Document:

EX-4.2

 Exhibit 4.2 

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

 
 AMENDED AND
RESTATED TRUST AGREEMENT 
 Dated as of October 1, 2022 

 
  

 TABLE OF CONTENTS 

Page 
  

									
	ARTICLE I DEFINITIONS	  	 	1	 
				
	           
	 	Section 1.1	  	Definitions	  	 	1	 
		 	Section 1.2	  	Other Definitional Provisions	  	 	1	 
		
	ARTICLE II ORGANIZATION OF THE TRUST	  	 	2	 
				
		 	Section 2.1	  	Name	  	 	2	 
		 	Section 2.2	  	Office	  	 	2	 
		 	Section 2.3	  	Purposes and Powers	  	 	2	 
		 	Section 2.4	  	Appointment of Owner Trustee	  	 	3	 
		 	Section 2.5	  	Initial Capital Contribution of Owner Trust Estate	  	 	3	 
		 	Section 2.6	  	Declaration of Trust	  	 	3	 
		 	Section 2.7	  	Liability of Certificateholders	  	 	4	 
		 	Section 2.8	  	Title to Trust Property	  	 	4	 
		 	Section 2.9	  	Situs of Trust	  	 	4	 
		 	Section 2.10	  	Representations and Warranties of the Depositor	  	 	4	 
		 	Section 2.11	  	Federal Income Tax Matters	  	 	6	 
		
	ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS	  	 	6	 
				
		 	Section 3.1	  	Initial Ownership	  	 	6	 
		 	Section 3.2	  	The Certificates	  	 	6	 
		 	Section 3.3	  	Authentication of Certificates	  	 	7	 
		 	Section 3.4	  	Registration of Certificates; Transfer and Exchange of Certificates	  	 	7	 
		 	Section 3.5	  	Mutilated, Destroyed, Lost or Stolen Certificates	  	 	10	 
		 	Section 3.6	  	Persons Deemed Owners	  	 	11	 
		 	Section 3.7	  	Access to List of Certificateholders’ Names and Addresses	  	 	11	 
		 	Section 3.8	  	Maintenance of Office or Agency	  	 	11	 
		 	Section 3.9	  	Appointment of Paying Agent	  	 	11	 
		 	Section 3.10	  	Restrictions on Note Acquisitions	  	 	12	 
		
	ARTICLE IV ACTIONS BY OWNER TRUSTEE	  	 	13	 
				
		 	Section 4.1	  	Prior Notice to Certificateholders with Respect to Certain Matters	  	 	13	 
		 	Section 4.2	  	Action by Certificateholders with Respect to Certain Matters	  	 	13	 
		 	Section 4.3	  	Action by Certificateholders with Respect to Bankruptcy	  	 	13	 
		 	Section 4.4	  	Restrictions on Certificateholders’ Power	  	 	14	 
		 	Section 4.5	  	Majority Control	  	 	14	 
		 	Section 4.6	  	Certain Litigation Matters	  	 	14	 
		
	ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	 	14	 
				
		 	Section 5.1	  	Establishment of Certificate Payment Account	  	 	14	 
		 	Section 5.2	  	Application of Trust Funds	  	 	14	 
		 	Section 5.3	  	Method of Payment	  	 	15	 
		 	Section 5.4	  	No Segregation of Monies; No Interest	  	 	15	 
		 	Section 5.5	  	Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others	  	 	16	 
		 	Section 5.6	  	Signature on Returns; Partnership Representative	  	 	16	 

  
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	ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE	  	 	17	 
				
	          	 	Section 6.1	  	General Authority	  	 	17	 
		 	Section 6.2	  	General Duties	  	 	17	 
		 	Section 6.3	  	Action upon Instruction	  	 	18	 
		 	Section 6.4	  	No Duties Except as Specified in this Trust Agreement or in Instructions	  	 	19	 
		 	Section 6.5	  	No Action Except Under Specified Documents or Instructions	  	 	19	 
		 	Section 6.6	  	Restrictions	  	 	19	 
		 	Section 6.7	  	Instructions by Electronic Methods	  	 	19	 
		 	Section 6.8	  	Communications Regarding Demands to Repurchase Receivables	  	 	20	 
		
	ARTICLE VII REGARDING THE OWNER TRUSTEE	  	 	20	 
				
		 	Section 7.1	  	Acceptance of Trusts and Duties	  	 	20	 
		 	Section 7.2	  	Furnishing of Documents	  	 	22	 
		 	Section 7.3	  	Representations and Warranties	  	 	23	 
		 	Section 7.4	  	Reliance; Advice of Counsel	  	 	23	 
		 	Section 7.5	  	Not Acting in Individual Capacity	  	 	24	 
		 	Section 7.6	  	Owner Trustee Not Liable for Certificates or Receivables	  	 	24	 
		 	Section 7.7	  	Owner Trustee May Own Certificates and Notes	  	 	24	 
		 	Section 7.8	  	Regulation AB	  	 	24	 
		
	ARTICLE VIII COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE	  	 	25	 
				
		 	Section 8.1	  	Owner Trustee’s Fees and Expenses	  	 	25	 
		 	Section 8.2	  	Indemnification	  	 	25	 
		 	Section 8.3	  	Payments to the Owner Trustee	  	 	25	 
		
	ARTICLE IX TERMINATION	  	 	26	 
				
		 	Section 9.1	  	Termination of Trust Agreement	  	 	26	 
		
	ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	 	27	 
				
		 	Section 10.1	  	Eligibility Requirements for Owner Trustee	  	 	27	 
		 	Section 10.2	  	Resignation or Removal of Owner Trustee	  	 	27	 
		 	Section 10.3	  	Successor Owner Trustee	  	 	28	 
		 	Section 10.4	  	Merger or Consolidation of Owner Trustee	  	 	28	 
		 	Section 10.5	  	Appointment of Co-Trustee or Separate Trustee	  	 	29	 
		
	ARTICLE XI MISCELLANEOUS	  	 	30	 
				
		 	Section 11.1	  	Supplements and Amendments	  	 	30	 
		 	Section 11.2	  	No Legal Title to Owner Trust Estate in Certificateholders	  	 	32	 
		 	Section 11.3	  	Limitation on Rights of Others	  	 	32	 
		 	Section 11.4	  	Notices	  	 	32	 
		 	Section 11.5	  	Severability	  	 	32	 
		 	Section 11.6	  	Separate Counterparts and Electronic Signature	  	 	32	 
		 	Section 11.7	  	Successors and Assigns	  	 	33	 
		 	Section 11.8	  	Covenants of the Depositor	  	 	33	 
		 	Section 11.9	  	No Petition	  	 	33	 
		 	Section 11.10	  	No Recourse	  	 	33	 

  
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		 	Section 11.11	  	Headings	  	 	33	 
		 	Section 11.12	  	Governing Law; Waiver of Jury Trial	  	 	34	 
	          	 	Section 11.13	  	Depositor Payment Obligation	  	 	34	 
		 	Section 11.14	  	Certificates Nonassessable and Fully Paid	  	 	34	 
		 	Section 11.15	  	Ratification of Prior Actions	  	 	34	 
		 	Section 11.16	  	Legal Fees Associated with Indemnification	  	 	34	 
		 	Section 11.17	  	FinCEN Compliance	  	 	34	 

 EXHIBITS 
  

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

  
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 AMENDED AND RESTATED TRUST AGREEMENT, dated as of October 1, 2022 (as amended,
supplemented or otherwise modified and in effect from time to time, this “Agreement”), between CARMAX AUTO FUNDING LLC, a Delaware limited liability company, as depositor (the “Depositor”), and U.S. BANK TRUST
NATIONAL ASSOCIATION, a national banking association, as owner trustee and not in its individual capacity (in such capacity, the “Owner Trustee”). 

WHEREAS, CarMax Auto Owner Trust 2022-4 was created on May 24, 2022 pursuant to (i) a Trust
Agreement, dated as of May 24, 2022 (the “Initial Trust Agreement”), between the Depositor and the Owner Trustee and (ii) the filing of a certificate of trust with the Secretary of State of the State of Delaware on
May 24, 2022; and 
 WHEREAS, the Depositor and the Owner Trustee wish to amend and restate the Initial Trust Agreement on the terms
and conditions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Depositor and the Owner Trustee hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.1 Definitions. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in
Appendix A to the Sale and Servicing Agreement, dated as of the date hereof, among CarMax Auto Owner Trust 2022-4, as issuer, the Depositor, and CarMax Business Services, LLC, as servicer, as amended,
supplemented or otherwise modified and in effect from time to time. 
 Section 1.2 Other Definitional Provisions. 

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

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

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

ARTICLE II 
 ORGANIZATION OF THE
TRUST 
 Section 2.1 Name. The Trust shall be known as “CarMax Auto Owner Trust
2022-4,” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 

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

(i) to issue the Notes pursuant to the Indenture and the Certificates pursuant to this Trust Agreement, and to sell the Notes
upon the written order of the Depositor; 
 (ii) to establish or cause to be established the Reserve Account which the
Depositor will initially fund on the Closing Date, to pay the organizational, start-up and transactional expenses of the Trust and to pay the balance to the Depositor pursuant to the Sale and Servicing
Agreement; 
 (iii) to pay interest on and principal of the Notes and to pay Excess Collections to the Certificateholders;

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

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

(vii) to acquire, hold and manage the assets of the Trust, including the Receivables, and the proceeds of those assets; and

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

Section 2.4 Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of
the date hereof, to have all the rights, powers and duties set forth herein and in the Statutory Trust Statute. 
 Section 2.5
Initial Capital Contribution of Owner Trust Estate. On the Closing Date, the Depositor will sell the Receivables and other related property to the Trust in exchange for the Notes and Certificates pursuant to Section 2.1(a) of the Sale
and Servicing Agreement. The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 

Section 2.6 Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and
subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Transaction Documents. It is the intention of the parties hereto that (i) the Trust constitute a
statutory trust under the Statutory Trust Statute and that this Trust Agreement constitute the governing instrument of such statutory trust and (ii) solely for income and franchise tax purposes, the Trust shall be treated (A) if it has one
beneficial owner, as a non-entity and (B) if it has more than one beneficial owner, as a partnership, with the assets of the partnership being the Receivables and other assets held by the Trust, the
partners of the partnership being the Certificateholders and the Notes constituting indebtedness of the partnership. Unless otherwise required by the appropriate tax authorities, the Trust shall file or cause to be filed annual or other necessary
returns, reports and other forms consistent with the characterization of the Trust either as a nonentity or as a partnership for such tax purposes. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth
herein and in the Statutory Trust Statute with respect to accomplishing the purposes of the Trust. The parties have caused the filing of the Certificate of Trust with the Secretary of State. If it is determined that, contrary to the intent of the
parties hereto and the position of the Certificateholder, the Trust has “gross receipts” for purposes of the Margin Tax, it is the intention of the parties hereto that the Trust be treated as a “passive entity” for purposes of
the Margin Tax, formed to hold assets to facilitate securitization transactions in a manner similar to grantor trusts and real estate mortgage 

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

Section 2.7 Liability of Certificateholders. The Certificateholders shall be entitled to the same limitation of personal liability
extended to stockholders of private corporations organized under the General Corporation Law of the State of Delaware. 
 Section 2.8
Title to Trust Property. Legal title to the entirety of the Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity, except where applicable law in any jurisdiction requires title to any part of the Owner Trust
Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee or a separate trustee, as the case may be; provided, that concurrently with or
prior to title being deemed to be vested in a co-trustee or a separate trustee, such trustee must provide a written grant of a security interest in the Owner Trust Estate to the Indenture Trustee and must
authorize the filing of a financing statement to perfect the Indenture Trustee’s security interest. 
 Section 2.9 Situs of
Trust. The Trust shall be located and administered in the State of Delaware or the State of 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 will be received by the Trust only in the State of Delaware or the State of New York, and payments will be made by the Trust only from the State of Delaware or the State of New York. The principal office of the Trust will be at the
Corporate Trust Office in the State of Delaware. 
 Section 2.10 Representations and Warranties of the Depositor. The Depositor
hereby represents and warrants to the Owner Trustee that: 
 (i) the Depositor has been duly organized and is validly
existing as a limited liability company in good standing under the laws of the State of Delaware, has the power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is
currently conducted, and has the power, authority and legal right to acquire, own and sell the Receivables; 
 (ii) the
Depositor is duly qualified to do business as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in each jurisdiction in which the failure to so qualify or to obtain such licenses and approvals
would materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Trust Agreement, any of the other Transaction Documents to which the Depositor is a party, the Receivables,
the Notes or the Certificates; 

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

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

  
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 Section 2.11 Federal Income Tax Matters. The Certificateholders acknowledge that
it is their intent and that they understand it is the intent of the Depositor and the Servicer that, for purposes of federal income, State and local income and franchise tax and any other income taxes, the Trust will be treated either as a
disregarded entity under Treasury Regulation Section 301.7701-3 (to the extent the Certificates are beneficially owned by one person) or as a partnership (to the extent the Certificates are owned by two
or more persons), and that the Certificateholders will be treated as partners in that partnership. The Certificateholders by acceptance of a Certificate agree to such treatment and agree to take no action inconsistent with such treatment. For each
calendar quarter, other than periods in which there is only one Certificateholder: 
 (i) net income of the Trust for any
calendar quarter as determined for federal income tax purposes (and each item of income, gain, credit, loss or deduction entering into the computation thereof) shall be allocated among the Certificateholders as of the first day following the end of
such quarter in proportion to their Certificate Percentage Interest on such date; and 
 (ii) net losses of the Trust, if
any, for any calendar quarter as determined for federal income tax purposes (and each item of income, gain, credit, loss or deduction entering into the computation thereof) shall be allocated among the Certificateholders as of the first day
following the end of such quarter in proportion to their Certificate Percentage Interest on such date. 
 The Depositor is authorized to
modify the allocations in this Section 2.11 if necessary or appropriate, in its sole discretion, for the allocations to reflect fairly the economic income, gain, credit, loss or deduction to the Certificateholders or as otherwise required by
the Code. 
 ARTICLE III 

CERTIFICATES AND TRANSFER OF INTERESTS 

Section 3.1 Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5
and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Trust. 
 Section 3.2 The
Certificates. The Certificates shall be issued in one or more registered, definitive, physical certificates, substantially in the form set forth in Exhibit A. The Certificates may be in printed or typewritten form and shall be executed on behalf
of the Trust by manual or facsimile signature of an Authorized Officer of the Owner Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to
sign on behalf of the Trust, shall be validly issued and entitled to the benefits of this Trust Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. 

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

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

(a) The Indenture Trustee initially shall be the registrar (the “Certificate Registrar”) for the purpose of registering
Certificates and Transfers of Certificates as herein provided. The Certificate Registrar shall cause to be kept, at the office or agency maintained pursuant to Section 3.8, a register (the “Certificate Register”) in which,
subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and the registration of Transfers of Certificates. Upon any resignation of any Certificate Registrar, the Owner
Trustee shall, upon receipt of written instructions from the Depositor, promptly appoint a successor. 
 (b) The Certificates may not be
acquired with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Code, including individual
retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, (iii) entity whose underlying assets include “plan assets” within the meaning of the Plan Asset Regulation by reason of an
employee benefit plan’s or plan’s investment in such entity or (iv) employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code (each of (i) through (iv), a “Plan”),
other than any Plan that is not subject to Title I of ERISA or Section 4975 of the Code and whose acquisition of a Certificate would not constitute or result in a violation of any applicable law that is substantially similar to Title I of ERISA
or Section 4975 of the Code (“Similar Law”). Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such Certificateholder is either (i) not a Plan and is not a
Person acting on behalf of a Plan or a Person using the assets of a Plan to effect the transfer of such Certificate, or (ii) a Plan that is not subject to Title I of ERISA or Section 4975 of the Code and whose acquisition of a Certificate
would not constitute or result in a violation under any Similar Law. 

