Document:

EX-4.3

 EXHIBIT 4.3 

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

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

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

ARTICLE II 
 ORGANIZATION

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

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

(f)    subject to compliance with the Transaction Documents, to engage in such other activities as may be required in
connection with conservation of the Grantor Trust Collateral and the making of distributions to the Grantor Trust Certificateholder. 
 The
Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Transaction Documents. Notwithstanding anything to the contrary in this Agreement
or in any other document, neither the Trust nor the Grantor Trust Trustee (nor any agent of either person) shall be authorized or empowered to acquire any other investments, reinvest any proceeds of the Trust or engage in activities other than the
foregoing, and, in particular neither the Trust nor the Grantor Trust Trustee (nor any agent of either person) shall be authorized or empowered to do anything that would cause the Trust to fail to qualify as a grantor trust for United States federal
income tax purposes. 
 Section 2.4    Appointment of Grantor Trust Trustee. The Grantor hereby appoints the
Grantor Trust Trustee as trustee of the Trust to have all the rights, powers and duties set forth herein and in the Statutory Trust Act. 

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

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

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

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

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

Section 2.9    Situs of Trust. The Trust shall be located and administered in the States of Delaware or New
York. All bank accounts maintained by the Grantor Trust Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. The Trust shall not have any employees in any State other than the State of Delaware;
provided, however, that nothing herein shall restrict or prohibit the Grantor Trust Trustee from having employees within or without the State of Delaware. Payments shall be received by the Trust only in the State of Delaware or the State of New
York, and payments shall be made by the Trust only from the State of Delaware or the State of New York. The only office of the Trust shall be the Corporate Trust Office of the Grantor Trust Trustee in the State of Delaware. 

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

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

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

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

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

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

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

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

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

Section 3.2    Form of the Grantor Trust Certificate. 

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

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

  
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 (c)    [Reserved]. 

(d)    [Reserved]. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(d)    A duplicate Grantor Trust Certificate issued pursuant to this Section 3.6 in replacement
of a mutilated, destroyed, lost or stolen Grantor Trust Certificate shall constitute an original beneficial interest in the Trust, whether or not the mutilated, destroyed, lost or stolen Grantor Trust Certificate shall be found at any time or be
enforced by anyone, and shall be entitled to all the benefits of this Agreement. 
 (e)    The provisions of this
Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of a mutilated, destroyed, lost or stolen Grantor Trust Certificate. 

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

  
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 Section 3.7    Access to Grantor Trust
Certificateholder’s Name and Address. The Grantor Trust Certificate Registrar shall furnish or cause to be furnished to the Grantor Trust Paying Agent and the Grantor, within fifteen (15) days after receipt by the Grantor
Trust Certificate Registrar of a request therefor from the Grantor Trust Paying Agent or the Grantor in writing, the name and address of the Grantor Trust Certificateholder as of the most recent Record Date. The Holder, by receiving and holding the
Grantor Trust Certificate, shall be deemed to have agreed not to hold any of the Grantor Trust Paying Agent, the Grantor, the Grantor Trust Certificate Registrar or the Grantor Trust Trustee accountable by reason of the disclosure of its name and
address, regardless of the source from which such information was derived. 
 Section 3.8    Maintenance of
Corporate Trust Office and Records. The Grantor Trust Trustee shall maintain an office or offices or agency or agencies where notices and demands to or upon the Grantor Trust Trustee in respect of the Grantor Trust Certificate and the
Transaction Documents may be served. The Grantor Trust Trustee initially designates its office located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, as its principal office
for such purposes. The Grantor Trust Trustee shall give prompt written notice to the Grantor, the Grantor Trust Paying Agent and the Grantor Trust Certificateholder of any change in the location of the Grantor Trust Trustee or any such office or
agency. The Grantor Trust Trustee shall maintain (or cause to be maintained) copies of all documents, instructions, notices and any other writings (in hard copy or electronic form), delivered to the Grantor Trust Trustee by any Person with respect
to the Trust. The Certificate Registrar shall maintain an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange. The Certificate Registrar initially designates its office located
at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, as its principal office for such purposes. The Certificate Registrar shall give prompt written notice to the Grantor, the
Grantor Trust Paying Agent, the Grantor Trust Trustee and the Grantor Trust Certificateholder of any change in the location of the Certificate Register or any such office or agency. 

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

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

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

(c)    the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is
required; 
 (d)    the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any
Noteholder is not required and such amendment materially adversely affects the interests of the Grantor Trust Certificateholder; 

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

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

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

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

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

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

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

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

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

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

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

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

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

Section 5.3    Withholding Tax 

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

  
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 ARTICLE VI 

THE GRANTOR TRUST TRUSTEE 

Section 6.1    Duties of Grantor Trust Trustee. 

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

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

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

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

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

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

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

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

  
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of any representation or warranty contained in Section 6.6 and expressly made by the Grantor Trust Trustee. In particular, but not by way of limitation (and subject to
the exceptions set forth in the preceding sentence): 
 (a)    the Grantor Trust Trustee shall at no time have any
responsibility or liability for, or with respect to, the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any
such perfection and priority, or for, or with respect to, the sufficiency of the Grantor Trust Collateral or its ability to generate the payments to be distributed to Grantor Trust Certificateholder under this Agreement or to Noteholders under the
Indenture, including: the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of
the assignment of any Receivable to the Trust or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Grantor or the Servicer with any warranty or representation
made under any Transaction Document or in any related document or the accuracy of any such warranty or representation or any action of the Administrator, the Indenture Trustee or the Servicer or any
sub-servicer taken in the name of the Grantor Trust Trustee; 
 (b)    the
Grantor Trust Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Grantor, the Administrator or the Grantor Trust Certificateholder; 

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

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

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

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

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

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

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

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

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

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

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

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

Section 6.4    Action upon Instruction by Certificateholders.  

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

(b)    Notwithstanding the foregoing, the Grantor Trust Trustee shall not be required to take or refrain from taking any
action hereunder or under any other Transaction Document if the Grantor Trust Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Grantor Trust Trustee
or is contrary to the terms hereof or of any other Transaction Document or is otherwise contrary to law. 

  
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 (c)    Whenever the Grantor Trust Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this Agreement or any other Transaction Document, or is unsure as to the application, intent, interpretation or meaning of any provision of this Agreement or the other Transaction
Documents, the Grantor Trust Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Grantor Trust Certificateholder requesting instruction as to the course of action to be adopted, and, to the extent
the Grantor Trust Trustee acts in good faith in accordance with any such instruction received, the Grantor Trust Trustee shall not be liable on account of such action to any Person. If the Grantor Trust Trustee shall not have received appropriate
instructions within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from
taking such action which is consistent, in its view, with this Agreement or the other Transaction Documents, and as it shall deem to be in the best interests of the Grantor Trust Certificateholder, and the Grantor Trust Trustee shall have no
liability to any Person for any such action or inaction. 
 Section 6.5    Furnishing of Documents. The
Grantor Trust Trustee shall furnish to the Grantor Trust Certificateholder, promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other
instruments furnished to the Grantor Trust Trustee under the Transaction Documents. 

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

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

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

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

Section 6.7    Reliance; Advice of Counsel. 

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

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

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

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

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

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

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

Section 6.10    Replacement of Grantor Trust Trustee. 

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

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

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

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

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

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

(d)    The predecessor Grantor Trust Trustee shall upon payment of its fees, expenses and indemnity deliver to the
successor Grantor Trust Trustee all documents and statements and monies held by it under this Agreement. The Administrator and the predecessor Grantor Trust Trustee shall execute and deliver such instruments and do such other things as may
reasonably be required for fully and certainly vesting and confirming in the successor Grantor Trust Trustee all such rights, powers, duties and obligations. 

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

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

Section 6.12    Appointment of Co-Trustee or Separate Trustee. 

(a)    Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal
requirement of any jurisdiction in which any part of the Grantor Trust Collateral or any Financed Vehicle may at the time be located, the Grantor Trust Certificateholder, the Administrator and the Grantor Trust Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more Persons approved by the Grantor Trust Trustee to act as co-trustee, jointly with the Grantor Trust Trustee, or as separate trustee or
trustees, of all or any part of the Grantor Trust Collateral, and to vest in such Person (in the name of the Trust and not in such Person’s name for the Trust, except to the extent otherwise required by, and in accordance with,
Section 2.8), in such capacity, such title to the Grantor Trust Collateral, or any part thereof, and, subject to the other provisions of this Section 6.12, such powers, duties, obligations, rights
and trusts as the Administrator and the Grantor Trust Trustee may consider necessary or desirable. If neither the Administrator nor the Grantor Trust Certificateholder shall have joined in such appointment within fifteen (15) days after the
receipt by it of a request so to do, the Grantor Trust Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor trustee pursuant to Section 6.13 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to
Section 6.10. 
 (b)    Each separate trustee and
co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

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

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

(c)    Any notice, request or other writing given to the Grantor Trust Trustee shall be deemed to have been given to each
of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to
this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Grantor Trust Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the
liability of, or affording protection to, the Grantor Trust Trustee. Each such instrument shall be filed with the Grantor Trust Trustee and a copy thereof given to the Administrator. 

(d)    Any separate trustee or co-trustee may at any time appoint the Grantor
Trust Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Grantor Trust Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

Section 6.13    Eligibility Requirements for Grantor Trust Trustee. The Grantor Trust Trustee shall at all
times: (a) be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have (or have a parent which has) a combined capital
and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating in any generic rating category which signifies
investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agency. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section 6.13, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. If at any time the Grantor Trust Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Grantor Trust Trustee shall resign immediately in the manner and with the effect
specified in Section 6.10. 

  
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 ARTICLE VII 

TERMINATION OF TRUST AGREEMENT 

Section 7.1    Termination of Trust Agreement. 

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

(b)    Neither the Grantor nor the Grantor Trust Certificateholder shall be entitled to revoke or terminate the Trust or
this Agreement. 
 (c)    Notice of any dissolution of the Trust, specifying the Distribution Date upon which the
Grantor Trust Certificateholder shall surrender its Grantor Trust Certificate to the Grantor Trust Certificate Registrar for payment of the final distribution and cancellation, shall be given by the Grantor Trust Certificate Registrar by letter to
Grantor Trust Certificateholder mailed within five (5) Business Days of receipt of notice of Optional Purchase from the Servicer given pursuant to Section 6.1 of the Servicing Agreement, in either case, stating: (i) the Distribution
Date upon or with respect to which final payment of the Grantor Trust Certificate shall be made upon presentation and surrender of the Grantor Trust Certificate at the office of the Grantor Trust Certificate Registrar therein designated;
(ii) the amount of any such final payment; and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Grantor Trust Certificate at the
office of the Certificate Registrar therein specified. The Grantor Trust Certificate Registrar shall give notice to the Grantor Trust Trustee and the Grantor Trust Paying Agent at the time such notice is given to Grantor Trust Certificateholder.
Upon presentation and surrender of the Grantor Trust Certificate, the Grantor Trust Paying Agent shall cause to be distributed to Grantor Trust Certificateholder amounts distributable on such Distribution Date. 

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

  
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any funds remaining in the Trust after exhaustion of such remedies in the preceding sentence shall be deemed property of the last Grantor Trust Certificateholder of record and distributed by the
Grantor Trust Paying Agent to the last Grantor Trust Certificateholder of record, and none of the Grantor Trust Trustee, the Grantor Trust Certificate Registrar or the Grantor Trust Paying Agent shall have no further liability to the Grantor Trust
Certificateholder with respect thereto. 
 (e)    Upon the winding up and termination of the Trust in accordance with
Section 3808 of the Statutory Trust Act and this Section 7.1 at the written direction and expense of the Grantor Trust Certificateholder, the Grantor Trust Trustee shall cause the Certificate of Trust to be canceled by
filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act. Thereupon, this Agreement (other than Sections 6.9, 9.8 and 9.9) and the
Trust shall terminate. 
 ARTICLE VIII 

AMENDMENTS 

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

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

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

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

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

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

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

ARTICLE IX 

MISCELLANEOUS 

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

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

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

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

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

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

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

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

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

  
 32 

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

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

(b)    THE PARTIES HERETO AND THE GRANTOR TRUST CERTIFICATEHOLDER HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

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

  
 33 

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

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

  
 34 

 (ii)    Carvana, LLC, as sponsor; 

(iii)    the Grantor Trust; 

(iv)    the Servicer; 

(v)    the Backup Servicer; 

(vi)    the Owner Trustee; 

(vii)    the Issuing Entity; 

(viii)    the Indenture Trustee; 

(ix)    the Asset Representations Reviewer; 

(x)    the Collateral Custodian; and 

(xi)    any other material transaction party. 

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

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

  
 35 

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

*    *    *    *    * 

  
 36 

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

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

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

	Name:	 	Brandt McCammon
	Title:	 	Banking Officer

  

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

		
	By:	 	 /s/ Paul W. Breaux

	Name:	 	Paul W. Breaux
	Title:	 	Vice President

  
 [Signature Page to
Grantor Trust Agreement] 

 EXHIBIT A 

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

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

  
 Ex. A-1 

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

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

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

  
 Ex. A-2 

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

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

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

  
 Ex. A-3 

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

ASSET BACKED CERTIFICATE 

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

  
 Ex. A-4 

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

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

Under the Grantor Trust Agreement, there may be distributed to the Person in whose name this Certificate is registered monies pursuant to Articles V and VII
of the Grantor Trust Agreement. 
 The distributions in respect of this Certificate are payable in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts. All payments made by the Grantor Trust with respect to this Certificate shall be applied in respect of this Certificate. 

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

  
 Ex. A-5 

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

Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the
Grantor Trust Trustee by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Grantor Trust Agreement or the Servicing Agreement or be valid for any purpose. 

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

  
 Ex. A-6 

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

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

		 		 	Name:	 	
		 		 	Title:	 	

 GRANTOR TRUST TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

	Name:	 	
	Title:	 	

  
 Ex. A-7 

 REVERSE OF CERTIFICATE 

This Certificate does not represent an obligation of, or an interest in, Carvana, LLC, Carvana Receivables Depositor LLC, the Grantor, the Servicer, the
Indenture Trustee, the Grantor Trust Trustee or any affiliates of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Grantor Trust Agreement or the other
Transaction Documents. In addition, this Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Receivables (and certain other
amounts), all as more specifically set forth herein and in the other Transaction Documents. A copy of each of the other Transaction Documents may be examined during normal business hours at the principal office of the Grantor, and at such other
places, if any, designated by the Grantor, by any Grantor Trust Certificateholder upon written request. In the event of any conflict between the terms of this Certificate and the terms of the other Transaction Documents, the terms of the other
Transaction Documents shall govern. 
 As provided in the Grantor Trust Agreement and subject to certain limitations therein set forth, the transfer of this
Certificate is registerable in the Grantor Trust Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Grantor Trust Certificate Registrar, accompanied by a written instrument of
transfer in form satisfactory to the Grantor Trust Trustee and the Grantor Trust Trustee duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon a new Certificate evidencing the same aggregate
Percentage Interest in the Grantor Trust will be issued to the designated transferee. The initial Grantor Trust Certificate Registrar appointed under the Grantor Trust Agreement is Wilmington Trust, National Association. 

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

  
 Ex. A-8 

 ASSIGNMENT 

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

PLEASE INSERT SOCIAL SECURITY 
 NUMBER OR OTHER IDENTIFYING 

NUMBER OF ASSIGNEE 
  

                          
                                         
                                         
                                         
                                         
                           

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

                          
                                         
                                         
                                         
                                         
                           

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

                          
                                         
                                         
                                         
            attorney to transfer said Certificate on the books of the Grantor Trust Certificate Registrar, with full power of substitution in the premises. 

 

					
	Dated:	  	  
	 	*
			
		  	Signature Guaranteed:	 	
			
		  	  
	 	*

  

	*	 NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears
upon the face of the within Certificate in every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company.

  
 Ex. A-9 

 EXHIBIT B 

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

Tempe, Arizona 85281 
 Wilmington Trust, National Association,

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

Rodney Square North 
 1100 North Market Street 

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

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

  
 Ex. B-1 

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

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

 

			
	  
 Name of Certificate
Owner

		
	By:	 	
                     
                            

		
	Name:	 	  

	Title:	 	  

	Date:	 	  

  
 Ex. B-2EX-10.1

 EXHIBIT 10.1 

RECEIVABLES PURCHASE AGREEMENT 

This RECEIVABLES PURCHASE AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this
“Agreement”), dated as of March 18, 2021, is by and between Carvana, LLC, an Arizona limited liability company (“Carvana”), as the seller (the “Seller”), and Carvana Receivables Depositor LLC, a
Delaware limited liability company (the “Depositor”), as the purchaser (the “Purchaser”). 
 AGREEMENTS

 WHEREAS, the Purchaser desires to purchase automobile retail installment contracts and related rights owned by the Seller pursuant to
this Agreement; 
 WHEREAS, the Seller is willing to sell such contracts and related rights to the Purchaser pursuant to this Agreement;

 WHEREAS, the Purchaser intends to sell or otherwise transfer such contracts and related rights, or interests therein, to Carvana Auto
Receivables Trust 2021-P1 a Delaware statutory trust (the “Issuing Entity”), pursuant to the Receivables Transfer Agreement, dated as of the date hereof (as amended, restated, supplemented or
otherwise modified from time to time, the “Receivables Transfer Agreement”), between the Issuing Entity and the Depositor; 

WHEREAS, the Issuing Entity intends to contribute or otherwise transfer such contracts and related rights, or interests therein, to Carvana
Auto Receivables Grantor Trust 2021-P1, a Delaware statutory trust (the “Grantor Trust”), pursuant to the Receivables Contribution Agreement, dated as of the date hereof (as amended, restated,
supplemented or otherwise modified from time to time, the “Receivables Contribution Agreement”), between the Issuing Entity and the Grantor Trust, in exchange for the Grantor Trust Certificate; 

WHEREAS, the Grantor Trust intends to pledge such contracts and related rights to Wells Fargo Bank, National Association, as indenture trustee
(the “Indenture Trustee”), and the Issuing Entity will issue notes backed by the Grantor Trust Certificate pursuant to the Indenture, dated as of the date hereof (as amended, modified or supplemented from time to time, the
“Indenture”), among the Issuing Entity, the Grantor Trust and the Indenture Trustee; and 
 WHEREAS, Bridgecrest Credit
Company, LLC, an Arizona limited liability company (the “Servicer”), is willing to service such contracts in accordance with the terms of the Servicing Agreement, dated as of the date hereof, among the Issuing Entity, the Grantor
Trust, the Backup Servicer and the Servicer. 
 NOW, THEREFORE, in consideration of the mutual agreements and subject to the terms and
conditions herein contained, each party agrees as follows for the benefit of the other party: 
  

 ARTICLE I 

DEFINITIONS 
 Section 1.1
Definitions; Rules of Construction. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Part I of Appendix A to
this Agreement. All references herein to “the Agreement” or “this Agreement” are to this Receivables Purchase Agreement as it may be amended, supplemented or modified from time to time, the exhibits and schedules hereto and the
capitalized terms used herein, which are defined in Part I of such Appendix A, and all references herein to Articles, Sections and Subsections are to Articles, Sections or Subsections of this Agreement unless otherwise specified. The
rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 
 ARTICLE II 

CONVEYANCE OF RECEIVABLES 

Section 2.1 Conveyance of Receivables. 

