or pledgee of Certificates and may otherwise deal with the Owner Trustee and the Certificate Registrar or any such party’s respective Affiliates as if it were not the Depositor. 

Section 3.11    Rule 144A Information. The Depositor shall, during any period in which a purchaser of the
Certificates holds such Certificates and in which the Depositor is not subject to Sections 13 or 15(d) of the Exchange Act, make available, upon request, to any Holder of such Certificates in connection with any sale thereof and any prospective
purchaser of Certificates from such Holder, the information specified in Rule 144A(d)(4) under the Act. 

Section 3.12    Definitive Certificates. If (i) the Administrator advises the Owner Trustee and the
Certificate Registrar in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Certificates and the Trust is unable to locate a qualified successor; (ii) the
Administrator, at its option, advises the Owner Trustee and the Certificate Registrar in writing that it elects to terminate the book-entry system through the Clearing Agency; or (iii) Certificate Owners representing beneficial interests
aggregating at least a majority of the Percentage Interests in the Trust advise the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is 

  
 15 

 
no longer in the best interests of the Certificate Owners, then the Clearing Agency shall notify all Certificate Owners, Certificate Registrar, and the Owner Trustee of the occurrence of any such
event and of the availability of Definitive Certificates to Certificate Owners requesting the same. Upon surrender to the Certificate Registrar of the typewritten Certificate or Certificates representing the Book-Entry Certificate by the Clearing
Agency, accompanied by registration instructions, the Trust shall execute and the Certificate Registrar shall authenticate the Definitive Certificates in accordance with the instructions of the Clearing Agency. None of the Trust, the Certificate
Registrar or the Owner Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Certificates and their registration
by the Certificate Registrar in the Certificate Register, the Owner Trustee shall recognize the Holders of the Definitive Certificates as Certificateholders. 

Section 3.13    Notices to Clearing Agency. Whenever a notice or other communication to the Certificateholders
is required under this Agreement, unless and until Definitive Certificates shall have been issued to the owner of a Certificate pursuant to Section 3.12, the Owner Trustee shall give all such notices and communications
specified herein to be given to the Certificateholders to the Clearing Agency, and shall have no obligation to the beneficial owner of a Certificate. 

Section 3.14    Restrictions on Note Acquisitions. 

(a)    Each Certificateholder acknowledges and represents that it is not a member of an “expanded group” (within
the meaning of the regulations issued under Section 385 of the Code) that includes a domestic corporation (as determined for U.S. federal income tax purposes) if such domestic corporation, directly or indirectly (through one or more entities
that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns 80% or more of the capital or profits of the Trust. 

(b)    Each Certificateholder, if it is acting as a nominee or in a similar capacity, represents and agrees that no
beneficial owner for which it is acting as a nominee owns less than the minimum denomination for such Certificate. 

(c)    Each Certificateholder or beneficial owner of a Certificate, represents and agrees that (A) either (I) it is
not and will not become for U.S. federal income tax purposes a partnership, subchapter S corporation or grantor trust (or a disregarded entity the single owner of which is any of the foregoing) (each such entity a “Flow-Through
Entity”) or (II) if it is or becomes a Flow-Through Entity, then (x) none of the direct or indirect beneficial owners of any of the interests in such Flow-Through Entity has or ever will have more than 50% of the value of its
interest in such Flow-Through Entity attributable to the interest of such Flow-Through Entity in the Certificates, other interest (direct or indirect) in the Trust, or any interest created under the Indenture and (y) it is not and will not be a
principal purpose of the arrangement involving the investment of such Flow-Through Entity in any Certificate to permit any partnership to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii)
of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Code, and (B) it does not and will not beneficially own a Certificate (or any beneficial interest therein) in an amount
that is less than the minimum denomination for such Certificate. 

  
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 (d)    Each Certificateholder or beneficial owner of a Certificate,
represents and agrees that it will not take any action that could cause, and will not omit to take any action, which omission could cause, the Trust to become taxable as a corporation for U.S. federal income tax purposes. 

(e)    Each Certificateholder agrees that any purported transfer of any Certificate or any beneficial interest in a
Certificate that is not made in accordance with the restrictions set forth herein will be null and void from the beginning and will not be given effect for any purpose thereunder. 

ARTICLE IV 
 ACTIONS BY
OWNER TRUSTEE 
 Section 4.1    Prior Notice to Certificateholders with Respect to Certain Matters. The
Owner Trustee shall not take action with respect to the following matters, unless (i) the Owner Trustee shall have notified the Certificateholders in writing (with a copy to the Depositor) of the proposed action at least ten (10) days (or
such shorter period as is acceptable to the Certificateholders) before the taking of such action, and (ii) the Majority Certificateholders shall not have notified the Owner Trustee in writing prior to the 10th day (or such shorter period acceptable to the Majority Certificateholders) after such notice is given that such Majority Certificateholders have withheld consent or provided alternative
direction: 
 (a)    the initiation of any material claim or lawsuit by the Trust (other than an action by the Indenture
Trustee or an action to collect on a Receivable) and the compromise of any material action, proceeding, investigation, claim or lawsuit brought by or against the Trust (other than an action by the Indenture Trustee or an action to collect on a
Receivable); 
 (b)    except as may be required under the Statutory Trust Act, the election by the Trust to file an
amendment to the Certificate of Trust filed with the Delaware Secretary of State; 
 (c)    the amendment of the
Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; or 
 (d)    the
appointment pursuant to the Indenture or the Administration Agreement, as applicable, of a successor Note Registrar, Paying Agent for the Notes or Indenture Trustee, or pursuant to this Agreement, of a successor Certificate Registrar, or the consent
to the assignment by the Note Registrar, Paying Agent for the Notes, Indenture Trustee or Certificate Registrar of its obligations under the Indenture, the Administration Agreement or this Agreement, as applicable. 

Section 4.2    Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have
the power (i) except upon the written direction of the Majority Certificateholders, to remove the Administrator under the Administration Agreement pursuant to Section 10 thereof, appoint a successor Administrator pursuant to
Section 10(e) of the Administration Agreement or, (ii) except as expressly provided in the Transaction Documents, sell the Grantor Trust Certificate or any interest therein prior to the termination of the Indenture and the termination of
the Grantor Trust. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Majority Certificateholders. 

  
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 Section 4.3    Action by Certificateholders with Respect to
Bankruptcy. Notwithstanding any prior termination of this Agreement, the Owner Trustee shall not have the power to commence a voluntary case under Title 11 of the United States Code or any successor provision relating to the Trust without the
prior approval of the Majority Certificateholders and the delivery to the Owner Trustee by such Majority Certificateholders of a certificate certifying that such Majority Certificateholders reasonably believe that the Trust is insolvent;
provided, however, that under no circumstances shall the Owner Trustee commence or join in commencing any such case prior to the date that is one year and one day after termination of the Trust. 

Section 4.4    Restrictions on Certificateholders’ Power. No Certificateholder shall 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 Agreement, including Section 2.3, or any of the other
Transaction Documents, nor shall the Owner Trustee be obligated to follow any such direction, if given. The Certificateholders shall not and shall not direct the Owner Trustee to take action that would violate the provisions of
Section 6.1 and, if given, the Owner Trustee shall not be obligated to follow any such direction. 

Section 4.5    Majority Control. Except as expressly provided herein, any action that may be taken or consent
that may be given or withheld by the Certificateholders under this Agreement shall be effective if such action is taken or such consent is given or withheld by the Majority Certificateholders as of the close of the preceding Distribution Date.
Except as expressly provided herein, any written notice, instruction, direction or other document of the Majority Certificateholders delivered pursuant to this Agreement shall be effective if signed by the Majority Certificateholders. 

ARTICLE V 
 APPLICATION
OF TRUST FUNDS; CERTAIN DUTIES 
 Section 5.1    Establishment of Certificate Distribution Account. 

(a)    The Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Trust
an Eligible Deposit Account known as the Carvana Auto Receivables Trust 2021-P1 Certificate Distribution Account (the “Certificate Distribution Account”), bearing an additional designation
clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established as a segregated trust account with the Paying Agent. 

(b)    The Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time
in the Certificate Distribution Account and in all proceeds thereof. Except as otherwise provided herein or in the Indenture, the Certificate Distribution Account shall be under the sole dominion and control of the Paying Agent for the benefit of
the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Administrator on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held
by the Owner Trustee or an Affiliate thereof) 

  
 18 

 
shall within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution
Account as an Eligible Deposit Account and shall direct the Paying Agent to transfer any cash or any investments to such new Certificate Distribution Account. 

Section 5.2     Application of Trust Funds. 

(a)    On each Distribution Date, the Paying Agent shall distribute to the Certificateholders, on a pro rata basis, amounts
equal to the amounts deposited in the Certificate Distribution Account pursuant to Section 2.7 of the Indenture on or prior to such Distribution Date. Funds received by the Paying Agent by 1:00 p.m. (Eastern time) on any Distribution Date will
be distributed to the Certificateholders on such Distribution Date. The Paying Agent shall use its best efforts to distribute any funds received after 1:00 p.m. (Eastern time) on any Distribution Date to the Certificateholders as soon as reasonably
possible, but the Paying Agent shall not be liable if such funds are not distributed until the next Business Day. Any funds received by the Paying Agent after 1:00 p.m. (Eastern time) shall be held uninvested in the Certificate Distribution Account
until distributed to the Certificateholders, and the Paying Agent shall not be liable for any interest thereon. 

(b)    On each Distribution Date, the Paying Agent shall send to each Certificateholder the statement provided to the
Paying Agent by the Servicer pursuant to Section 2.8 of the Servicing Agreement on such Distribution Date. 

(c)    If any withholding tax is imposed on the Trust’s payment (or allocations of income) to a Certificateholder,
such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.2. The Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any tax that is legally payable by the Trust (but such authorization shall not prevent the Paying Agent 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 or the Paying Agent, upon notification from the Owner Trustee that the appropriate tax forms have not been received by the Owner Trustee, may withhold such amounts in accordance with this Section 5.2(c). If a
Certificateholder wishes to apply for a refund of any such withholding tax, the Paying Agent shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Paying Agent for any out-of-pocket expenses incurred. 
 (d)    If
the Indenture Trustee holds escheated funds for payment to the Trust pursuant to Section 3.3(e) of the Indenture, the Owner Trustee shall, upon notice from the Indenture Trustee that such funds exist, submit on behalf of the Trust an Issuing
Entity Order to the Indenture Trustee pursuant to Section 3.3(e) of the Indenture instructing the Indenture Trustee to pay such funds to or at the order of the Depositor. 

  
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 Section 5.3    Method of Payment. Subject to
Section 7.1(c), distributions required to be made to Certificateholders on any Distribution Date shall be made to each Certificateholder of record on the related Record Date 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 appropriate written instructions at least five (5) Business Days prior to
such Distribution Date or if not, by check mailed to such Certificateholder at the address of such Certificateholder appearing in the Certificate Register; provided, however, that, unless and until Definitive Certificates have been
issued pursuant to Section 3.12, with respect to Book-Entry Certificates registered on the applicable Record Date in the name of the Certificate Depository (initially, Cede & Co.), payment shall be made by wire
transfer in immediately available funds to the account designated by the Certificate Depository. 

Section 5.4    Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others. The
Owner Trustee shall maintain (or cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of accounting, deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations or
otherwise, such information in the possession or control of the Owner Trustee as may be required to enable each Certificateholder to prepare its federal income tax return, file such tax returns relating to the Trust 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 an entity described in Section 2.11 for
federal income tax purposes, cause such tax returns to be signed in the manner required by law and 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 shall annually cause to be sent to each Certificateholder a separate statement setting forth each such Certificateholder’s share of items of income, gain, loss, deduction or
credit and will instruct each such Certificateholder to report such items on its federal income tax return. The Owner Trustee shall prepare or cause to be prepared the returns and information required by Treasury Regulations Section 1.671-5, as well as any other applicable provisions of law, to be provided and filed, as applicable, in the manner prescribed therein. 

Section 5.5    Tax Returns; Other Tax Matters. The Owner Trustee shall prepare, or cause to be prepared, and
sign on behalf of the Trust any and all applicable tax returns of the Trust, unless applicable law requires a Certificateholder to sign such documents, in which case such Certificateholder hereby agrees to sign such document and to cooperate fully
with the reasonable requests of the Owner Trustee with respect thereto. 
 ARTICLE VI 

THE OWNER TRUSTEE 

Section 6.1    Duties of Owner Trustee. 

(a)    The Owner Trustee undertakes to perform such duties, and only such duties, as are specifically set forth in this
Agreement and the other Transaction Documents, including the administration of the Trust in the interest of the Certificateholders, subject to the Transaction Documents and in accordance with the provisions of this Agreement. No implied covenants,
obligations or duties (including fiduciary duties) or liabilities otherwise existing at 

  
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law or in equity with respect to the Trust, shall be read into this Agreement. The Owner Trustee shall have no duty or obligation to perform the duties and obligations of the Trust and shall act
only at the written direction of the Majority Certificateholders and, to the extent expressly provided herein, the Administrator or the Depositor with respect to the duties of the Trust. 

(b)    Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the other Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Trust or the Owner Trustee hereunder or under any other Transaction
Document, and the Owner Trustee shall not be responsible for monitoring or supervising or performing the duties and obligations of the Administrator and shall not be liable for the default or failure of the Administrator to carry out its obligations
under the Administration Agreement. 
 (c)    In the absence of bad faith on its part, the Owner Trustee may
conclusively rely upon certificates or opinions furnished to the Owner Trustee and conforming to the requirements of this Agreement in determining the truth of the statements and the correctness of the opinions contained therein; provided,
however, that the Owner Trustee shall have examined such certificates or opinions so as to determine compliance of the same with the requirements of this Agreement. 

(d)    The Owner Trustee may not be relieved from liability for its own grossly negligent action, its own grossly
negligent failure to act or its own willful misconduct, except that: 
 (i)    this
Section 6.1(d) shall not limit the effect of Sections 6.1(a) or 6.1(b); 

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

(iii)    the Owner Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 4.1, Section 4.2 or Section 6.4. 

(e)    Subject to Sections 5.1 and 5.2, monies received by the Owner Trustee hereunder need not be
segregated in any manner except to the extent required by law or the Indenture and may be deposited under such general conditions as may be prescribed by law. Such funds shall be held (i) in a
non-interest bearing trust account and (ii) uninvested, and the Owner Trustee shall not be liable for any interest thereon. 

(f)    The Owner Trustee shall have no responsibility to record this Agreement or any other Transaction Document, to
prepare or file any financing or continuation statement or amendment in any public office at any time or otherwise to perfect or maintain the perfection of any ownership or security interest or lien or to prepare or file any qualification to do
business, or securities law filing or report or to monitor or cause the Trust to comply with Regulation RR. 

  
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 (g)    The Owner Trustee shall not take any action that (i) is
inconsistent with the purposes of the Trust set forth in Section 2.3 or (ii) would, to the actual knowledge of a Responsible Officer of the Owner Trustee, cause the Trust to fail to qualify as a grantor trust for
United States federal income tax purposes. The Certificateholders shall not direct the Owner Trustee to take any action or themselves take any action that would violate the provisions of this Section 6.1. 

Section 6.2    Rights of Owner Trustee. The Owner Trustee is authorized and directed to execute and deliver
the Transaction Documents, each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust or the Owner Trustee is to be a party and any additional agreement, document, letter or
undertaking to be entered into in connection with the Transaction Documents or the transactions described therein to which the Trust is to be a party, each as presented to the Owner Trustee by the Depositor or its counsel and in such form as the
Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution thereof. The Owner Trustee is authorized to execute such additional documents and amendments to the Transaction Documents as it shall be directed in writing by
the Administrator, the Servicer or the Depositor. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, 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 as the Depositor, the Majority Certificateholders or the Administrator recommends and directs in writing with respect to the Transaction Documents. 

Section 6.3    Acceptance of Trusts and Duties. Except as otherwise provided in this Article VI, in
accepting the trusts hereby created, Wilmington 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 Agreement or any other Transaction Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 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 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 the Transaction Documents. The Owner Trustee
shall not be liable or accountable hereunder or under any other Transaction Document under any circumstances, except for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct or in the case of the
inaccuracy of any representation or warranty contained in Section 6.6 and expressly made by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

 (a)    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 Certificateholders under this Agreement or to 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 of any intervening assignment;
the completeness of any Receivable; the performance or enforcement of any Receivable; the 

  
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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 Administrator, the Indenture Trustee or the Servicer or any sub-servicer taken in the name of the Owner Trustee; 

(b)    the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance
with the instructions of the Depositor, the Administrator, any Certificateholder or the Majority Certificateholders, as applicable; 

(c)    no provision of this Agreement or any other Transaction Document shall require the Owner Trustee to expend or risk
funds or otherwise incur any 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 for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 

(d)    under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the
Transaction Documents, including the principal of and interest on the Notes, or any Trust representation, warranty, covenant or obligation under the Transaction Documents; 

(e)    the Owner Trustee shall not be responsible for or in respect of and makes no representation as to the validity or
sufficiency of any provision of this Agreement other than as explicitly set forth herein 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 Notes, the Certificates, the other Transaction Documents, any Receivables or any related documents, 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; 

(f)    the Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Indenture Trustee,
the Depositor or the Servicer 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 Agreement or the Transaction Documents that are required
to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture, the Depositor under this Agreement or the Servicer under the Servicing Agreement; 

(g)    the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this 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. The right of the Owner Trustee to perform any
discretionary act enumerated in this Agreement or in any other Transaction Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its gross negligence or willful misconduct in the performance of any
such act; 

  
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 (h)    notwithstanding anything to the contrary contained herein or in
any other Transaction Document, and notwithstanding any Person’s right to instruct the Owner Trustee, neither the Owner Trustee nor any agent, employee, director or officer of the Owner Trustee shall have any obligation to execute, deliver or
certify on behalf of the Trust or any other Person any filings, certificates, affidavits or other instruments required pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated pursuant thereto, and the refusal to comply
with any such instructions shall not constitute a default or breach under any Transaction Document. In the event that the Owner Trustee, on behalf of the Trust, does not execute, deliver or certify any filings, certificates, affidavits or other
instruments required under the Sarbanes-Oxley Act of 2002, an Authorized Officer of the Administrator shall, on behalf of the Trust, execute, deliver or make such certification; 

(i)    to the fullest extent permitted by law and notwithstanding anything in this Agreement to the contrary, the Owner
Trustee shall not be personally liable for (x) special, consequential or punitive damages, however styled, including lost profits or (y) the acts or omissions of any nominee, correspondent, clearing agency or securities depository through
which it holds the Trust’s securities or assets; 
 (j)    the Owner Trustee shall not be liable or responsible for
any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, any force majeure event, including but not limited to strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, power outages, loss or malfunctions of utilities, communications or computer (software and hardware) services, or other circumstances beyond its control; it being understood that
the Owner Trustee shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances; 

(k)    the Owner Trustee shall not be deemed to have knowledge or notice of any fact or event unless a Responsible Officer
of the Owner Trustee has actual knowledge thereof or unless written notice of such fact or event is received by a Responsible Officer and such notice references the fact or event; 

(l)    notwithstanding anything contained herein or in any of the Transaction Documents to the contrary, the Owner Trustee
shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of or the giving of notice to, or the registration
with, licensing by or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of any
jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other
than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee contemplated hereby. The Owner Trustee shall be entitled to 

  
 24 

 
obtain advice of counsel (the reasonable fees and expenses of which shall be reimbursable by the Trust pursuant to Section 2.7 of the Indenture) to determine whether any action required to
be taken pursuant to this Agreement results in the consequences described in clauses (i), (ii) and (iii) of the preceding sentence. In the event that said counsel advises the Owner Trustee that such action will result in such consequences, the
Owner Trustee may, or if instructed to do so by the Administrator, shall appoint an additional trustee pursuant to Section 6.12 hereof to proceed with such action; 

(m)    the Owner Trustee shall not be required to provide, on its own behalf, any surety bond or other kind of security in
connection with the execution of any of its trusts or powers under this Agreement or any other Transaction Document or the performance of its duties hereunder; 

(n)    each of the parties hereto hereby agrees that the Owner Trustee in any capacity (x) has not provided and will
not provide in the future, any advice, counsel or opinion regarding the tax, regulatory, financial, investment, securities law or insurance implications and consequences of the formation, funding and ongoing administration of the Trust, including
income, gift and estate tax issues, insurable interest issues, risk retention issues, doing business or other licensing matters and the initial and ongoing selection and monitoring of financing arrangements, (y) has not made any investigation
as to the accuracy of any representations, warranties or other obligations of the Trust under the Transaction Documents and shall have no liability in connection therewith and (z) the Owner Trustee has not prepared or verified, and shall not be
responsible or liable for, any information, disclosure or other statement in any disclosure or offering document or in any other document issued or delivered in connection with the issuance, sale or transfer of the Certificates or the Notes; 

(o)    it shall be the Administrator’s duty and responsibility, and not the Owner Trustee’s duty and
responsibility, to cause the Trust to respond to, defend, participate in or otherwise act in connection with any regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in any way to the Trust, its assets or
the conduct of its business; 
 (p)    the Owner Trustee shall not have any obligation or duty to supervise or monitor
the performance of any other Person and shall have no liability for the failure of any other Person to perform its obligations or duties under the Transaction Documents or otherwise; 

(q)    neither the Depositor nor the Administrator shall, without the written consent of the Owner Trustee, knowingly take
or cause the Trust to take any action which in any way adversely affects or could reasonably be expected to adversely affect the Owner Trustee or any of its rights, duties or protections under this Agreement; and 

(r)    to help the government fight the funding of terrorism and money laundering activities, the Customer Identification
Program (CIP) requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its
implementing regulations (collectively, USA PATRIOT Act), the Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence Requirements and such other laws, 

  
 25 

 
rules, regulations and executive orders in effect from time to time applicable to banking institutions (collectively, the “Applicable Anti-Money Laundering Law”), requires all financial
institutions to obtain, verify and record information that identifies each person who opens an account. Accordingly, in order to comply with the Applicable Anti-Money Laundering Law, the Owner Trustee is required to obtain on or before the Closing
Date and from time to time thereafter documentation to verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust
or other legal entity, the Owner Trustee will ask for documentation to verify its formation and existence as a legal entity, financial statements, licenses, tax identification documents, and identification and authorization documents from
individuals claiming authority to represent the entity and other relevant documentation and information (including beneficial owners of such entities). The Owner Trustee may, to the fullest extent permitted by applicable law, including the
Applicable Anti-Money Laundering Law, conclusively rely on, and shall be fully protected and indemnified in relying on, any information received, and failure to provide such information may result in an inability of the Owner Trustee to perform its
obligations hereunder which, at the sole option of the Owner Trustee, may result in the immediate resignation of the Owner Trustee, subject to Section 6.10, notwithstanding anything to the contrary in this Agreement. The parties hereto agree
that solely for purposes of the Applicable Anti-Money Laundering Law, (a) the Depositor is and shall be deemed to be the sole beneficial owner of the Trust, and (b) the Depositor is and shall deemed to be the party with the power and
authority to control the Trust. 
 Section 6.4    Action upon Instruction by Certificateholders. 