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

(c) Upon surrender for registration of Transfer of any Certificate at the office or agency of the Certificate Registrar to be maintained as
provided in Section 3.8, and upon compliance with any provisions of this Trust Agreement relating to such Transfer, the Owner Trustee shall execute on behalf of the Trust and the Owner Trustee shall authenticate and deliver to the
Certificateholder making such surrender, in the name of the designated transferee or transferees, one or more new Certificates in any authorized denomination evidencing the same aggregate interest in the Trust. Each Certificate presented or
surrendered for registration of Transfer or exchange shall be accompanied by a written instrument of transfer and accompanied by IRS Form W-8BEN-E, W-8ECI or W-9, as applicable, and such other documentation as may be reasonably required by the Owner Trustee in order to comply with Applicable Anti-Money Laundering Law,
each in a form satisfactory to the Owner Trustee and the Certificate Registrar, duly executed by the Certificateholder or his attorney duly authorized in writing. Each Certificate presented or surrendered for registration of Transfer or exchange
shall be canceled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice. No service charge shall be made for any registration of Transfer or exchange of Certificates, but the Owner Trustee or the
Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any Transfer or exchange of Certificates. Further, in the event of any subsequent transfer of a Certificate
(or any interest therein), each owner of a beneficial interest shall comply with Section 1446(f) of the Code (including with respect to deducting and withholding from the purchase price paid in respect of such Certificate unless the transferee
obtained a certificate providing for an exemption from such withholding). 
 (d) As a condition to the registration of any Transfer of any
Certificate: 
 (i) the prospective transferee shall be required to represent in writing to the Owner Trustee, the Depositor
and the Certificate Registrar that it has neither acquired nor will it transfer any Certificate it purchases (or any interest therein) or cause any such Certificate (or any interest therein) to be marketed on or through an “established
securities market” within the meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter-market or an interdealer quotation
system that regularly disseminates firm buy or sell quotations; 
 (ii) the prospective transferee shall be required to
represent in writing to the Owner Trustee, the Depositor and the Certificate Registrar that it either (A) is not, and will not become, a partnership, Subchapter S corporation or grantor trust for United States federal income tax purposes or
(B) is such an entity, but none of the direct or indirect beneficial owners of any of the interests in such transferee have allowed or caused, or will allow or cause, 50% or more (or such other percentage as the transferor may establish prior
to the time of such proposed transfer) of the value of such interests to be attributable to such transferee’s ownership of Certificates; 

  
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 (iii) the prospective transferee shall be required to represent in writing
to the Owner Trustee, the Depositor and the Certificate Registrar that it is either (i) not a Plan and is not a Person acting on behalf of a Plan or a Person using the assets of a Plan to effect the transfer of such Certificate, or (ii) a
Plan that is not subject to Title I of ERISA or Section 4975 of the Code and whose acquisition of a Certificate would not constitute or result in a violation under any Similar Law; 

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

(v) such transferee or assignee agrees to take positions for tax purposes consistent with the tax positions agreed to be taken
by the Certificateholder; and 
 (vi) in connection with any transfer of less than all of the interests in the Certificates,
the transferor and transferee shall specify the respective interests in the Certificates to be held by the transferor and transferee, which interests may be determined by a formula or on any other basis agreed by the transferor and transferee. No
Certificate (other than the Certificates issued to and held by the Depositor) may be subdivided upon transfer or exchange in a manner such that the resulting Certificate represents less than a 2.50% fractional undivided interest in the Issuer (or
such other amount as the Depositor may determine in order to prevent the Issuer from being treated as a “publicly traded partnership” under Section 7704 of the Code). 

(e) No Certificateholder shall Transfer any Certificate initially held by it unless such Transfer is made pursuant to an effective
registration statement or otherwise in accordance with the requirements under the Securities Act and effective registration or qualification under applicable State securities laws, or is made in a transaction which does not require such registration
or qualification. If a Transfer is to be made in reliance upon an exemption from the Securities Act and under applicable State securities laws, (i) the Certificate Registrar may require an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar and the Depositor substantially to the effect that such Transfer may be made pursuant to an exemption from the Securities Act and applicable State securities laws and describing the applicable exemption and the basis therefor,
which Opinion of Counsel shall not be an expense of the Certificate Registrar, the Depositor or the Owner Trustee, and (ii) the Certificate Registrar may require the transferee to execute a certification acceptable to and in form and substance
satisfactory to the Certificate Registrar and the Depositor setting forth the facts surrounding such Transfer. 
 (f) No Transfer of any
Certificate shall be permitted, recognized or recorded unless the Depositor has consented in writing to such Transfer, which consent may be withheld in the sole discretion of the Depositor; provided, however, that no such consent of
the Depositor shall be required where the proposed transferee is, and at the time of such Transfer will be, a Certificateholder. 

  
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 (g) During the period described in 17 CFR Part 246.12(f)(1), no Certificateholder may
Transfer any Certificate until the expiration of such period; provided, that, during such period, such Certificateholder may Transfer any Certificate to CarMax or any “majority-owned affiliate” (as such term is defined in 17 CFR
Part 246.2) of CarMax in accordance with the restrictions contained in 17 CFR Part 246.12. Any purported transfer of a Certificate not in accordance with this Section 3.4(g) shall be null and void and shall not be given effect for any purpose
whatsoever. 
 Section 3.5 Mutilated, Destroyed, Lost or Stolen Certificates. 

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

  
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 (d) The provisions of this Section 3.5 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Certificates. 

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

Section 3.7 Access to List of Certificateholders’ Names and Addresses. The Certificate Registrar shall furnish
or cause to be furnished to the Servicer and the Depositor, or to the Indenture Trustee or the Owner Trustee, within fifteen (15) days after receipt by the Certificate Registrar of a written request therefor from the Servicer, the Depositor or
the Indenture Trustee or the Owner Trustee, as the case may be, a list, in such form as the requesting party may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or more
Certificateholders or one or more Holders of Certificates evidencing not less than 25% of the aggregate Certificate Percentage Interest apply in writing to the Certificate Registrar, and such application states that the applicants desire to
communicate with other Certificateholders with respect to their rights under this Trust Agreement or under the Certificates and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the
Certificate Registrar shall, within five (5) Business Days after the receipt of such application, afford such applicants access during normal business hours to the current list of Certificateholders. Each Certificateholder, by receiving and
holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such
information was derived. 
 Section 3.8 Maintenance of Office or Agency. The Certificate Registrar shall maintain in St. Paul,
Minnesota, an office or offices or agency or agencies where Certificates may be surrendered for registration of Transfer or exchange and where notices and demands to or upon the Certificate Registrar in respect of the Certificates and the
Transaction Documents may be served. The Certificate Registrar shall give prompt written notice to the Depositor, the Owner Trustee and the Certificateholders of any change in the location of the Certificate Registrar or any such office or agency.

 Section 3.9 Appointment of Paying Agent. The Paying Agent shall make distributions to Certificateholders from the Certificate
Payment Account pursuant to Section 5.2 and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Payment Account for the purpose of making
the distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Trust
Agreement in any material respect. The Paying Agent shall initially be the Indenture Trustee and any co-paying agent chosen by the Indenture Trustee. The Indenture Trustee shall be permitted to resign as

  
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Paying Agent upon thirty (30) days’ written notice to the Depositor and the Owner Trustee. In the event that the Indenture Trustee shall no longer be the Paying Agent, the Owner
Trustee, upon receipt of written instructions from the Depositor, shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall direct such successor Paying Agent or any additional Paying Agent
appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or
additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall
return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
 Section 3.10 Restrictions on Note
Acquisitions. No transfer of a Certificate (or interest therein) shall be permitted (nor shall a Certificate be so held) if (i) it causes the Issuer to be a Section 385 Controlled Partnership (i.e., 80 percent or more of the
Issuer’s ownership interests are owned, directly or indirectly, by one or more members of a Section 385 Expanded Group) that has an expanded group partner (within the meaning of Treasury Regulation
Section 1.385-3(g)(12)) which is a Domestic Corporation and (ii) either (x) a member of such Section 385 Expanded Group owns any Notes or (y) a Section 385 Controlled Partnership of
such Section 385 Expanded Group owns any Notes (in the case of clause (x), unless such member, or in the case of clause (y), unless each member of the Section 385 Expanded Group that is a partner in the Section 385 Controlled
Partnership, is a member of the consolidated group (as described in Treasury Regulation section 1.1502-1(h)) which includes such Domestic Corporation). No transfer of a Certificate (or interest therein) shall
be permitted (nor shall a Certificate be so held) if (i) it results in the Issuer becoming an entity disregarded as separate from a Domestic Corporation for United States federal income tax purposes and (ii) either (x) a member of a
Section 385 Expanded Group that includes such Domestic Corporation owns any Notes or (y) a Section 385 Controlled Partnership of such Section 385 Expanded Group owns any Notes (in the case of clause (x), unless such member, or in
the case of clause (y), unless each member of the Section 385 Expanded Group that is a partner in the Section 385 Controlled Partnership, is a member of the consolidated group (as described in Treasury Regulation section 1.1502-1(h)) which includes such Domestic Corporation). For purposes of determining the Issuer’s ownership interests in this paragraph, any Retained Notes shall be taken into account either as debt interests or
ownership interests based on whichever treatment, if any, would result in the Issuer as a Section 385 Controlled Partnership or a disregarded entity for purposes of applying this paragraph’s restriction (it being understood that if the
Retained Notes are taken into account as ownership interests for this purpose then the Retained Notes are not also considered Notes for the Note ownership restriction of this paragraph). 

  
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 ARTICLE IV 

ACTIONS BY OWNER TRUSTEE 

Section 4.1 Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner
Trustee shall not take action unless (i) at least thirty (30) days before the taking of such action, the Owner Trustee shall have notified the Certificateholders, the Administrator and the Depositor (who shall promptly forward such notice
to the Rating Agencies) in writing of the proposed action and (ii) the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest shall not have notified the Owner Trustee in writing prior to the 30th
day after such notice is given that the Holders have withheld consent or provided alternative direction: 
 (i) the
initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought by the Servicer in connection with the collection of the Receivables) and the settlement of any action, proceeding, investigation, claim or lawsuit brought by or
against the Trust (except with respect to the aforementioned claims or lawsuits for collection by the Servicer of the Receivables); 

(ii) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed
under the Statutory Trust Statute); 
 (iii) the amendment of the Indenture by a supplemental indenture in circumstances
where the consent of any Noteholder is required; 
 (iv) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Certificateholders; 

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

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

  
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 Section 4.4 Restrictions on Certificateholders’ Power. The
Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Trust Agreement or any of the other
Transaction Documents or would be contrary to Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 

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

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

ARTICLE V 
 APPLICATION OF TRUST
FUNDS; CERTAIN DUTIES 
 Section 5.1 Establishment of Certificate Payment Account. Pursuant to Section 4.1 of the Sale and
Servicing Agreement, the Servicer has agreed to establish, on or before the Closing Date, and maintain in the name of the Indenture Trustee at an Eligible Institution (which shall initially be the Indenture Trustee) a segregated trust account
designated as the “CarMax Auto Owner Trust 2022-4 Trust Account” (the “Certificate Payment Account”). The Certificate Payment Account shall be held in trust for the benefit of the
Certificateholders. Except as expressly provided in Section 3.9, the Certificate Payment Account shall be under the sole dominion and control of the Indenture Trustee. All monies deposited from time to time in the Certificate Payment Account
pursuant to the Sale and Servicing Agreement or the Indenture shall be applied as provided in this Trust Agreement, the Sale and Servicing Agreement and the Indenture. The amounts on deposit in the Certificate Payment Account shall not be invested.

 Section 5.2 Application of Trust Funds. 

(a) On each Distribution Date, upon receipt of written instructions from the Servicer pursuant to Section 4.1(c) of the Sale and
Servicing Agreement, the Paying Agent shall distribute to the Certificateholders, in proportion to each Certificateholder’s Certificate Percentage Interest, amounts deposited in the Certificate Payment Account on such Distribution Date pursuant
to Section 4.1(c) of the Sale and Servicing Agreement and Section 2.8 of the Indenture with respect to such Distribution Date. 

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

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

Section 5.5 Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others. The Owner
Trustee shall, based on information provided by the Seller, (i) maintain (or cause to be maintained) the books of the Trust on the basis of a fiscal year ending on the last day of February and based on the accrual method of accounting,
(ii) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including Schedule K-1) to enable such Certificateholder to
prepare its federal and State income tax returns, (iii) file such tax returns 

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

The Owner Trustee may satisfy its obligations with respect to this Section 5.5 by retaining, on behalf of the Trust, at the expense of
the Seller, a firm of independent public accountants (the “Accountants”) selected by the Seller. The Owner Trustee, on behalf of the Trust, may require the Accountants to provide to the Owner Trustee, on or before March 15,
2023, a letter in form and substance satisfactory to the Owner Trustee as to whether any federal tax withholding on Certificates is then required and, if required, the procedures to be followed with respect thereto to comply with the requirements of
the Code. The Accountants shall be required to update such letter in each instance that any additional tax withholding is subsequently required or any previously required tax withholding shall no longer be required. The Owner Trustee shall be deemed
to have discharged its obligations pursuant to this Section 5.5 upon its retention of the Accountants, and the Owner Trustee shall not have any liability with respect to the default or misconduct of the Accountants. 

Section 5.6 Signature on Returns; Partnership Representative. 

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

(b) If the Trust entity were classified as a partnership for federal income tax purposes, then the Depositor (or a U.S. Affiliate of the
Depositor if the Depositor is ineligible) shall be designated the “partnership representative” of the Trust under Section 6223(a) of the Code and any corresponding provision of State law (and as the tax matters partner for any
applicable State tax purposes) to the extent permitted under law. The Issuer shall (or the Depositor shall cause the Issuer to, or the Depositor shall instruct the Administrator on behalf of the Issuer to), to the extent eligible, make the election
under Section 6221(b) of the Code (and any corresponding provision of State law) with respect to determinations of adjustments at the partnership level and take any other action such as disclosures and notifications necessary to effectuate such
election (including working with the Depositor to designate any designated individual required under the law). If the election described in the preceding sentence is not available, to the extent applicable, the Issuer shall (or the Depositor shall
cause the Issuer to, or the Depositor shall instruct the Administrator on behalf of the Issuer to) make the election under Section 6226(a) of the Code (and any corresponding provision of State law) with respect to the alternative to payment of
imputed underpayment by partnership and take any other action such as filings, disclosures and notifications necessary to effectuate such election. Notwithstanding the foregoing, the Issuer, Depositor and Administrator are each authorized, in its
sole discretion, to make any available election related to Sections 6221 through 6241 of the Code (and any 

  
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corresponding provision of State law) and take any action it deems necessary or appropriate to comply with the requirements of Sections 6221 through 6241 of the Code and conduct the Issuer’s
affairs under Sections 6221 through 6241 of the Code (and any corresponding provision of State law). Each Certificateholder and, if different, each beneficial owner of a Certificate, shall promptly provide the Issuer, Depositor and Administrator any
requested information, documentation or material to enable the Issuer to make any of the elections described in this clause (b) and otherwise comply with Sections 6221 through 6241 of the Code (and any corresponding provision of State law).
Each Certificate Owner and, if different, each beneficial owner of a Certificate shall hold the Issuer and its affiliates harmless for any expenses or losses (i) resulting from a beneficial owner of a Certificate not properly taking into
account or paying its allocated adjustment or liability under Section 6226 of the Code (or any corresponding provision of State law) or (ii) suffered that are attributable to the management or defense of an audit under Sections 6221
through 6241 of the Code or otherwise due to actions it takes with respect to and to comply with the rules under Sections 6221 through 6241 of the Code (or any corresponding provision of State law). 

ARTICLE VI 
 AUTHORITY AND DUTIES
OF OWNER TRUSTEE 
 Section 6.1 General Authority. The Owner Trustee is authorized and directed to execute and deliver the
Transaction Documents to which the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust is to be a party, in each case in such form as the Depositor
shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof and the Depositor’s execution of this Trust Agreement, and to direct the Indenture Trustee to authenticate and deliver Notes in the aggregate principal
amount of $1,395,760,000 (comprising $245,510,000 in aggregate principal amount of Class A-1 Notes, $275,000,000 in aggregate principal amount of Class A-2a
Notes, $205,700,000 in aggregate principal amount of Class A-2b Notes $456,420,000 principal amount of Class A-3 Notes, $96,430,000 in aggregate principal
amount of Class A-4 Notes, $36,350,000 in aggregate principal amount of Class B Notes, $33,500,000 in aggregate principal amount of Class C Notes and $46,850,000 in aggregate principal amount of
Class D Notes). In addition to the foregoing, the Owner Trustee is authorized to take all actions required of the Trust pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action on
behalf of the Trust as is permitted by the Transaction Documents and which the Certificateholders, the Servicer or the Administrator recommends in writing with respect to the Transaction Documents, except to the extent that this Trust Agreement
expressly requires the consent of Certificateholders for such action. 
 Section 6.2 General Duties. It shall be the duty of the
Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Trust Agreement and to administer the Trust for the benefit of the Certificateholders, subject to the lien of the Indenture and in
accordance with the provisions of this Trust Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged (or caused to be discharged) its duties and responsibilities hereunder to the extent the Administrator is
required in the Administration Agreement to perform any act or to discharge such duty of the Owner Trustee or the Trust hereunder or under any other Transaction Document, and the Owner 

  
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Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement. The Owner Trustee shall not be charged with
knowledge of any Event of Default unless either (i) a Responsible Officer shall have actual knowledge of such Event of Default or (ii) written notice of such Event of Default shall have been given to the Owner Trustee in accordance with
the provisions of this Trust Agreement. 
 Section 6.3 Action upon Instruction. 