(a) On the Closing Date, the Seller hereby agrees to sell, transfer, assign, set over and otherwise convey to the Purchaser and the Purchaser
hereby agrees to purchase from the Seller, without recourse, all right, title and interest of the Seller in, to and under the following property, whether now existing or hereafter created or acquired (all of the property described in this
Section 2.1(a) being collectively referred to herein as the “First Step Transferred Property”): 

(i) the Receivables and all instruments and all monies due or to become due or received by any Person in payment of any of the foregoing on or
after the Cutoff Date; 
 (ii) the Financed Vehicles securing such Receivables (including any such Financed Vehicles that have been
repossessed), any document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each Financed Vehicle; 

(iii) the Receivable Files and the Servicer Files related to such Receivables; 

(iv) all rights to payment under all Insurance Policies with respect to the Financed Vehicles or the Obligors, including any monies collected
from whatever source in connection with any default of an Obligor or with respect to any such Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy; 

(v) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or arrangements of
whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise; 

(vi) all rights to payment under all service contracts and other contracts and agreements associated with such Receivables; 

(vii) all Liquidation Proceeds related to any such Receivable received on or after the Cutoff Date; 

  
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 (viii) subject to the Transaction Documents and the Master Agency Agreement, all deposit
accounts, monies, deposits, funds, accounts and instruments relating to the foregoing (excluding payments or recoveries in respect of the Receivables received prior to the Cutoff Date); 

(ix) the proceeds of any and all of the foregoing; and 

(x) all present and future claims, demands, causes of action and choses in action in respect of any of 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) In connection with the purchase and sale of the First Step Transferred Property hereunder, the Seller agrees, at its own expense,
(i) to annotate and indicate on its books and records (including any computer files) that the Receivables were sold and transferred to the Purchaser pursuant to this Agreement, (ii) to deliver to the Purchaser (or its designee) all
Collections on the Receivables, if any, received on or after the Cutoff Date, and (iii) to deliver to the Purchaser an assignment in the form attached hereto as Exhibit A (the “First Step Receivables
Assignment”). 
 (c) In consideration of the sale of the Receivables from the Seller to the Purchaser as provided herein, the
Purchaser shall pay to the Seller an amount equal to the Receivables Purchase Price. A portion of the Receivables Purchase Price shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through
the transfer of approximately five percent of the Notes and Certificates retained for risk retention purposes and any other Retained Notes. 

(d) The Purchaser hereby directs the Seller to transfer all Electronic Contracts included in the First Step Transferred Property directly to
the Grantor Trust, as assignee under the Receivables Contribution Agreement of the Issuing Entity, who is the assignee of the Purchaser under the Receivables Transfer Agreement. 

Section 2.2 Intent of the Parties. 

It is the intention of the parties that each conveyance hereunder of the Receivables and the other First Step Transferred Property from the
Seller to the Purchaser as provided in Section 2.1 be, and be construed as, an absolute sale, without recourse, of the Receivables and other First Step Transferred Property by the Seller to the Purchaser. Furthermore, no
such conveyance is intended to be a pledge of the First Step Transferred Property by the Seller to the Purchaser to secure a debt or other obligation of the Seller. If, however, notwithstanding the intention of the parties, the conveyance provided
for in Section 2.1 is determined, for any reason, not to be an absolute sale, then the parties intend that this Agreement shall be deemed to be a 

  
 3 

 
“security agreement” within the meaning of Article 9 of the UCC and the Seller hereby grants to the Purchaser a “security interest” within the meaning of Article 9
of the UCC in all of the Seller’s right, title and interest in and to the First Step Transferred Property, now existing and hereafter created or acquired, to secure a loan in an amount equal to the Receivables Purchase Price and each of the
Seller’s other payment obligations under this Agreement. 
 ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 3.1 Representations and Warranties of the Seller. 

(a) General Representations and Warranties. The Seller makes the following representations and warranties to the Purchaser as of the
date of this Agreement, which shall survive the delivery of the First Step Transferred Property, and on which representations and warranties the Purchaser shall rely in acquiring the First Step Transferred Property. 

(i) Organization and Good Standing. The Seller has been duly organized, and is validly existing as a limited liability company, in good
standing under the laws of the state of its formation, with all requisite limited liability company power and authority to own or lease its properties and conduct its business as such business is presently conducted, and the Seller had at all
relevant times, and now has the power, authority and legal right to acquire, own and sell the Receivables and other First Step Transferred Property. 

(ii) Due Qualification. The Seller is duly qualified to do business and is in good standing under the laws of each jurisdiction, and
has obtained all necessary licenses and approvals in all jurisdictions, in which the ownership or lease of its property or the conduct of its business requires such qualifications, licenses or approvals (including, as applicable, the origination,
purchase, sale, pledge and servicing of the Receivables) except where the failure to so qualify or obtain such license or approval could not reasonably be expected to result in a Material Adverse Effect. 

(iii) Power and Authority; Due Authorization. The Seller (i) has the power and authority to (A) execute and deliver this
Agreement and the other Transaction Documents to which it is a party, (B) carry out the terms of the Transaction Documents to which it is a party and (C) sell the First Step Transferred Property on the terms and conditions herein provided
and (ii) has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the sale of the First Step Transferred Property on the terms and
conditions herein and therein provided. 
 (iv) Valid Sale, Binding Obligation. This Agreement, when duly executed and delivered by
the Purchaser, and the First Step Receivables Assignment constitute a valid sale, transfer and assignment of the applicable Receivables and other First Step Transferred Property to the Purchaser, enforceable against creditors of and purchasers from
the Seller; and this Agreement, when duly executed and delivered by the Purchaser, and the First Step Receivables Assignment constitute a legal, valid and binding obligation of the Seller enforceable in accordance with its terms, except as
enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether
such enforceability is considered in a proceeding in equity or at law. 

  
 4 

 (v) No Violation. The consummation of the transactions contemplated by this
Agreement and the other Transaction Documents to which the Seller is a party and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or
without notice or lapse of time or both) a default under, the Seller’s certificate of formation, limited liability company agreement or other constituent documents or any Contractual Obligation of the Seller, (ii) result in the creation or
imposition of any Lien upon any of the Seller’s properties, other than Liens permitted or created pursuant to the Transaction Documents or (iii) violate any Applicable Law; in each case, except where such failure to comply could not
reasonably be expected to have a Material Adverse Effect with respect to the Seller. 
 (vi) No Proceedings. There are no proceedings
or investigations pending or, to the knowledge of the Seller, threatened against the Seller, before any Governmental Authority (i) asserting the invalidity of this Agreement or any other Transaction Document to which the Seller is a party,
(ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document to which the Seller is a party or (iii) seeking any determination or ruling that would reasonably be
expected to have a Material Adverse Effect with respect to the Seller. 
 (vii) No Consents. All approvals, authorizations, consents,
orders, licenses or other actions of any Person or of any Governmental Authority required for the due execution, delivery and performance by the Seller of this Agreement and any other Transaction Document to which the Seller is a party have been
obtained. 
 (viii) Value Given. The Purchaser shall have given reasonably equivalent value to the Seller in consideration for the
transfer by the Seller to the Purchaser of each of the Receivables and the related First Step Transferred Property under this Agreement. 

(b) Representations and Warranties Regarding each Receivable. The Seller makes the following representations and warranties to the
Purchaser regarding each Receivable as of the Closing Date, which shall survive the sale, transfer and assignment of the Receivables, and on which representations and warranties the Purchaser shall rely in acquiring the Receivables. 

(i) Schedule of Receivables. As of the Cutoff Date, the information set forth in the Schedule of Receivables with respect to each
Receivable is true and correct in all material respects. 
 (ii) Eligibility of Receivables. As of the Closing Date or such other
date specified in Exhibit B, the representations and warranties in Exhibit B hereto are true and correct with respect to each Receivable assigned by the Seller to the Purchaser hereunder and under the First Step Receivables Assignment.

  
 5 

 (c) Representations and Warranties Regarding the First Step Transferred Property. The
Seller makes the following representations and warranties to the Purchaser regarding the First Step Transferred Property as of the Closing Date, which shall survive the sale, transfer and assignment of the Receivables, and on which representations
and warranties the Purchaser shall rely in acquiring the Receivables. 
 (i) Selection Procedures. No procedures believed by the
Seller to be adverse to the interests of the Purchaser or the Holders of the Securities were utilized by the Seller in identifying or selecting Receivables to be acquired from the Seller under this Agreement. 

(ii) Good Title. 

(A) Immediately prior to the conveyance of each Receivable and the related First Step Transferred Property to the Purchaser
pursuant to this Agreement and the First Step Receivables Assignment, the Seller had good and marketable title thereto, free and clear of all Liens except for Permitted Liens and those Liens that will be released simultaneously with the conveyance
hereunder. No effective financing statement or other instrument similar in effect covering any portion of the First Step Transferred Property shall, on or after the Closing Date be on file in any recording office except such as may be filed in favor
of (i) the Purchaser in accordance with this Agreement, (ii) the Issuing Entity in accordance with the Receivables Transfer Agreement, (iii) the Grantor Trust in connection with the Receivables Contribution Agreement or (iv) the
Indenture Trustee in connection with the Indenture. 
 (B) Upon the conveyance of such Receivable and the other related
First Step Transferred Property to the Purchaser pursuant to this Agreement and the First Step Receivables Assignment, the Purchaser will be the sole owner of, and have good, indefeasible and marketable title to such Receivable and other related
First Step Transferred Property, free and clear of any Lien (other than Liens created hereunder and Permitted Liens and those Liens that will be released simultaneously with the conveyance hereunder); and, to the extent the related Obligor has a
contractual right to return the Financed Vehicle to the Seller for repurchase, the applicable repurchase period has expired. As of the date hereof, each Receivable and the related Financed Vehicle is free and clear of any Lien of any Person (other
than Liens created hereunder and Permitted Liens or those Liens that will be released simultaneously with the conveyance hereunder) and is in compliance with all Applicable Laws. 

(iii) All Filings Made. With respect to the sale and assignment of the First Step Transferred Property to the Purchaser, the Seller has
taken all steps reasonably necessary to ensure that such sale and assignment has been perfected under the relevant UCC. With respect to the First Step Transferred Property, the Seller has taken all steps necessary to ensure that all filings
(including UCC filings) necessary in any jurisdiction to give the Indenture Trustee a first priority perfected security interest in the First Step Transferred Property have been made. 

  
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 (iv) Lawful Assignment. Each such Receivable was not originated in, and is not
subject to the laws of, any jurisdiction under which the transfer of such Receivable under the Transaction Documents shall be unlawful, void or voidable. Such Receivable is assignable without notice to or the consent of the related Obligor. 

(d) Repurchase of Receivables. In the event of 

(A) a breach of any representation or warranty set forth in Section 3.1(b) or
Section 3.1(c) hereof with respect to any Receivable, that materially and adversely affects the interests of the Noteholders or the Certificateholders taken as a whole (a “Repurchase Event”), unless the
breach shall have been cured within thirty (30) days following (i) discovery of the breach by the Seller or receipt of notice of such breach by the Seller from the Purchaser, the Issuing Entity or the Grantor Trust (which notice shall
provide sufficient detail so as to allow the Seller to reasonably investigate the alleged breach), or (ii) in the case of the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee, a Responsible Officer of such trustee has actual
knowledge or receives written notice of a breach of such representation or warranty, then 
 (B) the Seller shall repurchase
such Receivable from the Grantor Trust (if the Grantor Trust is then the owner of such Receivable) on the date and for the amount specified in the Receivables Transfer Agreement, in each case, without further notice from the Purchaser hereunder. Any
such breach shall be deemed not to materially and adversely affect the interests of the Noteholders or the Certificateholders taken as a whole, if such breach does not affect the ability of the Purchaser (or its assignee) to receive and retain
timely payment in full on such Receivable. Upon the occurrence of a Repurchase Event with respect to a Receivable for which the Purchaser is the owner, the Seller agrees to repurchase such Receivable from the Purchaser for an amount and upon the
same terms as the Seller would be obligated to repurchase such Receivable from the Grantor Trust if the Grantor Trust was then the owner thereof, and upon payment of such amount, the Seller shall have such rights with respect to such Receivable as
if the Seller had purchased such Receivable from the Grantor Trust as the owner thereof. It is understood and agreed that the obligation of the Seller to repurchase any Receivable as to which a Repurchase Event has occurred and is continuing shall,
if such obligation is fulfilled, constitute the sole and exclusive remedy (other than any indemnities available pursuant to Section 4.13) available to the Purchaser, the Issuing Entity, the Grantor Trust, the Indenture
Trustee, the Owner Trustee, the Grantor Trust Trustee and the Financial Parties for the breach of any representation or warranty set forth in Section 3.1(b) and Section 3.1(c) hereof with respect
to such Receivable. 
 (e) Upon receipt by the then-current owner of the related Receivable of the applicable Purchase Amount, the applicable
Receivable and any and all related First Step Transferred Property shall be automatically and immediately assigned and re-conveyed by the Purchaser (or its applicable assign, as the case may be) to the Seller.

  
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 (f) Upon discovery by the Seller or by the Purchaser of a breach of any of the
representations and warranties set forth in Section 3.1(a), Section 3.1(b) and Section 3.1(c) (other than with respect to Receivables that have been repurchased in
accordance with the terms of this Agreement) the party discovering such breach shall give prompt written notice to the other party. 
 (g)
The Seller agrees to cooperate with the Grantor Trust and the Requesting Party in any dispute resolution proceeding pursuant to, and be bound by the dispute resolution terms in Section 3.1(d) of the Receivables Transfer Agreement as if they
were part of this Agreement. 
 Section 3.2 Representations and Warranties of the Purchaser. 

(a) The Purchaser makes the following representations and warranties to the Seller as of the date of this Agreement, and on which
representations and warranties the Seller shall rely in selling the Receivables. 
 (i) Organization and Good Standing. The Purchaser
has been duly organized, and is validly existing as a limited liability company and in good standing under the laws of the state of its formation, with all requisite limited liability company power and authority to own or lease its properties and to
conduct its business as such business is presently conducted and to enter into and perform its obligations pursuant to this Agreement. 

(ii) Due Qualification. The Purchaser is duly qualified to do business and is in good standing under the laws of each jurisdiction, and
has obtained all necessary licenses and approvals in all jurisdictions, in which the ownership or lease of its property or the conduct of its business requires such qualifications, licenses or approvals (including, as applicable, the origination,
purchase, sale, pledge and servicing of the Receivables) except where the failure to so qualify or obtain such license or approval could not reasonably be expected to result in a Material Adverse Effect. 

(iii) Power and Authority; Due Authorization. The Purchaser (i) has the power and authority to (A) execute and deliver this
Agreement and the other Transaction Documents to which it is a party and (B) carry out the terms of this Agreement and the other Transaction Documents to which it is a party and (ii) has duly authorized by all necessary action on its part
the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. 
 (iv) Binding
Obligation. This Agreement constitutes a legal, valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship,
insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(v) No Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof will not
(i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Purchaser’s certificate of formation or
by-laws, limited liability 

  
 8 

 
company agreement, trust agreement or other constituent documents or any Contractual Obligation of the Purchaser, (ii) result in the creation or imposition of any Lien upon any of the
Purchaser’s properties, other than Liens permitted or created pursuant to the Transaction Documents, or (iii) violate any Applicable Law, in each case, except where such failure to comply could not reasonably be expected to have a Material
Adverse Effect with respect to the Purchaser. 
 (vi) No Proceedings. There are no proceedings or investigations pending or, to the
knowledge of the Purchaser, threatened against the Purchaser, before any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this
Agreement, (iii) challenging the enforceability of a material portion of the Receivables or (iv) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect with respect to the Purchaser. 

(vii) No Consents. All approvals, authorizations, consents, orders or other actions of any Person or of any Governmental Authority (if
any) required for the due execution, delivery and performance by the Purchaser of this Agreement have been obtained. 
 (b) Upon discovery by
the Seller or by the Purchaser of a breach of any of the representations and warranties set forth in Section 3.2(a), the party discovering such breach shall give prompt written notice to the other party. 

Section 3.3 Covenants of the Seller. The Seller hereby covenants as to the Receivables the Seller has sold to the Purchaser hereby
that: 
 (a) Delivery of Payments; Pre-Closing Collections. The Seller shall within two
(2) Business Days after the Closing Date, transfer all Collections received by it on or after the Cutoff Date with respect to any Receivable or related First Step Transferred Property to, or at the direction of, the Purchaser (or the Issuing
Entity or the Grantor Trust). The Seller shall inform the Servicer to deposit all amounts due in respect of the First Step Transferred Property to or at the direction of the Purchaser (or the Issuing Entity or the Grantor Trust). 

