Document:

Amended and Restated Trust Agreement

 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 May 1, 2013 
  

 

 TABLE OF CONTENTS 

 

							
		  		  	 	Page	  
	ARTICLE I DEFINITIONS	  	 	1	  
	 Section 1.1
	  	Definitions	  	 	1	  
	 Section 1.2
	  	Other Definitional Provisions	  	 	4	  
		
	 ARTICLE II ORGANIZATION OF THE TRUST
	  	 	5	  
	 Section 2.1
	  	Name	  	 	5	  
	 Section 2.2
	  	Office	  	 	5	  
	 Section 2.3
	  	Purposes and Powers	  	 	5	  
	 Section 2.4
	  	Appointment of Owner Trustee	  	 	6	  
	 Section 2.5
	  	Initial Capital Contribution of Owner Trust Estate	  	 	6	  
	 Section 2.6
	  	Declaration of Trust	  	 	6	  
	 Section 2.7
	  	Liability of Certificateholders	  	 	7	  
	 Section 2.8
	  	Title to Trust Property	  	 	7	  
	 Section 2.9
	  	Situs of Trust	  	 	7	  
	 Section 2.10
	  	Representations and Warranties of the Depositor	  	 	7	  
	 Section 2.11
	  	Federal Income Tax Matters	  	 	9	  
		
	 ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS
	  	 	9	  
	 Section 3.1
	  	Initial Ownership	  	 	9	  
	 Section 3.2
	  	The Certificates	  	 	9	  
	 Section 3.3
	  	Authentication of Certificates	  	 	10	  
	 Section 3.4
	  	Registration of Certificates; Transfer and Exchange of Certificates	  	 	10	  
	 Section 3.5
	  	Mutilated, Destroyed, Lost or Stolen Certificates	  	 	12	  
	 Section 3.6
	  	Persons Deemed Owners	  	 	13	  
	 Section 3.7
	  	Access to List of Certificateholders’ Names and Addresses	  	 	13	  
	 Section 3.8
	  	Maintenance of Office or Agency	  	 	14	  
	 Section 3.9
	  	Appointment of Paying Agent	  	 	14	  
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	 	15	  
	 Section 4.1
	  	Prior Notice to Certificateholders with Respect to Certain Matters	  	 	15	  
	 Section 4.2
	  	Action by Certificateholders with Respect to Certain Matters	  	 	15	  
	 Section 4.3
	  	Action by Certificateholders with Respect to Bankruptcy	  	 	16	  
	 Section 4.4
	  	Restrictions on Certificateholders’ Power	  	 	16	  
	 Section 4.5
	  	Majority Control	  	 	16	  
	 Section 4.6
	  	Certain Litigation Matters	  	 	16	  
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	16	  
	 Section 5.1
	  	Establishment of Certificate Payment Account	  	 	16	  
	 Section 5.2
	  	Application of Trust Funds	  	 	16	  
	 Section 5.3
	  	Method of Payment	  	 	17	  
	 Section 5.4
	  	No Segregation of Monies; No Interest	  	 	17	  
	 Section 5.5
	  	Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others	  	 	18	  
	 Section 5.6
	  	Signature on Returns; Tax Matters Partner	  	 	18	  

  
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	 ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	18	  
	 Section 6.1
	  	General Authority	  	 	18	  
	 Section 6.2
	  	General Duties	  	 	19	  
	 Section 6.3
	  	Action upon Instruction	  	 	19	  
	 Section 6.4
	  	No Duties Except as Specified in this Agreement or in Instructions	  	 	20	  
	 Section 6.5
	  	No Action Except Under Specified Documents or Instructions	  	 	20	  
	 Section 6.6
	  	Restrictions	  	 	21	  
	 Section 6.7
	  	Instructions by Electronic Methods	  	 	21	  
	 Section 6.8
	  	Communications Regarding Demands to Repurchase Receivables	  	 	21	  
		
	 ARTICLE VII REGARDING THE OWNER TRUSTEE
	  	 	22	  
	 Section 7.1
	  	Acceptance of Trusts and Duties	  	 	22	  
	 Section 7.2
	  	Furnishing of Documents	  	 	23	  
	 Section 7.3
	  	Representations and Warranties	  	 	23	  
	 Section 7.4
	  	Reliance; Advice of Counsel	  	 	24	  
	 Section 7.5
	  	Not Acting in Individual Capacity	  	 	24	  
	 Section 7.6
	  	Owner Trustee Not Liable for Certificates or Receivables	  	 	25	  
	 Section 7.7
	  	Owner Trustee May Own Certificates and Notes	  	 	25	  
	 Section 7.8
	  	Regulation AB	  	 	25	  
		
	 ARTICLE VIII COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE
	  	 	26	  
	 Section 8.1
	  	Owner Trustee’s Fees and Expenses	  	 	26	  
	 Section 8.2
	  	Indemnification	  	 	26	  
	 Section 8.3
	  	Payments to the Owner Trustee	  	 	26	  
		
	 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	  	 	28	  
	 Section 10.3
	  	Successor Owner Trustee	  	 	28	  
	 Section 10.4
	  	Merger or Consolidation of Owner Trustee	  	 	29	  
	 Section 10.5
	  	Appointment of Co-Trustee or Separate Trustee	  	 	30	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	31	  
	 Section 11.1
	  	Supplements and Amendments	  	 	31	  
	 Section 11.2
	  	No Legal Title to Owner Trust Estate in Certificateholders	  	 	32	  
	 Section 11.3
	  	Limitation on Rights of Others	  	 	33	  
	 Section 11.4
	  	Notices	  	 	33	  
	 Section 11.5
	  	Severability	  	 	33	  
	 Section 11.6
	  	Separate Counterparts	  	 	33	  
	 Section 11.7
	  	Successors and Assigns	  	 	33	  

  
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	 Section 11.8
	  	Covenants of the Depositor	  	 	34	  
	 Section 11.9
	  	No Petition	  	 	34	  
	 Section 11.10
	  	No Recourse	  	 	34	  
	 Section 11.11
	  	Headings	  	 	34	  
	 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	  	 	35	  

 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 May 1, 2013 (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 2013-2 was created on December 20, 2012 pursuant to (i) a Trust Agreement, dated as of December 20, 2012, between the Depositor and the Owner Trustee (the
“Initial Trust Agreement”) and (ii) the filing of a certificate of trust with the Secretary of State of the State of Delaware on December 20, 2012; 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. Except as otherwise specified herein or as the context may otherwise require, the following terms
shall have the respective meanings set forth below for all purposes of this Agreement. 
 “Accountants” shall
have the meaning specified in Section 5.5. 
 “CarMax” shall mean CarMax Business Services, LLC, a
Delaware limited liability company. 
 “CarMax Auto” shall mean CarMax Auto Superstores, Inc., a Virginia
corporation. 
 “CarMax Funding” shall mean CarMax Auto Funding LLC, a Delaware limited liability company.

 “Certificate” shall mean a physical certificate evidencing the beneficial interest of a Certificateholder in
the Owner Trust Estate, substantially in the form of Exhibit A. Such certificate shall entitle the Holder thereof to distributions pursuant to this Agreement from collections and other proceeds in respect of the Owner Trust Estate; provided,
however, that the Owner Trust Estate has been pledged to the Indenture Trustee to secure payment of the Notes and that the rights of the Certificateholders to receive distributions on the Certificates are subordinated to the rights of the
Noteholders as described in the Sale and Servicing Agreement and the Indenture. 
 “Certificate of Trust” shall
mean the Certificate of Trust substantially in the form of Exhibit B filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute. 

 “Certificate Payment Account” shall have the meaning specified in
Section 5.1. 
 “Certificate Percentage Interest” shall mean, with respect to a Certificate, the
percentage specified on such Certificate as the Certificate Percentage Interest, which percentage represents the beneficial interest of such Certificate in the Trust. The initial Certificate Percentage Interest held by the Depositor shall be 100%.

 “Certificate Register” shall have the meaning specified in Section 3.4. 

“Certificate Registrar” shall have the meaning specified in Section 3.4. 

“Code” shall mean the Internal Revenue Code of 1986 and the Treasury Regulations promulgated thereunder. 

“Corporate Trust Office” shall mean (i) the principal place of business of the Owner Trustee in the state of
Delware which is located at 300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801 and (ii) the office of the Owner Trustee at which at any particular time its corporate trust business shall be administered, which office at date of
execution of this Agreement is located at U.S. Bank Trust National Association, 190 South LaSalle Street, Chicago, Illinois 60603, or at such other address as the Owner Trustee may designate from time to time by notice to the Certificateholders, the
Indenture Trustee, the Depositor and the Servicer, or the principal corporate trust office of any successor Owner Trustee at the address designated by such successor Owner Trustee by notice to the Certificateholders, the Indenture Trustee, the
Depositor and the Servicer. 
 “Depositor” shall mean CarMax Funding in its capacity as depositor under this
Agreement. 
 “Electronic Methods” shall have the meaning specified in Section 6.7. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

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

“Expenses” shall have the meaning specified in Section 8.2. 

“Final Distribution Date” shall mean the November 15, 2019 Distribution Date. 

“HB3” shall mean Texas House Bill 3 (enrolled May 19, 2006) and the corresponding sections of the Texas Tax Code,
Title 2 and the rules and regulations promulgated thereunder. 
 “Holder” or
“Certificateholder” shall mean a Person in whose name a Certificate is registered in the Certificate Register. 

“Indemnified Parties” shall have the meaning specified in Section 8.2. 

  
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 “Indenture” shall mean the Indenture, dated as of May 1, 2013, between
the Trust and the Indenture Trustee, as amended, supplemented or otherwise modified and in effect from time to time. 

“Indenture Trustee” shall mean Wells Fargo Bank, National Association, a national banking association, not in its
individual capacity but solely as Indenture Trustee under the Indenture, and any successor Indenture Trustee under the Indenture. 
 “Initial Servicer” shall mean CarMax. 
 “Owner Trust
Estate” shall mean all right, title and interest of the Trust in, to and under the property and rights assigned to the Trust pursuant to Section 2.1 of the Sale and Servicing Agreement. 

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

“Paying Agent” shall mean the Owner Trustee or any successor paying agent or co-paying agent appointed pursuant to
Section 3.9 who is authorized by the Owner Trustee to make distributions from the Certificate Payment Account on behalf of the Trust. 
 “Plan” shall have the meaning specified in Section 3.4. 

“Plan Asset Regulation” shall mean the United States Department of Labor Regulation 29 C.F.R. Section 2510.3-101,
as modified by Section 3(42) of ERISA. 
 “Rating Agency Condition” shall mean, with respect to any
action, a condition that is satisfied if the person requesting such action (A) delivers a letter from each Rating Agency to the Depositor, the Seller, the Servicer, the Indenture Trustee and the Owner Trustee to the effect that such action will
not result in a reduction or withdrawal of the then-current rating assigned by such Rating Agency to any Class of Notes or (B) provides ten (10) Business Days’ prior written notice of such action to each Rating Agency and such Rating
Agency has not notified the Depositor, the Seller, the Servicer, the Indenture Trustee and the Owner Trustee in writing that such action will result in a reduction or withdrawal of the then-current rating assigned by such Rating Agency to any Class
of Notes. 
 “Record Date” shall mean, with respect to any Distribution Date, the close of business on the
Business Day preceding such Distribution Date. 
 “Repurchase Rules and Regulations” shall have the meaning
specified in Section 6.8. 
 “Responsible Officer” shall mean (i) in the case of the Indenture
Trustee, any managing director, principal, vice president, assistant vice president, assistant secretary, assistant treasurer or trust officer of the Indenture Trustee or any other officer of the Indenture Trustee customarily performing functions
similar to those performed by any of the above designated officers and, with respect to a particular corporate trust matter, any other officer of the Indenture 

  
 3 

 
Trustee to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and (ii) in the case of the Owner Trustee, any vice president,
assistant vice president, assistant secretary, assistant treasurer or trust officer of the Owner Trustee or any other officer or, for the purposes of Section 6.8, any employee of the Owner Trustee customarily performing functions similar to
those performed by any of the above designated officers and with direct responsibility for the administration of the Trust and, with respect to a particular corporate trust matter, any other officer of the Owner Trustee to whom such matter is
referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “Sale and Servicing
Agreement” shall mean the Sale and Servicing Agreement, dated as of May 1, 2013, by and among the Trust, the Depositor, the Servicer and Wells Fargo Bank, National Association, a national banking association, as Backup Servicer.

 “Secretary of State” shall mean the Secretary of State of the State of Delaware. 

“Securities Act” shall mean the Securities Act of 1933. 

“Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code section 3801 et seq.

 “Transfer” shall mean a sale, transfer, assignment, participation, pledge or other disposition of a
Certificate. 
 “Treasury Regulations” shall mean regulations, including proposed or temporary regulations,
promulgated under the Code. All references herein to specific provisions of proposed or temporary Treasury Regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

“Trust” shall mean the CarMax Auto Owner Trust 2013-2 created as a Delaware statutory trust pursuant to this Agreement
and the filing of the Certificate of Trust. 
 Section 1.2 Other Definitional Provisions. 

(a) Capitalized terms used herein and not otherwise defined herein have the meanings assigned to them in the Sale and Servicing Agreement
or, if not defined therein, in the Indenture. 
 (b) All terms defined in this Agreement shall have the defined meanings when
used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (c) As used in
this Agreement and in any certificate or other documents made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this 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 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 Agreement or in any such certificate or other document shall control.

  
 4 

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

 (f) 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 2013-2,” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and
other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 
 Section 2.2 Office. The
office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 

Section 2.3 Purposes and Powers. The purpose of the Trust is, and the Trust shall have the power and authority, to engage
solely in the following activities: 
 (i) to issue the Notes pursuant to the Indenture and the Certificates
pursuant to this Agreement, and to sell the Notes upon the written order of the Depositor; 
 (ii) to use the
proceeds of the sale of the Notes, at the direction of the Depositor, to fund the Reserve Account, to pay the organizational, start-up and transactional expenses of the Trust and to pay the balance to the Depositor pursuant to the Sale and Servicing
Agreement; 
 (iii) to pay interest on and principal of the Notes and to pay Excess Collections to the
Certificateholders; 
 (iv) to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate (other
than the Certificate Payment Account and the proceeds thereof) to the Indenture Trustee pursuant to the Indenture; 

  
 5 

 (v) to enter into and perform its obligations under the Transaction
Documents to which it is to be a party; 
 (vi) subject to compliance with the Transaction Documents, to engage
in such other activities as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Noteholders and the Certificateholders; and 

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

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

Section 2.5 Initial Capital Contribution of Owner Trust Estate. The Depositor has sold, assigned, transferred, conveyed and
set over to the Owner Trustee the sum of $1,000. The Owner Trustee hereby acknowledges receipt in trust from the Depositor of such amount, which amount constituted the initial Owner Trust Estate and was deposited in the Certificate Payment Account.
The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 

Section 2.6 Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon
and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Transaction Documents. It is the intention of the parties hereto that (i) the Trust constitute a
statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust and (ii) solely for income and franchise tax purposes, the Trust shall be treated (A) if it has one
beneficial owner, as a non-entity and (B) if it has more than one beneficial owner, as a partnership, with the assets of the partnership being the Receivables and other assets held by the Trust, the partners of the partnership being the
Certificateholders and the Notes constituting indebtedness of the partnership. Unless otherwise required by the appropriate tax authorities, the Trust shall file or cause to be filed annual or other necessary returns, reports and other forms
consistent with the characterization of the Trust either as a nonentity or as a partnership for such tax purposes. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory
Trust Statute with respect to accomplishing the purposes of the Trust. The parties have caused the filing of the Certificate of Trust with the Secretary of State. If it is determined that, contrary to the intent of the parties hereto and the
position of the Certificateholder, the Trust has “gross receipts” for purposes of HB3, it is the intention of the parties hereto that the Trust be treated as a “passive entity” for purposes of HB3, formed to hold assets to
facilitate securitization transactions in a manner 

  
 6 

 
similar to grantor trusts and real estate mortgage investment conduits as defined by Section 860D of the Code. The Depositor, and the Certificateholders by acceptance of a Certificate, agree
that if it is determined that, contrary to the intent of the parties hereto and the position of the Certificateholder, the Trust has “gross receipts” for purposes of HB3, they will, unless otherwise required by law, treat the Trust as a
“passive entity” for purposes of HB3 and will not, unless otherwise required by law, take any action to include the Trust as part of an affiliated group engaged in a unitary business (as such terms are used in HB3). Notwithstanding
anything to the contrary contained herein, nothing in this Agreement should be read to imply that the Trust is doing business in Texas or has sufficient nexus with Texas in order for HB3 to apply to the Trust. 

Section 2.7 Liability of Certificateholders. The Certificateholders shall be entitled to the same limitation of personal
liability extended to stockholders of private corporations organized under the general corporation law of the State of Delaware. 
 Section 2.8 Title to Trust Property. Legal title to the entirety of the Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity, except where applicable law in
any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/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 and/or a separate trustee, such trustee must provide a written grant of a security interest in the Owner Trust Estate to the Indenture Trustee and must authorize the
filing of a financing statement to perfect the Indenture Trustee’s security interest. 
 Section 2.9 Situs of
Trust. The Trust shall be located and administered in the State of Delaware or the State of Illinois. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of Illinois.
The Trust shall not have any employees in any State other than the State of Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be
received by the Trust only in the State of Delaware or the State of Illinois, and payments will be made by the Trust only from the State of Delaware or the State of Illinois. The principal office of the Trust will be at the Corporate Trust Office in
the State of Illinois. 
 Section 2.10 Representations and Warranties of the Depositor. The Depositor hereby
represents and warrants to the Owner Trustee that: 
 (i) the Depositor has been duly organized and is validly
existing as a limited liability company in good standing under the laws of the State of Delaware, has the power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is
currently conducted, and has the power, authority and legal right to acquire, own and sell the Receivables; 

(ii) the Depositor is duly qualified to do business as a foreign limited liability company in good standing and has
obtained all necessary licenses and approvals in each jurisdiction in which the failure to so qualify or to obtain such licenses and 

  
 7 

 
approvals would materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement, any of the other Transaction
Documents to which the Depositor is a party, the Receivables, the Notes or the Certificates; 
 (iii) the
Depositor has the power and authority to execute, deliver and perform its obligations under this 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 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 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 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 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 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 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. 

  
 8 

 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 or as a partnership, and that the Certificateholders will be treated as partners in that partnership. The Certificateholders by acceptance of a Certificate agree to such treatment
and agree to take no action inconsistent with such treatment. For each calendar quarter, other than periods in which there is only one Certificateholder: 
 (i) net income of the Trust for any calendar quarter as determined for federal income tax purposes (and each item of income, gain, credit, loss or deduction entering into the computation thereof) shall be
allocated among the Certificateholders as of the first day following the end of such quarter in proportion to their Certificate Percentage Interest on such date; and 

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

Section 3.1 Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to
Section 2.5 and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Trust. 

Section 3.2 The Certificates. The Certificates shall be issued in one or more registered, definitive, physical certificates,
substantially in the form set forth in Exhibit A. The Certificates may be in printed or typewritten form and shall be executed on behalf of the Trust by manual or facsimile signature of an Authorized Officer of the Owner Trustee. Certificates
bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefits of this 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 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 Agreement. 
 Section 3.4 Registration of Certificates; Transfer and Exchange of Certificates. 
 (a) The Owner Trustee initially shall be the registrar (the “Certificate Registrar”) for the purpose of registering Certificates and Transfers of Certificates as herein provided. The
Certificate Registrar shall cause to be kept, at the office or agency maintained pursuant to Section 3.8, a register (the “Certificate Register”) in which, subject to such reasonable regulations as it may prescribe, the
Certificate Registrar shall provide for the registration of Certificates and the registration of Transfers of Certificates. Upon any resignation of any Certificate Registrar, the Owner Trustee shall, upon receipt of written instructions from the
Depositor, promptly appoint a successor. 
 (b) The Certificates may not be acquired by or for the account of (i) an
employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or (iii) any entity whose underlying assets include plan
assets by reason of a plan’s investment in the entity (each of (i) through (iii), a “Plan”). Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such
Certificateholder is not a Plan and is not a Person acting on behalf of a Plan or a Person using the assets of a Plan to effect the transfer of such Certificate. 
 Any person who is not an affiliate of the Seller and acquires more than 49.9% of the Certificates will be deemed to represent that it is not a party in interest (within the meaning of ERISA) or a
disqualified person (within the meaning of Section 4975(e)(2) of the Code) with respect to any Plan, other than a Plan that it sponsors for the benefit of its employees, and that no Plan with respect to which it is a party in interest has or
will acquire any interest in the Notes. 
 To the extent permitted under applicable law (including, but not limited to, ERISA),
neither the Owner Trustee nor the Certificate Registrar shall be under any liability to any Person for any registration of transfer of any Certificate that is in fact not permitted or for taking any other action with respect to such Certificate
under the provisions of this Agreement so long as such transfer was registered by the Owner Trustee or the Certificate Registrar in accordance with this Agreement. 

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

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

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

(a) If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to
its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to hold each of the Trust, the
Certificate Registrar and the Owner Trustee harmless, then, in the absence of notice to the Trust, the Certificate Registrar or the Owner Trustee that such Certificate has been acquired by a “protected purchaser” (as defined in the
Relevant UCC), the Owner Trustee shall execute on behalf of the 

  
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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 Agreement equally and proportionately with any and all other Certificates duly issued hereunder. 
 (d) The provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Certificates. 
 Section 3.6 Persons Deemed Owners. Prior to due presentation of a Certificate for
registration of transfer, the Owner Trustee, the Certificate Registrar and any Paying Agent may treat the Person in whose name such Certificate is registered in the Certificate Register (as of the day of determination) as the owner of such
Certificate for the purpose of receiving distributions pursuant to Section 5.2 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary.

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

  
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the Certificate Registrar, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this 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 Chicago, Illinois, an office or offices or agency or agencies where Certificates may be surrendered for
registration of Transfer or exchange and where notices and demands to or upon the Certificate Registrar in respect of the Certificates and the Transaction Documents may be served. The Certificate Registrar shall give prompt written notice to the
Depositor, the Owner Trustee and the Certificateholders of any change in the location of the Certificate Registrar or any such office or agency. 
 Section 3.9 Appointment of Paying Agent. The Paying Agent shall make distributions to Certificateholders from the Certificate Payment Account pursuant to Section 5.2 and shall report the
amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Payment Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke
such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be the
Owner Trustee and any co-paying agent chosen by the Owner Trustee. The Owner Trustee shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Depositor. In the event that the Owner Trustee shall no longer
be the Paying Agent, the Owner Trustee, upon receipt of written instructions from the Depositor, shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall direct such successor Paying Agent or
any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such
successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such
Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections
Section 7.1, Section 7.3 and Section 8.1 shall apply to the Owner Trustee also in its role as Paying Agent, for so long as the Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other paying agent appointed
hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 

  
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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 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 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 other than the Backup Servicer pursuant to Article VIII of the Sale and
Servicing Agreement, (iii) remove the Administrator pursuant to Section 9.1 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 9.1 of the Administration Agreement or (v) sell the
Receivables after the termination of the Indenture, except as expressly provided in the Transaction Documents. 

  
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 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. 

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 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 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 Agreement shall be effective if signed by the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest at the time
of the delivery of such notice. 
 Section 4.6 Certain Litigation Matters. The Owner Trustee shall provide prompt
written notice to the Depositor, the Seller and the Servicer of any action, proceeding or investigation known to the Owner Trustee that could reasonably be expected to adversely affect the Trust or the Owner Trust Estate. 

ARTICLE V 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
 Section 5.1 Establishment of Certificate Payment Account. Pursuant to Section 4.1 of the Sale and Servicing Agreement, the Servicer has agreed to establish, on or before the Closing Date,
and maintain in the name of the Owner Trustee at an Eligible Institution (which shall initially be the Owner Trustee) a segregated trust account designated as the “CarMax Auto Owner Trust 2013-2 Trust Account” (the “Certificate
Payment Account”). The Certificate Payment Account shall be held in trust for the benefit of the Certificateholders. Except as expressly provided in Section 3.9, the Certificate Payment Account shall be under the sole dominion and control
of the Owner Trustee. All monies deposited from time to time in the Certificate Payment Account pursuant to the Sale and Servicing Agreement or the Indenture shall be applied as provided in this 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 4.6 of the Sale and Servicing Agreement, the Owner Trustee shall, or, if the Owner Trustee is not the Paying Agent, shall direct the Paying Agent to, distribute to 

  
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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 4.6 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 Owner Trustee shall, or, if the Owner Trustee is not the Paying Agent, the Owner Trustee shall direct the Paying Agent to, make available to each Certificateholder the
statement provided to the Owner Trustee by the Servicer pursuant to Section 4.9 of the Sale and Servicing Agreement with respect to such Distribution Date. 
 (c) In the event that any withholding tax is imposed on any Trust payment (or any allocation of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the
Certificateholder in accordance with this Section 5.2. The Owner Trustee and each Paying Agent are hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any
such withholding tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome
of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing
authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Owner Trustee may withhold such amounts in accordance with this Section 5.2. If a
Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any
out-of-pocket expenses incurred. 
 Section 5.3 Method of Payment. Subject to Section (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 Distribution 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 Sections 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. 

  
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 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 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, 2014, a letter in form and substance satisfactory to the Owner Trustee as to whether any federal tax withholding on Certificates is then required and, if required, the procedures to be followed with respect thereto to comply with the
requirements of the Code. The Accountants shall be required to update such letter in each instance that any additional tax withholding is subsequently required or any previously required tax withholding shall no longer be required. The Owner Trustee
shall be deemed to have discharged its obligations pursuant to this Section 5.5 upon its retention of the Accountants, and the Owner Trustee shall not have any liability with respect to the default or misconduct of the Accountants. 

Section 5.6 Signature on Returns; Tax Matters Partner. 

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

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

AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 Section 6.1 General Authority. The Owner Trustee is authorized and directed to execute and deliver the Transaction Documents to which the Trust is to be a party and each certificate or other
document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust is to be a party, in each case in such form as the Depositor shall 

  
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approve, as evidenced conclusively by the Owner Trustee’s execution thereof and the Depositor’s execution of this Agreement, and to direct the Indenture Trustee to authenticate and
deliver Notes in the aggregate principal amount of $920,000,000 (comprised of 138,000,000 in aggregate principal amount of Class A-1 Notes, 310,000,000 in aggregate principal amount of Class A-2 Notes, 288,000,000 in aggregate principal
amount of Class A-3 Notes, 133,860,000 in aggregate principal amount of Class A-4 Notes, 20,700,000 in aggregate principal amount of Class B Notes, 17,940,000 in aggregate principal amount of Class C Notes and 11,500,000 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 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 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 Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged (or caused to be discharged) its duties and responsibilities hereunder to the extent the Administrator is required
in the Administration Agreement to perform any act or to discharge such duty of the Owner Trustee or the Trust hereunder or under any other Transaction Document, and the Owner Trustee shall not be held liable for the default or failure of the
Administrator to carry out its obligations under the Administration Agreement. 
 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 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 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 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 

  
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the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this 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 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 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
Agreement or the other Transaction Documents, as it shall deem to be in the best interests of the Certificateholders and shall have no liability to any Person for such action or inaction. 

Section 6.4 No Duties Except as Specified in this 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 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 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 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 Agreement, (ii) in accordance with the other
Transaction Documents to which the Trust is a party and (iii) in accordance with any document or written instruction delivered to the Owner Trustee pursuant to Section 6.3. 

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

  
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 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 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 Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any other Transaction Document under any circumstances, except (i) for its own
willful misconduct, bad faith or negligence or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the Owner Trustee, in its individual capacity. In particular, but not by way of
limitation (and subject to the exceptions set forth in the preceding sentence): 
 (i) the Owner Trustee shall
not be liable for any error of judgment made in good faith by a responsible officer of the Owner Trustee unless it is proved that the Owner Trustee was negligent in ascertaining the pertinent facts; 

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

(iii) no provision of this 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 Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency
of the other Transaction Documents, other than the certificate of authentication on the Certificates, and the Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder or to any Certificateholder, other
than as expressly provided for herein and in the other Transaction Documents; 

  
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 (vi) the Owner Trustee shall not be liable for the default or misconduct of
the Servicer, the Backup 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 Agreement or the other Transaction Documents that are required to be performed by the Administrator under the Administration Agreement, the Servicer or the Backup 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 Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Transaction Document, at the request, order or direction of any of the
Certificateholders, unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby; 

(viii) the right of the Owner Trustee to perform any discretionary act enumerated in this 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, consequential loss or
damage of any kind whatsoever (including loss of profit), (B) for the acts or omissions of clearing agencies or securities depositories or any of their respective nominees or correspondents, (C) for acts or omissions of brokers or dealers
or (D) for any losses due to forces beyond the control of the Owner Trustee, including strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services provided by third parties selected by the Owner Trustee with reasonable care; 

(x) the Owner Trustee shall have no responsibility for the accuracy of any information provided to Certificateholders or
any other person that has been obtained from, or provided to the Owner Trustee by, any other Person; and 
 (xi)
the Owner Trustee shall not be liable for any failure to anticipate incurring Expenses (as defined in Section 8.2) as long as the Owner Trustee acts in good faith based on the facts reasonably available to it at the time of such determination.