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

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

Section 6.5 No Action Except Under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell,
dispose of or otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Trust Agreement, (ii) in accordance with the other
Transaction Documents to which the Trust is a party and (iii) in accordance with any document or written instruction delivered to the Owner Trustee pursuant to Section 6.3. 

Section 6.6 Restrictions. The Owner Trustee shall not take any action (i) that is inconsistent with the purposes of the Trust
set forth in Section 2.3 or (ii) that, to the actual knowledge of the Owner Trustee, would (A) affect the treatment of the Notes as indebtedness for federal income or Virginia income or franchise tax purposes, (B) be deemed to
cause a taxable exchange of the Notes for federal income or Virginia income or franchise tax purposes or (C) cause the Trust or any portion thereof to be taxable as an association or publicly traded partnership taxable as a corporation for
federal income or Virginia income or franchise tax purposes. The Certificateholders, the Depositor, the Administrator and the Servicer shall not direct the Owner Trustee to take action that would violate the provisions of this Section 6.6. 

Section 6.7 Instructions by Electronic Methods. The Owner Trustee is hereby authorized to rely upon and comply with instructions
and directions sent by e-mail, facsimile and other similar unsecured electronic methods (“Electronic Methods”) by persons believed by the Owner Trustee to be authorized to give instructions and
directions on behalf of the Depositor. The Owner Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions or directions on behalf of
the Depositor (other than to verify that the signature on a facsimile is the signature of a person authorized to give instructions and directions on behalf of the Depositor), and the Owner Trustee shall have no liability for any losses, liabilities,
costs or expenses incurred or sustained by the Depositor as a result of such reliance upon or use of Electronic Methods to submit instructions and directions to the Owner Trustee, including the risk of the Owner Trustee taking unauthorized
instructions, and the risk of interception and misuse by third parties. 

  
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 Section 6.8 Communications Regarding Demands to Repurchase Receivables. The
Owner Trustee shall provide notice to CarMax and the Depositor as soon as practicable of all demands communicated to a Responsible Officer of the Owner Trustee for the repurchase or replacement of any Receivable for breach of the representations and
warranties concerning such Receivable. Subject to this Section 6.8, the Owner Trustee shall have no obligation to take any other action with respect to a demand. However, the Owner Trustee shall, upon written request of
either CarMax or the Depositor, provide notification to CarMax and the Depositor with respect to any actions taken by the Owner Trustee with respect to any such demand communicated to a Responsible Officer of the Owner Trustee in respect of any
Receivables, such notifications to be provided by the Owner Trustee as soon as practicable and in any event within five Business Days of such request or such other time frame as may be mutually agreed to by the Owner Trustee and CarMax or the
Depositor, as applicable. The Owner Trustee acknowledges and agrees that the purpose of this Section 6.8 is to facilitate compliance by CarMax and the Depositor with Rule 15Ga-1 under
the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and Regulations”). The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations
may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests
made by CarMax and the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of the Repurchase Rules and Regulations. The Owner Trustee shall cooperate fully with CarMax and the Depositor
to deliver any and all records and any other information in its actual possession that are reasonably requested in writing by CarMax or the Depositor and necessary in the good faith determination of CarMax and the Depositor to permit them to comply
with the provisions of the Repurchase Rules and Regulations. In no event shall the Owner Trustee have (i) any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB
or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities except as expressly set forth in this Section 6.8. 

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

  
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 (i) the Owner Trustee shall not be liable for any error of judgment made in
good faith by a responsible officer of the Owner Trustee unless it is proved that the Owner Trustee was negligent in ascertaining the pertinent facts; 

(ii) the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken in good faith by it in
accordance with the provisions of this Trust Agreement at the instructions of any Certificateholder, the Indenture Trustee, the Depositor, the Administrator or the Servicer; 

(iii) no provision of this Trust Agreement or any other Transaction Document shall require the Owner Trustee to expend or risk
its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers hereunder or under any other Transaction Document if the Owner Trustee shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 

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

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

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

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

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

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

(xii) 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; and 

(xiii) the Owner Trustee shall have no responsibility to monitor CarMax’s compliance with or be charged with knowledge of
the risk retention rules of 17 CFR Part 246, nor shall it be liable to any investor, Holder, or any party whatsoever for violation of such rules or requirements or such similar provisions now or hereafter in effect. 

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

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

(b) it has taken all action necessary to authorize the execution and delivery by it of this Trust Agreement, and this Trust Agreement will be
executed and delivered by one of its officers who is duly authorized to execute and deliver this Trust Agreement on its behalf; 
 (c)
neither the execution nor the delivery by it of this Trust Agreement, nor the consummation by it of the transactions contemplated hereby, nor compliance by it with any of the terms or provisions hereof will contravene any federal or New York law,
governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order of any court, administrative agency or tribunal applicable to it, or conflict with or result in a breach or violation of, or
constitute any default under its charter documents or by-laws or any indenture, mortgage, bank credit agreement, contract, agreement or instrument to which it is a party or by which any of its properties may
be bound; and 
 (d) there are no actions, suits or proceedings pending or threatened against it in any court or before any governmental
authority, agency or arbitration board or tribunal which, individually or in the aggregate, would have a material adverse effect on its right, power and authority to enter into or perform its obligations under this Trust Agreement. 

Section 7.4 Reliance; Advice of Counsel. 

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

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Trust Agreement
or the other Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such
agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled Persons to be selected with reasonable care and employed by it.
The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such Persons and not contrary to this Trust Agreement or any
other Transaction Document. 

  
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 Section 7.5 Not Acting in Individual Capacity. Except as provided in
Section 7.3, in accepting the trusts hereby created, U.S. Bank Trust National Association acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Trust Agreement or any other Transaction Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 

Section 7.6 Owner Trustee Not Liable for Certificates or Receivables. The recitals contained herein and in the Certificates (other
than the signature and countersignature of the Owner Trustee on the Certificates) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Trust Agreement, any other Transaction Document, the Certificates (other than the signature and countersignature of the Owner Trustee on the Certificates) or the Notes, or of any Receivable
or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any
Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to the Certificateholders under
this Trust Agreement or to the Noteholders under the Indenture, including the existence, condition and ownership of any Financed Vehicle, the existence and enforceability of any insurance thereon, the existence and contents of any Receivable on any
computer or other record thereof, the validity of the assignment of any Receivable to the Trust or any intervening assignment, the completeness of any Receivable, the performance or enforcement of any Receivable, the compliance by the Depositor or
the Servicer with any warranty or representation made under any Transaction Document or in any related document, or the accuracy of any such warranty or representation or any action of the Indenture Trustee, the Administrator or the Servicer taken
in the name of the Owner Trustee. 
 Section 7.7 Owner Trustee May Own Certificates and Notes. The Owner Trustee, in its
individual or any other capacity, may become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the Servicer, the Administrator and the Indenture Trustee in banking transactions with the same rights as it would have if it
were not Owner Trustee. 
 Section 7.8 Regulation AB. The Owner Trustee shall cooperate in good faith with the Depositor to
ensure compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due
to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel or otherwise. The Owner Trustee shall deliver to the Depositor (including any of its assignees
or designees) upon request any and all reports, statements, certifications, records and other information necessary in the good faith determination of the Depositor to permit the Depositor to comply with the provisions of Regulation AB, together
with such disclosures relating to the Owner Trustee and the Receivables, or the servicing of the Receivables, reasonably believed by the Depositor to be necessary in order to effect such compliance. The Depositor shall not request information or
disclosures pursuant to this Section 7.8 other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act or the rules and regulations of the Commission under the Securities Act or the Exchange Act. 

  
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 ARTICLE VIII 

COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE 

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

Section 8.2 Indemnification. To the fullest extent permitted by applicable law, the Initial Servicer shall be liable as prime
obligor for, and shall indemnify the Owner Trustee and its successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses, including legal fees and expenses in connection with the enforcement of their indemnification rights hereunder) of any kind and
nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any other Indemnified Party in any way relating to or arising out of this Trust Agreement, the other
Transaction Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder; provided, however, that the Initial Servicer shall not be liable for or required to indemnify an
Indemnified Party from and against Expenses arising or resulting from any of the matters described in the third sentence of Section 7.1. Except as otherwise provided in Section 5.4(b) of the Indenture, in no event will the Initial Servicer
or the Owner Trustee be entitled to make any claim upon the Owner Trust Estate for the payment or reimbursement of any Expenses. The indemnities contained in this Section 8.2 shall survive the resignation or termination of the Owner Trustee or
the termination of this Trust Agreement. In the event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section 8.2, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the
Initial Servicer, which approval shall not be unreasonably withheld. 
 Section 8.3 Payments to the Owner Trustee. Any amounts
paid to the Owner Trustee pursuant to this Article VIII shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 

  
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 ARTICLE IX 

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

(c) Notice of any termination of the Trust, specifying the Distribution Date upon which the Certificateholders shall surrender their
Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to Certificateholders mailed within five (5) Business Days of receipt of notice of such termination from the
Servicer, stating (i) the Distribution Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein specified, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificates at the office of the Paying Agent
therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the
Certificates, the Paying Agent shall cause to be distributed to the Certificateholders, subject to Section 3808 of the Statutory Trust Statute, amounts distributable on such Distribution Date pursuant to Section 5.2. In the event that all
of the Certificateholders shall not surrender their Certificates for cancellation within six (6) months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner
Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates and the cost thereof shall be paid out of the funds and other assets that
shall remain subject to this Trust Agreement. Subject to applicable escheat laws, any funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the Certificateholders in proportion to each
Certificateholder’s Certificate Percentage Interest. 
 (d) Upon the winding up of the Trust, in accordance with Section 3808 of
the Statutory Trust Statute, and its termination, the Owner Trustee shall, at the written direction and expense of the Depositor, cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in
accordance with the provisions of Section 3810 of the Statutory Trust Statute. 

  
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 ARTICLE X 

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 

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

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

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

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

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

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

Section 10.4 Merger or Consolidation of Owner Trustee. 

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

  
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 Section 10.5 Appointment of Co-Trustee or
Separate Trustee. 
 (a) Notwithstanding any other provisions of this Trust Agreement to the contrary, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and may execute and deliver
an instrument to appoint one or more Persons approved by the Owner Trustee to act as co-trustee or co-trustees, jointly with the Owner Trustee, or separate trustee or
separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Certificateholders, such title to the Owner Trust Estate, or any part thereof, and, subject to the
other provisions of this Section 10.5, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within
fifteen (15) days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Trust Agreement shall
be required to meet the terms of eligibility as a successor trustee under Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required under Section 10.3.

 (b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and
act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or
imposed upon the Owner Trustee shall be conferred or imposed upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee
or co-trustee shall not be authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be
performed the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Owner Trust Estate or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 

(ii) no trustee under this Trust Agreement shall be personally liable by reason of any act or omission of any other trustee
under this Trust Agreement; and 
 (iii) the Administrator and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other
writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate
trustee or co-trustee shall refer to this Trust Agreement and the conditions of this Article X. Each separate trustee and co-

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

ARTICLE XI 
 MISCELLANEOUS 

Section 11.1 Supplements and Amendments. 

(a) This Trust Agreement may be amended from time to time by a written amendment duly executed and delivered by the Depositor and the Owner
Trustee, without the consent of any Noteholder, any Certificateholder or any other Person, including to further prevent or help avoid the application to the Notes of the Treasury Regulations (or other interpretive guidance) issued under
Section 385 of the Code; provided, however, that (i) any such amendment shall not, as evidenced by an Opinion of Counsel to the Depositor delivered to the Indenture Trustee and Owner Trustee, adversely affect in any material
respect the interests of the Noteholders or (ii) the Rating Agency Condition is satisfied with respect to such amendment and the Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to
such amendment. 
 (b) This Trust Agreement may be amended from time to time by the Depositor and the Owner Trustee, with the consent of the
Holders (as defined in the Indenture) of Notes evidencing not less than 51% of the Note Balance or, if the Notes have been paid in full, the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest, for
the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Trust Agreement or modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however,
that no such amendment may: 
 (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or
change the allocation or priority of, collections of payments on or in respect of the Receivables or distributions that are required to be made for the benefit of the Noteholders or the Certificateholders, or change any Note Rate, without the
consent of all Noteholders and Certificateholders adversely affected by such amendment; 

  
 30 

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

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

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

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

  
 31 

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

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

Section 11.6 Separate Counterparts and Electronic Signature. This Trust Agreement may be executed in any number of counterparts,
each of which counterparts when so executed shall be deemed to be an original, and all of which counterparts shall together constitute but one and the same instrument. Each party agrees that this Agreement and any other documents to be delivered in
connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents shall have the same effect as manual signatures for the purposes of validity, enforceability and admissibility.

  
 32 

 Section 11.7 Successors and Assigns. All covenants and agreements in this Trust
Agreement and the Certificates shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice,
direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 

Section 11.8 Covenants of the Depositor. The Depositor shall not at any time institute against the Trust, or join in any
institution against the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating
to the Certificates, the Notes, this Trust Agreement or any of the other Transaction Documents. 
 Section 11.9 No Petition. To
the fullest extent permitted by applicable law, the Owner Trustee (not in its individual capacity but solely as Owner Trustee), by entering into this Trust Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and
each Noteholder, by accepting the benefits of this Trust Agreement, hereby covenant and agree that they will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, or cooperate
with or encourage others to institute against the Depositor or the Trust, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in
connection with any obligations relating to the Certificates, the Notes, this Trust Agreement or any of the other Transaction Documents. 

Section 11.10 No Recourse. Each Certificateholder, by accepting a Certificate, acknowledges that the Certificates represent
beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof, and no recourse may be had against such
parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificates or the other Transaction Documents. 

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

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

  
 33 

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

Section 11.14 Certificates Nonassessable and Fully Paid. The Certificateholders shall not be personally liable for the obligations
of the Trust. The interests represented by the Certificates shall be nonassessable for any losses or expenses of the Trust or for any reason whatsoever, and, upon the authentication thereof by the Owner Trustee pursuant to Section 3.3,
Section 3.4 or Section 3.5, the Certificates are and shall be deemed fully paid. 
 Section 11.15 Ratification of Prior
Actions. Any actions taken by the Owner Trustee or the Administrator, in each case for itself or on behalf of the Trust, in connection with the opening of bank accounts, deposit of monies into such accounts, obtaining of sales finance company
licenses on behalf of the Trust and any actions related thereto are hereby confirmed and ratified in all respects, and the Owner Trustee shall be entitled to the indemnity provided for in Section 8.2 with respect to such actions. 

Section 11.16 Legal Fees Associated with Indemnification. With respect to any indemnification provisions in this Trust Agreement
providing that a party to this Trust Agreement is required to indemnify another party to this Trust Agreement for attorney’s fees and expenses, such fees and expenses are intended to include attorney’s fees and expenses relating to the
enforcement of such indemnity. 
 Section 11.17 FinCEN Compliance. Pursuant to Applicable Anti-Money Laundering Law, the Owner
Trustee is required to obtain on or before the Closing Date, and from time to time thereafter, reasonable 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 customer” (as defined in the Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence
Requirements), the Owner Trustee may request and shall be entitled to receive from such Person reasonable documentation to verify the entity’s formation and existence, its financial statements, licenses, tax identification documents,
identification and authorization documents from individuals claiming authority to represent the entity and other relevant documentation and information (including beneficial owners of such entities). To the fullest extent permitted by Applicable
Anti-Money Laundering Law, the Owner Trustee may conclusively rely on, and shall be fully protected in relying on, any such information received. 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 Owner Trustee’s resignation in accordance with, and subject to the requirements of, the terms of Section 10.2 hereof. 