(b) Keeping of Records and Books of Account. The Seller will maintain and implement administrative and operating procedures (including
an ability to re-create records evidencing Receivables in the event of loss of access to the E-Vault Vault System of the Contracts maintained therein), and keep and
maintain all documents, books, records and other information, reasonably necessary or advisable for the collection of all Receivables and other First Step Transferred Property. 

(c) Security Interests. The Seller will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or
suffer to exist any Lien (other than Permitted Liens) on any portion of the Receivables or other First Step Transferred Property, whether now existing or hereafter transferred hereunder, or any interest therein, and the Seller will not sell, pledge,
assign or suffer to exist any Lien on its interest, if any, hereunder. The Seller will promptly notify the Purchaser of the existence of any Lien (other than Permitted Liens) on any portion of the Receivables or other First Step Transferred Property
and the Seller shall defend the 

  
 9 

 
right, title and interest of the Purchaser (and the permitted assignees) in, to and under such Receivables and other First Step Transferred Property, against all claims of third parties;
provided, however, that nothing in this subsection shall prevent or be deemed to prohibit the Seller from suffering to exist Permitted Liens upon any portion of the First Step Transferred Property. 

ARTICLE IV 
 MISCELLANEOUS
PROVISIONS 
 Section 4.1 Amendment. 

(a) This Agreement may be amended, waived, supplemented or modified by a written amendment duly executed and delivered by the Seller and the
Purchaser, without the consent of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, any of the Noteholders, any of the Certificateholders or any other Person (i) to cure any ambiguity, (ii) to correct or supplement any
provision in this Agreement that may be defective or inconsistent with any other provision in this Agreement or any other Transaction Document or with any description thereof in the Prospectus, (iii) to add to the covenants, restrictions or
obligations of the Seller, (iv) to add, change or eliminate any other provision of this Agreement in any manner that shall not, as evidenced by an Opinion of Counsel, materially and adversely affect the interests of the Noteholders or
Unaffiliated Certificateholders, or (v) if the Rating Agency Condition is satisfied with respect to such amendment and the Depositor or the Administrator notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied
with respect to such amendment. 
 (b) This Agreement may be amended, waived, supplemented or modified by a written amendment duly executed
and delivered by the Seller, the Purchaser and the Indenture Trustee with the consent of the Certificateholders to add or supplement any credit enhancement for the benefit of the Noteholders of any class or the Certificateholders (provided that if
any such addition shall affect any class of Noteholders differently from any other class of Noteholders, then such addition shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any class of
Noteholders). 
 (c) This Agreement may be amended, waived, supplemented or modified by a written amendment duly executed and delivered by
the Seller, the Purchaser and the Indenture Trustee with the consent of the Requisite Noteholders as of the close of business on the preceding Distribution Date, or if no Notes (other than the Class XS Notes) are Outstanding, the Majority
Certificateholders (which consent, whether given pursuant to this Section 4.1 or pursuant to any other provision of this Agreement, shall be conclusive and binding on such Person and on all future holders of such Notes or
Certificates and of any Notes or Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon any Notes or Certificates) for the purpose of adding any provisions to, or
changing in any manner, or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment shall (a) without the
consent of the holder of the affected Note or Certificate, as applicable, increase or reduce the interest rate or principal amount of any Note or change the Final Scheduled Distribution Date of any Note or distributions on the Certificates,

  
 10 

 
(b) increase or reduce the amount of the required Specified Reserve Account Balance or the Specified Class N Reserve Account Balance without the consent of all of the Noteholders or
Certificateholders then outstanding or (c) reduce the aforesaid percentage of Noteholders or Certificateholders required to consent to any such amendment, without the consent of the holders of all Notes or Certificates then outstanding, as the
case may be. 
 (d) It will not be necessary for the consent of Noteholders or Certificateholders pursuant to
Section 4.1(b) or (c) to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any
other consents of Noteholders and Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture
Trustee and Owner Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (e) No
amendment, waiver or other modification which adversely affects the rights, privileges, indemnities, duties or obligations of the Owner Trustee or the Grantor Trust Trustee under this Agreement shall be effective without such entity’s prior
written consent. 
 (f) Prior to the execution of any amendment pursuant to Section 4.1(b) or (c), the
Seller shall provide written notification of the substance of such amendment or consent to each Rating Agency and the Indenture Trustee; and promptly after the execution of any such amendment, the Seller shall furnish a copy of such amendment to
each Rating Agency, the Grantor Trust Trustee, the Owner Trustee and the Indenture Trustee. 
 (g) Notwithstanding anything to the contrary
herein, an Opinion of Counsel shall be delivered to the Purchaser, the Grantor Trust Trustee and the Owner Trustee to the effect that such amendment would not cause the Grantor Trust or the Issuing Entity to fail to qualify as a grantor trust for
United States federal income tax purposes. 
 Section 4.2 Protection of Right, Title and Interest in and to Receivables. 

(a) The Seller, at its expense, shall cause all financing statements and continuation statements, amendments, assignments and any other
necessary documents and notices, covering or evidencing the Purchaser’s right, title and interest in and to the Receivables and other First Step Transferred Property to be promptly recorded, registered and filed, and at all times to be kept
recorded, registered and filed, and take such other action, all in such manner and in such places as may be required by law, fully to preserve and protect the right, title and interest of the Purchaser hereunder in and to all of the Receivables and
such other First Step Transferred Property. The Seller shall deliver to the Purchaser file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording,
registration or filing. The Purchaser shall cooperate fully with the Seller in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this subsection. 

  
 11 

 (b) Name Change. The Seller shall not change its State of organization or its name,
identity or entity structure in any manner that would, could or might make any financing statement or continuation statement filed by the Seller, Purchaser or Purchaser’s assigns seriously misleading within the meaning of the UCC, unless it
shall give the Purchaser written notice thereof at least five (5) Business Days prior to such change. 
 (c) Executive Office;
Maintenance of Offices. The Seller shall give the Purchaser written notice at least ten (10) Business Days prior to any relocation of its principal executive office if, as a result of such relocation, the applicable provisions of the UCC
would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement. The Seller shall at all times maintain each office from which it originates Receivables and its principal
executive office within the United States of America. 
 (d) New Debtor. In the event that the Seller shall change the jurisdiction in
which it is formed or otherwise enter into any transaction which would result in a “new debtor” (as defined in the UCC) succeeding to the obligations of the Seller hereunder, the Seller shall comply fully with the obligations of
Section 4.2(a). 
 (e) The Seller shall maintain its computer systems relating to contract record keeping so that,
from and after the time of sale of any Receivable under this Agreement, the Seller’s master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Purchaser (or assignees). 

Section 4.3 Governing Law; Consent to Jurisdiction; Waiver of Objection to Venue. THIS AGREEMENT AND THE FIRST STEP RECEIVABLES
ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN §§ 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)). EACH OF THE PARTIES HERETO HEREBY AGREES TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, LOCATED IN THE BOROUGH OF MANHATTAN AND THE FEDERAL
COURTS LOCATED WITHIN THE STATE OF NEW YORK IN THE BOROUGH OF MANHATTAN. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER OR UNDER THE FIRST STEP
RECEIVABLES ASSIGNMENT IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 

Section 4.4 Waiver of Jury Trial. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A
JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 

  
 12 

 Section 4.5 Notices. All demands, notices and communications upon or to the
Seller or the Purchaser under this Agreement shall be delivered as specified in Part III of Appendix A. 
 Section 4.6
Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable
from the remaining covenants, agreements, provisions and terms of this Agreement and shall in no way affect the validity or enforceability of the other covenants, agreements, provisions or terms of this Agreement. 

Section 4.7 Closing; Assignment; Conveyance of Receivables and First Step Transferred Property to the Issuing Entity. The transfer
of the Receivables contemplated by this Agreement shall take place at Carvana Headquarters, on the date hereof. This Agreement may not be assigned by the Purchaser or the Seller except as contemplated by this Section 4.7.
The Seller acknowledges that the Purchaser (or any permitted assign) may, pursuant to certain agreements, assign and convey the Receivables and the other First Step Transferred Property, together with its rights under this Agreement, to the Issuing
Entity under the Receivables Transfer Agreement and the Second Step Receivables Assignment (as defined in the Receivables Transfer Agreement) and that the Issuing Entity may make further assignments, conveyances and pledges of such rights and assets
to other Persons pursuant to the Indenture and the Receivables Contribution Agreement and that the Grantor Trust may make further assignments, conveyances and pledges pursuant to the Receivables Contribution Agreement and the Indenture. The Seller
acknowledges and consents to such assignments and pledges and waives any further notice thereof. Additionally, the Seller acknowledges that the Grantor Trust may assign the representations and warrants set forth in
Section 3.1(b) to any Third-Party Purchaser with respect to the sale of Charged-Off Receivables pursuant to a Forward Commitment Transfer. 

Section 4.8 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Purchaser or the
Seller, 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 herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. 

Section 4.9 Counterparts. This Agreement may be executed in two (2) or more counterparts (and by different parties on
separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by email or facsimile shall be effective as delivery of a
manually executed counterpart of this Agreement. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual
signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic
Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or
photocopied manual signature, or other electronic 

  
 13 

 
signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely
upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity
thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings. 

Section 4.10 Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto, the
Issuing Entity, the Grantor Trust and the Indenture Trustee and, to the extent expressly referenced herein, shall inure to the benefit of the Noteholders and the Certificateholders, who shall be considered to be a third party beneficiary hereof
(including beneficiaries of the representations and warranties set forth in Section 3.1(b)). Except as otherwise provided in this Agreement, no other Person will have any right or obligation hereunder. 

Section 4.11 Merger and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire
understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. This Agreement may not be modified, amended, waived or supplemented except as provided herein. 

Section 4.12 Headings. The headings herein are for purposes of references only and shall not otherwise affect the meaning or
interpretation of any provision hereof. 
 Section 4.13 Indemnification. The Seller shall indemnify and hold harmless the
Purchaser, the Issuing Entity, the Owner Trustee, the Grantor Trust, the Grantor Trust Trustee and their respective agents and assignees (each, an “Indemnified Person”) from and against any loss, liability, expense (including
reasonable and documented out of pocket external attorneys’ fees and costs) or damage suffered or sustained by reason of third party claims which may be asserted against or incurred by the Purchaser or any of the permitted assignees
(collectively, “Losses”) as a result of (i) the failure of a Receivable to be originated in compliance in all material respects with all requirements of Applicable Law, and (ii) breach of the Seller’s representations
and warranties contained herein and any failure by the Seller to comply with its obligations under Section 4.2 or Section 3.3(c); provided that the Seller’s repurchase obligation
for a breach of representations and warranties set forth in Section 3.1(b) hereof is the sole remedy therefor, except with respect to matters set forth in (i) above. Notwithstanding the foregoing, such indemnity shall
not be available to an Indemnified Person to the extent that such Losses (A) have resulted from the gross negligence, bad faith, fraud or willful misconduct of such Indemnified Person or (B) arise primarily due to the deterioration in the
credit quality or market value of the Receivables, Financed Vehicles or other First Step Transferred Property (or the underlying Obligors thereunder) or otherwise constituting credit recourse for the failure of an Obligor to pay any amount owing
with respect to any First Step Transferred Property. 
 Section 4.14 Survival. All representations, warranties, covenants,
indemnities and other provisions made by the Seller herein or in connection herewith shall be considered to have been relied upon by the Purchaser, and shall survive the execution and delivery of this Agreement. The terms of
Section 4.13 shall survive the termination of this Agreement. 

  
 14 

 Section 4.15 No Petition Covenant. Notwithstanding any prior termination of this
Agreement, the Seller shall not, prior to the date which is one year and one day after the final distribution with respect to the Notes (other than the Class XS Notes) to the Note Distribution Account or, with respect to the Certificates, to
the Certificateholders or the Certificate Distribution Account, acquiesce, petition or otherwise invoke or cause the Purchaser, the Issuing Entity or the Grantor Trust to invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Purchaser, the Issuing Entity or the Grantor Trust under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Purchaser, the Issuing Entity or the Grantor Trust or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of Purchaser, the Issuing Entity or the Grantor Trust
under any federal or State bankruptcy or insolvency proceeding. 
 [REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK] 

  
 15 

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

			
	CARVANA, LLC,
	as Seller

 
			
		
	By:	 	 /s/ Paul W. Breaux

	Name:	 	 Paul W. Breaux

	Title: 	 	 Vice President

	
	CARVANA RECEIVABLES DEPOSITOR LLC, as Purchaser
		
	By:	 	 /s/ Paul W. Breaux

	Name:	 	 Paul W. Breaux

	Title: 	 	 Vice President

 [Signature Page to Receivables Purchase Agreement] 

 EXHIBIT A 

FORM OF 
 FIRST STEP
RECEIVABLES ASSIGNMENT 
 PURSUANT TO RECEIVABLES PURCHASE AGREEMENT 

On March 18, 2021, for value received, in accordance with the Receivables Purchase Agreement, dated as of March 18, 2021 (as amended, modified
or supplemented from time to time, the “Receivables Purchase Agreement”), between Carvana, LLC, an Arizona limited liability company (the “Seller”), and Carvana Receivables Depositor LLC, a Delaware limited
liability company (the “Purchaser”), the Seller does hereby sell, assign, transfer, set over and otherwise convey unto the Purchaser, without recourse, all of the Seller’s right, title and interest in, to and under the
following property, whether now existing or hereafter created or acquired: 
 (i) the Receivables and all instruments and all
monies due or to become due or received by any Person in payment of any of the foregoing on or after the Cutoff Date; 
 (ii)
the Financed Vehicles securing such Receivables (including any such Financed Vehicles that have been repossessed), any document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each Financed
Vehicle; 
 (iii) the Receivable Files and the Servicer Files related to such Receivables; 

(iv) all rights to payment under all Insurance Policies with respect to the Financed Vehicles or the Obligors, including any
monies collected from whatever source in connection with any default of an Obligor or with respect to any such Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy; 

(v) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or
arrangements of whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise; 

(vi) all rights to payment under all service contracts and other contracts and agreements associated with such Receivables;

 (vii) all Liquidation Proceeds related to any such Receivable received on or after the Cutoff Date; 

(viii) subject to the Transaction Documents and the Master Agency Agreement, all deposit accounts, monies, deposits, funds,
accounts and instruments relating to the foregoing (excluding payments or recoveries in respect of the Receivables received prior to the Cutoff Date); 

  
 Ex. A-1 

 (ix) the proceeds of any and all of the foregoing; and 

(x) all present and future claims, demands, causes of action and choses in action in respect of any of 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. 

It is the intention of the Seller and the Purchaser that the transfer and assignment of Receivables contemplated by the Receivables Purchase
Agreement and this First Step Receivables Assignment shall constitute an absolute and irrevocable sale of the First Step Transferred Property from the Seller to the Purchaser so that the beneficial interest in and title to the Receivables and the
other related First Step Transferred Property shall not be part of the Seller’s estate in the event of the filing of a petition for insolvency, receivership or conservatorship by or against the Seller or placement into receivership or
conservatorship of the Seller under any relevant bankruptcy, insolvency, receivership or conservatorship law. 
 The foregoing transfer and
assignment of the First Step Transferred Property contemplated by the Receivables Purchase Agreement and this First Step Receivables Assignment does not constitute and is not intended to result in any assumption by the Purchaser of any obligation of
the Seller, the Servicer or any other Person to the Obligors, insurers or any other Person in connection with the Receivables or the other related First Step Transferred Property, including any insurance policies or any agreement or instrument
relating to any of them. 
 THIS FIRST STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN §§ 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)).

 This First Step Receivables Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the
undersigned contained in the Receivables Purchase Agreement and is to be governed by the Receivables Purchase Agreement. 
 Capitalized
terms used herein and not otherwise defined herein shall have the meaning assigned to them in the Receivables Purchase Agreement. 

*    *    *    *    * 

  
 Ex. A-2 

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

			
	CARVANA, LLC,
	as Seller
		
	By:	 	  

	Name:
	Title:

  
 Ex. A-3 

 SCHEDULE A TO THE FIRST STEP RECEIVABLES ASSIGNMENT 

FIRST STEP SCHEDULE OF RECEIVABLES 

The First Step Schedule of Receivables is 

on file at the offices of: 
  

	 	1.	 The Indenture Trustee 

 

	 	2.	 The Servicer 

  

	 	3.	 The Seller 

  

	 	4.	 The Purchaser 

  

	 	5.	 The Issuing Entity 

  

	 	6.	 The Grantor Trust 

  
 Ex. A-4 

 EXHIBIT B 

RECEIVABLES REPRESENTATIONS AND WARRANTIES 

The Seller makes the following representations and warranties as to each Receivable: 

Characteristics of Receivables. Such Receivable: 

(1) was originated in the United States of America for the retail sale of a Financed Vehicle in the ordinary course of the Seller’s
business;  
 (2) was executed or electronically authenticated by the parties thereto; 

(3) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against
the Financed Vehicle; 
 (4) provides for level scheduled monthly payments that fully amortize the amount financed by maturity and yields
interest at the Annual Percentage Rate (except that the last payment may be smaller or greater than the level payments); 
 (5) is secured by
a Financed Vehicle; 
 (6) is a Simple Interest Receivable; 

(7) as of the Cutoff Date, was not considered a Delinquent Receivable for more than 30 days; 

(8) has an original term of not greater than 75 monthly payments; 

(9) has a Deal Score equal to or greater than 50 at the time of origination; 

(10) has an Obligor with a FICO score equal to or greater than 590 at the time of origination; and 

(11) has a fixed Annual Percentage Rate of not more than 28%. 

Compliance with Law. Such Receivable and the sale of the related Financed Vehicle complied at the time it was originated or made and,
at the execution of this Agreement, complies 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, and State adaptations of the National Consumer Act and of the Uniform Consumer Credit Code, and other consumer credit laws and equal credit opportunity and disclosure laws. 