(a)    Subject to Section 4.4, the Certificateholders may by written instruction direct the Owner
Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Section 4.5. 

(b)    Notwithstanding the foregoing, the Owner Trustee shall not be required to take or refrain from taking any action
hereunder or under 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 hereof or of any other Transaction Document or is otherwise contrary to law. 
 (c)    Whenever the Owner Trustee
is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any other Transaction Document, or is unsure as to the application, intent, interpretation or meaning of any provision of this
Agreement or the other Transaction Documents, 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 such instruction 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 instructions
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
which is consistent, in its view, with this Agreement or the other Transaction Documents, and as it shall deem to be in the best interests of the Certificateholders, and the Owner Trustee shall have no liability to any Person for any such action or
inaction. 

  
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 Section 6.5    Furnishing of Documents. The Owner Trustee
shall furnish to the Certificateholders, promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner
Trustee under the Transaction Documents. 
 Section 6.6    Representations and Warranties of Owner Trustee.
The Owner Trustee hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that: 

(a)    It is a banking association duly organized, validly existing and in good standing under the laws of the United
States of America. It has satisfied the eligibility requirements set forth in Section 6.13. 

(b)    It has full power, authority and legal right to execute, deliver and perform this Agreement, and has taken all
necessary action to authorize the execution, delivery and performance by it of this Agreement. 
 (c)    The execution,
delivery and performance by it of this Agreement (i) does not violate any provision of any law or regulation of the State of Delaware or the United States of America governing the banking and trust powers of the Owner Trustee or any order,
writ, judgment or decree of any court, arbitrator or governmental authority applicable to the Owner Trustee or any of its assets, (ii) does not violate any provision of the corporate charter or by-laws of
the Owner Trustee or (iii) does not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any Lien on any properties included in the Trust pursuant to the
provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation, default or Lien could reasonably be expected to have a Material Adverse Effect on the Owner Trustee’s performance or
ability to perform its duties as Owner Trustee under this Agreement or on the transactions contemplated in this Agreement. 

(d)    This Agreement has been duly executed and delivered by the Owner Trustee and, assuming due authorization, execution
and delivery by the Depositor, constitutes the legal, valid and binding agreement of the Owner Trustee, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar
laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

Section 6.7    Reliance; Advice of Counsel. 

(a)    The Owner Trustee 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 

  
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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 Agreement or the other Transaction Documents, the Owner Trustee may act directly or through its agents, attorneys, custodians or
nominees 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, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have
been selected by the Owner Trustee in good faith and without gross negligence; and may consult with counsel, accountants and other skilled professionals to be selected in good faith and without gross negligence 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 opinion or advice of any such counsel, accountants or other such Persons and not contrary to this Agreement or any other Transaction Document. 

Section 6.8    Owner Trustee May Own Certificates and Notes. Wilmington Trust, National Association or any
successor 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 Indenture Trustee, the Administrator and the Servicer in transactions in the same manner as
it would have if it were not the Owner Trustee. 
 Section 6.9    Compensation and Indemnity. 

(a)    The Owner Trustee shall receive as compensation for its services hereunder (i) on the date of execution of this
Agreement, an initial fee and an annual fee for its services to be provided, and (ii) such fees as have been separately agreed upon before the date hereof by the Owner Trustee, and the Owner Trustee, any paying agent, registrar, authenticating
agent or co-trustee shall be entitled to be reimbursed for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, custodians, nominees,
representatives, experts and external counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder as specified in Section 2.7 of the Indenture. 

(b)    The Trust shall indemnify, defend and hold harmless the Owner Trustee (in its individual and trustee capacities),
any paying agent, registrar, authenticating agent or co-trustee and its successors, assigns, agents and servants from and against all costs, expenses, losses, claims, actions, suits, damages and liabilities,
including reasonable and documented legal fees and expenses of external counsel, in connection with the successful enforcement of their indemnification rights hereunder, of any kind and nature whatsoever arising out of or incurred in connection with
(i) the Owner Trustee’s performance of its duties under the Indenture or any other Transaction Document, or (ii) the acceptance, administration or performance by, or action or inaction of, the Owner Trustee of the trusts and duties
contained in this Agreement and the other Transaction Documents, including the administration of the Owner Trust Estate, except in each case to the extent that such cost, expense, loss, claim, damage or liability (A) is due to the willful
misfeasance, bad faith or gross negligence (except for errors in judgment) of the Person indemnified, or (B) arises from the Owner Trustee’s breach of any of its representations or warranties set forth in Section 6.6. 

  
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 (c)    The Administrator shall indemnify, defend and hold harmless the
Owner Trustee (in its individual and trustee capacities), any paying agent, registrar, authenticating agent or co-trustee and its successors, assigns, agents and servants from and against all costs, expenses,
losses, claims, actions, suits, damages and liabilities, including reasonable and documented legal fees and expenses of external counsel, in connection with the successful enforcement of their indemnification rights hereunder, of any kind and nature
whatsoever arising out of or incurred in connection with (i) the Administrator’s performance of its duties under this Agreement or the Administration Agreement; or (ii) the failure by the Administrator to comply with any term,
provision or covenant contained in this Agreement or any other Transaction Document, except in each case to the extent that such cost, expense, loss, claim, action, suit, damage or liability (A) is due to the willful misfeasance, bad faith or
gross negligence (except for errors in judgment) of the Person indemnified, or (B) arises from the breach of any of the representations or warranties set forth in Section 6.6. 

The indemnities contained in this Section 6.9 shall survive the resignation or removal of the Owner Trustee or the
termination of this Agreement. To the extent that the Trust or the Administrator fails to pay any amounts due and owing to the Owner Trustee pursuant to this Section 6.9, such amounts shall be payable pursuant to
Section 2.7 of the Indenture. Any amounts paid to the Owner Trustee pursuant to this Article VI shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 

Section 6.10    Replacement of Owner Trustee. 

(a)    The Owner Trustee may give notice of its intent to resign and be discharged from the trusts hereby created by giving
notice thereof to the Depositor, the Administrator and the Certificateholders; provided that no such resignation shall become effective, and the Owner Trustee shall not resign, prior to the time set forth in
Section 6.10(c). If no successor Owner Trustee shall have been appointed pursuant to Section 6.10(b) and have accepted such appointment within thirty (30) days after the giving of such notice,
the Owner Trustee giving such notice may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. The Depositor or the Administrator shall remove the Owner Trustee if: 

(i)    the Owner Trustee shall cease to be eligible in accordance with the provisions of
Section 6.13 and shall fail to resign after written request therefor by the Administrator; 

(ii)    the Owner Trustee shall be adjudged bankrupt or insolvent; 

(iii)    a receiver or other public officer shall be appointed or take charge or control of the Owner Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or liquidation; or 
 (iv)    the Owner Trustee
shall otherwise be incapable of acting. 

  
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 (b)    If the Owner Trustee gives notice of its intent to resign or is
removed or if a vacancy exists in the office of Owner Trustee for any reason, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate (one copy of which instrument shall be delivered to the outgoing
Owner Trustee so removed and one copy to the successor Owner Trustee) and shall pay all fees, expenses and indemnities owed to the outgoing Owner Trustee. 

(c)    Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the
provisions of this Section 6.10 shall not become effective, and no such resignation shall be deemed to have occurred, until a written acceptance of appointment is delivered by the successor Owner Trustee to the outgoing
Owner Trustee, the Depositor, the Administrator and the Certificateholders and all fees, expenses and indemnities due to the outgoing Owner Trustee are paid. Costs associated with the resignation or removal of the Owner Trustee and the appointment
of a successor Owner Trustee will be borne by the Trust. Any successor Owner Trustee appointed pursuant to this Section 6.10 shall be eligible to act in such capacity in accordance with
Section 6.13 and, following compliance with the preceding sentence, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally
named as Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 

(d)    The predecessor Owner Trustee shall upon payment of its fees, expenses and indemnity deliver to the successor Owner
Trustee all documents and statements and monies held by it under this Agreement. 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. 

(e)    Upon acceptance of appointment by a successor Owner Trustee pursuant to this
Section 6.10, the Administrator shall mail notice of the successor of such Owner Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. Any successor Owner Trustee appointed
hereunder shall file an amendment to the Certificate of Trust. 
 Section 6.11    Merger or Consolidation of
Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any
Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided such Person shall be eligible pursuant to
Section 6.13, and without the execution or filing of any instrument or any further act on the part of any of the parties hereto; provided, further, that the Owner Trustee shall mail notice of such merger or
consolidation to the Depositor, who promptly shall notify the Rating Agencies. In connection therewith, the Owner Trustee shall file an amendment to the Certificate of Trust if required by the Statutory Trust Act. 

  
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 Section 6.12    Appointment of
Co-Trustee or Separate Trustee. 
 (a)    Notwithstanding any other
provisions of this Agreement, 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 Majority Certificateholders, the
Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly
with the Owner Trustee, or as separate trustee or trustees, of all or any part of the Owner Trust Estate, and to vest in such Person (in the name of the Trust and not in such Person’s name for the Trust, except to the extent otherwise required
by, and in accordance with, Section 2.8), in such capacity, such title to the Owner Trust Estate, or any part thereof, and, subject to the other provisions of this Section 6.12, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable. If neither the Administrator nor the Majority Certificateholders shall 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 Agreement shall be required to meet the terms of eligibility as a successor trustee
pursuant to Section 6.13 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 6.10. 

(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 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 is not 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 Agreement shall be personally liable by reason of any act or omission of any other trustee
under this Agreement; and 
 (iii)    the Majority Certificateholders, Administrator and the Owner Trustee acting
jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 

(c)    Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the
then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
Agreement and the conditions of this Article. 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 

  
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provided therein, subject to all the provisions of this Agreement, specifically including every provision of this 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 appoint the Owner
Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this 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. 

Section 6.13    Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times: (a) be
a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have (or have a parent which has) a combined capital and surplus of at
least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating in any generic rating category which signifies investment grade by each
Rating Agency or a rating otherwise acceptable to each Rating Agency. If such corporation 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 6.13, the combined capital and surplus of such corporation 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 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in
Section 6.10. 
 ARTICLE VII 

TERMINATION OF TRUST AGREEMENT 

Section 7.1    Termination of Trust Agreement. 

(a)    The Trust shall dissolve and wind-up in accordance with Section 3808 of
the Statutory Trust Act immediately prior to the final distribution by the Indenture Trustee and the Paying Agent of all monies or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the Servicing
Agreement (including the exercise by the Servicer of its option to purchase the Receivables pursuant to Section 6.1 of the Servicing Agreement) and the termination of the Grantor Trust and Article V. The bankruptcy, liquidation,
dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Trust, (y) 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 the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

(b)    Neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the Trust or this
Agreement. 

  
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 (c)    Subject to Section 5.2(a), notice of
any dissolution of the Trust, specifying the Distribution Date upon which the Certificateholders shall surrender their Certificates to the Certificate Registrar for payment of the final distribution and cancellation, shall be given by the
Certificate Registrar by letter to Certificateholders mailed within five (5) Business Days of receipt of notice of Optional Purchase from the Servicer given pursuant to Section 6.1 of the Servicing Agreement, in either case, 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 Certificate Registrar therein designated; (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 Certificate Registrar
therein specified. The Certificate Registrar shall give such notice to 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 Certificateholders amounts distributable on such Distribution Date pursuant to Section 5.2. 

(d)    If all of the Certificateholders shall not surrender their Certificates for cancellation within six (6) months
after the date specified in the written notice referred to in Section 7.1(c), the Certificate Registrar 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 (1) year after the second notice all the Certificates shall not have been surrendered for cancellation, the Certificate Registrar 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 Agreement. Subject to
applicable laws with respect to escheat of funds, any funds remaining in the Trust after exhaustion of such remedies in the preceding sentence shall be deemed property of the last Certificateholders of record and distributed by the Paying Agent to
the last Certificateholders of record, and none of the Owner Trustee, the Certificate Registrar or the Paying Agent shall have any further liability to the Certificateholders with respect thereto. 

(e)    Upon the winding up and termination of the Trust in accordance with Section 3808 of the Statutory Trust Act
and this Section 7.1 at the written direction of the Majority Certificateholders and at the expense of the Certificateholders, the Owner Trustee shall 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 Act. Thereupon, this Agreement (other than Sections 6.9, 9.8 and 9.9) and the Trust shall terminate. 

ARTICLE VIII 
 AMENDMENTS

 Section 8.1    Amendments Without Consent of Certificateholders or Noteholders. This Agreement may be
amended by the Depositor and the Owner Trustee without the consent of any of the Noteholders or any other Persons who may be Certificateholders, (i) to cure any ambiguity, (ii) correct or supplement any provision in this Agreement that may
be defective or inconsistent with any other provision in this Agreement or any other Transaction Document, or with any description thereof in the Prospectus or the Certificate Private Placement 

  
 33 

 
Memorandum, (iii) to add to the covenants, restrictions or obligations of the Depositor or the Owner Trustee, (iv) to evidence and provide for the acceptance of the appointment of a
successor trustee with respect to the Owner Trust Estate and add to or change any provisions as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee pursuant to Article VI, (v) to add,
change or eliminate any other provision of this Agreement in any manner that shall not, as evidenced by an Opinion of Counsel, materially and adversely affect the interests of the Noteholders or Unaffiliated Certificateholders, or (vi) if the
Rating Agency Condition is satisfied with respect to such amendment and the Depositor or the Owner Trustee notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

Section 8.2    Amendments With Consent of Securityholders. 

(a)    This Agreement may be amended from time to time by the Depositor and the Owner Trustee with the consent of the
Certificateholders to add or supplement any credit enhancement for the benefit of the Noteholders of any class or the Certificateholders (provided that if any such addition shall affect any class of Noteholders differently from any other class of
Noteholders, then such addition shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any class of Noteholders), 

(b)    This Agreement may be amended from time to time by the Depositor and the Owner Trustee with the consent of the
Requisite Noteholders as of the close of the preceding Distribution Date and, if any Person other than the Depositor or an Affiliate of the Depositor holds any Certificates, the consent of the Majority Certificateholders as of the close of the
preceding Distribution Date (which consent, whether given pursuant to this Section 8.2 or pursuant to any other provision of this Agreement, shall be conclusive and binding on such Person and on all future holders of such
Notes or Certificates and of any Notes or Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon any Notes or Certificates) for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment shall
(a) without the consent of the holder of the affected Note or Certificate, as applicable, increase or reduce the interest rate or principal amount of any Note or change the Final Scheduled Distribution Date of any Note or distributions on the
Certificates, (b) increase or reduce the amount of the required Specified Reserve Account Balance or the Specified Class N Reserve Account Balance without the consent of all of the Noteholders or Certificateholders then outstanding or
(c) reduce the aforesaid percentage of Noteholders or Certificateholders required to consent to any such amendment, without the consent of the holders of all Notes or Certificates then outstanding, as the case may be. 

(c)    Prior to the execution of any amendment, the Depositor shall provide written notification of the substance of such
amendment or consent to each Rating Agency and the Indenture Trustee; and promptly after the execution of any such amendment, the Depositor shall furnish a copy of such amendment to each Rating Agency, the Grantor Trust Trustee, the Owner Trustee
and the Indenture Trustee. 

  
 34 

 Section 8.3     Form of Amendments. 

(a)    Promptly after the execution of any amendment, supplement or consent pursuant to
Section 8.1 or Section 8.2, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to each Unaffiliated Certificateholder and the Indenture Trustee. 

(b)    It shall not be necessary for the consent of Certificateholders, the Noteholders or the Owner Trustee pursuant to
Section 8.2 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 Unaffiliated Certificateholders provided for in this Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by Unaffiliated Certificateholders shall be subject to such reasonable requirements
as the Owner Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 

(c)    Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee, at the expense of the
Trust to the extent such amendments do not relate to a change in the name or address of the Owner Trustee, shall cause the filing of such amendment with the Secretary of State. 

(d)    Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be
entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate of the Administrator stating that all conditions
precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, privileges, indemnities, duties or
obligations under this Agreement or otherwise. 
 (e)    Notwithstanding anything to the contrary herein, an Opinion of
Counsel shall be delivered to the Depositor and the Owner Trustee to the effect that such amendment would not cause the Trust to fail to qualify as a grantor trust for United States federal income tax purposes. 

ARTICLE IX 

MISCELLANEOUS 

Section 9.1    No Legal Title to Owner Trust Estate. 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 Percentage Interest therein only in accordance with Articles V and VII. No transfer, by operation of law
or otherwise, of any right, title, and interest of the Certificateholders to and in their Percentage Interest in the Owner Trust Estate shall operate to terminate this 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. 

  
 35 

 Section 9.2    Limitations on Rights of Others. The
provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions
contained herein. 
 Section 9.3    Derivative Actions. Any provision contained herein to the contrary
notwithstanding, the right of any Certificateholder or Certificate Owner to bring a derivative action in the right of the Trust is hereby made expressly subject to the following limitations and requirements: 

(a)    such Certificateholder or Certificate Owner must meet all requirements set forth in the Statutory Trust Act; and

 (b)    no Certificateholder or Certificate Owner may bring a derivative action in the right of the Trust without the
prior written consent of the Majority Certificateholders. 
 Section 9.4    Notices. All demands, notices
and communications upon or to the Depositor, the Servicer, the Administrator, the Indenture Trustee, the Owner Trustee or the Rating Agencies under this Agreement shall be delivered as specified in Part III of Appendix A to the Receivables Purchase
Agreement. 
 Section 9.5    Severability. If any one or more of the covenants, agreements, provisions or
terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no
way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof. 

Section 9.6    Counterparts. This Agreement may be executed by the parties hereto in separate counterparts
(including by way of electronic or facsimile transmission), each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. This Agreement shall be valid, binding,
and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other
electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant
provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the
same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual
signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall

  
 36 

 
be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings; provided, however,
that any documentation with respect to transfer of the Certificates or other securities presented to the Indenture Trustee or any transfer agent must contain original documents with manually executed signatures. 

Section 9.7    Successors and Assigns. All covenants and agreements contained herein shall be binding upon,
and inure to the benefit of, the Depositor, the Administrator, the Owner Trustee and each Certificateholder and their respective 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 9.8    No Petition. To the fullest extent permitted by Applicable Law, the Owner Trustee by entering
into this Agreement and each Certificateholder or Certificate Owner, by accepting a Certificate (or interest therein) issued hereunder, hereby covenant and agree that they shall not (nor shall they join with or solicit another person to), prior to
the day that is one year and one day after the termination of the Trust and of each other trust heretofore formed by the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor or the Trust to invoke in any court or government
authority for the purpose of commencing or sustaining a case against the Depositor or the Trust under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Depositor or the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Trust under a federal or State bankruptcy or insolvency proceeding;
provided that nothing contained herein shall prevent the Owner Trustee from filing a proof of claim in any such proceeding. 

Section 9.9    No Recourse. Each Certificateholder or Certificate Owner by accepting a Certificate (or any
interest therein) acknowledges that such Person’s Certificate (or interest therein) represents beneficial interests in the Trust only and does 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, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificates
or the other Transaction Documents. Except as expressly provided in the Transaction Documents, none of the Depositor, the Servicer or the Owner Trustee in their respective individual capacities, or any of their respective partners, beneficiaries,
agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the distribution of any amount with respect to the Certificates or the Trust’s performance of, or
omission to perform, any obligations or indemnifications contained in the Certificates, this Agreement or the other Transaction Documents, it being expressly understood that such Certificateholder obligations have been made solely by the Trust. Each
Certificateholder by the acceptance of a Certificate (or beneficial interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of any amounts with respect to the Certificates, it shall have no
claim against any of the foregoing Persons for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Certificateholder and Certificate Owner is prohibited by, or declared illegal or otherwise unenforceable
against any such Certificateholder or Certificate Owner under applicable law by any court or other authority of competent jurisdiction, and, as a result, a 

  
 37 

 
Certificateholder or Certificate Owner is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Trust, each Certificateholder and Certificate
Owner agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the
payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the
Bankruptcy Code. 
 Section 9.10    Headings. The headings of the various Articles and Sections herein are
for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

Section 9.11    Governing Law, Waiver of Jury Trial. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

(b) THE PARTIES HERETO AND THE CERTIFICATEHOLDERS 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 AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 9.12    Effect of Amendment and Restatement. It is the intent of the parties hereto that this
Agreement shall, as of the date hereof, replace in its entirety the Original Trust Agreement; provided, however, that with respect to the period of time from January 5, 2021 through the date hereof, the rights and obligations of
the parties shall be governed by the Original Trust Agreement; and provided further, that the amendment and restatement of the Original Trust Agreement shall not affect any of the grants, conveyances or transfers contemplated by the
Original Trust Agreement to have occurred prior to the date hereof. 
 Section 9.13    Information to be
Provided by the Owner Trustee. 
 (a)    The Owner Trustee agrees to cooperate in good faith with any reasonable
request by the Depositor for information regarding the Owner Trustee which is required in order to enable the Depositor to comply with the provisions of Items 1104(e), 1117, 1119 and 1121(c) of Regulation AB and Rule
15Ga-1 under the Exchange Act as it relates to the Owner Trustee or to the Owner Trustee’s obligations under this Agreement; provided that with respect to Rule
15Ga-1, and Items 1121(c) and 1104(e) of Regulation AB, the Owner Trustee shall not be deemed a “securitizer” under Regulation AB or under the Exchange Act. 

(b)    Except to the extent disclosed by the Owner Trustee in subsection (c) or (d) below, the Owner Trustee shall be
deemed to have represented to the Depositor on the first 

  
 38 

 
day of each Collection Period with respect to the prior Collection Period that to the best of its knowledge there were no legal or governmental proceedings pending (or known to be contemplated)
against Wilmington Trust, National Association, or any property of Wilmington Trust, National Association, that would be material to any Noteholder or, to the extent that the Certificates are registered under the Securities Act for public sale, any
holder of such Certificates. 
 (c)    The Owner Trustee shall, as promptly as practicable following notice to or
discovery by the Owner Trustee of any changes to any information regarding the Owner Trustee as is required for the purpose of compliance with Item 1117 of Regulation AB, provide to the Depositor, in writing, such updated information. 