Further, the parties hereto agree that for purposes of Applicable Anti-Money Laundering Law, (a) each Certificateholder owning twenty
five percent (25%) or more of the beneficial interest in the Trust is and shall be deemed to be the beneficial owners of the Trust for purposes of providing the information required under Applicable Anti-Money Laundering Law, and (b) each such
Certificateholder is and shall deemed to be the parties with the power and authority to control the Trust. 
 [SIGNATURE PAGE FOLLOWS] 

  
 34 

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

			
	 CARMAX AUTO FUNDING LLC,
 as
Depositor

		
	By:	 	/s/ Andrew J. McMonigle
	Name:	 	Andrew J. McMonigle
	Title:	 	Vice President and Treasurer
	
	 U.S. BANK TRUST NATIONAL ASSOCIATION,

as Owner Trustee

		
	By:	 	/s/ Christopher J. Nuxoll
	Name:	 	Christopher J. Nuxoll
	Title:	 	Vice President

 Accepted and agreed: 
  

			
	 CARMAX BUSINESS SERVICES, LLC,
 as
Servicer

		
	By:	 	/s/ Enrique Mayor-Mora
	Name:	 	Enrique Mayor-Mora
	Title:	 	Executive Vice President and Chief Financial Officer

 WILMINGTON TRUST, NATIONAL ASSOCIATION acknowledges and accepts, as of the date first above written, its appointment as Paying
Agent and Certificate Registrar in accordance with the terms of this Agreement and agrees to be bound by the terms of this Agreement applicable to the Indenture Trustee, Paying Agent and Certificate Registrar. 

 

			
	By:	 	/s/ Julia Linian
	Name:	 	Julia Linian
	Title:	 	Vice President

  
 Trust Agreement (CAOT
2022-4) 

 Exhibit A 

Form of Certificate 

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

			
	REGISTERED	 	NO. R-[__]

 CARMAX AUTO OWNER TRUST 2022-4 

ASSET-BACKED CERTIFICATE 

evidencing a beneficial interest in the property of CarMax Auto Owner Trust 2022-4, a Delaware
statutory trust (the “Trust”), which property includes a pool of retail installment sale contracts secured by new and used motor vehicles sold by CarMax Business Services, LLC, a Delaware limited liability company (the
“Seller”), to CarMax Auto Funding LLC, a Delaware limited liability company (the “Depositor”), and sold by the Depositor to the Trust. The property of the Trust (other than the Certificate Payment Account and the
proceeds thereof) has been pledged by the Trust to Wilmington Trust, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”), pursuant to an Indenture dated as of
October 1, 2022 (as amended, supplemented or otherwise modified from time to time, the “Indenture”) between the Trust and the Indenture Trustee to secure the payment of the Notes issued thereunder. 

This certifies that CarMax Auto Funding LLC is the registered owner of a 100% Certificate Percentage Interest nonassessable, fully paid,
beneficial interest in the Trust. The Trust was created pursuant to a Trust Agreement dated as of May 24, 2022 between the Depositor and U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee (in such
capacity, the “Owner Trustee”), as amended and restated by an Amended and Restated Trust Agreement dated as of October 1, 2022 (as amended, supplemented or otherwise modified and in effect from time to time, the “Trust
Agreement”) among the Depositor and the Owner Trustee, a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used but not defined herein have the meanings assigned to them in the Trust Agreement or
in the Sale and Servicing Agreement dated as of October 1, 2022 (as amended, supplemented or otherwise modified and in effect from time to time, the “Sale and Servicing Agreement”) among the Trust, the Depositor, and CarMax
Business Services, LLC, as servicer (in such capacity, the “Servicer”). 
 This Certificate is issued under and is subject
to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. The property of the Trust includes: (i) a pool
of retail installment sale contracts originated in connection with the sale of new or used motor vehicles (the “Receivables”); (ii) all amounts received on or in respect of the Receivables after the Cutoff Date; (iii) the
security interests in the Financed Vehicles granted 

  
 Ex. A-1 

 
by the Obligors pursuant to the Receivables and any other interest of the Seller or the Depositor in such Financed Vehicles; (iv) all proceeds from claims on or refunds of premiums with
respect to physical damage, theft, GAP, credit life or credit disability insurance policies relating to the Financed Vehicles or the Obligors; (v) the Receivable Files; (vi) the Collection Account, the Note Payment Account, the Certificate
Payment Account and the Reserve Account and the Trust’s right, title and interest in all amounts, securities, financial assets, investments and other property deposited in or credited to any of the foregoing and all proceeds thereof;
(vii) all rights of the Depositor under the Receivables Purchase Agreement, including the right to require the Seller to repurchase Receivables from the Depositor; (viii) all rights of the Trust under the Sale and Servicing Agreement,
including the right to require the Servicer to purchase Receivables from the Trust; (ix) the right to realize upon any property (including the right to receive future Liquidation Proceeds) that shall have secured a Receivable and have been
repossessed by or on behalf of the Trust; and (x) all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all accounts, general intangibles, chattel paper, instruments, documents, money,
investment property, deposit accounts, letters of credit, letter-of-credit rights, insurance proceeds, condemnation awards, rights to payment of any and every kind and
other forms of obligations and all other property which at any time constitutes all or part of or is included in the proceeds of any of the foregoing. 

THE RIGHTS OF THE TRUST IN THE FOREGOING PROPERTY OF THE TRUST (OTHER THAN THE CERTIFICATE PAYMENT ACCOUNT AND THE PROCEEDS THEREOF) HAVE BEEN
PLEDGED TO THE INDENTURE TRUSTEE TO SECURE THE PAYMENT OF THE NOTES. 
 Pursuant to the Trust Agreement, there will be distributed on each
Distribution Date to the Person in whose name this Certificate is registered at the close of business on the Business Day preceding such Distribution Date such Certificateholder’s Certificate Percentage Interest in the amount to be distributed
to Certificateholders on such Distribution Date. 
 “Distribution Date” means the 15th day of each month or, if such 15th
day is not a Business Day, the following Business Day, commencing on November 15, 2022. 
 THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES
AND AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS AS DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE. 

It is the intent of the Depositor, the Seller, the Servicer and the Certificateholders that, for purposes of federal income taxes, State and
local income taxes and any other income taxes, the Trust will be treated either as a disregarded entity under Treasury Regulation Section 301.7701-3 or as a partnership, and that the Certificateholders
(including the Depositor) will be treated as partners in that partnership. The Certificateholders, by acceptance of a Certificate, agree to such treatment and agree to take no action inconsistent with such treatment. 

  
 Ex. A-2 

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

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

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

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-3 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual
capacity, has caused this Certificate to be duly executed as of the date set forth below. 
 Dated: October 31, 2022 

 

			
	CARMAX AUTO OWNER TRUST 2022-4
		
	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	Name:	 	
	Title:	 	

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: October 31, 2022 
  

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

  
 Ex. A-4 

 [REVERSE OF CERTIFICATE] 

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

Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such Certificateholder is
not acquiring the Certificate with the assets of any (i) “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to Title I of
ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), including individual retirement accounts and Keogh plans, that is subject to the provisions of
Section 4975 of the Code (iii) entity whose underlying assets include “plan assets” within the meaning of the United States Department of Labor Regulation 29 C.F.R. Section 2510.3-101,
as modified by Section 3(42) of ERISA, by reason of an employee benefit plan’s or plan’s investment in such entity or (iv) employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code
whose acquisition of a Certificate would constitute or result in a violation of any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

  
 Ex. A-5 

 The Certificates are issuable only in registered form in denominations as provided in the
Trust Agreement, subject to certain limitations therein set forth. 
 The Owner Trustee, the Certificate Registrar and any Paying Agent may
treat the Person in whose name this Certificate is registered in the Certificate Register (as of the day of determination) as the owner of this Certificate for the purpose of receiving distributions pursuant to the Trust Agreement and for all other
purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary. 

The Trust Agreement, with certain exceptions therein provided, and the Trust shall terminate and be of no further force or effect upon the
earlier of (i) the payment to the Servicer, the Noteholders and the Certificateholders of all amounts required to be paid to them pursuant to the terms of the Indenture, the Sale and Servicing Agreement and the Trust Agreement and (ii) the
Distribution Date next succeeding the month which is one year after the maturity or other liquidation of the last Receivable and the disposition of any amounts received upon liquidation of any property remaining in the Trust. 

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

  
 Ex. A-6 

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE: ________________ 
 FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto __________________________ _______________________________________________________________________________________ 

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

Dated: 
  

			
	 	 	*/
	
	Signature Guaranteed:
		
	 	 	*/

  

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

  
 Ex. A-7 

 Exhibit B 

Form of Certificate of Trust 

Certificate of Trust of CarMax Auto Owner Trust 2022-4 

This Certificate of Trust of CarMax Auto Owner Trust 2022-4 (the “Trust”) is being
duly executed and filed by U.S. Bank Trust National Association, a national banking association, as owner trustee (the “Owner Trustee”), to form a statutory trust under the Delaware Statutory Trust Act (12 Del. Code,
§ 3801 et seq.) (the “Act”). 
 1. Name. The name of the statutory trust formed hereby is
CarMax Auto Owner Trust 2022-4. 
 2. Delaware Trustee. The name and business address of a
trustee of the Trust having its principal place of business in the State of Delaware is Wilmington Trust, National Association, 1011 Centre Road, Suite 203, Wilmington, DE 19805. 

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

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

 

			
	 U.S. BANK TRUST NATIONAL ASSOCIATION,

not in its individual capacity but solely as Owner Trustee

		
	By:	 	 
		 	Name:
		 	Title:

  
 Ex. BExhibit 10.1

 

 

 

 

CUSTODY AGREEMENT

 

 

 

dated as of October 28, 2022

by and between

 

SURO CAPITAL CORP.

 

(“Company”)

 

and

 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

(“Custodian”)

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	1.	DEFINITIONS	1
	2.	APPOINTMENT OF CUSTODIAN	6
	3.	DUTIES OF CUSTODIAN	7
	4.	REPORTING	15
	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS	16
	6.	SECURITIES HELD OUTSIDE OF THE UNITED STATES	16
	7.	CERTAIN GENERAL TERMS	19
	8.	COMPENSATION OF CUSTODIAN	22
	9.	RESPONSIBILITY OF CUSTODIAN	22
	10.	SECURITY CODES	25
	11.	TAX LAW	25
	12.	EFFECTIVE PERIOD AND TERMINATION	26
	13.	REPRESENTATIONS AND WARRANTIES	27
	14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT	28
	15.	NOTICES	28
	16.	CHOICE OF LAW AND JURISDICTION	28
	17.	ENTIRE AGREEMENT; COUNTERPARTS	29
	18.	AMENDMENT; WAIVER	30
	19.	SUCCESSOR AND ASSIGNS	30
	20.	SEVERABILITY	30
	21.	REQUEST FOR INSTRUCTIONS	30
	22.	OTHER BUSINESS	30
	23.	REPRODUCTION OF DOCUMENTS	31
	24.	MISCELLANEOUS	31

 

SCHEDULES

 

SCHEDULE A – Initial Authorized Persons

 

    i

     

    

 

THIS CUSTODY AGREEMENT (this “Agreement”)
is dated as of October 28, 2022 and is by and between SURO CAPITAL CORP. (and any successor or permitted assign, the “Company”),
a Maryland corporation and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (or any successor or permitted assign acting as custodian hereunder,
the “Custodian”), a national banking association.

 

RECITALS

 

WHEREAS, the Company is a closed-end management
investment company, which, prior to the commencement of its investment operations, has elected to be regulated as a business development
company under the Investment Company Act of 1940, as amended (the “1940 Act”);

 

WHEREAS, the Company desires to retain U.S. Bank
Trust Company, National Association to act as custodian for the Company and each Subsidiary hereafter identified to the Custodian;

 

WHEREAS, the Company desires that certain of the
Company’s Securities (as defined below) and cash be held and administered by the Custodian pursuant to this Agreement in compliance
with Section 17(f) of the 1940 Act;

 

NOW THEREFORE, in consideration of the mutual covenants
and agreements contained herein, the parties hereto agree as follows:

 

	1.	DEFINITIONS

 

1.1             
Defined Terms. In addition to terms expressly defined elsewhere herein, the following words shall have the following meanings
as used in this Agreement:

 

“Account” or “Accounts”
means the Securities Account and any Subsidiary Securities Account, collectively.

 

“Agreement” means this Custody Agreement
(as the same may be amended from time to time in accordance with the terms hereof).

 

“Authorized Person” has the meaning set
forth in Section 7.4(a).

 

“Business Day” means any day that is not
Saturday or Sunday and is not a legal holiday or a day in which banking institutions generally are authorized or obligated by law or regulation
to remain closed in New York, New York, or the city in which the Custodian (pursuant to Section 15 hereunder) or any Sub-Custodian is
located.

 

“Company” has the meaning set forth in
the first paragraph of this Agreement.

 

“Confidential Information” means any databases,
computer programs, screen formats, screen designs, report formats, interactive design techniques, and other similar or related information
that may be furnished to the Company by the Custodian from time to time pursuant to this Agreement.

 

     

     

    

 

“Custodian” has the meaning set forth
in the first paragraph of this Agreement.

 

“Document Custody Agreement” means the
Document Custody Agreement dated as of even date between the Document Custodian and the Company.

 

“Document Custodian” means U.S. Bank National
Association in its capacity as document custodian under that certain Document Custody Agreement.

 

“Eligible Foreign Custodian” has the meaning
set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding
company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC),
or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f)
of the 1940 Act; the term does not include any Eligible Securities Depository.

 

“Eligible Investment” means any investment
that at the time of its acquisition is one or more of the following:

 

(a)       United
States government and agency obligations;

 

(b)       commercial
paper having a rating assigned to such commercial paper by Standard & Poor’s Rating Services or Moody’s Investor
Service, Inc. (or, if neither such organization shall rate such commercial paper at such time, by any nationally recognized rating
organization in the United States of America) equal to one of the two highest ratings assigned by such organization, it being understood
that as of the date hereof such ratings by Standard & Poor’s Rating Services are “A1+” and “A1”
and such ratings by Moody’s Investor Service, Inc. are “P1” and “P2”;

 

(c)       interest
bearing deposits in United States dollars in United States banks with an unrestricted surplus of at least U.S. $250,000,000, maturing
within one year; and

 

(d)       money
market funds (including funds of the bank serving as Custodian or its affiliates) or United States government securities funds designed
to maintain a fixed share price and high liquidity.

 

“Eligible Securities Depository”
has the meaning set forth in Section (b)(1) of Rule 17f-7 under the 1940 Act.

 

“ERISA” has the
meaning set forth in Section 13.1(c).

 

“Federal Reserve Bank Book-Entry
System” means a depository and securities transfer system operated by the Federal Reserve Bank of the United States on which
are eligible to be held all United States Government direct obligation bills, notes and bonds.

 

“Financing
Documents” means any Loan Assignment Agreement, Participation Agreement, and any related instrument, security, credit
agreement, assignment agreement and/or other agreements or documents, if any, that may be delivered to the Custodian pursuant to
this Agreement.

 

    2

     

    

 

“Foreign Sub-custodian” means and includes
any sub-custodian appointed to administer any of the Company’s Foreign Securities, pursuant to Section 6 below.

 

“Foreign Securities” means Securities
for which the primary market is outside the United States.

 

“Loan” means any U.S. dollar denominated
commercial loan, or Participation therein, whether made by a bank or other financial institution and/or made in a direct lending capacity
to the borrower thereunder or otherwise that by its terms provides for payments of principal and/or interest, including discount obligations
and payment-in-kind obligations, acquired by the Company from time to time.

 

“Loan Assignment Agreement” has the meaning
set forth in Section 3.3(b)(ii).

 

“Participation” means an interest in a
Loan that is acquired indirectly by way of a participation from a selling institution.

 

“Participation Agreement” has the meaning
set forth in Section 3.3(b)(ii).

 

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

 

“Plan-assets Vehicle” has the meaning
set forth in Section 13.1(c).