Binding Obligation. Such Receivable represents the legal, valid and binding obligation of the related Obligor, enforceable in all
material respects by the holder thereof in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, affecting the enforcement of creditors’
rights generally, any state or federal consumer protection laws or regulations and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 

 

  
 Ex. B-1 

 No Government Obligor. Such Receivable is not due from the United States of America
or any State or from any agency, department or instrumentality of the United States of America or any State. 
 Security Interest in
Financed Vehicle. Immediately prior to the transfer of the Receivable by the Seller to the Depositor, such Receivable was secured by a valid, binding and enforceable first priority perfected security interest in favor of the Seller in the
related Financed Vehicle, or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in favor of the Seller in the Financed Vehicle, which security interest has
been validly assigned by the Seller to the Depositor. 
 Receivables in Force. The Receivable has not been satisfied, subordinated or
rescinded, nor has the related Financed Vehicle been released from the Lien granted by the related Receivable in whole or in part. 
 No
Waiver. No provision of the related Contract has been waived, amended or rewritten nor have any amounts due and owing thereunder deferred or waived (except waivers, amendments, rewrites, deferrals or waivers in all material respects in
accordance with the Customary Servicing Practices). 
 No Defenses. Such Receivable (a) is not subject to any offset,
counterclaim or defense whatsoever (except the discharge in bankruptcy of such Obligor), and (b) with respect thereto (i) there is no material breach, default, violation or event of acceleration existing under the related Contract, and
there is no event which, with the passage of time, or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration (excluding in the case of this clause (i) any payment
default continuing for a period of not more than 30 days as of the Cutoff Date) and (ii) to the best of the Seller’s knowledge, no right of rescission, setoff, counterclaim or defense shall have been asserted or threatened. 

No Liens. To the Seller’s knowledge, no liens or claims have been filed for work, labor or materials relating to the related
Financed Vehicle that are liens prior or equal to the security interest in the related Financed Vehicle granted by such Receivable. 

Insurance. At the time of origination by the Seller, the related Financed Vehicle was covered by an Insurance Policy that covers
physical loss or damage in at least the minimum amount required by the state in which the related Obligor resides, the related Obligor is required under the terms of the related Contract to maintain such Insurance Policy, and there are no
forced-placed insurance premiums added to the amount financed. 
 Certificate of Title. (a) A Title Lien Nominee is named as the
first lien holder on the Certificate of Title for the related Financed Vehicle, or if a new or replacement Certificate of Title is being or will be applied for with respect to such Financed Vehicle, documentation has been or will be submitted to
obtain title thereto noting such Person as lien holder and such title is 

  
 Ex. B-2 

 
free and clear of all Liens and adverse claims that are equal or superior to the Lien of such Person and its assigns and if the Certificate of Title has not been received, the Collateral
Custodian will have received a copy of the title application when available or (b) in those states that permit electronic recordation of Liens, such Person is named as the first lien holder on the Certificate of Title for the related Financed
Vehicle on the electronic lien and title system of the applicable state, or the Servicer or the Seller has submitted for electronic recordation, by either a third-party service provider or the relevant state registrar of titles, for such Person to
be named as the lien holder on the Certificate of Title on the electronic lien and title system of the applicable state and if a confirmation has not been received, the Collateral Custodian will have received a copy of the electronic submission when
available and such title is free and clear of all Liens and adverse claims that are equal or superior to the Lien of such Person and its assigns. 

No Bankruptcies. To the Seller’s knowledge, as of the Cutoff Date, the related Obligor on such Receivable is not currently the
subject of a bankruptcy proceeding. 
 No Repossessions. Such Receivable was not secured by a Financed Vehicle that had been
repossessed without reinstatement of the related Contract. As of the Cutoff Date, no investigation has been initiated by the Seller or an Affiliate of the Seller (excluding the Servicer and any subsidiary thereof) to determine the whereabouts of the
related Financed Vehicle or the related Obligor for the purposes of the repossession of the related Financed Vehicle. 
 Chattel
Paper. Such Receivable constitutes any of “chattel paper,” an “account,” an “instrument” or a “general intangible” as defined in the UCC. 

One Authoritative Copy or Original. Such Receivable is evidenced by only one Authoritative Copy, the record or records composing the
electronic chattel paper are created, stored and assigned in such a manner that (A) a single Authoritative Copy of the record or records exists which is unique, identifiable and unalterable (other than a revision that is readily identifiable as
an authorized or unauthorized revision) other than with the participation of the Collateral Custodian in the case of an addition or amendment of a permitted and identifiable assignee, (B) each copy of the Authoritative Copy and any copy of a
copy is readily identifiable as a copy that is not the Authoritative Copy, and (C) the Authoritative Copy has been communicated to and is maintained by the Collateral Custodian. 

Prepayment. Such Receivable provides that a prepayment by the related Obligor will fully pay the principal balance and accrued interest
through the date of prepayment based on such Receivable’s Annual Percentage Rate. 
 Origination Date. The Receivable was
originated at least eight days prior to the Cutoff Date. 

  
 Ex. B-3 

 APPENDIX A 

PART I - DEFINITIONS 
 2021-P1 Vault Partition: The segregated vault partition of the E-Vault System established in the name of Carvana Auto Receivables Grantor Trust 2021-P1. 
 AAA: The American Arbitration Association. 

AAA Rules: The AAA’s Commercial Arbitration Rules and Mediation Procedures in effect as of the date of the commencement of the ADR Proceeding 

Account Holder: A bank or trust company, whose short-term unsecured debt obligations have the Required Deposit Rating, that holds one or more of the
Designated Accounts. 
 Acknowledgment and Agreement: That certain Acknowledgement and Agreement to the Master Agency Agreement, dated as of the
Closing Date. 
 Act: Has the meaning specified in Section 11.3 of the Indenture. 

Actual Loss Amount: With respect to an Indemnified Receivable: 

(A) if the Servicer has extended the date for final payment by the Obligor of such Receivable beyond the last day of the Collection Period immediately
preceding the latest Final Scheduled Distribution Date, then an amount equal to the outstanding Principal Balance as of the fifth Business Day preceding the latest Final Scheduled Distribution Date, and the related “Actual Loss Calculation
Date” shall be the fifth Business Day preceding the latest Final Scheduled Distribution Date; 
 (B) if the Servicer has reduced the APR with respect
to such Receivable other than as permitted by Section 2.2 of the Servicing Agreement, then an amount equal to the amount of the anticipated aggregate reduction in interest payments attributable to reduction of the APR over
the term of such Receivable, and the related “Actual Loss Calculation Date” shall be the last day of the Collection Period during which the Servicer made such reduction; 

(C) if the Servicer has reduced the APR with respect to such Receivable other than as permitted by Section 2.2 of the Servicing
Agreement, then an amount equal to the greater of (i) zero and (ii) the excess of the Indemnified Receivable Amount for such Receivable over the sum of all Collections (including Liquidation Proceeds and Actual Loss Amounts previously paid
by the Servicer with respect to such Receivable) received on such Receivable from and after the last day of the Collection Period ending immediately prior to the date of such reduction by the Servicer through the earliest date that (1) such
Receivable is paid in full, (2) all related Liquidation Proceeds expected to be received, if any, are received and (3) the last day of the Collection Period immediately preceding the latest Final Scheduled Distribution Date, and the
related “Actual Loss Calculation Date” shall be the last day of the earliest Collection Period during which such Receivable is paid in full, all related Liquidation Proceeds expected to be received, if any, are received and the last day of
the Collection Period immediately preceding the latest Final Scheduled Distribution Date; 

 (D) if the Servicer has reduced the Principal Balance with respect to such Receivable other than as
permitted by Section 2.2 of the Servicing Agreement, then an amount equal to such reduction, and the related “Actual Loss Calculation Date” shall be the last day of the Collection Period during which the Servicer
made such reduction; 
 (E) if the Servicer has reduced the Principal Balance with respect to such Receivable other than as permitted by
Section 2.2 of the Servicing Agreement, then an amount equal to the greater of (i) zero and (ii) the excess of the Indemnified Receivable Amount for such Receivable over the sum of all Collections (including
Liquidation Proceeds and Actual Loss Amounts previously paid by the Servicer with respect to such Receivable) received on such Receivable from and after the last day of the Collection Period ending immediately prior to the date of such reduction by
the Servicer through the earliest date that (1) such Receivable is paid in full, (2) all related Liquidation Proceeds expected to be received, if any, are received and (3) the last day of the Collection Period immediately preceding
the latest Final Scheduled Distribution Date, and the related “Actual Loss Calculation Date” shall be the last day of the earliest Collection Period during which such Receivable is paid in full, all related Liquidation Proceeds expected to
be received, if any, are received and the last day of the Collection Period immediately preceding the latest Final Scheduled Distribution Date; and 
 (F)
if the Servicer has breached Section 2.5 of the Servicing Agreement with respect to such Receivable and such breach materially and adversely affects the interests of the Grantor Trust, the Issuing Entity, the
Certificateholders, the Indenture Trustee or the Noteholders, then an amount equal to the greater of (i) zero and (ii) the excess of the Indemnified Receivable Amount for such Receivable over the sum of all Collections (including
Liquidation Proceeds and Actual Loss Amounts previously paid by the Servicer with respect to such Receivable) received on such Receivable from and after the last day of the Collection Period ending immediately prior to the date of such breach by the
Servicer through the earliest date that (1) such Receivable is paid in full, (2) all related Liquidation Proceeds expected to be received, if any, are received and (3) the last day of the Collection Period immediately preceding the
latest Final Scheduled Distribution Date, and the related “Actual Loss Calculation Date” shall be the last day of the earliest Collection Period during which such Receivable is paid in full, all related Liquidation Proceeds expected to be
received, if any, are received and the last day of the Collection Period immediately preceding the latest Final Scheduled Distribution Date. 
 Actual
Loss Calculation Date: With respect to any Indemnified Receivable shall have the applicable meaning set forth in the definition of Actual Loss Amount. 

Administration Agreement: That certain Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuing Entity, the Grantor
Trust and the Indenture Trustee. 
 Administrator: Carvana, LLC, an Arizona limited liability company, or any successor thereto in such capacity.

 ADR Proceeding: Either an Arbitration or a Mediation. 

Affiliate: With respect to any specified Person, any other Person controlling, controlled by or under common control with such specified Person. For
the purposes of this definition, “control” when 

  
 APP-2 

 
used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 Agency Office:
Has the meaning specified in Section 3.2 of the Indenture. 
 Aggregate Class A Interest Distributable
Amount: With respect to any Distribution Date, the sum of (i) the aggregate of the Note Class Interest Distributable Amount for each Class of the Class A Notes for such Distribution Date and (ii) the Class A
Interest Carryover Shortfall as of the close of the preceding Distribution Date. 
 Aggregate Class B Interest Distributable
Amount: With respect to any Distribution Date, the sum of (i) the Note Class Interest Distributable Amount for the Class B Notes for such Distribution Date and (ii) the Class B Interest Carryover Shortfall as of
the close of the preceding Distribution Date. 
 Aggregate Class C Interest Distributable Amount: With respect to any Distribution
Date, the sum of (i) the Note Class Interest Distributable Amount for the Class C Notes for such Distribution Date and (ii) the Class C Interest Carryover Shortfall as of the close of the preceding Distribution Date.

 Aggregate Class D Interest Distributable Amount: With respect to any Distribution Date, the sum of (i) the Note
Class Interest Distributable Amount for the Class D Notes for such Distribution Date and (ii) the Class D Interest Carryover Shortfall as of the close of the preceding Distribution Date. 

Aggregate Class N Interest Distributable Amount: With respect to any Distribution Date, the sum of (i) the Note
Class Interest Distributable Amount for the Class N Notes for such Distribution Date and (ii) the Class N Interest Carryover Shortfall as of the close of the preceding Distribution Date. 

Aggregate Note Principal Amount: With respect to the close of a Distribution Date, the sum of the aggregate outstanding principal amount for all
Classes of Notes. 
 Aggregate Noteholders’ Interest Distributable Amount: With respect to any Distribution Date, the sum of (i) the
Aggregate Class A Interest Distributable Amount for such Distribution Date, (ii) the Aggregate Class B Interest Distributable Amount for such Distribution Date, (iii) the Aggregate Class C Interest Distributable Amount for
such Distribution Date, (iv) the Aggregate Class D Interest Distributable Amount for such Distribution Date and (v) the Aggregate Class N Interest Distributable Amount for such Distribution Date. 

Aggregate Noteholders’ Principal Distributable Amount: With respect to any Distribution Date, the sum of (i) the Noteholders’
Regular Principal Distributable Amount for such Distribution Date and (ii) the Aggregate Noteholders’ Priority Principal Distributable Amount for such Distribution Date. 

  
 APP-3 

 Aggregate Noteholders’ Priority Principal Distributable Amount: With respect to any Distribution
Date, the sum of (i) the First Priority Principal Distributable Amount, (ii) the Second Priority Principal Distributable Amount, (iii) the Third Priority Principal Distributable Amount and (iv) the Fourth Priority
Principal Distributable Amount, each as of such Distribution Date. 
 Annual Percentage Rate or APR: With respect to a Receivable, the rate
per annum of finance charges stated in such Receivable as the “annual percentage rate” (within the meaning of the Federal Truth-in-Lending Act). 

Applicable Law: For any Person, all existing and future applicable laws, rules, regulations (including proposed, temporary and final income tax
regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority (including usury laws, the Federal
Truth-in-Lending Act, Regulation Z and Regulation B of the Consumer Financial Protection Bureau, the Securities Act and the Exchange Act), and applicable judgments,
decrees, injunctions, writs, orders or line action of any court, arbitrator or other administrative, judicial or quasi-judicial tribunal or agency of competent jurisdiction. 

Appointment Effective Date: Has the meaning specified in Section 2(a) of the Backup Servicing Agreement. 

Arbitration: A binding arbitration proceeding with AAA conducted pursuant to the rules set forth in the AAA Rules. 

Asset Representations Review: A review by the Asset Representations Reviewer as specified in the Asset Representations Review Agreement of all
Delinquent Receivables that have been Delinquent Receivables for more than 60 days as of the last day of the preceding Collection Period to determine whether such Delinquent Receivables satisfy the representations and warranties set forth in
Section 3.1(b) of the Receivables Purchase Agreement, each as of the Closing Date or such other date as specified in Section 3.1(b) of the Receivables Purchase Agreement. 

Asset Representations Review Agreement: The Asset Representations Review Agreement, dated as of the Closing Date, among the Issuing Entity, the Grantor
Trust, the Servicer, the Administrator and the Asset Representations Reviewer. 
 Asset Representations Review Notice: The notice from the Indenture
Trustee to the Asset Representations Reviewer, the Issuing Entity, the Administrator and the Servicer pursuant to Section 12.2(d) of the Indenture notifying the Asset Representations Reviewer that the Noteholders have
requested an Assets Representations Review. 
 Asset Representations Reviewer: Clayton Fixed Income Services LLC, as Asset Representations Reviewer,
and its successors (including any successor Asset Representations Reviewer named under the Asset Representations Review Agreement). 
 Assumption
Date: Has the meaning specified in Section 5.1(b) of the Servicing Agreement. 
 Authentication Order: As specified in
Section 2.2(d) of the Indenture. 

  
 APP-4 

 Authoritative Copy: With respect to any Electronic Contract, a copy of such Contract that is unique,
identifiable and, except as otherwise provided in Section 9-105 of the UCC, unalterable, and is marked “original” or has no watermark or other marking that would indicate that it is a
“copy” or “duplicate” or not an original or not an “authoritative” copy.  
 Authorized Officer: Any officer,
including any president, vice president, assistant vice president, treasurer, assistant treasurer, secretary, assistant secretary or corporate trust officer or any other officer performing functions similar to those performed by such officers. 

Available Funds: With respect to any Distribution Date, an amount equal to (a) the Collections for the related Collection Period and all proceeds
from the sale or other disposition of the Grantor Trust Collateral relating to the exercise by the Servicer (or its designee) of its clean-up call option pursuant to Section 6.1 of
the Servicing Agreement but excluding (i) any proceeds received from the sale of a Charged-Off Receivable to a Charged-Off Receivable Purchaser while the Grantor
Trust has repurchase obligations to such Charged-Off Receivable Purchaser with respect to such Charged-Off Receivable, (ii) Supplemental Servicing Fees and
(iii) Investment Earnings on any concentration account, the Collection Account, the Reserve Account and the Class N Reserve Account, minus (b) Servicer Liquidation Reimbursements for that Distribution Date and the related
Collection Period. 
 Backup Servicer: Vervent Inc., or its successor and assigns under the Backup Servicing Agreement. 

Backup Servicing Agreement: That certain Backup Servicing Agreement, dated as of the Closing Date, among the Backup Servicer, the Servicer, the Grantor
Trust and the Issuing Entity. 
 Backup Servicing Fee: The fee payable by the Issuing Entity to the Backup Servicer in the amount of $2,750 per month
plus reasonable expenses as set forth in the Backup Servicing Agreement, or, in the case of the initial Distribution Date, in the amount of $2,841.67 plus reasonable expenses as set forth in the Backup Servicing Agreement. 

Bankruptcy Code: The United States Bankruptcy Code (Title 11 of the United States Code). 

Bankruptcy Event: With respect to any Person, (i) the filing of a decree or order for relief by a court having jurisdiction in the premises in
respect of such Person in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of such Person, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days
or (ii) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an
involuntary case under any such law, or the consent by such Person to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of such Person, or the making by such Person of any
general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 

  
 APP-5 

 Benefit Plan Investor: Any of (i) an “employee benefit plan” as defined in
Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA, (ii) a “plan” as defined in and subject to Section 4975 of the Code, or (iii) any entity or account whose underlying assets include plan
assets by reason of investment by an employee benefit plan or plan in such entity or account. 
 Bid Percentage: 40% for Charged-Off Receivables for which the related Obligor is subject to a bankruptcy proceeding and for which the underlying vehicle has not yet been repossessed, sold, or declared a total loss; 1% for Charged-Off Receivables for which the underlying vehicle has been repossessed, sold and for which Liquidation Proceeds have been received; 80% for all other Charged-Off
Receivables. 
 Book-Entry Certificates: A beneficial interest in the Certificates, ownership and transfers of which shall be made through book
entries by a Clearing Agency as described in Section 3.2 of the Trust Agreement. 
 Book-Entry Notes: A beneficial interest
in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.10 of the Indenture. 

