Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

SUPERPRIORITY SECURED DEBTOR IN POSSESSION CREDIT AGREEMENT 

Dated as of September 14, 2021 

among 
 INTELSAT JACKSON HOLDINGS
S.A., as a Debtor and Debtor in Possession under Chapter 11 of the Bankruptcy Code, as Borrower 
 THE SUBSIDIARIES OF INTELSAT JACKSON
HOLDINGS S.A. FROM TIME TO TIME PARTY HERETO 
 each a Debtor and Debtor in Possession under Chapter 11 of the Bankruptcy Code, as Guarantors

 THE LENDERS PARTY HERETO 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

as Administrative Agent 
 and 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

as Collateral Agent 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
			
	 SECTION 1.
	  	DEFINITIONS	  	 	1	 
	 1.1.
	  	Defined Terms	  	 	1	 
	 1.2.
	  	Exchange Rates	  	 	27	 
	 1.3.
	  	Reserved	  	 	27	 
	 1.4.
	  	Accounting Terms	  	 	27	 
	 1.5.
	  	Ability to Redesignate	  	 	27	 
	 1.6.
	  	Divisions	  	 	27	 
			
	 SECTION 2.
	  	AMOUNT AND TERMS OF CREDIT	  	 	28	 
	 2.1.
	  	Commitments	  	 	28	 
	 2.2.
	  	Minimum Amount of Each Borrowing; Maximum Number of Borrowings	  	 	28	 
	 2.3.
	  	Notice of Borrowing	  	 	28	 
	 2.4.
	  	Disbursement of Funds	  	 	28	 
	 2.5.
	  	Repayment of Loans; Evidence of Debt	  	 	29	 
	 2.6.
	  	Conversions and Continuations	  	 	30	 
	 2.7.
	  	Pro Rata Borrowings	  	 	30	 
	 2.8.
	  	Interest	  	 	30	 
	 2.9.
	  	Interest Periods	  	 	31	 
	 2.10.
	  	Increased Costs, Illegality, etc.	  	 	31	 
	 2.11.
	  	Compensation	  	 	33	 
	 2.12.
	  	Change of Lending Office	  	 	33	 
	 2.13.
	  	Notice of Certain Costs	  	 	33	 
	 2.14.
	  	Inability to Determine Rates	  	 	33	 
	 2.15.
	  	[Reserved]	  	 	34	 
	 2.16.
	  	MIRE Event	  	 	34	 
			
	 SECTION 3.
	  	PRIORITY AND LIENS	  	 	34	 
	 3.1.
	  	DIP Liens	  	 	34	 
	 3.2.
	  	Primed Liens	  	 	35	 
	 3.3.
	  	Lien Priority and Perfection	  	 	36	 
	 3.4.
	  	Real Estate Liens	  	 	36	 
	 3.5.
	  	No Discharge; Survival of Claims	  	 	36	 
	 3.6.
	  	Payment of Obligations	  	 	36	 
			
	 SECTION 4.
	  	FEES; COMMITMENTS	  	 	37	 
	 4.1.
	  	Fees	  	 	37	 
	 4.2.
	  	Voluntary Reduction of Term Loan Commitments	  	 	37	 
	 4.3.
	  	Mandatory Termination of Commitments	  	 	38	 
			
	 SECTION 5.
	  	PAYMENTS	  	 	38	 
	 5.1.
	  	Voluntary Prepayments	  	 	38	 
	 5.2.
	  	Mandatory Prepayments	  	 	38	 
	 5.3.
	  	Method and Place of Payment	  	 	39	 
	 5.4.
	  	Net Payments	  	 	40	 
	 5.5.
	  	Computations of Interest and Fees	  	 	41	 
	 5.6.
	  	Limit on Rate of Interest	  	 	41	 
			
	 SECTION 6.
	  	CONDITIONS PRECEDENT TO EFFECTIVENESS ON THE CLOSING DATE	  	 	41	 
	 6.1.
	  	Executed Counterparts of this Agreement	  	 	41	 
	 6.2.
	  	[Reserved.]	  	 	41	 
	 6.3.
	  	Corporate and Other Proceedings	  	 	41	 
	 6.4.
	  	Opinions of Counsel	  	 	42	 

  
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	 	  	 	  	Page	 
			
	 6.5.
	  	Promissory Notes	  	 	42	 
	 6.6.
	  	Fees	  	 	42	 
	 6.7.
	  	Collateral	  	 	42	 
	 6.8.
	  	Perfection Certificate	  	 	42	 
	 6.9.
	  	Intercompany Subordination Agreement	  	 	43	 
	 6.10.
	  	Final DIP Order	  	 	43	 
	 6.11.
	  	Trustee	  	 	43	 
	 6.12.
	  	Material Adverse Effect	  	 	43	 
	 6.13.
	  	Patriot Act	  	 	43	 
	 6.14.
	  	Liens	  	 	43	 
			