 

“Proceeds” means, collectively, (i) the
net cash proceeds to the Company of any offering by the Company of any class of securities issued by the Company, (ii) all cash distributions,
earnings, dividends, fees and other cash payments paid on the Securities (or, as applicable, Subsidiary Securities) by or on behalf of
the issuer or obligor thereof, or applicable paying agent or administrative agent, (iii) the net cash proceeds of the sale or other
disposition of the Securities (or, as applicable, Subsidiary Securities) pursuant to the terms of this Agreement (and any Reinvestment
Earnings from investment of the foregoing) and (iv) the net cash proceeds to the Company of any borrowing or other financing by the
Company, as delivered to and received by the Custodian from time to time.

 

“Proper Instructions” means instructions
(including Trade Confirmations) received by the Custodian in form acceptable to it, from the Company or any Person duly authorized by
the Company in any of the following forms acceptable to the Custodian:

 

(a)       in
writing signed by an Authorized Person (and delivered by hand, by mail, by electronic mail, by overnight courier or by facsimile);

 

    3

     

    

 

(b)       by
electronic mail (or other electronic transmission) from an Authorized Person;

 

(c)       in
a communication utilizing access codes effected between electro mechanical or electronic devices; or

 

(d)       such
other means as may be agreed upon from time to time by the Custodian and the party giving such instructions, including oral instructions
and any SWIFT Transmissions (as defined herein).

 

“Reinvestment Earnings” has the meaning
set forth in Section 3.6(b).

 

“Securities” means, collectively, (i)
the investments, including Loans and Uncertificated Securities, acquired by the Company and delivered to the Custodian by the Company
from time to time during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends)
from the investments described in clause (i). For avoidance of doubt, the term “securities” includes stocks, shares, bonds,
debentures, notes, mortgages or other obligations and any certificates, receipts, warrants or other instruments representing rights to
receive, purchase, or subscribe for the same, or evidencing or representing any other rights or interests therein, or in any property
or assets.

 

“Securities Account” means the segregated
account to be established by the Custodian at U.S. Bank National Association or any affiliate to which the Custodian shall deposit or
credit and hold the Securities (other than Loans or Uncertificated Securities) and any cash Proceeds from time to time from or with respect
to the Securities or the sale of the Securities of the Company, as applicable and in each case received by the Custodian pursuant to this
Agreement, which account shall be designated the “SuRo Capital Securities Custody Account”.

 

“Securities Depository” means The Depository
Trust Company and any other clearing agency registered with the Securities and Exchange Commission under Section 17A of the Securities
Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for the central handling of Securities where
all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred
or pledged by bookkeeping entry without physical delivery of the Securities.

 

“Securities System” means the Federal
Reserve Book-Entry System, a clearing agency which acts as a Securities Depository, or another book entry system for the central handling
of securities (including an Eligible Securities Depository).

 

“Shares” means the shares of common stock,
par value $0.01 per share, of the Company.

 

“Street Delivery Custom” means a custom
of the United States securities market to deliver securities which are being sold to the buying broker for examination to determine that
the securities are in proper form.

 

    4

     

    

 

“Street Name” means the form of registration
in which the securities are held by a broker who is delivering the securities to another broker for the purposes of sale, it being an
accepted custom in the United States securities industry that a security in Street Name is in proper form for delivery to a buyer and
that a security may be re-registered by a buyer in the ordinary course.

 

“Sub-Custodian” shall mean and include
(i) any branch of a “U.S. bank,” as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any “Eligible Foreign
Custodian”, as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian which the Custodian has
determined will provide reasonable care of assets of the Company based on the standards specified in Section 3.14 below. Such contract
shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of
the foregoing) such that the Company will be adequately protected against the risk of loss of assets held in accordance with such contract;
(ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the
Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens
or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership
for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration;
(iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party for
the benefit of the Company; (v) that the Company’s independent public accountants will be given access to those records or confirmation
of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the safekeeping of the Company’s
assets, including, but not limited to, notification of any transfer to or from the Company's account or a third party account containing
assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi)
above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection
for Company assets as the specified provisions.

“Subsidiary” means, collectively, any wholly owned subsidiary of any Company identified to the Custodian by the Company.

 

“Subsidiary Securities” means, collectively,
(i) the investments, including Loans, acquired by a Subsidiary and delivered to the Custodian by such Subsidiary from time to time during
the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments
described in clause (i).

 

“Subsidiary Securities Account” shall
have the meaning set forth in Section 3.13(a).

 

“Trade Confirmation” means a trade ticket
or confirmation to the Custodian from the Company of the Company’s acquisition of a Loan, and setting forth applicable information
with respect to such Loan, in such form as may be acceptable to the Custodian.

 

    5

     

    

 

“Uncertificated Security” means a Security
that is not represented by a physical certificate.

 

“Underlying Loan Agreement” means, with
respect to any Loan, the document or documents evidencing the commercial loan agreement or facility pursuant to which such Loan is made.

 

“Underlying Loan Documents” means, with
respect to any Loan, the related Underlying Loan Agreement together with any agreements and instruments (including any Underlying Note)
executed or delivered in connection therewith.

 

“Underlying Note” means the one or more
promissory notes executed by an obligor evidencing a Loan.

 

“UCC” means the Uniform Commercial Code
as in effect from time to time in the State of New York.

 

1.2             
Construction. In this Agreement unless the contrary intention appears:

 

		(a)	any reference to this Agreement or another agreement or instrument refers to such agreement or instrument as the same may be amended,
modified or otherwise rewritten from time to time;

 

		(b)	a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments,
re-enactments or replacements of any of them;

 

		(c)	any term defined in the singular form may be used in, and shall include, the plural with the same meaning, and vice versa;

 

		(d)	a reference to a Person includes a reference to the Person’s executors, custodians, successors and permitted assigns;

 

		(e)	an agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly and severally;

 

		(f)	an agreement, representation or warranty on the part of two or more Persons binds them jointly and severally;

 

		(g)	a reference to the term “including” means “including, without limitation,”;

 

		(h)	a reference to any accounting term is to be interpreted in accordance with generally accepted principles and practices in the United
States, consistently applied, unless otherwise instructed by the Company; and

 

		(i)	any reference to “execute”, “executed”, “sign”, “signed”, “signature”
or any other like term hereunder shall include execution by electronic signature (including, without limitation, any .pdf file, .jpeg
file, or any other electronic or image file, or any “electronic signature” as defined under the
U.S. Electronic Signatures in Global and National Commerce Act (“E-SIGN”) or the New York Electronic Signatures and
Records Act (“ESRA”), which includes any electronic signature provided using Orbit, Adobe Sign, DocuSign, or any other
similar platform identified by the Company and reasonably available at no undue burden or expense to the Custodian), except to the extent
the Custodian requests otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures
were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes hereunder.

 

1.3             
Headings. Headings are inserted for convenience and do not affect the interpretation of this Agreement.

 

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	2.	APPOINTMENT OF CUSTODIAN

 

2.1             
Appointment and Acceptance. (a)        The Company hereby appoints the Custodian as custodian of all Securities and Proceeds
owned by the Company and the Subsidiaries (as applicable) and delivered to and received by Custodian from time to time during the period
of this Agreement, on the terms and conditions set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated
herein and made a part of this Agreement), and the Custodian hereby accepts such appointment and agrees to perform the services and duties
set forth in this Agreement with respect to it and subject to and in accordance with the provisions hereof. Any Account may contain any
number of accounts for the convenience of the Custodian or as required by the Company or the Subsidiaries (as applicable) for convenience
in administering such accounts.

 

2.2             
Instructions. The Company agrees that it shall from time to time provide, or cause to be provided, to the Custodian all
necessary instructions and information, and shall respond promptly to all inquiries and requests of the Custodian, as may reasonably be
necessary to enable the Custodian to perform its duties hereunder.

 

2.3             
Company Responsible For Directions. The Company is solely responsible for directing the Custodian with respect to deposits
to, withdrawals from and transfers to or from the Accounts. Without limiting the generality of the foregoing, the Custodian has no responsibility
for the Company’s legal and regulatory compliance (including the 1940 Act), any of its obligations to third-parties in respect of
the Accounts, and the Custodian shall have no liability for the application of any funds made with Proper Instructions of the Company.
The Company shall be solely responsible for properly instructing all applicable payors to make all appropriate payments to the Custodian
for deposit to the Accounts, and for properly instructing the Custodian with respect to the allocation or application of all such deposits.

 

    7

     

    

 

	3.	DUTIES OF CUSTODIAN

 

3.1             
 Segregation. All Securities, Subsidiary Securities and non-cash property held by the Custodian, as applicable, for the
account of the Company or Subsidiary, respectively (other than Securities and Subsidiary Securities maintained in a Securities Depository
or Securities System), shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including
the Securities and non-cash property of the other series of the Company, if applicable) and shall be identified as subject to this Agreement.

 

3.2             
Securities Custody Account. The Custodian shall open and maintain at U.S. Bank National Association or any affiliate a segregated
account in the name of the Company, subject only to order of the Custodian, in which the Custodian shall enter and carry, subject to Section 3.3(b),
all Securities (other than Loans and Uncertificated Securities), cash and other investment assets of the Company which are delivered to
it in accordance with this Agreement. For the avoidance of doubt, the Custodian shall not be required to credit or deposit Loans or Uncertificated
Securities in the Securities Account but shall instead maintain a register of such Loans or Uncertificated Securities, containing such
information as the Company and the Custodian may reasonably agree and marked so as to clearly identify them as the property of the Company.

 

The Custodian shall have no power or authority to assign,
hypothecate, pledge or otherwise dispose of any such Securities and investments except pursuant to the direction of the Company under
the terms of this Agreement.

 

3.3             
Delivery of Cash and Securities to Custodian.

 

		(a)	The Company shall deliver, or cause to be delivered, to the Custodian certain of the Company’s Securities, cash and other investment
assets, including (a) payments of income, payments of principal and capital distributions received by the Company with respect to such
Securities, cash or other assets owned by the Company at any time during the period of this Agreement and (b) all cash received by the
Company for the issuance, at any time during such period, of Shares or other securities or in connection with a borrowing by the Company.
With respect to assets other than Loans, such assets shall be delivered to the Custodian in its role as, and (where relevant) at the address
identified for, the Custodian.  Except to the extent otherwise expressly provided herein, delivery of Securities to the Custodian
shall be in Street Name or other good delivery form. The Custodian shall not be responsible for such Securities, cash or other assets
until actually delivered to, and received by it. With respect to Securities (other than Loan Assets, Uncertificated Securities and assets
in the nature of “general intangibles” (as hereinafter defined)) held by the Custodian in its capacity as a “securities
intermediary” (as defined in Section 8-102 of the Uniform Commercial Code as in effect in the State of New York (the “UCC”)),
the Custodian shall be obligated to exercise due care in accordance with reasonable commercial standards in discharging the duties as
a securities intermediary to hold such Securities. A Security will be deemed to be “delivered” to the Custodian when the Company
delivers such Security in the following manner: (i) if such Security is a Certificated Security or an instrument (other than a Security
held in a Securities System), then in physical certificated form in the
name of the Company or its nominee, (ii) if such Security is an Uncertificated Security or in the form of uncertificated share(s) or other
interest (other than a Security held in a Securities System), then delivery of confirmation statements which identify such shares or interests
as being recorded in the name of the Company or its nominee, (iii) if such Security is held in a Securities System or maintained in one
or more omnibus accounts at the Custodian, its agents or sub-custodians, then delivery of confirmation that such Security is held
in the Securities System or maintained through one or more omnibus accounts in the name of the Custodian (or its nominee) who shall identify
the same on its books and records as held for the account of the Company, or (iv) in such other good delivery form that may be agreed
to by the Custodian from time to time.

 

    8

     

    

 

		(b)	(i)          In connection with its acquisition of a Loan, an Uncertificated Security or other delivery of a Security constituting a Loan, the Company shall deliver or cause to be delivered to the Custodian a properly completed Trade Confirmation containing such information in respect of such Loan or Uncertificated Security as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan or Uncertificated Security on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require.

                                                                    

                                                                   (ii)          Notwithstanding any term hereof or elsewhere to the contrary, (a) it is hereby expressly acknowledged that (i) interests in Loans or Uncertificated Securities may be acquired by the Company from time to time which are not evidenced by, or accompanied by delivery of, a Security or an instrument, as that term is defined in Section 9-102(a)(4a) of the UCC, and may be evidenced solely by delivery to the Custodian of (x) a facsimile or electronic copy of an assignment agreement (“Loan Assignment Agreement”) in favor of the Company as assignee or, in respect of any Loan acquired by participation interest, a participation agreement (a “Participation Agreement”) in favor of the Company as participant or (y) a copy of the register of the underlying issuer of such interest evidencing registration of such equity interest on the books and records of the applicable issuer to the name of the Company (or its nominee) and (ii) any such Loan Assignment Agreement or Participation Agreement (and the registration of the related Loan on the books and records of the applicable obligor or bank agent) shall be registered in the name of the Company (or its nominee), and (b) nothing herein shall require the Custodian to credit to the Securities Account or to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC) any such Loan or other asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or to “maintain” a sufficient quantity thereof. The Custodian is not under a duty to examine any such Financing Documents, or any underlying credit agreements or loan documents for such Loan to determine the validity, sufficiency, marketability or enforceability of any Loan Assignment Agreement, Participation Agreement or other Financing Document (and shall have no responsibility for the genuineness or completeness thereof), or for the Company’s title to any related Loan.

 

    9

     

    

 

(iii)       The
Custodian may assume the genuineness of any such Financing Document it may receive and the genuineness and due authority of any signatures
appearing thereon, and shall be entitled to assume that each such Financing Document it may receive is what it purports to be. If an original
“security” or “instrument” as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, is or
shall be or becomes available with respect to any Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility
of the Company to make or cause delivery thereof to the Document Custodian under the Document Custody Agreement and the Custodian, and
the Custodian shall not be under any obligation at any time to determine whether any such original security or instrument has been or
is required to be issued or made available in respect of any Loan or to compel or cause delivery thereof to the Custodian.

 

(iv)       Contemporaneously
with the acquisition of any Loan, the Company shall (a) cause any appropriate Financing Documents evidencing such Loan to be delivered
to the Custodian; (b) if requested by the Custodian, provide to the Custodian an amortization schedule of principal payments and a schedule
of the interest payable date(s) identifying the amount and due dates of all scheduled principal and interest payments for such Loan and
(c) provide to the Custodian a properly completed Trade Confirmation containing such information in respect of such Loan as the Custodian
may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian
may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require; (d) take
all actions necessary for the Company to acquire good title to such Loan; and (e) take all actions as may be necessary (including appropriate
payment notices and instructions to bank agents or other applicable paying agents or administrative agents) to cause (A) all payments
in respect of the Loan to be made to the Custodian and (B) all notices, solicitations and other communications in respect of such Loan
to be directed to the Company. The Custodian shall have no liability for any delay or failure on the part of the Company to provide necessary
information to the Custodian, or for any inaccuracy therein or incompleteness thereof, or for any delay or failure on the part of the
Company to give such effective payment instruction to bank agents and other paying agents or administrative agents, in respect of the
Loans. With respect to each such Loan, the Custodian shall be entitled to rely on any information and notices it may receive from time
to time from the related bank agent, obligor, participating bank, nationally recognized pricing service or vendor, reputable financial
information reporting source or similar party with respect to the related Loan, and shall be entitled to update its records (as it may
deem necessary or appropriate), or from the Company, on the basis of such information or notices received, without any obligation on its
part independently to verify, investigate or recalculate such information.