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

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: 

  
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 (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 Agreement; 
 (b) it has taken all action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to
execute and deliver this Agreement on its behalf; and 
 (c) neither the execution nor the delivery by it of this 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 binding on it, or constitute any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be
bound. 
 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 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 Agreement or any other
Transaction Document. 
 Section 7.5 Not Acting in Individual Capacity. Except as provided in Section 7.3, in
accepting the trusts hereby created, U.S. Bank Trust National Association acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions
contemplated by this Agreement or any other Transaction Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 

  
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 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 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 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) 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 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
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. 
 ARTICLE IX 
 TERMINATION 

Section 9.1 Termination of Trust Agreement. 
 (a) This Agreement (other than the provisions of Article VIII) shall terminate and be of no further force or effect and the Trust shall dissolve upon the earlier of (i) the payment to the Servicer,
the Noteholders and the Certificateholders of all amounts required to be paid to them pursuant to the terms of the Indenture, the Sale and Servicing Agreement and Article V 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,

  
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dissolution, death or incapacity of any Certificateholder shall not operate to terminate this 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 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 of the Depositor, cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of
State in accordance with the provisions of Section 3810 of the Statutory Trust Statute. 
 ARTICLE X 

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
 Section 10.1 Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a)
of the Statutory Trust Statute, (ii) be authorized to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or 

  
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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. 
 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 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 

  
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conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The
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 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 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 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 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 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 Agreement shall be personally liable by reason of any act or omission of any other trustee
under this 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 Agreement and the
conditions of this Article X. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or
separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee.
Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator. 

  
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 (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 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 Agreement may be amended from time to time by the Depositor and the Owner Trustee with prior written notice by the Depositor to the Rating Agencies and the Administrator, without the consent of
any of the Noteholders or the Certificateholders to cure any ambiguity, to correct or supplement any provision herein that may be inconsistent with any other provision herein or in any offering document used in connection with the initial offer and
sale of the Notes or the Certificates or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement which will not be inconsistent with other provisions of this Agreement;
provided, however, that (i) no such amendment may materially adversely affect the interests of any Noteholder or any Certificateholder and (ii) no such amendment will be permitted unless an Opinion of Counsel is delivered to
the Owner Trustee to the effect that such amendment will not cause the Trust to be characterized for federal income tax purposes as an association taxable as a corporation or otherwise have any material adverse impact on the federal income taxation
of any Notes Outstanding or outstanding Certificates or any Noteholder or Certificateholder. 
 (b) This Agreement may be
amended from time to time by the Depositor and the Owner Trustee with prior written notice by the Depositor to the Rating Agencies and the Administrator, 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 Agreement or modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that (x) no such amendment will be permitted unless an Opinion of Counsel
is delivered to the Owner Trustee to the effect that such amendment will not cause the Trust to be characterized for federal income tax purposes as an association taxable as a corporation or otherwise have any material adverse impact on the federal
income taxation of any Notes Outstanding or outstanding Certificates or any Noteholder or Certificateholder and (y) 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; 

  
 31 

 (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 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) An amendment to this Agreement shall be deemed not to materially adversely affect the interests of any Noteholder or Certificateholder if (i) the Person requesting such amendment obtains and
delivers to the Owner Trustee an Opinion of Counsel to that effect or (ii) the Rating Agency Condition is satisfied. 
 (d)
Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to each Certificateholder and the Depositor shall furnish written notice of the
substance of such amendment or consent to the Indenture Trustee and the Rating Agencies. 
 (e) It shall not be necessary for
the consent of the Certificateholders or the Noteholders pursuant to this Section 11.1(a) 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 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. 
 (f) 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. 
 (g) 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 Agreement or
otherwise. 
 (h) Prior to the execution of any amendment to this 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 stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions
precedent in this Agreement to the execution and delivery of such amendment have been satisfied. 
 Section 11.2 No
Legal Title to Owner Trust Estate in Certificateholders. The Certificateholders shall not have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided
beneficial interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders in and to their beneficial interest in the Owner Trust Estate shall
operate to terminate this 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. 

  
 32 

 Section 11.3 Limitation on Rights of Others. The provisions of this 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 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 Agreement or any covenants, conditions or provisions
contained herein. 
 Section 11.4 Notices. All demands, notices and other communications under
this 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, at the following address: Fitch Ratings, Inc., One State Street Plaza, New York, New York 10004, Attention: Auto Asset Backed Securities Group, and via email to
notifications.abs@fitchratings.com, (v) in the case of Standard & Poor’s, at the following address: Standard & Poor’s Ratings Services, a division of Standard & Poor’s Financial Services LLC, 55 Water
Street, 43rd Floor, New York, New York 10041 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 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 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 Agreement and the Certificates shall not in any way be affected or impaired
thereby. 
 Section 11.6 Separate Counterparts. This Agreement may be executed in any number of counterparts, each
of which counterparts when so executed shall be deemed to be an original, and all of which counterparts shall together constitute but one and the same instrument. 
 Section 11.7 Successors and Assigns. All covenants and agreements in this 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. 

  
 33 

 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 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 Agreement,
each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder, by accepting the benefits of this 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 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 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 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 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 Agreement. 
 Section 11.13 Depositor Payment Obligation. The Depositor shall be responsible for payment of the Administrator’s compensation under the Administration Agreement and shall reimburse the
Administrator for all expenses and liabilities of the Administrator incurred under the Administration Agreement. 

Section 11.14 Certificates Nonassessable and Fully Paid. The Certificateholders shall not be personally liable for the
obligations of the Trust. The interests represented by the Certificates shall be nonassessable for any losses or expenses of the Trust or for any reason whatsoever, and, upon the authentication thereof by the Owner Trustee pursuant to
Section 3.3, Section 3.4 or Section 3.5, the Certificates are and shall be deemed fully paid. 

  
 34 

 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. 

[SIGNATURE PAGE FOLLOWS] 

  
 35 

 IN WITNESS WHEREOF, the Depositor and the Owner Trustee have caused this 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:	 	Treasurer

  

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

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

 Accepted and agreed: 
  

			
	 CARMAX BUSINESS SERVICES, LLC,
 as Servicer

		
	By:	 	/s/ Thomas W. Reedy        
	Name:	 	Thomas W. Reedy
	Title:	 	Chief Financial Officer

 Trust Agreement (CAOT 2013-2) 

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

			
	REGISTERED	  	NO. R-1

 CARMAX AUTO OWNER TRUST 2013-2 
 ASSET-BACKED CERTIFICATE 
 evidencing a beneficial interest in the property of
CarMax Auto Owner Trust 2013-2, a Delaware statutory trust (the “Trust”), which property includes a pool of retail installment sale contracts secured by new and used motor vehicles sold by CarMax Business Services, LLC, a Delaware
limited liability company (the “Seller”), to CarMax Auto Funding LLC, a Delaware limited liability company (the “Depositor”), and sold by the Depositor to the Trust. The property of the Trust (other than the
Certificate Payment Account and the proceeds thereof) has been pledged by the Trust to Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”),
pursuant to an Indenture dated as of May 1, 2013 (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                    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 December 20, 2012 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 May 1, 2013 (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 May 1, 2013 (as amended, supplemented or otherwise modified and in effect from time to time, the “Sale and Servicing Agreement”) among the Trust, the Depositor, CarMax Business
Services, LLC, as servicer (in such capacity, the “Servicer”), and Wells Fargo Bank, National Association, a national banking association, as backup servicer (in such capacity, the “Backup Servicer”). 

This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement
the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. The property of the Trust includes: (i) a pool of retail installment sale contracts originated in connection with the sale of new or
used motor vehicles (the “Receivables”); (ii) all amounts received on or in respect of the Receivables after the Cutoff Date; (iii) the security interests in the Financed Vehicles granted

  
 Ex. A-1

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

Pursuant to the Trust Agreement, there will be distributed on each Distribution Date to the Person in whose name this Certificate is
registered at the close of business on the Business Day preceding such Distribution Date such Certificateholder’s Certificate Percentage Interest in the amount to be distributed to Certificateholders on such Distribution Date. 

“Distribution Date” means the 15th day of each month or, if such 15th day is not a Business Day, the following Business
Day, commencing on June 17, 2013. 
 THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS TO RECEIVE
DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS AS DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE. 

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

  
 Ex. A-2

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

Distributions on this Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to
the Certificateholder of record in the Certificate Register without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final
distribution on this Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency of the Certificate Registrar maintained for
that purpose in Chicago, Illinois. 
 Reference is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Certificate. 
 Unless the certificate of authentication hereon has been executed by an authorized officer of the Owner Trustee, by manual signature, this Certificate shall not entitle the Holder hereof to any benefit
under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 

  
 Ex. A-3

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual
capacity, has caused this Certificate to be duly executed as of the date set forth below. 
 Dated: May 16, 2013 

 

			
	CARMAX AUTO OWNER TRUST 2013-2,
		
	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	Name:
	Title:

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: May 16, 2013 
  

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

  
 Ex. A-4

 [REVERSE OF CERTIFICATE] 

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

Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such Certificateholder
is not an “employee benefit plan” or arrangement subject to Section 406 of ERISA or a “plan” subject to Section 4975 of the Code (such “employee benefit plan” or “plan,” a “Plan”),
nor a person acting on behalf of a Plan nor using the assets of a Plan to effect the transfer of such Certificate. 
 Any person
who is not an affiliate of the Seller and acquires more than 49.9% of the Certificates will be deemed to represent that it is not a party in interest (within the meaning of ERISA) or a disqualified person (within the meaning of
Section 4975(e)(2) of the Code) with respect to any Plan, other than a Plan that it sponsors for the benefit of its employees, and that no Plan with respect to which it is a party in interest has or will acquire any interest in the Notes.

  
 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 2013-2 
 This Certificate of Trust of CarMax Auto Owner Trust 2013-2 (the “Trust”) is being duly
executed and filed by U.S. Bank Trust National Association, a national banking association, as owner trustee (the “Owner Trustee”), to form a statutory trust under the Delaware Statutory Trust Act (12 Del. Code, § 3801
et seq.) (the “Act”). 
 1. Name. The name of the statutory trust formed hereby is CarMax Auto
Owner Trust 2013-2. 
 2. Delaware Trustee. The name and business address of a trustee of the Trust having its principal
place of business in the State of Delaware is U.S. Bank Trust National Association, 300 East Delaware Avenue, 8th Floor, Wilmington, Delaware 19809. 
 3. Effective Date. This Certificate of Trust shall be effective upon its filing with the Secretary of State of the State of Delaware. 

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

  

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

		
	By:	 	 
	Name:	 	
	Title:	 	

  
 Ex. BSale and Servicing Agreement

 Exhibit 10.1 
 CARMAX AUTO OWNER TRUST 2013-2, 
 as Issuer, 

CARMAX AUTO FUNDING LLC, 
 as Depositor, 
 CARMAX BUSINESS SERVICES, LLC, 

as Servicer 
 and

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Backup Servicer 
  

 
 SALE AND
SERVICING AGREEMENT 
 Dated as of May 1, 2013 

 
  

 

 TABLE OF CONTENTS 

 

							
	  	 	  	  	 Page
	 
	
	ARTICLE I	  
	DEFINITIONS	  
	1.1	 	 Definitions
	  	 	1	  
	1.2	 	 Other Definitional Provisions
	  	 	18	  
	
	ARTICLE II	  
	TRUST PROPERTY	  
	2.1	 	 Conveyance of Trust Property
	  	 	19	  
	2.2	 	 Representations and Warranties of the Seller as to the Receivables
	  	 	20	  
	2.3	 	 Representations and Warranties of the Depositor as to the Receivables
	  	 	21	  
	2.4	 	 Repurchase by Depositor upon Breach
	  	 	25	  
	2.5	 	 Custody of Receivable Files
	  	 	25	  
	2.6	 	 Duties of Servicer as Custodian
	  	 	26	  
	2.7	 	 Instructions; Authority to Act
	  	 	27	  
	2.8	 	 Indemnification by the Custodian
	  	 	27	  
	2.9	 	 Effective Period and Termination
	  	 	27	  
	
	ARTICLE III	  
	ADMINISTRATION AND SERVICING OF RECEIVABLES AND OTHER TRUST PROPERTY	  
	3.1	 	 Duties of Servicer and Backup Servicer
	  	 	28	  
	3.2	 	 Collection and Allocation of Receivable Payments
	  	 	29	  
	3.3	 	 Realization upon Receivables
	  	 	30	  
	3.4	 	 Physical Damage Insurance
	  	 	30	  
	3.5	 	 Maintenance of Security Interests in Financed Vehicles
	  	 	30	  
	3.6	 	 Amendment of Receivable Terms
	  	 	30	  
	3.7	 	 Purchase by Servicer upon Breach
	  	 	30	  
	3.8	 	 Servicing Compensation
	  	 	31	  
	3.9	 	 Monthly Servicer’s Certificate
	  	 	31	  
	3.10	 	 Annual Servicing Report; Annual Compliance Statement; Notice of Event of Servicing Termination
	  	 	31	  
	3.11	 	 Annual Public Accounting Firm Report
	  	 	32	  
	3.12	 	 Access to Certain Documentation and Information Regarding Receivables
	  	 	33	  
	3.13	 	 Reports to the Commission
	  	 	33	  
	3.14	 	 Reports to Rating Agencies
	  	 	33	  
	3.15	 	 Monthly Tape
	  	 	33	  
	
	ARTICLE IV	  
	DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO NOTEHOLDERS AND CERTIFICATEHOLDERS	  
	4.1	 	 Accounts
	  	 	34	  
	4.2	 	 Collections
	  	 	35	  
	4.3	 	 Application of Collections
	  	 	36	  

  
 i 

							
	4.4	 	 Simple Interest Advances and Unreimbursed Servicer Advances
	  	 	36	  
	4.5	 	 Additional Deposits
	  	 	37	  
	4.6	 	 Determination Date Calculations; Application of Available Funds
	  	 	37	  
	4.7	 	 Reserve Account
	  	 	39	  
	4.8	 	 Net Deposits
	  	 	40	  
	4.9	 	 Statements to Noteholders and Certificateholders
	  	 	41	  
	4.10	 	 Control of Securities Accounts
	  	 	43	  
	
	ARTICLE V	  
	[RESERVED]	  
	
	ARTICLE VI	  
	THE DEPOSITOR	  
	6.1	 	 Representations and Warranties of Depositor
	  	 	43	  
	6.2	 	 Liability of Depositor; Indemnities
	  	 	44	  
	6.3	 	 Merger or Consolidation of, or Assumption of the Obligations of, Depositor
	  	 	46	  
	6.4	 	 Limitation on Liability of Depositor and Others
	  	 	46	  
	6.5	 	 Depositor May Own Notes or Certificates
	  	 	47	  
	6.6	 	 [RESERVED]
	  	 	47	  
	6.7	 	 Certain Limitations
	  	 	47	  
	
	ARTICLE VII	  
	THE SERVICER AND THE BACKUP SERVICER	  
	7.1	 	 Representations and Warranties of Servicer
	  	 	49	  
	7.2	 	 Representations and Warranties of Backup Servicer
	  	 	50	  
	7.3	 	 Liability of Servicer and Backup Servicer; Indemnities
	  	 	51	  
	7.4	 	 Merger or Consolidation of, or Assumption of the Obligations of, Servicer or Backup Servicer
	  	 	53	  
	7.5	 	 Limitation on Liability of Servicer, Backup Servicer and Others
	  	 	54	  
	7.6	 	 Delegation of Duties
	  	 	55	  
	7.7	 	 Servicer and Backup Servicer Not to Resign
	  	 	55	  
	7.8	 	 Servicer May Own Notes or Certificates
	  	 	55	  
	
	ARTICLE VIII	  
	SERVICING TERMINATION	  
	8.1	 	 Events of Servicing Termination
	  	 	56	  
	8.2	 	 Appointment of Successor Servicer
	  	 	58	  
	8.3	 	 Effect of Servicing Transfer
	  	 	59	  
	8.4	 	 Notification to Noteholders, Certificateholders and Rating Agencies
	  	 	60	  
	8.5	 	 Waiver of Past Events of Servicing Termination
	  	 	60	  
	8.6	 	 Repayment of Advances
	  	 	60	  
	
	ARTICLE IX	  
	TERMINATION	  
	9.1	 	 Optional Purchase of All Receivables
	  	 	60	  

  
 ii 

							
	ARTICLE X	  
	MISCELLANEOUS PROVISIONS	  
	10.1	 	 Amendment
	  	 	61	  
	10.2	 	 Protection of Title to Trust
	  	 	63	  
	10.3	 	 GOVERNING LAW
	  	 	65	  
	10.4	 	 Notices
	  	 	65	  
	10.5	 	 Severability of Provisions
	  	 	65	  
	10.6	 	 Assignment
	  	 	66	  
	10.7	 	 Further Assurances
	  	 	66	  
	10.8	 	 No Waiver; Cumulative Remedies
	  	 	66	  
	10.9	 	 Third-Party Beneficiaries
	  	 	66	  
	10.10	 	 Actions by Noteholder or Certificateholders
	  	 	66	  
	10.11	 	 Counterparts
	  	 	67	  
	10.12	 	 No Bankruptcy Petition
	  	 	67	  
	10.13	 	 Limitation of Liability of Owner Trustee and Indenture Trustee
	  	 	67	  
	10.14	 	 Regulation AB
	  	 	67	  
	10.15	 	 Communications Regarding Demands to Repurchase Receivables
	  	 	68	  

  

			
	SCHEDULES
		
	SCHEDULE 1	  	Receivable Schedule
	SCHEDULE 2	  	Location of Receivable Files
	
	EXHIBITS
		
	EXHIBIT A	  	Form of Servicer’s Certificate
	EXHIBIT B	  	Form of Statement to Noteholders
	EXHIBIT C	  	Form of Statement to Certificateholders

  
 iii

 SALE AND SERVICING AGREEMENT, dated as of May 1, 2013 (as amended, supplemented or
otherwise modified and in effect from time to time, this “Agreement”), among CARMAX AUTO OWNER TRUST 2013-2, a Delaware statutory trust (the “Trust”), CARMAX AUTO FUNDING LLC, a Delaware limited liability company
(the “Depositor”), CARMAX BUSINESS SERVICES, LLC, a Delaware limited liability company (“CarMax”), as servicer (in such capacity, the “Servicer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a
national banking association, as backup servicer (in such capacity, the “Backup Servicer”). 
 WHEREAS, the
Trust desires to purchase certain motor vehicle retail installment sale contracts originated or acquired by CarMax in the ordinary course of business and sold to the Depositor as of the date hereof; 

WHEREAS, the Depositor is willing to sell such contracts to the Trust as of the date hereof; 

WHEREAS, the Servicer is willing to service such contracts on behalf of the Trust; and 

WHEREAS, the Backup Servicer is willing to service such contracts on behalf of the Trust if the Servicer resigns or is terminated;

 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1
Definitions. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, whenever capitalized shall have the following meanings: 

“Additional Note Interest” shall mean, for any Distribution Date and any Class of Notes, the sum of (i) all accrued
but unpaid Monthly Note Interest for previous Distribution Dates for such Class plus (ii) to the extent permitted by law, interest on such accrued but unpaid Monthly Note Interest at the Note Rate applicable to such Class. 

“Additional Servicing Fee” shall mean, for any Collection Period, if a successor Servicer has been appointed pursuant to
Section 8.2, the amount, if any, by which (i) the compensation payable to such successor Servicer for such Collection Period exceeds (ii) the Monthly Servicing Fee for such Collection Period. 

“Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by
or under direct or indirect common control with such Person. For purposes of this definition, “control” when used with respect to any Person shall mean the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise. 

 “Amount Financed” shall mean, with respect to any Receivable, the aggregate
amount advanced under such Receivable toward the purchase price of the related Financed Vehicle and any related costs, including accessories, extended service plan contracts, insurance premiums and other items customarily financed as part of a motor
vehicle retail installment sale contract. 
 “Applicable Tax State” shall mean, as of any date, (i) any
State in which the Owner Trustee maintains the Corporate Trust Office, (ii) any State in which the Owner Trustee maintains its principal executive offices and (iii) any State in which the Servicer regularly conducts servicing and
collection activities (other than purely ministerial activities) with respect to a material portion of the Receivables. 

“APR” shall mean, with respect to any Receivable, the annual percentage rate of interest stated in such Receivable.

 “Authorized Officer” shall mean, as applicable, (i) any officer within the Corporate Trust Office of
the Indenture Trustee, including any vice president, assistant vice president, secretary or assistant secretary, or any financial services officer of the Indenture Trustee customarily performing functions similar to those performed by any of the
above designated officers and also, with respect to a particular matter, any other officer of the Indenture Trustee to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject or
(ii) any officer of the Owner Trustee who is authorized to act for or on behalf of the Owner Trustee in matters relating to the Issuer and who is identified on the list of Authorized Officers or authorized signatories delivered by the Owner
Trustee to the Servicer on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 

“Available Collections” shall mean, for any Distribution Date, (i) all Obligor payments received with respect to
the Receivables during the preceding Collection Period, (ii) all Liquidation Proceeds received with respect to the Receivables during the preceding Collection Period, (iii) all interest earned on funds on deposit in the Collection Account
during the preceding Collection Period, (iv) the aggregate Purchase Amount deposited in the Collection Account on the Business Day preceding such Distribution Date, (v) all prepayments received with respect to the Receivables during the
preceding Collection Period attributable to any refunded item included in the Amount Financed (including amounts received as a result of rebates of extended service plan contract costs and insurance premiums and proceeds received under physical
damage, theft, GAP, credit life and credit disability insurance policies) and (vi) all Simple Interest Advances deposited into the Collection Account by the Servicer on the Business Day preceding such Distribution Date; provided,
however, that Available Collections for any Distribution Date shall not include any payments or other amounts (including Liquidation Proceeds) received with respect to any Purchased Receivable the Purchase Amount for which was included in
Available Collections for a previous Distribution Date; provided further, that Available Collections for any Distribution Date shall not include any payments or other amounts (including Liquidation Proceeds) received with respect to
any Receivable to the extent that the Servicer has made an unreimbursed Simple Interest Advance with respect to such Receivable and is entitled to reimbursement from such payments or other amounts pursuant to Section 4.4; and, provided
further, that Available Collections for any Distribution Date shall not include any payments or other amounts (including Liquidation Proceeds) received with respect to the Receivables that are retained by the Servicer as reimbursement for
Unreimbursed Servicer Advances pursuant to Section 4.4. 

  
 2 

 “Available Funds” shall mean, for any Distribution Date, the sum of
(i) the Available Collections for such Distribution Date plus (ii) the Reserve Account Draw Amount, if any, for such Distribution Date (to the extent deposited in the Collection Account). 

“Backup Servicer” shall mean Wells Fargo Bank, National Association, a national banking association, and any successor
backup servicer appointed in accordance with Section 8.2. 
 “Backup Servicer Fee” shall mean, for any
Collection Period, the greater of (i) the product of one-twelfth of 0.0075% and the Pool Balance as of the first day of the preceding Collection Period (or in the case of the initial Collection Period, as of the Cutoff Date) and
(ii) $2,500. 
 “Bankruptcy Code” shall mean Title 11 of the United States Code, as amended. 

“Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions or trust
companies in New York, New York, Wilmington, Delaware, Minneapolis, Minnesota or Richmond, Virginia are authorized or obligated by law, executive order or governmental decree to remain closed. 

“CarMax” shall mean CarMax Business Services, LLC, a Delaware limited liability company. 

“CarMax Auto” shall mean CarMax Auto Superstores, Inc., a Virginia corporation. 

“CarMax, Inc.” shall mean CarMax, Inc., a Virginia corporation. 

“CarMax Funding” shall mean CarMax Auto Funding LLC, a Delaware limited liability company. 

“Certificate” shall have the meaning specified in the Trust Agreement. 

“Certificate Payment Account” shall mean the account established and maintained as such pursuant to Section 4.1(c).

 “Certificate Percentage Interest” shall mean, with respect to a Certificate, the percentage specified on
such Certificate as the Certificate Percentage Interest, which percentage represents the beneficial interest of such Certificate in the Trust. The initial Certificate Percentage Interest held by the Depositor shall be 100%. 

“Certificateholder” shall have the meaning specified in the Trust Agreement. 

  
 3 

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

“Class A-1 Final Distribution Date” shall mean the May 15, 2014 Distribution Date. 

“Class A-1 Monthly Interest” shall mean (i) for the initial Distribution Date, $25,760.00, and (ii) for any
Distribution Date thereafter, the product of (A) the actual number of days elapsed during the period from and including the preceding Distribution Date to but excluding such Distribution Date divided by 360, (B) the Class A-1 Rate and
(C) the outstanding principal balance of the Class A-1 Notes as of the preceding Distribution Date (after giving effect to all payments of principal made to the Holders of the Class A-1 Notes on or before such preceding Distribution
Date). 
 “Class A-1 Notes” shall mean the 0.21000% Class A-1 Asset-Backed Notes issued by the Trust
pursuant to the Indenture in the initial aggregate principal amount of $138,000,000. 
 “Class A-1 Rate” shall
mean 0.21000% per annum. 
 “Class A-2 Final Distribution Date” shall mean the June 15, 2016
Distribution Date. 
 “Class A-2 Monthly Interest” shall mean (i) for the initial Distribution Date,
$104,883.33, and (ii) for any Distribution Date thereafter, one-twelfth of the product of (A) the Class A-2 Rate and (B) the outstanding principal balance of the Class A-2 Notes as of the preceding Distribution Date (after
giving effect to all payments of principal made to the Holders of the Class A-2 Notes on or before such preceding Distribution Date). 
 “Class A-2 Notes” shall mean the 0.42% Class A-2 Asset-Backed Notes issued by the Trust pursuant to the Indenture in the initial aggregate principal amount of $310,000,000.

 “Class A-2 Rate” shall mean 0.42% per annum. 

“Class A-3 Final Distribution Date” shall mean the January 16, 2018 Distribution Date. 

“Class A-3 Monthly Interest” shall mean (i) for the initial Distribution Date, $148,480.00, and (ii) for any
Distribution Date thereafter, one-twelfth of the product of (A) the Class A-3 Rate and (B) the outstanding principal balance of the Class A-3 Notes as of the preceding Distribution Date (after giving effect to all payments of
principal made to the Holders of the Class A-3 Notes on or before such preceding Distribution Date). 

  
 4 

 “Class A-3 Notes” shall mean the 0.64% Class A-3 Asset-Backed Notes
issued by the Trust pursuant to the Indenture in the initial aggregate principal amount of $288,000,000. 
 “Class A-3
Rate” shall mean 0.64% per annum. 
 “Class A-4 Final Distribution Date” shall mean the
November 15, 2018 Distribution Date. 
 “Class A-4 Monthly Interest” shall mean (i) for the initial
Distribution Date, $90,578.60, and (ii) for any Distribution Date thereafter, one-twelfth of the product of (A) the Class A-4 Rate and (B) the outstanding principal balance of the Class A-4 Notes as of the preceding
Distribution Date (after giving effect to all payments of principal made to the Holders of the Class A-4 Notes on or before such preceding Distribution Date). 
 “Class A-4 Notes” shall mean the 0.84% Class A-4 Asset-Backed Notes issued by the Trust pursuant to the Indenture in the initial aggregate principal amount of $133,860,000.

 “Class A-4 Rate” shall mean 0.84% per annum. 

“Class B Final Distribution Date” shall mean the January 15, 2019 Distribution Date. 

“Class B Monthly Interest” shall mean (i) for the initial Distribution Date, $20,176.75, and (ii) for any
Distribution Date thereafter, one-twelfth of the product of (A) the Class B Rate and (B) the outstanding principal balance of the Class B Notes as of the preceding Distribution Date (after giving effect to all payments of principal made to
the Holders of the Class B Notes on or before such preceding Distribution Date). 
 “Class B Notes” shall mean
the 1.21% Class B Asset-Backed Notes issued by the Trust pursuant to the Indenture in the initial aggregate principal amount of $20,700,000. 
 “Class B Rate” shall mean 1.21% per annum. 
 “Class
C Final Distribution Date” shall mean the March 15, 2019 Distribution Date. 
 “Class C Monthly
Interest” shall mean (i) for the initial Distribution Date, $23,267.18, and (ii) for any Distribution Date thereafter, one-twelfth of the product of (A) the Class C Rate and (B) the outstanding principal balance of the
Class C Notes as of the preceding Distribution Date (after giving effect to all payments of principal made to the Holders of the Class C Notes on or before such preceding Distribution Date). 