	 SECTION 7.
	  	CONDITIONS PRECEDENT TO ALL CREDIT EVENTS	  	 	43	 
	 7.1.
	  	No Default; Representations and Warranties	  	 	43	 
	 7.2.
	  	Notice of Borrowing	  	 	43	 
	 7.3.
	  	No Violation	  	 	43	 
	 7.4.
	  	Fees and Expenses	  	 	44	 
			
	 SECTION 8.
	  	REPRESENTATIONS, WARRANTIES AND AGREEMENTS	  	 	44	 
	 8.1.
	  	Corporate Status	  	 	44	 
	 8.2.
	  	Corporate Power and Authority	  	 	44	 
	 8.3.
	  	No Violation	  	 	44	 
	 8.4.
	  	Litigation	  	 	44	 
	 8.5.
	  	Margin Regulations	  	 	45	 
	 8.6.
	  	Governmental Approvals	  	 	45	 
	 8.7.
	  	Investment Company Act	  	 	45	 
	 8.8.
	  	True and Complete Disclosure	  	 	45	 
	 8.9.
	  	Financial Condition; Financial Statements	  	 	45	 
	 8.10.
	  	Tax Returns and Payments	  	 	45	 
	 8.11.
	  	Compliance with ERISA	  	 	46	 
	 8.12.
	  	Subsidiaries	  	 	46	 
	 8.13.
	  	Patents, etc.	  	 	47	 
	 8.14.
	  	Environmental Laws	  	 	47	 
	 8.15.
	  	Properties	  	 	47	 
	 8.16.
	  	Use of Proceeds	  	 	47	 
	 8.17.
	  	FCC Licenses, Etc.	  	 	47	 
	 8.18.
	  	Satellites	  	 	47	 
	 8.19.
	  	Centre of Main Interest	  	 	47	 
	 8.20.
	  	Orders	  	 	48	 
	 8.21.
	  	Status of Obligations; Perfection and Priority of Security Interests	  	 	48	 
			
	 SECTION 9.
	  	AFFIRMATIVE COVENANTS	  	 	48	 
	 9.1.
	  	Information Covenants	  	 	48	 
	 9.2.
	  	Books, Records and Inspections	  	 	51	 
	 9.3.
	  	Maintenance of Insurance	  	 	52	 
	 9.4.
	  	Payment of Taxes	  	 	53	 
	 9.5.
	  	Consolidated Corporate Franchises	  	 	53	 
	 9.6.
	  	Compliance with Statutes, Regulations, etc.	  	 	53	 
	 9.7.
	  	ERISA	  	 	53	 
	 9.8.
	  	Maintenance of Properties	  	 	54	 
	 9.9.
	  	Transactions with Affiliates	  	 	54	 
	 9.10.
	  	End of Fiscal Years; Fiscal Quarters	  	 	54	 
	 9.11.
	  	Additional Guarantors and Grantors	  	 	54	 
	 9.12.
	  	Pledges of Additional Stock and Evidence of Indebtedness	  	 	55	 
	 9.13.
	  	Use of Proceeds	  	 	56	 
	 9.14.
	  	Changes in Business	  	 	56	 

  
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	 	  	 	  	Page	 
			
	 9.15.
	  	Further Assurances	  	 	56	 
	 9.16.
	  	Access and Command Codes	  	 	57	 
	 9.17.
	  	TTC&M Providers	  	 	58	 
	 9.18.
	  	[Reserved]	  	 	58	 
	 9.19.
	  	Government Business Subsidiaries	  	 	58	 
	 9.20.
	  	Post-closing Covenants	  	 	58	 
	 9.21.
	  	FCC Covenants	  	 	58	 
	 9.22.
	  	Bankruptcy Matters	  	 	58	 
			
	 SECTION 10.
	  	NEGATIVE COVENANTS	  	 	59	 
	 10.1.
	  	Limitation on Indebtedness	  	 	59	 
	 10.2.
	  	Limitation on Liens	  	 	61	 
	 10.3.
	  	Limitation on Fundamental Changes	  	 	62	 
	 10.4.
	  	Limitation on Sale of Assets	  	 	63	 
	 10.5.
	  	Limitation on Investments	  	 	64	 
	 10.6.
	  	Limitation on Dividends	  	 	65	 
	 10.7.
	  	Limitations on Debt Payments	  	 	66	 
	 10.8.
	  	Limitations on Sale Leasebacks	  	 	66	 
	 10.9.
	  	Transfer to Parent Companies	  	 	66	 
	 10.10.
	  	Additional Bankruptcy Matters	  	 	66	 
			