 

    10

     

    

 

3.4             
Release of Securities.

 

		(a)	The Custodian shall release and if applicable, ship for delivery, or direct its agents or Sub-Custodian to release and if applicable,
ship for delivery, as the case may be, Securities of the Company held by the Custodian, its agents or its Sub-Custodian from time to time
upon receipt of Proper Instructions (which shall, among other things, specify the Securities to be released, with such delivery and other
information as may be necessary to enable the Custodian to perform), which may be standing instructions (in form acceptable to the Custodian)
in the following cases:

 

		(i)	upon sale of such Securities by or on behalf of the Company and, such sale may, unless and except to the extent otherwise directed
by Proper Instructions, be carried out by the Custodian:

 

		(A)	in accordance with the customary or established practices and procedures in the jurisdiction or market where the transactions occur,
including delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving
later payment; or

 

		(B)	in the case of a sale effected through a Securities System, in accordance with the rules governing the operations of the Securities
System;

 

		(ii)	upon the receipt of payment in connection with any repurchase agreement related to such Securities;

 

		(iii)	to a depositary agent in connection with tender or other similar offers for such Securities;

 

		(iv)	to the issuer thereof or its agent when such Securities are called, redeemed, retired or otherwise become payable (unless otherwise
directed by Proper Instructions, the cash or other consideration is to be delivered to the Custodian, its agents or its Sub-Custodian);

 

		(v)	to an issuer thereof, or its agent, for transfer into the name of the Custodian or of any nominee of the Custodian or into the name
of any of its agents or Sub-Custodian or their nominees or for exchange for a different number of bonds, certificates or other evidence
representing the same aggregate face amount or number of units;

 

		(vi)	to brokers clearing banks or other clearing agents for examination in accordance with the Street Delivery Custom;

 

		(vii)	for exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the
Securities of the issuer of such Securities, or pursuant to any deposit agreement (unless otherwise directed by Proper Instructions, the
new securities and cash, if any, are to be delivered to the Custodian, its agents or its Sub-Custodian);

 

		(viii)	in the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities
or the surrender of interim receipts or temporary securities for definitive securities (unless otherwise directed by Proper Instructions,
the new securities and cash, if any, are to be delivered to the Custodian, its agents or its Sub-Custodian); and/or

 

		(ix)	for any other purpose, but only upon receipt of Proper Instructions.

 

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3.5             
Registration of Securities. Securities held by the Custodian, its agents or its Sub-Custodian (other than bearer securities
or securities held in a Securities System) shall be registered in the name of the Company or its nominee; or, at the option of the Custodian,
in the name of the Custodian or in the name of any nominee of the Custodian, or in the name of its agents or its Sub-Custodian or their
nominees; or if directed by the Company by Proper Instruction, may be maintained in Street Name. The Custodian, its agents and its Sub-Custodian
shall not be obligated to accept Securities on behalf of the Company under the terms of this Agreement unless such Securities (other than
Loans) are in Street Name or other good deliverable form.

 

3.6             
Bank Accounts and Management of Cash.

 

		(a)	Proceeds and other cash received by the Custodian from time to time shall be deposited into or credited to the respective Securities
Account as designated by the Company. All amounts deposited into or credited to the designated Securities Account shall be subject to
clearance and receipt of final payment by the Custodian.

 

		(b)	Amounts held in each respective Securities Account from time to time may be invested in Eligible Investments pursuant to specific
written Proper Instructions (which may be standing instructions) received by the Custodian from an Authorized Person acting on behalf
of the Company. Such investments shall be subject to availability and the Custodian’s then applicable transaction charges (which
shall be at the Company’s expense). The Custodian shall have no liability for any loss incurred on any such investment. Absent receipt
of such written instruction from the Company, the Custodian shall have no obligation to invest (or otherwise pay interest on) amounts
on deposit in each respective Securities Account. In no instance will the Custodian have any obligation to provide investment advice to
the Company. Any earnings from such investment of amounts held in the Securities Accounts from time to time (collectively, “Reinvestment
Earnings”) shall be redeposited in the respective Securities Account (and may be reinvested at the written direction of the
Company). The Custodian shall have no liability for any losses on any investments made as described herein.

 

		(c)	In the event that the Company shall at any time request a withdrawal of amounts from any of the
                                                               Securities Accounts, the Custodian shall be entitled to liquidate, and shall have no liability for any loss incurred as a result of
                                                               the liquidation of, any investment of the funds credited to such account as needed
to provide necessary liquidity. Investment instructions may be in the form of standing instructions (in the form of Proper Instructions
acceptable to Custodian).

 

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		(d)	The Company acknowledges that cash deposited or invested with any bank (including the bank acting as Custodian) may make a margin
or generate banking income for which such bank shall not be required to account to the Company.

 

		(e)	The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for administration of its duties
hereunder with notice to be provided to the Company.

 

3.7             
Foreign Exchange.

 

		(a)	Upon the receipt of Proper Instructions, the Custodian, its agents or its Sub-Custodian may (but shall not be obligated to) enter
into all types of contracts for foreign exchange on behalf of the Company, upon terms acceptable to the Custodian and the Company (in
each case at the Company’s expense), including transactions entered into with the Custodian, its Sub-Custodian or any affiliates
of the Custodian or the Sub-Custodian. The Custodian shall have no liability for any losses incurred in or resulting from the rates obtained
in such foreign exchange transactions; and absent specific and acceptable Proper Instructions, the Custodian shall not be deemed to have
any duty to carry out any foreign exchange on behalf of the Company. The Custodian shall be entitled at all times to comply with any legal
or regulatory requirements applicable to currency or foreign exchange transactions.

 

		(b)	The Company acknowledges that the Custodian, any Sub-Custodian or any affiliates of the Custodian or any Sub-Custodian, involved in
any such foreign exchange transactions may make a margin or generate banking income from foreign exchange transactions entered into pursuant
to this section for which they shall not be required to account to the Company.

 

3.8              Collection
of Income. Subject to Section 7.8 hereof, the Custodian, its agents or its Sub-Custodian shall use reasonable efforts to collect
on a timely basis all income and other payments with respect to the Securities held hereunder to which the Company shall be
entitled, to the extent consistent with usual custom in the securities custodian business in the United States. Such efforts shall
include collection of interest income, dividends and other payments with respect to registered domestic securities if on the record
date with respect to the date of payment by the issuer the Security is registered in the name of the Custodian or its nominee (or in
the name of its agent or Sub-Custodian, or their nominee); and interest income, dividends and other payments with respect to bearer
domestic securities if, on the date of payment by the issuer such securities are held by the Custodian or its Sub-Custodian or
agent; provided, however, that in the case of Securities held in Street Name, the Custodian shall use commercially reasonable
efforts only to timely collect income. In no event shall the Custodian’s agreement herein to collect income be construed to
obligate the Custodian to commence, undertake or prosecute any legal proceedings.

 

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3.9             
Payment of Moneys.

 

		(a)	Upon receipt of Proper Instructions, which may be standing instructions, the Custodian shall pay out from the respective Securities
Account designated by the Company (or remit to its agents or its Sub-Custodian, and direct them to pay out) moneys of the Company on deposit
therein in the following cases:

 

		(i)	upon the purchase of Securities for the Company pursuant to such Proper Instructions; and such purchase may, unless and except to
the extent otherwise directed by Proper Instructions, be carried out by the Custodian:

 

		(A)	in accordance with the customary or established practices and procedures in the jurisdiction or market where the transactions occur,
including delivering money to the seller thereof or to a dealer therefor (or any agent for such seller or dealer) against expectation
of receiving later delivery of such securities; or

 

		(B)	in the case of a purchase effected through a Securities System, in accordance with the rules governing the operation of such
Securities System;

 

		(ii)	for the purchase or sale of foreign exchange or foreign exchange agreements for the account of the Company, including transactions
executed with or through the Custodian, its agents or its Sub-Custodian, as contemplated by Section 3.7 above; and

 

		(iii)	for any other purpose directed by the Company, but only upon receipt of Proper Instructions specifying the amount of such payment,
and naming the Person or Persons to whom such payment is to be made.

 

		(b)	At any time or times, the Custodian shall be entitled to pay (i) itself from any of the Securities Accounts, whether or not in
receipt of express direction or instruction from the Company, any amounts due and payable to it pursuant to Section 8 hereof, and
(ii) as otherwise permitted by Section 7.5, Section 9.4 or Section 12.5 below, provided, however, that in each case (i)
the Custodian shall have first invoiced or billed the Company for such amounts and the Company shall have failed to pay such amounts within
thirty (30) days after the date of such invoice or bill, and (ii) all such payments shall be accounted for to the Company.

 

3.10          Proxies.
The Custodian will, with respect to the Securities held hereunder, use reasonable efforts to cause to be promptly executed by the
registered holder of such Securities proxies received by the Custodian from its agents or its Sub-Custodian or from issuers of the
Securities being held for the Company, without indication of the manner in which such proxies are to be voted, and upon receipt of
Proper Instructions shall promptly deliver to the applicable issuer such proxies, proxy soliciting materials and notices relating to
such Securities. In the absence of such Proper Instructions, or in the event that such Proper Instructions are not received in a
timely fashion, the Custodian shall be under no duty to act with regard to such proxies. Notwithstanding the above, neither
Custodian nor any nominee of Custodian shall vote any of the Securities held hereunder by or for the account of the Company, except
in accordance with Proper Instructions.

 

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3.11         
Communications Relating to Securities. The Custodian shall transmit promptly to the Company all written information (including
proxies, proxy soliciting materials, notices, pendency of calls and maturities of Securities and expirations of rights in connection therewith)
received by the Custodian, from its agents or its Sub-Custodian or from issuers of the Securities being held for the Company. The Custodian
shall have no obligation or duty to exercise any right or power, or otherwise to preserve rights, in or under any Securities unless and
except to the extent it has received timely Proper Instruction from the Company in accordance with the next sentence. The Custodian will
not be liable for any untimely exercise of any right or power in connection with Securities at any time held by the Custodian, its agents
or Sub-Custodian unless:

 

		(i)	the Custodian has received Proper Instructions with regard to the exercise of any such right or power; and

 

		(ii)	the Custodian, or its agents or Sub-Custodian are in actual possession of such Securities,

 

in each case, at least three (3) Business Days prior
to the date on which such right or power is to be exercised. It will be the responsibility of the Company to notify the Custodian of the
Person to whom such communications must be forwarded under this Section.

 

3.12         
Records. The Custodian shall create and maintain complete and accurate records relating to its activities under this Agreement
with respect to the Securities, cash or other property held for the Company under this Agreement. To the extent that the Custodian, in
its sole opinion, is able to do so, the Custodian shall provide assistance to the Company (at the Company’s reasonable request made
from time to time) by providing sub-certifications regarding certain of its services performed hereunder to the Company in connection
with the Company’s certification requirements pursuant to applicable law, including the Sarbanes-Oxley Act of 2002, as amended.
All such records shall be the property of the Company and shall at all times during the regular business hours of the Custodian be open
for inspection by duly authorized officers, employees or agents of the Company, upon reasonable request with at least five (5) Business
Days’ prior written notice and at the Company’s expense. The Custodian shall, at the Company’s request, supply the Company
with a tabulation of securities owned by the Company and held by the Custodian and shall, when requested to do so by the Company and for
such compensation as shall be agreed upon between the Company and the Custodian, include, to the extent applicable, the certificate numbers
in such tabulations, to the extent such information is available to the Custodian.

 

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3.13         
 Custody of Subsidiary Securities.

 

		(a)	At the request of the Company, with respect to each Subsidiary identified to the Custodian by the Company, there shall be established
by the Custodian at U.S. Bank National Association or its affiliate a segregated account to which the Custodian shall deposit and hold
any Subsidiary Securities (other than Loans) (and any Proceeds received by it in the form of dividends in kind) and any cash Proceeds
received by it from time to time from or with respect to Subsidiary Securities received by it pursuant to this Agreement, which account
shall be designated the “[INSERT NAME OF SUBSIDIARY] Securities Account” (the “Subsidiary Securities Account”).

 

		(c)	To the maximum extent possible, the provisions of this Agreement regarding Securities of the Company, the Securities Account shall
be applicable to any Subsidiary Securities, cash and other investment assets, Subsidiary Securities Account. The parties hereto agree
that the Company shall notify the Custodian in writing as to the establishment of any Subsidiary as to which the Custodian is to serve
as custodian pursuant to the terms of this Agreement; and identify in writing any accounts the Custodian shall be required to establish
for such Subsidiary as herein provided.

 

3.14         Responsibility for Property Held
by Sub-Custodians. The Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities
Depositories or (ii) Eligible Foreign Custodians. The Custodian’s responsibility with respect to the selection or appointment of
a Sub-Custodian (other than an affiliate of the Custodian) shall be limited to a duty to exercise reasonable care and good faith in the
selection of such Sub-Custodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant
market. To the extent permitted by applicable law, the Custodian shall request each Sub-Custodian to identify on its own books and records
that any assets held at such Sub-Custodian by Custodian on behalf of its customers belong to customers of the Custodian, such that it
is readily apparent that such assets do not belong to the Custodian or such Sub-Custodian. With respect to any costs, expenses, damages,
liabilities, or claims (including attorneys’ and accountants’ fees) incurred as a result of the acts or the failure to act
by any Sub-Custodian (other than an affiliate of the Custodian), the Custodian shall take reasonable action to recover such costs, expenses,
damages, liabilities, or claims from such Sub-Custodian; provided that the Custodian’s sole liability in that regard shall be limited
to amounts actually received by it from such Sub-Custodian (exclusive of related costs and expenses incurred by the Custodian).

 

	4.	REPORTING

 

4.1              If
requested by the Company, the Custodian shall render to the Company a monthly report of (i) all deposits to and withdrawals
from the Securities Account during the month, and the outstanding balance (as of the last day of the preceding monthly report and as
of the last day of the subject month) and (ii) an itemized statement of the Securities held pursuant to this Agreement as of
the end of each month, all transactions in the Securities during the month, as well as a list of all Securities transactions that
remain unsettled at that time, and (iii) such other matters as the parties may agree from time to time.

 

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4.2             
For each Business Day, the Custodian shall render to the Company a daily report of (i) all deposits to and withdrawals from
the Securities Account for such Business Day and the outstanding balance as of the end of such Business Day, and (ii) a report of
settled trades of Securities for such Business Day.

 

4.3             
The Custodian shall have no duty or obligation to undertake any market valuation of the Securities under any circumstance.

 

4.4             
The Custodian shall provide the Company, promptly upon request, with such reports as are reasonably available to it and as the
Company may reasonably request from time to time, on the internal accounting controls and procedures for safeguarding securities, which
are employed by the Custodian.

 

	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS

 

The Custodian may deposit and/or maintain Securities in a Securities
System within the United States (“U.S. Securities System”) in accordance with applicable Federal Reserve Board and
Securities and Exchange Commission rules and regulations, including Rule 17f-4 under the 1940 Act, and subject to the following provisions:

 

		(a)	The Custodian may keep domestic Securities in a U.S. Securities System provided that such Securities are represented in an account
of the Custodian in the U.S. Securities System which shall not include any assets of the Custodian other than assets held by it as a fiduciary,
custodian or otherwise for customers;

 

		(b)	The records of the Custodian with respect to Securities which are maintained in a U.S. Securities System shall identify by book-entry
those Securities belonging to the Company;

 

		(c)	If requested by the Company, the Custodian shall provide to the Company copies of all notices received from the U.S. Securities System
of transfers of Securities for the account of the Company; and

 

		(d)	Anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Company for any direct loss,
damage, cost, expense, liability or claim to the Company resulting from use of any Securities System (other than to the extent resulting
from the gross negligence, willful misconduct or bad faith of the Custodian itself or from failure of the Custodian to enforce effectively
such rights as it may have against the U.S. Securities System).

 

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	6.	SECURITIES HELD OUTSIDE OF THE UNITED STATES

 

6.1           
 Appointment of Foreign Sub-custodian. The Company hereby authorizes and instructs the Custodian in its sole discretion to employ
one or more Foreign Sub-custodians to act as Eligible Securities Depositories or as sub-custodian to hold the Securities and other assets
of the Company maintained outside the United States, subject to the Company’s approval in accordance with this Section. If the Custodian
wishes to appoint a Foreign Sub-custodian to hold property of the Company subject to this Agreement, it will so notify the Company and
provide it with information reasonably necessary to determine any such new Foreign Sub-custodian’s eligibility under Rule 17f-5
under the 1940 Act, including a copy of the proposed agreement with such Foreign Sub-custodian. The Company shall at the meeting of its
Board of Directors next following receipt of such notice and information give a written approval or disapproval of the proposed action.

 

6.2           
Assets to be Held. The Custodian shall limit the Securities and other assets maintained in the custody of the Foreign Sub-custodian
to: (a) Foreign Securities and (b) cash and cash equivalents in such amounts as the Company (through Proper Instructions) may
determine to be reasonably necessary to effect the Company’s transactions in such investments.