“Class C Notes” shall mean the 1.61% Class C Asset-Backed Notes issued by the Trust pursuant to the Indenture in the
initial aggregate principal amount of $17,940,000. 
 “Class C Rate” shall mean 1.61% per annum.

  
 5 

 “Class D Final Distribution Date” shall mean the November 15, 2019
Distribution Date. 
 “Class D Monthly Interest” shall mean (i) for the initial Distribution Date,
$19,083.61, and (ii) for any Distribution Date thereafter, one-twelfth of the product of (A) the Class D Rate and (B) the outstanding principal balance of the Class D Notes as of the preceding Distribution Date (after giving effect to
all payments of principal made to the Holders of the Class D Notes on or before such preceding Distribution Date). 

“Class D Notes” shall mean the 2.06% Class D Asset-Backed Notes issued by the Trust pursuant to the Indenture in the
initial aggregate principal amount of $11,500,000. 
 “Class D Rate” shall mean 2.06% per annum.

 “Class Final Distribution Date” shall mean, as applicable, the Class A-1 Final Distribution Date, the
Class A-2 Final Distribution Date, the Class A-3 Final Distribution Date, the Class A-4 Final Distribution Date, the Class B Final Distribution Date, the Class C Final Distribution Date or the Class D Final Distribution Date.

 “Closing Date” shall mean May 16, 2013. 

“Collection Account” shall mean the account established and maintained as such pursuant to Section 4.1(a).

 “Collection Period” shall mean each calendar month during the term of this Agreement or, in the case of the
initial Collection Period, the period from but excluding the Cutoff Date to and including May 31, 2013. 

“Commission” shall mean the Securities and Exchange Commission. 

“Consolidated Tangible Net Worth” shall mean, as of any date, all amounts which, in conformity with generally accepted
accounting principles, would be included under stockholders’ equity on the consolidated balance sheet of CarMax, Inc. as of such date; provided, however, that, in any event, such amounts shall be net of amounts carried on the
consolidated financial statements of CarMax, Inc. for any write-up in the book value of any assets of CarMax, Inc. resulting from a revaluation thereof subsequent to February 28, 2009, treasury stock, intangible assets and indebtedness owing
from officers, employees, shareholders or affiliates of CarMax, Inc. (but only if the aggregate amount of such indebtedness exceeds $1,000,000). 
 “Controlling Class” shall mean (i) the Class A Notes so long as any Class A Notes are Outstanding, (ii) thereafter the Class B Notes so long as any Class B Notes are
Outstanding, (iii) thereafter the Class C Notes so long as any Class C Notes are Outstanding and (iv) thereafter the Class D Notes. 
 “Corporate Trust Office” shall mean, as applicable, (i) the principal office of the Indenture Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of the execution of this Agreement is located at Sixth and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota 55479 Attention: Asset Backed 

  
 6 

 
Securities Department, or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Owner Trustee, the Depositor, the Seller and the
Servicer, or the principal corporate trust office of any successor Indenture Trustee at the address designated by such successor Indenture Trustee by notice to the Noteholders, the Owner Trustee, the Depositor, the Seller and the Servicer or
(ii) the corporate trust office of the Owner Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of the execution of this Agreement is located at 190 South LaSalle Street,
Chicago, Illinois 60603, or at such other address as the Owner Trustee may designate from time to time by notice to the Certificateholders, the Indenture Trustee, the Depositor, the Seller and the Servicer, or the principal corporate trust office of
any successor Owner Trustee at the address designated by such successor Owner Trustee by notice to the Certificateholders, the Indenture Trustee, the Depositor, the Seller and the Servicer. 

“Cumulative Net Loss Percentage” shall mean, for any Distribution Date, the ratio, expressed as a percentage, of
(i) the aggregate Principal Balance (without regard to the proviso to the definition of “Principal Balance”) of all Defaulted Receivables as of the last day of the preceding Collection Period minus the aggregate Liquidation
Proceeds received since the Cutoff Date through the last day of the preceding Collection Period to (ii) the Pool Balance as of the Cutoff Date. 
 “Cutoff Date” shall mean April 30, 2013. 

“Defaulted Receivable” shall mean a Receivable as to which (i) any payment, or any part of any payment, due under
such Receivable is 120 days or more delinquent as of the last day of any Collection Period (whether or not the Servicer has repossessed the related Financed Vehicle), (ii) the Servicer has repossessed and sold the related Financed Vehicle or
(iii) the Servicer has determined in accordance with its customary practices that such Receivable is uncollectible; provided, however, that a Receivable shall not be classified as a Defaulted Receivable until the last day of the
Collection Period during which one of the foregoing events first occurs; and, provided further, that a Purchased Receivable shall not be deemed to be a Defaulted Receivable. 

“Depositor” shall mean CarMax Funding. 
 “Determination Date” shall mean the sixth day preceding each Distribution Date or, if such sixth day is not a Business Day, the following Business Day, commencing on June 11, 2013.

 “Distribution Date” shall mean the 15th day of each month or, if such 15th day is not a Business Day, the
following Business Day, commencing on June 17, 2013. 
 “Eligible Institution” shall mean (i) the
corporate trust department of the Indenture Trustee or the Owner Trustee or (ii) any other depository institution organized under the laws of the United States or any State or incorporated under the laws of a foreign jurisdiction with a branch
or agency located in the United States or any State qualified to take deposits and subject to supervision and examination by federal or State banking authorities and whose deposits are insured by the Federal Deposit Insurance Corporation;
provided, however, that 

  
 7 

 
(A) the commercial paper, short-term debt obligations or other short-term deposits of the depository institution described in clause (ii) above must be rated at least “F1+” by
Fitch and at least “A-1+” by Standard & Poor’s if deposits are to be held in an account maintained with such depository institution pursuant to this Agreement for fewer than 30 days and (B) the long-term unsecured debt
obligations of the depository institution described in clause (ii) above must be rated at least “AA” by Fitch and at least “AA-” by Standard & Poor’s if deposits are to be held in an account maintained with
such depository institution pursuant to this Agreement for more than 30 days. 
 “Eligible Servicer” shall mean
a Person which, at the time of its appointment as Servicer, (i) has a net worth of not less than $50,000,000, (ii) is servicing a portfolio of motor vehicle retail installment sale contracts and/or motor vehicle loans, (iii) is
legally qualified, and has the capacity, to service the Receivables, (iv) has demonstrated the ability to service a portfolio of motor vehicle retail installment sale contracts and/or motor vehicle loans similar to the Receivables
professionally and competently in accordance with standards of skill and care that are consistent with prudent industry standards and (v) is qualified and entitled to use pursuant to a license or other written agreement, and agrees to maintain
the confidentiality of, the software which the Servicer uses in connection with performing its duties and responsibilities under this Agreement or obtains rights to use, or develops at its own expense, software which is adequate to perform its
duties and responsibilities under this Agreement. 
 “ERISA” shall mean the Employee Retirement Income Security
Act of 1974. 
 “Event of Servicing Termination” shall mean an event specified in Section 8.1. 

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

“Exchange Act” shall mean the Securities Exchange Act of 1934. 

“Final Scheduled Maturity Date” shall mean the November 15, 2019 Distribution Date. 

“Financed Vehicle” shall mean a new or used motor vehicle, together with all accessions thereto, securing an
Obligor’s indebtedness under a Receivable. 
 “Fiscal Quarter” shall mean a fiscal quarter of a Fiscal
Year. 
 “Fiscal Year” shall mean the 12-month period ending on the last day in February in each year.

 “Fitch” shall mean Fitch Ratings, Inc. 

“HB3” shall mean Texas House Bill 3 (enrolled May 19, 2006) and the corresponding sections of the Texas Tax Code,
Title 2 and the rules and regulations promulgated thereunder. 
 “Holder” shall mean a Noteholder or a
Certificateholder, as the case may be. 

  
 8 

 “Indenture” shall mean the Indenture, dated as of May 1, 2013, between
the Trust and the Indenture Trustee. 
 “Indenture Trustee” shall mean Wells Fargo Bank, National Association,
a national banking association, not in its individual capacity but solely as Indenture Trustee under the Indenture, and any successor Indenture Trustee under the Indenture. 
 “Initial Note Balance” shall mean, as the context may require, (i) with respect to all of the Notes, $920,000,000, or (ii) with respect to any Note, an amount equal to the
initial denomination of such Note. 
 “Initial Reserve Account Deposit” shall mean $2,300,000.03. 

“Insolvency Event” shall mean, with respect to any Person, (i) the making by such Person of a general assignment
for the benefit of creditors, (ii) the filing by such Person of a voluntary petition in bankruptcy, (iii) such Person being adjudged bankrupt or insolvent, or having had entered against such Person an order for relief in any bankruptcy or
insolvency proceeding, (iv) the filing by such Person of a petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, (v) the filing
by such Person of an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such Person in any proceeding specified in clause (vii) below, (vi) seeking, consenting to or acquiescing in
the appointment of a trustee, receiver or liquidator of such Person or of all or any substantial part of the assets of such Person or (vii) the failure to obtain dismissal within 60 days of the commencement of any proceeding against such Person
seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, or the entry of any order appointing a trustee, liquidator or receiver of such Person of all or any
substantial portion of the assets of such Person. 
 “Issuer” shall mean CarMax Auto Owner Trust 2013-2, a
Delaware statutory trust, and its successors. 
 “Lien” shall mean a security interest, lien, charge, pledge,
equity or encumbrance of any kind, other than tax liens, mechanics’ or materialmen’s liens, judicial liens and any liens that may attach to a Financed Vehicle by operation of law. 

“Liquidation Proceeds” shall mean all amounts received by the Servicer, from whatever source, with respect to any
Defaulted Receivable, net of the sum of (i) any expenses incurred by the Servicer in connection with collection of such Receivable and the repossession and disposition of the related Financed Vehicle (to the extent determinable by the
Servicer and not previously reimbursed) and (ii) any amounts required by law to be remitted to the related Obligor. 

“Monthly Note Interest” shall mean, for any Distribution Date, the sum of the Class A-1 Monthly Interest, the
Class A-2 Monthly Interest, the Class A-3 Monthly Interest, the Class A-4 Monthly Interest, the Class B Monthly Interest, the Class C Monthly Interest and the Class D Monthly Interest, in each case for such Distribution Date.

  
 9 

 “Monthly P&I” shall mean, with respect to any Receivable, the amount of
each monthly installment of principal and interest payable with respect to such Receivable in accordance with the terms thereof, exclusive of any charges allocable to the financing of any insurance premium and charges which represent late payment
charges or extension fees. 
 “Monthly Remittance Condition” shall have the meaning specified in
Section 4.2. 
 “Monthly Servicing Fee” shall mean, for any Collection Period, the fee payable to the
Servicer on the following Distribution Date for services rendered during such Collection Period as determined pursuant to Section 3.8. 
 “Monthly Tape” shall have the meaning specified in Section 3.15. 
 “Net Losses” shall mean, with respect to any Collection Period, the excess, if any, of (i) the aggregate Principal Balance of all Receivables that became Defaulted Receivables during
such Collection Period over (ii) the aggregate Liquidation Proceeds received by the Servicer during such Collection Period. 
 “Note Balance” shall mean, at any time, as the context may require, (i) with respect to all of the Notes, an amount equal to, initially, the Initial Note Balance and, thereafter, an
amount equal to the Initial Note Balance as reduced from time to time by all amounts allocable to principal previously distributed to the Noteholders or (ii) with respect to any Note, an amount equal to, initially, the initial denomination of
such Note and, thereafter, an amount equal to such initial denomination as reduced from time to time by all amounts allocable to principal previously distributed in respect of such Note; provided, however, that in determining whether
the Holders of Notes evidencing the requisite percentage of the Note Balance have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any other Transaction Document, Notes owned by the Trust, any other
obligor upon the Notes, the Depositor, the Seller, the Servicer or any Affiliate of any of the foregoing Persons shall be disregarded and deemed to be excluded from the Note Balance (unless such Persons own 100% of the Note Balance), except that, in
determining whether the Indenture Trustee or the Owner Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee or the
Owner Trustee, as applicable, knows to be so owned shall be so disregarded; and, provided further, that Notes that have been pledged in good faith may be regarded as included in the Note Balance if the pledgee establishes to the
satisfaction of the Indenture Trustee or the Owner Trustee, as applicable, the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Trust, any other obligor upon the Notes, the Depositor, the Seller, the Servicer
or any Affiliate of any of the foregoing Persons. 
 “Note Payment Account” shall mean the account established
and maintained as such pursuant to Section 4.1(b). 
 “Note Pool Factor” shall mean, with respect to any
Class of Notes as of any Distribution Date, a seven-digit decimal figure equal to the outstanding principal balance of such Class as of such Distribution Date (after giving effect to any reductions of such outstanding principal balance to be made on
such Distribution Date) divided by the original outstanding principal balance of such Class. 

  
 10 

 “Note Rate” shall mean, in the case of the Class A-1 Notes, the
Class A-1 Rate; in the case of the Class A-2 Notes, the Class A-2 Rate; in the case of the Class A-3 Notes, the Class A-3 Rate; in the case of the Class A-4 Notes, the Class A-4 Rate; in the case of the Class B
Notes, the Class B Rate; in the case of the Class C Notes, the Class C Rate; and in the case of the Class D Notes, the Class D Rate. 
 “Noteholder” shall mean a Person in whose name a Note is registered on the Note Register. 
 “Obligor” shall mean the purchaser or co-purchasers of a Financed Vehicle purchased in whole or in part by the execution and delivery of a Receivable or any other Person who owes or may
be liable for payments under a Receivable. 
 “Officer’s Certificate” shall mean a certificate signed by
the chairman, the president, any executive vice president, any senior vice president, any vice president or the treasurer of the Depositor or the Servicer, as the case may be, and delivered to the Owner Trustee and the Indenture Trustee. 

“Opinion of Counsel” shall mean one or more written opinions of counsel who may, except as otherwise expressly provided
in this Agreement, be an employee of, or outside counsel to, the Depositor or the Servicer and who shall be acceptable to the Indenture Trustee, the Owner Trustee or the Rating Agencies, as applicable. 

“Overcollateralization Target Amount” shall mean, for any Distribution Date, 0.50% of the Pool Balance as of the Cutoff
Date. 
 “Owner Trust Estate” shall have the meaning specified in the Trust Agreement. 

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

“Permitted Investments” shall mean, on any date of determination, book-entry securities, negotiable instruments or
securities represented by instruments in bearer or registered form which evidence: 
 (i) direct obligations of,
and obligations fully guaranteed by, the United States or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States; 

(ii) demand deposits, time deposits, bankers’ acceptances or certificates of deposit of any depository institution or
trust company incorporated under the laws of the United States or any State (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or State banking or depository institution authorities; provided,
however, that such investment shall not have an “r” 

  
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highlighter affixed to its rating and its terms shall have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change; and, provided further, that,
at the time of the investment, the commercial paper or other short-term unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) of such
depository institution or trust company shall have a rating from Fitch of at least “F1+” and from Standard & Poor’s of at least “A-1+”; 

(iii) repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the
United States or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States, in either case entered into with a depository institution or trust company (acting as principal) described
in clause (ii) above; 
 (iv) short-term corporate securities bearing interest or sold at a discount issued
by any corporation incorporated under the laws of the United States or any State thereof; provided, however, that such investment shall not have an “r” highlighter affixed to its rating and its terms shall have a
predetermined fixed dollar amount of principal due at maturity that cannot vary or change; and, provided further, that, at the time of the investment, the short-term unsecured debt obligations (other than such obligations the rating of
which is based on the credit of a Person other than such corporation) of such corporation shall have a rating from Fitch of at least “AAA” and from Standard & Poor’s of at least “AAA”; 

(v) commercial paper having, at the time of the investment, a rating from Fitch of at least “F1+” and from
Standard & Poor’s of at least “A-1+”; provided, however, that such investment shall not have an “r” highlighter affixed to its rating and its terms shall have a predetermined fixed dollar amount of
principal due at maturity that cannot vary or change; 
 (vi) guaranteed investment contracts issued by an
insurance company or other corporation as to which the Rating Agency Condition shall have been satisfied; 

(vii) investments in money market funds having a rating from Fitch of at least “AAA” and from
Standard & Poor’s of at least “AAA-m” or “AAAm-G” (including funds for which the Indenture Trustee or the Owner Trustee or any of their respective Affiliates is investment manager or advisor); and 

(viii) any other investment as to which the Rating Agency Condition shall have been satisfied. 

“Person” shall mean a legal person, including any individual, corporation, estate, partnership, joint venture,
association, joint stock company, limited liability company, limited liability partnership, trust, unincorporated organization, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 

  
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 “Pool Balance” shall mean, as of the last day of any Collection Period, the
aggregate Principal Balance of the Receivables as of such last day; provided, however, that if the Receivables are purchased by the Servicer pursuant to Section 9.1(a) or are sold or otherwise liquidated by the Indenture Trustee
following an Event of Default pursuant to Section 5.4(a) of the Indenture, the Pool Balance shall be deemed to be zero as of the last day of the Collection Period during which such purchase, sale or other liquidation occurs. 

“Principal Balance” shall mean, with respect to any Receivable as of any date, the Amount Financed under such Receivable
minus the sum of (i) that portion of all Scheduled Payments actually received on or prior to such date allocable to principal using the Simple Interest Method (to the extent collected) plus (ii) any rebates of extended
service plan contract costs or physical damage, theft, GAP, credit life or credit disability insurance premiums included in the Amount Financed plus (iii) any full or partial prepayment applied to reduce the unpaid principal balance of
such Receivable; provided, however, that (i) the Principal Balance of a Defaulted Receivable shall be zero as of the last day of the Collection Period during which it became a Defaulted Receivable and (ii) the Principal
Balance of a Purchased Receivable shall be zero as of the last day of the Collection Period during which it became a Purchased Receivable. 
 “Priority Principal Distributable Amount” shall mean, with respect to any Distribution Date, the excess, if any, of the Note Balance of the Class A Notes as of the day preceding such
Distribution Date over the Pool Balance as of the last day of the preceding Collection Period; provided, however, that the Priority Principal Distributable Amount for each Distribution Date on and after the Class Final Distribution
Date for any Class of Class A Notes shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the outstanding principal balance of the Class A Notes of such Class as of the day preceding
such Distribution Date. 
 “Purchase Amount” shall mean, with respect to any Distribution Date and any
Receivable to be repurchased by the Depositor or purchased by the Servicer on such Distribution Date, an amount equal to the sum of (i) the Principal Balance of such Receivable plus (ii) the amount of accrued but unpaid interest on
such Principal Balance at the related APR to but excluding such Distribution Date. 
 “Purchased Receivable”
shall mean a Receivable as to which payment of the Purchase Amount has been made by the Depositor pursuant to Section 2.4 or by the Servicer pursuant to Section 3.7 or 9.1. 

“Quaternary Principal Distributable Amount” shall mean, with respect to any Distribution Date, (i) the excess, if
any, of the sum of the Note Balance of the Class A Notes, the Note Balance of the Class B Notes, the Note Balance of the Class C Notes and the Note Balance of the Class D Notes, in each case as of the day preceding such Distribution Date, over
the Pool Balance as of the last day of the preceding Collection Period minus (ii) the sum of the Priority Principal Distributable Amount, if any, for such Distribution Date, the Secondary Principal Distributable Amount, if any, for such
Distribution Date and the Tertiary Principal Distributable Amount, if any, for such Distribution Date; provided, however, that the Quaternary Principal Distributable Amount for each Distribution Date on and after the Class D Final
Distribution Date shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the outstanding principal balance of the Class D Notes as of the day preceding such Distribution Date. 

  
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 “Rating Agencies” shall mean Standard & Poor’s and Fitch and
their respective successors; provided, however, that if no such organization or successor is any longer in existence, Rating Agency shall mean a nationally recognized statistical rating organization or other comparable Person
designated by the Trust, notice of which designation shall have been given to the Indenture Trustee, the Owner Trustee, the Servicer and the Backup Servicer. 
 “Rating Agency Condition” shall mean, with respect to any action, a condition that is satisfied if the person requesting such action (i) delivers a letter from each Rating Agency to
the Depositor, the Seller, the Servicer, the Indenture Trustee and the Owner Trustee to the effect that such action will not result in a reduction or withdrawal of the then-current rating assigned by such Rating Agency to any Class of Notes or
(ii) provides ten (10) Business Days’ prior written notice of such action to each Rating Agency and such Rating Agency has not notified the Depositor, the Seller, the Servicer, the Indenture Trustee and the Owner Trustee in writing
that such action will result in a reduction or withdrawal of the then-current rating assigned by such Rating Agency to any Class of Notes. 
 “Receivable” shall mean a motor vehicle retail installment sale contract identified on the Receivable Schedule (as such contract may be amended, supplemented or otherwise modified and in
effect from time to time). 
 “Receivable File” shall mean, with respect to any Receivable, the electronic
entries, documents, instruments and writings with respect to such Receivable specified in Section 2.5. 

“Receivable Schedule” shall mean the list identifying the Receivables attached as Schedule 1 to this Agreement
(which list may be in the form of microfiche or compact disk). 
 “Receivables Purchase Agreement” shall mean
the Receivables Purchase Agreement, dated as of May 1, 2013, between the Seller and the Depositor. 
 “Record
Date” shall mean, with respect to any Distribution Date, the close of business on the Business Day preceding such Distribution Date; provided, however, that if Definitive Notes have been issued with respect to any Class of
Notes, Record Date shall mean, with respect to any Distribution Date for such Class, the last Business Day of the calendar month preceding such Distribution Date. 
 “Regular Principal Distributable Amount” shall mean, with respect to any Distribution Date, the lesser of (i) the Note Balance as of the day preceding such Distribution Date and
(ii) (A) the excess, if any, of (x) the sum of the Note Balance as of the day preceding such Distribution Date and the Overcollateralization Target Amount for such Distribution Date over (y) the Pool Balance as of the last day of
the preceding Collection Period minus (B) the sum of the Priority Principal Distributable Amount, if any, the Secondary Principal Distributable Amount, if any, the Tertiary Principal Distributable Amount, if any, and the Quaternary
Principal Distributable Amount, if any, in each case for such Distribution Date. 
 “Regulation AB” shall mean
Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such regulation may be amended, clarified or interpreted from time to time by the Commission or its staff. 

  
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 “Related Fiscal Quarter” shall mean (i) for any Distribution Date
occurring in August, September or October, the Fiscal Quarter ending on the last day of the preceding May, (ii) for any Distribution Date occurring in November, December or January, the Fiscal Quarter ending on the last day of the preceding
August, (iii) for any Distribution Date occurring in February, March or April, the Fiscal Quarter ending on the last day of the preceding November and (iv) for any Distribution Date occurring in May, June or July, the Fiscal Quarter ending
on the last day of the preceding February. 
 “Relevant UCC” shall mean the Uniform Commercial Code as in
effect from time to time in any relevant jurisdiction. 
 “Required Payment Amount” shall have, for any
Distribution Date, the meaning specified for such Distribution Date in Section 4.6(a). 
 “Required
Rating” shall mean a short-term unsecured debt rating of “F1+” by Fitch and “A-1+” by Standard & Poor’s. 
 “Required Reserve Account Amount” shall mean, for any Distribution Date, $2,300,000.03; provided, however, that the Required Reserve Account Amount for any Distribution Date
shall not exceed the Note Balance as of such Distribution Date (after giving effect to all payments of principal made to the Noteholders on such Distribution Date); and, provided further, that, if the Pool Balance as of the last day of the
preceding Collection Period is zero, the Required Reserve Account Amount for the related Distribution Date shall be $0; and, provided further, that, if, pursuant to Section 4.1(d), all amounts on deposit in the Reserve Account on such
Distribution Date are transferred from the Reserve Account to the Collection Account and included in Available Funds for purposes of application pursuant to Section 2.8(a) of the Indenture on such Distribution Date, the Required Reserve Account
Amount for such Distribution Date shall be $0. 
 “Reserve Account” shall mean the account established and
maintained as such pursuant to Section 4.7(a). 
 “Reserve Account Amount” shall mean, for any
Distribution Date, the amount on deposit in and available for withdrawal from the Reserve Account on such Distribution Date (after giving effect to all deposits to and withdrawals from the Reserve Account on the preceding Distribution Date, or, in
the case of the initial Distribution Date, the Closing Date), including all interest and other income (net of losses and investment expenses) earned on such amount during the preceding Collection Period. 

“Reserve Account Deficiency” shall have, for any Distribution Date, the meaning specified for such Distribution Date in
Section 4.6(b). 
 “Reserve Account Draw Amount” shall have the meaning specified in Section 4.6(b).

 “Reserve Account Property” shall have the meaning specified in Section 4.7(a). 

  
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 “Responsible Officer” shall mean (i) in the case of the Indenture
Trustee, any managing director, principal, vice president, assistant vice president, assistant secretary, assistant treasurer or trust officer of the Indenture Trustee or any other officer of the Indenture Trustee customarily performing functions
similar to those performed by any of the above designated officers and, with respect to a particular corporate trust matter, any other officer of the Indenture Trustee to whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject and (ii) in the case of the Owner Trustee, any vice president, assistant vice president, assistant secretary, assistant treasurer, senior associate, trust officer or financial services officer of the
Owner Trustee or any other officer of the Owner Trustee customarily performing functions similar to those performed by any of the above designated officers and with direct responsibility for the administration of the Trust and, with respect to a
particular corporate trust matter, any other officer of the Owner Trustee to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

“Scheduled Payment” shall mean, for any Receivable, each payment required to be made by the related Obligor in
accordance with the terms of such Receivable (after giving effect to any deferral of payments pursuant to Section 3.2 or any rescheduling of payments as a result of any Insolvency Event with respect to such Obligor). 

“Secondary Principal Distributable Amount” shall mean, with respect to any Distribution Date, (i) the excess, if
any, of the sum of the Note Balance of the Class A Notes and the Note Balance of the Class B Notes, in each case as of the day preceding such Distribution Date, over the Pool Balance as of the last day of the preceding Collection Period
minus (ii) the Priority Principal Distributable Amount, if any, for such Distribution Date; provided, however, that the Secondary Principal Distributable Amount for each Distribution Date on and after the Class B Final
Distribution Date shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the outstanding principal balance of the Class B Notes as of the day preceding such Distribution Date. 

“Securities” shall have the meaning specified in Section 6.7(a). 

“Securities Act” shall mean the Securities Act of 1933. 

“Securitization Trust” shall have the meaning specified in Section 6.7(a). 

“Seller” shall mean CarMax, in its capacity as seller of the Receivables under the Receivables Purchase Agreement, and
its successors in such capacity. 
 “Servicer” shall mean CarMax, in its capacity as servicer of the
Receivables under this Agreement, and its successors in such capacity (including the Backup Servicer if the Backup Servicer is appointed successor Servicer pursuant to Section 8.2(a)). 

“Servicer’s Certificate” shall have the meaning specified in Section 3.9. 

“Servicing Officer” shall mean any officer of the Servicer involved in, or responsible for, the administration and
servicing of the Receivables whose name appears on a list of servicing officers attached to an Officer’s Certificate furnished on the Closing Date to the Owner Trustee and the Indenture Trustee by the Servicer, as such list may be amended from
time to time by the Servicer in writing. 

  
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 “Servicing Rate” shall mean 1.00% per annum. 

“Simple Interest Advance” shall mean, with respect to a Simple Interest Receivable, the amount, as of the last day of a
Collection Period, which is advanced with respect to such Simple Interest Receivable by the Servicer pursuant to Section 4.4(a). 
 “Simple Interest Method” shall mean the method of allocating a fixed level payment between principal and interest, pursuant to which such payment is allocated, first, to interest in an
amount equal to the product of the APR of the related Receivable multiplied by the unpaid Principal Balance of such Receivable multiplied by the period of time (expressed as a fraction of a year, based on the actual number of days in the applicable
calendar month and a 365-day year) elapsed since the preceding payment was made, then to any applicable late charges, then to principal due on the date of payment, then to any other fees due under the related Receivable that are not included in the
related Amount Financed and then to reduce further the principal balance of such Receivable . 
 “Simple Interest
Receivable” shall mean any Receivable under which each payment is allocated in accordance with the Simple Interest Method. 
 “Special Unrated Servicer Tangible Net Worth Event” shall mean, as of any Distribution Date, the failure of CarMax, Inc. to have, as of the last day of the Related Fiscal Quarter, a
Consolidated Tangible Net Worth of at least $1,000,000,000. 
 “Standard & Poor’s” shall mean
Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business. 