	 SECTION 11.
	  	[RESERVED]	  	 	67	 
			
	 SECTION 12.
	  	EVENTS OF DEFAULT	  	 	67	 
	 12.1.
	  	Payments	  	 	67	 
	 12.2.
	  	Representations, etc	  	 	67	 
	 12.3.
	  	Covenants	  	 	67	 
	 12.4.
	  	Default Under Other Agreements	  	 	68	 
	 12.5.
	  	Bankruptcy, etc	  	 	68	 
	 12.6.
	  	ERISA	  	 	68	 
	 12.7.
	  	Guarantee	  	 	68	 
	 12.8.
	  	[Reserved]	  	 	68	 
	 12.9.
	  	Security Agreements	  	 	68	 
	 12.10.
	  	FCC Matters	  	 	69	 
	 12.11.
	  	Judgments	  	 	69	 
	 12.12.
	  	Change of Control	  	 	69	 
	 12.13.
	  	Dismissal; Conversion; Appointment of Trustee	  	 	69	 
	 12.14.
	  	Superpriority Claims	  	 	69	 
	 12.15.
	  	Adverse Claims	  	 	69	 
	 12.16.
	  	Adverse Orders	  	 	69	 
	 12.17.
	  	Stay Relief	  	 	69	 
	 12.18.
	  	Orders; Actions	  	 	70	 
	 12.19.
	  	Pre-Petition Payments	  	 	70	 
	 12.20.
	  	Adverse Actions	  	 	70	 
	 12.21.
	  	Reorganization Plan	  	 	70	 
	 12.22.
	  	Supporting Actions	  	 	70	 
	 12.23.
	  	Sale Motions	  	 	70	 
			
	 SECTION 13.
	  	THE AGENT	  	 	71	 
	 13.1.
	  	Appointment and Authority	  	 	71	 
	 13.2.
	  	Rights as a Lender	  	 	71	 
	 13.3.
	  	Exculpatory Provisions	  	 	71	 
	 13.4.
	  	Reliance by Agent	  	 	72	 
	 13.5.
	  	Delegation of Duties	  	 	72	 
	 13.6.
	  	Resignation of Administrative Agent	  	 	73	 

  
 -iii- 

							
	 	  	 	  	Page	 
			
	 13.7.
	  	Non-Reliance on Administrative Agent and Other Lenders	  	 	73	 
	 13.8.
	  	[Reserved]	  	 	73	 
	 13.9.
	  	Administrative Agent May File Proofs of Claim	  	 	73	 
	 13.10.
	  	Indemnification	  	 	74	 
	 13.11.
	  	Collateral and Guaranty Matters	  	 	74	 
	 13.12.
	  	[Reserved]	  	 	75	 
	 13.13.
	  	[Reserved]	  	 	75	 
	 13.14.
	  	Withholding Taxes	  	 	75	 
	 13.15.
	  	Certain ERISA Matters	  	 	75	 
	 13.16.
	  	Erroneous Payments	  	 	76	 
			
	 SECTION 14.
	  	MISCELLANEOUS	  	 	77	 
	 14.1.
	  	Amendments and Waivers	  	 	77	 
	 14.2.
	  	Notices	  	 	78	 
	 14.3.
	  	No Waiver; Cumulative Remedies	  	 	79	 
	 14.4.
	  	Survival of Representations and Warranties	  	 	79	 
	 14.5.
	  	Payment of Expenses and Taxes	  	 	79	 
	 14.6.
	  	Successors and Assigns; Participations and Assignments	  	 	80	 
	 14.7.
	  	Replacements of Lenders Under Certain Circumstances	  	 	83	 
	 14.8.
	  	Adjustments; Set-off	  	 	84	 
	 14.9.
	  	Counterparts	  	 	84	 
	 14.10.
	  	Severability	  	 	84	 
	 14.11.
	  	Integration; Order Controls	  	 	85	 
	 14.12.
	  	GOVERNING LAW	  	 	85	 
	 14.13.
	  	Submission to Jurisdiction; Consent to Service; Waivers	  	 	85	 
	 14.14.
	  	Acknowledgments	  	 	86	 
	 14.15.
	  	WAIVERS OF JURY TRIAL	  	 	86	 
	 14.16.
	  	Confidentiality	  	 	86	 
	 14.17.
	  	Direct Website Communications	  	 	87	 
	 14.18.
	  	USA PATRIOT Act	  	 	87	 
	 14.19.
	  	Conversion of Currencies	  	 	88	 
	 14.20.
	  	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	88	 
			
	 SECTION 15.
	  	GUARANTEE	  	 	88	 
	 15.1.
	  	Guarantee	  	 	88	 
	 15.2.
	  	Right of Contribution	  	 	89	 
	 15.3.
	  	Right of Set-off	  	 	89	 
	 15.4.
	  	No Subrogation	  	 	90	 
	 15.5.
	  	Amendments, etc. with Respect to the Obligations; Waiver of Rights	  	 	90	 
	 15.6.
	  	Guarantee Absolute and Unconditional	  	 	90	 
	 15.8.
	  	Subordination	  	 	91	 
	 15.9.
	  	Payments	  	 	91	 
	 15.11.
	  	[Reserved]	  	 	92	 
	 15.12.
	  	Luxembourg Guarantee Limitation	  	 	92	 
	 15.13.
	  	UK Guarantee Limitations	  	 	92	 

  
 -iv- 

 ANNEXES 
  

			
	Annex I	  	Commitments
		
	SCHEDULES	  	
		
	Schedule 1.1(a)	  	ECA Financing and ECA Collateral
	Schedule 1.1(b)	  	Subsidiary Guarantors
	Schedule 1.1(c)	  	Unrestricted Subsidiaries
	Schedule 8.12	  	Subsidiaries
	Schedule 8.17	  	FCC Licenses
	Schedule 8.18	  	Satellites
	Schedule 9.9	  	Existing Affiliate Transactions
	Schedule 9.20	  	Post-closing Covenants
	Schedule 10.1	  	Indebtedness
	Schedule 10.2	  	Liens
	Schedule 10.5	  	Investments
		