 

6.3           
Omnibus Accounts. The Custodian may hold Foreign Securities and related Proceeds with one or more Foreign Sub-custodians in each
case in a single account with such Foreign Sub-custodian that is identified as belonging to the Custodian for the benefit of its customers;
provided however, that the records of the Custodian with respect to Securities and related Proceeds that are property of the Company maintained
in such account(s) shall identify by book-entry those Securities and other property as belonging to the Company.

 

6.4           
Reports Concerning Foreign Sub-custodian. The Custodian will supply to the Company, upon request from time to time, statements
in respect of the Securities held by Foreign Sub-custodians or Eligible Securities Depositories, including an identification of the Foreign
Sub-custodians and Eligible Securities Depositories having physical possession of the Foreign Securities.

 

6.5           
Transactions in Foreign Custody Account. Notwithstanding any provision of this Agreement to the contrary, settlement and payment
for Securities received by a Foreign Sub-custodian for the account of the Company may be effected in accordance with the customary established
securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including
delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with
the expectation of receiving later payment for such securities from such purchaser or dealer.

 

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6.6            Foreign
Sub-custodian. Each contract or agreement pursuant to which the Custodian employs a Foreign Sub-custodian shall include provisions
that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Company
will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the
Company’s assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the
Sub-custodian or its creditors (except a claim of payment for their safe custody or administration) or, in the case of cash
deposits, liens or rights in favor of creditors of the Sub-custodian arising under bankruptcy, insolvency, or similar laws;
(iii) that beneficial ownership for the Company’s assets will be freely transferable without the payment of money or
value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as
belonging to the Company or as being held by a third party for the benefit of the Company; (v) that the Company’s
independent public accountants will be given access to those records or confirmation of the contents of those records; and
(vi) that the Company will receive periodic reports with respect to the safekeeping of the Company’s assets, including
notification of any transfer to or from a Company’s account or a third party account containing assets held for the benefit of
the Company. Such contract may contain, in lieu of any or all of the provisions specified above, such other provisions that the
Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Company assets as the
specified provisions, in their entirety.

 

6.7           
Custodian’s Responsibility for Foreign Sub-custodian.

 

		(a)	With respect to its responsibilities under this Section 6, the Custodian agrees to exercise reasonable care, prudence and diligence
such as a person having responsibility for the safekeeping of property of the Company would exercise. The Custodian further agrees that
the Foreign Securities will be subject to reasonable care, based on the standards applicable to the Custodian in the relevant market,
if maintained with each Foreign Sub-custodian, after considering all factors relevant to the safekeeping of such assets, including: (i) the
Foreign Sub-custodian’s practices, procedures, and internal controls, including the physical protections available for certificated
securities (if applicable), the method of keeping custodial records, and the security and data protection practices; (ii) whether
the Foreign Sub-custodian has the requisite financial strength to provide reasonable care for Company assets; (iii) the Foreign Sub-custodian’s
general reputation and standing and, in the case of Eligible Securities Depository, the Eligible Securities Depository’s operating
history and number of participants; and (iv) whether the Company will have jurisdiction over and be able to enforce judgments against
the Foreign Sub-custodian, such as by virtue of the existence of any offices of the Foreign Sub-custodian in the United States or the
Sub-custodian’s consent to service of process in the United States.

 

		(b)	At the end of each calendar quarter, or at such other times as the Company’s board of directors deems reasonable and appropriate
based on the circumstances of the Company’s foreign custody arrangements, the Custodian shall provide written reports notifying
the board of directors of the Company as to the placement of the Foreign Securities and cash of the Company with a particular Foreign
Sub-custodian and of any material changes in the Company's foreign custody arrangements. The Custodian shall promptly take such steps
as may be required to withdraw assets of the Company from any Foreign Sub-custodian that has ceased to meet the requirements of Rule 17f-5
under the 1940 Act.

 

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		(c)	The Custodian shall establish a system to monitor the appropriateness of maintaining the Company’s assets with a particular
Foreign Sub-custodian and the performance of the contract governing the Company’s arrangements with such Foreign Sub-custodian.
To the extent the Custodian holds Foreign Securities and related Proceeds with one or more Eligible Securities Depositories, the Custodian
shall provide the Company with an analysis of the custody risks associated with maintaining assets with such Eligible Securities Depository
and shall monitor such custody risks on a continuing basis and promptly notify the Company of any material change in these risks. The
Custodian agrees to exercise reasonable care, prudence and diligence in performing its obligations under this clause (c). If the Custodian
determines that a custody arrangement with an Eligible Securities Depository no longer meets the requirements of this Section, the Company’s
Foreign Securities must be withdrawn from such depository as soon as reasonably practicable.

 

		(d)	The Custodian’s responsibility with respect to the selection or appointment of a Foreign Sub-custodian shall be limited to a
duty to exercise reasonable care in the selection or retention of such Foreign Intermediaries in light of prevailing settlement and securities
handling practices, procedures and controls in the relevant market. With respect to any costs, expenses, damages, liabilities, or claims
(including attorneys’ and accountants’ fees) incurred as a result of the acts or the failure to act by any Foreign Sub-custodian,
the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such Foreign Sub-custodian;
provided that the Custodian’s sole liability in that regard shall be limited to amounts actually received by it from such Foreign
Intermediaries (exclusive of related costs and expenses incurred by the Custodian). The Custodian shall have no responsibility for any
act or omission (or the insolvency of) any Securities System (including an Eligible Securities Depository).

 

	7.	CERTAIN GENERAL TERMS

 

7.1             
No Duty to Examine Financing Documents. Nothing herein shall obligate the Custodian to review or examine the terms of any
Financing Document, underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other financing
document evidencing or governing any Security to determine the validity, sufficiency, marketability or enforceability of any Security
(and shall have no responsibility for the genuineness or completeness thereof), or otherwise.

 

7.2             
Resolution of Discrepancies. In the event of any discrepancy between the information set forth in any report provided by
the Custodian to the Company and any information contained in the books or records of the Company, the Company shall promptly notify the
Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy.

 

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7.3             
 Improper Instructions. Notwithstanding anything herein to the contrary, the Custodian shall not be obligated to take any
action (or forebear from taking any action), which it reasonably determines (at its sole option) to be contrary to the terms of this Agreement
or applicable law. In no instance shall the Custodian be obligated to provide services on any day that is not a Business Day.

 

7.4             
Proper Instructions.

 

		(a)	The Company will give written notice to the Custodian, in form acceptable to the Custodian, specifying the names and specimen signatures
(whether manual, facsimile, pdf or other electronic signature) of persons authorized to give Proper Instructions (collectively, “Authorized
Persons” and each is an “Authorized Person”) which notice shall be signed (whether manual, facsimile, pdf
or other electronic signature) by an Authorized Person previously certified to the Custodian. The Custodian shall be entitled to rely
upon the identity and authority of such persons until it receives written notice from an Authorized Person of the Company to the contrary.
The initial Authorized Persons are set forth on Schedule A attached hereto and made a part hereof (as such Schedule A may
be modified from time to time by written notice from the Company to the Custodian). The Custodian shall be entitled to accept and act
upon Proper Instructions sent by unsecured email, facsimile transmission or other similar unsecured electronic methods. If such person
on behalf of the Company elects to give the Custodian email or facsimile instructions (or instructions by a similar electronic method)
and the Custodian in its discretion elects to act upon such instructions, the Custodian’s reasonable understanding of such instructions
shall be deemed controlling. The Custodian shall not be liable for any losses, costs or expenses arising directly or indirectly from the
Custodian’s reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent
with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit
instructions and directions to the Custodian, including without limitation the risk of the Custodian acting on unauthorized instructions,
and the risk of interception and misuse by third parties and acknowledges and agrees that there may be more secure methods of transmitting
such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection with
its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and
circumstances.

 

		(b)	The Custodian shall have no responsibility or liability to the Company (or any other person or entity), and shall be indemnified and
held harmless by the Company, in the event that a subsequent written confirmation of an oral instruction fails to conform to the oral
instructions received by the Custodian. The Custodian shall not have an obligation to act in accordance with purported instructions to
the extent that they conflict with applicable law or regulations, local market practice or the Custodian’s operating policies and
practices. The Custodian shall not be liable for any loss resulting from a delay while it obtains clarification of any Proper Instructions.

 

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		(c)	Reserved.

 

		(d)	The Company hereby agrees that directions given by it pursuant to secure financial messaging services provided by SWIFT (“SWIFT
Transmissions”) are deemed to Proper Instructions for all purposes hereunder. The Company instructs the Custodian to accept
and record SWIFT Transmissions initiated by the Company (or the Advisor on its behalf) to the same extent that written wire transfer instructions
are accepted and processed by the Custodian. The Custodian may conclusively rely on SWIFT Transmissions and the Custodian shall be entitled
to and the Company agrees to provide any verification of information as requested by the Custodian, including the call back process to
an individual designated by the Company as authorized to provide such verification. The Custodian may also request, and the Company will
provide, an additional signed direction (whether by manual, facsimile, .pdf or other electronic signature) in connection with any SWIFT
Transmission. For purposes of compliance with any incumbency certificate of the Company, all instructions received by the Custodian through
the methodology described herein shall be deemed in compliance with the procedures outlined therein (to the extent applicable).

 

7.5             
Actions Permitted Without Express Authority. The Custodian may, at its discretion, without express authority from the Company:

 

		(a)	make payments to itself as described in or pursuant to Section 3.9(b), or to make payments to itself or others for expenses of
handling securities or other similar items relating to its duties under this Agreement, provided that (i) the Custodian shall have first
invoiced or billed the Company for such amounts and the Company shall have failed to pay such amounts within thirty (30) days after the
date of such invoice or bill, and (ii) all such payments shall be accounted for to the Company;

 

		(b)	surrender Securities in temporary form for Securities in definitive form;

 

		(c)	endorse for collection cheques, drafts and other negotiable instruments; and

 

		(d)	in general, attend to all nondiscretionary details in connection with the sale, exchange, substitution, purchase, transfer and other
dealings with the securities and property of the Company.

 

7.6             
Evidence of Authority. The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate
instrument or paper reasonably believed by it to be genuine and to have been properly executed (whether manual, facsimile, pdf or other
electronic signature) or otherwise given by or on behalf of the Company by an Authorized Person. The Custodian may receive and accept
a certificate signed (whether manual, facsimile, pdf or other electronic signature) by any Authorized Person as conclusive evidence of:

 

(a)              
the authority of any person to act in accordance with such certificate; or

 

(b)              
 any determination or of any action by the Company as described in such certificate,

 

and such certificate may be considered as in full force
and effect until receipt by the Custodian of written notice to the contrary from an Authorized Person of the Company.

 

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7.7             
Receipt of Communications. Any communication received by the Custodian on a day which is not a Business Day or after 3:30
p.m., Eastern time (or such other time as is agreed by the Company and the Custodian from time to time), on a Business Day will be deemed
to have been received on the next Business Day (but in the case of communications so received after 3:30 p.m., Eastern time, on a Business
Day, the Custodian will use reasonable efforts to process such communications as soon as possible after receipt).

 

7.8       Actions
on the Loans. The Custodian shall have no duty or obligation hereunder to take any action on behalf of the Company, to communicate
on behalf of the Company, to collect amounts or proceeds in respect of, or otherwise to interact or exercise rights or remedies on behalf
of the Company, with respect to any of the Loans. All such actions and communications are the responsibility of the Company.

 

	8.	COMPENSATION OF CUSTODIAN

 

8.1             
Fees. The Custodian shall be entitled to compensation for its services in accordance with the terms of that certain fee
letter dated as October 28, 2022, between the Company and the Custodian.

 

8.2             
Expenses. The Company agrees to pay or reimburse to the Custodian upon its request from time to time all costs, disbursements,
advances, expenses and indemnification amounts (including reasonable fees and expenses of legal counsel) incurred, and any disbursements
and advances made (including any account overdraft resulting from any settlement or assumed settlement, provisional credit, chargeback,
returned deposit item, reclaimed payment or claw-back, or the like), in connection with the preparation, execution or enforcement of this
Agreement, or in connection with the transactions contemplated hereby or the administration of this Agreement or performance by the Custodian
of its duties and services under this Agreement, from time to time (including costs and expenses of any action deemed necessary by the
Custodian to collect any amounts owing to it under this Agreement).

 

	9.	RESPONSIBILITY OF CUSTODIAN

 

9.1              General
Duties. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the
Securities or Proceeds except for such duties as are expressly and specifically set forth in this Agreement, and the duties and
obligations of the Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations
or responsibilities shall be read into this Agreement against, or on the part of, the Custodian.

 

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9.2             
Instructions.

 

		(a)	The Custodian shall be entitled to refrain from taking any action unless it has such instruction (in the form of Proper Instructions)
from the Company as it reasonably deems necessary, and shall be entitled to require, upon notice to the Company, that Proper Instructions
to it be in writing. The Custodian shall have no liability for any action (or forbearance from action) taken pursuant to the Proper Instruction
of the Company.

 

		(b)	Whenever the Custodian is entitled or required to receive or obtain any communications or information pursuant to or as contemplated
by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it and otherwise
in accordance with any applicable terms of this Agreement; and whenever any report or other information is required to be produced or
distributed by the Custodian, it shall be in form, content and medium reasonably acceptable to it and the Company, and otherwise in accordance
with any applicable terms of this Agreement.

 

9.3             
General Standards of Care. Notwithstanding any terms herein contained to the contrary, the acceptance by the Custodian of
its appointments hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions
of this Agreement (whether or not so stated therein):

 

		(a)	The Custodian may rely on and shall be protected in acting or refraining from acting in reliance upon any written notice, instruction,
statement, certificate, request, waiver, consent, opinion, report, receipt or other paper, electronic communication or document furnished
to it (including any of the foregoing provided to it by facsimile or electronic means), not only as to its due execution and validity,
but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine and signed (whether
manual, facsimile, pdf or other electronic signature), sent or presented by the proper person (which in the case of any instruction from
or on behalf of the Company shall be an Authorized Person); and the Custodian shall be entitled to presume the genuineness and due authority
of any signature (whether manual, facsimile, pdf or other electronic signature) appearing thereon. The Custodian shall not be bound to
make any independent investigation into the facts or matters stated in any such notice, instruction, statement, certificate, request,
waiver, consent, opinion, report, receipt, electronic communication or other paper or document.

 

    24

     

    

 

		(b)	Neither the Custodian nor any of its directors, officers or employees shall be liable to anyone for any error of judgment, or for
any act done or step taken or omitted to be taken by it (or any of its directors, officers or employees), or for any mistake of fact or
law, or for anything which it may do or refrain from doing in connection herewith, unless such action or inaction constitutes
gross negligence, willful misconduct or fraud on its part and in breach of the terms of this Agreement. The Custodian shall not be liable
for any action taken by it in good faith and reasonably believed by it to be within powers conferred upon it, or taken by it pursuant
to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or
instruction required hereby for such action. The Custodian shall not be under any obligation at any time to ascertain whether the Company
is in compliance with (i) the 1940 Act, the regulations thereunder, or the Company’s investment objectives and policies then in
effect or (ii) any restrictions, covenants, limitations or obligations to which the Company may be subject. For avoidance of doubt, the
Custodian shall not be under any obligation to determine whether any investment constitutes an Eligible Investment under this Agreement.

 

		(c)	In no event shall the Custodian be liable for any indirect, incidental, special, punitive or consequential damages (including lost
profits or diminution of value), whether or not it has been advised of the likelihood of such damages.

 

		(d)	The Custodian may consult with, and obtain advice from, legal counsel selected in good faith with respect to any question as to any
of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such counsel shall
be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Custodian in good faith in
accordance with the opinion and directions of such counsel; the reasonable cost of such services shall be reimbursed pursuant to Section
8.2 above.

 

		(e)	The Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually known by an officer
working in its Global Corporate Trust group and charged with responsibility for administering this Agreement or unless (and then only
to the extent received) in writing by the Custodian at the applicable address(es) as set forth in Section 15 hereof and specifically referencing
this Agreement.

 

		(f)	No provision of this Agreement shall require the Custodian to expend or risk its own funds, or to take any action (or forbear from
action) hereunder which might in its judgment involve any expense or any financial or other liability unless it shall be furnished with
acceptable indemnification. Nothing herein shall obligate the Custodian to commence, prosecute or defend legal proceedings in any instance,
whether on behalf of the Company or on its own behalf or otherwise, with respect to any matter arising hereunder, or relating to this
Agreement or the services contemplated hereby.