“State” shall mean any of the 50 states of the United States or the District of Columbia. 

“Tertiary Principal Distributable Amount” shall mean, with respect to any Distribution Date, (i) the excess, if
any, of the sum of the Note Balance of the Class A Notes, the Note Balance of the Class B Notes and the Note Balance of the Class C Notes, in each case as of the day preceding such Distribution Date, over the Pool Balance as of the last day of
the preceding Collection Period minus (ii) the sum of the Priority Principal Distributable Amount, if any, for such Distribution Date and the Secondary Principal Distributable Amount, if any, for such Distribution Date; provided,
however, that the Tertiary Principal Distributable Amount for each Distribution Date on and after the Class C Final Distribution Date shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and
(ii) the outstanding principal balance of the Class C Notes as of the day preceding such Distribution Date. 

“Total Backup Servicer Fee” shall mean, for any Collection Period, the sum of (i) the Backup Servicer Fee for such
Collection Period plus (ii) all accrued but unpaid Backup Servicer Fees for previous Collection Periods. 

  
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 “Total Note Interest” shall mean, for any Distribution Date and any Class
of Notes, the sum of (i) the Monthly Note Interest for such Distribution Date for such Class plus (ii) the Additional Note Interest for such Distribution Date for such Class. 

“Total Servicing Fee” shall mean, for any Collection Period, the sum of (i) the Monthly Servicing Fee for such
Collection Period plus (ii) all accrued but unpaid Monthly Servicing Fees for previous Collection Periods. 

“Transition Costs” shall have the meaning specified in Section 8.2(b). 

“Trust” shall mean the CarMax Auto Owner Trust 2013-2, a Delaware statutory trust. 

“Trust Agreement” shall mean the Amended and Restated Trust Agreement, dated as of May 1, 2013, between the
Depositor and the Owner Trustee, as amended, supplemented or otherwise modified and in effect from time to time. 

“Trust Fiscal Year” shall mean the period commencing on March 1 of any year and ending on February 28 (or
February 29, if applicable) of the following year. 
 “Trust Property” shall mean the Receivables and the
other related property sold, transferred, assigned and otherwise conveyed by the Depositor to the Trust pursuant to Section 2.1(a). 
 “United States” shall mean the United States of America. 

“Unreimbursed Servicer Advance” shall mean a Simple Interest Advance which the Servicer determines in its sole
discretion is unrecoverable. 
 1.2 Other Definitional Provisions. 

(a) Capitalized terms used herein and not otherwise defined herein have the meanings assigned to them in the Indenture. 

(b) All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein. 
 (c) As used in this Agreement and in any certificate or other document made
or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this 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 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 Agreement or in any such certificate or other document shall control. 

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

 (f) 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 

TRUST PROPERTY 

2.1 Conveyance of Trust Property . 
 (a) In consideration of the Trust’s delivery to, or upon the written order of, the Depositor of authenticated Notes, in authorized denominations in aggregate principal amounts equal to the Initial
Note Balance, and authenticated Certificates, the Depositor hereby irrevocably sells, transfers, assigns, sets over and otherwise conveys to the Trust, without recourse (subject to the obligations herein), all right, title and interest of the
Depositor, whether now owned or hereafter acquired, in, to and under the following: 
 (i) the Receivables;

 (ii) all amounts received on or in respect of the Receivables after the Cutoff Date; 

(iii) the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and any other
interest of the Depositor in such Financed Vehicles; 
 (iv) all proceeds from claims on or refunds of premiums
with respect to physical damage, theft, GAP, credit life or credit disability insurance policies relating to the Financed Vehicles or the Obligors; 
 (v) the Receivable Files; 
 (vi) the Collection Account, the Note
Payment Account, the Certificate Payment Account and the Reserve Account and all amounts, securities, financial assets, investments and other property deposited in or credited to any of the foregoing and all proceeds thereof; 

  
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 (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) 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 

(ix) 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. 
 (b) The Depositor and the Trust intend that the transfer of the Trust Property contemplated by Section (a) constitute a sale of the Trust Property, conveying good title to the Trust Property, from
the Depositor to the Trust. If such transfer is deemed to be a pledge to secure the payment of the Notes, however, the Depositor hereby grants to the Trust a first priority security interest in all of the Depositor’s right, title and interest
in, to and under the Trust Property, and all proceeds thereof, to secure the payment of the Notes, and in such event, this Agreement shall constitute a security agreement under applicable law. 

(c) The sale, transfer, assignment and conveyance of the Trust Property made under Section (a) shall not constitute and is not
intended to result in an assumption by the Trust of any obligation of the Depositor or the Seller to the Obligors or any other Person in connection with the Receivables and the other Trust Property or any obligation of the Depositor or the Seller
under any agreement, document or instrument related thereto. 
 2.2 Representations and Warranties of the Seller as to the
Receivables. The Seller has made to the Depositor the representations and warranties as to the Receivables set forth in Section 3.2(b) of the Receivables Purchase Agreement. The Trust shall be deemed to have relied on such representations
and warranties in accepting the Receivables. The representations and warranties set forth in Section 3.2(b) of the Receivables Purchase Agreement speak as of the execution and delivery of this Agreement, except to the extent otherwise provided,
but shall survive the sale, transfer, assignment and conveyance of the Receivables to the Trust pursuant to this Agreement and the pledge of the Receivables to the Indenture Trustee pursuant to the Indenture. Pursuant to Section 2.1, the
Depositor has sold, transferred, assigned, set over and otherwise conveyed to the Trust, as part of the Trust Property, its rights under the Receivables Purchase Agreement, including its right to require the Seller to repurchase Receivables in
accordance with the Receivables Purchase Agreement upon a breach of the representations and warranties set forth in Section 3.2(b) of the Receivables Purchase Agreement. 

  
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 2.3 Representations and Warranties of the Depositor as to the Receivables. The
Depositor makes the following representations and warranties as to the Receivables on which the Trust shall be deemed to have relied in accepting the Receivables. The representations and warranties speak as of the Closing Date, except to the extent
otherwise provided, but shall survive the sale, transfer, assignment and conveyance of the Receivables to the Trust pursuant to this Agreement and the pledge of the Receivables to the Indenture Trustee pursuant to the Indenture. 

(a) Characteristics of Receivables. Each Receivable (i) has been originated by CarMax Auto or an Affiliate of CarMax Auto in
the United States in the ordinary course of business in connection with the sale of a new or used motor vehicle and has been fully and properly executed by the parties thereto, (ii) contains customary and enforceable provisions such that the
rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, (iii) provides for level scheduled monthly payments that fully amortize the Amount Financed by maturity (except that
the period between the date of such Receivable and the date of the first Scheduled Payment may be less than or greater than one month and the amount of the first and last Scheduled Payments may be less than or greater than the level payments) and
yield interest at the related APR, (iv) provides for, in the event that such Receivable is prepaid, a prepayment that fully pays the Principal Balance of such Receivable with interest at the related APR through the date of payment, (v) is
a retail installment sale contract substantially in the form of Exhibit B to the Receivables Purchase Agreement, (vi) is secured by a new or used motor vehicle that had not been repossessed as of the Cutoff Date, (vii) is a Simple Interest
Receivable, (viii) relates to an Obligor who has made at least one payment under such Receivable as of the Cutoff Date and (ix) relates to an Obligor whose mailing address is located in any State. 

(b) Receivable Schedule. The information set forth in the Receivable Schedule was true and correct in all material respects as of
the opening of business on the Cutoff Date, and no selection procedures believed to be adverse to the Depositor and/or the Noteholders were utilized in selecting the Receivables from those retail installment sale contracts which met the criteria
contained in this Agreement. The information set forth in the compact disk or other listing regarding the Receivables made available to the Depositor and its assigns (which compact disk or other listing is required to be delivered as specified
herein) is true and correct in all material respects. 
 (c) Compliance with Law. Each Receivable and the sale of the
related Financed Vehicle complied, at the time such Receivable was originated and complies, as of the Closing Date, in all material respects with all requirements of applicable federal, State and local laws, and regulations thereunder, including
usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Consumer Financial
Protection Bureau’s Regulations B and Z, the Servicemembers Civil Relief Act, State adaptations of the National Consumer Act and the Uniform Consumer Credit Code and any other consumer credit, equal opportunity and disclosure laws applicable to
such Receivable and sale. 

  
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 (d) Binding Obligation. Each Receivable represents the genuine, legal, valid and
binding payment obligation in writing of the related Obligor, enforceable by the holder thereof in all material respects in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation or
other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 
 (e)
No Government Obligor. No Receivable is due from the United States or any State or from any agency, department or instrumentality of the United States or any State. 
 (f) Security Interest in Financed Vehicles. Immediately prior to the transfer of the Receivables by the Seller to the Depositor, each Receivable was secured by a valid, binding and enforceable
first priority perfected security interest in favor of the Seller in the related Financed Vehicle, which security interest has been validly assigned by the Seller to the Depositor. The Servicer has received, or will receive within 180 days
after the Closing Date, the original certificate of title for each Financed Vehicle (other than any Financed Vehicle that is subject to a certificate of title statute or motor vehicle registration law that does not require that the original
certificate of title for such Financed Vehicle be delivered to the Seller). 
 (g) Receivables in Force. No Receivable
has been satisfied, subordinated or rescinded, nor has any Financed Vehicle been released in whole or in part from the Lien granted by the related Receivable. 
 (h) No Waiver. No provision of any Receivable has been waived in such a manner that such Receivable fails to meet all of the representations and warranties made by the Depositor in this
Section 2.3 with respect thereto. 
 (i) No Defenses. No Receivable is subject to any right of rescission, setoff,
counterclaim or defense, including the defense of usury, and the operation of any of the terms of any Receivable, or the exercise of any right thereunder, will not render such Receivable unenforceable in whole or in part or subject to any right of
rescission, setoff, counterclaim or defense, including the defense of usury, and the Depositor has no knowledge of any such right of rescission, setoff, counterclaim or defense being asserted or threatened with respect to any Receivable. 

(j) No Liens. The Depositor has no knowledge of any liens or claims that have been filed, including liens for work, labor or
materials or for unpaid State or federal taxes, relating to any Financed Vehicle that are prior to, or equal or coordinate with, the security interest in such Financed Vehicle created by the related Receivable. 

(k) No Default. Except for payment defaults continuing for a period of not more than 30 days as of the Cutoff Date, the Depositor
has no knowledge that any default, breach, violation or event permitting acceleration under the terms of any Receivable has occurred or that any continuing condition that with notice or the lapse of time or both would constitute a default, breach,
violation or event permitting acceleration under the terms of any Receivable has arisen, and the Depositor has not waived any such event or condition. 
 (l) Title. The Depositor has purchased the Receivables from the Seller. The Depositor intends that the transfer of the Receivables contemplated by Section 2.1 constitute a sale of the
Receivables from the Depositor to the Trust and that the beneficial interest in, and title to, the Receivables not be part of the Depositor’s estate in the event of the filing of a bankruptcy

  
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petition by or against the Depositor under any bankruptcy law. The Depositor has not sold, transferred, assigned or pledged any Receivable to any Person other than the Trust. The Depositor has
not created, incurred or suffered to exist any Lien, encumbrance or security interest on any Receivable except for the Lien of the Indenture. 
 (m) Security Interest Matters. This Agreement creates a valid and continuing “security interest” (as defined in the Relevant UCC) in the Receivables in favor of the Trust, which security
interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Depositor. With respect to each Receivable, the Seller has taken all steps necessary to perfect its security interest against the related
Obligor in the related Financed Vehicle. The Receivables constitute “tangible chattel paper” (as defined in the Relevant UCC). The Depositor owns and has good and marketable title to the Receivables free and clear of any Lien, claim or
encumbrance of any Person. The Depositor has caused or will cause prior to the Closing Date the filing of all appropriate financing statements in the proper filing offices in the appropriate jurisdictions under applicable law necessary to perfect
the security interest in the Receivables granted to the Trust under this Agreement. Other than the security interest granted to the Trust under this Agreement, the Depositor has not pledged, assigned, sold, granted a security interest in or
otherwise conveyed any of the Receivables. The Depositor has not authorized the filing of and is not aware of any financing statements against the Depositor that include a description of collateral covering the Receivables other than any financing
statement relating to the security interest granted to the Trust under this Agreement or that has been terminated. The Depositor is not aware of any judgment or tax lien filings against the Depositor. The security interest of the Seller in each
Financed Vehicle has been validly assigned by the Depositor to the Trust. 
 (n) Financing Statements. All financing
statements filed or to be filed against the Depositor in favor of the Indenture Trustee (as assignee of the Trust) contain a statement substantially to the following effect: “A purchase of or security interest in any collateral described in
this financing statement will violate the rights of the Indenture Trustee.” 
 (o) Valid Assignment. No Receivable
has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, assignment and conveyance of such Receivable under the Receivables Purchase Agreement or this Agreement or the pledge of such Receivable under the
Indenture is unlawful, void or voidable or under which such Receivable would be rendered void or voidable as a result of any such sale, transfer, assignment, conveyance or pledge. The Depositor has not entered into any agreement with any account
debtor that prohibits, restricts or conditions the assignment of the Receivables. 
 (p) One Original. There is only one
original executed copy of each Receivable. 
 (q) Principal Balance. Each Receivable had a remaining Principal Balance as
of the Cutoff Date of not less than $500. 
 (r) No Bankrupt Obligors. As of the Cutoff Date, no Receivable was due from
an Obligor that was the subject of a proceeding under the Bankruptcy Code of the United States or was bankrupt. 

  
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 (s) New and Used Vehicles. As of the Cutoff Date, approximately 0.91% of the Pool
Balance related to Receivables secured by new Financed Vehicles and approximately 99.09% of the Pool Balance related to Receivables secured by used Financed Vehicles. 
 (t) Origination. Each Receivable was originated after April 9, 2007. 

(u) Term to Maturity. Each Receivable had an original term to maturity of not more than 72 months and not less than 12 months and
a remaining term to maturity as of the Cutoff Date of not more than 71 months and not less than 3 months. 
 (v) Weighted
Average Remaining Term to Maturity. As of the Cutoff Date, the weighted average remaining term to maturity of the Receivables was approximately 63.70 months. 
 (w) Annual Percentage Rate. Each Receivable has an APR of not more than 25.00%. 
 (x) Location of Receivable Files. The Receivable Files are maintained at the location listed in Schedule 2 to this Agreement. 

(y) Simple Interest Method. All payments with respect to the Receivables have been allocated consistently in accordance with the
Simple Interest Method. 
 (z) No Delinquent Receivables. As of the Cutoff Date, no payment due under any Receivable was
more than 30 days past due. 
 (aa) Insurance. Each Obligor has obtained or agreed to obtain physical damage insurance
(which insurance shall not be force placed insurance) covering the related Financed Vehicle in accordance with the Seller’s normal requirements. 
 (bb) Fair Market Value. The Receivables Purchase Price represents the fair market value of the Receivables. 
 (cc) Custodial Agreements. Immediately prior to the transfer of the Receivables by the Seller to the Depositor, the Seller or an Affiliate of the Seller had possession of the Receivable Files and
there were no, and there will not be any, custodial agreements in effect materially adversely affecting the right or ability of the Seller to make, or cause to be made, any delivery required under this Agreement. 

(dd) Bulk Transfer Laws. The transfer of the Receivables and the Receivable Files by the Depositor to the Trust pursuant to this
Agreement is not subject to the bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction. 
 (ee) No Transfer Restrictions. The Depositor has not created, incurred or suffered to exist any restriction on transferability of the Receivables except for the restrictions on transferability
imposed by this Agreement. 

  
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 2.4 Repurchase by Depositor upon Breach. The Depositor, the Servicer, the Backup
Servicer or the Owner Trustee, as the case may be, shall inform the other parties to this Agreement, the Seller and the Indenture Trustee promptly, in writing, upon the discovery of any breach or failure to be true of the representations and
warranties set forth in Section 2.3. If such breach or failure shall not have been cured by the close of business on the last day of the Collection Period which includes the 30th day after the date on which the Depositor becomes aware of, or
receives written notice from the Servicer, the Backup Servicer or the Owner Trustee of, such breach or failure, and such breach or failure materially and adversely affects the interest of the Trust in a Receivable, the Depositor shall repurchase
such Receivable from the Trust on the Distribution Date immediately following such Collection Period. In consideration of the repurchase of a Receivable hereunder, the Depositor shall remit the Purchase Amount of such Receivable in the manner
specified in Section 4.5. The sole remedy of the Backup Servicer, the Trust, the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholders with respect to a breach or failure to be true of the representations and
warranties set forth in Section 2.3 shall be to require the Depositor to repurchase Receivables pursuant to this Section 2.4. Neither the Owner Trustee nor the Indenture Trustee shall have any duty to conduct an affirmative investigation
as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section 2.4 or the eligibility of any Receivable for purposes of this Agreement. 

2.5 Custody of Receivable Files. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the
Trust, upon the execution and delivery of this Agreement, hereby revocably appoints the Servicer as its agent, and the Servicer hereby accepts such appointment, to act as custodian on behalf of the Trust and the Indenture Trustee of the following
documents or instruments, which are hereby constructively delivered to the Indenture Trustee, as pledgee of the Trust pursuant to the Indenture with respect to each Receivable (collectively, a “Receivable File”): 

(i) the original, executed copy of such Receivable; 

(ii) the original credit application with respect to such Receivable fully executed by the related Obligor or a photocopy
thereof or a record thereof on a computer file or disc or on microfiche; 
 (iii) the original certificate of
title for the related Financed Vehicle or such other documents that the Seller or the Servicer shall keep on file, in accordance with its customary practices and procedures, evidencing the security interest of the Seller in such Financed Vehicle;

 (iv) documents evidencing the commitment of the related Obligor to maintain physical damage insurance covering
the related Financed Vehicle; and 
 (v) any and all other documents (including any computer file or disc or
microfiche) that the Seller or the Servicer shall keep on file, in accordance with its customary practices and procedures, relating to such Receivable, the related Obligor or the related Financed Vehicle. 

  
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 On the Closing Date, the Servicer shall deliver to the Backup Servicer, the Trust and the
Indenture Trustee an Officer’s Certificate confirming that the Servicer has received, on behalf of the Trust and the Indenture Trustee, all the documents and instruments necessary for the Servicer to act as the agent of the Trust and the
Indenture Trustee for the purposes set forth in this Section 2.5, including the documents referred to herein, and the Backup Servicer, the Trust and the Indenture Trustee are hereby authorized to rely on such Officer’s Certificate. In
addition, within 180 days after the Closing Date, the Servicer shall deliver to the Backup Servicer, the Trust and the Indenture Trustee an Officer’s Certificate certifying that the Servicer has received the original certificate of title for
each Financed Vehicle except each Financed Vehicle securing an outstanding Receivable for which the Servicer has not received the original certificate of title as shall be identified in such Officer’s Certificate (and indicating whether such
Financed Vehicle is subject to a certificate of title statute or motor vehicle registration law that requires that the original certificate of title for such Financed Vehicle be delivered to the Seller). 

2.6 Duties of Servicer as Custodian. 
 (a) Safekeeping. The Servicer, in its capacity as custodian, shall hold the Receivable Files for the benefit of the Trust and the Indenture Trustee and maintain such accurate and complete accounts,
records and computer systems pertaining to each Receivable File as shall enable the Servicer, the Backup Servicer and the Trust to comply with the terms and provisions of this Agreement and the Indenture Trustee to comply with the terms and
conditions of the Indenture. In performing its duties as custodian, the Servicer shall act with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to the files relating to comparable motor vehicle
retail installment sale contracts that the Servicer services for itself or others. The Servicer shall conduct, or cause to be conducted, in accordance with its customary practices and procedures, periodic audits of the Receivable Files held by it
under this Agreement, and of the related accounts, records and computer systems, in such a manner as shall enable the Backup Servicer, the Trust or the Indenture Trustee to verify the accuracy of the Servicer’s record keeping. The Servicer
shall promptly report to the Backup Servicer, the Owner Trustee and the Indenture Trustee any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate
action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review by the Backup Servicer, the Trust, the Owner Trustee or the Indenture Trustee of the Receivable Files, and none of the Backup
Servicer, the Trust, the Owner Trustee or the Indenture Trustee shall be liable or responsible for any action or failure to act by the Servicer in its capacity as custodian hereunder. 

(b) Maintenance of and Access to Records. The Servicer shall maintain each Receivable File at the location listed in Schedule 2 or
at such other location as shall be specified to the Backup Servicer, the Trust and the Indenture Trustee by written notice not later than ninety (90) days after any change in location. The Servicer shall make available to the Backup Servicer,
the Trust and the Indenture Trustee, or its duly authorized representatives, attorneys or auditors, a list of locations of the Receivable Files, the Receivable Files, and the related accounts, records, and computer systems maintained by the
Servicer, at such times as the Backup Servicer, the Trust or the Indenture Trustee shall instruct. 

  
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 (c) Release of Documents. As soon as practicable after receiving written instructions
from the Indenture Trustee, the Servicer shall release any document in the Receivable Files to the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee, as the case may be, at such place as the Indenture
Trustee may reasonably designate. 
 (d) Title to Receivables. The Servicer shall not at any time have or in any way
attempt to assert any interest in any Receivable held by it as custodian hereunder or in the related Receivable File other than for collecting or enforcing such Receivable for the benefit of the Trust. The entire equitable interest in such
Receivable and the related Receivable File shall at all times be vested in the Trust. 
 2.7 Instructions; Authority to
Act. The Servicer shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by an Authorized Officer. A certified copy of excerpts of authorizing resolutions of the
Board of Directors of the Indenture Trustee shall constitute conclusive evidence of the authority of any such Authorized Officer to act and shall be considered in full force and effect until receipt by the Servicer of written notice to the contrary
given by the Indenture Trustee. 
 2.8 Indemnification by the Custodian. The Servicer, in its capacity as custodian,
shall indemnify and hold harmless the Backup Servicer, the Trust, the Owner Trustee and the Indenture Trustee and each of their respective officers, directors, employees and agents from and against any and all liabilities, obligations, losses,
compensatory damages, payments, costs or expenses (including legal fees if any) of any kind whatsoever that may be imposed on, incurred or asserted against the Backup Servicer, the Trust, the Owner Trustee or the Indenture Trustee or any of their
respective officers, directors, employees and agents as the result of any act or omission by the Servicer relating to the maintenance and custody of the Receivable Files; provided, however, that the Servicer shall not be liable hereunder to the
Backup Servicer, the Owner Trustee or the Indenture Trustee, as applicable, to the extent that such liabilities, obligations, losses, compensatory damages, payments, costs or expenses result from the willful misfeasance, bad faith or negligence of
the Backup Servicer, the Owner Trustee or the Indenture Trustee, as applicable. 
 2.9 Effective Period and Termination.
The Servicer’s appointment as custodian shall become effective as of the Cutoff Date and shall continue in full force and effect until terminated pursuant to this Section 2.9. If the Servicer shall resign as Servicer under
Section 7.7, or if all of the rights and obligations of the Servicer shall have been terminated under Section 8.1, the appointment of the Servicer as custodian hereunder may be terminated (i) by the Trust, with the consent of the
Indenture Trustee, (ii) by the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or, if the Notes have been paid in full, by the Holders of Certificates evidencing not less than 25% of the aggregate
Certificate Percentage Interest or (iii) by the Owner Trustee, with the consent of the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class, in each case by notice then given in writing to the Depositor,
the Servicer and the Backup Servicer (with a copy to the Indenture Trustee and the Owner Trustee if given by the Noteholders or the Certificateholders). As soon as practicable after any termination of such appointment, the 

  
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Servicer shall deliver, or cause to be delivered, the Receivable Files and the related accounts and records maintained by the Servicer to the Indenture Trustee, the Indenture Trustee’s agent
or the Indenture Trustee’s designee, as the case may be, at such place as the Indenture Trustee may reasonably designate or, if the Notes have been paid in full, at such place as the Owner Trustee may reasonably designate. 

ARTICLE III 

ADMINISTRATION AND SERVICING OF RECEIVABLES AND 
 OTHER TRUST PROPERTY 
 3.1 Duties of Servicer and Backup Servicer.

 (a) The Servicer shall administer the Receivables with reasonable care. The Servicer’s duties shall include, but not be
limited to, the collection and posting of all payments, responding to inquiries by Obligors on the Receivables, or by federal, State or local governmental authorities, investigating delinquencies, reporting tax information to Obligors, furnishing
monthly and annual statements to the Owner Trustee and the Indenture Trustee with respect to distributions and providing collection and repossession services in the event of Obligor default. In performing its duties as Servicer hereunder, the
Servicer shall use reasonable care and exercise that degree of skill and attention that the Servicer exercises with respect to all comparable motor vehicle retail installment sale contracts that it services for itself or others. Subject to the
foregoing and to Section 3.2, the Servicer shall follow its customary standards, policies, practices and procedures in performing its duties hereunder as Servicer. Without limiting the generality of the foregoing, the Servicer is hereby
authorized and empowered to execute and deliver, on behalf of itself, the Depositor, the Backup Servicer, the Trust, the Owner Trustee, the Indenture Trustee, the Certificateholders, the Noteholders or any one or more of them, any and all
instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables or the Financed Vehicles, all in accordance with this Agreement; provided,
however, that, notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect
the unpaid balance (including accrued interest) of any Receivable from the related Obligor, except in connection with a de minimis deficiency which the Servicer would not attempt to collect in accordance with its customary procedures, in which event
the Servicer shall indemnify the Trust for such deficiency. If the Servicer shall commence a legal proceeding to enforce a Receivable, the Trust shall thereupon be deemed to have automatically assigned such Receivable to the Servicer, which
assignment shall be solely for purposes of collection. If in any enforcement suit or legal proceeding it shall be held that the Servicer may not enforce a Receivable on the ground that it shall not be a real party in interest or a holder entitled to
enforce such Receivable, the Trust shall (or the Administrator on behalf of the Trust shall), at the Servicer’s expense and written direction, take steps to enforce such Receivable, including bringing suit in its name or the names of the
Indenture Trustee, the Certificateholders, the Noteholders or any of them. The Trust shall execute and deliver to the Servicer any powers of attorney and other documents as shall be prepared by the Servicer and reasonably necessary or appropriate to
enable the Servicer to carry out its servicing and administrative duties hereunder. The Servicer, at its expense, shall obtain on behalf of the Trust all licenses, if any, required by the laws of any jurisdiction to be held by the Trust in
connection with ownership of the 

  
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Receivables and shall make all filings and pay all fees as may be required in connection therewith during the term hereof. If the Servicer fails to perform its obligations under this Agreement
and the Backup Servicer is appointed as successor Servicer in accordance with Section 8.2, the Backup Servicer shall be responsible for the Servicer’s duties under this Agreement except as specified in Section 8.2; provided,
however, that the Backup Servicer shall not be liable for the terminated Servicer’s failure to perform such obligations. 
 (b) The Backup Servicer and the Servicer, as applicable, shall have the following duties: (i) not less than once during any 12-month period, the Backup Servicer shall conduct an on-site visit of the
Servicer’s servicing operations, meeting with appropriate operations personnel to discuss any changes in processes and procedures that have occurred since the last on-site visit, and (ii) not less than once during any 12-month period, the
Backup Servicer shall update or amend its data-mapping with respect to the computer systems used by the Servicer to service the Receivables by effecting a data-map refresh; provided, however, that the Backup Servicer shall only be
required to effect a data-map refresh upon receipt of written notice from the Servicer that one or more fields included in the Monthly Tape or confirmed in the Backup Servicer’s original data-mapping have been updated or amended. Each on-site
visit referred to in clause (i) above and each data-map refresh referred to in clause (ii) above shall be at the cost of CarMax. 
 3.2 Collection and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the
same shall become due and otherwise act with respect to the Receivables and the other Trust Property in such manner as will, in the reasonable judgment of the Servicer, maximize the amount to be received by the Trust with respect thereto and in
accordance with the standard of care required by Section 3.1. The Servicer shall allocate collections on or in respect of the Receivables between principal and interest in accordance with the customary servicing practices and procedures it
follows with respect to all comparable motor vehicle retail installment sale contracts that it services for itself or others. The Servicer shall not increase or decrease the number or amount of any Scheduled Payment, the Amount Financed under any
Receivable or the APR of any Receivable, or extend, rewrite or otherwise modify the payment terms of any Receivable; provided, however, that the Servicer may, in its sole discretion, extend the due date for one or more payments due on any Receivable
for credit-related reasons that would be acceptable to the Servicer with respect to comparable motor vehicle retail installment sale contracts that it services for itself or others and in accordance with its customary standards, policies, practices
and procedures if the cumulative extensions with respect to any Receivable shall not cause the term of such Receivable to extend beyond the Final Scheduled Maturity Date. If the Servicer fails to comply with the provisions of the preceding sentence,
the Servicer shall be required to purchase each Receivable affected thereby for the related Purchase Amount, in the manner specified in Section 3.7, as of the close of the Collection Period during which such failure occurs. The Servicer may, in
its discretion (but only in accordance with its customary standards, policies, practices and procedures), waive any late payment charge or any other fee that may be collected in the ordinary course of servicing a Receivable. 