Business Day: Any day other than a Saturday, a Sunday or any other day on which banking institutions are not required or authorized to be closed in
Wilmington, Delaware, New York, New York, Minneapolis, Minnesota, the State of Arizona or the State in which the executive offices of the Servicer is located. 

Carvana Group Notes: The Notes held by the Depositor or an Affiliate of the Depositor. 

Carvana Headquarters: 1930 W. Rio Salado Parkway Tempe, AZ 85281. 

Certificate: The Certificates executed by the Issuing Entity and authenticated by the Owner Trustee in substantially the form set forth in Exhibit A to
the Trust Agreement. 
 Certificate Depository: The depository from time to time selected by the Administrator on behalf of the Issuing Entity in
whose name the Book-Entry Certificates are registered while Book-Entry Certificates are outstanding. Unless otherwise directed by the Administrator, the first Certificate Depository upon the issuance of Book-Entry Certificates shall be
Cede & Co., the nominee of the initial Clearing Agency.  
 Certificate Depository Agreement: The letter, dated as of the Closing
Date, by the Issuing Entity to The Depository Trust Company, as the initial Clearing Agency relating to the Book-Entry Certificates, as the same may be amended and supplemented from time to time.  

Certificate Distribution Account: The account, if applicable, designated as such, established and maintained pursuant to
Section 5.1(a) of the Trust Agreement.  
 Certificate of Title: With respect to a Financed Vehicle, (i) the
original certificate of title relating thereto, or copies of correspondence to the applicable Registrar of Titles, and all enclosures thereto, for issuance of the original certificate of title or (ii) if the applicable Registrar of Titles
issues a letter or other form of evidence of lien in lieu of a certificate of title (including electronic titling), either notification of an electronic recordation, by either a Title Intermediary or the applicable

  
 APP-6 

 
Registrar of Titles, or the original lien entry letter or form or copies of correspondence to such applicable Registrar of Titles, and all enclosures thereto, for issuance of the original lien
entry letter or form, which, in either case, shall name the related Obligor as the owner of such Financed Vehicle and the Servicer (or any subservicer, identified in writing to the Collateral Custodian by the Servicer), GFC Lending LLC, DT Credit
Company LLC or Administrator as secured party. 
 Certificate of Trust: The certificate of trust of the Issuing Entity filed for the Issuing Entity
pursuant to Section 3810(a) of the Statutory Trust Act. 
 Certificate Owner: The owner of an interest in a Certificate.  

Certificate Private Placement Memorandum: The Certificate Private Placement Memorandum of the Issuing Entity, dated as of March 12, 2021. 

Certificate Register: The register of Certificates specified in Section 3.4 of the Trust Agreement.  

Certificate Registrar: The registrar at any time of the Certificate Register, appointed pursuant to Section 3.4(a) of the
Trust Agreement.  
 Certificateholders: Any Holder of a Certificate. 

Charged-Off Receivable: A Receivable which has been charged off by the Servicer at the earlier of (a) the
date notice of intent to sell a repossessed vehicle expires or (b) the end of the calendar month in which more than 10% of a Scheduled Payment is 120 days or more past due from the scheduled due date for such payment. 

Charged-Off Receivable Purchaser: A purchaser of a Charged-Off
Receivable as contemplated by Section 2.3 of the Servicing Agreement. 
 Charged-Off
Receivable Schedule: The schedule describing the Charged-Off Receivables being sold to a Third-Party Purchaser, including the computer disk or tape describing such
Charged-Off Receivables for collections and due diligence purposes which shall include all relevant information on the Charged-Off Receivables and the related Obligors.

 Class: 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, the
Class D Notes, the Class N Notes or the Class XS Notes. 
 Class A Interest Carryover Shortfall: With respect to
any Distribution Date, as of the close of business on such Distribution Date, the excess of (i) the Aggregate Class A Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually deposited in
the Note Distribution Account on such Distribution Date in respect of interest for the Class A Notes pursuant to Section 2.7(b) of the Indenture (or paid to the Class A Notes in respect of interest on such
Distribution Date pursuant to Section 2.7(e) of the Indenture). 
 Class A Notes: Collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes.  

  
 APP-7 

 Class A-1 Notes: The 0.15590% Asset Backed
Notes, Class A-1 in the initial aggregate principal amount of $50,000,000 issued pursuant to the Indenture. 

Class A-2 Notes: The 0.28% Asset Backed Notes,
Class A-2 in the initial aggregate principal amount of $130,000,000 issued pursuant to the Indenture. 

Class A-3 Notes: The 0.54% Asset Backed Notes,
Class A-3 in the initial aggregate principal amount of $130,000,000 issued pursuant to the Indenture. 

Class A-4 Notes: The 0.86% Asset Backed Notes,
Class A-4 in the initial aggregate principal amount of $68,000,000 issued pursuant to the Indenture. 

Class B Interest Carryover Shortfall: With respect to any Distribution Date, as of the close of business on such Distribution Date,
the excess of (i) the Aggregate Class B Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually deposited in the Note Distribution Account on such Distribution Date in respect of interest
for the Class B Notes pursuant to Section 2.7(b) of the Indenture (or paid to the Class B Notes in respect of interest on such Distribution Date pursuant to Section 2.7(e) of the
Indenture). 
 Class B Notes: The 1.19% Asset Backed Notes, Class B in the initial aggregate principal amount of $14,000,000
issued pursuant to the Indenture. 
 Class C Interest Carryover Shortfall: With respect to any Distribution Date, as of the close
of business on such Distribution Date, the excess of (i) the Aggregate Class C Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually deposited in the Note Distribution Account on such
Distribution Date in respect of interest for the Class C Notes pursuant to Section 2.7(b) of the Indenture (or paid to the Class C Notes in respect of interest on such Distribution Date pursuant to
Section 2.7(e) of the Indenture). 
 Class C Notes: The 1.53% Asset Backed Notes, Class C in the
initial aggregate principal amount of $16,000,000 issued pursuant to the Indenture. 
 Class D Interest Carryover Shortfall: With
respect to any Distribution Date, as of the close of business on such Distribution Date, the excess of (i) the Aggregate Class D Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually
deposited in the Note Distribution Account on such Distribution Date in respect of interest for the Class D Notes pursuant to Section 2.7(b) of the Indenture (or paid to the Class D Notes in respect of interest on
such Distribution Date pursuant to Section 2.7(e) of the Indenture). 
 Class D Notes: The 1.82% Asset
Backed Notes, Class D in the initial aggregate principal amount of $7,000,000 issued pursuant to the Indenture. 
 Class N Note
Interest Amount: The product of (i) the outstanding principal amount of the Class N Notes as of the close of the preceding Distribution Date (or, in the case of the first Distribution Date, the outstanding principal balance of such
Class N Notes on the Closing Date) and (ii) one-twelfth of the Interest Rate for such Class N Notes (or, in the case of the first Distribution Date, the Interest Rate for such Class N Notes
multiplied by a fraction, the numerator of which is 22 and the denominator of which is 360). 

  
 APP-8 

 Class N Note Interest Carryover Shortfall: With respect to any Distribution Date,
as of the close of business on such Distribution Date, the excess of (i) the Class N Note Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually deposited in the Note Distribution
Account on such Distribution Date in respect of interest for the Class N Notes pursuant to Section 2.7(b) of the Indenture (or paid to the Class N Notes in respect of interest on such Distribution Date pursuant to
Section 2.7(e) of the Indenture). 
 Class N Note Interest Distributable Amount: The sum of
(i) the Class N Note Interest Amount for such Distribution Date and (ii) the Class N Interest Carryover Shortfall as of the close of the preceding Distribution Date. 

Class N Note Principal Amount: An amount equal to $17,000,000. 

Class N Notes: The 2.16% Asset Backed Notes, Class N in the initial aggregate principal amount of $17,000,000 issued pursuant
to the Indenture. 
 Class N Reserve Account: The account designated as such, established and maintained pursuant to
Section 8.2(a) of the Indenture. 
 Class N Reserve Account Draw Amount: (A) on any distribution
date prior to the final scheduled distribution date for the Class N Notes, the amount, if any, by which the amount due pursuant to Section 2.7(b) (xiv) for such Distribution Date exceeds the
Available Funds for such Distribution Date; (B) on the final scheduled distribution date for the Class N Notes, the difference between Available Funds remaining after payment of clauses (i) through (xvi) of
Section 2.7(b) and the outstanding principal amount of the Class N Notes, plus accrued and unpaid interest thereon. 

Class N Reserve Account Initial Deposit: Cash or Eligible Investments having a value of at least $207,500. 

Class N Reserve Account Required Amount: $207,500. 

Class XS Notes: The Class XS Notes issued under the Indenture, which as of any Distribution Date will have a notional balance
equal to the Pool Balance as of the first day of the related Collection Period or, in the case of the initial Distribution Date, a notional balance equal to the Initial Pool Balance (in each case, rounded down to the nearest whole dollar). 

Clearing Agency: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. The initial Clearing
Agency shall be The Depository Trust Company.  
 Clearing Agency Participant: A securities broker, dealer, bank, trust company, clearing
corporation or other financial institution or other Person for whom from time to time a Clearing Agency effects book entry transfers and pledges of securities deposited with the Clearing Agency. 

Closing Date: March 18, 2021.  
 Code:
The Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated thereunder.  

  
 APP-9 

 Collateral: The Issuing Entity Collateral and the Grantor Trust Collateral.  

Collateral Custodian: Wells Fargo Bank, National Association, as Collateral Custodian, or another collateral custodian named from time to time in the
Collateral Custodian Agreement.  
 Collateral Custodian Agreement: The Collateral Custodian Agreement, dated as of the Closing Date, among
the Collateral Custodian, the Servicer, the Issuing Entity, the Grantor Trust, the Indenture Trustee and the Administrator. 
 Collection Account:
The account designated as such, established and maintained pursuant to Section 8.2(a) of the Indenture. 
 Collection
Period: With respect to a Distribution Date, the calendar month preceding the month in which such Distribution Date occurs; provided, however, that with respect to the first Distribution Date, the Collection Period will be the
period from and including the Cutoff Date to the end of the calendar month preceding such Distribution Date.  
 Collections: All cash
collections and other cash proceeds of the Receivables and Collateral, including all payments of principal, Interest Collections, Supplemental Servicing Fees, Liquidation Proceeds, any amounts received in connection with any repurchase of any
Receivable by the Seller under the Receivables Purchase Agreement, the Depositor under the Receivables Transfer Agreement, the Issuing Entity under the Receivables Contribution Agreement and any amounts received from the Servicer in connection with
any indemnification payments under Section 3.3(a) of the Servicing Agreement for breaches of certain covenants and any funds received by the Issuing Entity, the Depositor or the Servicer from the Receivables and Collateral
received during any Collection Period. 
 Commission: The U.S. Securities and Exchange Commission. 

Contract: Any fully-executed retail installment sale contract, direct purchase money loan or conditional sale contract for a Financed Vehicle under
which an extension of credit is made in the ordinary course of business of the Sponsor and which is secured by the related Financed Vehicle. 

Contractual Obligation: With respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust or
material contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or is subject. 

Controlling Class: (a) So long as the Class A Notes are outstanding, the Class A Notes, (b) if the Class A Notes are no longer
outstanding but the Class B Notes are outstanding, the Class B Notes, (c) if the Class A Notes and the Class B Notes are no longer outstanding but the Class C Notes are outstanding, the Class C Notes and
(d) if the Class A Notes, the Class B Notes and the Class C Notes are no longer outstanding but the Class D Notes are outstanding, the Class D Notes. Neither the Class N Notes nor the Class XS Notes will be
the Controlling Class. 
 Corporate Trust Office: With respect to (i) the Indenture Trustee and the Collateral Custodian, the principal office
of such entity at which at any particular time its corporate trust business shall be administered, which office at the Closing Date is located at 600 S. 4th Street, MAC N9300-061,

  
 APP-10 

 
Minneapolis, MN 55415, Attention: Corporate Trust Services – Asset-Backed Administration; and (ii) with respect to the Owner Trustee, the principal office of the Owner Trustee at which
at any particular time its corporate trust business shall be administered, which office at the Closing Date is located at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, or at such
other address as the Indenture Trustee, Collateral Custodian or Owner Trustee may designate from time to time by notice to the Certificateholders and the Depositor or the principal corporate trust office of any successor Indenture Trustee,
Collateral Custodian or Owner Trustee (the address of which the successor will notify the Noteholders, the Certificateholders and the Depositor). 

Credit Policy: The credit underwriting policy of the Sponsor, as amended, modified, restated, replaced or otherwise supplemented from time to time.

 Customary Servicing Practices: Means the customary servicing practices of the Servicer with respect to all comparable motor vehicle receivables
that the Servicer services for itself or others, as such practices may be changed from time to time. 
 Cutoff Date: February 27, 2021. 

 DBRS: means DBRS, Inc., or any successor to the business thereof. 

Deal Score: A proprietary scoring model of the Seller for internal and external reporting and portfolio monitoring purposes that produces scores that
range from 0 to 100, with higher scores indicating lower expected risk of negative loan performance. 
 Debt: The obligations, expressed in terms of
Unpaid Charge-Off Balances as identified in the Charged-Off Receivable Schedule. Nothing in this definition shall be deemed to imply that such debts are not legally
enforceable as a result of the expiration of applicable statute of limitations or other enforcement or collection restrictions affecting creditors’ rights generally. 

Default: Any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.  

Definitive Certificates: The Certificates issued in the form of definitive certificates pursuant to Section 3.2(a) or
Section 3.12 of the Trust Agreement.  
 Definitive Notes: The Notes issued in the form of definitive notes pursuant
to Section 2.12 of the Indenture.  
 Delinquency Percentage: For each Distribution Date and the related Collection
Period, the ratio (expressed as a percentage) of (i) the aggregate Principal Balance of all Delinquent Receivables held by the Issuing Entity that are more than 60 days delinquent to (ii) the aggregate Principal Balance of the Receivables,
in each case, as of the last day of the related Collection Period. 

  
 APP-11 

 Delinquency Trigger: With respect to each Collection Period set forth below, a “Delinquency
Trigger” shall occur in the event the Delinquency Percentage is greater than or equal to the Delinquency Trigger set forth below: 
  

					
	 Collection Period
	  	Delinquency Trigger	 
	 1 to 12
	  	 	2.00	% 
	 13 to 24
	  	 	2.50	% 
	 25 to 36
	  	 	3.50	% 
	 37 to 48
	  	 	4.00	% 
	 49 and After
	  	 	4.50	% 

 Delinquent Receivable: A Receivable with respect to which payment in excess of 10% of a Scheduled Payment has not been
received by the payment due date as of the end of the monthly period. 
 Deliver: (x) With respect to a document in a Receivable File other than
an Electronic Contract or an electronic Certificate of Title, to deliver physical possession of such Tangible Contract or other document via reputable overnight delivery service, (y) with respect to an Electronic Contract, to direct Wells Fargo
Bank, National Association, to transfer such Electronic Contract to the 2021-P1 Vault Partition and (z) with respect to electronic Certificates of Title, to cause the applicable Title Intermediary to
provide the Collateral Custodian with full electronic access to view such electronic Certificates of Title on the records of the Title Intermediary. The terms “Delivery” and “Delivered” shall have corollary
meanings. 
 Depositor: Carvana Receivables Depositor LLC, a Delaware limited liability company, and its successors and assigns.  

Depository Account: Those “depository” accounts initially established and maintained by the Servicer or an Affiliate thereof pursuant
to Section 3.1 of the Servicing Agreement and the Master Agency Agreement, or any successor accounts in the name of and maintained by the Servicer, its Affiliate or any Successor Servicer. 

Depository Account Bank: The national banking association or other depository institution at which a Depository Account is maintained. 

Designated Account Property: The Designated Accounts, all cash, investments, Financial Assets, securities and investment property held from time to
time in any Designated Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities or otherwise), including the Reserve Account Initial Deposit and the Class N Reserve Account Initial
Deposit, and all proceeds of the foregoing but excluding all Investment Earnings thereon. 
 Designated Accounts: The Collection Account, the Note
Distribution Account, the Reserve Account and the Class N Reserve Account, collectively. 
 Determination Date: The second Business Day prior to
any Distribution Date. 

  
 APP-12 

 Distribution Date: With respect to a Collection Period, the 10th day of the next succeeding calendar
month or, if such day is not a Business Day, the next succeeding Business Day, commencing April 12, 2021.  
 Document Receipt: The
Document Receipt substantially in the form attached hereto as Exhibit B to the Collateral Custodian Agreement executed by the Collateral Custodian and delivered to the Administrator, the Indenture Trustee and the Servicer. 

Electronic Contract: A Contract that constitutes “electronic chattel paper” under and as defined in
Section 9-102(a)(31) of the UCC. 
 Eligible Deposit Account: Either (a) a segregated account with
an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or
any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as the long-term unsecured debt of such depository institution shall have a credit rating of BBB or better from
S&P or such equivalent rating by each Rating Agency which signifies investment grade. 
 Eligible Institution: Either (i) the corporate
trust department of the Indenture Trustee or the Owner Trustee, as applicable, or (ii) a depository institution organized under the laws of the United States of America or any State (or any domestic branch of a foreign bank), (A) which has
either (1) a long-term unsecured debt rating of AA or better by S&P Global Ratings, or such other rating that is acceptable to each Rating Agency or (2) a short-term unsecured debt rating or certificate of deposit rating of A-1+ by S&P Global Ratings, or such other rating that is acceptable to each Rating Agency and (B) whose deposits are insured by the FDIC. 