	EXHIBITS	  	
		
	Exhibit A	  	Final DIP Order
	Exhibit B	  	[Reserved]
	Exhibit C	  	Form of Notice of Borrowings
	Exhibit D	  	Form of Perfection Certificate
	Exhibit E	  	Form of Security and Pledge Agreement
	Exhibit F	  	Form of Assignment and Acceptance
	Exhibit G	  	Form of Promissory Note
	Exhibit H	  	Form of Joinder Agreement
	Exhibit I	  	Form of Intercompany Subordination Agreement
	Exhibit J	  	Form of Satellite Health Report

  
 -v- 

 SUPERPRIORITY SECURED DEBTOR IN POSSESSION CREDIT AGREEMENT 

This SUPERPRIORITY SECURED DEBTOR IN POSSESSION CREDIT AGREEMENT, is entered into as of September 14, 2021 (as modified from time to time
pursuant to the terms hereof, this “Agreement”), among INTELSAT JACKSON HOLDINGS S.A., a public limited liability company (société anonyme) existing as société anonyme under the laws of the
Grand Duchy of Luxembourg, having its registered office at 4, rue Albert Borschette, L-1246 Luxembourg and registered with the Luxembourg trade and companies’ register under number B149.959 and a debtor
and debtor in possession under Chapter 11 of the Bankruptcy Code (the “Borrower”), the Subsidiaries of the Borrower from time to time party thereof, as Guarantors, each Guarantor on the date hereof, a debtor and debtor in possession
under Chapter 11 of the Bankruptcy Code, the lending institutions from time to time parties hereto (each a “Lender” and, collectively, the “Lenders”), CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative
Agent, and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Collateral Agent (such term and each other capitalized term used but not defined in this introductory statement having the meaning provided in Section 1.1). 

INTRODUCTORY STATEMENTS 
 WHEREAS,
the Borrower, certain Subsidiaries of the Borrower (together with the Borrower, each a “DIP Debtor” and collectively, the “DIP Debtors”), INTELSAT S.A., a public limited liability company (société
anonyme) existing as société anonyme under the laws of the Grand Duchy of Luxembourg, having its registered office at 4, rue Albert Borschette, L-1246 Luxembourg and registered with
the Luxembourg trade and companies’ register under number B162.135 (“Holdings”) and certain Subsidiaries of Holdings other than the DIP Debtors (together with Holdings collectively, the “Parent Companies” and
together with the DIP Debtors except for Intelsat Velocity Holdings LLC and Intelsat Invoice Services LLC, each a “Debtor” and collectively, the “Debtors”) filed on the Petition Date voluntary petitions with the
Bankruptcy Court commencing their respective cases under Chapter 11 of the Bankruptcy Code (the cases of the Debtors, each a “Case” and collectively, the “Cases”) and will continue in the possession of their assets
and in the management of their business pursuant to Sections 1107 and 1108 of the Bankruptcy Code. 
 WHEREAS, the Borrower and the
Guarantors are parties to that certain Superpriority Secured Debtor In Possession Credit Agreement, dated as of, June 17, 2020 (as modified from time to time pursuant to the terms thereof prior to the date hereof, the “Original Credit
Agreement”), with lending institutions from time to time parties thereto, Credit Suisse AG, Cayman Islands Branch, as Administrative Agent and Credit Suisse, AG, Cayman Islands Branch, as Collateral Agent. 

WHEREAS, the Borrower has requested that the Lenders provide it with a term loan facility in the aggregate principal amount equal to
$1,500,000,000 (the “DIP Facility”) subject to the conditions set forth herein to, among other things, repay in full all outstanding obligations under the Original Credit Agreement. All of the Borrower’s obligations under the
DIP Facility are to be guaranteed by the Guarantors. The Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein. 

WHEREAS, the priorities of the DIP Facility and the other Obligations with respect to the Collateral shall be as set forth in the Final DIP
Order upon entry thereof by the Bankruptcy Court. 
 NOW THEREFORE, in consideration of the mutual agreements herein contained and other
good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows: 

SECTION 1. Definitions. 

1.1. Defined Terms. 
 (a)
As used herein, the following terms shall have the meanings specified in this Section 1.1 (it being understood that defined terms in this Agreement shall include in the singular number the plural and in the plural the singular). 

  
 -1- 

 “ABR” shall mean, for any day, a fluctuating rate per annum equal to the
highest of (a) the Federal Funds Effective Rate plus 1⁄2 of 1.00%, (b) the Prime Rate as in in effect on such day and (c) the LIBOR Rate for a one-month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.00%. Any change in ABR due to a change in the Federal Funds Effective Rate, the Prime
Rate or the LIBOR Rate shall be effective on the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the LIBOR Rate, as the case may be. The Prime Rate is a reference rate and does not necessarily represent the
lowest or best rate actually charged to any customer. The Administrative Agent or any other Lender may make commercial loans or other loans at rates of interest at, above or below the Prime Rate. 