  
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 3.3 Realization upon Receivables. The Servicer shall use reasonable efforts on behalf
of the Trust, in accordance with the standard of care required under Section 3.1, to repossess or otherwise convert the ownership of each Financed Vehicle securing a Defaulted Receivable. In taking such action, the Servicer shall follow such
customary practices and procedures as it shall deem necessary or advisable in its servicing of comparable motor vehicle retail installment sale contracts and as are otherwise consistent with the standard of care required under Section 3.1. The
Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed Vehicle into cash proceeds, but only out of the cash proceeds of such Financed Vehicle and any deficiency obtained
from the related Obligor. If a Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with the repair or the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair
and/or repossession will increase the Liquidation Proceeds received with respect to the related Receivable. 
 3.4 Physical
Damage Insurance. The Servicer shall follow its customary practices and procedures to determine whether or not each Obligor shall have maintained physical damage insurance covering the related Financed Vehicle. 

3.5 Maintenance of Security Interests in Financed Vehicles. The Servicer shall take such steps, in accordance with the standard of
care required under Section 3.1, as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle at all times. The Trust hereby authorizes the Servicer, and the Servicer hereby agrees,
to take such steps as are necessary to re-perfect such security interest on behalf of the Trust and the Indenture Trustee in the event the Servicer receives notice of, or otherwise has actual knowledge of, the fact that such security interest is not
perfected as a result of the relocation of a Financed Vehicle or for any other reason. The Servicer shall not release, in whole or in part, any security interest in a Financed Vehicle created by the related Receivable except as permitted herein or
in accordance with its customary standards, policies, practices and procedures. 
 3.6 Amendment of Receivable Terms. The
Servicer shall not impair in any material respect the rights of the Depositor, the Trust, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders in the Receivables or, except as permitted under Section 3.2,
otherwise amend or alter the terms of the Receivables if, as a result of such amendment or alteration, the interests of the Depositor, the Trust, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders hereunder would be
materially adversely affected. 
 3.7 Purchase by Servicer upon Breach. The Depositor, the Servicer, the Backup Servicer
or the Owner Trustee, as the case may be, shall inform the other parties to this Agreement, the Seller and the Indenture Trustee promptly, in writing, upon the discovery of any breach of Section 3.2, 3.5 or 3.6. If such breach shall not have
been cured by the close of business on the last day of the Collection Period which includes the 30th day after the date on which the Servicer becomes aware of, or receives written notice from the Depositor, the Backup Servicer or the Owner Trustee
of, such breach, and such breach materially and adversely affects the interest of the Trust in a Receivable, the Servicer shall purchase such Receivable from the Trust on the Distribution Date following such Collection Period; provided, however,
that, with respect to a breach of Section 3.2, the Servicer shall purchase the affected Receivable from the Trust at the end of the Collection Period in which such breach occurs. In consideration of the 

  
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purchase of a Receivable hereunder, the Servicer shall remit the Purchase Amount of such Receivable in the manner specified in Section 4.5. The sole remedy of the Backup Servicer, the Trust,
the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholders with respect to a breach of Section 3.2, 3.5 or 3.6 shall be to require the Servicer to purchase Receivables pursuant to this Section 3.7. Neither the
Owner Trustee nor the Indenture Trustee shall have any duty to conduct an affirmative investigation as to the occurrence of any condition requiring the purchase of any Receivable pursuant to this Section 3.7. 

3.8 Servicing Compensation. The Servicer shall receive the Monthly Servicing Fee for servicing the Receivables. The Monthly
Servicing Fee for any Collection Period shall equal the product of one-twelfth (1/12) of the Servicing Rate and the Pool Balance as of the first day of such Collection Period (or, in the case of the initial Collection Period, as of the Cutoff
Date); provided, however, that the Monthly Servicing Fee payable to a successor Servicer other than the Backup Servicer may equal such other amount as may be determined in accordance with Section 8.2(c). The Servicer shall pay all expenses
incurred by it in connection with its activities hereunder (including the fees and expenses of the Owner Trustee and the Indenture Trustee, including the reasonable fees and expenses of their attorneys, and any custodian appointed by the Owner
Trustee and the Indenture Trustee, the fees and expenses of independent accountants, taxes imposed on the Servicer and expenses incurred in connection with distributions and reports to the Certificateholders and the Noteholders), except expenses
incurred in connection with realizing upon Receivables under Section 3.3. 
 3.9 Monthly Servicer’s
Certificate. On or before the Determination Date immediately preceding each Distribution Date, the Servicer shall deliver to the Depositor, the Backup Servicer, the Seller, the Owner Trustee, the Indenture Trustee and each Paying Agent, with a
copy to the Rating Agencies, a certificate of a Servicing Officer substantially in the form of Exhibit A (a “Servicer’s Certificate”) and attached to a Servicer’s report containing all information necessary to make the
transfers and distributions pursuant to Sections 4.5, 4.6 and 4.7, together with the written statements to be furnished by the Owner Trustee to the Certificateholders pursuant to Section 4.9 and by the Indenture Trustee to the Noteholders
pursuant to Section 4.9 and pursuant to Section 6.6 of the Indenture. The Servicer shall separately identify (by account number) in a written notice to the Depositor, the Backup Servicer, the Owner Trustee and the Indenture Trustee the
Receivables to be repurchased by the Depositor or to be purchased by the Servicer, as the case may be, on the Business Day preceding such Distribution Date, and, upon request of one of the foregoing parties, each Receivable which became a Defaulted
Receivable during the related Collection Period. The Servicer shall deliver to the Rating Agencies any information, to the extent it is available to the Servicer, that the Rating Agencies reasonably request (and the initial Servicer shall specify in
writing to the successor Servicer any such requests that remain unsatisfied during the servicing transition to the successor Servicer) in order to monitor the Trust. 
 3.10 Annual Servicing Report; Annual Compliance Statement; Notice of Event of Servicing Termination. 
 (a) On or before May 31 of each year (commencing with the year 2014), the Servicer shall deliver to the Depositor, the Backup Servicer, the Owner Trustee and the Indenture Trustee a report regarding
its assessment of compliance with the servicing criteria specified in 

  
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Item 1122(d) of Regulation AB as of the end of and for the preceding Trust Fiscal Year (or, in the case of the report to be delivered in the year 2014, as of the end of and for the period
beginning on the Closing Date and ending on February 28, 2014) that satisfies the requirements of Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. A copy of such report may be obtained by any Certificateholder by
a request in writing to the Owner Trustee, or by any Noteholder or Person certifying that it is a Note Owner by a request in writing to the Indenture Trustee, in either case addressed to the applicable Corporate Trust Office. Upon the written
request of the Owner Trustee, the Indenture Trustee shall promptly furnish the Owner Trustee a list of Noteholders as of the date specified by the Owner Trustee. 
 (b) On or before May 31 of each year (commencing with the year 2014), the Servicer shall deliver to the Depositor, the Backup Servicer, the Owner Trustee and the Indenture Trustee an Officer’s
Certificate stating, as to the officer signing such Officer’s Certificate, that: 
 (i) a review of the
activities of the Servicer during the preceding Trust Fiscal Year (or, in the case of the Officer’s Certificate to be delivered in the year 2014, during the period beginning on the Closing Date and ending on February 28, 2014) and of its
performance under this Agreement has been made under such officer’s supervision; and 
 (ii) to the best of
such officer’s knowledge, based on such review, the Servicer has fulfilled all of its obligations under this Agreement in all material respects throughout such Trust Fiscal Year (or, in the case of the Officer’s Certificate to be delivered
in the year 2014, such period) or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status thereof. 

A copy of such certificate may be obtained by any Certificateholder by a request in writing to the Owner Trustee, or by any Noteholder or
Person certifying that it is a Note Owner by a request in writing to the Indenture Trustee, in either case addressed to the applicable Corporate Trust Office. Upon the written request of the Owner Trustee, the Indenture Trustee shall promptly
furnish the Owner Trustee a list of Noteholders as of the date specified by the Owner Trustee. 
 (c) The Servicer shall deliver
to the Depositor, the Backup Servicer, the Owner Trustee, the Indenture Trustee and the Rating Agencies, promptly after having obtained knowledge thereof, but in no event later than five (5) Business Days thereafter, an Officer’s
Certificate specifying any event which constitutes or, with the giving of notice or lapse of time or both, would become an Event of Servicing Termination. 
 3.11 Annual Public Accounting Firm Report. On or before May 31 of each year (commencing with the year 2014), the Servicer shall cause a registered public accounting firm to deliver to the
Depositor, the Owner Trustee and the Indenture Trustee a report addressed to the Board of Directors of the Servicer that attests to, and reports on, the Servicer’s assessment of compliance with the servicing criteria specified in
Item 1122(d) of Regulation AB with respect to the preceding Trust Fiscal Year (or, in the case of the report to be delivered in the year 2014, with respect to the period beginning on the Closing Date and ending on February 28, 2014)

  
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and that otherwise satisfies the requirements of Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. A copy of such report may be obtained by any Certificateholder by
a request in writing to the Owner Trustee, or by any Noteholder or Person certifying that it is a Note Owner by a request in writing to the Indenture Trustee, in either case addressed to the applicable Corporate Trust Office. 

3.12 Access to Certain Documentation and Information Regarding Receivables. The Servicer shall provide the Depositor, the Backup
Servicer, the Owner Trustee, the Indenture Trustee, the Certificateholders and the Noteholders with access to the Receivable Files in the cases where the Depositor, the Backup Servicer, the Owner Trustee, the Indenture Trustee, the
Certificateholders or the Noteholders shall be required by applicable statutes, regulations or the provisions of any Transaction Document to have access to such documentation. Such access shall be afforded without charge, but only upon reasonable
request and during normal business hours at the offices of the Servicer. Nothing in this Section 3.12 shall affect the obligation of the Servicer and the Backup Servicer, as applicable, to observe any applicable law prohibiting disclosure of
information regarding the Obligors, and the failure of the Servicer to provide access to information as a result of such obligation shall not constitute a breach of this Section 3.12. Each Certificateholder or Noteholder, by its acceptance of a
Certificate or Note, as the case may be, shall be deemed to have agreed to keep any information obtained by it pursuant to this Section 3.12 confidential, except as may be required by applicable law. The Backup Servicer agrees to keep any
information obtained by it pursuant to this Section 3.12 or otherwise pursuant to this Agreement confidential, except as may be required by applicable law. 
 3.13 Reports to the Commission. The Servicer shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act,
and the rules and regulations of the Commission thereunder. The Servicer shall, or shall cause the Administrator to, prepare, execute and deliver all certificates and other documents required to be delivered by the Trust pursuant to the
Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated thereunder. The Depositor shall, at its expense, cooperate in any reasonable request made by the Servicer in connection with such filings. The Servicer shall provide or cause to be
provided to the Depositor copies of all documents filed by the Servicer after the Closing Date with the Commission pursuant to the Securities Act or the Exchange Act that relate specifically to the Trust, the Notes or the Certificates. 

3.14 Reports to Rating Agencies. The Servicer shall deliver to each Rating Agency, at such address as such Rating Agency may
request, a copy of all reports or notices furnished or delivered pursuant to this Article III and a copy of any amendments, supplements or modifications to this Agreement and any other information reasonably requested by such Rating Agency to
monitor this transaction. If CarMax is no longer the Servicer, the successor Servicer shall provide any required Rating Agency notices, reports or other communications to the Depositor, who promptly shall provide such notices, reports or
communications to the Rating Agencies. 
 3.15 Monthly Tape. No later than the second Business Day after each
Distribution Date, the Servicer shall deliver to the Backup Servicer a computer tape, compact disc or other electronic transmission acceptable to the Backup Servicer in a format acceptable to 

  
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the Backup Servicer containing the information with respect to the Receivables as of the last day of the preceding Collection Period necessary for preparation of the Servicer’s Certificate
relating to the preceding Determination Date (the “Monthly Tape”). The Backup Servicer shall confirm that the Monthly Tape is in readable form. Other than the duties specifically set forth in this Agreement, the Backup Servicer
shall have no obligations under this Agreement, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The Backup Servicer shall have no liability for any actions taken or omitted by the Servicer.

 ARTICLE IV 
 DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO 
 NOTEHOLDERS AND CERTIFICATEHOLDERS

 4.1 Accounts. 
 (a) The Servicer shall 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 Collection Account (the “Collection Account”). The Collection Account shall be held in trust for the benefit of the Noteholders and the Certificateholders. The Collection Account shall be under the
sole dominion and control of the Indenture Trustee; provided, however, that the Servicer may make deposits to and direct the Indenture Trustee in writing to make withdrawals from the Collection Account in accordance with this
Agreement, the Indenture and the Trust Agreement. All monies deposited from time to time in the Collection Account pursuant to this Agreement shall be held by the Indenture Trustee as part of the Trust Property and shall be applied as provided in
this Agreement. All deposits to and withdrawals from the Collection Account shall be made only upon the terms and conditions of the Transaction Documents. 
 If the Servicer is required to remit collections on a daily basis pursuant to the first sentence of Section 4.2, all amounts held in the Collection Account shall, to the extent permitted by
applicable law, rules and regulations, be invested, as directed in writing by the Servicer, by the bank or trust company then maintaining the Collection Account in Permitted Investments that mature not later than the Business Day preceding the
Distribution Date following the Collection Period during which such investment is made. All such Permitted Investments shall be held to maturity. If the Collection Account is no longer to be maintained at the Indenture Trustee, the Servicer shall,
with the Indenture Trustee’s assistance as necessary, promptly (and in any case within ten (10) calendar days or such longer period not to exceed thirty (30) calendar days as to which each Rating Agency shall consent) cause the
Collection Account to be moved to an Eligible Institution. The Servicer shall promptly notify the Indenture Trustee and the Owner Trustee of any change in the account number or location of the Collection Account. 

(b) The Servicer shall 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 Note Payment Account (the “Note Payment Account”). The Note Payment Account shall be held in trust for the benefit of the
Noteholders. The Note Payment Account shall be under the sole dominion and control of the Indenture Trustee; provided, however, that the Servicer may make deposits to and direct the Indenture Trustee in writing to make withdrawals from
the Note Payment Account in accordance 

  
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with this Agreement and the Indenture. All monies deposited from time to time in the Note Payment Account pursuant to this Agreement and the Indenture shall be held by the Indenture Trustee as
part of the Trust Property and shall be applied as provided in this Agreement and the Indenture. The amounts on deposit in the Note Payment Account shall not be invested. If the Note Payment Account is no longer to be maintained at the Indenture
Trustee, the Servicer shall, with the Indenture Trustee’s assistance as necessary, promptly (and in any case within ten (10) calendar days or such longer period not to exceed thirty (30) calendar days as to which each Rating Agency
may consent) cause the Note Payment Account to be moved to an Eligible Institution. The Servicer shall promptly notify the Indenture Trustee and the Owner Trustee of any change in the account number or location of the Note Payment Account.

 (c) The Servicer shall establish, on or before the Closing Date, and maintain in the name of the Owner Trustee at an Eligible
Institution (which shall initially be the Owner Trustee) a segregated trust account designated as the “CarMax Auto Owner Trust 2013-2 Trust Account” (the “Certificate Payment Account”). The Certificate Payment Account
shall be held in trust for the benefit of the Certificateholders. The Certificate Payment Account shall be under the sole dominion and control of the Owner Trustee; provided, however, that the Servicer may direct the Indenture Trustee
in writing to make deposits to the Certificate Payment Account in accordance with this Agreement and the Indenture and may direct the Owner Trustee to make withdrawals from the Certificate Payment Account in accordance with this Agreement and the
Trust Agreement. All monies deposited from time to time in the Certificate Payment Account pursuant to this Agreement and the Indenture shall be held by the Owner Trustee as part of the Trust Property and shall be applied as provided in this
Agreement and the Trust Agreement. The amounts on deposit in the Certificate Payment Account shall not be invested. If the Certificate Payment Account is no longer to be maintained at the Owner Trustee, the Servicer shall, with the Owner
Trustee’s assistance as necessary, promptly (and in any case within ten (10) calendar days or such longer period not to exceed thirty (30) calendar days as to which each Rating Agency may consent) cause the Certificate Payment Account
to be moved to an Eligible Institution. The Servicer shall promptly notify the Indenture Trustee and the Owner Trustee in writing of any change in the account number or location of the Certificate Payment Account. 

(d) If, on any Distribution Date, the aggregate amount on deposit in the Collection Account and the Reserve Account equals or exceeds the
sum of (i) the Note Balance as of the day preceding such Distribution Date, (ii) the Total Note Interest for each Class of Notes for such Distribution Date and (iii) the Total Servicing Fee for the preceding Collection Period and any
Unreimbursed Servicer Advances for the preceding Collection Period, the Servicer shall instruct the Indenture Trustee to (A) transfer all amounts on deposit in the Reserve Account on such Distribution Date from the Reserve Account to the
Collection Account and (B) include such amounts in Available Funds for purposes of application pursuant to Section 2.8(a) of the Indenture on such Distribution Date. 
 4.2 Collections. The Servicer shall remit to the Collection Account all amounts received by the Servicer on or in respect of the Receivables (including Liquidation Proceeds and all amounts received
by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable) but excluding payments with respect to Purchased Receivables) as soon as
practicable and in no event after the close of business on the second Business Day after such 

  
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receipt; provided, however, that for so long as (i) CarMax is the Servicer, (ii) no Event of Servicing Termination shall have occurred and be continuing and (iii) the Rating Agency
Condition shall have been satisfied (each, a “Monthly Remittance Condition”), the Servicer may remit any such amounts received during any Collection Period to the Collection Account in immediately available funds on the Business Day
preceding the Distribution Date following such Collection Period (it being understood that the Monthly Remittance Condition has not been satisfied as of the Closing Date); provided further, that if any such amounts (including Liquidation Proceeds
and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) are received in respect of a Receivable as to which
there is an unreimbursed Simple Interest Advance, the Servicer shall retain such amounts to the extent of such unreimbursed Simple Interest Advance (and shall apply the amount retained to reimburse itself for such unreimbursed Simple Interest
Advance) and shall remit the balance of such amounts to the Collection Account; and, provided further, that the Servicer shall, if it determines that it has made an Unreimbursed Servicer Advance, retain amounts received on or in respect of the
Receivables to the extent set forth in Section 4.4(b). The Owner Trustee and the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (ii) or (iii) of the definition of Monthly Remittance
Condition that would require daily remittance by the Servicer to the Collection Account unless the Owner Trustee or the Indenture Trustee, as applicable, has received notice of such event or circumstance from the Depositor or the Servicer in an
Officer’s Certificate or written notice of such event or circumstance from the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or unless a Responsible Officer of the Owner Trustee or the Indenture
Trustee, as applicable, has actual knowledge of such event or circumstance. The Servicer shall remit to the Collection Account on the Closing Date all amounts received by the Servicer on or in respect of the Receivables (including Liquidation
Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the
Cutoff Date to and including the second Business Day preceding the Closing Date. 
 4.3 Application of Collections. For
purposes of this Agreement, all amounts received on or in respect of a Receivable during any Collection Period (including Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed
Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable) but excluding payments with respect to Purchased Receivables) shall be applied by the Servicer, as of the last day of such Collection Period, to interest
and principal on such Receivable in accordance with the Simple Interest Method. 
 4.4 Simple Interest Advances and
Unreimbursed Servicer Advances. 
 (a) If, as of the end of any Collection Period, one or more payments of Monthly P&I
due under any Receivable (other than a Defaulted Receivable) outstanding at the end of such Collection Period shall not have been received by the Servicer and remitted to the Collection Account pursuant to Section 4.2, the Servicer may, at its
option, make, on the Business Day preceding the Distribution Date immediately following such Collection Period, a Simple Interest Advance with respect to such Receivable by depositing in or crediting to the Collection Account the amount of Monthly
P&I allocable to interest scheduled to have been paid 

  
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during such Collection Period, assuming that such Receivable was paid on its due date, minus the amount of Monthly P&I actually received and allocated to interest, if any, with respect
to such Receivable during such Collection Period. 
 (b) If the Servicer determines that it has made an Unreimbursed Servicer
Advance, the Servicer shall reimburse itself for such Unreimbursed Servicer Advance from unrelated amounts received by the Servicer on or in respect of the Receivables (including Liquidation Proceeds and all amounts received by the Servicer in
connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)); provided, however, that the Servicer shall furnish to the Indenture Trustee and the
Owner Trustee, on or before the Distribution Date following the Collection Period during which such reimbursement is taken, a certificate of a Servicing Officer setting forth the basis for such determination, the amount of such Unreimbursed Servicer
Advance, the Receivable with respect to which such Unreimbursed Servicer Advance was made and the installments or other proceeds with respect to which such reimbursement was taken. 

4.5 Additional Deposits. The Depositor and the Servicer shall deposit or cause to be deposited in the Collection Account the
aggregate Purchase Amount with respect to Purchased Receivables pursuant to Section 2.4, 3.7 or 9.1. All such deposits described above with respect to a Collection Period shall be made in immediately available funds no later than 5:00 p.m., New
York City time, on the Business Day preceding the Distribution Date following such Collection Period. 
 4.6 Determination
Date Calculations; Application of Available Funds. 
 (a) On each Determination Date, the Servicer shall calculate the
following amounts: 
 (i) the Available Collections for the following Distribution Date; 

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

(iii) the Total Backup Servicer Fee for the preceding Collection Period and any other payments pursuant to
Section 2.8(a)(ii) of the Indenture; 
 (iv) the Total Note Interest for each Class of Class A Notes
for the following Distribution Date; 
 (v) the Priority Principal Distributable Amount for the following
Distribution Date; 
 (vi) the Total Note Interest for the Class B Notes for the following Distribution Date;

 (vii) the Secondary Principal Distributable Amount for the following Distribution Date; 

  
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 (viii) the Total Note Interest for the Class C Notes for the following
Distribution Date; 
 (ix) the Tertiary Principal Distributable Amount for the following Distribution Date;

 (x) the Total Note Interest for the Class D Notes for the following Distribution Date; 

(xi) the Quaternary Principal Distributable Amount for the following Distribution Date; 

(xii) the sum of the amounts described in clauses (ii) through (xi) above (the “Required Payment
Amount”); and 
 (xiii) the Regular Principal Distributable Amount for the following Distribution Date.

 (b) On each Determination Date, the Servicer shall calculate the following amounts: 

(i) the lesser of (A) the amount, if any, by which the Required Payment Amount for the following Distribution Date
exceeds the Available Collections for such Distribution Date and (B) the Reserve Account Amount for such Distribution Date (before giving effect to any deposits to or withdrawals from the Reserve Account on such Distribution Date) (such lesser
amount, the “Reserve Account Draw Amount”); provided, however, that if on the last day of the preceding Collection Period the Pool Balance is zero, the Reserve Account Draw Amount for such Distribution Date shall equal
the Reserve Account Amount for such Distribution Date; 
 (ii) the Reserve Account Amount for the following
Distribution Date (after giving effect to the withdrawal of the Reserve Account Draw Amount for such Distribution Date); and 
 (iii) the amount, if any, by which the Required Reserve Account Amount for the following Distribution Date exceeds the Reserve Account Amount for such Distribution Date (after giving effect to the
withdrawal of the Reserve Account Draw Amount for such Distribution Date) (such excess, the “Reserve Account Deficiency”). 
 On each Distribution Date, the Servicer shall instruct the Indenture Trustee to transfer the Reserve Account Draw Amount, if any, for such Distribution Date from the Reserve Account to the Collection
Account. 
 (c) [RESERVED]. 

  
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 (d) On each Distribution Date, the Servicer shall instruct the Indenture Trustee in writing
to apply the Available Funds for such Distribution Date to make the payments and deposits set forth in Section 2.8(a) or 5.4(b) of the Indenture, as applicable. 
 4.7 Reserve Account. 
 (a) The Servicer shall 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 Reserve Account (the “Reserve Account”). The
Reserve Account shall be held in trust for the benefit of the Noteholders and the Certificateholders. The Reserve Account shall be under the sole dominion and control of the Indenture Trustee; provided, however, that the Servicer may
make deposits to and direct the Indenture Trustee in writing to make withdrawals from the Reserve Account in accordance with this Agreement and the Indenture. On the Closing Date, the Depositor shall deposit the Initial Reserve Account Deposit into
the Reserve Account from the net proceeds of the sale of the Notes. The Reserve Account and all amounts, securities, investments, financial assets and other property deposited in or credited to the Reserve Account (the “Reserve Account
Property”) has been conveyed by the Depositor to the Trust pursuant to Section 2.1. Pursuant to the Indenture, the Trust will pledge all of its right, title and interest in, to and under the Reserve Account and the Reserve Account
Property to the Indenture Trustee on behalf of the Noteholders and the Certificateholders to secure its obligations under the Notes and the Indenture. 
 (b) The Reserve Account Property shall, to the extent permitted by applicable law, rules and regulations, be invested, as directed in writing by the Servicer, by the bank or trust company then maintaining
the Reserve Account in Permitted Investments that mature not later than the Business Day preceding the next Distribution Date. All such Permitted Investments shall be held to maturity. On any Distribution Date, all interest and other income (net of
losses and investment expenses) on funds on deposit in the Reserve Account, to the extent that funds on deposit therein, as certified by the Servicer, exceed the Required Reserve Account Amount, shall, at the written direction of the Servicer,
(i) first, be deposited into the Note Payment Account, for payment of principal of the Notes in the priority set forth in Section 2.8(b) of the Indenture, to the extent of any unfunded Regular Principal Distributable Amount, if any, on
such Distribution Date (after giving effect to the application of Available Funds on such Distribution Date), (ii) second, be paid to the Backup Servicer or any other Successor Servicer, as applicable, to the extent of any unfunded amounts
payable pursuant to Section 2.8(a)(xiii) or (xiv) of the Indenture, if any, on such Distribution Date (after giving effect to the application of Available Funds on such Distribution Date), (iii) third, be deposited into the
Certificate Payment Account for payment to the Certificateholders. If the Reserve Account is no longer to be maintained at the Indenture Trustee, the Servicer shall, with the Indenture Trustee’s assistance as necessary, promptly (and in any
case within ten (10) calendar days or such longer period not to exceed thirty (30) calendar days as to which each Rating Agency may consent) cause the Reserve Account to be moved to an Eligible Institution. The Servicer shall promptly
notify the Indenture Trustee and the Owner Trustee in writing of any change in the account number or location of the Reserve Account. 

  
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 (c) With respect to any Reserve Account Property: 

(i) any Reserve Account Property that is a “financial asset” (as defined in Section 8-102(a)(9) of the
Relevant UCC) shall be physically delivered to, or credited to an account in the name of, the Eligible Institution maintaining the Reserve Account, in accordance with such institution’s customary procedures such that such institution
establishes a “securities entitlement” in favor of the Indenture Trustee with respect thereto; 
 (ii)
any Reserve Account Property that is held in deposit accounts shall be held solely in the name of the Indenture Trustee at one or more depository institutions having the Required Rating and each such deposit account shall be subject to the exclusive
custody and control of the Indenture Trustee and the Indenture Trustee shall have sole signature authority with respect thereto; and 
 (iii) except for any deposit accounts specified in clause (ii) above, the Reserve Account shall only be invested in securities or in other assets which the Eligible Institution maintaining the
Reserve Account agrees to treat as “financial assets” (as defined in Section 8-102(a)(9) of the Relevant UCC). 

(d) If the Reserve Account Amount for any Distribution Date (after giving effect to the withdrawal of the Reserve Account Draw Amount for
such Distribution Date) exceeds the Required Reserve Account Amount for such Distribution Date, the Servicer shall instruct the Indenture Trustee in writing to distribute the amount of such excess (i) first, to the Note Payment Account, for
payment of principal of the Notes in the priority set forth in Section 2.8(b) of the Indenture, to the extent of any unfunded Regular Principal Distributable Amount, if any, on such Distribution Date (after giving effect to the application of
Available Funds on such Distribution Date), (ii) second, be paid to the Backup Servicer or any other Successor Servicer, as applicable, to the extent of any unfunded amounts payable pursuant to Section 2.8(a)(xiii) or (xiv) of the
Indenture, if any, on such Distribution Date (after giving effect to the application of Available Funds on such Distribution Date), (iii) third, to the Certificate Payment Account for payment to the Certificateholders. The Indenture Trustee and
the Owner Trustee hereby release, on each Distribution Date, their security interest in, to and under Reserve Account Property distributed to the Certificateholders. 
 (e) If the Note Balance, and all other amounts owing or to be distributed hereunder or under the Indenture or the Trust Agreement to the Noteholders or the Certificateholders, have been paid in full and
the Trust has been terminated, any remaining Reserve Account Property shall be distributed to the Certificateholders. 
 4.8
Net Deposits. As an administrative convenience, unless the Servicer is required to remit collections on a daily basis pursuant to the first sentence of Section 4.2, the Depositor and the Servicer may make any remittance pursuant to this
Article IV with respect to a Collection Period net of distributions or reimbursements to be made to the Depositor or the Servicer with respect to such Collection Period; provided, however, that such obligations shall remain separate
obligations, no party shall have a right of offset and each such party shall account for all of the above described remittances and distributions as if the amounts were deposited and/or transferred separately. 