Eligible Investments: 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 as to timely payment of principal and interest by, the
United States of America; 

  

	 	(ii)	 demand deposits, time deposits or certificates of deposit of any depository institution or trust company
incorporated under the laws of the United States of America or any state thereof (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 at the time of the investment or contractual commitment to invest therein, 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; provided that such Person has a credit rating from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations or
certificates of deposit granted thereby) thereof shall have a credit rating from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations or certificates of deposit granted thereby;

  
 APP-13 

	 	(iii)	 commercial paper having, at the time of the investment or contractual commitment to invest therein, a rating
from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations or certificates of deposit granted thereby; 

 

	 	(iv)	 investments in money market funds having a rating from each of the applicable Rating Agencies in the highest
investment grade category or money market or common trust funds having a rating from each of the applicable Rating Agencies in the highest investment grade category for short-term unsecured debt obligations or certificates of deposit granted thereby
(including funds for which the Indenture Trustee or the Owner Trustee or any of their respective affiliates is investment manager or advisor, so long as such fund shall have such rating); 

 

	 	(v)	 bankers’ acceptances issued by any depository institution or trust company referred to in clause
(ii) above; 

  

	 	(vi)	 repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the
United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with (A) a depository institution or trust company
(acting as principal) described in clause (ii) or (B) a depository institution or trust company (x) the deposits of which are insured by FDIC or (y) the counterparty for which has a rating from each of the Rating Agencies in
the highest investment grade category for short-term unsecured debt obligations, the collateral for which is held by a custodial bank for the benefit of the Trust or the Indenture Trustee, is marked to market daily and is maintained in an amount
that exceeds the amount of such repurchase obligation, and which is required to be liquidated immediately upon the amount of such collateral being less than the amount of such repurchase obligation (unless the counterparty immediately satisfies the
repurchase obligation upon being notified of such shortfall); and 

  

	 	(vii)	 commercial paper master notes having, at the time of the investment or contractual commitment to invest
therein, a rating from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations; 

in each case, maturing or if such Eligible Investment does not mature, being liquidated not later than the Business Day immediately preceding the next
Distribution Date. If KBRA is rating the Notes but has failed to provide a rating for a specified investment, then an equivalent required deposit rating may be obtained from another nationally recognized rating agency. Any such Eligible Investments
may be purchased by or through the Indenture Trustee or its Affiliates. 
 Entitlement Holder: Has the meaning given such term in Section 8-102(a)(7) of the New York UCC.  
 ERISA: The Employee Retirement Income Security Act of
1974, as amended.  
 E-Vault Access Agreement: The agreement between Wells Fargo Bank, National
Association and the E-Vault Provider governing the access of the Collateral Custodian to the E-Vault System and the maintenance of the
2021-P1 Vault Partition, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

  
 APP-14 

 E-Vault Provider: eOriginal, Inc. 

E-Vault System: The “eOriginal, Inc. Authoritative Copy System” maintained by the E-Vault Provider. 
 Event of Default: An event described in Section 5.1 of the
Indenture.  
 Excess Servicing Strip Amount: With respect to any Distribution Date, an amount equal to the Servicing Strip Amount less the
Servicing Fee. 
 Exchange Act: The Securities Exchange Act of 1934, as amended.  

Exported: With respect to a Contract, shall mean the Collateral Custodian has decommissioned the related electronic chattel paper and the Authoritative
Copy of such Contract is printed out pursuant to a “Paper Out”TM within the meaning specified in the System Description. “Export” and “Exporting”
shall have corollary meanings. 
 FATCA: Sections 1471 through 1474 of the Code (or any amended or successor version thereof) and any current or
future regulations or official interpretations thereof. 
 FATCA Withholding Tax: Any withholding or deduction pursuant to an agreement described in
Section 1471(b) of the Code or otherwise imposed pursuant to FATCA. 
 FDIC: Federal Deposit Insurance Corporation or any successor agency. 

Final Scheduled Distribution Date: With respect to a Class of Notes, the Distribution Date in the month and year set forth below opposite such
Notes: 
  

			
	Class A-1 Notes:	  	February 10, 2022;
	Class A-2 Notes:	  	March 11, 2024;
	Class A-3 Notes:	  	December 10, 2025;
	Class A-4 Notes:	  	January 11, 2027;
	Class B Notes:	  	January 11, 2027;
	Class C Notes:	  	March 10, 2027;
	Class D Notes:	  	December 10, 2027;
	Class N Notes:	  	December 10, 2027.

 The Class XS Notes do not have a Final Scheduled Distribution Date. 

Financed Vehicle: With respect to a Receivable, any used automobile, light-duty truck, minivan or sport utility vehicle, together with all accessions
thereto, securing the related Obligor’s indebtedness thereunder.  
 Financial Asset: Has the meaning given such term in Article 8 of the
New York UCC. As used herein, the Financial Asset “related to” a Security Entitlement is the Financial Asset in which the Entitlement Holder holding such Security Entitlement has the rights and property interest specified in Article 8 of
the New York UCC. 

  
 APP-15 

 Financial Parties: The Noteholders and the Certificateholders. 

First Priority Principal Distributable Amount: With respect to any Distribution Date, an amount equal to the excess, if any, of (i) the aggregate
outstanding principal amount of the Class A Notes as of, for the first Distribution Date, the Closing Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments made on the
Class A Notes on such preceding Distribution Date) over (ii) the Pool Balance as of the close of business on the last day of the related Collection Period; provided, however, that the First Priority Principal Distributable Amount
for each Distribution Date on and after the Final Scheduled 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 amount of the Class A Notes of such Class as of the day preceding such Distribution Date. 
 First Step Receivables Assignment:
As defined in Section 2.1 of the Receivables Purchase Agreement. 
 First Step Transferred Property: As defined in
Section 2.1 of the Receivables Purchase Agreement. 
 Form 10-D Disclosure Item:
With respect to any Person, (a) any legal Proceedings pending against such Person or of which any property of such Person is then subject, or (b) any Proceedings known to be contemplated by governmental authorities against such Person or
of which any property of such Person would be subject, in each case that would be material to the Noteholders. 
 Formation Documents: (i) With
respect to the Issuing Entity, the Certificate of Trust and the Trust Agreement, (ii) with respect to the Grantor Trust, the Grantor Trust Certificate of Trust and the Grantor Trust Agreement, and (iii) with respect to the Depositor, the
certificate of formation of the Depositor filed in Delaware, dated as of January 4, 2019 and the amended and restated limited liability company agreement of the Depositor, dated as of March 27, 2019, made by the Sponsor, as member. 

 Forward Commitment Transfer: Any agreement creating a commitment by the Grantor Trust or the Issuing Entity to sell
Charged-Off Receivables from time to time in the future to a Third-Party Purchaser. 
 Fourth Priority Principal
Distributable Amount: With respect to any Distribution Date, an amount, not less than zero, equal to the difference between (i) the excess, if any, of (a) the aggregate outstanding principal amount of Class A Notes, the
Class B Notes, the Class C Notes and the Class D Notes as of, for the first Distribution Date, the Closing Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments
made on the Notes on such preceding Distribution Date) over (b) the Pool Balance as of the close of business on the last day of the related Collection Period, and (ii) the sum of (a) the First Priority Principal Distributable
Amount, if any, with respect to such Distribution Date, (b) the Second Priority Principal Distributable Amount, if any, with respect to such Distribution Date, and (c) the Third Priority Principal Distributable Amount, if any, with respect
to such Distribution Date; provided, however, that the Fourth Priority Principal Distributable Amount for each Distribution Date on 

  
 APP-16 

 
and after the Final Scheduled Distribution Date for the Class D Notes shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the
outstanding principal amount of the Class D Notes as of the day preceding such Distribution Date. 
 Governmental Authority: With respect to any
Person, any nation or government, any State or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having
jurisdiction over such Person. 
 Grant: To mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create and
grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall
include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim, collect, receive and give receipt for principal and interest payments in respect of the
Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Granting party or otherwise
and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. Other forms of the verb “to Grant” shall have correlative meanings.  

Grantor Trust: Carvana Auto Receivables Grantor Trust 2021-P1, a statutory trust formed under the laws of the
State of Delaware. 
 Grantor Trust Agreement: The Amended and Restated Trust Agreement, dated as of the Closing Date, between the Issuing Entity and
the Grantor Trust Trustee. 
 Grantor Trust Certificate: The Grantor Trust Certificate executed by the Grantor Trust and authenticated by the Grantor
Trust Trustee in substantially the form set forth in Exhibit A to the Grantor Trust Agreement and evidencing a 100% undivided beneficial interest in the Grantor Trust. 

Grantor Trust Certificate of Trust: The certificate of trust of the Grantor Trust filed for the Grantor Trust pursuant to Section 3810(a) of the
Statutory Trust Act. 
 Grantor Trust Certificate Register: The register of Grantor Trust Certificates specified in
Section 3.4(a) of the Grantor Trust Agreement. 
 Grantor Trust Certificate Registrar: The registrar at any time of the
Grantor Trust Certificate Register, appointed pursuant to Section 3.4(a) of the Grantor Trust Agreement.  
 Grantor
Trust Certificateholder: The Holder of a Grantor Trust Certificate. 
 Grantor Trust Collateral: As defined in the Granting Clause of the
Indenture.  
 Grantor Trust Paying Agent: With respect to the Grantor Trust Agreement, any paying agent or
co-paying agent appointed pursuant to Section 3.9 of the Grantor Trust Agreement 

  
 APP-17 

 Grantor Trust Trustee: Wilmington Trust, National Association, acting not in its individual capacity,
but solely as trustee for the Grantor Trust. 
 Holder: The Person in whose name a Note or Certificate is registered on the Note Register or the
Certificate Register, as applicable.  
 Indemnified Receivable: A Receivable for which the Servicer is obligated to indemnify for an Actual
Loss Amount pursuant to Section 2.6 of the Servicing Agreement. 
 Indemnified Receivable Amount: With respect to any
Receivable that has become an Indemnified Receivable, the Principal Balance and accrued interest as of the last day of the Collection Period immediately preceding the Collection Period during which such Receivable first became an Indemnified
Receivable. 
 Indenture: The Indenture, dated as of the Closing Date, among the Issuing Entity, the Grantor Trust and the Indenture Trustee. 

 Indenture Trustee: Wells Fargo Bank, National Association, not in its individual capacity but solely as trustee under the Indenture, or any
successor trustee under the Indenture.  
 Independent: When used with respect to any specified Person, that the Person (i) is in fact
independent of the Issuing Entity, any other obligor upon the Notes, the Depositor and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuing
Entity, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuing Entity, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons as an
officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions but may provide services to the Issuing Entity, the Depositor or any Affiliate. 

Independent Certificate: A certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1 of the Indenture, made by an Independent appraiser or other expert appointed by an Issuing Entity Order and approved by the Indenture Trustee in the exercise of
reasonable care, and stating that the signer has read the definition of “Independent” in the Indenture and that the signer is Independent within the meaning thereof. 

Indirect Participant: A securities broker, dealer, bank, trust company or other Person that clears through or maintains a custodial relationship with a
Clearing Agency Participant, either directly or indirectly.  
 Initial Pool Balance: $415,000,001.42. 

Initial Servicer: Bridgecrest Credit Company, LLC. 

Insurance Policy: With respect to any Receivable, (i) an insurance policy covering physical damage to or loss of the related Financed Vehicle or
(ii) any lender’s single interest, credit life, disability, hospitalization and similar insurance policies with respect to the related Obligor.  

  
 APP-18 

 Insurance Proceeds: Any amounts payable or any payments made under any Insurance Policy.  

Interest Collections: All amounts received in respect of any interest, or other similar charges on a Receivable (excluding late fees, extension fees,
insufficient funds fees and other administrative fees and expenses), from or on behalf of Obligors that are to be deposited into the Collection Account. 

Interest Rate: With respect to each Class of Notes (other than the Class XS Notes), the per annum rate set forth below: 

 

					
	 Class A-1 Notes:
	  	 	0.15590	%; 
	 Class A-2 Notes:
	  	 	0.28	%; 
	 Class A-3 Notes:
	  	 	0.54	%; 
	 Class A-4 Notes:
	  	 	0.86	%; 
	 Class B Notes:
	  	 	1.19	%; 
	 Class C Notes:
	  	 	1.53	%; 
	 Class D Notes:
	  	 	1.82	%; 
	 Class N Notes:
	  	 	2.16	%; 

 The Class XS Notes do not have an Interest Rate. 

Investment Earnings: Investment earnings on funds deposited in the Designated Accounts, net of losses and investment expenses. The Servicer is
entitled to receive all Investment Earnings on the funds in its concentration accounts prior to remittance of the Collections to the Collection Account. The Depositor is entitled to receive all Investment Earnings on the funds in the Collection
Account, the Reserve Account and the Class N Reserve Account. 
 Investment Fund: First, Goldman Sachs Financial Square Government Fund for so
long as Goldman Sachs Financial Square Government Fund is an Eligible Investment. If Goldman Sachs Financial Square Government Fund ceases to be an Eligible Investment, the funds deposited in each of the Designated Accounts shall second be held
in Wells Fargo Government Money Market Fund for so long as Wells Fargo Government Money Market Fund is an Eligible Investment. If Wells Fargo Government Money Market Fund ceases to be an Eligible Investment, the funds deposited in each of the
Designated Accounts shall third be held in Wells Fargo Treasury Plus Money Market Fund for so long as Wells Fargo Treasury Plus Money Market Fund is an Eligible Investment. If Wells Fargo Treasury Plus Money Market Fund ceases to be an Eligible
Investment, the funds deposited in each of the Designated Accounts shall be invested at the written direction of the Administrator in a money market mutual fund that is an Eligible Investment and has a principal investment strategy and an
investment objective that are each substantially identical to Goldman Sachs Financial Square Government Fund. The Administrator shall deliver written instructions to the Indenture Trustee with respect to any change to be made in connection with the
Investment Funds in which the funds are to be invested. 
 Issuing Entity: Carvana Auto Receivables Trust
2021-P1, a Delaware statutory trust created by the Certificate of Trust and described in the Trust Agreement.  

Issuing Entity Collateral: As defined in the Granting Clause of the Indenture.  

  
 APP-19 

 Issuing Entity Order: A written order signed in the name of the Issuing Entity by any one of its
Authorized Officers and delivered to the Indenture Trustee. 
 Issuing Entity Request: A written request signed in the name of the Issuing Entity by
any one of its Authorized Officers and delivered to the Indenture Trustee. 
 KBRA: Kroll Bond Rating Agency, LLC, or any successor to the business
thereof. 
 Lien: Any mortgage, lien, pledge, charge, adverse claim, security interest or encumbrance of any kind other than tax liens,
mechanics’ liens and any liens that attach by operation of law.  
 Liquidation Expenses: For any
Charged-Off Receivable and the related Financed Vehicle, the reasonable out-of-pocket expenses (exclusive of overhead) incurred
by the Servicer with respect to the collection, repossession, enforcement, disposition and liquidation of a Receivable. 
 Liquidation Proceeds: For
any Collection Period and any Charged-Off Receivable, the amount (which shall not be less than zero) received by the Servicer and deposited into the Collection Account after a Receivable becomes a Charged-Off Receivable, in connection with the attempted realization of the full amounts due or to become due under such Receivable, whether from the sale or other disposition of the related Financed Vehicle, the
proceeds of repossession or any collection effort, the proceeds of recourse or similar payments payable under the related Receivable, receipt of Insurance Proceeds or otherwise, net of Liquidation Expenses and any amounts required by law to be
remitted to the related Obligor. 
 Majority Certificateholders: Certificateholders holding in the aggregate more than 50% of the Voting Interests.
 
 Master Agency Agreement: The Amended and Restated Master Depository Accounts and Post Office Boxes and Agency Agreement, dated as of
December 16, 2005, among Bridgecrest Credit Company, LLC, Bridgecrest Acceptance Corporation, DriveTime Car Sales, Inc., The Royal Bank of Scotland
(successor-in-interest to Greenwich Capital Financial Products, Inc.), Wells Fargo Bank, National Association, Wilmington Trust Company, in its capacity of owner trustee
of certain “Current Trusts” identified therein, and such other persons or entities that became a party to the Agreement pursuant to the terms thereof pursuant to any applicable acknowledgment and agreement, as amended by that Amendment
No. 1 to Amended and Restated Master Depository Accounts and Post Office Boxes and Agency Agreement dated as of March 14, 2018 and as further amended, restated, modified or supplemented from time to time. 

Material Adverse Effect: With respect to any Person and to any event or circumstance, a material adverse effect on (i) the business, financial
condition, operations or properties of such Person, (ii) the validity or enforceability against such Person of any Transaction Document, (iii) the ability of such Person to perform its obligations under any Transaction Document to which it
is a party or (iv) the rights and remedies, taken as a whole, of the Indenture Trustee under any Transaction Document. 
 Mediation: A non-binding mediation or arbitration proceeding with AAA conducted pursuant to the rules set forth in the AAA Rules. 

  
 APP-20 

 New York UCC: The UCC in effect on the Closing Date in the State of New York and as may be amended
from time to time. 
 Note Class Interest Distributable Amount: With respect to any Class of Notes (other than the
Class XS Notes) and any Distribution Date, the product of (i) the outstanding principal amount of such Class of Notes (other than the Class XS Notes) as of the close of the preceding Distribution Date (or, in the case of the
first Distribution Date, the outstanding principal balance of such Class of Notes on the Closing Date) and (ii) (a) in the case of the Notes, other than the Class A-1 Notes, one-twelfth of the Interest Rate for such Class (or, in the case of the first Distribution Date, the Interest Rate for such Class multiplied by a fraction, the numerator of which is 22 and the
denominator of which is 360) and (b) in the case of the Class A-1 Notes, the product of the Interest Rate for such Class of Notes for such Distribution Date and a fraction, the numerator of
which is the number of days elapsed from and including the prior Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date), to but excluding that Distribution Date and the denominator of which is 360.

 Note Depository: The depository from time to time selected by the Indenture Trustee on behalf of the Issuing Entity in whose name the Notes are
registered prior to the issue of Definitive Notes. The first Note Depository shall be Cede & Co., the nominee of the initial Clearing Agency. 