“ABR Loan” shall mean each Loan bearing interest at the rate provided in Section 2.8(a). 

“Acceptable Plan” shall mean a Reorganization Plan that provides for the termination of the Commitments and the Payment in
Full of the Obligations (other than contingent indemnification obligations not yet due and payable) on the Plan Effective Date of such Reorganization Plan or is otherwise acceptable to Non-Defaulting Lenders
having or holding at least two-thirds of the sum of (i) the Available Term Loan Commitments and (ii) the outstanding principal amount of the Term Loans (excluding Term Loans held by Defaulting
Lenders). 
 “Acquisition” shall mean any transaction or series of related transactions, whether, by purchase, merger,
consolidation, contribution or otherwise, for the direct or indirect (x) acquisition of all or substantially all of the property of any Person, or all or substantially all of any business, product line, unit or division of any Person,
(y) acquisition of in excess of 50% of the Equity Interests of any Person, and otherwise causing such Person to become a Subsidiary of such Person, or (z) merger or consolidation or any other combination with any Person, in each case,
including as a result of any Investment in any Subsidiary that serves to increase the equity ownership of the Borrower or any Restricted Subsidiary therein. 

“Administrative Agent” shall mean “Credit Suisse AG, Cayman Islands Branch” and its successors and assigns, as the
administrative agent for the Lenders under this Agreement and the other Credit Documents. 
 “Administrative Agent’s
Office” shall mean in respect of all Credit Events for the account of the Borrower, the office of the Administrative Agent located at Eleven Madison Avenue, New York, New York, 10010, or such other office as the Administrative Agent may
hereafter designate in writing as such to the other parties hereto. 
 “Administrative Agent Fee Letter” shall mean that
certain letter agreement, dated as of September 14, 2021, among the Borrower, the Administrative Agent and Credit Suisse Loan Funding LLC. 

“Administrative Expense Claims” shall have the meaning provided in Section 3.2(d). 

“Administrative Questionnaire” shall have the meaning provided in Section 14.6(b)(iii). 

“Adequate Protection Liens” shall have the meaning provided in the Final DIP Order. 

“Adequate Protection Payments” shall have the meaning provided in the Final DIP Order. 

“Affected Financial Institution” shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution.

 “Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by,
or under direct or indirect common control with such Person. A Person shall be deemed to control a corporation if such Person possesses, directly or indirectly, the power (a) to vote 10% or more of the securities having ordinary voting power
for the election of directors of such corporation or (b) to direct or cause the direction of the management and policies of such corporation, whether through the ownership of voting securities, by contract or otherwise. 

“Agent Parties” shall have the meaning provided in Section 14.17(c). 

  
 -2- 

 “Agents” shall mean the Administrative Agent and the Collateral Agent. 

“Agreement” shall mean this Superpriority Secured Debtor in Possession Credit Agreement, as the same may be amended,
supplemented or otherwise modified from time to time. 
 “Agreement Currency” shall have the meaning provided in
Section 14.19(b). 
 “Applicable ABR Margin” shall mean, at any date, with respect to each ABR Loan, 3.75% per
annum. 
 “Applicable Creditor” shall have the meaning provided in Section 14.19(b). 

“Applicable LIBOR Margin” shall mean, at any date, with respect to each LIBOR Loan, 4.75% per annum. 

“Applicable Rate” shall mean with respect to ABR Loans, the Applicable ABR Margin, and with respect to LIBOR Term Loans, the
Applicable LIBOR Margin. 
 “Approved Fund” shall have the meaning provided in Section 14.6. 

“Asset Sale Prepayment Event” shall mean any sale, transfer or other disposition of any business units, assets or other
property of the Borrower or any of the Restricted Subsidiaries not in the ordinary course of business (including any sale, transfer or other disposition of any capital stock of any Subsidiary of the Borrower owned by the Borrower or a Restricted
Subsidiary, including any sale or issuance of any capital stock of any Restricted Subsidiary). Notwithstanding the foregoing, the term “Asset Sale Prepayment Event” shall not include any Permitted Sale Leaseback or any transaction
permitted by Section 10.4, other than transactions permitted by Sections 10.4(b), (d)(x), (e) and (k)(z). 
 “Assignment and
Acceptance” shall mean an assignment and acceptance substantially in the form of Exhibit F hereto. 
 “Authorized
Officer” shall mean the President, the Chief Financial Officer, the Treasurer, the Controller or any other senior officer of the Borrower designated as such in writing to the Administrative Agent by the Borrower. 

“Available Term Loan Commitment” shall mean, on any date of determination, an amount equal to the then unfunded amount of the
outstanding Term Loan Commitments on such date, if any. 
 “Avoidance Actions” shall have the meaning provided in
Section 3.1(d). 
 “Avoidance Proceeds” shall have the meaning provided in Section 3.1(d). 

“Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by
the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 
 “Bail-In Legislation” shall mean, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the
implementing law; regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I
of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or
their affiliates (other than through liquidation, administration or other insolvency proceedings). 
 “Bankruptcy Code”
shall mean the Bankruptcy Reform Act of 1978, as heretofore and hereafter amended, and codified in 11 U.S.C. Section 101 et seq. 

“Bankruptcy Court” shall mean the United States Bankruptcy Court for the Eastern District of Virginia or any other court
having jurisdiction over the Cases from time to time and any Federal appellate court thereof. 

  
 -3- 

 “Beneficial Ownership Certification” means a certification regarding
beneficial ownership or control as required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation”
means 31 C.F.R. § 1010.230. 
 “benefited Lender” shall have the meaning provided in Section 14.8(a). 

“Benefit Plan” shall mean any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title
I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or
Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan.” 
 “Board”
shall mean the Board of Governors of the Federal Reserve System of the United States (or any successor). 
 “Borrower”
shall have the meaning provided in the preamble to this Agreement. 
 “Borrower Materials” shall mean materials and/or
information provided by or on behalf of the Borrower under this Agreement. 
 “Borrowing” shall mean and include the
incurrence of one Type of Term Loan on or after the Closing Date (or resulting from conversions on a given date after the Closing Date) having the same Interest Period (provided that ABR Loans incurred pursuant to Section 2.10(b) shall
be considered part of any related Borrowing of LIBOR Term Loans). 
 “Business Day” shall mean (i) for all purposes
other than as covered by clause (ii) below, any day excluding Saturday, Sunday and any day that shall be in The City of New York or the Grand Duchy of Luxembourg a legal holiday or a day on which banking institutions are authorized by law or
other governmental actions to close and (ii) with respect to all notices and determinations in connection with, and payments of principal and interest on, LIBOR Loans, any day which is a Business Day described in clause (i) above and which
is also a day for trading by and between banks in U.S. dollar deposits in the New York or London interbank eurodollar market. 
 “C-Band Prepayment Event” shall mean any receipt by Borrower or any of the Restricted Subsidiaries of any proceeds of any C-Band Sweep Payments. 

“C-Band Payments” shall mean reimbursement, compensation or other payments or the
right to receive reimbursement, compensation or other payments in connection with the transition of the C-band spectrum in connection with (i) reimbursement of relocation costs, (ii) accelerated
relocation payments and (iii) payments received for clearing of the C-band spectrum pursuant to private negotiations with third parties, if any, as set forth in the FCC
C-Band Rules. 
 “C-Band Sweep Payments”
shall mean reimbursement, compensation or other payments or the right to receive reimbursement, compensation or other payments in connection with the transition of the C-band spectrum in connection with
(i) reimbursement of relocation costs and (ii) accelerated relocation payments, as set forth in the FCC C-Band Rules. 

“Capital Lease” shall mean, as applied to any Person, any lease of any property (whether real, personal or mixed) by that
Person as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a capital lease on the balance sheet of that Person. 

“Capitalized Lease Obligations” shall mean, as applied to any Person, all obligations under Capital Leases of such Person or
any of its Subsidiaries, in each case taken at the amount thereof accounted for as liabilities in accordance with GAAP. 
 “Carve
Out” shall have the meaning provided in the Final DIP Order. 

  
 -4- 

 “Case” or “Cases” shall have the meaning provided in the
Introductory Statement. 
 “Cash Management Agreement” shall mean any agreement to provide cash management services,
including treasury, depository, overdraft, credit or debit card, electronic funds transfer and other cash management arrangements. 

“Casualty Event” shall mean, with respect to any property (including any Satellite) other than any ECA Collateral of any
Person, any loss of or damage to, or any condemnation or other taking by a Governmental Authority of, such property for which such Person or any of its Restricted Subsidiaries receives insurance proceeds, or proceeds of a condemnation award or other
compensation. 
 “Change in Law” shall mean (a) the adoption of any law, treaty, order, policy, rule or regulation
after the Closing Date, (b) any change in any law, treaty, order, policy, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by the Lender with any
guideline, request or directive issued or made after the Closing Date by any central bank or other governmental or quasi-governmental authority (whether or not having the force of law). Notwithstanding anything to the contrary herein, it is
understood and agreed that the Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, H.R. 4173), all requests, rules, guidelines and directives relating thereto, all interpretations
and applications thereof and any compliance by a Lender with any request or directive relating thereto, shall, for the purposes of this Agreement, be deemed to be adopted subsequent to the date hereof. 

“Change of Control” shall mean the occurrence of any of the following: (a) the Borrower becomes aware of (by way of a
report or any other filing pursuant Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), proxy, vote, written notice or otherwise) the acquisition by any Person or group (within the meaning of
Section 13(d) (3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than the Permitted Holders, in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of 50% or more of the total voting power of the Voting Stock of the Borrower or any of its direct or
indirect parent entities; and/or (b) ICF shall cease to own, directly or indirectly, 100% of the outstanding capital stock of the Borrower. 