  
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 4.9 Statements to Noteholders and Certificateholders. On or prior to each
Distribution Date, the Servicer shall provide to the Indenture Trustee (with copies to the Depositor, the Backup Servicer, the Rating Agencies and each Paying Agent), for the Indenture Trustee to make available to each Note Owner as described below,
and to the Owner Trustee (with copies to the Depositor, the Backup Servicer, the Rating Agencies and each Paying Agent), for the Owner Trustee to make available to each Certificateholder of record as of the most recent Record Date, a statement in
substantially the form of Exhibit B or Exhibit C, as applicable. Each such statement shall set forth at least the following information as to the Notes and the Certificates (to the extent applicable) with respect to the distribution to be made on
such Distribution Date: 
 (i) the amount of such distribution allocable to principal for each Class of Notes;

 (ii) the Priority Principal Distributable Amount for such Distribution Date; 

(iii) the Secondary Principal Distributable Amount for such Distribution Date; 

(iv) the Tertiary Principal Distributable Amount for such Distribution Date; 

(v) the Quaternary Principal Distributable Amount for such Distribution Date; 

(vi) the Regular Principal Distributable Amount for such Distribution Date; 

(vii) the amount of such distribution allocable to current and overdue interest (including any interest on overdue
interest) for each Class of Notes; 
 (viii) the Total Servicing Fee for the preceding Collection Period;

 (ix) the Total Backup Servicer Fee for the preceding Collection Period; 

(x) the aggregate outstanding principal balance of each Class of Notes and the Note Pool Factor with respect to each Class
of Notes (in each case after giving effect to payments allocated to principal reported under clause (i) above); 
 (xi) the Pool Balance as of the close of business on the last day of the preceding Collection Period; 

  
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 (xii) the Reserve Account Amount on such Distribution Date (after giving
effect to all deposits to or withdrawals from the Reserve Account on such Distribution Date); 
 (xiii) the
Reserve Account Draw Amount for such Distribution Date; 
 (xiv) the aggregate Purchase Amount of Receivables
repurchased by the Depositor or purchased by the Servicer, if any, with respect to the preceding Collection Period; 
 (xv) the number and aggregate Principal Balance of Receivables that were 31-60 days, 61-90 days or 91 days or more delinquent as of the last day of the preceding Collection Period; 

(xvi) the number of Receivables that were outstanding as of the last day of the preceding Collection Period; 

(xvii) the Net Losses with respect to the preceding Collection Period; 

(xviii) the Overcollateralization Target Amount for such Distribution Date and the amount by which the Pool Balance
exceeds the Note Balance as of such Distribution Date (after giving effect to any payments made to the Holders of the Notes on such Distribution Date); 
 (xix) the amount of Available Collections for the preceding Collection Period; 
 (xx) the amount of Excess Collections with respect to such Distribution Date; and 
 (xxi) the Consolidated Tangible Net Worth as of the last day of the Related Fiscal Quarter for such Distribution Date. 
 The Indenture Trustee will make available each month to each Note Owner the statements referred to above (and certain other documents, reports and information regarding the Receivables provided by the
Servicer from time to time) via the Indenture Trustee’s internet website, with the use of a password provided by the Indenture Trustee. The Indenture Trustee’s internet website will be located at www.CTSLink.com or at such other address as
the Indenture Trustee shall notify the Note Owners from time to time. For assistance with regard to this service, Note Owners can call the Indenture Trustee’s Corporate Trust Office at (866) 846-4526. The Indenture Trustee shall have the
right to change the way the statements referred to above are distributed in order to make such distribution more convenient and/or more accessible to the parties entitled to receive such statements so long as such statements are only provided to the
then current Note Owners. The Indenture Trustee shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Section 10.4, Section 11.4 of the Indenture or Section 11.5 of
the Indenture, as appropriate. 

  
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 4.10 Control of Securities Accounts. Notwithstanding anything to the contrary
contained herein, the Trust agrees that each of the Collection Account, the Note Payment Account, the Certificate Payment Account and the Reserve Account will only be established at an Eligible Institution that agrees substantially as follows:
(i) it will comply with “entitlement orders” (as defined in Section 8-102(a)(8) of the Relevant UCC) relating to such accounts issued by the Indenture Trustee without further consent by the Trust; (ii) until the termination
of the Indenture, it will not enter into any other agreement relating to any such account pursuant to which it agrees to comply with entitlement orders of any Person other than the Indenture Trustee; and (iii) all assets delivered or credited
to it in connection with such accounts and all investments thereof will be promptly credited to such accounts. 
 ARTICLE V

 [RESERVED] 
 ARTICLE VI 
 THE DEPOSITOR 

6.1 Representations and Warranties of Depositor. The Depositor makes the following representations and warranties on which the
Trust shall be deemed to have relied in accepting the Trust Property. The representations and warranties speak as of the execution and delivery of this Agreement and shall survive the sale, transfer, assignment and conveyance of the Trust Property
to the Trust pursuant to this Agreement and the pledge of the Trust Property to the Indenture Trustee pursuant to the Indenture: 
 (a) Organization and Good Standing. 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. 
 (b) Due Qualification. 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, in the reasonable judgment of the Depositor, materially and
adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement, any of the other Transaction Documents to which the Depositor is a party, the Receivables, the Notes or the
Certificates. 
 (c) Power and Authority. The Depositor has the power and authority to execute, deliver and perform its
obligations under this Agreement and the other Transaction Documents to which it is a party. The Depositor has the power and authority to sell, assign, transfer and convey the property to be 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 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. 

  
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 (d) Valid Transfer; Binding Obligation. This Agreement effects a valid sale,
transfer, assignment and conveyance to the Trust of the Receivables and the other Trust Property enforceable against all creditors of and purchasers from the Depositor. This Agreement and the other Transaction Documents to which the Depositor is a
party constitute legal, valid and binding obligations of the Depositor, enforceable against the Depositor in accordance with their terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship,
receivership, liquidation and other similar laws and to general equitable principles. 
 (e) No Violation. The execution,
delivery and performance by the Depositor of this 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 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. 

(f) No Proceedings. 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 (i) asserting the invalidity of this Agreement, the Indenture, the Trust
Agreement, any of the other Transaction Documents, the Notes or the Certificates, (ii) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions contemplated by this Agreement, the
Indenture, the Trust Agreement or any of the other Transaction Documents, (iii) seeking any determination or ruling that, in the reasonable judgment of the Depositor, would materially and adversely affect the performance by the Depositor of its
obligations under, or the validity or enforceability of, this Agreement, the Indenture, the Trust Agreement, any of the other Transaction Documents, the Receivables, the Notes or the Certificates, or (iv) that, in the reasonable judgment of the
Depositor, would adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Trust or of the Notes or the Certificates. 
 6.2 Liability of Depositor; Indemnities. 
 (a) The Depositor shall be
liable in accordance herewith only to the extent of the obligations specifically undertaken by the Depositor under this Agreement. 
 (b) The Depositor shall indemnify, defend and hold harmless the Backup Servicer, the Trust, the Owner Trustee and the Indenture Trustee from and against any taxes that may at any time be asserted against
any such Person with respect to, and as of the date of, the transfer of the Receivables to the Trust or the issuance and original sale of the Notes or the 

  
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Certificates, including any sales, gross receipts, general corporation, tangible personal property, privilege or license taxes (but, in the case of the Trust, not including any taxes asserted
with respect to ownership of the Receivables or federal or other Applicable Tax State income taxes arising out of the transactions contemplated by this Agreement and the other Transaction Documents), and all costs and expenses in defending against
such taxes. 
 (c) The Depositor shall indemnify, defend and hold harmless the Backup Servicer, the Trust, the Owner Trustee,
the Indenture Trustee, the Noteholders and the Certificateholders from and against any loss, liability or expense incurred by reason of (i) the Depositor’s willful misfeasance, bad faith or gross negligence in the performance of its duties
under this Agreement or any other Transaction Document to which it is a party or by reason of a reckless disregard of its obligations and duties under this Agreement or any other Transaction Document to which it is a party and (ii) the
Depositor’s violation of federal or State securities laws in connection with the registration or the sale of the Notes. 

(d) The Depositor shall indemnify, defend and hold harmless the Backup Servicer, the Owner Trustee and the Indenture Trustee and their
respective officers, directors, employees and agents from and against all costs, expenses, losses, claims, damages and liabilities arising out of or incurred in connection with the acceptance or performance of the trusts and duties contained herein
and in the Trust Agreement, in the case of the Owner Trustee, and in the Indenture, in the case of the Indenture Trustee, except to the extent that such cost, expense, loss, claim, damage or liability (i) shall be due to the willful
misfeasance, bad faith or gross negligence (except for errors in judgment) of the Backup Servicer, the Owner Trustee or the Indenture Trustee, as applicable, (ii) in the case of the Owner Trustee, shall arise from the breach by the Owner
Trustee of any of its representations or warranties set forth in the Trust Agreement, (iii) in the case of the Indenture Trustee, shall arise from the breach by the Indenture Trustee of any of its representations and warranties set forth in the
Indenture or (iv) relates to any tax other than the taxes with respect to which either the Depositor or the Servicer shall be required to indemnify the Backup Servicer, the Owner Trustee or the Indenture Trustee, as applicable. 

(e) The Depositor shall pay any and all taxes levied or assessed upon all or any part of the Owner Trust Estate. 

Indemnification under this Section 6.2 shall survive the resignation or removal of the Backup Servicer, the Owner Trustee or the
Indenture Trustee and the termination of this Agreement and shall include reasonable fees and expenses of counsel and expenses of litigation. If the Depositor shall have made any indemnity payments pursuant to this Section 6.2 and the Person to
or on behalf of whom such payments are made thereafter shall collect any of such amounts from others, such Person shall promptly repay such amounts to the Depositor, without interest. Notwithstanding anything to the contrary contained herein, the
Depositor shall only be required to pay (i) any fees, expenses, indemnities or other liabilities that it may incur under the Transaction Documents from funds available pursuant to, and in accordance with, the payment priorities set forth in
this Agreement and (ii) to the extent the Depositor has additional funds available (other than funds described in the preceding clause (i)) that would be in excess of amounts that would be necessary to pay the debt and other obligations of the
Depositor in accordance with the Depositor’s certificate of formation, operating agreement and all financing 

  
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documents to which the Depositor is a party. The agreement set forth in the preceding sentence shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy
Code. In addition, no amount owing by the Depositor hereunder in excess of liabilities that it is required to pay in accordance with the preceding sentence shall constitute a “claim” (as defined in Section 101(5) of the Bankruptcy
Code) against it. 
 6.3 Merger or Consolidation of, or Assumption of the Obligations of, Depositor. Any Person
(i) into which the Depositor shall be merged or consolidated, (ii) resulting from any merger, conversion or consolidation to which the Depositor shall be a party or (iii) that shall succeed by purchase and assumption to all or
substantially all of the business of the Depositor, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Depositor under this Agreement, shall be the successor to the Depositor under this
Agreement without the execution or filing of any other document or any further act on the part of any of the parties to this Agreement; provided, however, that (x) the Depositor shall have delivered to the Backup Servicer, the Owner Trustee and
the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such merger, conversion, consolidation or succession and such agreement of assumption comply with this Section 6.3, (y) the Depositor shall
have delivered to the Backup Servicer, the Owner Trustee and the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have
been authorized and filed that are necessary to fully preserve and protect the interest of the Trust and the Indenture Trustee, respectively, in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in
which such details are given, or (B) stating that, in the opinion of such counsel, no such action shall be necessary to fully preserve and protect such interest and (z) the Rating Agency Condition shall have been satisfied. Notwithstanding
anything to the contrary contained herein, the execution of the foregoing agreement of assumption and compliance with clauses (x), (y) and (z) above shall be conditions to the consummation of the transactions referred to in clauses (i),
(ii) and (iii) above. 
 6.4 Limitation on Liability of Depositor and Others. 

(a) Neither the Depositor nor any of the directors, officers, employees or agents of the Depositor shall be under any liability to the
Trust, the Noteholders or the Certificateholders for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided, however, that this provision shall not protect the
Depositor or any such Person against any liability that would otherwise be imposed by reason of willful misfeasance or bad faith in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement, or by
reason of gross negligence in the performance of duties under this Agreement (except for errors in judgment). The Depositor, and its directors, officers, employees and agents, may rely in good faith on the advice of counsel or on any document of any
kind prima facie properly executed and submitted by any Person in respect of any matters arising under this Agreement. 
 (b) The Depositor shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement and that in its opinion may
involve it in any expense or liability. 

  
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 6.5 Depositor May Own Notes or Certificates. The Depositor, and any Affiliate of the
Depositor, may, in its individual or any other capacity, become the owner or pledgee of Notes or Certificates with the same rights as it would have if it were not the Depositor or an Affiliate of the Depositor, except as otherwise expressly provided
herein (including in the definition of “Note Balance”) or in the other Transaction Documents. Except as otherwise expressly provided herein (including the definition of “Note Balance”) or in the other Transaction Documents, Notes
and Certificates so owned by or pledged to the Depositor or such Affiliate shall have an equal and proportionate benefit under the provisions of this Agreement and the other Transaction Documents, without preference, priority or distinction as among
the Notes and the Certificates. 
 6.6 [RESERVED]. 
 6.7 Certain Limitations. 
 (a) The purpose of the Depositor shall be
limited to the conduct or promotion of the following activities: (i) to acquire, lease, own, hold, sell, transfer, convey, dispose of, pledge, assign, borrow money against, grant a security interest in, finance, refinance or otherwise deal
with, publicly or privately and whether with unrelated third parties or with affiliated entities, automotive installment sale contracts and service contracts originated or acquired by CarMax or its Affiliates or interests therein, the related motor
vehicles or interests therein and the related documentation and monies due or to become due thereunder, proceeds from claims on insurance policies related thereto and all related rights and the proceeds of any of the foregoing (collectively, the
“Assets”), (ii) to perform its obligations under the Basic Documents (as defined in the limited liability company agreement of the Depositor (the “LLC Agreement”)), (iii) to act as settlor or grantor of
one or more trusts or special purpose entities (each, a “Securitization Trust”) formed pursuant to a trust agreement or other agreement, which Securitization Trust may issue one or more series or classes of certificates, bonds,
notes or other evidences of interest or indebtedness (collectively, “Securities”) secured by or representing beneficial interests in the Assets, (iv) to acquire Securities or other property of a Securitization Trust (including
remainder interests in collateral or reserve accounts) or any interest in any of the foregoing, (v) to cause the issuance of, authorize, sell and deliver Securities or other instruments secured or collateralized by Securities, (vi) to own
equity interests in other limited liability companies or partnerships whose purposes are substantially restricted to those described in clauses (i) through (v) above, (vii) to borrow money other than pursuant to clause (i) above,
but only to the extent that such borrowing is permitted by the terms of the transactions contemplated by clauses (i) through (vi) above, (viii) to loan or otherwise invest funds received as a result of the Depositor’s interest in
any Securitization Trust or Securities and any other income, as determined by the Member (as defined in the LLC Agreement) of the Depositor from time to time, and (ix) to (A) negotiate, authorize, execute, deliver or assume or perform the
obligations under any agreement, instrument or document relating to the activities set forth in clauses (i) through (viii) above, including the Basic Documents (as defined in the LLC Agreement) and (B) engage in any lawful act or
activity and to exercise any powers permitted to limited liability companies organized under the laws of the State of Delaware that are incidental to and necessary, convenient or advisable for the accomplishment of the above-mentioned purposes,
including the entering into of (x) interest rate or basis swap, cap, floor or collar agreements, currency exchange agreements or similar hedging transactions, (y) any agreement providing for

  
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the funding of any amount due under any of the Securities through direct borrowings, letters of credit, insurance or otherwise and (z) referral, management, servicing and administration
agreements. Capitalized terms used in the following sentence, other than the terms “Depositor” and “LLC Agreement”, have the respective meanings assigned to them in the LLC Agreement. So long as any Obligation is outstanding, the
Depositor shall not (i) except as contemplated in the Basic Documents, guarantee any obligation of any Person, including any Affiliate, (ii) engage, directly or indirectly, in any business other than the activities required or permitted to
be performed under Article Three of the LLC Agreement, the Basic Documents or Section 4.10 of the LLC Agreement, (iii) incur, create or assume any indebtedness other than as expressly permitted under Article Three of the LLC Agreement, the
Basic Documents or Section 4.10 of the LLC Agreement, (iv) make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any Person, except that the Depositor may invest in those investments
permitted under Article Three of the LLC Agreement, the Basic Documents or Section 4.10 of the LLC Agreement and may make any advance required or expressly permitted to be made pursuant to any provision of Article Three of the LLC Agreement,
the Basic Documents or Section 4.10 of the LLC Agreement and permit the same to remain outstanding in accordance with such provisions, (v) to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation,
merger, asset sale or transfer of ownership interests other than such activities as are expressly permitted pursuant to any provision of Article Three of the LLC Agreement, the Basic Documents or Section 4.10 of the LLC Agreement or
(vi) except as contemplated by Article Three of the LLC Agreement or the Basic Documents, form, acquire or hold any subsidiary (whether a corporation, partnership, limited liability company or other entity). 

(b) Notwithstanding any other provision of this Section 6.7 and any provision of law, the Depositor shall not do any of the
following: 
 (i) engage in any business or activity other than as set forth in clause (a) above; or

 (ii) without the unanimous written consent of the members of the Depositor and the members of the Board of
Directors of the Depositor (including all independent directors of the Depositor), (A) consolidate or merge the Depositor with or into any Person or sell all or substantially all of the assets of the Depositor, (B) institute proceedings to
have the Depositor be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against Depositor, (C) file a petition seeking, or consent to, reorganization or relief with respect to the Depositor
under any applicable federal or State law relating to bankruptcy, (D) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Depositor or a substantial part of its property,
(E) make any assignment for the benefit of creditors of the Depositor, (F) admit in writing the Depositor’s inability to pay its debts generally as they become due, (G) take any action in furtherance of any action set forth in
clauses (A) through (F) above or (H) to the fullest extent permitted by law, dissolve or liquidate the Depositor. 
 (c) The Depositor shall not amend its organizational documents except in accordance with the provisions thereof. 

  
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 ARTICLE VII 
 THE SERVICER AND THE BACKUP SERVICER 
 7.1 Representations and Warranties of
Servicer. The Servicer makes the following representations and warranties on which the Trust shall be deemed to have relied in accepting the Trust Property. The representations and warranties speak as of the execution and delivery of this
Agreement and shall survive the sale, transfer, assignment and conveyance of the Trust Property to the Trust pursuant to this Agreement and the pledge of the Trust Property to the Indenture Trustee pursuant to the Indenture: 

(a) Organization and Good Standing. The Servicer 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, sell and service the Receivables and to hold the Receivable Files as custodian on behalf of the Trust. 
 (b) Due Qualification. The Servicer 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, in the reasonable judgment of the Servicer, materially and adversely affect the performance by the Servicer of its obligations under, or the validity or
enforceability of, this Agreement, the Indenture, the Trust Agreement, any of the other Transaction Documents, the Receivables, the Notes or the Certificates. 
 (c) Power and Authority. The Servicer has the power and authority to execute, deliver and perform its obligations under this Agreement and the other Transaction Documents to which it is a party,
and the execution, delivery and performance of this Agreement and the other Transaction Documents to which the Servicer is a party have been duly authorized by the Servicer by all necessary action. 

(d) Binding Obligation. This Agreement and the other Transaction Documents to which the Servicer is a party constitute legal,
valid and binding obligations of the Servicer, enforceable against the Servicer in accordance with their terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other
similar laws and to general equitable principles. 
 (e) No Violation. The execution, delivery and performance by the
Servicer of this Agreement and the other Transaction Documents to which the Servicer 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 Servicer or any material indenture,
agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which the Servicer 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, or violate any law, order, rule or regulation applicable to the Servicer or its properties of any federal or State regulatory body, court,
administrative agency or other governmental instrumentality having jurisdiction over the Servicer or any of its properties. 

  
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 (f) No Proceedings. There are no proceedings or investigations pending, or, to the
knowledge of the Servicer, threatened, against the Servicer before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer or its properties (i) asserting the
invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that, in the reasonable judgment of the Servicer would materially
and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or the Receivables. 
 (g) Security Interest Matters. The Servicer has in its possession all original copies of the motor vehicle retail installment sale contracts that constitute or evidence the Receivables. The motor
vehicle retail installment sale contracts that constitute or evidence the Receivables do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Depositor, the Trust or the
Indenture Trustee. 
 7.2 Representations and Warranties of Backup Servicer. The Backup Servicer makes the following
representations and warranties on which the Trust shall be deemed to have relied in accepting the Trust Property. The representations and warranties speak as of the execution and delivery of this Agreement and shall survive the sale, transfer,
assignment and conveyance of the Trust Property to the Trust pursuant to this Agreement and the pledge of the Trust Property to the Indenture Trustee pursuant to the Indenture: 

(a) Organization and Good Standing. The Backup Servicer has been duly organized and is validly existing as a national banking
association in good standing under the laws of the United States, 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, sell and service the Receivables and to hold the Receivable Files as custodian on behalf of the Trust. 
 (b) Due Qualification. The Backup Servicer is duly qualified to do business, is 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, in the reasonable judgment of the Backup Servicer, materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this
Agreement, the Indenture, the Trust Agreement, any of the other Transaction Documents, the Receivables, the Notes or the Certificates. 
 (c) Power and Authority. The Backup Servicer has the power and authority to execute, deliver and perform its obligations under this Agreement and the other Transaction Documents to which it is a
party, and the execution, delivery and performance of this Agreement and the other Transaction Documents to which the Backup Servicer is a party have been duly authorized by the Backup Servicer by all necessary action. 

  
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 (d) Binding Obligation. This Agreement and the other Transaction Documents to which
the Backup Servicer is a party constitute legal, valid and binding obligations of the Backup Servicer, enforceable against the Backup Servicer in accordance with their terms, subject, as to enforceability, to applicable bankruptcy, insolvency,
reorganization, conservatorship, receivership, liquidation and other similar laws and to general equitable principles. 
 (e)
No Violation. The execution, delivery and performance by the Backup Servicer of this Agreement and the other Transaction Documents to which the Backup Servicer 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 articles of association of the
Backup Servicer or any material indenture, agreement, mortgage, deed of trust or other instrument to which the Backup Servicer is a party or by which the Backup Servicer 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, or violate any law, order, rule or regulation applicable to the Backup Servicer or its
properties of any federal or State regulatory body, court, administrative agency or other governmental instrumentality having jurisdiction over the Backup Servicer or any of its properties. 

(f) No Proceedings. There are no proceedings or investigations pending, or, to the knowledge of the Backup Servicer, threatened,
against the Backup Servicer before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Backup Servicer or its properties (i) asserting the invalidity of this
Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that, in the reasonable judgment of the Backup Servicer would materially and
adversely affect the performance by the Backup Servicer of its obligations under, or the validity or enforceability of, this Agreement or the Receivables. 
 7.3 Liability of Servicer and Backup Servicer; Indemnities. 
 (a) The
Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer under this Agreement. 
 (b) The Servicer shall indemnify, defend and hold harmless the Trust, the Backup Servicer, the Owner Trustee, the Indenture Trustee, the Noteholders, the Certificateholders and the Depositor from and
against all costs, expenses, losses, claims, damages and liabilities arising out of or incurred in connection with the use, ownership or operation by the Servicer or any Affiliate of the Servicer of a Financed Vehicle. 

(c) The Servicer shall indemnify, defend and hold harmless the Trust, the Backup Servicer, the Owner Trustee and the Indenture Trustee
from and against any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated in this Agreement or the other Transaction Documents, including any sales, gross receipts, general corporation,
tangible personal property, privilege or license taxes (including any 

  
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tax imposed under HB3 but, in the case of the Trust, not including any taxes asserted with respect to, and as of the date of, the transfer of the Receivables to the Trust or the issuance and
original sale of the Notes or the Certificates or asserted with respect to ownership of the Receivables or federal or other Applicable Tax State income taxes arising out of the transactions contemplated by this Agreement and the other Transaction
Documents), and all costs and expenses in defending against such taxes. 
 (d) The Servicer shall indemnify, defend and hold
harmless the Trust, the Backup Servicer, the Owner Trustee, the Indenture Trustee, the Noteholders, the Certificateholders and the Depositor from and against any loss, liability or expense incurred by reason of the Servicer’s willful
misfeasance, bad faith or gross negligence in the performance of its duties under this Agreement or any other Transaction Document to which it is a party or by reason of a reckless disregard of its obligations and duties under this Agreement or any
other Transaction Document to which it is a party. 
 (e) The Servicer shall indemnify, defend and hold harmless the Backup
Servicer, the Owner Trustee and the Indenture Trustee and their respective officers, directors, employees and agents from and against all costs, expenses, losses, claims, damages and liabilities arising out of or incurred in connection with the
acceptance or performance of the trusts and duties contained herein and in the Trust Agreement, in the case of the Owner Trustee, and in the Indenture, in the case of the Indenture Trustee, except to the extent that such cost, expense, loss, claim,
damage or liability (i) shall be due to the willful misfeasance, bad faith or gross negligence (except for errors in judgment) of the Backup Servicer, the Owner Trustee or the Indenture Trustee, as applicable, (ii) in the case of the
Backup Servicer, shall arise from the breach by the Backup Servicer of any of its representations or warranties set forth in this Agreement, (iii) in the case of the Owner Trustee, shall arise from the breach by the Owner Trustee of any of its
representations or warranties set forth in the Trust Agreement, (iv) in the case of the Indenture Trustee, shall arise from the breach by the Indenture Trustee of any of its representations and warranties set forth in the Indenture or
(v) relates to any tax other than the taxes with respect to which either the Depositor or the Servicer shall be required to indemnify the Owner Trustee or the Indenture Trustee, as applicable. 

(f) For purposes of this Section 7.3, in the event of a termination of the rights and obligations of CarMax (or any successor
Servicer, as applicable) as Servicer pursuant to Section 8.1 or a resignation by CarMax (or any successor Servicer, as applicable) as Servicer pursuant to Section 7.7, CarMax (or the successor Servicer, as applicable) shall be deemed to be
the Servicer pending appointment of a successor Servicer pursuant to Section 8.2. Indemnification under this Section 7.3 by CarMax (or the successor Servicer, as applicable) as Servicer, with respect to the period such Person was (or was
deemed to be) the Servicer, shall survive the termination of such Person as Servicer or a resignation by such Person as Servicer as well as the resignation or removal of the Owner Trustee or the Indenture Trustee and the termination of this
Agreement and shall include the reasonable fees and expenses of counsel and expenses of litigation and the fees and expenses of the Owner Trustee and the Indenture Trustee. If the Servicer shall have made any indemnity payments pursuant to this
Section 7.3 and the Person to or on behalf of whom such payments are made thereafter shall collect any of such amounts from others, such Person shall promptly repay such amounts to the Servicer, without interest. 

  
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 (g) The Backup Servicer shall indemnify, defend and hold harmless the Trust, the Servicer,
the Owner Trustee, the Indenture Trustee, the Noteholders, the Certificateholders and the Depositor from and against any loss, liability or expense incurred by reason of the Backup Servicer’s willful misfeasance, bad faith or gross negligence
in the performance of its duties under this Agreement or any other Transaction Document to which it is a party or by reason of a reckless disregard of its obligations and duties under this Agreement or any other Transaction Document to which it is a
party. 
 (h) Notwithstanding anything contained herein to the contrary, any indemnification payable by the Servicer to the
Backup Servicer, to the extent not paid by the Servicer, shall be paid solely from the application of Available Funds pursuant to Section 2.8(a)(ii) and (xiv) or Section 5.4(b)(ii) of the Indenture, as applicable. 