Note Depository Agreement: The letter, dated as of the Closing Date, by the Issuing Entity to The Depository Trust Company, as the initial Clearing
Agency relating to the Notes, substantially in the form of Exhibit B to the Indenture, as the same may be amended and supplemented from time to time. 

Note Distribution Account: The account designated as such, established and maintained pursuant to Section 8.2(a) of the
Indenture. 
 Note Owner: With respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the
books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an Indirect Participant, in each case in accordance with the rules of such Clearing Agency).

 Note Register: With respect to any Class of Notes, the register of such Notes specified in Section 2.4 of the
Indenture. 
 Note Registrar: The registrar at any time of the Note Register, appointed pursuant to Section 2.4 of the
Indenture. 
 Noteholder FATCA Information: With respect to any Noteholder or Note Owner, information sufficient to eliminate the imposition of, or
determine the amount of, U.S. withholding tax under FATCA. 
 Noteholder Tax Identification Information: With respect to any Noteholder or Note
Owner, properly completed and signed tax certifications (generally, in the case of U.S. Federal Income Tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a “United States
Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a “United States Person”
within the meaning of Section 7701(a)(30) of the Code). 

  
 APP-21 

 Noteholders: Holders of record of the Notes pursuant to the Indenture and, with respect to any
Class of Notes, holders of record of such Class of Notes pursuant to the Indenture. 
 Noteholders’ Regular Principal Distributable
Amount: With respect to the Notes (other than the Class N Notes), for any Distribution Date, the lesser of: 
 (A) the
Aggregate Note Principal Amount (other than the Class N Notes) as of the close of the immediately preceding Distribution Date reduced by the Aggregate Noteholders’ Priority Principal Distributable Amount, if any, with respect to such
Distribution Date; and 
 (B) the remainder, if any, of: 

(1) the excess of the (x) sum of the Aggregate Note Principal Amount (other than the Class N Notes) 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 close of business on the last day of the related Collection Period minus 

(2) the Aggregate Noteholders’ Priority Principal Distributable Amount, if any, with respect to such Distribution Date. 

Notes: 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, the Class D Notes, the Class N Notes and the Class XS Notes.

 Obligor: Each Person obligated to make payments on or pursuant to a Contract, including any guarantor thereof.  

Officer’s Certificate: With respect to any Person, a certificate signed by any officer of such Person. 

Opinion of Counsel: With respect to any Person, a written opinion of counsel, who may, except as otherwise expressly provided, be an employee of the
Depositor, the Administrator or the Servicer, and who is reasonably acceptable to the Indenture Trustee, the Owner Trustee or the Rating Agencies, as applicable. 

Optional Purchase Balance: The product of (i) the Initial Pool Balance as of the Cutoff Date; and (ii) 5%. 

Optional Purchase Date: The date on which the Servicer exercises its optional purchase right pursuant to Section 6.1 of the
Servicing Agreement. 
 Outstanding: With respect to the Notes, as of the date of determination, all Notes theretofore authenticated and delivered
under the Indenture except: 
 (i)    Notes theretofore cancelled by the Indenture Trustee or delivered to the Indenture
Trustee for cancellation; 

  
 APP-22 

 (ii)    Notes or portions thereof the payment for which money in the
necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes; provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant
to the Indenture or provision for such notice must have been made in a manner satisfactory to the Indenture Trustee, has been made; and 

(iii)    Notes in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to the
Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser; 
 provided,
however, that in determining whether the Holders of the requisite Outstanding Amount of the Notes or of the Controlling Class have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any
Transaction Document, Notes both legally and beneficially owned by the Issuing Entity, any other obligor upon the Notes, any Certificateholder or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that the Indenture Trustee knows to be so owned shall be so
disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgor’s right so to act with respect to such Notes and that the
pledgee is not the Issuing Entity, any other obligor upon the Notes, the Depositor or any Affiliate of any of the foregoing Persons. 
 Outstanding
Amount: The aggregate principal amount of all Notes, or a Class of Notes, as applicable, Outstanding at the date of determination. 

Overcollateralization Target Amount: As of any Distribution Date, 1.10% of the initial Pool Balance. 

Owner of Record: The meaning set forth in the System Description. 

Owner Trust Estate: All right, title and interest of the Issuing Entity in and to any and all assets, including the property and rights assigned to the
Issuing Entity pursuant to the Receivables Transfer Agreement.  
 Owner Trustee: Wilmington Trust, National Association, acting not in
its individual capacity, but solely as trustee for the Issuing Entity.  
 Party: With respect to each Transaction Document, each Person that
is a party to such Transaction Document, and its permitted successors and assigns. 
 Paying Agent: With respect to the Indenture, the Indenture
Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is authorized by the Issuing Entity to make the payments to and distributions from
the Collection Account, the Reserve Account, the Class N Reserve Account and the Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuing Entity. With respect to the Trust Agreement, any
paying agent or co-paying agent appointed pursuant to Section 3.9 of the Trust Agreement that is authorized by the Owner Trustee to make distributions from the Certificate
Distribution Account on behalf of the Issuing Entity. The initial Paying Agent under the Trust Agreement shall be Wells Fargo Bank, National Association.  

  
 APP-23 

 Percentage Interest: With respect to a Certificate, the individual percentage interest of such
Certificate, which shall be specified on the face thereof and which shall represent the percentage of certain distributions of the Issuing Entity beneficially owned by such Certificateholder. The sum of the Percentage Interests for all of the
Certificates shall be 100%.  
 Permitted Liens: Any of (a) Liens created pursuant to this Agreement or any other Transaction
Document, (b) with respect to each Designated Account, a Lien in favor of the Indenture Trustee, as applicable, (c) tax liens, mechanics’ liens and other Liens that arise by operation of law, in each case on any of the Financed
Vehicles and arising solely as a result of an action or omission of the related Obligor or (d) the Lien noted on the Certificate of Title related to a Financed Vehicle in favor of the Servicer, a Subservicer, GFC Lending LLC, DT Credit Company
LLC or Administrator. 
 Permitted Modifications: Has the meaning specified in Section 2.2 of the Servicing Agreement. 

Person: Any legal person, including individual, partnership, corporation, limited liability company, joint stock company, trust, unincorporated
association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof) or other entity.  
 Physical
Property: (i) Bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of
Section 9-102(a)(47) of the New York UCC and are susceptible of physical delivery and (ii) Security Certificates.  

Pool Balance: As of the last day of any Collection Period, the sum of the Principal Balances of the Receivables as of such last day;
provided, however, that if the Receivables are purchased in connection with a clean-up call option 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. 

Pool Factor: With respect to any Class of Notes and any Distribution Date (other than the Class XS Notes), an amount expressed to the third
decimal place and computed by the Servicer which is equal to the Note Principal Amount for such Class as of the close of such Distribution Date divided by the initial Note Principal Amount for such Class. 

Post-Office Box: A box at a United States Post Office where a person or business can have mail delivered. 

Predecessor Note: With respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note.  

  
 APP-24 

 Preliminary Prospectus: The Preliminary Prospectus of the Issuing Entity, dated as of March 5,
2021. 
 Principal Balance: With respect to any Receivable as of any date of determination, the outstanding principal balance of such Receivable as
of such day; provided that as of the date on which a Receivable becomes a Charged-Off Receivable, the Principal Balance of such Receivable shall be zero. 

Proceeding: Any suit in equity, action at law or other judicial or administrative proceeding.  

Prospectus: The final Prospectus of the Issuing Entity, dated as of March 11, 2021. 

protected purchaser: As defined in Section 8-303 of the applicable UCC, and provided that the
requirements of Section 8-405 of the applicable UCC are met. 
 Purchase Amount: With respect to a
Distribution Date and to (1) a Purchased Receivable (other than a Receivable purchased pursuant to Section 6.1 of the Servicing Agreement, which shall be purchased at the price set forth in such section), purchased on
or prior to last day of the related Collection Period a payment equal to the Principal Balance and accrued interest as of the last day of the related Collection Period and (2) an Indemnified Receivable, a payment equal to the Actual Loss
Amount. 
 Purchase Price: With respect to a Charged-Off Receivable, the Unpaid Charge-Off Balance set forth in the related Charged-Off Receivable Schedule multiplied by the applicable Bid Percentage. 

Purchased Receivable: A Receivable purchased or repurchased, as applicable, as of the close of business on the last day of a Collection Period by
(a) the Seller pursuant to Section 3.1(d) of the Receivables Purchase Agreement, (b) the Servicer pursuant to Section 6.1 of the Servicing Agreement,(c) the Depositor pursuant to
Section 3.1(c) of the Receivables Transfer Agreement or the (d) the Issuing Entity pursuant to Section 3.2 of the Receivables Contribution Agreement. 

Rating Agencies: As of any date, the nationally recognized statistical rating organizations requested by the Depositor to provide ratings on the Notes
which are rating the Notes on such date. 
 Rating Agency Condition: With respect to any action, the condition that (a) each Rating Agency shall
have been given at least ten (10) Business Days prior written notice of that action and (b) none of the Sponsor, the Depositor, the Issuing Entity or the Indenture Trustee shall have received notice from any Rating Agency that such action
shall result in a downgrade or withdrawal of the then current rating of the Notes. Each entity listed above shall inform the other entities listed above of whether or not it has received notice from the Rating Agencies prior to the taking of the
actions at issue. 
 Receivable: A Contract that is included in any Schedule of Receivables and all rights to receive all payments of all amounts due
and payable thereunder (excluding amounts comprising Supplemental Servicing Fees) and performance of all other obligations by the Obligor thereunder; provided that once the Indenture Trustee has released its security interest in a Receivable and the
related Contract in accordance with the terms of the Indenture, such Receivable shall no longer be a Receivable hereunder.  

  
 APP-25 

 Receivable File: With respect to each Receivable and the related Contract, the original Contract and
the Certificate of Title or evidence that such Certificate of Title has been applied for. For the avoidance of doubt, an Authoritative Copy of an electronic document shall constitute an original.  

Receivables Contribution Agreement: The Receivables Contribution Agreement, dated as of the Closing Date, between the Issuing Entity and the Grantor
Trust. 
 Receivables Purchase Agreement: The Receivables Purchase Agreement, dated as of the Closing Date, between the Sponsor and the Depositor.

 Receivables Purchase Price: With respect to the Receivables transferred on the Closing Date, $457,516,032.20. 

Receivables Transfer Agreement: The Receivables Transfer Agreement, dated as of the Closing Date, between the Depositor and the Issuing Entity. 

Record Date: (i) With respect to the Notes and with respect to any Distribution Date, the close of business on the Business Day immediately
preceding such Distribution Date, or if Definitive Notes are issued for any Class of Notes, with respect to such Class of Notes the last day of the preceding Collection Period and (ii) with respect to the Book-Entry Certificates and
with respect to any Distribution Date, the close of business on the Business Day immediately preceding such Distribution Date, or if Definitive Certificates are issued, the last day of the preceding Collection Period.  

Redemption Date: As defined in Section 10.1 of the Indenture. 

Redemption Price: With respect to 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, the
Class D Notes and the Class N Notes, the unpaid principal amount of such Class A-1 Notes, Class A-2 Notes,
Class A-3 Notes, the Class A-4 Notes, Class B Notes, Class C Notes, Class D Notes or Class N Notes, plus accrued and unpaid interest
thereon. With respect to the Class XS Notes, any Excess Servicing Strip Amount due and payable as of such date. 
 Registrar of Titles: With
respect to any State, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon.  

Regulation AB: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1125, as such may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting releases (Asset-Backed
Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release
No. 33-9638, 79 Fed. Reg. 57, 184 (September 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

Regulation RR: Regulation RR, 17 C.F.R. §246.1, et seq. 

Repurchase Event: As defined in Section 3.1(d) of the Receivables Purchase Agreement. 

  
 APP-26 

 Repurchase Request: A request to repurchase a Receivable pursuant to
Section 3.1(d) of the Receivables Transfer Agreement. 
 Requesting Party: The party that provided the Repurchase Request
pursuant to the Receivables Transfer Agreement. 
 Required Deposit Rating: A rating on short-term unsecured debt obligations of A-2 by S&P Global Ratings or K1+ by KBRA, or such equivalent rating by each applicable Rating Agency, unless otherwise agreed to by S&P Global Ratings and each other applicable Rating Agency. Any requirement
that short-term unsecured debt obligations have the “Required Deposit Rating” shall mean that such short-term unsecured debt obligations have the foregoing required ratings from each of such applicable rating agencies. 

Required Payment Amount: The sum of items (i) through (xiii) set forth in Section 2.7(b) of the Indenture. 

Requisite Noteholders: Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Controlling Class. 

Reserve Account: The account designated as such, established and maintained pursuant to Section 8.2(a) of the Indenture. 

Reserve Account Amount: 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), excluding all interest and other income (net of losses and
investment expenses) earned on such amount during the preceding Collection Period. 
 Reserve Account Draw Amount: For any Distribution Date, prior
to the acceleration of the Notes due to an Event of Default, the lesser of (A) the amount, if any, by which the Required Payment Amount for such Distribution Date exceeds the Available Funds 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). For any Distribution Date immediately after the acceleration of the Notes due to an Event of
Default, the Reserve Account Amount for such Distribution Date (before giving effect to any withdrawals from the Reserve Account on such Distribution Date). 

Reserve Account Initial Deposit: Cash or Eligible Investments having a value of at least $2,075,000. 

Reserve Account Property: (i) The Reserve Account and all proceeds thereof (other than the Investment Earnings thereon) including all cash,
investments, investment property and other amounts held from time to time in the Reserve Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or otherwise) and
(ii) the Reserve Account Initial Deposit and all proceeds thereof (other than the Investment Earnings thereon). 
 Reserve Account Required
Amount: $2,075,000. 

  
 APP-27 

 Responsible Officer: With respect to the (a) Indenture Trustee or Collateral Custodian, any
officer within the corporate trust office of the Indenture Trustee or Collateral Custodian, as applicable, with direct responsibility for the administration of the Transaction Documents, and also, with respect to a particular matter, any other
officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, (b) Servicer, the President, any Vice President, Assistant Vice President, Secretary, Assistant Secretary or any
other officer or assistant officer of such Person, in each case 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 to whom such matter
is referred because of such officer’s knowledge of and familiarity with the particular subject and (c) Owner Trustee or the Grantor Trust Trustee, any officer within the Corporate Trust Office of the Owner Trustee or the Grantor Trust
Trustee with direct responsibility for the administration of the Trust Agreement or the Grantor Trust Agreement, as applicable, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject. 
 Retained Certificates: The Certificates initially retained by the
Depositor or a Person treated as the same Person as the Depositor for U.S. federal income tax purposes pursuant to the Trust Agreement. 
 Retained
Notes: The Notes initially retained by the Depositor or a Person treated as the same Person as the Depositor for U.S. federal income tax purposes. 

Review Receivable: Has the meaning designated in Section 1.02 of the Asset Representations Review Agreement. 

S&P: means S&P Global Ratings, or any successor to the business thereof. 

Schedule of Receivables: The schedule of Receivables attached to each receivables assignment. 

Scheduled Payment: For any Collection Period for any Receivable, each regularly scheduled payment required to be made by the related Obligor in
accordance with the terms of the related Contract. 
 Second Priority Principal Distributable Amount: With respect to any Distribution Date, an
amount, not less than zero, equal to the difference between (i) the excess, if any, of (a) the aggregate outstanding principal amount of the Class A Notes and the Class B Notes as of, for the first Distribution Date, the Closing
Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes and the Class B Notes on such preceding Distribution Date) over (b) the Pool Balance
as of the close of business on the last day of the related Collection Period, and (ii) the First Priority Principal Distributable Amount, if any, with respect to such Distribution Date; provided, however, that the Second Priority Principal
Distributable Amount for each Distribution Date on and after the Final Scheduled Distribution Date for the Class B Notes shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the
outstanding principal amount of the Class B Notes as of the day preceding such Distribution Date. 
 Second Step Receivables Assignment: As
defined in Section 2.1 of the Receivables Transfer Agreement. 

  
 APP-28 

 Second Step Transferred Property: As defined in Section 2.1(a) of the
Receivables Transfer Agreement. 
 Secured Obligations: Obligations of the Issuing Entity and the Grantor Trust under the Transaction
Documents. 
 Secured Parties: Each Noteholder. 

Securities: The Notes and the Certificates.  

Securities Act: The Securities Act of 1933, as amended. 

Securities Intermediary: Has the meaning set forth in Section 8.2(a)(ii) of the Indenture. 

Security Certificate: Has the meaning given such term in Section 8-102(a)(16) of the New York UCC. 

Security Entitlement: Has the meaning given such term in Section 8-102(a)(17) of the New York UCC. 

Securityholder: A Holder of a Note or a Certificate. 

Seller: Carvana, LLC, in its capacity as Seller under the Receivables Purchase Agreement, and any successor or assignee thereof under the Receivables
Purchase Agreement. 
 Servicer: Bridgecrest Credit Company, LLC, in its capacity as servicer pursuant to the Servicing Agreement, or any Successor
Servicer. 
 Servicer File: A complete and legible copy of each of the following documents (but only to the extent applicable to such Receivable and
held in tangible paper or electronic form by the Servicer): 
  

	 	1)	 all instruments modifying the terms and conditions of the Receivable or the related Contract;

  

	 	2)	 a copy (but not the original) of the related Contract, the related security agreement and any amendments
thereto; provided, however, that the Servicer shall deliver any original amendments to such Contract to the Collateral Custodian immediately following execution thereof; 

 

	 	3)	 the Certificate of Title with a lien notation or an application therefor (to the extent applicable State law
permits or requires the Servicer to hold the Certificate of Title); 

  

	 	4)	 the Obligor’s retail purchase agreement and an indication of down payment, if applicable;

  
 APP-29 

	 	5)	 a copy of any ancillary product contract associated with the Financed Vehicle, but only to the extent that the
purchase price of such contract (or any portion thereof) comprises a portion of the amount financed under the related Contract; and 

  

	 	6)	 such other documents as the Servicer may reasonably determine in order to accomplish its duties under the
Servicing Agreement. 