(d)    The Owner Trustee shall deliver to the Depositor on or before March 1 (or, if such date is not a Business Day,
the next succeeding Business Day) of each year, beginning with March 1, 2022, a written notice from a representative of the Owner Trustee with respect to the immediately preceding calendar year certifying, on behalf of the Owner Trustee, that
except to the extent otherwise disclosed in writing to Depositor, to the best of his or her knowledge there were no legal or governmental proceedings pending (or known to be contemplated) against Wilmington Trust, National Association, or any
property of Wilmington Trust, National Association, that would be material to any Noteholder or, to the extent that the Certificates are registered under the Securities Act for public sale, any holder of such Certificates. 

(e)    The Owner Trustee shall deliver to the Depositor on or before March 1 (or, if such date is not a Business Day,
the next succeeding Business Day) of each year, beginning with March 1, 2022, a report of a representative of the Owner Trustee with respect to the immediately preceding calendar year providing to the Depositor such information regarding the
Owner Trustee as is required for the purpose of compliance with Item 1119 of Regulation AB; provided, however, (i) the Owner Trustee shall not be required to provide such information, but will notify the Depositor in writing, to the extent that
there has been no change to the information previously provided by the Owner Trustee to the Depositor, and (ii) the Owner Trustee shall promptly provide notice to the Depositor following notice to or discovery by a Responsible Officer of the
Owner Trustee of any changes to such information, provided to the Depositor, in writing, such information. Such information shall include, at a minimum, a description of any affiliation between the Owner Trustee and any of the following parties to
this securitization transaction, as such parties are identified to the Owner Trustee by the Depositor in writing in advance of this securitization transaction: 

(i)    the Depositor; 

(ii)    Carvana, LLC, as sponsor; 

(iii)    the Trust; 

(iv)    the Grantor Trust; 

(v)    the Grantor Trust Trustee; 

  
 39 

 (vi)    the Servicer; 

(vii)    the Backup Servicer; 

(viii)    the Indenture Trustee; 

(ix)    the Asset Representations Reviewer; 

(x)    the Collateral Custodian; and 

(xi)    any other material transaction party. 

(f)    In connection with the parties listed in clauses (i) through (xi) above, the Owner Trustee shall
include a description of whether there is, and if so, the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than
would be obtained in an arm’s length transaction with an unrelated third party, apart from this securitization transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding
of the asset backed securities issued in this securitization transaction. 
 (g)    The Owner Trustee shall provide the
Depositor with notification, as soon as practicable and in any event within five (5) Business Days, of all demands delivered to a Responsible Officer of the Owner Trustee for the repurchase or replacement of any Receivable pursuant to any
Transaction Document. Subject to this Section 9.13, the Owner Trustee shall have no obligation to take any other action with respect to any demand. In no event shall the Owner Trustee have (i) any responsibility or
liability in connection with any filing 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 9.13. 

*    *    *    *    * 

  
 40 

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

			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Owner Trustee

	
	By:                                   
                                     
	Name:	 	
	Title:	 	
	
	 CARVANA RECEIVABLES DEPOSITOR LLC,

as Depositor

	
	By:                                   
                                     
	Name:	 	
	Title:	 	

  

			
	Acknowledged, Accepted and Agreed To By:
	
	 CARVANA, LLC,
 as Administrator and
Sponsor

	
	By:                                   
                                     
	Name:	 	
	Title:	 	
	
	Acknowledged, Accepted and Agreed To By:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

as Certificate Registrar and Paying Agent

	
	By:                                   
                                     
	Name:	 	
	Title:	 	

 EXHIBIT A 

FORM OF [TEMPORARY REGULATION S GLOBAL] [PERMANENT REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE 

 

			
	NO. R-	  	    % PERCENTAGE INTEREST

$[        ]               
  
 CUSIP: [                    ] 

SEE REVERSE FOR CERTAIN DEFINITIONS 

[NO BENEFICIAL OWNER OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE DISTRIBUTIONS HEREIN UNLESS SUCH
BENEFICIAL OWNER SHALL HAVE DELIVERED A CERTIFICATION IN THE FORM ATTACHED TO THE TRUST AGREEMENT TO CLEARSTREAM OR EUROCLEAR. 
 THE HOLDER
OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH CERTIFICATE WITHIN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)) PRIOR TO THE EXCHANGE DATE EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT, OR UNDER THE SECURITIES OR
BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE (OR INTEREST THEREIN) THE HOLDER OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE (OR SUCH INTEREST)
IS DEEMED TO REPRESENT TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR AND THE OWNER TRUSTEE THAT IT IS A NON-U.S. PERSON (AS DEFINED IN REGULATION S) WHO ACQUIRED THE CERTIFICATE OUTSIDE OF THE UNITED STATES IN
ACCORDANCE WITH REGULATION S.] 
 [THIS [PERMANENT REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS
[PERMANENT REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE (OR INTEREST 

  
 Ex. A-1 

 
THEREIN) THE HOLDER OF THIS [PERMANENT REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE (OR SUCH INTEREST) IF, OTHER THAN THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, IS DEEMED TO
REPRESENT TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR, AND THE OWNER TRUSTEE THAT IT IS [A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL CERTIFICATE (OR INTEREST
THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS).] [A NON-U.S. PERSON (AS DEFINED IN
REGULATION S) WHO ACQUIRED THIS PERMANENT REGULATION S CERTIFICATE OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S].] 
 NO SALE,
PLEDGE OR OTHER TRANSFER OF THIS [TEMPORARY REGULATION S GLOBAL] [PERMANENT REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) [SUCH SALE IS MADE TO THE DEPOSITOR OR ANY AFFILIATE OF
THE DEPOSITOR, (ii)] SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES [AFTER DUE INQUIRY] IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT
FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, [(ii)][(iii)]
SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE OF THE UNITED STATES TO A NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OF THE SECURITIES ACT AND THAT PERSON DELIVERS ANY NECESSARY
CERTIFICATIONS PURSUANT TO THE TRUST AGREEMENT, [(iv) THIS TEMPORARY REGULATION S CERTIFICATE IS NO LONGER ELIGIBLE FOR RESALE PURSUANT TO RULE 144A OR REGULATION S,] OR [(iv)][(v)] SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A
TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE, IN THE EVENT THE CERTIFICATES ARE DEFINITIVE CERTIFICATES (A) THE CERTIFICATE REGISTRAR SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE
PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE ADMINISTRATOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE ADMINISTRATOR, AND (B) THE
CERTIFICATE REGISTRAR SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, THE ADMINISTRATOR, THE 

  
 Ex. A-2 

 
SERVICER, THE TRUST, THE CERTIFICATE REGISTRAR OR THE OWNER TRUSTEE) SATISFACTORY TO THE ADMINISTRATOR TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT. 

THIS [TEMPORARY REGULATION S GLOBAL] [PERMANENT REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED
OR HELD BY OR FOR THE ACCOUNT OF (1) AN “EMPLOYEE BENEFIT PLAN,” AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS
OF TITLE I OF ERISA, (2) A “PLAN” AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR (3) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS
BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR ACCOUNT OTHER THAN AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION 95-60
(“PTCE 95-60”), WHOSE UNDERLYING ASSETS INCLUDE LESS THAN 25% “PLAN ASSETS” SUBJECT TO ERISA, WHO IS NOT AND IS NOT AN AFFILIATE OF A PERSON THAT HAS DISCRETIONARY AUTHORITY OR
CONTROL WITH RESPECT TO THE ASSETS OF THE TRUST OR PROVIDES INVESTMENT ADVICE FOR A FEE (DIRECT OR INDIRECT) WITH RESPECT TO THE ASSETS OF THE TRUST, AND FOR WHICH THE PURCHASE AND HOLDING OF CERTIFICATES IS ELIGIBLE AND SATISFIES ALL CONDITIONS FOR
RELIEF UNDER PTCE 95-60. THIS [TEMPORARY REGULATION S GLOBAL] [PERMANENT REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE (OR AN INTEREST THEREIN) ALSO MAY NOT BE ACQUIRED OR HELD BY OR FOR THE ACCOUNT OF
ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) (INCLUDING, WITHOUT LIMITATION, FOREIGN OR GOVERNMENTAL PLANS) IF SUCH ACQUISITION WOULD RESULT IN A
VIOLATION OF ANY SIMILAR LAW. EACH HOLDER OF THIS [TEMPORARY REGULATION S GLOBAL] [PERMANENT REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE, BY ACCEPTING THIS [TEMPORARY REGULATION S GLOBAL] [PERMANENT REGULATION S GLOBAL] [RULE 144A GLOBAL]
CERTIFICATE, WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT SUBJECT TO THE FOREGOING LIMITATIONS AND, IF REQUESTED TO DO SO BY THE DEPOSITOR, SUCH PERSON SHALL EXECUTE AND DELIVER TO THE OWNER TRUSTEE AND THE CERTIFICATE REGISTRAR
AN UNDERTAKING LETTER TO SUCH EFFECT IN THE FORM SPECIFIED IN THE TRUST AGREEMENT. 

  
 Ex. A-3 

 THE HOLDER OF THIS [TEMPORARY REGULATION S GLOBAL] [PERMANENT REGULATION S GLOBAL] [RULE
144A GLOBAL] CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS [TEMPORARY REGULATION S GLOBAL] [PERMANENT REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE ARE SUBORDINATED TO THE RIGHTS OF THE
NOTEHOLDERS AS AND TO THE EXTENT DESCRIBED IN THE INDENTURE. 
 IT IS THE INTENT OF THE DEPOSITOR, THE OWNER TRUSTEE AND THE
CERTIFICATEHOLDERS THAT, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THE TRUST SHALL BE TREATED AS A GRANTOR TRUST. EXCEPT AS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, THE DEPOSITOR AND THE OTHER CERTIFICATEHOLDERS BY ACCEPTANCE OF A
[TEMPORARY REGULATION S GLOBAL] [PERMANENT REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE AGREE TO TREAT, AND TO TAKE NO ACTION INCONSISTENT WITH THE TREATMENT OF, THE CERTIFICATES FOR SUCH TAX PURPOSES AS INTERESTS IN SUCH AN ENTITY AS
DESCRIBED IN THE PREVIOUS SENTENCE. 
 EACH CERTIFICATEHOLDER ACKNOWLEDGES AND REPRESENTS THAT IT IS NOT A MEMBER OF AN “EXPANDED
GROUP” (WITHIN THE MEANING OF THE REGULATIONS ISSUED UNDER SECTION 385 OF THE CODE) THAT INCLUDES A DOMESTIC CORPORATION (AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES) IF SUCH DOMESTIC CORPORATION, DIRECTLY OR INDIRECTLY (THROUGH ONE OR
MORE ENTITIES THAT ARE TREATED FOR U.S. FEDERAL INCOME TAX PURPOSES AS PARTNERSHIPS, DISREGARDED ENTITIES, OR GRANTOR TRUSTS), OWNS 80% OR MORE OF THE CAPITAL OR PROFITS OF THE TRUST. 

EACH CERTIFICATEHOLDER, IF IT IS ACTING AS A NOMINEE OR IN A SIMILAR CAPACITY, REPRESENTS AND AGREES THAT NO BENEFICIAL OWNER FOR WHICH IT IS
ACTING AS A NOMINEE OWNS LESS THAN THE MINIMUM DENOMINATION FOR SUCH CERTIFICATE. 
 EACH CERTIFICATEHOLDER OR BENEFICIAL OWNER OF A
CERTIFICATE, REPRESENTS AND AGREES THAT (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE
FOREGOING) (EACH SUCH ENTITY A “FLOW-THROUGH ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH 

  
 Ex. A-4 

 
ENTITY HAS OR EVER WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE CERTIFICATES, OTHER INTEREST
(DIRECT OR INDIRECT) IN THE TRUST, OR ANY INTEREST CREATED UNDER THE INDENTURE AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY CERTIFICATE TO PERMIT ANY
PARTNERSHIP TO SATISFY THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE,
AND (B) IT DOES NOT AND WILL NOT BENEFICIALLY OWN A CERTIFICATE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH CERTIFICATE. 

EACH CERTIFICATEHOLDER OR BENEFICIAL OWNER OF A CERTIFICATE, REPRESENTS AND AGREES THAT IT WILL NOT TAKE ANY ACTION THAT COULD CAUSE, AND WILL
NOT OMIT TO TAKE ANY ACTION, WHICH OMISSION COULD CAUSE, THE TRUST TO BECOME TAXABLE AS A CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES. 

EACH CERTIFICATEHOLDER AGREES THAT ANY PURPORTED TRANSFER OF ANY CERTIFICATE OR ANY BENEFICIAL INTEREST IN A CERTIFICATE THAT IS NOT MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AGREEMENT WILL BE NULL AND VOID FROM THE BEGINNING AND WILL NOT BE GIVEN EFFECT FOR ANY PURPOSE THEREUNDER. 

EACH CERTIFICATEHOLDER OR CERTIFICATE OWNER BY ITS ACCEPTANCE OF A CERTIFICATE (OR AN INTEREST THEREIN) COVENANTS AND AGREES THAT SUCH
CERTIFICATEHOLDER OR CERTIFICATE OWNER SHALL NOT (NOR SHALL IT JOIN WITH OR SOLICIT ANOTHER PERSON TO), PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE TRUST AND OF EACH OTHER TRUST HERETOFORE FORMED BY THE DEPOSITOR,
ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE TRUST TO INVOKE IN ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE TRUST UNDER ANY FEDERAL OR STATE BANKRUPTCY,
INSOLVENCY, REORGANIZATION OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE TRUST OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR
LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE TRUST UNDER A FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 

  
 Ex. A-5 

 EACH CERTIFICATEHOLDER OR CERTIFICATE OWNER BY ACCEPTING A CERTIFICATE (OR ANY INTEREST
THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S CERTIFICATE (OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE TRUST ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER
TRUSTEE, THE CERTIFICATE REGISTRAR, THE INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE TRUST
AGREEMENT, THE CERTIFICATES OR THE OTHER TRANSACTION DOCUMENTS. EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, NONE OF THE DEPOSITOR, THE SERVICER, THE CERTIFICATE REGISTRAR OR THE OWNER TRUSTEE IN THEIR RESPECTIVE INDIVIDUAL CAPACITIES,
OR ANY OF THEIR RESPECTIVE PARTNERS, BENEFICIARIES, AGENTS, OFFICERS, DIRECTORS, EMPLOYEES OR SUCCESSORS OR ASSIGNS, SHALL BE PERSONALLY LIABLE FOR, NOR SHALL RECOURSE BE HAD TO ANY OF THEM FOR, THE DISTRIBUTION OF ANY AMOUNT WITH RESPECT TO THE
CERTIFICATES OR THE TRUST’S PERFORMANCE OF, OR OMISSION TO PERFORM, ANY OBLIGATIONS OR INDEMNIFICATIONS CONTAINED IN THE CERTIFICATES, THE TRUST AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS, IT BEING EXPRESSLY UNDERSTOOD THAT SUCH
CERTIFICATEHOLDER OBLIGATIONS HAVE BEEN MADE SOLELY BY THE TRUST. EACH CERTIFICATEHOLDER BY THE ACCEPTANCE OF A CERTIFICATE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF
NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE CERTIFICATES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE FOREGOING PERSONS FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE FOREGOING COVENANTS OF EACH CERTIFICATEHOLDER AND
CERTIFICATE OWNER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH CERTIFICATEHOLDER OR CERTIFICATE OWNER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A
CERTIFICATEHOLDER OR CERTIFICATE OWNER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE TRUST, EACH CERTIFICATEHOLDER AND CERTIFICATE OWNER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH
OTHER ASSETS SHALL BE, 

  
 Ex. A-6 

 
AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL
AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE. 

[UNLESS THIS [TEMPORARY REGULATION S GLOBAL] [PERMANENT REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY [TEMPORARY REGULATION S GLOBAL] [PERMANENT REGULATION S GLOBAL]
[RULE 144A GLOBAL] CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

CARVANA AUTO RECEIVABLES TRUST 2021-P1 

ASSET BACKED CERTIFICATE 

evidencing a fractional undivided Percentage Interest in the Trust, as defined below, the property of which includes a pool of retail
instalment contracts and direct purchase money loans secured by new or used automobiles and light trucks and sold to the Trust by Carvana Receivables Depositor LLC. 

(This [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate does not represent an interest in or
obligation of Carvana Receivables Depositor LLC or any of their respective affiliates, except to the extent described in the Transaction Documents.) 

THIS CERTIFIES THAT CEDE & CO. is the registered owner of a nonassessable, fully-paid fractional undivided Percentage Interest in
Carvana Auto Receivables Trust 2021-P1 (the “Trust”) formed by Carvana Receivables Depositor LLC, a Delaware limited liability company (the “Depositor”). 

The Trust was created pursuant to a trust agreement, dated as of January 5, 2021, as amended and restated as of the Closing Date (as so
amended and restated, the “Trust  

  
 Ex. A-7 

 
Agreement”), between the Depositor and Wilmington Trust, National Association, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them or incorporated by reference in the Trust Agreement. 

This [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate is one of the duly authorized Certificates
designated as Asset Backed Certificates (the “Certificates”). This [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust Agreement, the terms of which are incorporated herein by reference and made a part hereof, to which Trust Agreement the holder of this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate by
virtue of the acceptance hereof assents and by which such holder is bound. 
 Under the Trust Agreement there shall be distributed on the 10th day of each month, or if such day is not a Business Day, the next Business Day, commencing on April 12, 2021 (each, a “Distribution Date”), to the Person in whose name this
[Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate is registered on the related Record Date, such amount as is provided in the Transaction Documents. The “Record Date,” with respect to any
Distribution Date, means the [close of business on the day immediately preceding such Distribution Date][last day of the preceding Collection Period]. 

The distributions in respect of this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate 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. All payments made by the Trust with respect to this [Temporary Regulation S Global] [Permanent
Regulation S Global] [Rule 144A Global] Certificate shall be applied in respect of this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate. 

No transfer of this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate shall be permitted if such
transfer is effected through an established securities market or secondary market (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and any regulation thereunder. 

The holder of this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate acknowledges and agrees that
its rights to receive distributions in respect of this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate are subordinated to the rights of the Noteholders as and to the extent described in the Indenture.

 It is the intent of the Depositor, the Owner Trustee and the Certificateholders that, for United States federal income tax purposes, the
Trust shall be treated as a grantor trust. Except as otherwise required by appropriate taxing authorities, the Depositor and the other Certificateholders by acceptance of this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule
144A Global] Certificate agree to treat, and to take no action inconsistent with the treatment of, this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate for such tax purposes as interests in such an
entity as described in the previous sentence. 

  
 Ex. A-8 

 Each Certificateholder or Certificate Owner by its acceptance of this [Temporary Regulation
S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate (or an interest therein) covenants and agrees that such Certificateholder or Certificate Owner shall not (nor shall it join with or solicit another person to), prior to the
date which is one year and one day after the termination of the Trust and of each other trust heretofore formed by the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor or the Trust to invoke in any court or governmental
authority for the purpose of commencing or sustaining a case against the Depositor or the Trust under any federal or State bankruptcy, insolvency, reorganization or similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Depositor or the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Trust under a federal or State bankruptcy or insolvency
proceeding. 
 Except as otherwise provided in the Trust Agreement, distributions on this [Temporary Regulation S Global] [Permanent
Regulation S Global] [Rule 144A Global] Certificate shall be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder without the presentation or surrender of this [Temporary Regulation S
Global] [Permanent Regulation S Global] [Rule 144A Global] 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 [Temporary Regulation S
Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate shall be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this [Temporary Regulation S Global]
[Permanent Regulation S Global] [Rule 144A Global] Certificate at the office maintained for such purpose by the Certificate Registrar. 

Reference is hereby made to the further provisions of this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global]
Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Certificate Registrar by manual
signature, this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Servicing Agreement or be valid for any purpose. 

THIS [TEMPORARY REGULATION S GLOBAL] [PERMANENT REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 

  
 Ex. A-9 

 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. 
  

							
	Dated:             , 2021	 		 	CARVANA AUTO RECEIVABLES TRUST 2021-P1
				
		 		 	By:	 	WILMINGTON TRUST,
		 		 	NATIONAL ASSOCIATION,
		 		 		 	not in its individual capacity but
		 		 		 	solely as Owner Trustee
				
		 		 	By:	 	
                     
                                         
                       

		 		 	Name:	 	
		 		 	Title:	 	

 CERTIFICATE REGISTRAR’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar
		
	By:	 	
                     
                                

	Name:	 	
	Title:	 	

  
 Ex. A-10 

 REVERSE OF CERTIFICATE 

This [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate does not represent an obligation of, or an
interest in, Carvana, LLC, the Depositor, the Servicer, the Indenture Trustee, 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 or in the Trust Agreement or the other Transaction Documents. In addition, this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate is not guaranteed by any governmental agency or instrumentality and
is limited in right of payment to certain collections and recoveries with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the other Transaction Documents. A copy of each of the other
Transaction Documents may be examined during normal business hours at the principal office of the Depositor, and at such other places, if any, designated by the Depositor, by any Certificateholder upon written request. In the event of any conflict
between the terms of this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate and the terms of the other Transaction Documents, the terms of the other Transaction Documents shall govern. 

The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and
obligations of the Depositor and the rights of the Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the consent of the Holders of the Notes evidencing not less than a majority of the Outstanding
Amount of the Controlling Class as of the close of the preceding Distribution Date and the consent of the Majority Certificateholders as of the close of the preceding Distribution Date. Any such consent by the Holder of this [Temporary
Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate shall be conclusive and binding on such Holder and on all future Holders of this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global]
Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global]
Certificate. The Trust Agreement also permits the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates or the Notes. 

As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this [Temporary Regulation S Global]
[Permanent Regulation S Global] [Rule 144A Global] Certificate is registerable in the Certificate Register upon surrender of this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar maintained by the Certificate Registrar, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and 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 evidencing the same aggregate Percentage Interest in the Trust will be issued to the designated transferee. The initial Certificate
Registrar appointed under the Trust Agreement is Wells Fargo Bank, National Association. 
 This [Temporary Regulation S Global] [Permanent
Regulation S Global] [Rule 144A Global] Certificate is issuable only as a registered Certificate in the minimum 

  
 Ex. A-11 

 
denomination set forth in the Trust Agreement. As provided in the Trust Agreement and subject to certain limitations therein set forth, this [Temporary Regulation S Global] [Permanent Regulation
S Global] [Rule 144A Global] Certificate is exchangeable for a new Certificate in the same aggregate Percentage Interest and nominal principal balance requested by the Holder surrendering the same. No service charge shall be made for any such
registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 

The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat the Person in whose
name this [Temporary Regulation S Global] [Permanent Regulation S Global] [Rule 144A Global] Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected
by any notice to the contrary. 
 The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall
terminate in accordance with Article VII of the Trust Agreement. 