7.4 Merger or Consolidation of, or Assumption of the Obligations of, Servicer or Backup Servicer. 

(a) Any Person (i) into which the Servicer shall be merged or consolidated, (ii) resulting from any merger, conversion or
consolidation to which the Servicer shall be a party or (iii) that shall succeed by purchase and assumption to all or substantially all of the business of the Servicer, which Person in any of the foregoing cases is an Eligible Servicer and
executes an agreement of assumption to perform every obligation of the Servicer under this Agreement, shall be the successor to the Servicer under this Agreement without the execution or filing of any other document or any further act on the part of
any of the parties to this Agreement; provided, however, that (x) the Servicer shall have delivered to the Depositor, the Backup Servicer, the Owner Trustee and the Indenture Trustee an Officer’s Certificate and an Opinion of
Counsel each stating that such merger, conversion, consolidation or succession and such agreement of assumption comply with this Section 7.4 and (y) the Servicer shall have delivered to the Depositor, the Backup Servicer, the Owner Trustee
and the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been authorized and filed that are necessary to fully
preserve and protect the interest of the Trust and the Indenture Trustee, respectively, in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) stating that,
in the opinion of such counsel, no such action shall be necessary to fully preserve and protect such interest. The Servicer shall provide prior written notice of any merger, conversion, consolidation or succession pursuant to this Section 7.4
to the Rating Agencies. Notwithstanding anything to the contrary contained herein, the execution of the foregoing agreement of assumption and compliance with clauses (x) and (y) above shall be conditions to the consummation of the
transactions referred to in clauses (i), (ii) and (iii) above. 
 (b) Any Person (i) into which the Backup
Servicer shall be merged or consolidated, (ii) resulting from any merger, conversion or consolidation to which the Backup Servicer shall be a party or (iii) that shall succeed by purchase and assumption to all or substantially all of the
business of the Backup Servicer, which Person in any of the foregoing cases is an Eligible Servicer and executes an agreement of assumption to perform every obligation of the Backup Servicer under this Agreement, shall be the successor to the Backup
Servicer under this Agreement without the execution or filing of any other document or any further act on the part of any of the parties to this Agreement. 

  
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 7.5 Limitation on Liability of Servicer, Backup Servicer and Others. 

(a) Neither the Servicer nor the Backup Servicer nor any of the directors, officers, employees or agents of the Servicer or the Backup
Servicer shall be under any liability to the Trust, the Noteholders or the Certificateholders for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided, however,
that this provision shall not protect the Servicer or the Backup Servicer or any such Person against any liability that would otherwise be imposed by reason of willful misfeasance or bad faith in the performance of duties or by reason of reckless
disregard of obligations and duties under this Agreement, or by reason of negligence in the performance of duties under this Agreement (except for errors in judgment). The Servicer and the Backup Servicer, and their respective directors, officers,
employees and agents, may rely in good faith on the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person in respect of any matters arising under this Agreement. 

(b) The Servicer shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its
duties to service the Receivables in accordance with this Agreement and that in its opinion may involve it in any expense or liability; provided, however, that the Servicer may undertake any reasonable action that it may deem necessary
or desirable in respect of this Agreement and the rights and duties of the parties to this Agreement and the interests of the Noteholders and the Certificateholders under this Agreement. In such event, the legal expenses and costs of such action and
any liability resulting therefrom shall be expenses, costs and liabilities of the Servicer. 
 (c) The Backup Servicer shall not
be liable for any obligation of the Servicer contained in this Agreement or for any errors of the Servicer contained in any computer tape, certificate or other data or document delivered to the Backup Servicer hereunder or on which the Backup
Servicer must rely in order to perform its obligations hereunder, and the Owner Trustee, the Indenture Trustee, the Depositor and the Noteholders shall look only to the Servicer to perform such obligations. The Owner Trustee, the Indenture Trustee,
the Backup Servicer, the Depositor and the Noteholders shall have no responsibility and shall not be in default hereunder or incur any liability for any failure, error, malfunction or delay in carrying out any of their respective duties under this
Agreement if such failure, error, malfunction or delay results from the Backup Servicer acting in accordance with information prepared or supplied by a Person other than the Backup Servicer (or its contractual agents) or the failure of any such
other Person to prepare or provide such information. The Backup Servicer shall have no responsibility, shall not be in default and shall incur no liability for (i) any act or failure to act of any third party (other than its contractual
agents), including the Servicer or the Noteholders, (ii) any inaccuracy or omission in a notice or communication received by the Backup Servicer from any third party (other than its contractual agents), (iii) the invalidity or
unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any representation or warranty made with respect to any Receivable, or (v) the acts or omissions of any successor Backup Servicer. 

  
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 (d) The parties expressly acknowledge and consent to Wells Fargo Bank, National Association,
acting in the dual capacity of Backup Servicer and Indenture Trustee and in the possible dual capacity of successor Servicer and Indenture Trustee. Wells Fargo Bank, National Association, may, in such dual or other capacity, discharge its separate
functions fully, without hindrance or regard to conflict of interest principles, duty of loyalty principles or other breach of fiduciary duties to the extent that any such conflict or breach arises from the performance by Wells Fargo Bank, National
Association, of express duties set forth in this Agreement in any of such capacities, all of which defenses, claims or assertions are hereby expressly waived by the other parties hereto and the Noteholders except in the case of gross negligence and
willful misconduct by Wells Fargo Bank, National Association. 
 7.6 Delegation of Duties. The Servicer may at any time
delegate its duties as servicer under this Agreement to third parties; provided, however, that no such delegation shall relieve the Servicer of its responsibilities with respect to such duties and the Servicer shall be solely responsible for the
fees of any such third party. 
 7.7 Servicer and Backup Servicer Not to Resign. 

(a) Subject to the provisions of Section 7.4(a), the Servicer shall not resign from its obligations and duties under this Agreement
except (i) upon a determination that the performance of its duties is no longer permissible under applicable law or (ii) upon the appointment of a successor Servicer and satisfaction of the Rating Agency Condition with respect to such
resignation and appointment. Any such determination permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Depositor, the Backup Servicer, the Owner Trustee and the Indenture Trustee.
No such resignation shall become effective until the Backup Servicer or another successor Servicer shall have (i) assumed the obligations and duties of the Servicer in accordance with Section 8.2 and (ii) become the Administrator
under the Administration Agreement pursuant to Section 20 thereof. 
 (b) Subject to the provisions of Section 7.4(b),
the Backup Servicer shall not resign from its obligations and duties under this Agreement except upon a determination that the performance of its duties is no longer permissible under applicable law. Any such determination permitting the resignation
of the Backup Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Depositor, the Servicer, the Owner Trustee and the Indenture Trustee. No such resignation shall become effective until an entity acceptable to the
Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class shall have assumed the responsibilities and obligations of the Backup Servicer; provided, however, that (i) in the event a successor Backup
Servicer is not appointed within sixty (60) days after the Backup Servicer has given notice of its resignation and has provided the Opinion of Counsel required by this Section (b), the Backup Servicer may petition a court for its removal.

 7.8 Servicer May Own Notes or Certificates. The Servicer, and any Affiliate of the Servicer, may, in its individual or
any other capacity, become the owner or pledgee of Notes or Certificates with the same rights as it would have if it were not the Servicer or an Affiliate of the Servicer, except as otherwise expressly provided herein (including in the definition of
“Note Balance”) or in the other Transaction Documents. Except as otherwise 

  
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expressly provided herein (including in the definition of “Note Balance”) or in the other Transaction Documents, Notes and Certificates so owned by or pledged to the Servicer or such
Affiliate shall have an equal and proportionate benefit under the provisions of this Agreement and the other Transaction Documents, without preference, priority or distinction as among the Notes and the Certificates. 

ARTICLE VIII 

SERVICING TERMINATION 
 8.1 Events of Servicing Termination. 
 (a) The occurrence of any one of the
following events shall constitute an event of servicing termination hereunder (each, an “Event of Servicing Termination”): 
 (i) any failure by the Servicer to deliver to the Backup Servicer (unless the Backup Servicer is then acting as the successor Servicer), the Owner Trustee, the Indenture Trustee, the Depositor, the
Seller, each Paying Agent or the Rating Agencies the Servicer’s Certificate for any Collection Period, which failure shall continue unremedied beyond the earlier of three (3) Business Days following the date such Servicer’s
Certificate was required to be delivered and the Business Day preceding the related Distribution Date, or any failure by the Servicer to make any required payment or deposit under this Agreement, which failure shall continue unremedied beyond the
earlier of five (5) Business Days following the date such payment or deposit was due and, in the case of a payment or deposit to be made no later than a Distribution Date or the Business Day preceding a Distribution Date, such Distribution Date
or preceding Business Day, as applicable; or 
 (ii) any failure by the Servicer duly to observe or perform in
any material respect any other covenant or agreement in this Agreement, which failure shall materially and adversely affect the rights of the Depositor or the Noteholders and shall continue unremedied for a period of sixty (60) days after the
date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Depositor, the Backup Servicer, the Owner Trustee or the Indenture Trustee or to the Depositor, the Seller, the Servicer,
the Backup Servicer, the Owner Trustee and the Indenture Trustee by the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class; or 

(iii) any representation or warranty of the Servicer made in this Agreement or in any certificate delivered pursuant
hereto or in connection herewith, other than any representation and warranty relating to a Receivable that has been purchased by the Servicer, proving to have been incorrect in any material respect as of the time when the same shall have been made,
and the circumstance or condition in respect of which such representation or warranty was incorrect shall not have been eliminated or otherwise cured for a period of thirty (30) days after the date on which written notice of such circumstance
or condition, requiring the same to be eliminated or cured, shall have been given to the Servicer by the Depositor, the Backup Servicer, the Owner Trustee or the Indenture Trustee or to the Depositor, the Seller, the Servicer, the Backup Servicer,
the Owner Trustee and the Indenture Trustee by the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class; or 

  
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 (iv) the entry of a decree or order by a court or agency or supervisory
authority of competent jurisdiction for the appointment of a conservator, receiver, liquidator or trustee for the Servicer in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding, or for the
winding up or liquidation of its affairs, which decree or order continues unstayed and in effect for a period of sixty (60) consecutive days; or 
 (v) the consent by the Servicer to the appointment of a conservator, receiver, liquidator or trustee in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar
proceeding of or relating to the Servicer or relating to substantially all of its property, the admission in writing by the Servicer of its inability to pay its debts generally as they become due, the filing by the Servicer of a petition to take
advantage of any applicable bankruptcy, insolvency or reorganization statute, the making by the Servicer of an assignment for the benefit of its creditors or the voluntary suspension by the Servicer of payment of its obligations; or 

(vi) if CarMax is the Servicer, the occurrence, as of any Distribution Date, of a Special Unrated Servicer Tangible Net
Worth Event. 
 If an Event of Servicing Termination shall have occurred and be continuing, the Indenture Trustee or the Holders
of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, in each case by notice then given in writing to the Depositor, the Administrator, the Servicer and the Backup Servicer (with a copy to the Indenture Trustee and the
Owner Trustee if given by the Noteholders), may terminate all of the rights and obligations of the Servicer under this Agreement; provided, however, that the indemnification obligations of the Servicer under Section 7.3 shall
survive such termination. On or after the receipt by the Servicer of such written notice, all authority and power of the Servicer under this Agreement, whether with respect to the Notes, the Certificates, the Trust Property or otherwise, shall pass
to and be vested in the Backup Servicer or such other successor Servicer as may be appointed under Section 8.2; provided, however, that the Backup Servicer or such other successor Servicer shall have no liability with respect to
any obligation that was required to be performed by the terminated Servicer prior to the appointment of the Backup Servicer or such other successor Servicer or any claim of any third party based on any alleged action or inaction of the terminated
Servicer. 
 (b) The Indenture Trustee and the Owner Trustee shall have no obligation to notify the Noteholders, the
Certificateholders or any other Person of the occurrence of any event specified in Section (a) prior to the continuance of such event through the end of any cure period specified in Section (a). 

  
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 8.2 Appointment of Successor Servicer. 

(a) Upon the resignation of the Servicer pursuant to Section 7.7 or the termination of the Servicer pursuant to Section 8.1,
the Backup Servicer shall be the successor in all respects to the outgoing Servicer in its capacity as Servicer under this Agreement and shall be subject to all the obligations and duties placed on the Servicer by the terms and provisions of this
Agreement; provided, however, that the Backup Servicer, as successor Servicer, shall not, in any event, make any Simple Interest Advances pursuant to Section 4.4, shall have no obligations pursuant to Section 3.7 with respect
to the repurchase of Receivables and shall have no obligations pursuant to Section 3.8 with respect to the fees and expenses of the Owner Trustee or the Indenture Trustee or the fees and expenses of the Owner Trustee’s attorneys or the
Indenture Trustee’s attorneys. Notwithstanding the foregoing, if the Backup Servicer is the outgoing Servicer or shall be unwilling or legally unable to act as successor Servicer, the Indenture Trustee shall appoint, or petition a court of
competent jurisdiction to appoint, an Eligible Servicer as the successor Servicer under this Agreement. The Indenture Trustee and such successor Servicer shall take such action, consistent with this Agreement, as shall be necessary to effectuate any
such succession. 
 (b) The successor Servicer is authorized and empowered to execute and deliver, on behalf of the outgoing
Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the transfer of servicing to the successor Servicer, whether to complete the
transfer and endorsement of the Receivable Files or the certificates of title to the Financed Vehicles or otherwise. The outgoing Servicer shall cooperate with the Indenture Trustee, the Owner Trustee and such successor Servicer in effecting the
termination of its responsibilities and rights as Servicer under this Agreement, including the transfer to the successor Servicer for administration of all cash amounts that are at the time held by the outgoing Servicer for deposit or thereafter
shall be received with respect to a Receivable, all Receivable Files and all information or documents that the successor Servicer may require. In addition, the outgoing Servicer shall transfer its electronic records relating to the Receivables to
the successor Servicer in such electronic form as the successor Servicer may reasonably request. All reasonable costs and expenses (including reasonable attorneys’ fees) incurred or payable by the successor Servicer in connection with the
transfer of servicing (whether due to termination, resignation or otherwise), including allowable compensation of employees and overhead costs incurred or payable in connection with the transfer of the Receivable Files or any amendment to this
Agreement required in connection with the transfer of servicing, (the “Transition Costs”) shall be paid by any applicable then outgoing Servicer other than the Backup Servicer upon presentation of reasonable documentation of such
costs and expenses. Any such Transition Costs not paid by the outgoing Servicer shall be paid solely from the application of Available Funds pursuant to Section 2.8(a)(ii) and (xiii) or Section 5.4(b)(ii) of the Indenture, as
applicable. 
 (c) If the Backup Servicer is appointed successor Servicer pursuant to Section (a), it shall be entitled to such
compensation (whether payable out of the Collection Account or otherwise) as the outgoing Servicer would have been entitled to under this Agreement if such outgoing Servicer had not resigned or been terminated. If a Person other than the Backup
Servicer is appointed successor Servicer pursuant to Section (a), the Indenture Trustee may make such arrangements for the compensation of such successor Servicer out of collections on or in respect of the Receivables as it and such successor
Servicer shall agree; provided, however, that such compensation shall not be greater than that payable to CarMax as Servicer hereunder without the prior consent of the Holders of Notes evidencing at least 51% of the Note Balance of the
Controlling Class; and, provided further, that, if a Person other than the Backup Servicer is 

  
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appointed successor Servicer pursuant to Section (a) because the Backup Servicer refuses to act as successor Servicer (in breach of the terms of this Agreement and notwithstanding that it is
legally able to do so), the Backup Servicer shall be liable for any Additional Servicing Fees with respect to such successor Servicer in an aggregate amount not to exceed $150,000 per year. Notwithstanding anything to the contrary contained herein,
in no event shall the Indenture Trustee be liable for any servicing fee or for any differential in the amount of the servicing fee paid hereunder and the amount necessary to induce any successor Servicer to act as successor Servicer hereunder other
than pursuant to the preceding sentence if the Indenture Trustee is the Backup Servicer. 
 (d) Notwithstanding anything
contained in this Agreement to the contrary, the successor Servicer is authorized to accept and rely on all of the accounting records (including computer records) and work of the prior Servicer relating to the Receivables (collectively, the
“Predecessor Servicer Work Product”) without any audit or other examination thereof, and the successor Servicer shall have no duty, responsibility, obligation or liability for the acts and omissions of the prior Servicer. If any
error, inaccuracy, omission or incorrect or non-standard practice or procedure (collectively, “Errors”) exists in any Predecessor Servicer Work Product and such Error makes it materially more difficult to service or should cause or
materially contribute to the successor Servicer making or continuing any Error (collectively, “Continuing Errors”), the successor Servicer shall have no duty, responsibility, obligation or liability for such Continuing Errors;
provided, however, that the successor Servicer agrees to use its best efforts to prevent further Continuing Errors. If the successor Servicer becomes aware of Errors or Continuing Errors, it shall, with the prior consent of the Holders
of Notes evidencing at least 51% of the Note Balance of the Controlling Class, use its best efforts to reconstruct and reconcile such data as is commercially reasonable to correct such Errors and Continuing Errors and to prevent future Continuing
Errors. The successor Servicer shall be entitled to recover its costs expended in connection with such efforts in accordance with Section 2.8(a)(ii) and (xiii) of the Indenture, as applicable. 

8.3 Effect of Servicing Transfer. 
 (a) After a transfer of servicing hereunder, the Indenture Trustee or successor Servicer shall notify the Obligors to make directly to the successor Servicer payments that are due under the Receivables
after the effective date of such transfer. 
 (b) Except as provided in Section 8.2, after a transfer of servicing
hereunder, the outgoing Servicer shall have no further obligations with respect to the administration, servicing, custody or collection of the Receivables and the successor Servicer shall have all of such obligations, except that the outgoing
Servicer will transmit or cause to be transmitted directly to the successor Servicer for its own account, promptly on receipt and in the same form in which received, any amounts or items held by the outgoing Servicer (properly endorsed where
required for the successor Servicer to collect any such items) received as payments upon or otherwise in connection with the Receivables. 
 (c) Any successor Servicer shall provide the Depositor with access to the Receivable Files and to the successor Servicer’s records (whether written or automated) with respect to the Receivable Files.
Such access shall be afforded without charge, but only upon 

  
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reasonable request and during normal business hours at the offices of the successor Servicer. Nothing in this Section 8.3 shall affect the obligation of the successor Servicer to observe any
applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access to information as a result of such obligation shall not constitute a breach of this Section 8.3. 

(d) Any transfer of servicing hereunder shall not constitute an assumption by the related successor Servicer of any liability of the
related outgoing Servicer arising out of any breach by such outgoing Servicer of such outgoing Servicer’s duties hereunder prior to such transfer of servicing. 
 8.4 Notification to Noteholders, Certificateholders and Rating Agencies. Upon any notice of an Event of Servicing Termination or upon any termination of, or any appointment of a successor to, the
Servicer pursuant to this Article VIII, the Indenture Trustee shall give prompt written notice thereof to the Noteholders and the Owner Trustee shall give prompt written notice thereof to the Certificateholders, the Administrator and the Depositor
(who shall promptly give such notice to the Rating Agencies). 
 8.5 Waiver of Past Events of Servicing Termination. The
Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class may, on behalf of all Noteholders, waive any Event of Servicing Termination and its consequences, except an event resulting from the failure to make any
required deposits to or payments from the Collection Account, the Note Payment Account, the Certificate Payment Account or the Reserve Account in accordance with this Agreement. Upon any such waiver of an Event of Servicing Termination, such event
shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right arising therefrom, except to the extent expressly so waived.

 8.6 Repayment of Advances.If the identity of the Servicer shall change, the predecessor Servicer shall be entitled to
receive reimbursement for outstanding and unreimbursed Simple Interest Advances made pursuant to Section 4.4 by the predecessor Servicer. 
 ARTICLE IX 
 TERMINATION 

9.1 Optional Purchase of All Receivables. 
 (a) If, as of the last day of any Collection Period, the Pool Balance shall be less than or equal to 10% of the initial Pool Balance, the Servicer shall have the option to purchase on the following
Distribution Date the Owner Trust Estate, other than the Collection Account, the Note Payment Account, the Certificate Payment Account or the Reserve Account. To exercise such option, the Servicer shall notify the Depositor, the Backup Servicer, the
Owner Trustee, the Indenture Trustee and the Rating Agencies no later than ten (10) days prior to the Distribution Date on which such repurchase is to be effected and shall deposit into the Collection Account on the Business Day preceding such
Distribution Date an amount equal to the aggregate Purchase Amount for the Receivables, plus the appraised value of any other Trust Property, if 

  
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necessary, other than the Collection Account, the Note Payment Account, the Certificate Payment Account or the Reserve Account, such value to be determined by an appraiser mutually agreed upon by
the Servicer, the Owner Trustee and the Indenture Trustee; provided, however, that the Servicer shall not be permitted to exercise such option unless the amount to be deposited in the Collection Account pursuant to this Section
(a) is at least equal to the sum of all amounts due to the Servicer under this Agreement plus all amounts due to the Backup Servicer under this Agreement plus the Note Balance plus all accrued but unpaid interest (including
any overdue interest) on the Notes plus all amounts due to the Servicer in any outstanding and unreimbursed Simple Interest Advances and any outstanding and unreimbursed Unreimbursed Servicer Advances. Upon such payment, the Servicer shall
succeed to and own all interests in and to the Trust. The aggregate Purchase Amount for such Distribution Date, plus, to the extent necessary, all amounts in the Reserve Account shall be used to make payments in full to the Noteholders in the
manner set forth in Article IV. 
 (b) [RESERVED]. 
 (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders shall succeed to the rights of the Noteholders
hereunder and the Indenture Trustee shall continue to carry out its obligations hereunder with respect to the Certificateholders, including making distributions from the Collection Account in accordance with Section 4.6(d) and making
withdrawals from the Reserve Account in accordance with Sections 4.6(b) and 4.7. 
 ARTICLE X 

MISCELLANEOUS PROVISIONS 
 10.1 Amendment. 
 (a) This Agreement may be amended from time to time by
the Depositor, the Servicer, the Backup Servicer and the Owner Trustee, on behalf of the Trust, with the consent of the Indenture Trustee, but without the consent of any of the Noteholders, to cure any ambiguity, to correct or supplement any
provision in this Agreement that may be inconsistent with any other provisions in this Agreement or any offering document used in connection with the initial offer and sale of the Notes or to add, change or eliminate any other provisions with
respect to matters or questions arising under this Agreement that are not inconsistent with the provisions of this Agreement; provided, however, that (i) no such amendment may materially adversely affect the interests of any
Noteholder and (ii) no such amendment will be permitted unless an Opinion of Counsel is delivered to the Depositor, the Owner Trustee and the Indenture Trustee to the effect that such amendment will not cause the Trust to be characterized for
federal income tax purposes as an association taxable as a corporation or otherwise have any material adverse impact on the federal income taxation of any Notes Outstanding or any Noteholder. 

(b) This Agreement may also be amended from time to time by the Depositor, the Servicer, the Backup Servicer and the Owner Trustee, on
behalf of the Trust, with the consent of the Indenture Trustee and the consent of the Holders of Notes evidencing at least 66 2/3% of the Note Balance of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement, or of modifying 

  
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in any manner the rights of the Noteholders; provided, however, that (x) no such amendment will be permitted unless an Opinion of Counsel is delivered to the Depositor, the
Owner Trustee and the Indenture Trustee to the effect that such amendment will not cause the Trust to be characterized for federal income tax purposes as an association taxable as a corporation or otherwise have any material adverse impact on the
federal income taxation of any Notes Outstanding or any Noteholder and (y) 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 change any Note Rate, without the consent of all Noteholders adversely affected by such
amendment; 
 (ii) reduce the percentage of the Note Balance of the Controlling Class the consent of the Holders
of which is required for any amendment to this Agreement without the consent of all the Noteholders adversely affected by such amendment; or 
 (iii) modify or alter the definition of the term “Required Reserve Account Amount” without the consent of all the Noteholders adversely affected by such amendment. 

(c) An amendment to this Agreement shall be deemed not to materially adversely affect the interests of any Noteholder if (i) the
Person requesting such amendment obtains and delivers to the Indenture Trustee and the Owner Trustee an Opinion of Counsel to that effect or (ii) the Rating Agency Condition is satisfied. 

(d) Prior to the execution of any amendment or consent pursuant to Section 10.1, the Servicer shall provide written notification of
the substance of such amendment or consent to each Rating Agency. 
 (e) Promptly after the execution of any amendment or
consent pursuant to Section (b), the Owner Trustee shall furnish written notification of the substance of such amendment or consent to each Certificateholder. It shall not be necessary for the consent of the Noteholders pursuant to Section
(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 the Noteholders provided
for in this Agreement) and of evidencing the authorization of the execution thereof by the Noteholders shall be subject to such reasonable requirements as the Owner Trustee and the Indenture Trustee may prescribe. 

(f) Prior to the execution of any amendment pursuant to Section 10.1, the Depositor, the Backup Servicer, the Owner Trustee and the
Indenture Trustee shall be entitled to receive and rely upon (i) an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and (ii) an Officer’s Certificate of the Servicer that
all conditions precedent provided for in this Agreement to the execution of such amendment have been complied with. The Owner Trustee or the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects such Owner
Trustee’s or Indenture Trustee’s own rights, duties or immunities under this Agreement or otherwise. 

  
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 (g) The representations and warranties set forth in Sections 2.3(m), 2.3(n) and
Section 7.1(g) may not be amended or waived. 
 10.2 Protection of Title to Trust. 

(a) The Depositor or the Servicer, or both, shall authorize and file such financing statements and cause to be authorized and filed such
continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Trust and the Indenture Trustee for the benefit of the Noteholders in the Receivables and the
proceeds thereof. The Depositor or the Servicer, or both, shall deliver (or cause to be delivered) to the Backup Servicer, the Owner Trustee and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided
above as soon as available following such filing. 
 (b) Neither the Depositor nor the Servicer shall change its name, identity
or organizational structure in any manner that would make any financing statement or continuation statement filed by the Depositor or the Servicer in accordance with Section (a) seriously misleading within the meaning of Section 9-506 of
the Relevant UCC, unless it shall have given the Backup Servicer, the Owner Trustee and the Indenture Trustee at least sixty (60) days’ prior written notice thereof and shall have promptly filed such amendments to previously filed
financing statements or continuation statements or such new financing statements as may be necessary to continue the perfection of the interest of the Trust and the Indenture Trustee for the benefit of the Noteholders in the Receivables and the
proceeds thereof. 
 (c) Each of the Depositor and the Servicer shall give the Backup Servicer, the Owner Trustee and the
Indenture Trustee at least sixty (60) days’ prior written notice of any change in its name, identity, organizational structure or jurisdiction of organization or any relocation of its principal place of business or chief executive office
if, as a result of such change or relocation, the applicable provisions of the Relevant UCC would require the filing of any amendment to any previously filed financing statement or continuation statement or of any new financing statement and shall
promptly file any such amendment, continuation statement or new financing statement. The Depositor shall at all times maintain its jurisdiction of organization, its principal place of business and its chief executive office within the United States.
The Servicer shall at all times maintain each office from which it shall service Receivables and each office at which the Receivable Files are located within the United States. 

(d) The Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the
reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable
and the amounts from time to time deposited in the Collection Account and the Reserve Account in respect of such Receivable. 

  
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 (e) The Servicer shall maintain its computer systems so that, from and after the time of the
transfer of the Receivables to the Trust pursuant to this Agreement, the Servicer’s master computer records (including any back-up archives) that refer to a Receivable shall indicate clearly and unambiguously the interest of the Trust and the
Indenture Trustee in such Receivable and that such Receivable is owned by the Trust and has been pledged to the Indenture Trustee pursuant to the Indenture. Indication of the Trust’s and the Indenture Trustee’s interest in a Receivable
shall be deleted from or modified on the Servicer’s computer systems when, and only when, such Receivable shall have been paid in full or repurchased by the Depositor or purchased by the Servicer. 

(f) If at any time the Depositor or the Servicer shall propose to sell, grant a security interest in or otherwise transfer any interest
in any motor vehicle retail installment sale contract to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, compact disks, records or print-outs
(including any restored from back-up archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly and unambiguously that such Receivable has been sold and is owned by the Trust and has been pledged to the
Indenture Trustee (unless such Receivable has been paid in full or repurchased by the Depositor or purchased by the Servicer). 

(g) The Servicer shall permit the Backup Servicer, the Owner Trustee, the Indenture Trustee and their respective agents at any time
during normal business hours to inspect, audit and make copies of and abstracts from the Servicer’s records regarding any Receivable. 
 (h) If the Depositor has repurchased one or more Receivables from the Trust pursuant to Section 2.4 or the Servicer has purchased one or more Receivables from the Trust pursuant to Section 3.7,
the Servicer shall, upon request, furnish to the Backup Servicer, the Owner Trustee and the Indenture Trustee, within ten (10) Business Days, a list of all Receivables (by contract number and name of Obligor) then held as part of the Trust,
together with a reconciliation of such list to the Receivable Schedule and to each of the Servicer’s Certificates furnished before such request indicating removal of Receivables from the Trust. 