 Servicer Termination Event: Any one or more of the following that shall have occurred and be continuing:

  

	 	(i)	 any failure by the Servicer to deposit in the Collection Account any payment required to be so delivered by the
Servicer under the terms of the Servicing Agreement, which failure continues unremedied for five (5) Business Days after discovery thereof by a Responsible Officer of the Servicer or receipt by a Responsible Officer of the Servicer of written
notice thereof from the Indenture Trustee or the Requisite Noteholders (or, if no Notes are Outstanding, from the Majority Certificateholders); 

  

	 	(ii)	 any failure by the Servicer to duly observe or perform in any material respect any other of its covenants or
agreements in the Servicing Agreement, which failure materially and adversely affects the rights of the Issuing Entity, the Noteholders or the Certificateholders, and which continues unremedied for 60 consecutive days after discovery thereof by a
Responsible Officer of the Servicer or receipt by a Responsible Officer of the Servicer of written notice thereof from the Indenture Trustee or the Requisite Noteholders (or, if no Notes (other than the Class XS Notes) are Outstanding, from the
Majority Certificateholders); 

  

	 	(iii)	 any representation or warranty made by the Servicer in the Servicing Agreement or any other Transaction
Document will prove to have been incorrect or false in any respect when made, which breach materially and adversely affects the rights of the Issuing Entity, the Noteholders or the Certificateholders, and such breach continues unremedied for 60
consecutive days after discovery thereof by a Responsible Officer of the Servicer or receipt by a Responsible Officer of the Servicer of written notice thereof from the Indenture Trustee or the Requisite Noteholders (or, if no Notes are Outstanding,
from the Majority Certificateholders); and 

  

	 	(iv)	 the Servicer suffers a Bankruptcy Event; 

provided, that (A) any delay or failure of performance referred to in clause (i) above shall have been caused by force majeure or
other similar occurrence, the 5 Business Day grace period referred to in such clause (i) shall be extended for an additional 10 calendar days and (B) if any delay or failure of performance referred to in clauses (ii) or (iii) above
shall have been caused by force majeure or other similar occurrence, the 60 day grace period referred to in such clause shall be extended for an additional 30 calendar days. The existence or occurrence of any “material instance of
noncompliance” (within the meaning of Item 1122 of Regulation AB) shall not create any presumption that any event in clauses (i) or (ii) above has occurred. 

  
 APP-30 

 Servicer’s Certificate: A certificate completed and executed by a Responsible Officer of the
Servicer, substantially in the form of Exhibit A to the Servicing Agreement. 
 Servicing Agreement: The Servicing Agreement, dated as of the
Closing Date, among the Issuing Entity, the Grantor Trust, the Backup Servicer, the Indenture Trustee and the Servicer. 
 Servicing Fee: For any
Distribution Date, the product of (i) 0.57% of the Pool Balance as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Pool Balance as of February 27, 2021) times (ii) a fraction equal to
1/12 (or, in the case of the first Distribution Date, 31/360). 
 Servicing Strip Amount: For any Distribution Date, an amount equal to the product
of (i) 1.00% of the Pool Balance as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Pool Balance as of February 27, 2021) times (ii) a fraction equal to 1/12 (or, in the case of the
first Distribution Date, 31/360). 
 Simple Interest Method: The method of allocating a fixed level payment on a Simple Interest Receivable to
principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid Principal Balance applicable to such Receivable multiplied by
the period of time elapsed (expressed as a fraction of a calendar year) since the preceding payment of interest was made. 
 Simple Interest
Receivable: Any Receivable under which the portion of each monthly payment allocable to earned interest and the portion allocable to the Principal Balance is determined in accordance with the Simple Interest Method. For purposes hereof, all
payments with respect to a Simple Interest Receivable shall be allocated to principal and interest in accordance with the Simple Interest Method. 
 Sold
Charged-Off Receivable: A Charged-Off Receivable sold by the Issuing Entity or the Grantor Trust to a Third-Party Purchaser in accordance with the provisions of
Section 2.3(d). 
 Specified Reserve Account Balance: For any Distribution Date, the lesser of: 

(i)    0.50% of the Initial Pool Balance, which equals approximately $2,075,000; and 

(ii)    the outstanding principal balance of the Notes (other than the Class XS Notes and the Class N Notes) as
of the close of business on such Distribution Date (after giving effect to all payments and distributions to be made on such Distribution Date). 

Sponsor: Carvana, LLC, an Arizona limited liability company, and its successor and assigns. 

State: Any state of the United States of America or the District of Columbia.  

Statutory Trust Act: Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as the same may be amended from time to time.
 
 Subservicer: A subservicer appointed by the Servicer as contemplated by the Servicing Agreement for the servicing and administration of
the Receivables.  

  
 APP-31 

 Successor Servicer: Any Person appointed (and who accepts such appointment) to succeed the Servicer
in the performance of the duties and obligations of the Servicer under the Servicing Agreement.  
 Supplemental Servicing Fees: With respect
to a Distribution Date, all late fees, insufficient funds fees and other administrative fees and expenses or similar charges allowed by Applicable Law with respect to Receivables, collected (from whatever source) on the Receivables. 

System Description: As defined in Section 1.1 of the Collateral Custodian Agreement. 

Tangible Contract: A Contract that constitutes “tangible chattel paper” under and as defined in
Section 9-102(a)(79) of the UCC. 
 Temporary Notes: The Notes specified in
Section 2.3 of the Indenture. 
 Third Party Bill Payment Service: Any provider of payment or processing services or other
platform that the Servicer uses in accordance with its Customary Servicing Practices (including electronic and web-based payment processing systems and services) to facilitate payments by Obligors. 

Third Priority Principal Distributable Amount: With respect to any Distribution Date, an amount, not less than zero, equal to the difference between
(i) the excess, if any, of (a) the aggregate outstanding principal amount of the Class A Notes, the Class B Notes and the Class C Notes as of, for the first Distribution Date, the Closing Date, and for subsequent
Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes, the Class B Notes and the Class C Notes on such preceding Distribution Date) over (b) the Pool Balance
as of the close of business on the last day of the related Collection Period, and (ii) the sum of (a) the First Priority Principal Distributable Amount, if any, with respect to such Distribution Date and (b) the Second Priority
Principal Distributable Amount, if any, with respect to such Distribution Date; provided, however, that the Third Priority Principal Distributable Amount for each Distribution Date on and after the Final Scheduled Distribution Date for the
Class C Notes shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the outstanding principal amount of the Class C Notes as of the day preceding such Distribution Date. 

Third-Party Purchaser: Any Person who is not the Servicer, the Sponsor or the Depositor, an Affiliate of the Servicer, the Sponsor or the Depositor or
any of their respective officers, directors, employees, agents or representatives. 
 Third Step Receivables Assignment: As defined in
Section 2.1(b) of the Receivables Contribution Agreement. 
 Third Step Transferred Property: As defined in
Section 2.1(a) of the Receivables Contribution Agreement. 
 Title Intermediary: Dealertrack, its affiliate VINTek or
another title administration service provider approved in writing by the Issuing Entity or the Administrator.  

  
 APP-32 

 Title Lien Nominee: Carvana, LLC, GFC Lending LLC or DT Credit Company LLC (or any other name
provided by the Sponsor). 
 Transaction Documents: The Receivables Purchase Agreement, the Receivables Transfer Agreement, the Receivables
Contribution Agreement, the Indenture, the Trust Agreement, the Grantor Trust Agreement, the Administration Agreement, the Servicing Agreement, the Backup Servicing Agreement, the Collateral Custodian Agreement, the Asset Representations Review
Agreement and any other document, certificate, opinion, agreement or writing the execution of which is necessary or incidental to carrying out the transactions contemplated by this Agreement or any of the other foregoing documents. 

Treasury Regulations: The regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

Trust Agreement: The Amended and Restated Trust Agreement, dated as of the Closing Date, between the Depositor and the Owner Trustee and acknowledged
by the Certificate Registrar and the Paying Agent. 
 Trust Indenture Act or TIA: The Trust Indenture Act of 1939 as in force as of the
Closing Date, unless otherwise specifically provided. 
 UCC: The Uniform Commercial Code as in effect in the relevant jurisdiction from time to
time. 
 Unaffiliated Certificateholder: Any Certificateholder other than the Depositor or an Affiliate of the Depositor. 

Unaffiliated Grantor Trust Certificateholder: Any Grantor Trust Certificateholder other than the Depositor or an Affiliate of the Depositor. 

Uncertificated Security: Has the meaning given to such term in Section 8-102(a)(18) of the New York UCC.

 Undertaking Letter: The letter is substantially the form set forth in Exhibit B of the Trust Agreement. 

Unenforceable Receivable: A Debt that is or may be legally unenforceable or uncollectible for any of the following reasons: (i) any Obligor has
been released of liability for their respective Debt by a court of competent jurisdiction or by Servicer (including the filing of a Form 1099-C); (ii) any Obligor has been discharged in bankruptcy without any
reaffirmation of the Debt by the Obligor; (iii) any Obligor is deceased; (iv) any Obligor has filed for protection under the United States Bankruptcy Code; (v) the Debt was created by an act of fraud, forgery or identity theft;
(vi) the Receivable is the subject of, or an Obligor has filed, a pending lawsuit or other judicial, quasi-judicial or administrative proceeding regarding the Receivable; (vii) an unresolved written dispute relating to the validity or
enforceability of an Receivable that was received by Servicer; (viii) the Receivable has been fully satisfied by means of a settlement or compromise arrangement between Obligor and Servicer or its agent; or (ix) the Receivable is a
duplicate record of another Receivable sold in a Forward Commitment Transfer. 

  
 APP-33 

 Unpaid Charge-Off Balance: As to any Charged-Off Receivable, at the time of the transfer to a Third-Party Purchaser, the Principal Balance of such Receivable (without giving effect to the proviso in the definition of “Principal Balance”) plus
any accrued and unpaid interest, fees or other costs and charges incurred by or assessed to the Obligor. 
 Unrelated Amounts: (a) amounts
deposited by the Servicer into the Collection Account but later determined by the Servicer to be mistaken or returned deposits or postings and (b) amounts deposited by the Servicer into the Collection Account as Collections but which were later
determined by the Servicer to not constitute Collections with respect to the Receivables. 
 Verified Note Owner: A Note Owner that has provided the
Indenture Trustee, as applicable, with each of (i) a written certification that it is a beneficial owner of a specified Outstanding Amount of the Notes and (ii) a trade confirmation, an account statement, a letter from a broker or dealer
or other similar document showing that such Note Owner is a beneficial owner of such Outstanding Amount of the Notes. 
 Voting Interests: The voting
interests in the Certificates, the aggregate strength of which shall be based on the percentage interests in the Issuing Entity represented thereby. 

  
 APP-34 

 PART II-RULES OF CONSTRUCTION 

(a)    Accounting Terms. As used in this Appendix or the Transaction Documents, accounting terms
which are not defined, and accounting terms partly defined, herein or therein shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Appendix or
the Transaction Documents are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Appendix or the Transaction Documents will control. 

(b)    “Hereof,” etc. The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Appendix or any Transaction Document will refer to this Appendix or such Transaction Document as a whole and not to any particular provision of this Appendix or such Transaction
Document; and Section, Schedule and Exhibit references contained in this Appendix or any Transaction Document are references to Sections, Schedules and Exhibits in or to this Appendix or such Transaction Document unless otherwise specified. The word
“or” is not exclusive. 
 (c)    Reference to Distribution Dates. With respect to any
Distribution Date, the “related Collection Period,” and the “related Record Date,” will mean the Collection Period and Record Date, respectively, immediately preceding such Distribution Date, and the relationships among
Collection Periods and Record Dates will be correlative to the foregoing relationships. 

(d)    Number and Gender. Each defined term used in this Appendix or the Transaction Documents has a
comparable meaning when used in its plural or singular form. Each gender-specific term used in this Appendix or the Transaction Documents has a comparable meaning whether used in a masculine, feminine or gender-neutral form. 

(e)    Including. Whenever the term “including” (whether or not that term is followed by
the phrase “but not limited to” or “without limitation” or words of similar effect) is used in this Appendix or the Transaction Documents in connection with a listing of items within a particular classification, that listing will
be interpreted to be illustrative only and will not be interpreted as a limitation on, or exclusive listing of, the items within that classification. 

(f)    Reference to a Class of Notes. Unless otherwise specified, references to a
Class of Notes includes all the tranches included in such Class of Notes. 
 (g)    Notices
to Rating Agencies. If Carvana is no longer the Administrator, any successor Administrator shall provide any required Rating Agency notices to the Depositor, who shall promptly provide such notice to the Rating Agencies. 

(h)    Amendments. Any agreement or instrument defined or referred to in the Transaction Documents
or in any instrument or certificate delivered in connection herewith shall mean such agreement or instrument as from time to time amended, modified or supplemented and includes references to all attachments thereto and instruments incorporated
therein. 

  
 APP-35 

 (i)    Controlling Class. After all Classes of
Notes (other than the Class N Notes and the Class XS Notes) are no longer Outstanding, any references to the Controlling Class of Notes shall instead refer to the Majority Certificateholders. 

(j)    Days. When providing the number of days as used in this Appendix or the Transaction
Documents, days shall mean consecutive or calendar days unless specified as Business Days. 

(k)    Class XS Notes. Any references with respect to principal or interest payments shall not apply
to the Class XS Notes. 

  
 APP-36 

 PART III-NOTICES AND PROCEDURES 

All requests, demands, directions, consents, waivers, notices, authorizations and communications provided or permitted under any Transaction Document to be
made upon, given or furnished to or filed with the Depositor, the Servicer, the Administrator, the Backup Servicer, the Indenture Trustee, the Issuing Entity, the Owner Trustee, the Grantor Trust Trustee, the Collateral Custodian, the Asset
Representation Reviewer, the Seller or the Sponsor shall be in writing, personally delivered, sent by facsimile or email, in each case with a copy to follow via first class mail or mailed by certified mail-return receipt requested, and shall be
deemed to have been duly given upon receipt: 
 (a)    in the case of the Depositor, at the following
address: 
 Carvana Receivables Depositor LLC 

1930 W. Rio Salado Pkwy 
 Tempe,
AZ 85281 
 Attention: ABS-Transactions 

Email: as set forth on the attached Schedule 1

with a copy to: 
 Carvana, LLC 

1930 W. Rio Salado Pkwy 
 Tempe,
AZ 85281 
 Attention: ABS-Transactions 

Email: as set forth on the attached Schedule 1 

(b)    in the case of the Seller, the Administrator or the Sponsor, at the following address: 

Carvana, LLC 
 1930 W. Rio
Salado Pkwy 
 Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: as set forth on the attached Schedule 1 

 (c)    in the case of the Issuing Entity or the Owner
Trustee, to the Owner Trustee at its Corporate Trust Office, 
 with a copy to: 

Carvana Auto Receivables Trust 2021-P1 

c/o Carvana, LLC 
 1930 W. Rio
Salado Pkwy 
 Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: as set forth on the attached Schedule 1 

(d)    in the case of the Grantor Trust or the Grantor Trust Trustee, to the Grantor Trust Trustee at its
Corporate Trust Office, 
 with a copy to: 

Carvana Auto Receivables Grantor Trust 2021-P1 

c/o Carvana, LLC 
 1930 W. Rio
Salado Pkwy 
 Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: as set forth on the attached Schedule 1 

(e)    in the case of the Indenture Trustee the Paying Agent, the Certificate Registrar and the Collateral
Custodian, at the following address: 
 Wells Fargo Bank, National Association 

600 S 4th Street 
 MAC: N9300-061 
 Minneapolis, MN 55415 

Attention: Corporate Trust Services — Asset-Backed Administration 

Telephone: (612) 667-8058 

With copies of notices and Delivery of Receivable Files to: 

Wells Fargo Bank, National Association 

ABS Custody Vault 
 1055 10th
Avenue SE 
 MAC N9401-011 

Minneapolis, MN 55414 

Attention: Corporate Trust Services — Asset-Backed Securities Vault 

Telephone: (612) 667-8058 

Email: as set forth on the attached Schedule 1 

(f)    in the case of the Servicer, at the following address: 

Bridgecrest Credit Company, LLC 

7300 E Hampton Avenue 
 Mesa,
AZ, 85209 
 Attention: Secretary 

Email: as set forth on the attached Schedule 1 

  
 APP-38 

 (g)    in the case of the Asset Representations
Reviewer, at the following address: 
 Clayton Fixed Income Services LLC 

2638 South Falkenburg Road 

Riverview, FL 33578 
 Attention:
SVP 
 Email: as set forth on the attached Schedule 1 

with a copy to: 
 Clayton
Fixed Income Services LLC 
 720 S. Colorado Blvd., Suite 200 

Glendale, CO 80246 
 Attention:
Legal Department 
 Email: as set forth on the attached Schedule 1 

(h)    in the case of the Backup Servicer, at the following address: 

Vervent Inc. 
 10182 Telesis
Court, Suite 300 
 San Diego, CA 92121 

Attention: General Counsel 

Telephone: (858) 568-7684 

Email: as set forth on the attached Schedule 1 

The Issuing Entity shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee and the Indenture Trustee shall likewise
promptly transmit any notice received by it from the Noteholders to the Issuing Entity. 
 Where any Transaction Document provides for notice to Noteholders
or Certificateholders of any condition or event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if it is in writing and mailed, first-class, postage prepaid to each Noteholder or Certificateholder affected by
such condition or event, at such Person’s address as it appears on the Note Register or Certificate Register, as applicable, not later than the latest date, and not earlier than the earliest date, prescribed in such Transaction Document for the
giving of such notice. If notice to Noteholders or Certificateholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholders or Certificateholders shall affect the sufficiency
of such notice with respect to other Noteholders or Certificateholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given regardless of whether such notice is in fact actually
received. 

  
 APP-39

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