  
 Ex. A-12 

 ASSIGNMENT 

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

PLEASE INSERT SOCIAL SECURITY 
 NUMBER OR OTHER IDENTIFYING 

NUMBER OF ASSIGNEE 
  

                          
                                         
                                         
                                     

(please print or type name and address, including postal zip code, of assignee) 
  

                          
                                         
                                         
                                    

the within Certificate (Asset Backed Certificate No. R-     issued by Carvana Auto Receivables Trust
2021-P1), and all rights thereunder, hereby irrevocably constituting and appointing 

                          
                                         
                                         
                                         
            attorney to transfer said Certificate on the books of the Certificate Registrar, 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
upon the face of the within Certificate in every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company.

  
 Ex. A-13 

 EXHIBIT B 

UNDERTAKING LETTER 
 Carvana
Receivables Depositor LLC 
 c/o Carvana, LLC, its sole member 

1930 W. Rio Salado Parkway 
 Tempe, Arizona 85281 

Wilmington Trust, National Association, 
 as Owner Trustee of
Carvana Auto Receivables Trust 2021-P1 
 Rodney Square North 

1100 North Market Street 
 Wilmington, Delaware 19890 

Attention: Corporate Trust Administration 
 Wells Fargo Bank,
National Association, 
 as Paying Agent 
 600 S. 4th Street

 MAC N9300-061 

Minneapolis, Minnesota 55415 
 Attention: Corporate Trust Servicer
– Asset Backed Administration 
 Ladies and Gentlemen: 

In connection with our purchase of record or beneficial ownership of the R-    
Asset Backed Certificate (the “Certificate”) of Carvana Auto Receivables Trust 2021-P1, the undersigned purchaser, record owner or beneficial owner hereby acknowledges, represents and warrants
that such purchaser, record owner or beneficial owner: 
 (1)     is not, and has not acquired the Certificate by or for
the account of, (a) (i) an “employee benefit plan,” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to the provisions of Title I of
ERISA, (ii) a “plan” as defined in and subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or (iii) any entity or account whose underlying assets include plan assets by
reason of investment by an employee benefit plan or plan in such entity or account other than an “insurance company general account,” as defined in Prohibited Transaction Class Exemption 95-60
(“PTCE 95-60”), whose underlying assets include less than 25% “plan assets” subject to ERISA, who is not and is not an affiliate of a person that has discretionary authority or control with
respect to the assets of the Trust or provides investment advice for a fee (direct or indirect) with respect to the assets of the Trust, and for which the purchase and holding of Certificates is eligible and satisfies all conditions for relief under
PTCE 95-60, or (b) any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) (including, without limitation, non-U.S. or governmental plans) if such acquisition would result in a violation of any Similar Law; 

  
 Ex. B-1 

 (2)     [did not acquire such Certificate through an established
securities market or secondary market (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and any regulation thereunder;] 

(3)     [if such person is a United States person (as defined in Section 7701(a)(30) of the Code), agrees to deliver
to the Owner Trustee, Paying Agent and the Administrator on or prior to the date such person becomes a Certificateholder under this Agreement (and from time to time thereafter upon the reasonable request of the Owner Trustee, Paying Agent or the
Administrator), executed originals of Internal Revenue Service Form W-9 certifying that such Certificateholder is exempt from U.S. federal backup withholding tax;] 

(4)     [if such person is not a United States person (as defined in Section 7701(a)(30) of the Code), agrees to
deliver to the Owner Trustee, Paying Agent and the Administrator on or prior to the date such person becomes a Certificateholder under this Agreement (and from time to time thereafter upon the reasonable request of the Owner Trustee, Paying Agent or
the Administrator), executed originals of Internal Revenue Service Form W-8BEN, or W-8BEN-E, as applicable, and to the extent
such Certificateholder is not the beneficial owner of the Certificate, Internal Revenue Service Form W-8IMY accompanied by Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable;] 
 (5)     [if such
person is not a United States person (as defined in Section 7701(a)(30) of the Code) and provides an Internal Revenue Service Form W-8BEN or
W-8BEN-E, as applicable (or Internal Revenue Service Form W-8IMY accompanied with a Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable) under Section 3.4(j) of the Trust Agreement in order to claim the benefits
of the exemption for portfolio interest under Section 881(c) of the Code (instead of, for example, claiming the benefits of an income tax treaty to which the United States is a party), such Certificateholder (or in the case of a
Certificateholder providing such Internal Revenue Service Form W-8IMY, the beneficial owner of the Certificate) hereby represents and warrants that it is not a (i) “bank” within the meaning of
Section 881(c)(3)(A) of the Code, (ii) “10 percent shareholder” of the Trust within the meaning of Section 881(c)(3)(B) of the Code or (iii) “controlled foreign corporation” described in Section 881(c)(3)(C)
of the Code;] 
 (6)     [that, as a result of its own activities separate from those of the Trust, it would not be
required to treat income from the Certificates as effectively connected to a United States trade or business of a person that is not a United States person (as defined in Section 7701(a)(30) of the Code), and it further acknowledges that the
Trust Agreement provides that no Certificateholder or beneficial owner of a Certificate shall provide the Owner Trustee, Certificate Registrar, or the Paying Agent with either an IRS Form W-8ECI (or successor
form) or an IRS Form W-8IMY (or successor form) to which an IRS Form W-8ECI (or successor form) is attached (either directly or as part of another form attached to such
IRS Form W-8IMY), and agrees that, no portion of such Certificate or any interest therein may be transferred, directly or indirectly, to any person that would provide an IRS Form
W-8ECI or IRS Form W-8IMY with an attached IRS Form W-8ECI in response to the withholding requirements in the Trust Agreement;]

  
 Ex. B-2 

 (7)     [if subject to U.S. federal withholding tax imposed by FATCA if
such person were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), agrees to deliver to the Owner Trustee, Paying Agent, Administrator or
any person designated by any of the foregoing (individually or collectively as the context may require, the “FATCA Administrator”) at the time or times prescribed by law and at such time or times reasonably requested by the FATCA
Administrator such documentation prescribed by applicable law (including without limitation as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the FATCA Administrator to comply with
FATCA and to determine that such Certificateholder or beneficial owner of a Certificate has complied with such person’s obligations under FATCA or to determine the amount to deduct and withhold from such payment to such person;] 

(8)     [does not own, have any interest in or will not acquire any of the Notes or an interest therein unless such
purchaser, record owner or beneficial owner has complied with Section 3.14 of the Trust Agreement;] 

(9)     will require any transferee of our interest in the Certificate to deliver an undertaking letter in a form
substantially similar to this letter to Carvana Receivables Depositor LLC, Wilmington Trust, National Association, as Owner Trustee of Carvana Auto Receivables Trust 2021-P1 and Wells Fargo Bank, National
Association, as Paying Agent; and 
 (10)     acknowledges that you and others will rely on our acknowledgments,
representations and warranties made in connection with our purchase of record or beneficial ownership of the Certificate and agrees to notify you promptly in writing if any of our representations or warranties herein cease to be accurate and
complete. 
  

			
	  
 Name of Certificate
Owner

		
	By:	 	
                     
                                        

	Name:	 	  

	Title:	 	  

	Date:	 	  

  
 Ex. B-3EX-4.3

 EXHIBIT 4.3 

This AMENDED AND RESTATED GRANTOR TRUST AGREEMENT, dated as of March 18, 2021 (this “Agreement”), is between CARVANA
AUTO RECEIVABLES TRUST 2021-P1, a Delaware statutory trust, in its capacity as a grantor (the “Grantor”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as grantor
trust trustee and not in its individual capacity (the “Grantor Trust Trustee”). 
 WHEREAS, a certain Trust Agreement,
dated as of January 5, 2021, and effective as of January 5, 2021, was previously entered into (the “Original Grantor Trust Agreement”), that contemplated this Trust Agreement; and 

WHEREAS, the Grantor, the Sponsor and the Grantor Trust Trustee desire hereby to amend and restate the Original Grantor Trust Agreement in its
entirety. 
 NOW, THEREFORE, the Grantor, the Sponsor and the Grantor Trust Trustee hereby agree as follows: 

ARTICLE I 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 Section 1.1    Definitions. Except as otherwise specified herein or as
the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Part I of Appendix A to the Receivables Purchase Agreement, dated as of the date hereof (the
“Receivables Purchase Agreement”), among Carvana, LLC as the seller and Carvana Receivables Depositor LLC as the purchaser. All references herein to “the Agreement” or “this Agreement” are to this Grantor Trust
Agreement as it may be amended, supplemented or modified from time to time, the exhibits and schedules hereto and the capitalized terms used herein, which are defined in Part I of such Appendix A, and all references herein to Articles,
Sections and Subsections are to Articles, Sections or Subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 

ARTICLE II 
 ORGANIZATION

 Section 2.1    Name. The Trust continued hereby shall be known as Carvana Auto Receivables Grantor
Trust 2021-P1, in which name the Grantor Trust Trustee and, solely to the extent provided in the Administration Agreement, the Administrator may conduct the business of the Trust. The Grantor Trust Trustee may
make and execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. The Grantor Trust Certificate of Trust and amendment to the Grantor Trust Certificate of Trust were filed on behalf of the Trust
pursuant to Section 3810 of the Statutory Trust Act. 
 Section 2.2    Office. The office of the Trust
shall be in care of the Grantor Trust Trustee at the Corporate Trust Office or at such other address in Delaware as the Grantor Trust Trustee may designate by written notice to the Grantor Trust Certificateholder and the Grantor. 

 Section 2.3    Purposes and Powers. The purpose of the Trust
is, and the Trust shall have the power and authority, to engage in the following activities: 
 (a)    to acquire the
Receivables from the Grantor and to manage and hold the Receivables and the related Contracts; 
 (b)    to issue the
Grantor Trust Certificate pursuant to this Agreement; 
 (c)    to assign, grant, transfer, pledge, mortgage and convey
the Grantor Trust Collateral pursuant to the terms of the Indenture and to hold, manage and distribute to the Grantor Trust Certificateholder, pursuant to the terms of this Agreement and the Indenture, any portion of the Grantor Trust Collateral
released from the lien of, and remitted to the Trust pursuant to, the Indenture; 
 (d)    to enter into and perform its
obligations and exercise its rights under the Transaction Documents to which it is a party and any additional agreement, document, letter or undertaking executed in connection with the Transaction Documents or the transactions described therein to
which it is a party; 
 (e)    to engage in those activities, including entering into agreements, that are necessary,
suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 

(f)    subject to compliance with the Transaction Documents, to engage in such other activities as may be required in
connection with conservation of the Grantor Trust Collateral and the making of distributions to the Grantor Trust Certificateholder. 
 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 Agreement or the other Transaction Documents. Notwithstanding anything to the contrary in this Agreement
or in any other document, neither the Trust nor the Grantor Trust Trustee (nor any agent of either person) shall be authorized or empowered to acquire any other investments, reinvest any proceeds of the Trust or engage in activities other than the
foregoing, and, in particular neither the Trust nor the Grantor Trust Trustee (nor any agent of either person) shall be authorized or empowered to do anything that would cause the Trust to fail to qualify as a grantor trust for United States federal
income tax purposes. 
 Section 2.4    Appointment of Grantor Trust Trustee. The Grantor hereby appoints the
Grantor Trust Trustee as trustee of the Trust to have all the rights, powers and duties set forth herein and in the Statutory Trust Act. 

Section 2.5    Initial Capital Contribution of Grantor Trust Collateral. In accordance with
Section 3802(a) of the Statutory Trust Act, the Grantor has not made, and is not required to make, a contribution to the Trust. The Grantor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the
Grantor Trust Trustee, promptly reimburse the Grantor Trust Trustee for any such expenses paid by the Grantor Trust Trustee. 

Section 2.6    Declaration of Trust. The Grantor Trust Trustee hereby declares that it shall hold the Grantor
Trust Collateral in the name of the Trust and not in the Grantor Trust Trustee’s name for the Trust, except as required by and in accordance with Section 2.8, in trust upon and subject to the conditions set forth herein for the use and
benefit of the Grantor Trust 

  
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Certificateholder, subject to the obligations of the Trust under the Transaction Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the
Statutory Trust Act, that this Agreement constitute the governing instrument of such statutory trust and that the Grantor Trust Certificate represents the entire undivided beneficial interest therein. The rights of the Grantor Trust
Certificateholder shall be determined as set forth herein and in the Statutory Trust Act and the relationship between the parties hereto created by this Agreement shall not constitute indebtedness for any purpose. Effective as of the date hereof,
the Grantor Trust Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. 

Section 2.7    Liability of the Grantor Trust Certificateholder. Grantor Trust Certificateholder shall be
entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 

Section 2.8    Title to Trust Property. Legal title to all of the Grantor Trust Collateral 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 Grantor Trust Collateral to be vested in a trustee or trustees, in which case title shall be deemed to be transferred
to and vested in the Grantor Trust Trustee, a co-trustee or a separate trustee, as the case may be; provided that in no event shall title to, or any ownership interest in, any part of the Grantor Trust
Collateral be vested in the name of the Grantor Trust Trustee without the express prior written consent of the Grantor Trust Trustee (which may be withheld or conditioned by the Grantor Trust Trustee for any reason in good faith). Any such trustee
shall take such part of the Grantor Trust Collateral subject to the security interest of the Indenture Trustee therein established under the Indenture. Any such trustee’s acceptance of its appointment shall constitute acknowledgment of such
security interest and shall constitute a Grant to the Indenture Trustee of a security interest in all property held by such trustee. The Administrator, on behalf of any such trustee, shall prepare and file all such financing statements naming the
Trust as debtor that are necessary or advisable to perfect, make effective or continue the lien and security interest of the Indenture Trustee. 

Section 2.9    Situs of Trust. The Trust shall be located and administered in the States of Delaware or New
York. All bank accounts maintained by the Grantor Trust Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. 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 Grantor Trust Trustee from having employees within or without the State of Delaware. Payments shall be received by the Trust only in the State of Delaware or the State of New
York, and payments shall be made by the Trust only from the State of Delaware or the State of New York. The only office of the Trust shall be the Corporate Trust Office of the Grantor Trust Trustee in the State of Delaware. 

Section 2.10    Representations and Warranties of the Grantor. The Grantor hereby represents and warrants to
the Grantor Trust Trustee that: 
 (a)    The Grantor has been duly organized and is validly existing as a statutory
trust in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business 

  
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is presently conducted and had at all relevant times, and now has, power, authority and legal right to acquire and own the Receivables and related Contracts contemplated to be transferred to the
Trust pursuant to the Receivables Contribution Agreement. 
 (b)    The Grantor is duly qualified to do business as a
foreign entity in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications except where the failure to qualify
could not reasonably be expected to result in a Material Adverse Effect or where such license or approval has been applied for. 

(c)    The Grantor has the power and authority to execute and deliver this Agreement and any other Transaction Document to
which the Grantor is a party and to carry out its terms, the Grantor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust as part of the Grantor Trust Collateral and the Grantor has
duly authorized such sale and assignment to the Trust by all necessary statutory trust action; and the execution, delivery and performance of this Agreement have been duly authorized by the Grantor by all necessary statutory trust action. 

(d)    This Agreement, when duly executed and delivered, shall constitute legal, valid and binding obligation of the
Grantor enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general
and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(e)    The consummation of the transactions contemplated by this Agreement and any other Transaction Document to which the
Grantor is a party, and the fulfillment of the terms of this Agreement and any other Transaction Document to which the Grantor is a party do not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time) a default under, the Grantor’s Formation Documents or any Contractual Obligation of the Grantor, (ii) result in the creation or imposition of any Lien upon any of the Grantor’s properties pursuant
to the terms of any such Formation Documents or Contractual Obligation, other than this Agreement, or (iii) to the best of the Grantor’s knowledge, violate any Applicable Law. 

Section 2.11    Tax Treatment. The Grantor and Grantor Trust Trustee, by entering into this Agreement, express
their intention that the Trust will be treated, for United States federal income tax purposes, as a grantor trust and it is neither the purpose nor the intent of the parties hereto to create a partnership, joint venture or association taxable as a
corporation. If the Grantor is not the sole owner of the Grantor Trust Certificate, through sale of the Grantor Trust Certificate or otherwise, the Grantor and the Grantor Trust Trustee, by entering into this Agreement, and the Grantor Trust
Certificateholder, by acquiring the Grantor Trust Certificate or interest therein, (i) express their intention that the Grantor Trust Certificate will, for United States federal income tax purposes, qualify as an interest in a grantor trust and
(ii) unless otherwise required by the appropriate taxing authorities, agree to treat the Grantor Trust Certificate as an interest in an entity as described in clause (i) of this Section 2.11 for United States
federal income tax purposes. The parties agree that, unless otherwise required by appropriate tax authorities, the Trust shall file or 

  
 4 

 
cause to be filed annual or other necessary returns, reports and other forms consistent with such characterization of the Trust for such tax purposes. In furtherance of the foregoing,
(i) the purpose of the Trust shall be to protect and conserve the assets of the Trust, and the Trust shall not at any time engage in or carry on any kind of business or any kind of commercial or investment activity other than as expressly
permitted by this Agreement and (ii) the Trust and Grantor Trust Trustee (and any agent of either person) shall take, or refrain from taking, all such action as is necessary to maintain the status of the Trust as a grantor trust.
Notwithstanding anything to the contrary in this Agreement or otherwise, neither the Trust nor the Grantor Trust Trustee (nor any agent of either person) shall (1) acquire any assets or dispose of any portion of the Trust other than pursuant to
the specific provisions of this Agreement, (2) vary the investment of the Trust within the meaning of Treasury Regulation Section 301.7701-4(c) or (3) substitute new investments or reinvest so
as to enable the Trust to take advantage of variations in the market to improve the investment of the Grantor Trust Certificateholder. The Grantor Trust Trustee shall not have any authority to manage, control, use, sell, dispose of or otherwise deal
with any part of the Trust property except as required by the express terms of this Agreement in accordance with the powers granted to or the authority conferred upon the Grantor Trust Trustee pursuant to this Agreement. 

Section 2.12    Rights under Transaction Documents. Each of the parties hereto acknowledges and agrees that
the Grantor Trust Certificateholder shall, on behalf of the Trust, be entitled to enforce or exercise any rights, remedies or powers of the Trust under the Transaction Documents, any amendments or other modifications thereto, and any documents,
certificates, agreements or other documents contemplated thereby, including, without limitation, rights and powers in connection with any approvals, consents, waivers, instructions, directions and establishment and administration of bank accounts on
behalf of the Trust with respect to any matters under any such Transaction Document. 
 Section 2.13    Charged-Off Receivable Sales. The Trust may enter into agreements with the Servicer and Charged-Off Receivable Purchasers pursuant to which the Trust agrees to sell Charged-Off Receivables to such Charged-Off Receivable Purchasers and under which the Trust incurs certain repurchase obligations relating to such Charged-Off Receivables; provided that such repurchase obligations with respect to a Charged-Off Receivable may not exceed ninety (90) days from the date such Charged-Off Receivable is sold to a Charged-Off Receivable Purchaser. 

ARTICLE III 
 THE
CERTIFICATES 
 Section 3.1    Initial Grantor Trust Certificate Ownership. Since the formation of the
Trust, the Grantor has been the sole beneficiary of the Trust and on the Closing Date, the Grantor shall be designated as the initial Grantor Trust Certificateholder. 

Section 3.2    Form of the Grantor Trust Certificate. 

(a)    The Grantor Trust Certificate, upon original issuance, shall be issued in the form of Exhibit A hereto. 

(b)    The Grantor Trust Certificate shall be issued without any principal balance or notional amount. 

  
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 (c)    [Reserved]. 

(d)    [Reserved]. 

(e)    The Grantor Trust Certificate shall represent the entire undivided beneficial interest in the Trust. The Grantor
Trust Certificate shall be executed on behalf of the Trust by manual or facsimile signature of a Responsible Officer of the Grantor Trust Trustee. A Grantor Trust Certificate 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 duly issued, fully paid and non-assessable beneficial interests in the Trust, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of the Grantor Trust Certificate or did not hold such offices at the date of authentication and delivery of the Grantor Trust Certificate. 

(f)    The Grantor Trust Certificate shall be typewritten, printed, lithographed or engraved or produced by any
combination of these methods (with or without steel engraved borders) all as determined by the officers executing the Grantor Trust Certificate, as evidenced by their execution of the Grantor Trust Certificate. The Grantor Trust Certificate shall be
issued in fully-registered form. 
 (g)    The terms of the Grantor Trust Certificate set forth in Exhibit A
shall form part of this Agreement. The Holder of the Grantor Trust Certificate, by its acceptance of the entire undivided beneficial interest in the Grantor Trust Certificate, shall be deemed to have made the representations and agreements set forth
in Exhibit A. Each transferee of the Grantor Trust Certificate shall deliver an undertaking letter in the form attached hereto as Exhibit B to the Grantor Trust Trustee and the Grantor. 

Section 3.3    Execution, Authentication and Delivery. Concurrently with the contribution of the Receivables
and related Contracts to the Trust pursuant to the Receivables Contribution Agreement, the Grantor Trust Trustee shall cause the Grantor Trust Certificate representing the entire undivided beneficial interest in the Trust to be executed on behalf of
the Trust, authenticated and delivered to or upon the written order of the Grantor, signed by an Authorized Officer without further statutory trust action by the Grantor. Such Grantor Trust Certificate shall be issued to and held by the Grantor or
an Affiliate of the Grantor, as the initial Holder of the Grantor Trust Certificate. The Grantor Trust Certificate shall not entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on the
Grantor Trust Certificate the certificate of authentication substantially in the form set forth in Exhibit A, executed by the Grantor Trust Trustee or the Grantor Trust Trustee’s authenticating agent, by manual signature. Such authentication
shall constitute conclusive evidence that the Grantor Trust Certificate has been duly authenticated and delivered hereunder. The Grantor Trust Certificate shall be dated the date of its authentication. 