 

		(g)	The permissive right of the Custodian to take any action hereunder shall not be construed as a duty.

 

		(h)	The Custodian may act or exercise its duties or powers hereunder through agents, Sub-Custodians or attorneys, and the Custodian shall
not be liable or responsible for the actions or omissions of any such agent, Sub-Custodian
or attorney appointed with due care.

 

		(i)	All indemnifications contained in this Agreement in favor of the Custodian shall survive the termination of this Agreement or the
earlier resignation or removal of the Custodian.

 

    25

     

    

 

9.4             
Indemnification; Custodian’s Lien.

 

		(a)	The Company shall and does hereby indemnify and hold harmless the Custodian, any Foreign Sub-custodian and each of its officers, directors,
employees, attorneys, agents, advisors, successors and assigns (collectively, the “Indemnified Persons” and each an
“Indemnified Person”) for and from any and all costs and expenses (including reasonable attorney’s fees and expenses),
and any and all losses, damages, claims (whether brought by or involving the Company or any third party) and liabilities, that may arise,
be brought against or incurred by an Indemnified Person whether brought by or involving any third party or the Company and whether direct,
indirect or consequential, as a result of or arising from or in any way relating to any claim, demand, suit, action or proceeding (including
any inquiry or investigation) by any person, including without limitation the Company or any Subsidiary, and any advances or disbursements
made by the Custodian (including in respect of any Account overdraft, returned deposit item, chargeback, provisional credit, settlement
or assumed settlement, reclaimed payment, claw-back or the like), as a result of, relating to, or arising out of this Agreement, or the
administration or performance of the Custodian’s duties hereunder, the enforcement of any provision of this Agreement or the relationship
between the Company (including, for the avoidance of doubt, any Subsidiary) and the Custodian created hereby, other than such liabilities,
losses, damages, claims, costs and expenses as are directly caused by the Custodian’s action or inaction constituting gross negligence,
fraud or willful misconduct.

 

		(b)	The Custodian shall have and is hereby granted a continuing lien upon and security interest in, and right of set-off against, the
Account, and any funds (and investments in which such funds may be invested) held therein or credited thereto from time to time, whether
now held or hereafter required, and all proceeds thereof, to secure the payment of any amounts that may be owing to the Custodian under
or pursuant to the terms of this Agreement, whether now existing or hereafter arising.

 

9.5              Force
Majeure. Without prejudice to the generality of the foregoing, the Custodian shall be without liability to the Company for any
damage or loss resulting from or caused by events or circumstances beyond the Custodian’s reasonable control including
nationalization, expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and
practices of any securities market, power, mechanical, communications or other technological failures or interruptions, computer
viruses or the like, fires, floods, earthquakes or other natural disasters, civil and military disturbance, acts of war or
terrorism, riots, revolution, acts of God, work stoppages, strikes, national disasters of any kind, or other similar events or acts;
errors by the Company (including any Authorized Person) in its instructions to the Custodian; or changes in applicable law,
regulation or orders.

 

    26

     

    

 

	10.	SECURITY CODES

 

If the Custodian issues to the Company security codes, passwords or
test keys in order that it may verify that certain transmissions of information, including Proper Instructions, have been originated by
the Company, the Company shall take all commercially reasonable steps to safeguard any security codes, passwords, test keys or other security
devices which the Custodian shall make available.

 

	11.	TAX LAW

 

11.1         
Domestic Tax Law. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on
the Company or the Custodian as custodian of the Securities or the Proceeds, by the tax law of the United States or any state or political
subdivision thereof. The Custodian shall be kept indemnified by and be without liability to the Company for such obligations including
taxes, (but excluding any income taxes assessable in respect of compensation paid to the Custodian pursuant to this Agreement) withholding,
certification and reporting requirements, claims for exemption or refund, additions for late payment interest, penalties and other expenses
(including legal expenses) that may be assessed against the Company, or the Custodian as custodian of the Securities or Proceeds.

 

11.2         
Foreign Tax Law. It shall be the responsibility of the Company to notify the Custodian of the obligations imposed on the
Company, or the Custodian as custodian of any foreign securities or related Proceeds, by the tax law of foreign (e.g., non-U.S.) jurisdictions,
including responsibility for withholding and other taxes, assessments or other government charges, certifications and government reporting.
The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to cooperate with the Company
with respect to any claims for exemption or refund under the tax law of the jurisdictions for which the Company has provided such information.

 

	12.	EFFECTIVE PERIOD AND TERMINATION

 

12.1         
Effective Date. This Agreement shall become effective as of its due execution (whether manual, facsimile, pdf or other electronic
signature) and delivery by each of the parties. This Agreement shall continue in full force and effect until terminated as hereinafter
provided. This Agreement may only be amended by mutual written agreement of the parties hereto. This Agreement may be terminated by the
Custodian or the Company pursuant to Section 12.2.

 

12.2          Termination.
This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any written
notice of termination given by either party to the other not later than sixty (60) days prior to the effective date of termination
specified therein, and (b) such other date of termination as may be mutually agreed upon by the parties in writing.

 

    27

     

    

 

12.3         
Resignation. The Custodian may at any time resign under this Agreement by giving not less than sixty (60) days advance written
notice thereof to the Company. The Company may at any time remove the Custodian under this Agreement by giving not less than sixty (60)
days advance written notice to the Custodian.

 

12.4         
Successor. Prior to the effective date of termination of this Agreement, or the effective date of the resignation or removal
of the Custodian, as the case may be, the Company shall give Proper Instruction to the Custodian designating a successor Custodian, if
applicable. The Custodian shall, upon receipt of Proper Instruction from the Company (i) deliver directly to the successor Custodian all
Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Company and held by
the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or
for the benefit of the Company at the successor Custodian, provided that the Company shall have paid to the Custodian all fees, expenses
and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense
of the Company, transfer to each successor all relevant books, records, correspondence, and other data established or maintained by the
Custodian under the Agreement (if such form differs from the form in which the Custodian has maintained the same, the Company shall pay
any reasonable and documented expenses associated with transferring the data to such form) and will cooperate in the transfer of such
duties and responsibilities. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

 

12.5         
Payment of Fees, etc. Upon termination of this Agreement or resignation of the Custodian, the Company shall pay to the Custodian
such compensation, and shall likewise reimburse the Custodian for its costs, expenses and disbursements, as may be due as of the date
of such termination or resignation (or removal, as the case may be). All indemnifications in favor of the Custodian under this Agreement
shall survive the termination of this Agreement, or any resignation or removal of the Custodian.

 

12.6         
Final Report. In the event of any resignation or removal of the Custodian, the Custodian shall provide to the Company a complete
final report or data file transfer of any Confidential Information as of the date of such resignation or removal.

 

 

	13.	REPRESENTATIONS AND WARRANTIES

 

13.1         
Representations of the Company. The Company represents and warrants to the Custodian that:

 

		(a)	it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly authorized, executed
and delivered this Agreement so as to constitute its valid and binding obligation;

 

    28

     

    

 

		(b)	in giving any instructions which purport to be “Proper Instructions” under this Agreement, the Company will act in accordance
with the provisions of its governing documents and any applicable laws and regulations.

 

		(c)	the Company is not a Plan-Assets Vehicle (as defined below); (ii) the Company is not subject to the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), (iii) the aggregate interest in any class of equity interests by any benefit plan
investors (as such term is interpreted under ERISA) for whose benefit or account the Accounts for such Company is held does not equal
or exceed 25% of the outstanding interests; and neither the portfolio of the Securities or the Accounts for such Company is deemed to
be assets of an employee benefit plan which is subject to ERISA. If for any reason the Company breaches or otherwise fails to comply with
any of the foregoing representations, warranties, or covenants, then (i) the Custodian’s duties hereunder with respect to such Company
terminates immediately upon such breach, regardless of whether the Custodian received notice of such breach or provided notice of termination
and promptly thereafter, the Company and the Custodian shall negotiate in good faith to enter into a separate ERISA fund custody agreement,
(ii) the Company will promptly notify the Custodian of such breach, (iii) the Company acknowledges that the Custodian does not act as
investment manager of the Securities or the Accounts and (iv) the Company acknowledges that the Custodian does not provide any services
as a “fiduciary” with respect to the Company within the meaning of ERISA §3(21). For purposes herein, “Plan-assets
Vehicle” means an investment contract, product, or entity that holds plan assets (as determined pursuant to ERISA §§3(42)
and 401 and 29 CFR §2510.3-101.

 

13.2         
Representations of the Custodian. The Custodian hereby represents and warrants to the Company that:

 

		(a)	it has the power and authority to enter into and perform its obligations under this Agreement;

 

		(b)	it has duly authorized, executed and delivered this Agreement so as to constitute its valid and binding obligations;

 

		(c)	it is qualified to act as a custodian pursuant to Section 26(a)(1) of the 1940 Act; and

 

		(d)	that it maintains business continuity policies and standards that include data file backup and recovery procedures that comply with
all applicable regulatory requirements.

 

	14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT

 

This Agreement is not intended for, and shall not be construed to be
intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties (other than successors and
permitted assigns pursuant to Section 19).

 

    29

     

    

 

	15.	NOTICES

 

Any Proper Instructions shall be given to the following address (or
such other address as either party may designate by written notice to the other party), and otherwise any notices, approvals and other
communications hereunder shall be sufficient if made in writing and given to the parties at the following address (or such other address
as either of them may subsequently designate by notice to the other), given by (i) certified or registered mail, postage prepaid, (ii)
recognized courier or delivery service, (iii) electronic mail or (iv) confirmed facsimile, with a duplicate sent on the same day by first
class mail, postage prepaid:

 

		(a)	if to the Company or any Subsidiary, to

 

SuRo Capital Corp.

One Sansome Street

Suite 730

San Francisco, CA 94104

Attention: Allison Green, Chief Compliance Officer

Email: CFO@surocap.com

Telephone: (212) 931-6331

 

		(b)	if to the Custodian, to

 

U.S. Bank Trust Company, National Association

1 Federal Street, 3rd Floor

Boston, MA 02110

Attention: Derrik Pereira

Reference: SuRo Capital Corporation

Email: derrik.pereira@usbank.com

 

	16.	CHOICE OF LAW AND JURISDICTION

 

This Agreement shall be construed, and the provisions thereof interpreted
under and in accordance with and governed by the laws of the State of New York for all purposes (without regard to its choice of law provisions)
except to the extent such laws are inconsistent with the federal securities laws, including the 1940 Act, in which case such federal securities
laws shall govern. All actions and proceedings relating to or arising from, directly or indirectly, this Agreement may be brought in New
York State or U.S. federal courts located within the City of New York, State of New York and the Company and the Custodian hereby submit
to personal jurisdiction of such courts for such actions or proceedings. The Company and the Custodian each hereby waives, to the fullest
extent permitted by applicable law, any right it may have to a trial by jury and any objection to laying of venue in such courts on grounds
of forum nonconveniens in respect of any claim based upon, arising out of or in connection with this Agreement. No actions or proceedings
relating to or arising from, directly or indirectly, this Agreement shall be brought in a forum outside of the United States of America.

 

    30

     

    

 

	17.	ENTIRE AGREEMENT; COUNTERPARTS

 

17.1         
Complete Agreement. This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters
addressed herein and supersedes and terminates as of the date hereof, all prior agreements, acknowledgements or understandings, oral or
written between the parties to this Agreement relating to such matters.

 

17.2         
Counterparts. This Agreement may be executed (whether manual, facsimile, pdf or other electronic signature) in any number
of counterparts and all counterparts taken together shall constitute one and the same instrument.

 

17.3         
Facsimile and Electronic Signatures. The exchange of copies of this Agreement and of signature pages by facsimile, pdf or
other electronic transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in
lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or pdf shall be deemed to be their
original signatures for all purposes. By executing this Agreement, the Company hereby acknowledges and agrees, and directs the Custodian
to acknowledge and agree and the Custodian does hereby acknowledge and agree, that execution of this Agreement, any Proper Instructions
and any other notice, form or other document executed by the Company or the Custodian in connection with this Agreement, by electronic
signature (including, without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any other “electronic
signature” as defined under E-SIGN or ESRA, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the
Company and reasonably available at no undue burden or expense to the Custodian) shall be permitted hereunder notwithstanding anything
to the contrary herein and such electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures.
Any electronically signed document delivered via email from a person purporting to be an Authorized Person shall be considered signed
or executed by such Authorized Person on behalf of the Company. The Company also hereby acknowledges that the Custodian shall have no
duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively
rely on any such electronic signature without any liability with respect thereto.

 

	18.	AMENDMENT; WAIVER

 

18.1         
Amendment. This Agreement may not be amended except by an express written instrument duly executed by each of the Company
and the Custodian.

 

18.2         
Waiver. In no instance shall any delay or failure to act be deemed to be or effective as a waiver of any right, power or
term hereunder, unless and except to the extent such waiver is set forth in an express written instrument signed by the party against
whom it is to be charged.

 

    31

     

    

 

	19.	SUCCESSOR AND ASSIGNS

 

19.1         
 Successors Bound. The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each
of the parties and their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this
Agreement without the written consent of the other party; provided, however, that the foregoing shall not limit the ability of the Custodian
to delegate certain duties or services to or perform them through agents or attorneys appointed with due care as expressly provided in
this Agreement.

 

19.2         
Merger and Consolidation. Any corporation or association into which the Custodian may be merged or converted or with which
it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian
shall be a party, or any corporation or association to which the Custodian transfers all or substantially all of its corporate trust business
shall be the successor of the Custodian hereunder, and shall succeed to all of the rights, powers and duties of the Custodian hereunder,
without the execution or filing of any paper or any further act on the part of any of the parties hereto.

 

	20.	SEVERABILITY

 

The terms of this Agreement are hereby declared to be severable, such
that if any term hereof is determined to be invalid or unenforceable, such determination shall not affect the remaining terms.

 

	21.	REQUEST FOR INSTRUCTIONS

 

If, in performing its duties under this Agreement, the Custodian is
required to decide between alternative courses of action, the Custodian may (but shall not be obliged to) request written instructions
from the Company as to the course of action desired by it. If the Custodian does not receive such instructions within two (2) Business
Days after it has requested them, the Custodian may, but shall be under no duty to, take or refrain from taking any such courses of action.
The Custodian shall act in accordance with instructions received from the Company in response to such request after such two (2) Business
Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.

 

	22.	OTHER BUSINESS

 

Nothing herein shall prevent the Custodian or any of its affiliates
from engaging in other business, or from entering into any other transaction or financial or other relationship with, or receiving fees
from or from rendering services of any kind to the Company or any other Person. Nothing contained in this Agreement shall constitute the
Company and/or the Custodian (and/or any other Person) as members of any partnership, joint venture, association, syndicate, unincorporated
business or similar assignment as a result of or by virtue of the engagement or relationship established by this Agreement.

 

    32

     

    

 

	23.	REPRODUCTION OF DOCUMENTS

 

This Agreement and all schedules, exhibits,
attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic
or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original
itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such
reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further production shall
likewise be admissible in evidence.

 

	24.	MISCELLANEOUS

 

The Company acknowledges receipt of the following notice:

 

“ IMPORTANT INFORMATION
ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.

 

To help the government fight the funding of terrorism
and money laundering activities, Federal law requires all financial institutions to obtain, 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
Custodian will ask for documentation to verify its formation and existence as a legal entity. The Custodian may also ask to see financial
statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other
relevant documentation."

 

[PAGE INTENTIONALLY ENDS HERE. SIGNATURES APPEAR
ON NEXT PAGE.]

 

    33

     

    

 

IN WITNESS WHEREOF, each of the parties has caused
this Agreement to be executed and delivered by a duly authorized officer, intending the same to take effect as of the date first written
above.

 

	 	SURO
    CAPITAL CORP.
	 	 
	 	 
	 	By: 	/s/ Allison Green
	 	Name: 	Allison Green
	 	Title:	 Chief Financial Officer, Chief Compliance Officer, Treasurer
and Corporate Secretary
	 	 
	 	U.S.
    BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Custodian
	 	 
	 	 
	 	By:	 /s/ Ralph J. Creasia, Jr.
	 	Name:  	Ralph J. Creasia, Jr.
	 	Title:	 Senior Vice President

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