(i) The Servicer shall deliver to the Depositor and the Depositor shall deliver to the Backup Servicer, the Owner Trustee and the
Indenture Trustee: 
 (1) promptly after the authorization and delivery of each amendment to any financing
statement, an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements have been authorized and filed that are necessary fully to preserve and protect the interest of the
Depositor (in the case of an opinion delivered by the Servicer) or the Trust and the Indenture Trustee (in the case of an opinion delivered by the Depositor) in the Receivables, and reciting the details of such filings or referring to prior Opinions
of Counsel in which such details are given, or (B) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interest; and 

  
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 (2) within ninety (90) days after the beginning of each calendar year
(beginning with the year 2014), an Opinion of Counsel, dated as of a date during such 90-day period, either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements have been authorized and filed
that are necessary fully to preserve and protect the interest of the Depositor (in the case of an opinion delivered by the Servicer) or the Trust and the Indenture Trustee (in the case of an opinion delivered by the Depositor) in the Receivables,
and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interest.

 Each Opinion of Counsel referred to in clause (i)(1) or (i)(2) above shall specify any action necessary (as of the date of
such opinion) to be taken on or before March 31 of the following year to preserve and protect such interest. 
 (j) The
Depositor shall, to the extent required by applicable law, cause the Notes to be registered with the Commission pursuant to Section 12(b) or Section 12(g) of the Exchange Act within the time periods specified in such sections. 

10.3 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER
THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 10.4 Notices. All demands, notices
and other communications under this 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 Depositor, at the following address: 12800 Tuckahoe Creek Parkway, Suite 400, Richmond, Virginia 23238, Attention: Treasurer, (ii) in the case of the Seller, the Servicer or the Administrator, at the following
address: 12800 Tuckahoe Creek Parkway, Richmond, Virginia 23238, Attention: Treasury Department, (iii) in the case of the Owner Trustee, at the related Corporate Trust Office, (iv) in the case of the Backup Servicer or the Indenture
Trustee, at the related Corporate Trust Office, (v) in the case of Fitch, at the following address: Fitch Ratings, Inc., One State Street Plaza, New York, New York 10004, Attention: Auto Asset Backed Securities Group, and via email to
notifications.abs@fitchratings.com and (vi) in the case of Standard & Poor’s, at the following address: Standard & Poor’s Ratings Services, a division of Standard & Poor’s Financial Services LLC, 55
Water Street, 43rd Floor, New York, New York, 10041,
Attention: Asset Backed Surveillance Department. 
 10.5 Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement, or of the Notes or the Certificates, or the rights of the Holders thereof. 

  
 65 

 10.6 Assignment. Notwithstanding anything to the contrary contained herein, except as
provided in Sections 7.3 and 8.2 and as provided in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Depositor or the Servicer without the prior written consent of the Owner
Trustee, the Indenture Trustee and the Holders of Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling Class. 
 10.7 Further Assurances. The Depositor, the Servicer, the Backup Servicer and the Trust agree to do and perform, from time to time, any and all acts and to authorize and/or execute any and all
further instruments required or reasonably requested by the Owner Trustee or the Indenture Trustee more fully to effect the purposes of this Agreement, including the authorization of any financing statements or continuation statements relating to
the Receivables for filing under the provisions of the Relevant UCC of any applicable jurisdiction. 
 10.8 No Waiver;
Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Depositor, the Servicer, the Backup Servicer, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders, any right, remedy,
power or privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges provided in this Agreement are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. 

10.9 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto, the Owner
Trustee, the Noteholders, the Certificateholders and their respective successors and permitted assigns. Except as otherwise provided in this Article X, no other Person shall have any right or obligation hereunder. The parties hereto hereby
acknowledge and consent to the pledge of this Agreement by the Trust to the Indenture Trustee for the benefit of the Noteholders pursuant to the Indenture. 
 10.10 Actions by Noteholder or Certificateholders. 
 (a) Wherever in this
Agreement a provision is made that an action may be taken or a notice, demand or instruction given by the Noteholders or the Certificateholders, such action, notice or instruction may be taken or given by any Noteholder or any Certificateholder, as
applicable, unless such provision requires a specific percentage of the Noteholders or the Certificateholders. 
 (b) Any
request, demand, authorization, direction, notice, consent, waiver or other act by a Noteholder or a Certificateholder shall bind such Noteholder or Certificateholder and every subsequent Holder of such Note or Certificate issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or omitted to be done by the Owner Trustee, the Indenture Trustee or the Servicer in reliance thereon, whether or not notation of such action is
made upon such Note or Certificate. 

  
 66 

 10.11 Counterparts. For the purpose of facilitating the execution of this Agreement
and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall constitute but one and the same instrument.

 10.12 No Bankruptcy Petition. The Owner Trustee, the Indenture Trustee, the Trust, the Servicer and the Backup
Servicer each covenants and agrees that it will not at any time institute against, or join any other Person in instituting against, the Depositor or the Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or
other proceedings under any federal or state bankruptcy or similar law. This Section 10.12 shall survive the resignation or removal of the Owner Trustee under the Trust Agreement and the Indenture Trustee under the Indenture and shall survive
the termination of the Trust Agreement and the Indenture. 
 10.13 Limitation of Liability of Owner Trustee and Indenture
Trustee. 
 (a) Notwithstanding anything to the contrary contained herein, this Agreement has been countersigned by the
Owner Trustee not in its individual capacity but solely in its capacity as Owner Trustee of the Trust, and in no event shall the Owner Trustee in its individual capacity have any liability for the representations, warranties, covenants, agreements
or other obligations of the Trust hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Trust. For all purposes of this Agreement, in the
performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Trust hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and
VIII of the Trust Agreement. 
 (b) Notwithstanding anything to the contrary contained herein, this Agreement has been accepted
by the Indenture Trustee not in its individual capacity but solely as Indenture Trustee, and in no event shall the Indenture Trustee in its individual capacity have any liability for the representations, warranties, covenants, agreements or other
obligations of the Trust hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Trust. 

10.14 Regulation AB. The Servicer, the Backup Servicer and the Indenture 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 Servicer, the Backup Servicer and the Indenture Trustee acknowledge 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 Servicer, the Backup Servicer
and the Indenture 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 

  
 67 

 
with the provisions of Regulation AB, together with such disclosures relating to the Servicer, the Backup Servicer, the Indenture 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 10.14 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. 
 10.15 Communications Regarding Demands to Repurchase Receivables. 
 (a) The
Servicer (if CarMax is no longer the Servicer) agrees to cooperate in good faith with any reasonable request by the Depositor for information regarding the Servicer which is required in order to enable the Depositor to comply with the provisions of
Items 1104(e) and 1121(c) of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates to the Servicer or to the Servicer’s obligations under this Agreement. The Servicer (if CarMax is no longer the Servicer) shall provide the
Depositor with notification, as soon as practicable and in any event within five Business Days, of all demands communicated to the Servicer for the repurchase or replacement of any Receivable. 

(b) The Backup Servicer agrees to cooperate in good faith with any reasonable request by the Depositor for information regarding the
Backup Servicer which is required in order to enable the Depositor to comply with the provisions of Items 1104(e) and 1121(c) of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates to the Backup Servicer or to the Backup
Servicer’s obligations under this Agreement. The Backup Servicer shall provide the Depositor with notification, as soon as practicable and in any event within five Business Days, of all demands communicated to the Backup Servicer for the
repurchase or replacement of any Receivable. 
 [SIGNATURE PAGES FOLLOW] 

  
 68 

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

			
	CARMAX AUTO OWNER TRUST 2013-2
	
	 By: U.S. BANK TRUST NATIONAL
 ASSOCIATION,

	 not in its individual capacity but solely
 as Owner Trustee

		
	By:	 	 /s/ Julia Linian

	Name: Julia Linian
	Title:   Assistant Vice President
	
	 CARMAX AUTO FUNDING LLC,
 as Depositor

		
	By:	 	 /s/ Andrew J. McMonigle

	Name: Andrew J. McMonigle
	Title:   Treasurer
	
	CARMAX BUSINESS SERVICES, LLC,
	
	as Servicer
		
	By:	 	 /s/ Thomas W. Reedy

	Name: Thomas W. Reedy
	Title:   Chief Financial Officer
	
	 WELLS FARGO BANK,

NATIONAL ASSOCIATION,

	as Backup Servicer
		
	By:	 	 /s/ Tara H. Anderson

	Name: Tara H. Anderson
	Title:   Vice President

  
 Sale and Servicing Agreement
(CAOT 2013-2) 

			
	Accepted and agreed:
	
	 WELLS FARGO BANK,

NATIONAL ASSOCIATION,

	 not in its individual capacity
 but solely as Indenture Trustee

		
	By:	 	 /s/ Tara H. Anderson

	Name: Tara H. Anderson
	Title:   Vice President

  
 Sale and Servicing Agreement
(CAOT 2013-2) 

 Schedule 1 
 Receivable Schedule 
 On file with the Servicer at: 

CarMax Business Services, LLC 
 12800 Tuckahoe Creek Parkway 
 Richmond, Virginia 23238 

  
 Sch. 1

 Schedule 2 
 Location of Receivable Files 
 225 Chastain Meadows Court 

Kennesaw, GA 30144 
 650 Distribution Drive

 Atlanta, GA 30336 
 (original
executed copies of Receivables only) 
 680 Distribution Drive 
 Atlanta, GA 30336 
 (original executed copies of Receivables only) 

600 Distribution Drive 
 Atlanta, GA 30336

 (original executed copies of Receivables only) 
 575 Great SW Pkwy 
 Atlanta, GA 30336 
 (original executed copies of Receivables only) 
 7575 Ponce Deleon Circle 

Norcross, GA 30340 
 (original executed copies of
Receivables only) 

  
 Sch. 2

 Exhibit A 
 Form of Servicer’s Certificate 
 MONTHLY SERVICER’S CERTIFICATE

 CARMAX BUSINESS SERVICES, LLC 
 CARMAX AUTO OWNER TRUST 
 SERIES 2013-2 

 

											
	Collection Period	  	 	  	 	  	 	  	5/1/13-5/31/13
	Determination Date	  	 	  	 	  	 	  	6/10/2013
	Distribution Date	  	 	  	 	  	 	  	6/17/2013
	 Pool Balance 
	  		  		  		  	
	 1 .
	 	Pool Balance on the close of the last day of the preceding Collection Period	  		  		  	$	  	
	 2 .
	 	Collections allocable to Principal	  		  		  	$	  	
	 3 .
	 	Purchase Amount allocable to Principal	  		  		  	$	  	
	 4 .
	 	Defaulted Receivables	  		  		  	$	  	
		 		  		  		  		  	  

	 5 .
	 	 Pool Balance on the close of the last day of the related Collection Period
 (Ln1 - Ln2 - Ln3 - Ln4)
	  		  		  	$	  	
	 6 .
	 	Total number of Receivables outstanding on the close of the last day of the related Collection Period	  		  		  		  	
	 7 .
	 	Initial Pool Balance	  		  		  	$	  	
	 8 .
	 	Note Balances	  		  		  		  	
						
	 	 	 	  	 	  	 Beginning

of Period
	  	 	  	 End

of Period

		 	a. Class A-1 Note Balance	  	$	  		  		  	
		 	b. Class A-2 Note Balance	  	$	  		  		  	
		 	c. Class A-3 Note Balance	  	$	  		  		  	
		 	d. Class A-4 Note Balance	  	$	  		  		  	
		 	e. Class B Note Balance	  	$	  		  		  	
		 	f. Class C Note Balance	  	$	  		  		  	
		 	g. Class D Note Balance	  	$	  		  		  	
		 		  		  	  
	  		  	  

		 	h. Note Balance (sum a - g)	  	$	  		  		  	
	 9 .
	 	Pool Factors	  		  		  		  	
		 	a. Class A-1 Note Pool Factor	  		  		  		  	
		 	b. Class A-2 Note Pool Factor	  		  		  		  	
		 	c. Class A-3 Note Pool Factor	  		  		  		  	
		 	d. Class A-4 Note Pool Factor	  		  		  		  	
		 	e. Class B Note Pool Factor	  		  		  		  	
		 	f. Class C Note Pool Factor	  		  		  		  	
		 	g. Class D Note Pool Factor	  		  		  		  	
		 		  		  	  
	  		  	  

		 	h. Note Pool Factor	  		  		  		  	
	 10 .
	 	Overcollateralization Target Amount	  		  		  	$	  	
	 11 .
	 	Current overcollateralization amount (Pool Balance - Note Balance)	  		  		  	$	  	
	 12 .
	 	Weighted Average Coupon	  		  		  	%	  	
	 13 .
	 	Weighted Average Original Term	  		  		  	months	  	
	 14 .
	 	Weighted Average Remaining Term	  		  		  	months	  	
	 Collections 
	  		  		  		  	
	 15 .
	 	Finance Charges:	  		  		  		  	
		 	a. Collections allocable to Finance Charge	  		  		  	$	  	
		 	b. Liquidation Proceeds allocable to Finance Charge	  		  		  	$	  	
		 	c. Purchase Amount allocable to Finance Charge	  		  		  	$	  	
		 		  		  		  		  	  

		 	d. Available Finance Charge Collections (sum a - c)	  		  		  	$	  	
	 16 .
	 	Principal:	  		  		  		  	
		 	a. Collections allocable to Principal	  		  		  	$	  	
		 	b. Liquidation Proceeds allocable to Principal	  		  		  	$	  	
		 	c. Purchase Amount allocable to Principal	  		  		  	$	  	
		 		  		  		  		  	  

		 	d. Available Principal Collections (sum a - c)	  		  		  	$	  	
	 17 .
	 	Total Finance Charge and Principal Collections (15d+16d)	  		  		  	$	  	
	 18 .
	 	Interest Income from Collection Account	  		  		  	$	  	
	 19 .
	 	Simple Interest Advances	  		  		  	$	  	
		 		  		  		  		  	  

	 20 .
	 	Available Collections (Ln17+18+19)	  		  		  	$	  	
	 Available Funds 
	  		  		  		  	
	 21 .
	 	Available Collections	  		  		  	$	  	
	 22 .
	 	Reserve Account Draw Amount	  		  		  	$	  	
		 		  		  		  		  	  

	 23 .
	 	Available Funds	  		  		  	$	  	

  
 Ex. A-1

											
	 Application of Available Funds 
	  		  		  	
	 24 .
	 	Servicing Fee	  		  		  		  	
		 	a. Monthly Servicing Fee	  		  		  	$	  	
		 	b. Amount Unpaid from Prior Months	  		  		  	$	  	
		 	c. Amount Paid	  		  		  	$	  	
		 		  		  		  		  	  

		 	d. Shortfall Amount (a + b - c)	  		  		  	$	  	
	 25 .
	 	Unreimbursed Servicer Advances	  		  		  	$	  	
	 26 .
	 	Backup Servicing Fees and Unpaid Transition Expenses	  		  		  		  	
		 	a. Monthly Servicing Fee	  		  		  	$	  	
		 	b. Unpaid Transition Expenses and Indemnity Amounts (Capped at $175,000)	  		  		  	$	  	
		 	c. Other Unpaid Backup Servicing Fees	  		  		  	$	  	
		 	d. Amount Paid	  		  		  	$	  	
		 		  		  		  		  	  

		 	e. Shortfall Amount (a + b + c - d)	  		  		  	$	  	
	 27 .
	 	Class A Noteholder Interest Amounts	  		  		  		  	
		 	a. Class A-1 Monthly Interest	  		  		  	$	  	
		 	b. Additional Note Interest related to Class A-1 Monthly Interest	  		  		  	$	  	
		 	c. Interest Due on Additional Note Interest related to Class A-1 Monthly Interest	  		  		  	$	  	
		 		  		  		  		  	  

		 	d. Total Class A-1 Note Interest (sum a - c)	  		  		  	$	  	
		 	e. Class A-2 Monthly Interest	  		  		  	$	  	
		 	f. Additional Note Interest related to Class A-2 Monthly Interest	  		  		  	$	  	
		 	g. Interest Due on Additional Note Interest related to Class A-2a Monthly Interest	  		  		  	$	  	
		 		  		  		  		  	  

		 	h. Total Class A-2 Note Interest (sum e - g)	  		  		  	$	  	
		 	i. Class A-3 Monthly Interest	  		  		  	$	  	
		 	j. Additional Note Interest related to Class A-3 Monthly Interest	  		  		  	$	  	
		 	k. Interest Due on Additional Note Interest related to Class A-3 Monthly Interest	  		  		  	$	  	
		 		  		  		  		  	  

		 	l. Total Class A-3 Note Interest (sum i - k)	  		  		  	$	  	
		 	m. Class A-4 Monthly Interest	  		  		  	$	  	
		 	n. Additional Note Interest related to Class A-4 Monthly Interest	  		  		  	$	  	
		 	o. Interest Due on Additional Note Interest related to Class A-4 Monthly Interest	  		  		  	$	  	
		 		  		  		  		  	  

		 	p. Total Class A-4 Note Interest (sum m - o)	  		  		  	$	  	
	 28 .
	 	Priority Principal Distributable Amount	  		  		  	$	  	
	 29 .
	 	Class B Noteholder Interest Amount	  		  		  		  	
		 	a. Class B Monthly Interest	  		  		  	$	  	
		 	b. Additional Note Interest related to Class B Monthly Interest	  		  		  	$	  	
		 	c. Interest Due on Additional Note Interest related to Class B Monthly Interest	  		  		  	$	  	
		 		  		  		  		  	  

		 	d. Total Class B Note Interest (sum a - c)	  		  		  	$	  	
	 30 .
	 	Secondary Principal Distributable Amount	  		  		  	$	  	
	 31 .
	 	Class C Noteholder Interest Amount	  		  		  		  	
		 	a. Class C Monthly Interest	  		  		  	$	  	
		 	b. Additional Note Interest related to Class C Monthly Interest	  		  		  	$	  	
		 	c. Interest Due on Additional Note Interest related to Class C Monthly Interest	  		  		  	$	  	
		 		  		  		  		  	  

		 	d. Total Class C Note Interest (sum a - c)	  		  		  	$	  	
	 32 .
	 	Tertiary Principal Distributable Amount	  		  		  	$	  	
	 33 .
	 	Class D Noteholder Interest Amount	  		  		  		  	
		 	a. Class D Monthly Interest	  		  		  	$	  	
		 	b. Additional Note Interest related to Class D Monthly Interest	  		  		  	$	  	
		 	c. Interest Due on Additional Note Interest related to Class D Monthly Interest	  		  		  	$	  	
		 		  		  		  		  	  

		 	d. Total Class D Note Interest (sum a - c)	  		  		  	$	  	
	 34 .
	 	Quaternary Principal Distributable Amount	  		  		  	$	  	
	 35 .
	 	Required Payment Amount (Ln 24 + Ln 26 + (sum of Ln 27 through Ln 34))	  		  		  	$	  	
	 36 .
	 	Reserve Account Deficiency	  		  		  	$	  	
	 37 .
	 	Regular Principal Distributable Amount	  		  		  	$	  	
	 38 .
	 	Remaining Unpaid Servicer Transition Expenses, if any	  		  		  	$	  	
	 39 .
	 	Additional Servicing Fees, if any	  		  		  	$	  	
	 40 .
	 	Remaining Unpaid Backup Servicer Indemnity Amounts, if any	  		  		  	$	  	

											
	 Collection Account Activity
	  		  		  		  	
	 41 .
	  	Deposits	  		  		  		  	
		  	a. Total Daily Deposits of Finance Charge Collections	  		  		  	$	  	
		  	b. Total Daily Deposits of Principal Collections	  		  		  	$	  	
		  	c. Withdrawal from Reserve Account	  		  		  	$	  	
		  	d. Interest Income	  		  		  	$	  	
		  		  		  		  		  	  

		  	e. Total Deposits to Collection Account (sum a - d)	  		  		  	$	  	
	 42 .
	  	Withdrawals	  		  		  		  	
		  	a. Servicing Fee and Unreimbursed Servicer Advances	  		  		  	$	  	
		  	b. Backup Servicing Fee and Unreimbursed Backup Servicer Advances	  		  		  	$	  	
		  	c. Deposit to Note Payment Account for Monthly Note Interest/Principal	  		  		  	$	  	
		  	d. Deposit to Reserve Account	  		  		  	$	  	
		  	e. Excess Collections (Deposit to Certificate Payment Account for payment to Certificateholder)	  		  		  	$	  	
		  		  		  		  		  	  

		  	f. Total Withdrawals from Collection Account (sum a - e)	  		  		  	$	  	
	 Note Payment Account Activity
	  		  		  		  	
	 43 .
	  	Deposits	  		  		  		  	
		  	a. Class A-1 Interest Distribution	  		  		  	$	  	
		  	b. Class A-2 Interest Distribution	  		  		  	$	  	
		  	c. Class A-3 Interest Distribution	  		  		  	$	  	
		  	d. Class A-4 Interest Distribution	  		  		  	$	  	
		  	e. Class B Interest Distribution	  		  		  	$	  	
		  	f. Class C Interest Distribution	  		  		  	$	  	
		  	g. Class D Interest Distribution	  		  		  	$	  	
		  	h. Class A-1 Principal Distribution	  		  		  	$	  	
		  	i. Class A-2 Principal Distribution	  		  		  	$	  	
		  	j. Class A-3 Principal Distribution	  		  		  	$	  	
		  	k. Class A-4 Principal Distribution	  		  		  	$	  	
		  	l. Class B Principal Distribution	  		  		  	$	  	
		  	m. Class C Principal Distribution	  		  		  	$	  	
		  	n. Class D Principal Distribution	  		  		  	$	  	
		  		  		  		  		  	  

		  	o. Total Deposits to Note Payment Account (sum a - n)	  		  		  	$	  	
	 44 .
	  	Withdrawals	  		  		  		  	
		  	a. Class A-1 Distribution	  		  		  	$	  	
		  	b. Class A-2 Distribution	  		  		  	$	  	
		  	c. Class A-3 Distribution	  		  		  	$	  	
		  	d. Class A-4 Distribution	  		  		  	$	  	
		  	e. Class B Distribution	  		  		  	$	  	
		  	f. Class C Distribution	  		  		  	$	  	
		  	g. Class D Distribution	  		  		  	$	  	
		  		  		  		  		  	  

		  	h. Total Withdrawals from Note Payment Account (sum a - g)	  		  		  	$	  	
	 Certificate Payment Account Activity
	  		  		  	
	 45 .
	  	Deposits	  		  		  		  	
		  	a. Excess Collections	  		  		  	$	  	
		  	b. Reserve Account surplus (Ln 55)	  		  		  	$	  	
		  		  		  		  		  	  

		  	c. Total Deposits to Certificate Payment Account (sum a - b)	  		  		  	$	  	
	 46 .
	  	Withdrawals	  		  		  		  	
		  	a. Certificateholder Distribution	  		  		  	$	  	
		  		  		  		  		  	  

		  	b. Total Withdrawals from Certificate Payment Account	  		  		  	$	  	
	 Required Reserve Account Amount
	  		  		  	
	 47 .
	  	Lesser of: (a or b)	  		  		  		  	
		  	a. $2,300,000.03	  		  		  	$	  	
		  	b. Note Balance	  		  		  	$	  	
	 48 .
	  	Required Reserve Account Amount	  		  		  	$	  	

													
	 Reserve Account Reconciliation 
	  		  		  				  	
	 49 .
	  	Beginning Balance (as of end of preceding Distribution Date)	  		  		  	$	 	  	  	
	 50 .
	  	Investment Earnings	  		  		  	$	 	  	  	
	 51 .
	  	Reserve Account Draw Amount	  		  		  	$	 	  	  	
		  		  		  		  				  	  

	 52 .
	  	Reserve Account Amount (Ln 49 + Ln 50 - Ln 51)	  		  		  	$	 	  	  	
	 53 .
	  	Deposit from Available Funds (Ln 42d)	  		  		  	$	 	  	  	
	 54 .
	  	If Reserve Account Balance exceeds Required Reserve Account Amount, payment to	  		  		  				  	
		  	a. the Note Payment Account for the payment of principal to the extent of any unfunded Regular Principal Distribution Amount; and	  		  		  	$	 	  	  	
		  	b. any Successor Servicer for the payment of any unfunded Transition Costs and Additional Servicing Fee	  		  		  	$	 	  	  	
	 55 .
	  	Payment to Certificateholder if Reserve Account Balance exceeds Required Reserve Account Amount and to the extent no unfunded amounts described in Ln 54 exist	  		  		  	$	 	  	  	
		  		  		  		  				  	  

	 56 .
	  	Ending Balance (Ln52 + Ln53 - Ln54 - Ln55)	  		  		  	$	 	  	  	
	 57 .
	  	Reserve Account Deficiency (Ln48 - Ln56)	  		  		  	$	 	  	  	
	 Instructions to the Trustee 
	  		  		  				  	
	 58 .
	  	Amount to be deposited from the Reserve Account into the Collection Account	  		  		  	$	 	  	  	
	 59 .
	  	Amount to be paid to Servicer from the Collection Account	  		  		  	$	 	  	  	
	 60 .
	  	Amount to be paid to Backup Servicer from the Collection Account	  		  		  	$	 	  	  	
	 61 .
	  	Amount to be deposited from the Collection Account into the Note Payment Account	  		  		  	$	 	  	  	
	 62 .
	  	Amount to be deposited from the Collection Account into the Certificate Payment Account	  		  		  	$	 	  	  	
	 63 .
	  	Amount to be deposited from the Collection Account into the Reserve Account	  		  		  	$	 	  	  	
	 64 .
	  	Amount to be deposited from the Reserve Account, if Reserve Account Balance exceeds Required Reserve Account Amount, into	  		  		  				  	
		  	a. the Note Payment Account for any unfunded Regular Principal Distributable Amount	  		  		  	$	 	  	  	
		  	b. the Certificate Payment Account for payment to the Certificateholder, if no unfunded Regular Principal distributable amount exists	  		  		  	$	 	  	  	
	 65 .
	  	Amount to be paid to Class A-1 Noteholders from the Note Payment Account	  		  		  	$	 	  	  	
	 66 .
	  	Amount to be paid to Class A-2 Noteholders from the Note Payment Account	  		  		  	$	 	  	  	
	 67 .
	  	Amount to be paid to Class A-3 Noteholders from the Note Payment Account	  		  		  	$	 	  	  	
	 68 .
	  	Amount to be paid to Class A-4 Noteholders from the Note Payment Account	  		  		  	$	 	  	  	
	 69 .
	  	Amount to be paid to Class B Noteholders from the Note Payment Account	  		  		  	$	 	  	  	
	 70 .
	  	Amount to be paid to Class C Noteholders from the Note Payment Account	  		  		  	$	 	  	  	
	 71 .
	  	Amount to be paid to Class D Noteholders from the Note Payment Account	  		  		  	$	 	  	  	
	 72 .
	  	Amount to be paid to Certificateholders from the Certificate Payment Account with respect to Excess Collections and Reserve Account surplus	  		  		  	$	 	  	  	
	 Net Loss and Delinquency Activity 
	  		  		  				  	
	 73 .
	  	Net Losses with respect to preceding Collection Period	  		  		  	$	 	  	  	
	 74 .
	  	Cumulative Net Losses	  		  		  	$	 	  	  	
	 75 .
	  	Cumulative Net Loss Percentage	  		  		  				  	
	 76 .
	  	Delinquency Analysis	  		  		  				  	
						
	 	  	 	  	 	  	 Number of

Loans
	  	 	 	  	
    Principal    
 Balance

		  	a. 31 to 60 days past due	  		  		  				  	
		  	b. 61 to 90 days past due	  		  		  				  	
		  	c. 91 or more days past due	  		  		  				  	
		  		  		  	  
	  				  	  

		  	d. Total Past Due (sum a-c)	  		  		  				  	
	 Servicer Covenant 
	  		  		  				  	
	 77 .
	  	CarMax, Inc Consolidated Tangible Net Worth as of the end of the Related Fiscal Quarter	  		  		  	$	 	  	  	
	 78 .
	  	Is CarMax, Inc Consolidated Tangible Net Worth greater than $1,000,000,000?	  		  		  				  	

 IN WITNESS WHEREOF, the undersigned has duly executed this certificate on June 10, 2013. 

 

			
	 CARMAX BUSINESS SERVICES, LLC
 As Servicer

		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

 Exhibit B 
 Form of Statement to Noteholders 
 SEE EXHIBIT A 

  
 Ex. B

 Exhibit C 
 Form of Statement to Certificateholders 
 SEE EXHIBIT A 

  
 Ex. C

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