Section 3.4    Registration of the Grantor Trust Certificate; Registration of Transfer and Exchange of the Grantor
Trust Certificate. 
 (a)    The Grantor hereby appoints Wilmington Trust, National Association, as initial Grantor
Trust Certificate Registrar, and in such capacity, or any successor certificate 

  
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registrar thereof (such entity, the “Grantor Trust Certificate Registrar”), as an agent for the Trust, shall keep or cause to be kept, at the office or agency maintained pursuant
to Section 3.8, a register (such register, the “Grantor Trust Certificate Register”), in which, subject to such reasonable regulations as it may prescribe, the Grantor Trust Certificate Registrar shall
provide for the registration of the Grantor Trust Certificate and of transfers and exchanges of the Grantor Trust Certificate as provided herein. Upon any resignation of a Grantor Trust Certificate Registrar, the Grantor shall promptly appoint a
successor or, if it elects not to make such an appointment, any court of competent jurisdiction may appoint a successor Certificate Registrar. The entries in the Grantor Trust Certificate Register shall be conclusive absent manifest error, and the
Trust, the Grantor Trust Trustee, the Grantor Trust Certificate Registrar and the Grantor Trust Paying Agent shall treat the Person whose name is recorded in the Grantor Trust Certificate Register pursuant to the terms hereof as the Grantor Trust
Certificateholder hereunder for all purposes of this Agreement. This Section 3.4 shall be construed so that the Grantor Trust Certificate under this Agreement is at all times maintained in “registered form” within
the meaning of Section 5f.103-1(c) of the United States Treasury Regulations. The Grantor Trust Certificate Registrar shall record all distributions made to the Grantor Trust Certificateholder with
respect to the Trust’s assets. 
 (b)    Upon surrender for registration of transfer of the Grantor Trust
Certificate at the office or agency maintained pursuant to Section 3.8 and upon compliance with the provisions of this Agreement relating to such transfer, the Grantor Trust Trustee shall execute on behalf of the Trust,
authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated transferee or transferees, a new Grantor Trust Certificate dated the date of authentication by the Grantor Trust
Trustee or any authenticating agent. 
 (c)    [Reserved]. 

(d)    The Grantor Trust Certificate presented or surrendered for registration of transfer or exchange shall be
accompanied by a written instrument of transfer in form satisfactory to the Grantor Trust Trustee and the Grantor Trust Certificate Registrar duly executed by the Grantor Trust Certificateholder or his attorney duly authorized in writing and such
other documents and instruments as may be required by Section 3.4(b). The Grantor Trust Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed or otherwise disposed of
by the Grantor Trust Trustee or Grantor Trust Certificate Registrar in accordance with its customary practice. 

(e)    The Grantor Trust Trustee or the Grantor Trust Certificate Registrar may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed and any other expenses of the Grantor Trust Trustee or the Grantor Trust Certificate Registrar in connection with any transfer or exchange of the Grantor Trust Certificate. 

(f)    The Grantor Trust Certificate may not be acquired or held by or for the account of a Benefit Plan Investor other
than an “insurance company general account,” as defined in Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”), whose underlying assets include less than 25% “plan assets” subject to ERISA, who is not and
is not an affiliate of a person that has discretionary authority or control with respect to such assets or provides investment advice for a fee (direct or indirect) with respect to the assets of the Trust, and for which the purchase and

  
 7 

 
holding of Grantor Trust Certificate is eligible and satisfies all conditions for relief under PTCE 95-60. The Grantor Trust Certificate also may not be acquired or held by or for the account of
any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) (including non-U.S. or governmental plans) if such
acquisition and holding would result in a violation of any Similar Law. 
 (g)    Each Certificateholder that is a
United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Grantor Trust Trustee, the Grantor Trust Certificate Registrar and Grantor Trust Paying Agent on or prior to the date such person becomes a
Certificateholder under this Agreement (and from time to time thereafter upon the reasonable request of the Grantor Trust Trustee, the Grantor Trust Certificate Registrar or Grantor Trust Paying Agent), executed originals of Internal Revenue Service
Form W-9 certifying that such Certificateholder is exempt from U.S. federal backup withholding tax. If the Grantor Trust Certificateholder that would be subject to U.S. federal withholding tax imposed by FATCA
if such person were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), then the Grantor Trust Certificateholder shall deliver to the
Grantor Trust Trustee, the Grantor Trust Certificate Registrar, Grantor Trust Paying Agent, Administrator or any person designated by any of the foregoing (individually or collectively as the context may require, the “FATCA
Administrator”) at the time or times prescribed by law and at such time or times reasonably requested by the FATCA Administrator such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of
the Code) and such additional documentation reasonably requested by the FATCA Administrator to comply with FATCA and to determine that the Grantor Trust Certificateholder has complied with such person’s obligations under FATCA or to determine
the amount to deduct and withhold from such payment to such person. 
 (h)    No transfer of a Grantor Trust Certificate
shall be permitted if such transfer is effected through an established securities market or secondary market (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and any regulation thereunder. 

(i)    Each prospective transferee of the Grantor Trust Certificate understands that the Grantor Trust Certificate is
being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, the Grantor Trust Certificate has not been and will not be registered under the Securities Act, and, if in the
future the transferee decides to offer, resell, pledge or otherwise transfer the Grantor Trust Certificate, the Grantor Trust Certificate may only be offered, resold, pledged or otherwise transferred in accordance with this Agreement and the
applicable legend on such Grantor Trust Certificate set forth below. 
 (j)    Each transferee of the Grantor Trust
Certificate understands that an investment in the Grantor Trust Certificate involves certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. Each transferee acknowledges that it has had
access to such financial and other information concerning the Trust and the Grantor Trust Certificate as it deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Grantor Trust
Certificate. Each transferee acknowledges that it has such knowledge and experience in financial and business matters that the transferee is capable of evaluating the merits and risks of its investment in the Grantor Trust Certificate, and the
transferee and any accounts for which it is acting are each able to bear the economic risk of the holder’s or of its investment. 

  
 8 

 (k)    No transferee of a Grantor Trust Certificate will offer,
transfer, pledge, sell or otherwise dispose of the Grantor Trust Certificate or any interest in the Grantor Trust Certificate to any Person in any manner, or solicit any offer to buy, transfer or otherwise dispose of the Grantor Trust Certificate or
any interest in the Grantor Trust Certificate from any Person in any manner, or make any general solicitation by means of general advertising or in any other manner, or take any other action that would constitute a distribution of the Grantor Trust
Certificate under the Securities Act or that would render the disposition of the Grantor Trust Certificate a violation of Section 5 of the Securities Act or any other applicable securities laws or require registration pursuant thereto, and will
not authorize any Person to act on its behalf, in such manner with respect to the Grantor Trust Certificate. 

(l)    In connection with the transfer of the Grantor Trust Certificate, the Trust shall determine in its sole discretion
that the transfer complies with the requirements of Section 3.4(g) and 3.4(h) of this Agreement. 

(m)    Each prospective transferee of the Grantor Trust Certificate shall acknowledge that the Trust, the Grantor Trust
Trustee, Grantor Trust Certificate Registrar, any initial purchaser or placement agent and others will rely upon the truth and accuracy of the acknowledgements, representations, warranties and agreements in this Section 3.4
and agree that if any of the acknowledgements, representations, warranties or agreements made by it in connection with its purchase of the Grantor Trust Certificate are no longer accurate, the transferee will promptly notify the Trust, the Grantor
Trust Trustee and any initial purchaser or placement agent. 
 (n)    The Grantor Trust Certificateholder and each
transferee of a Grantor Trust Certificate acknowledges that the Grantor Trust Certificate will bear a legend substantially in the form of the legend appearing in the form of Grantor Trust Certificate attached hereto as Exhibit A. 

(o)    Any transferee agrees that any purported transfer of the Grantor Trust Certificate that is not made in accordance
with the restrictions set forth herein will be null and void from the beginning and will not be given effect for any purpose thereunder. 

(p)    Any prospective transferee of the Grantor Trust Certificate acknowledges and represents that it is acquiring the
Grantor Trust Certificate in whole and not in part and that it is not the Grantor Trust Trustee. 

Section 3.5    Mutilated, Destroyed, Lost or Stolen Grantor Trust Certificate. 

(a)    If (i) a mutilated Grantor Trust Certificate is surrendered to the Grantor Trust Certificate Registrar, or the
Grantor Trust Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of the Grantor Trust Certificate, and (ii) there is delivered to the Grantor Trust Certificate Registrar, the Grantor Trust Trustee and
the Trust such security or indemnity as may be required by them to hold each of them harmless, then, in the absence of actual knowledge of a Responsible Officer of the Grantor Trust Certificate Registrar or the Grantor Trust Trustee that the Grantor
Trust Certificate has been acquired by a protected 

  
 9 

 
purchaser, the Grantor Trust Trustee shall execute on behalf of the Trust, and the Grantor Trust Trustee shall authenticate and deliver (or shall cause its authenticating agent to authenticate
and deliver), in exchange for or in lieu of the mutilated, destroyed, lost or stolen Grantor Trust Certificate, a replacement Grantor Trust Certificate; provided, however, that the destroyed, lost or stolen Grantor Trust Certificate,
but not a mutilated Grantor Trust Certificate, shall have become or within seven (7) days shall be payable, then, instead of issuing a replacement Grantor Trust Certificate, Grantor Trust Paying Agent may make distributions to the registered
Holder of such destroyed, lost or stolen Grantor Trust Certificate when so payable. 
 (b)    If, after the delivery of
a replacement Grantor Trust Certificate or payment in respect of a destroyed, lost or stolen Grantor Trust Certificate pursuant to Section 3.5(a), a protected purchaser of the original Grantor Trust Certificate in lieu of
which such replacement Grantor Trust Certificate was issued presents for payment or distribution such original Grantor Trust Certificate, the Grantor Trust Certificate Registrar shall be entitled to recover such replacement Grantor Trust Certificate
(and any distributions or payments made with respect thereto) or such payment or distribution from the Person to whom it was delivered or any Person taking such replacement Grantor Trust Certificate from such Person to whom such replacement Grantor
Trust Certificate was delivered or any assignee of such Person, except a protected purchaser, 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
Grantor Trust Certificate Registrar in connection therewith. 
 (c)    In connection with the issuance of a replacement
Grantor Trust Certificate under this Section 3.5, the Grantor Trust Trustee and the Grantor Trust Certificate Registrar may require the payment by the Holder of the Grantor Trust Certificate of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Grantor Trust Trustee and the Grantor Trust Certificate Registrar) connected therewith. 

(d)    A duplicate Grantor Trust Certificate issued pursuant to this Section 3.6 in replacement
of a mutilated, destroyed, lost or stolen Grantor Trust Certificate shall constitute an original beneficial interest in the Trust, whether or not the mutilated, destroyed, lost or stolen Grantor Trust Certificate shall be found at any time or be
enforced by anyone, and shall be entitled to all the benefits of this Agreement. 
 (e)    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 a mutilated, destroyed, lost or stolen Grantor Trust Certificate. 

Section 3.6    The Grantor Trust Certificateholder. Subject to the provisions of
Section 3.4, prior to due presentation of the Grantor Trust Certificate for registration of transfer, the Grantor Trust Trustee or the Grantor Trust Certificate Registrar and any Paying Agent may treat the Person in whose
name the Grantor Trust Certificate is registered in the Grantor Trust Certificate Register as the Grantor Trust Certificateholder of such Grantor Trust Certificate for the purpose of receiving distributions pursuant to Article V and for all
other purposes whatsoever, and neither the Grantor Trust Trustee nor the Grantor Trust Certificate Registrar and the Grantor Trust Paying Agent shall be affected by any notice to the contrary. 

  
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 Section 3.7    Access to Grantor Trust
Certificateholder’s Name and Address. The Grantor Trust Certificate Registrar shall furnish or cause to be furnished to the Grantor Trust Paying Agent and the Grantor, within fifteen (15) days after receipt by the Grantor
Trust Certificate Registrar of a request therefor from the Grantor Trust Paying Agent or the Grantor in writing, the name and address of the Grantor Trust Certificateholder as of the most recent Record Date. The Holder, by receiving and holding the
Grantor Trust Certificate, shall be deemed to have agreed not to hold any of the Grantor Trust Paying Agent, the Grantor, the Grantor Trust Certificate Registrar or the Grantor Trust 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
Corporate Trust Office and Records. The Grantor Trust Trustee shall maintain an office or offices or agency or agencies where notices and demands to or upon the Grantor Trust Trustee in respect of the Grantor Trust Certificate and the
Transaction Documents may be served. The Grantor Trust Trustee initially designates its office located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, as its principal office
for such purposes. The Grantor Trust Trustee shall give prompt written notice to the Grantor, the Grantor Trust Paying Agent and the Grantor Trust Certificateholder of any change in the location of the Grantor Trust Trustee or any such office or
agency. The Grantor Trust Trustee shall maintain (or cause to be maintained) copies of all documents, instructions, notices and any other writings (in hard copy or electronic form), delivered to the Grantor Trust Trustee by any Person with respect
to the Trust. The Certificate Registrar shall maintain an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange. The Certificate Registrar initially designates its office located
at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, as its principal office for such purposes. The Certificate Registrar shall give prompt written notice to the Grantor, the
Grantor Trust Paying Agent, the Grantor Trust Trustee and the Grantor Trust Certificateholder of any change in the location of the Certificate Register or any such office or agency. 

Section 3.9    Appointment of Grantor Trust Paying Agent. The Grantor Trust Paying Agent shall initially be
the Grantor Trust Trustee, and any co-paying agent chosen by the Grantor Trust Trustee. The Grantor Trust Trustee shall be permitted to resign as Grantor Trust Paying Agent upon thirty (30) days’
written notice to the Administrator. If the Grantor Trust Trustee shall no longer be the Grantor Trust Paying Agent, the Grantor Trust Trustee, upon receipt of written direction from the Administrator shall appoint a successor to act as Grantor
Trust Paying Agent (which shall be a bank, insurance company or trust company). The Administrator shall cause such successor Grantor Trust Paying Agent or any additional Grantor Trust Paying Agent appointed by the Administrator to execute and
deliver to the Grantor Trust Trustee an instrument in which such successor Grantor Trust Paying Agent or additional Grantor Trust Paying Agent shall agree with the Grantor Trust Trustee that as Grantor Trust Paying Agent, such successor Grantor
Trust Paying Agent or additional Grantor Trust Paying Agent shall hold all sums, if any, held by it for payment to the Grantor Trust Certificateholder in trust for the benefit of the Grantor Trust Certificateholder entitled thereto until such sums
shall be paid to the Grantor Trust Certificateholder. The Grantor Trust Paying Agent shall return all unclaimed funds to the Grantor Trust Trustee and upon removal of a Grantor Trust Paying Agent such Grantor Trust Paying Agent shall also return all
funds in its possession to the Grantor Trust Trustee. The provisions of Sections 6.3, 6.6, 6.7 and 6.9 shall apply to the Grantor Trust Trustee also in its role as Grantor Trust Paying Agent or Grantor Trust

  
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Certificate Registrar for so long as the Grantor Trust Trustee shall act as Grantor Trust Paying Agent or Grantor Trust Certificate Registrar and, to the extent applicable, to any other paying
agent, grantor trust certificate registrar or authenticating agent appointed hereunder. Any reference in this Agreement to the Grantor Trust Paying Agent shall include any co-paying agent unless the context
requires otherwise. 
 Section 3.10    Grantor as Grantor Trust Certificateholder. The Grantor in its
individual or any other capacity may become the owner or pledgee of the Grantor Trust Certificate and may otherwise deal with the Grantor Trust Trustee and the Grantor Trust Certificate Registrar or any of such party’s respective Affiliates as
if it were not the Grantor. 
 Section 3.11    Rule 144A Information. The Grantor shall, during any period
in which a purchaser of the Grantor Trust Certificate holds such Grantor Trust Certificate and in which the Grantor is not subject to Sections 13 or 15(d) of the Exchange Act, make available, upon request, to the Holder of the Grantor Trust
Certificate in connection with any sale thereof and any prospective purchaser of the Grantor Trust Certificate from such Holder, the information specified in Rule 144A(d)(4) under the Act. 

ARTICLE IV 
 ACTIONS BY
GRANTOR TRUST TRUSTEE 
 Section 4.1    Prior Notice to Grantor Trust Certificateholder with Respect to
Certain Matters. The Grantor Trust Trustee shall not take action with respect to the following matters, unless (i) the Grantor Trust Trustee shall have notified the Grantor Trust Certificateholder in writing (with a copy to the Grantor) of
the proposed action at least ten (10) days (or such shorter period as is acceptable to the Grantor Trust Certificateholder) before the taking of such action, and (ii) the Grantor Trust Certificateholder shall not have notified the Grantor
Trust Trustee in writing prior to the 10th day (or such shorter period acceptable to the Grantor Trust Certificateholder) after such notice is given that the Grantor Trust Certificateholder
has withheld consent or provided alternative direction: 
 (a)    the initiation of any material claim or lawsuit by the
Trust (other than an action by the Indenture Trustee or an action to collect on a Receivable) and the compromise of any material action, proceeding, investigation, claim or lawsuit brought by or against the Trust (other than an action by the
Indenture Trustee or an action to collect on a Receivable); 
 (b)    except as may be required under the Statutory
Trust Act, the election by the Trust to file an amendment to the Grantor Trust Certificate of Trust filed with the Delaware Secretary of State; 

(c)    the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is
required; 
 (d)    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 Grantor Trust Certificateholder; 

  
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 (e)    the amendment, change or modification of the Servicing Agreement,
the Receivables Contribution Agreement, the Indenture or any other Transaction Document to which the Trust is a party, except to cure any ambiguity or to add, amend or supplement any provision in a manner that would not materially adversely affect
the interests of the Grantor Trust Certificateholder; or 
 (f)    the appointment pursuant to the Indenture or the
Administration Agreement, as applicable, of a successor Note Registrar, Grantor Trust Paying Agent for the Notes or Indenture Trustee or, pursuant to this Agreement, of a successor Grantor Trust Certificate Registrar, or the consent to the
assignment by the Note Registrar, Grantor Trust Paying Agent for the Notes, Indenture Trustee or Grantor Trust Certificate Registrar of its obligations under the Indenture, the Administration Agreement or this Agreement, as applicable. 

(g)    Without first obtaining an Opinion of Counsel to the effect that such action will not, for U.S. federal income tax
purposes, cause the Grantor Trust to be taxable as other than a “grantor trust” for U.S. federal income tax purposes, the Grantor Trust shall not, and neither the Grantor Trust nor anyone acting on behalf of the Grantor Trust shall have
the power or authority to, cause the Grantor Trust to: 
 (i)    exchange any portion of the Grantor Trust Collateral
for other property following the date hereof (other than as set forth in the Transaction Documents, clause (ii) below or cash to be distributed in accordance with Article V or Article IX); 

(ii)    acquire any other property with, or otherwise reinvest, any distributions, income or proceeds received with
respect to the Grantor Trust’s investments, including any proceeds from the sale of any such investment, other than Eligible Investments maturing before the Business Day immediately prior to the Distribution Date related to the then current
Collection Period; 
 (iii)    accept any contributions of cash or property following the date hereof, except pursuant
to the Transaction Documents or as unanimously directed by or consented to in writing by the Grantor Trust Certificateholder; 

(iv)    agree to receive, or negotiate for, any financing with which to acquire any investments; 

(v)    exercise any rights or otherwise take any action under or with respect to any Receivable, other than its entry
into the related Transaction Documents, the exercise of its rights and the performance of its obligations thereunder, and the performance of such ministerial functions with respect to the Receivables as may be expressly contemplated thereunder; or

 (vi)    otherwise acquire or agree to acquire, by contribution, purchase, exchange, borrowing, or otherwise, any
cash or property following the date hereof, other than any proceeds (including proceeds of Receivables permitted to be sold by, or purchased or repurchased from, the Trust for cash as permitted under the Transaction Documents) received with respect
to the existing Grantor Trust Collateral (which may only be invested in accordance with clause (ii) above) as of the date hereof. 

  
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 (vii)    Section 4.1(g) is intended to ensure that neither the Trust
nor anyone acting on behalf of the Trust has the power to vary the Trust’s investments within the meaning of Treasury Regulations § 301.7701 4(c) and shall be interpreted and applied consistently with such intent. 

Section 4.2    Action by Grantor Trust Certificateholder with Respect to Certain Matters. The Grantor Trust
Trustee shall not have the power, except upon the written direction of the Grantor Trust Certificateholder, to remove the Servicer under the Servicing Agreement pursuant to Article V thereof or, except as expressly provided in the Transaction
Documents, sell the Receivables and related Contracts or any interest therein prior to the termination of the Indenture. The Grantor Trust Trustee shall take the actions referred to in the preceding sentence only upon written instruction signed by
the Grantor Trust Certificateholder. 
 Section 4.3    Action by Grantor Trust Certificateholder with Respect to
Bankruptcy. Notwithstanding any prior termination of this Agreement, the Grantor Trust Trustee shall not have the power to commence a voluntary case under Title 11 of the United States Code or any successor provision relating to the Trust
without the prior approval of the Grantor Trust Certificateholder and the delivery to the Grantor Trust Trustee by the Grantor Trust Certificateholder of a certificate certifying that the Grantor Trust Certificateholder reasonably believe that the
Trust is insolvent; provided, however, that under no circumstances shall the Grantor Trust Trustee commence or join in commencing any such case prior to the date that is one year and one day after termination of the Trust. 

Section 4.4    Restrictions on Grantor Trust Certificateholder’s Power. The Grantor Trust
Certificateholder shall not direct the Grantor Trust 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 Grantor Trust Trustee under this Agreement, including
Section 2.3, or any of the other Transaction Documents, nor shall the Grantor Trust Trustee be obligated to follow any such direction, if given. The Grantor Trust Certificateholder shall not and shall not direct the Grantor
Trust Trustee to take action that would violate the provisions of Section 6.1 and, if given, the Grantor Trust Trustee shall not be obligated to follow any such direction. 

ARTICLE V 
 CERTAIN
DUTIES 
 Section 5.1    Accounting and Reports to the Grantor Trust Certificateholder, the Internal Revenue
Service and Others; Distributions.  
 (a) The Grantor Trust Trustee shall maintain (or cause to be maintained) the books of
the Trust on a calendar year basis on the accrual method of accounting, deliver to the Grantor Trust Certificateholder, as may be required by the Code and applicable Treasury Regulations or otherwise, such information in the possession or control of
the Grantor Trust Trustee as may be required to enable the Grantor Trust Certificateholder to prepare its federal income tax return, file such tax returns relating to the Trust 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 an entity described in Section 2.11 for United States federal income tax
purposes, cause such tax returns to be signed in 

  
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the manner required by law and collect or cause to be collected any withholding tax as described in and in accordance with Section 5.3 with respect to income or
distributions to the Grantor Trust Certificateholder. The Grantor Trust Trustee shall annually cause to be sent to the Grantor Trust Certificateholder a separate statement setting forth the Grantor Trust Certificateholder’s share of items of
income, gain, loss, deduction or credit and will instruct the Grantor Trust Certificateholder to report such items on its federal income tax return. The Grantor Trust Trustee shall prepare or cause to be prepared the returns and information required
by Treasury Regulations Section 1.671-5, as well as any other applicable provisions of law, to be provided and filed, as applicable, in the manner prescribed therein. 