“Closing Date” shall mean September 14, 2021, the date upon which all conditions precedent set forth in Section 6
are satisfied or waived pursuant to the terms hereof. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended
from time to time, and the regulations promulgated and rulings issued thereunder. Section references to the Code are to the Code, as in effect at the Closing Date, and any subsequent provisions of the Code, amendatory thereof, supplemental thereto
or substituted therefor. 
 “Collateral” shall mean (i) all the “Collateral” (or equivalent term) as defined
in any Security Document and also include all other property of whatever kind or nature over which a Lien is granted under any Security Document and (ii) the DIP Collateral, in each case, for the avoidance of doubt, including the C-Band Payments. 
 “Collateral Agent” shall mean Credit Suisse AG, Cayman Islands
Branch. 
 “Commitment Termination Date” shall mean the earlier of (i) the date of the second Borrowing of the Term
Loans upon the funding of such second Borrowing, (ii) the date on which the Term Loan Commitments are reduced to zero and (iii) the Maturity Date. 

“Commitments” shall mean, with respect to each Lender, such Lender’s Term Loan Commitment. 

“Communications” shall have the meaning provided in Section 14.17(a). 

“Confidential Information” shall have the meaning provided in Section 14.16. 

  
 -5- 

 “Credit Agreement Obligations” shall mean the collective reference to
(i) the due and punctual payment of (x) the principal of and premium, if any, and interest at the applicable rate provided in this Agreement (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or
other similar proceeding and including, without limitation, in relation to any company incorporated under the laws of the Grand Duchy of Luxembourg, bankruptcy (faillite), insolvency, its voluntary or judicial liquidation (liquidation
volontaire ou judiciaire), composition with creditors (concordat préventif de faillite), reprieve from payment (sursis de paiement), controlled management (gestion contrôlée), fraudulent conveyance
(actio pauliana), general settlement with creditors, reorganisation or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or
more dates set for prepayment or otherwise, (y) [reserved], and (z) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary
obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding and including, without limitation, in relation to any company incorporated under the laws of the Grand Duchy of Luxembourg, bankruptcy
(faillite), insolvency, its voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de faillite), reprieve from payment (sursis de paiement),
controlled management (gestion contrôlée), fraudulent conveyance (actio pauliana), general settlement with creditors, reorganization or other similar proceeding, regardless of whether allowed or allowable in such
proceeding), of the Borrower or any other Credit Party to any of the Secured Parties, (ii) the due and punctual performance of all covenants, agreements, obligations and liabilities of the Borrower under or pursuant to this Agreement and the
other Credit Documents, and (iii) the due and punctual payment and performance of all the covenants, agreements, obligations and liabilities of each other Credit Party under or pursuant to this Agreement and the other Credit Documents. 

“Credit Documents” shall mean this Agreement, the Security Documents, the Final DIP Order, and any promissory notes issued by
the Borrower hereunder. 
 “Credit Event” shall mean and include the making (but not the conversion or continuation) of a
Loan. 
 “Credit Party” shall mean each of the Borrower, the Subsidiary Guarantors and each other Subsidiary of the
Borrower that is a party to a Credit Document. For the avoidance of doubt, each DIP Debtor shall be a Credit Party hereunder. 

“Credit Suisse” shall mean Credit Suisse Loan Funding LLC and Credit Suisse AG, Cayman Islands Branch (acting through such of
its affiliates or branches as it deems appropriate). 
 “Creditors’ Committee” means the official committee of
unsecured creditors appointed in the Cases on May 27, 2020 pursuant to Bankruptcy Code section 1102. 
 “Debtor” shall
have the meaning provided in the Introductory Statement. 
 “Debt Incurrence Prepayment Event” shall mean any issuance or
incurrence by the Borrower or any of the Restricted Subsidiaries of any Indebtedness but excluding any Indebtedness permitted to be issued or incurred under Section 10.1. 

“Debtor Relief Laws” shall mean the Bankruptcy Code of the United States, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting
the rights of creditors generally. 
 “Default” shall mean any event, act or condition that with notice or lapse of time,
or both, would constitute an Event of Default. 
 “Defaulting Lender” shall mean, subject to Section 3.8(b), any
Lender that (a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans, within five Business Days of the date required to be funded by it hereunder unless such failure is the result of such
Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement 

  
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cannot be satisfied, (b) has notified the Borrower and the Administrative Agent that it does not intend to comply with its funding obligations or has made a public statement to that effect
with respect to its funding obligations hereunder or under other agreements generally in which it commits to extend credit unless such writing or public statement indicates that such position is based on such Lender’s good faith determination
that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied, (c) has failed, within five Business Days after request by the Administrative Agent,
to confirm in a manner satisfactory to the Administrative Agent that it will comply with its funding obligations unless such failure is the result of such Lender’s good faith determination that a condition precedent (specifically identified and
including the particular default, if any) to funding a loan under this Agreement cannot be satisfied, or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law,
(ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, (iii) taken any action in
furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in
that Lender or any direct or indirect parent company thereof by a Governmental Authority or (iv) become the subject of a Bail-In Action. 

“Designated Target Acquisition Vehicles” shall mean Intelsat Aviation TopCo LLC, Intelsat Aviation HoldCo LLC and Intelsat
Aviation AcquisitionCo LLC. 
 “Designated Target Buyer” shall mean Intelsat Jackson Holdings S.A. 