(b)    On or before the Closing Date, the Administrator shall cause the Collection Account to be established pursuant to
Section 8.2(a) of the Indenture. All distributions with respect to the Grantor Trust Certificate shall be made to the Collection Account. 

Section 5.2    Tax Returns; Other Tax Matters. The Grantor Trust Trustee shall prepare, or cause to be
prepared, and sign on behalf of the Trust any and all applicable tax returns of the Trust, unless applicable law requires the Grantor Trust Certificateholder to sign such documents, in which case the Grantor Trust Certificateholder hereby agrees to
sign such document and to cooperate fully with the reasonable requests of the Grantor Trust Trustee with respect thereto. 

Section 5.3    Withholding Tax 

If any withholding tax is imposed on the Trust’s payment (or allocations of income) to the Grantor Trust Certificateholder, such tax shall
reduce the amount otherwise distributable to the Grantor Trust Certificateholder; provided that the Grantor Trust Paying Agent shall not have an obligation to withhold any such amount if and for so long as the Grantor is the sole Grantor Trust
Certificateholder. The Grantor Trust Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Grantor Trust Certificateholders sufficient funds for the payment of any tax that is legally payable by the
Trust (but such authorization shall not prevent the Grantor Trust Paying Agent 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 the Grantor Trust Certificateholder shall be treated as cash distributed to the Grantor Trust 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 Grantor Trust Trustee or the Grantor Trust Paying Agent, upon
notification from the Grantor Trust Trustee that the appropriate tax forms have not been received by the Grantor Trust Trustee, may withhold such amounts in accordance with this Section. If the Grantor Trust Certificateholder wishes to apply for a
refund of any such withholding tax, the Grantor Trust Paying Agent shall reasonably cooperate with such the Grantor Trust Certificateholder in making such claim so long as the Grantor Trust Certificateholder agrees to reimburse the Grantor Trust
Paying Agent for any out-of-pocket expenses incurred. 

  
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 ARTICLE VI 

THE GRANTOR TRUST TRUSTEE 

Section 6.1    Duties of Grantor Trust Trustee. 

(a)    The Grantor Trust Trustee undertakes to perform such duties, and only such duties, as are specifically set forth in
this Agreement and the other Transaction Documents, including the administration of the Trust in the interest of the Grantor Trust Certificateholder, subject to the Transaction Documents and in accordance with the provisions of this Agreement. No
implied covenants, obligations or duties (including fiduciary duties) or liabilities otherwise existing at law or in equity with respect to the Trust, shall be read into this Agreement. The Grantor Trust Trustee shall have no duty or obligation to
perform the duties and obligations of the Trust and shall act only at the written direction of the Grantor Trust Certificateholder and, to the extent expressly provided herein, the Administrator or the Grantor with respect to the duties of the
Trust. 
 (b)    Notwithstanding the foregoing, the Grantor Trust Trustee shall be deemed to have discharged its duties
and responsibilities hereunder and under the other Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Trust or the Grantor Trust Trustee hereunder or
under any other Transaction Document, and the Grantor Trust Trustee shall not be responsible for monitoring or supervising or performing the duties and obligations of the Administrator and shall not be liable for the default or failure of the
Administrator to carry out its obligations under the Administration Agreement. 
 (c)    In the absence of bad faith on
its part, the Grantor Trust Trustee may conclusively rely upon certificates or opinions furnished to the Grantor Trust Trustee and conforming to the requirements of this Agreement in determining the truth of the statements and the correctness of the
opinions contained therein; provided, however, that the Grantor Trust Trustee shall have examined such certificates or opinions so as to determine compliance of the same with the requirements of this Agreement. 

(d)    The Grantor Trust Trustee may not be relieved from liability for its own grossly negligent action, its own grossly
negligent failure to act or its own willful misconduct, except that: 
 (i)    this
Section 6.1(d) shall not limit the effect of Section 6.1(a) or 6.1(b); 

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

(iii)    the Grantor Trust Trustee shall not be liable with respect to any action it takes or omits to take in good faith
in accordance with a direction received by it pursuant to Section 4.1, Section 4.2 or Section 4.4. 

(e)    Monies received by the Grantor Trust Trustee hereunder need not be segregated in any manner except to the extent
required by law and may be deposited under such general conditions as may be prescribed by law. Such funds shall be held (i) in a non-interest bearing trust account and (ii) uninvested and the
Grantor Trust Trustee shall not be liable for any interest thereon. 

  
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 (f)    The Grantor Trust Trustee shall have no responsibility to record
this Agreement or any other Transaction Document, to prepare or file any financing or continuation statement or amendment in any public office at any time or otherwise to perfect or maintain the perfection of any ownership or security interest or
lien or to prepare or file any qualification to do business, or securities law filing or report or to monitor or cause the Trust to comply with Regulation RR, to the extent Regulation RR is applicable to the Trust. 

(g)    The Grantor Trust Trustee shall not take any action that (i) is inconsistent with the purposes of the Trust
set forth in Section 2.3 or (ii) would, to the actual knowledge of a Responsible Officer of the Grantor Trust Trustee, cause the Trust to fail to qualify as a grantor trust for United States federal income tax
purposes. The Grantor Trust Certificateholder shall not direct the Grantor Trust Trustee to take any action or themselves take any action that would violate the provisions of this Section 6.1. 

Section 6.2    Rights of Grantor Trust Trustee. The Grantor Trust Trustee is authorized and directed to
execute and deliver the Transaction Documents, each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust or the Grantor Trust Trustee is to be a party and any additional agreement,
document, letter or undertaking to be entered into in connection with the Transaction Documents or the transactions described therein to which the Trust or the Grantor Trust Trustee is to be a party, each as presented to the Grantor Trust Trustee by
the Grantor or its counsel and in such form as the Grantor shall approve as evidenced conclusively by the Grantor Trust Trustee’s execution thereof. The Grantor Trust Trustee is authorized to execute such additional documents and amendments to
the Transaction Documents as it shall be directed in writing by the Administrator, the Servicer or the Grantor. In addition to the foregoing, the Grantor Trust Trustee is authorized, but shall not be obligated, to take all actions required of the
Trust pursuant to the Transaction Documents. The Grantor Trust Trustee is further authorized from time to time to take such action as the Grantor, the Grantor Trust Certificateholder or the Administrator recommends and directs in writing with
respect to the Transaction Documents. 
 Section 6.3    Acceptance of Trusts and Duties. Except as otherwise
provided in this Article VI, in accepting the trusts hereby created, Wilmington Trust, National Association acts solely as Grantor Trust Trustee hereunder and not in its individual capacity and all Persons having any claim against the Grantor Trust
Trustee by reason of the transactions contemplated by this Agreement or any other Transaction Document shall look only to the Grantor Trust Collateral for payment or satisfaction thereof. The Grantor Trust 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 Agreement. The Grantor Trust Trustee also agrees to disburse all monies actually received by it constituting part of the Grantor Trust Collateral
upon the terms of the Transaction Documents. The Grantor Trust Trustee shall not be liable or accountable hereunder or under any other Transaction Document under any circumstances, except for its own grossly negligent action, its own grossly
negligent failure to act or its own willful misconduct or in the case of the inaccuracy 

  
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of any representation or warranty contained in Section 6.6 and expressly made by the Grantor Trust Trustee. In particular, but not by way of limitation (and subject to
the exceptions set forth in the preceding sentence): 
 (a)    the Grantor Trust 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 Grantor Trust Collateral or its ability to generate the payments to be distributed to Grantor Trust Certificateholder under this Agreement or to 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 of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Grantor 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 Administrator, the Indenture Trustee or the Servicer or any
sub-servicer taken in the name of the Grantor Trust Trustee; 
 (b)    the
Grantor Trust Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Grantor, the Administrator or the Grantor Trust Certificateholder; 

(c)    no provision of this Agreement or any other Transaction Document shall require the Grantor Trust Trustee to expend
or risk funds or otherwise incur any 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 Grantor Trust Trustee shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 

(d)    under no circumstances shall the Grantor Trust Trustee be liable for indebtedness evidenced by or arising under any
of the Transaction Documents, including the principal of and interest on the Notes, or for any Trust representation, warranty, covenant or obligation under the Transaction Documents; 

(e)    the Grantor Trust Trustee shall not be responsible for or in respect of and makes no representation as to the
validity or sufficiency of any provision of this Agreement other than as explicitly set forth herein or for the due execution hereof by the Grantor or for the form, character, genuineness, sufficiency, value or validity of any of the Grantor Trust
Collateral or for, or in respect of, the validity or sufficiency of the Notes, the Grantor Trust Certificate (other than the certificate of authentication on the Grantor Trust Certificate), the other Transaction Documents, any Receivables or any
related documents, and the Grantor Trust Trustee shall in no event assume or incur any liability, duty or obligation to any Noteholder or to the Grantor Trust Certificateholder, other than as expressly provided for herein and in the other
Transaction Documents; 
 (f)    the Grantor Trust Trustee shall not be liable for the default or misconduct of the
Administrator, the Indenture Trustee, the Grantor or the Servicer under any of the Transaction Documents or otherwise and the Grantor Trust Trustee shall have no obligation or liability to perform the obligations of the Trust under this Agreement or
the Transaction Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture, the Grantor under this Agreement or the Servicer under the Servicing Agreement; 

  
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 (g)    the Grantor Trust Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Transaction Document, at the request, order or
direction of any of the Grantor Trust Certificateholder, unless the Grantor Trust Certificateholder has offered to the Grantor Trust Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by
the Grantor Trust Trustee therein or thereby. The right of the Grantor Trust Trustee to perform any discretionary act enumerated in this Agreement or in any other Transaction Document shall not be construed as a duty, and the Grantor Trust Trustee
shall not be answerable for other than its gross negligence or willful misconduct in the performance of any such act; 

(h)    notwithstanding anything to the contrary contained herein or in any other Transaction Document, and notwithstanding
any Person’s right to instruct the Grantor Trust Trustee, neither the Grantor Trust Trustee nor any agent, employee, director or officer of the Grantor Trust Trustee shall have any obligation to execute, deliver or certify on behalf of the
Trust or any other Person any filings, certificates, affidavits or other instruments required pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated pursuant thereto, and the refusal to comply with any such instructions
shall not constitute a default or breach under any Transaction Document. In the event that the Grantor Trust Trustee, on behalf of the Trust, does not execute, deliver or certify any filings, certificates, affidavits or other instruments required
under the Sarbanes-Oxley Act of 2002, an Authorized Officer of the Administrator shall, on behalf of the Trust, execute, deliver or make such certification; 

(i)    to the fullest extent permitted by law and notwithstanding anything in this Agreement to the contrary, the Grantor
Trust Trustee shall not be personally liable for (x) special, consequential or punitive damages, however styled, including lost profits or (y) the acts or omissions of any nominee, correspondent, clearing agency or securities depository
through which it holds the Trust’s securities or assets; 
 (j)    the Grantor Trust Trustee shall not be liable or
responsible for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, any force majeure event, including but not limited to strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, power outages, loss or malfunctions of utilities, communications or computer (software and hardware) services, or other circumstances beyond its control; it
being understood that the Grantor Trust Trustee shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances; 

(k)    the Grantor Trust Trustee shall not be deemed to have knowledge or notice of any fact or event unless a Responsible
Officer of the Grantor Trust Trustee has actual knowledge thereof or unless written notice of such fact or event is received by a Responsible Officer and such notice references the fact or event; 

  
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 (l)    notwithstanding anything contained herein or in any of the
Transaction Documents to the contrary, the Grantor Trust Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or
authorization or order of or the giving of notice to, or the registration with, licensing by or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware;
(ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Grantor Trust Trustee or
(iii) subject the Grantor Trust Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Grantor Trust Trustee
contemplated hereby. The Grantor Trust Trustee shall be entitled to obtain advice of counsel (the reasonable fees and expenses of which shall be reimbursable by the Trust pursuant to Section 2.7 of the Indenture) to determine whether any action
required to be taken pursuant to this Agreement results in the consequences described in clauses (i), (ii) and (iii) of the preceding sentence. In the event that said counsel advises the Grantor Trust Trustee that such action will result in
such consequences, the Grantor Trust Trustee may, or if instructed to do so by the Administrator, shall appoint an additional trustee pursuant to Section 6.12 to proceed with such action; 

(m)    the Grantor Trust Trustee shall not be required to provide, on its own behalf, any surety bond or other kind of
security in connection with the execution of any of its trusts or powers under this Agreement or any other Transaction Document or the performance of its duties hereunder; 

(n)    each of the parties hereto hereby agrees and, as evidenced by its acceptance of any benefits hereunder, the Grantor
Trust Certificateholder agrees that the Grantor Trust Trustee in any capacity (x) has not provided and will not provide in the future, any advice, counsel or opinion regarding the tax, regulatory, financial, investment, securities law or
insurance implications and consequences of the formation, funding and ongoing administration of the Trust, including income, gift and estate tax issues, insurable interest issues, risk retention issues, doing business or other licensing matters and
the initial and ongoing selection and monitoring of financing arrangements, (y) has not made any investigation as to the accuracy of any representations, warranties or other obligations of the Trust under the Transaction Documents and shall
have no liability in connection therewith and (z) the Grantor Trust Trustee has not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other statement in any disclosure or offering document or in
any other document issued or delivered in connection with the issuance, sale or transfer of the Certificates or the Notes; 

(o)    it shall be the Administrator’s duty and responsibility, and not the Grantor Trust Trustee’s duty and
responsibility, to cause the Trust to respond to, defend, participate in or otherwise act in connection with any regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in any way to the Trust, its assets or
the conduct of its business; 
 (p)    the Grantor Trust Trustee shall not have any obligation or duty to supervise or
monitor the performance of any other Person and shall have no liability for the failure of any other Person to perform its obligations or duties under the Transaction Documents or otherwise; 

  
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 (q)    neither the Grantor nor the Administrator shall, without the
written consent of the Grantor Trust Trustee, knowingly take or cause the Trust to take any action which in any way adversely affects or could reasonably be expected to adversely affect the Grantor Trust Trustee or any of its rights, duties or
protections under this Agreement; and 
 (r)    to help the government fight the funding of terrorism and money
laundering activities, the Customer Identification Program (CIP) requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107
56 (signed into law October 26, 2001) and its implementing regulations (collectively, USA PATRIOT Act), the Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence Requirements and such other laws, rules, regulations and
executive orders in effect from time to time applicable to banking institutions (collectively, the “Applicable Anti-Money Laundering Law”), requires all financial institutions to obtain, verify and record information that identifies
each person who opens an account. Accordingly, in order to comply with the Applicable Anti-Money Laundering Law, the Grantor Trust Trustee is required to obtain on or before the Closing Date and from time to time thereafter documentation to verify
and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Grantor Trust Trustee will ask for
documentation to verify its formation and existence as a legal entity, financial statements, licenses, tax identification documents, and identification and authorization documents from individuals claiming authority to represent the entity and other
relevant documentation and information (including beneficial owners of such entities). The Grantor Trust Trustee may, to the fullest extent permitted by applicable law, including the Applicable Anti-Money Laundering Law, conclusively rely on, and
shall be fully protected and indemnified in relying on, any information received, and failure to provide such information may result in an inability of the Grantor Trust Trustee to perform its obligations hereunder which, at the sole option of the
Grantor Trust Trustee, may result in the immediate resignation of the Owner Trustee, subject to Section 6.10, notwithstanding anything to the contrary in this Agreement. The parties hereto agree that solely for purposes of
the Applicable Anti-Money Laundering Law, (a) the Grantor is and shall be deemed to be the sole beneficial owner of the Trust, and (b) the Grantor is and shall deemed to be the party with the power and authority to control the Trust. 

Section 6.4    Action upon Instruction by Certificateholders.  

(a)    Subject to Section 4.4, the Grantor Trust Certificateholder may by written instruction
direct the Grantor Trust Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of the Grantor Trust Certificateholder pursuant to Section 4.5. 

(b)    Notwithstanding the foregoing, the Grantor Trust Trustee shall not be required to take or refrain from taking any
action hereunder or under any other Transaction Document if the Grantor Trust 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 Grantor Trust Trustee
or is contrary to the terms hereof or of any other Transaction Document or is otherwise contrary to law. 

  
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 (c)    Whenever the Grantor Trust Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this Agreement or any other Transaction Document, or is unsure as to the application, intent, interpretation or meaning of any provision of this Agreement or the other Transaction
Documents, the Grantor Trust Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Grantor Trust Certificateholder requesting instruction as to the course of action to be adopted, and, to the extent
the Grantor Trust Trustee acts in good faith in accordance with any such instruction received, the Grantor Trust Trustee shall not be liable on account of such action to any Person. If the Grantor Trust Trustee shall not have received appropriate
instructions 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 which is consistent, in its view, with this Agreement or the other Transaction Documents, and as it shall deem to be in the best interests of the Grantor Trust Certificateholder, and the Grantor Trust Trustee shall have no
liability to any Person for any such action or inaction. 
 Section 6.5    Furnishing of Documents. The
Grantor Trust Trustee shall furnish to the Grantor Trust Certificateholder, 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 Grantor Trust Trustee under the Transaction Documents. 

Section 6.6    Representations and Warranties of Grantor Trust Trustee. The Grantor Trust Trustee hereby
represents and warrants to the Grantor, for the benefit of the Grantor Trust Certificateholder, that: 
 (a)    It is a
banking association duly organized, validly existing and in good standing under the laws of the United States of America. It has satisfied the eligibility requirements set forth in Section 6.13. 

(b)    It has full power, authority and legal right to execute, deliver and perform this Agreement, and has taken all
necessary action to authorize the execution, delivery and performance by it of this Agreement. 
 (c)    The execution,
delivery and performance by it of this Agreement (i) does not violate any provision of any law or regulation of the State of Delaware or the United States of America governing the banking and trust powers of the Grantor Trust Trustee or any
order, writ, judgment or decree of any court, arbitrator or governmental authority applicable to the Grantor Trust Trustee or any of its assets, (ii) does not violate any provision of the corporate charter or
by-laws of the Grantor Trust Trustee or (iii) does not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any
Lien on any properties included in the Trust pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation, default or Lien could reasonably be expected to have a Material
Adverse Effect on the Grantor Trust Trustee’s performance or ability to perform its duties as Grantor Trust Trustee under this Agreement or on the transactions contemplated in this Agreement. 

(d)    This Agreement has been duly executed and delivered by the Grantor Trust Trustee and, assuming due authorization,
execution and delivery by the Grantor, constitutes the 

  
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legal, valid and binding agreement of the Grantor Trust Trustee, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or
other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

Section 6.7    Reliance; Advice of Counsel. 

(a)    The Grantor Trust Trustee 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 Grantor Trust 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 Grantor Trust 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 Grantor Trust 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 Agreement or the other Transaction Documents, the Grantor Trust Trustee may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Grantor Trust Trustee shall
not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Grantor Trust Trustee in good faith and without gross negligence; and may
consult with counsel, accountants and other skilled professionals to be selected in good faith and without gross negligence and employed by it. The Grantor Trust Trustee shall not be liable for anything done, suffered or omitted in good faith by it
in accordance with the opinion or advice of any such counsel, accountants or other such Persons and not contrary to this Agreement or any other Transaction Document. 

Section 6.8    Grantor Trust Trustee May Own Notes. Wilmington Trust, National Association or any successor
Grantor Trust Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may deal with the Grantor, the Indenture Trustee, the Administrator and the Servicer in transactions in the same manner as it would have if it
were not the Grantor Trust Trustee. 
 Section 6.9    Compensation and Indemnity. 

(a)    The Grantor Trust Trustee shall receive as compensation for its services hereunder (i) on the date of execution
of this Agreement, an initial fee and an annual fee for its services to be provided, and (ii) such fees as have been separately agreed upon before the date hereof by the Grantor Trust Trustee, and the Grantor Trust Trustee, any paying agent,
registrar, authenticating agent or co-trustee shall be entitled to be reimbursed for its other reasonable 

  
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expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, custodians, nominees, representatives, experts and external counsel as the Grantor Trust
Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder as specified in Section 2.7 of the Indenture. 

(b)    The Trust shall indemnify, defend and hold harmless the Grantor Trust Trustee (in its individual and trustee
capacities), any paying agent, registrar, authenticating agent or co-trustee and its successors, assigns, agents and servants from and against all costs, expenses, losses, claims, actions, suits, damages and
liabilities including reasonable and documented legal fees and expenses of external counsel, in connection with the successful enforcement of their indemnification rights hereunder, of any kind and nature whatsoever arising out of or incurred in
connection with (i) the Grantor Trust Trustee’s performance of its duties under the Indenture or any other Transaction Document, or (ii) the acceptance, administration or performance by, or action or inaction of, the Grantor Trust
Trustee of the trusts and duties contained in this Agreement and the other Transaction Documents, including the administration of the Grantor Trust Collateral, except in each case to the extent that such cost, expense, loss, claim, damage or
liability (A) is due to the willful misfeasance, bad faith or gross negligence (except for errors in judgment) of the Person indemnified, or (B) arises from the Grantor Trust Trustee’s breach of any of its representations or
warranties set forth in Section 6.6. 
 (c)    The Administrator shall indemnify, defend and
hold harmless the Grantor Trust Trustee (in its individual and trustee capacities), any paying agent, registrar, authenticating agent or co-trustee and its successors, assigns, agents and servants from and
against all costs, expenses, losses, claims, actions, suits, damages and liabilities including reasonable and documented legal fees and expenses of external counsel, in connection with the successful enforcement of their indemnification rights
hereunder, of any kind and nature whatsoever arising out of or incurred in connection with (i) the Administrator’s performance of its duties under this Agreement or the Administration Agreement; or (ii) the failure by the
Administrator to comply with any term, provision or covenant contained in this Agreement or any other Transaction Document, except in each case to the extent that such cost, expense, loss, claim, action, suit, damage or liability (A) is due to
the willful misfeasance, bad faith or gross negligence (except for errors in judgment) of the Person indemnified, or (B) arises from the breach of any of the representations or warranties set forth in Section 6.6. 

The indemnities contained in this Section 6.9 shall survive the resignation or removal of the Grantor Trust Trustee
or the termination of this Agreement. To the extent that the Trust or the Administrator fails to pay any amounts due and owing to the Grantor Trust Trustee pursuant to this Section 6.9, such amounts shall be payable
pursuant to Section 2.7 of the Indenture. Any amounts paid to the Grantor Trust Trustee pursuant to this Article VI shall be deemed not to be a part of the Grantor Trust Collateral immediately after such payment. 

Section 6.10    Replacement of Grantor Trust Trustee. 

(a)    The Grantor Trust Trustee may give notice of its intent to resign and be discharged from the trusts hereby created
by giving notice thereof to the Grantor, the Administrator and the Grantor Trust Certificateholder; provided that no such resignation shall become effective, and the Grantor Trust Trustee shall not resign, prior to the time set forth in
Section 6.10(c). If no 

  
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successor Grantor Trust Trustee shall have been appointed pursuant to Section 6.10(b) and have accepted such appointment within thirty (30) days after the giving of
such notice, the Grantor Trust Trustee giving such notice may petition any court of competent jurisdiction for the appointment of a successor Grantor Trust Trustee. The Grantor or the Administrator shall remove the Grantor Trust Trustee if: 

(i)    the Grantor Trust Trustee shall cease to be eligible in accordance with the provisions of
Section 6.13 and shall fail to resign after written request therefor by the Administrator; 

(ii)    the Grantor Trust Trustee shall be adjudged bankrupt or insolvent; 

(iii)    a receiver or other public officer shall be appointed or take charge or control of the Grantor Trust Trustee or
of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or 
 (iv)    the Grantor
Trust Trustee shall otherwise be incapable of acting. 
 (b)    If the Grantor Trust Trustee gives notice of its intent
to resign or is removed or if a vacancy exists in the office of Grantor Trust Trustee for any reason, the Administrator shall promptly appoint a successor Grantor Trust Trustee by written instrument, in duplicate (one copy of which instrument shall
be delivered to the outgoing Grantor Trust Trustee so removed and one copy to the successor Grantor Trust Trustee) and shall pay all fees, expenses and indemnities owed to the outgoing Grantor Trust Trustee. 

(c)    Any resignation or removal of the Grantor Trust Trustee and appointment of a successor Grantor Trust Trustee
pursuant to any of the provisions of this Section 6.10 shall not become effective, and no such resignation shall be deemed to have occurred, until a written acceptance of appointment is delivered by the successor Grantor
Trust Trustee to the outgoing Grantor Trust Trustee, the Grantor, the Administrator and the Grantor Trust Certificateholder and all fees, expenses and indemnities due to the outgoing Grantor Trust Trustee are paid. Costs associated with the
resignation of the Grantor Trust Trustee and the appointment of a successor Grantor Trust Trustee will be borne by the Grantor. Any successor Grantor Trust Trustee appointed pursuant to this Section 6.10 shall be eligible
to act in such capacity in accordance with Section 6.13 and, following compliance with the preceding sentence, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this
Agreement, with like effect as if originally named as Grantor Trust Trustee. The Administrator shall provide notice of such resignation or removal of the Grantor Trust Trustee to each of the Rating Agencies. 

(d)    The predecessor Grantor Trust Trustee shall upon payment of its fees, expenses and indemnity deliver to the
successor Grantor Trust Trustee all documents and statements and monies held by it under this Agreement. The Administrator and the predecessor Grantor Trust 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 Grantor Trust Trustee all such rights, powers, duties and obligations. 

(e)    Upon acceptance of appointment by a successor Grantor Trust Trustee pursuant to this
Section 6.10, the Administrator shall mail notice of the successor of such Grantor 

  
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Trust Trustee to the Grantor Trust Certificateholder, the Indenture Trustee, the Noteholders and the Rating Agencies. Any successor Grantor Trust Trustee appointed hereunder shall file an
amendment to the Certificate of Trust. 
 Section 6.11    Merger or Consolidation of Grantor Trust Trustee.
Any Person into which the Grantor Trust Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Grantor Trust Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the Grantor Trust Trustee, shall be the successor of the Grantor Trust Trustee hereunder, provided such Person shall be eligible pursuant to
Section 6.13, and without the execution or filing of any instrument or any further act on the part of any of the parties hereto; provided, further, that the Grantor Trust Trustee shall mail notice of such merger or
consolidation to the Grantor, who promptly shall notify the Rating Agencies. In connection therewith, the Grantor Trust Trustee shall file an amendment to the Certificate of Trust if required by the Statutory Trust Act. 

Section 6.12    Appointment of Co-Trustee or Separate Trustee. 

(a)    Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal
requirement of any jurisdiction in which any part of the Grantor Trust Collateral or any Financed Vehicle may at the time be located, the Grantor Trust Certificateholder, the Administrator and the Grantor Trust Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more Persons approved by the Grantor Trust Trustee to act as co-trustee, jointly with the Grantor Trust Trustee, or as separate trustee or
trustees, of all or any part of the Grantor Trust Collateral, and to vest in such Person (in the name of the Trust and not in such Person’s name for the Trust, except to the extent otherwise required by, and in accordance with,
Section 2.8), in such capacity, such title to the Grantor Trust Collateral, or any part thereof, and, subject to the other provisions of this Section 6.12, such powers, duties, obligations, rights
and trusts as the Administrator and the Grantor Trust Trustee may consider necessary or desirable. If neither the Administrator nor the Grantor Trust Certificateholder shall have joined in such appointment within fifteen (15) days after the
receipt by it of a request so to do, the Grantor Trust Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor trustee pursuant to Section 6.13 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to
Section 6.10. 
 (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 Grantor Trust Trustee shall be conferred
upon and exercised or performed by the Grantor Trust Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Grantor Trust 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 Grantor Trust 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 Grantor Trust Collateral 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 Grantor Trust Trustee; 

  
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 (ii)    no trustee under this Agreement shall be personally liable by
reason of any act or omission of any other trustee under this Agreement; and 
 (iii)    the Grantor Trust
Certificateholder, Administrator and the Grantor Trust Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 

(c)    Any notice, request or other writing given to the Grantor Trust 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 Agreement and the conditions of this Article. 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 Grantor Trust Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the
liability of, or affording protection to, the Grantor Trust Trustee. Each such instrument shall be filed with the Grantor Trust Trustee and a copy thereof given to the Administrator. 

(d)    Any separate trustee or co-trustee may at any time appoint the Grantor
Trust Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this
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 Grantor Trust Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

Section 6.13    Eligibility Requirements for Grantor Trust Trustee. The Grantor Trust Trustee shall at all
times: (a) be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have (or have a parent which has) a combined capital
and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating in any generic rating category which signifies
investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agency. If such corporation 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 6.13, the combined capital and surplus of such corporation 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 Grantor Trust Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Grantor Trust Trustee shall resign immediately in the manner and with the effect
specified in Section 6.10. 

  
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 ARTICLE VII 

TERMINATION OF TRUST AGREEMENT 

Section 7.1    Termination of Trust Agreement. 

(a)    The Trust shall dissolve and wind-up in accordance with Section 3808 of
the Statutory Trust Act immediately prior to the final distribution by the Grantor Trust Paying Agent of all monies or other property or proceeds of the Grantor Trust Collateral in accordance with the terms of the Indenture, the Servicing Agreement
(including the exercise by the Servicer of its option to purchase the Receivables pursuant to Section 6.1 of the Servicing Agreement) and Article V. The bankruptcy, liquidation, dissolution, death or incapacity of the Grantor Trust
Certificateholder shall not (x) operate to terminate this Agreement or the Trust, (y) entitle the Grantor Trust 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 the Grantor Trust Collateral or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

(b)    Neither the Grantor nor the Grantor Trust Certificateholder shall be entitled to revoke or terminate the Trust or
this Agreement. 
 (c)    Notice of any dissolution of the Trust, specifying the Distribution Date upon which the
Grantor Trust Certificateholder shall surrender its Grantor Trust Certificate to the Grantor Trust Certificate Registrar for payment of the final distribution and cancellation, shall be given by the Grantor Trust Certificate Registrar by letter to
Grantor Trust Certificateholder mailed within five (5) Business Days of receipt of notice of Optional Purchase from the Servicer given pursuant to Section 6.1 of the Servicing Agreement, in either case, stating: (i) the Distribution
Date upon or with respect to which final payment of the Grantor Trust Certificate shall be made upon presentation and surrender of the Grantor Trust Certificate at the office of the Grantor Trust Certificate Registrar therein designated;
(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 Grantor Trust Certificate at the
office of the Certificate Registrar therein specified. The Grantor Trust Certificate Registrar shall give notice to the Grantor Trust Trustee and the Grantor Trust Paying Agent at the time such notice is given to Grantor Trust Certificateholder.
Upon presentation and surrender of the Grantor Trust Certificate, the Grantor Trust Paying Agent shall cause to be distributed to Grantor Trust Certificateholder amounts distributable on such Distribution Date. 

(d)    If the Grantor Trust Certificateholder will not surrender its Grantor Trust Certificate for cancellation within six
(6) months after the date specified in the written notice referred to in Section 7.1(c), the Grantor Trust Certificate Registrar shall give a second written notice to the Grantor Trust Certificateholder to surrender
its Grantor Trust Certificate for cancellation and receive the final distribution with respect thereto. If within one (1) year after the second notice the Grantor Trust Certificate shall not have been surrendered for cancellation, the Grantor
Trust Certificate Registrar may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the Grantor Trust Certificateholder concerning surrender of their Grantor Trust Certificate, and the cost thereof shall be paid out
of the funds and other assets that shall remain subject to this Agreement. Subject to applicable laws with respect to escheat of funds, 

  
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any funds remaining in the Trust after exhaustion of such remedies in the preceding sentence shall be deemed property of the last Grantor Trust Certificateholder of record and distributed by the
Grantor Trust Paying Agent to the last Grantor Trust Certificateholder of record, and none of the Grantor Trust Trustee, the Grantor Trust Certificate Registrar or the Grantor Trust Paying Agent shall have no further liability to the Grantor Trust
Certificateholder with respect thereto. 
 (e)    Upon the winding up and termination of the Trust in accordance with
Section 3808 of the Statutory Trust Act and this Section 7.1 at the written direction and expense of the Grantor Trust Certificateholder, the Grantor Trust Trustee shall 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 Act. Thereupon, this Agreement (other than Sections 6.9, 9.8 and 9.9) and the
Trust shall terminate. 
 ARTICLE VIII 

AMENDMENTS 

Section 8.1    Amendments Without Consent of Noteholders. This Agreement may be amended by the Grantor and the
Grantor Trust Trustee without the consent of any of the Noteholders (i) to cure any ambiguity, (ii) to correct or supplement any provision in this Agreement that may be defective or inconsistent with any other provision in this Agreement
or any other Transaction Document or with any description thereof in the Prospectus or the Certificate Private Placement Memorandum, (iii) to add to the covenants, restrictions or obligations of the Grantor or the Grantor Trust Trustee,
(iv) to evidence and provide for the acceptance of the appointment of a successor trustee with respect to the Grantor Trust Collateral and add to or change any provisions as shall be necessary to facilitate the administration of the trusts
hereunder by more than one trustee pursuant to Article VI, (v) to add, change or eliminate any other provision of this Agreement in any manner that shall not, as evidenced by an Opinion of Counsel, materially and adversely affect the
interests of the Noteholders or (vi) if the Rating Agency Condition is satisfied with respect to such amendment and the Depositor or the Owner Trustee notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with
respect to such amendment. 
 Section 8.2    Amendments With Consent of Noteholders and Grantor Trust
Certificateholder. 
 (a)    This Agreement may be amended from time to time by the Grantor and the Grantor Trust
Trustee with the consent of Certificateholders to add or supplement any credit enhancement for the benefit of the Noteholders of any class (provided that if any such addition shall affect any class of Noteholders differently from any other class of
Noteholders, then such addition shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any class of Noteholders). 

(b)    This Agreement may be amended from time to time by the Grantor and the Grantor Trust Trustee with the consent of
the Requisite Noteholders as of the close of the preceding Distribution Date and, if any Person other than the Grantor or an Affiliate of the Grantor holds the Grantor Trust Certificate, the consent of the Grantor Trust Certificateholder as of the
close of the preceding Distribution Date (which consent, whether given pursuant to this Section 8.2 or pursuant to any other provision of this Agreement, shall be conclusive and binding on such Person and on

  
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all future holders of such Notes or the Grantor Trust Certificate and of any Notes or the Grantor Trust Certificate issued upon the transfer thereof or in exchange thereof or in lieu thereof
whether or not notation of such consent is made upon any Notes or the Grantor Trust Certificate) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any
manner the rights of the Noteholders or the Grantor Trust Certificateholder; provided, however, that no such amendment shall (a) without the consent of the holder of the affected Note or the Grantor Trust Certificate, as applicable, increase or
reduce the interest rate or principal amount of any Note or change the Final Scheduled Distribution Date of any Note or distributions on the Grantor Trust Certificate, (b) increase or reduce the amount of the required Specified Reserve Account
Balance or the Specified Class N Reserve Account Balance without the consent of all of the Noteholders or Grantor Trust Certificateholder then outstanding or (c) reduce the aforesaid percentage of Noteholders or Certificateholders required
to consent to any such amendment in the holders of all notes or certificates, without the consent of the holders of all Notes and the Grantor Trust Certificate then outstanding, as the case may be. 

(c)    Prior to the execution of any amendment, the Grantor shall provide written notification of the substance of such
amendment or consent to each Rating Agency and the Indenture Trustee; and promptly after the execution of any such amendment, the Grantor shall furnish a copy of such amendment to each Rating Agency, the Grantor Trust Trustee, the Owner Trustee and
the Indenture Trustee. 
 Section 8.3    Form of Amendments. 

(a)    Promptly after the execution of any amendment, supplement or consent pursuant to
Section 8.1 or Section 8.2, the Grantor Trust Trustee shall furnish written notification of the substance of such amendment or consent to each Unaffiliated Grantor Trust Certificateholder and the
Indenture Trustee. 
 (b)    It shall not be necessary for the consent of Grantor Trust Certificateholder, the
Noteholders or the Grantor Trust Trustee pursuant to Section 8.2 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 of evidencing the authorization of the execution thereof shall be subject to such reasonable requirements as the Grantor Trust Trustee may prescribe, including the establishment of record dates pursuant to the
Note Depository Agreement. 
 (c)    Promptly after the execution of any amendment to the Certificate of Trust, the
Grantor Trust Trustee, at the expense of the Trust to the extent such amendments do not relate to a change in name or address of Grantor Trust Trustee, shall cause the filing of such amendment with the Secretary of State. 

(d)    Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Grantor Trust Trustee
shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate of the Administrator stating that all
conditions precedent to the execution and delivery of such amendment have been satisfied. The Grantor Trust Trustee may, but shall not be obligated to, enter into any such amendment which affects the Grantor Trust Trustee’s own rights,
privileges, indemnities, duties or obligations under this Agreement or otherwise. 

  
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 (e)    Notwithstanding anything to the contrary herein, an Opinion of
Counsel shall be delivered to the Grantor and the Grantor Trust Trustee to the effect that such amendment would not cause the Trust to fail to qualify as a grantor trust for United States federal income tax purposes. 

ARTICLE IX 

MISCELLANEOUS 

Section 9.1    No Legal Title to Grantor Trust Collateral. The Grantor Trust Certificateholder shall not have
legal title to any part of the Grantor Trust Collateral. The Grantor Trust Certificateholder shall be entitled to receive distributions with respect to their undivided beneficial ownership interest therein only in accordance with Articles V
and VII. No transfer, by operation of law or otherwise, of any right, title, and interest of the Grantor Trust Certificateholder to and in their undivided beneficial ownership interest in the Grantor Trust Collateral shall operate to
terminate this 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 Grantor Trust Collateral. 

Section 9.2    Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of
the Grantor Trust Trustee, the Grantor, the Grantor Trust Certificateholder, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall
be construed to give to any other Person any legal or equitable right, remedy or claim in the Grantor Trust Collateral or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

Section 9.3    Derivative Actions. Any provision contained herein to the contrary notwithstanding, the right
of the Grantor Trust Certificateholder to bring a derivative action in the right of the Trust is hereby made expressly subject to the Grantor Trust Certificateholder satisfying all requirements set forth in the Statutory Trust Act. 

Section 9.4    Notices. All demands, notices and communications upon or to the Grantor, the Servicer, the
Administrator, the Indenture Trustee, the Grantor Trust Trustee or the Rating Agencies under this Agreement shall be delivered as specified in Section 11.4 of the Indenture. 

Section 9.5    Severability. If any one or more of the covenants, agreements, provisions or terms of this
Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the
validity or enforceability of the other provisions of this Agreement or of the Grantor Trust Certificate or the rights of the Holder thereof. 

Section 9.6    Counterparts. This Agreement may be executed by the parties hereto in separate counterparts
(including by way of electronic or facsimile transmission), each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. This Agreement shall be valid, binding,
and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by 

  
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means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic
Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively,
“Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an
original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall
have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other
Signature Law due to the character or intended character of the writings; provided, however, that any documentation with respect to transfer of the Grantor Trust Certificate or other securities presented to the Indenture Trustee or any
transfer agent must contain original documents with manually executed signatures. 
 Section 9.7    Successors
and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Grantor, the Administrator, the Grantor Trust Trustee and the Grantor Trust Certificateholder and their respective successors and
permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by the Grantor Trust Certificateholder shall bind the successors and assigns of the Grantor Trust Certificateholder. 

Section 9.8    No Petition. To the fullest extent permitted by Applicable Law, the Grantor Trust Trustee by
entering into this Agreement and the Grantor Trust Certificateholder, by accepting the Grantor Trust Certificate issued hereunder, hereby covenant and agree that they shall not (nor shall they join with or solicit another person to), prior to the
day that is one year and one day after the termination of the Trust and of each other trust heretofore formed by the Grantor, acquiesce, petition or otherwise invoke or cause the Grantor or the Trust to invoke in any court or government authority
for the purpose of commencing or sustaining a case against the Grantor or the Trust under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Grantor or the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Grantor or the Trust under a federal or State bankruptcy or insolvency proceeding; provided that nothing
contained herein shall prevent the Grantor Trust Trustee from filing a proof of claim in any such proceeding. 

Section 9.9    No Recourse. The Grantor Trust Certificateholder by accepting a Grantor Trust Certificate
acknowledges that such Person’s Grantor Trust Certificate represents the entire undivided beneficial interest in the Trust only and does not represent interests in or obligations of the Grantor, the Servicer, the Administrator, the Grantor
Trust Trustee, the Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Grantor Trust
Certificate or the other Transaction Documents. Except as expressly provided in the Transaction Documents, none of the Grantor, the Servicer or the Grantor Trust Trustee in their respective individual capacities, or any of their respective partners,
beneficiaries, agents, officers, 

  
 32 

 
directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the distribution of any amount with respect to the Grantor Trust
Certificate or the Trust’s performance of, or omission to perform, any obligations or indemnifications contained in the Grantor Trust Certificate, this Agreement or the other Transaction Documents, it being expressly understood that the Grantor
Trust Certificateholder obligations have been made solely by the Trust. Each Grantor Trust Certificateholder by the acceptance of a Grantor Trust Certificate agrees that except as expressly provided in the Transaction Documents, in the event of
nonpayment of any amounts with respect to the Grantor Trust Certificate, it shall have no claim against any of the foregoing Persons for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of the Grantor Trust
Certificateholder is prohibited by, or declared illegal or otherwise unenforceable against any the Grantor Trust Certificateholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, the Grantor Trust
Certificateholder is deemed to have an interest in any assets of the Grantor or any Affiliate of the Grantor other than the Trust, the Grantor Trust Certificateholder agrees that (i) its claim against any such other assets shall be, and hereby
is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set
forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

Section 9.10    Headings. The headings of the various Articles and Sections herein are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 9.11    Governing
Law; Waiver of Jury Trial. (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

(b)    THE PARTIES HERETO AND THE GRANTOR TRUST CERTIFICATEHOLDER 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 AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 9.12    Effect of Amendment and Restatement. It is the intent of the parties hereto that this
Agreement shall, as of the date hereof, replace in its entirety the Original Grantor Trust Agreement; provided, however, that with respect to the period of time from January 5, 2021 through the date hereof, the rights and obligations of the
parties shall be governed by the Original Grantor Trust Agreement; and provided further, that the amendment and restatement of the Original Grantor Trust Agreement shall not affect any of the grants, conveyances or transfers contemplated by the
Original Grantor Trust Agreement to have occurred prior to the date hereof. 

  
 33 

 Section 9.13    Information to be Provided by the Grantor Trust
Trustee. 
 (a)    The Grantor Trust Trustee agrees to cooperate in good faith with any reasonable request by the
Grantor for information regarding the Grantor Trust Trustee which is required in order to enable the Grantor to comply with the provisions of Items 1104(e), 1117, 1119 and 1121(c) of Regulation AB and Rule
15Ga-1 under the Exchange Act as it relates to the Grantor Trust Trustee or to the Grantor Trust Trustee’s obligations under this Agreement; provided that with respect to Rule 15Ga-1, and Items 1121(c) and 1104(e) of Regulation AB, the Grantor Trust Trustee shall not be deemed a “securitizer” under Regulation AB or under the Exchange Act. 

(b)    Except to the extent disclosed by the Grantor Trust Trustee in subsection (c) or (d) below, the Grantor Trust
Trustee shall be deemed to have represented to the Depositor on the first day of each Collection Period with respect to the prior Collection Period that to the best of its knowledge there were no legal or governmental proceedings pending (or known
to be contemplated) against Wilmington Trust, National Association or any property of Wilmington Trust, National Association that would be material to any Noteholder or, to the extent that the Certificates are registered under the Securities Act for
public sale, any holder of such Certificates. 
 (c)    The Grantor Trust Trustee shall, as promptly as practicable
following notice to or discovery by the Grantor Trust Trustee of any changes to any information regarding the Grantor Trust Trustee as is required for the purpose of compliance with Item 1117 of Regulation AB, provide to the Depositor, in writing,
such updated information. 
 (d)    The Grantor Trust Trustee shall deliver to the Depositor on or before March 1
(or, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March 1, 2022, a written notice from a representative of the Grantor Trust Trustee with respect to the immediately preceding calendar year
certifying, on behalf of the Grantor Trust Trustee, that except to the extent otherwise disclosed in writing to Depositor, to the best of his or her knowledge there were no legal or governmental proceedings pending (or known to be contemplated)
against Wilmington Trust, National Association or any property of Wilmington Trust, National Association that would be material to any Noteholder or, to the extent that the Certificates are registered under the Securities Act for public sale, any
holder of such Certificates. 
 (e)    The Grantor Trust Trustee shall deliver to the Depositor on or before
March 1 (or, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March 1, 2022, a report of a representative of the Grantor Trust Trustee with respect to the immediately preceding calendar
year providing to the Depositor such information regarding the Grantor Trust Trustee as is required for the purpose of compliance with Item 1119 of Regulation AB; provided, however, (i) the Grantor Trust Trustee shall not be required to provide
such information, but will notify the Depositor in writing, to the extent that there has been no change to the information previously provided by the Grantor Trust Trustee to the Depositor, and (ii) the Grantor Trust Trustee shall promptly
provide notice to the Depositor following notice to or discovery by a Responsible Officer of the Grantor Trust Trustee of any changes to such information, provided to the Depositor, in writing, such information. Such information shall include, at a
minimum, a description of any affiliation between the Grantor Trust Trustee and any of the following parties to this securitization transaction, as such parties are identified to the Grantor Trust Trustee by the Depositor in writing in advance of
this securitization transaction: 
 (i)    the Depositor; 

  
 34 

 (ii)    Carvana, LLC, as sponsor; 

(iii)    the Grantor Trust; 

(iv)    the Servicer; 

(v)    the Backup Servicer; 

(vi)    the Owner Trustee; 

(vii)    the Issuing Entity; 

(viii)    the Indenture Trustee; 

(ix)    the Asset Representations Reviewer; 

(x)    the Collateral Custodian; and 

(xi)    any other material transaction party. 

(f)    In connection with the parties listed in clauses (i) through (xi) above, the Grantor Trust
Trustee shall include a description of whether there is, and if so, the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms
other than would be obtained in an arm’s length transaction with an unrelated third party, apart from this securitization transaction, that currently exists or that existed during the past two years and that is material to an investor’s
understanding of the asset backed securities issued in this securitization transaction. 
 (g)    The Grantor Trust
Trustee shall provide the Grantor with notification, as soon as practicable and in any event within five (5) Business Days, of all demands delivered to a Responsible Officer of the Grantor Trust Trustee for the repurchase or replacement of any
Receivable pursuant to any Transaction Document. Subject to this Section 9.13, the Grantor Trust Trustee shall have no obligation to take any other action with respect to any demand. In no event shall the Grantor Trust
Trustee have (i) any responsibility or liability in connection with any filing 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 9.13. 

Section 9.14    Owner Trustee. It is expressly understood and agreed by the parties to this Agreement that
(i) this Agreement is executed and delivered by the Grantor by Wilmington Trust, National Association (“WTNA”) not in its individual capacity but solely as Owner Trustee on behalf of the Grantor (the “Owner
Trustee”) created by the Amended and Restated Trust Agreement dated as of the date hereof, between the Owner Trustee and Carvana Receivables Depositor LLC, as depositor, as amended, modified, or restated from time to time (the “Trust
Agreement”) in the exercise of the powers and authority conferred upon and vested in it, and as directed in the Trust Agreement, (ii) each of the representations, undertakings and agreements herein made by the Grantor in this Agreement is
made and intended not as the personal representation or undertaking or agreement of WTNA but solely in its capacity as Owner Trustee 

  
 35 

 
under the Trust Agreement and intended for purposes of binding only the Grantor, (iii) nothing herein contained shall be construed as creating any liability on the part of WTNA, individually
or personally, to perform any covenant or obligation under this Agreement, either express or implied, contain herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the
parties hereto, (iv) under no circumstances shall WTNA be personally liable for the payment of any indebtedness or expenses of the Grantor or be liable for the breach or failure of any obligation, representation, warranty or covenant made or
undertaken by the Grantor (pursuant to direction to the Owner Trustee under the Trust Agreement) under this Agreement and any other agreement related hereto, (v) WTNA has not verified and has conducted no investigation with respect to the
accuracy or completeness of any representation, warranty or covenant of the Grantor and (vi) WTNA shall be entitled to all of the protections, exculpations, limitations on liability, immunities and rights (including resignation rights)
hereunder as are extended to the Owner Trustee under the Trust Agreement (and all such provisions shall be deemed incorporated herein by reference). 

*    *    *    *    * 

  
 36 

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

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	as Grantor Trust Trustee and Grantor Trust Certificate Registrar and Grantor Trust Paying Agent
		
	By:	 	
                     
                                        

	Name:	 	
	Title:	 	
	
	CARVANA AUTO RECEIVABLES TRUST 2021-P1,
	as Grantor
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	
                     
                                        

	Name:	 	
	Title:	 	

  

			
	Acknowledged, Accepted and Agreed To By:
	
	 CARVANA, LLC,
 as Administrator and
Sponsor

		
	By:	 	
                     
                                        

	Name:	 	
	Title:	 	

 EXHIBIT A 

FORM OF CERTIFICATE 
 NO. R-1                                    
                                         
                                         
               100% PERCENTAGE INTEREST 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS CERTIFICATE (OR INTEREST THEREIN) THE HOLDER OF THIS CERTIFICATE (OR SUCH
INTEREST) IF, OTHER THAN THE GRANTOR OR ANY AFFILIATE OF THE GRANTOR, IS DEEMED TO REPRESENT TO THE GRANTOR, THE GRANTOR TRUST CERTIFICATE REGISTRAR, AND THE GRANTOR TRUST TRUSTEE THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THIS CERTIFICATE (OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS). 

THIS CERTIFICATE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED OR HELD BY OR FOR THE ACCOUNT OF (1) AN “EMPLOYEE BENEFIT PLAN,” AS
DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (2) A “PLAN” AS DEFINED IN AND SUBJECT TO
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR (3) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR
ACCOUNT OTHER THAN AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”), WHOSE
UNDERLYING ASSETS INCLUDE LESS THAN 25% “PLAN ASSETS” SUBJECT TO ERISA, WHO IS NOT AND IS NOT AN AFFILIATE OF A PERSON THAT HAS DISCRETIONARY AUTHORITY OR CONTROL WITH RESPECT TO THE ASSETS OF THE GRANTOR TRUST OR PROVIDES INVESTMENT
ADVICE FOR A FEE (DIRECT OR INDIRECT) WITH RESPECT TO THE ASSETS OF THE GRANTOR TRUST, AND FOR WHICH THE PURCHASE AND HOLDING OF THE CERTIFICATE IS ELIGIBLE AND SATISFIES ALL CONDITIONS FOR RELIEF UNDER PTCE
95-60. THIS CERTIFICATE (OR AN INTEREST THEREIN) ALSO MAY NOT 

  
 Ex. A-1 

 
BE ACQUIRED OR HELD BY OR FOR THE ACCOUNT OF ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”)
(INCLUDING, WITHOUT LIMITATION, FOREIGN OR GOVERNMENTAL PLANS) IF SUCH ACQUISITION WOULD RESULT IN A VIOLATION OF ANY SIMILAR LAW. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTING THIS CERTIFICATE, WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT
IT IS NOT SUBJECT TO THE FOREGOING LIMITATIONS AND, IF REQUESTED TO DO SO BY THE GRANTOR, SUCH PERSON SHALL EXECUTE AND DELIVER TO THE GRANTOR TRUST TRUSTEE AND THE GRANTOR TRUST CERTIFICATE REGISTRAR AN UNDERTAKING LETTER TO SUCH EFFECT IN THE FORM
SPECIFIED IN THE GRANTOR TRUST AGREEMENT. 
 IT IS THE INTENT OF THE GRANTOR, THE GRANTOR TRUST TRUSTEE AND THE GRANTOR TRUST
CERTIFICATEHOLDER THAT, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THE GRANTOR TRUST SHALL BE TREATED AS A GRANTOR TRUST. EXCEPT AS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, THE GRANTOR AND THE GRANTOR TRUST CERTIFICATEHOLDER BY
ACCEPTANCE OF THE CERTIFICATE AGREE TO TREAT, AND TO TAKE NO ACTION INCONSISTENT WITH THE TREATMENT OF, THE CERTIFICATE FOR SUCH TAX PURPOSES AS INTERESTS IN SUCH AN ENTITY AS DESCRIBED IN THE PREVIOUS SENTENCE. 

THE GRANTOR TRUST CERTIFICATEHOLDER ACKNOWLEDGES AND REPRESENTS THAT IT IS NOT A MEMBER OF AN “EXPANDED GROUP” (WITHIN THE MEANING OF
THE REGULATIONS ISSUED UNDER SECTION 385 OF THE CODE) THAT INCLUDES A DOMESTIC CORPORATION (AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES) IF SUCH DOMESTIC CORPORATION, DIRECTLY OR INDIRECTLY (THROUGH ONE OR MORE ENTITIES THAT ARE TREATED
FOR U.S. FEDERAL INCOME TAX PURPOSES AS PARTNERSHIPS, DISREGARDED ENTITIES, OR GRANTOR TRUSTS), OWNS 80% OR MORE OF THE CAPITAL OR PROFITS OF THE GRANTOR TRUST. 

THE GRANTOR TRUST CERTIFICATEHOLDER, IF IT IS ACTING AS A NOMINEE OR IN A SIMILAR CAPACITY, REPRESENTS AND AGREES THAT NO BENEFICIAL OWNER FOR
WHICH IT IS ACTING AS A NOMINEE OWNS LESS THAN THE MINIMUM DENOMINATION FOR THE CERTIFICATE. 
 THE GRANTOR TRUST CERTIFICATEHOLDER
REPRESENTS AND AGREES THAT IT WILL NOT TAKE ANY ACTION THAT COULD CAUSE, AND WILL NOT OMIT TO TAKE ANY ACTION, WHICH OMISSION COULD CAUSE, THE GRANTOR TRUST TO BECOME TAXABLE AS A CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES. 

  
 Ex. A-2 

 THE GRANTOR TRUST CERTIFICATEHOLDER AGREES THAT ANY PURPORTED TRANSFER OF THE CERTIFICATE OR
ANY BENEFICIAL INTEREST IN THE CERTIFICATE THAT IS NOT MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE GRANTOR TRUST AGREEMENT WILL BE NULL AND VOID FROM THE BEGINNING AND WILL NOT BE GIVEN EFFECT FOR ANY PURPOSE THEREUNDER. 

THE GRANTOR TRUST CERTIFICATEHOLDER BY ITS ACCEPTANCE OF THE CERTIFICATE (OR AN INTEREST THEREIN) COVENANTS AND AGREES THAT SUCH GRANTOR TRUST
CERTIFICATEHOLDER SHALL NOT (NOR SHALL IT JOIN WITH OR SOLICIT ANOTHER PERSON TO), PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE GRANTOR TRUST AND OF EACH OTHER TRUST HERETOFORE FORMED BY THE GRANTOR, ACQUIESCE,
PETITION OR OTHERWISE INVOKE OR CAUSE THE GRANTOR OR THE GRANTOR TRUST TO INVOKE IN ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE GRANTOR OR THE GRANTOR TRUST UNDER ANY FEDERAL OR STATE
BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE GRANTOR OR THE GRANTOR TRUST OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING
THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE GRANTOR OR THE GRANTOR TRUST UNDER A FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 

THE GRANTOR TRUST CERTIFICATEHOLDER BY ACCEPTING THE CERTIFICATE (OR INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S CERTIFICATE (OR
INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE GRANTOR TRUST ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE GRANTOR, THE SERVICER, THE ADMINISTRATOR, THE GRANTOR TRUST TRUSTEE, THE GRANTOR TRUST CERTIFICATE REGISTRAR, THE
INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE GRANTOR TRUST AGREEMENT, THE CERTIFICATE OR THE
OTHER TRANSACTION DOCUMENTS. EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, NONE OF THE GRANTOR, THE SERVICER, THE GRANTOR TRUST CERTIFICATE REGISTRAR OR THE GRANTOR TRUST TRUSTEE IN THEIR RESPECTIVE INDIVIDUAL CAPACITIES, OR

  
 Ex. A-3 

 
ANY OF THEIR RESPECTIVE PARTNERS, BENEFICIARIES, AGENTS, OFFICERS, DIRECTORS, EMPLOYEES OR SUCCESSORS OR ASSIGNS, SHALL BE PERSONALLY LIABLE FOR, NOR SHALL RECOURSE BE HAD TO ANY OF THEM FOR, THE
DISTRIBUTION OF ANY AMOUNT WITH RESPECT TO THIS CERTIFICATE OR THE GRANTOR TRUST’S PERFORMANCE OF, OR OMISSION TO PERFORM, ANY OBLIGATIONS OR INDEMNIFICATIONS CONTAINED IN THIS GRANTOR TRUST CERTIFICATE, THE GRANTOR TRUST AGREEMENT OR THE OTHER
TRANSACTION DOCUMENTS, IT BEING EXPRESSLY UNDERSTOOD THAT THE GRANTOR TRUST CERTIFICATEHOLDER OBLIGATIONS HAVE BEEN MADE SOLELY BY THE GRANTOR TRUST. THE GRANTOR TRUST CERTIFICATEHOLDER BY THE ACCEPTANCE OF THE CERTIFICATE (OR BENEFICIAL INTEREST
THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE GRANTOR TRUST CERTIFICATE, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE FOREGOING PERSONS FOR ANY DEFICIENCY,
LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE FOREGOING COVENANTS OF THE GRANTOR TRUST CERTIFICATEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH GRANTOR TRUST CERTIFICATEHOLDER UNDER APPLICABLE LAW
BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, THE GRANTOR TRUST CERTIFICATEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE GRANTOR OR ANY AFFILIATE OF THE GRANTOR OTHER THAN THE GRANTOR TRUST, THE GRANTOR
TRUST CERTIFICATEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED,
INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION
510(A) OF THE BANKRUPTCY CODE. 
 CARVANA AUTO RECEIVABLES GRANTOR TRUST 2021-P1 

ASSET BACKED CERTIFICATE 

evidencing a fractional undivided Percentage Interest in the Grantor Trust, as defined below, the property of which includes a pool of retail
instalment contracts and direct purchase money loans secured by new or used automobiles and light trucks and sold to the Grantor Trust by Carvana Auto Receivables Trust 2021-P1. 

  
 Ex. A-4 

 (This Certificate does not represent an interest in or obligation of Carvana Receivables
Auto Receivables Trust 2021-P1 or any of its respective affiliates, except to the extent described in the Transaction Documents.) 

THIS CERTIFIES THAT CARVANA AUTO RECEIVABLES TRUST 2021-P1 is the registered owner of a nonassessable, fully-paid
fractional undivided Percentage Interest in Carvana Auto Receivables Grantor Trust 2021-P1 (the “Grantor Trust”) formed by Carvana Auto Receivables Trust
2021-P1, a Delaware statutory trust (the “Grantor”). 
 The Grantor Trust was created pursuant to a
trust agreement, dated as of January 5, 2021, as amended and restated as of the Closing Date (as so amended and restated, the “Grantor Trust Agreement”), between the Grantor and Wilmington Trust, National Association, as
grantor trust trustee (the “Grantor Trust Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings
assigned to them or incorporated by reference in the Grantor Trust Agreement. 
 This certificate is a duly authorized issue of the certificate of the
Grantor Trust (herein called the “Certificate”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Grantor Trust Agreement, the terms of which are incorporated herein by reference and
made a part hereof, to which Grantor Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. 

Under the Grantor Trust Agreement, there may be distributed to the Person in whose name this Certificate is registered monies pursuant to Articles V and VII
of the Grantor Trust Agreement. 
 The distributions in respect of this Certificate 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. All payments made by the Grantor Trust with respect to this Certificate shall be applied in respect of this Certificate. 

No transfer of this Certificate shall be permitted if such transfer is effected through an established securities market or secondary market (or the
substantial equivalent thereof) within the meaning of Section 7704 of the Code and any regulation thereunder. 
 It is the intent of the Grantor, the
Grantor Trust Trustee and the Grantor Trust Certificateholder that, for United States federal income tax purposes, the Grantor Trust shall be treated as a grantor trust. Except as otherwise required by appropriate taxing authorities, the Grantor and
the Grantor Trust Certificateholder by acceptance of this Certificate agree to treat, and to take no action inconsistent with the treatment of, this Certificate for such tax purposes as interests in such an entity as described in the previous
sentence. 
 The Grantor Trust Certificateholder by its acceptance of this Certificate covenants and agrees that such Grantor Trust Certificateholder shall
not (nor shall it join with or solicit another person to), prior to the date which is one year and one day after the termination of the Grantor Trust and of each other trust heretofore formed by the Grantor, acquiesce, petition or otherwise invoke
or cause the Grantor or the Grantor Trust to invoke in any court or governmental authority for the purpose of commencing or sustaining a case against the Grantor or the Grantor Trust under any federal or State bankruptcy, insolvency, reorganization
or similar law or appointing a receiver, liquidator, 

  
 Ex. A-5 

 
assignee, trustee, custodian, sequestrator or other similar official of the Grantor or the Grantor Trust or any substantial part of its property, or ordering the winding up or liquidation of the
affairs of the Grantor or the Grantor Trust under a federal or State bankruptcy or insolvency proceeding. 
 Except as otherwise provided in the Grantor
Trust Agreement, distributions on this Certificate shall be made as provided in the Grantor Trust Agreement by the Grantor Trust Trustee by wire transfer or check mailed to the Grantor Trust Certificateholder without the presentation or surrender of
this Certificate or the making of any notation hereon. Except as otherwise provided in the Grantor Trust Agreement and notwithstanding the above, the final distribution on this Certificate shall be made after due notice by the Grantor Trust Trustee
of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office maintained for such purpose by the Grantor Trust Trustee. 

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 set forth at this place. 
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the
Grantor Trust Trustee by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Grantor Trust Agreement or the Servicing Agreement or be valid for any purpose. 

THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICTS OF LAW THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Ex. A-6 

 IN WITNESS WHEREOF, the Grantor Trust Trustee, on behalf of the Grantor Trust and not in its individual
capacity, has caused this Certificate to be duly executed. 
  

							
	Dated: [            ], 2021	 		 	CARVANA AUTO RECEIVABLES GRANTOR TRUST 2021-P1
			
		 		 	By:     WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Grantor Trust Trustee
				
		 		 	By:	 	
                     
                                        

		 		 	Name:	 	
		 		 	Title:	 	

 GRANTOR TRUST TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Grantor Trust Trustee
		
	By:	 	
                     
                                        

	Name:	 	
	Title:	 	

  
 Ex. A-7 

 REVERSE OF CERTIFICATE 

This Certificate does not represent an obligation of, or an interest in, Carvana, LLC, Carvana Receivables Depositor LLC, the Grantor, the Servicer, the
Indenture Trustee, the Grantor Trust 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 or in the Grantor Trust Agreement or 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 and recoveries with respect to the Receivables (and certain other
amounts), all as more specifically set forth herein and in the other Transaction Documents. A copy of each of the other Transaction Documents may be examined during normal business hours at the principal office of the Grantor, and at such other
places, if any, designated by the Grantor, by any Grantor Trust Certificateholder upon written request. In the event of any conflict between the terms of this Certificate and the terms of the other Transaction Documents, the terms of the other
Transaction Documents shall govern. 
 As provided in the Grantor Trust Agreement and subject to certain limitations therein set forth, the transfer of this
Certificate is registerable in the Grantor Trust Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Grantor Trust Certificate Registrar, accompanied by a written instrument of
transfer in form satisfactory to the Grantor Trust Trustee and the Grantor Trust Trustee duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon a new Certificate evidencing the same aggregate
Percentage Interest in the Grantor Trust will be issued to the designated transferee. The initial Grantor Trust Certificate Registrar appointed under the Grantor Trust Agreement is Wilmington Trust, National Association. 

As provided in the Grantor Trust Agreement and subject to certain limitations therein set forth, this Certificate is exchangeable for a new Certificate in the
same aggregate Percentage Interest and nominal principal balance requested by the Holder surrendering the same. No service charge shall be made for any such registration of transfer or exchange, but the Grantor Trust Trustee or the Grantor Trust
Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
 The Grantor Trust
Trustee, the Grantor Trust Certificate Registrar and any agent of the Grantor Trust Trustee or the Grantor Trust Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none
of the Grantor Trust Trustee, the Grantor Trust Certificate Registrar or any such agent shall be affected by any notice to the contrary. 
 The obligations
and responsibilities created by the Grantor Trust Agreement and the Grantor Trust created thereby shall terminate in accordance with Article VII of the Grantor Trust Agreement. 

  
 Ex. A-8 

 ASSIGNMENT 

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

PLEASE INSERT SOCIAL SECURITY 
 NUMBER OR OTHER IDENTIFYING 

NUMBER OF ASSIGNEE 
  

                          
                                         
                                         
                                         
                                         
                           

(please print or type name and address, including postal zip code, of assignee) 
  

                          
                                         
                                         
                                         
                                         
                           

the within Certificate (Asset Backed Certificate No. R-     issued by Carvana Auto Receivables Grantor Trust 2021-P1), and all rights thereunder, hereby irrevocably constituting and appointing 

                          
                                         
                                         
                                         
            attorney to transfer said Certificate on the books of the Grantor Trust Certificate Registrar, 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
upon the face of the within Certificate in every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company.

  
 Ex. A-9 

 EXHIBIT B 

UNDERTAKING LETTER 
 Carvana Auto
Receivables Grantor Trust 2021-P1 
 1930 W. Rio Salado Parkway 

Tempe, Arizona 85281 
 Wilmington Trust, National Association,

 as Grantor Trust Trustee of Carvana Auto Receivables Grantor Trust 2021-P1 

Rodney Square North 
 1100 North Market Street 

Wilmington, Delaware 19890 
 Attention: Corporate Trust
Administration 
 Wilmington Trust, National Association, 
 as
Grantor Trust Paying Agent 
 Rodney Square North 
 1100 North
Market Street 
 Wilmington, Delaware 19890 
 Attention:
Corporate Trust Administration 
 Ladies and Gentlemen: 

In connection with our purchase of record or beneficial ownership of the R-[    ]
Asset Backed Certificate (the “Certificate”) of Carvana Auto Receivables Grantor Trust 2021-P1 (the “Trust”), the undersigned purchaser, record owner or beneficial owner
hereby acknowledges, represents and warrants that such purchaser, record owner or beneficial owner: 
 (1)    is not,
and has not acquired the Certificate by or for the account of, (a) (i) an “employee benefit plan,” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
that is subject to the provisions of Title I of ERISA, (ii) a “plan” as defined in and subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or (iii) any entity or account
whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or account other than an “insurance company general account,” as defined in Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”), whose underlying assets include less than 25% “plan assets” subject to ERISA, who is not and is not an affiliate of a person that has
discretionary authority or control with respect to the assets of the Trust or provides investment advice for a fee (direct or indirect) with respect to the assets of the Trust, and for which the purchase and holding of Certificates is eligible and
satisfies all conditions for relief under PTCE 95-60, or (b) any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar
Law”) (including, without limitation, non-U.S. or governmental plans) if such acquisition would result in a violation of any Similar Law; 

  
 Ex. B-1 

 (2)    did not acquire such Certificate through an established
securities market or secondary market (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and any regulation thereunder; and 

(3)    acknowledges that you and others will rely on our acknowledgments, representations and warranties made in
connection with our purchase of record or beneficial ownership of the Certificate and agrees to notify you promptly in writing if any of our representations or warranties herein cease to be accurate and complete. 

 

			
	  
 Name of Certificate
Owner

		
	By:	 	
                     
                            

		
	Name:	 	  

	Title:	 	  

	Date:	 	  

  
 Ex. B-2

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