“Designated Target Intercompany Loan” shall mean any secured intercompany loan from one or more DIP Debtors to one or more
Designated Target Subsidiaries (i) to fund the consummation of the Designated Target Transaction in accordance with the terms of the Designated Target Transaction Agreements (it being understood, for the avoidance of doubt, such amount shall
not include any amount for any Investments in the Designated Target Subsidiaries for working capital purposes other than the working capital and cash adjustments to the purchase price in accordance with the Designated Target Transaction Agreements)
and (ii) to finance working capital needs of the Designated Target Subsidiaries in reliance on Section 10.5 (g)(v); provided that each such intercompany loan shall be borrowed and/or guaranteed by all of the Designated Target
Subsidiaries that are wholly-owned Domestic Subsidiaries and secured, on a first lien basis, by substantially all assets of the borrower and guarantors party thereunder, in each case subject to customary exceptions, grace periods, limitations and
materiality thresholds. 
 “Designated Target Purchase Agreement” shall mean that certain Purchase and Sale Agreement,
dated as of August 31, 2020, by and among Designated Target Seller, Designated Target Buyer and the other parties thereto, including all schedules, exhibits and annexes thereto. 

“Designated Target Seller” shall mean Gogo Inc. 

“Designated Target Subsidiaries” shall mean, collectively, (i) the Designated Target Acquisition Vehicles and
(ii) the Designated Target Entities and their respective subsidiaries. 
 “Designated Target Entities” shall mean the
Designated Target Transferred Entities and their respective Subsidiaries. 
 “Designated Target Transaction” shall mean the
purchase by Designated Target Buyer of 100% of the issued and outstanding equity interests of the Designated Target Transferred Entities pursuant to the Designated Target Transaction Agreements and the payment of all fees, costs and expenses
incurred or payable by the Borrower or its Restricted Subsidiaries in connection therewith. 
 “Designated Target Transaction
Agreements” shall mean, collectively, (i) the Designated Target Purchase Agreement and (ii) each of the other agreements, documents or certificates to be entered into in connection with the closing of the transactions contemplated
thereby, including, without limitation, (A) the Transition Services Agreement, (B) the Commercial Agreements and (C) the IP License Agreement, in each case (A)–(C) as such term is defined in the Designated Target Purchase
Agreement and in form and substance agreed to by Designated Target Buyer and Designated Target Seller in accordance with and consistent with the terms provided in the Designated Target Purchase Agreement, including the respective forms and term
sheets attached thereto; provided that Designated Target Buyer and the Borrower shall not agree to any change to such forms that is materially adverse to the Lenders without the prior written consent of the Required Lenders. 

  
 -7- 

 “Designated Target Transferred Entities” shall mean Gogo LLC, a Delaware
limited liability company, and Gogo International Holdings LLC, a Delaware limited liability company. 
 “DIP Budget” shall
mean a projected statement of sources and uses of cash for the Borrower and the Guarantors on a weekly basis for the following 13 calendar weeks. As used herein, “DIP Budget” shall refer to the most recent
13-week projection delivered by the Borrower in accordance with Section 9.1(c). 
 “DIP
Collateral” shall have the meaning provided in Section 3.1. 
 “DIP Debtor” shall have the meaning provided
in the Introductory Statement. 
 “DIP Facility” shall have the meaning provided in the Introductory Statement. 

“DIP Liens” shall have the meaning provided in Section 3.1. 

“DIP Motion” means the Debtors’ Motion for Entry of an Order (A) Authorizing the DIP Debtors to
Obtain Replacement Postpetition Financing, (B) Granting Liens and Superpriority Administrative Expense Claims, (C) Extending the Use of Cash Collateral, (D) Granting Adequate Protection to the
Prepetition Secured Parties, (E) Modifying the Automatic Stay, and (F) Granting Related Relief [Docket No. 2761] filed with the Bankruptcy Court on August 30, 2021. 

“DIP Superpriority Claims” shall have the meaning provided in Section 3.1(d). 

“Disqualified Lenders” means those competitors of the Borrower and its Subsidiaries separately identified in writing
(including by email) as such by the Borrower to the Administrative Agent on or prior to the Closing Date or by the Borrower to the Administrative Agent (for the distribution to Lenders) from time to time following the Closing Date and any of its
Affiliates that are either (x) separately identified in writing (including by email) by the Borrower to the Administrative Agent (for the distribution to Lenders) from time to time or (y) known or reasonably identifiable as Affiliates.

 “Disqualified Preferred Stock” shall mean any preferred capital stock or preferred equity interest of the Borrower. 

“dividends” shall have the meaning provided in Section 10.6. 

“Division” shall have the meaning provided in Section 1.06. 

“Dollar Equivalent” shall mean, on any date of determination, (a) with respect to any amount denominated in Dollars,
such amount, and (b) with respect to any amount denominated in any Foreign Currency, the equivalent in Dollars of such amount, determined by the Administrative Agent at such time on the basis of the Exchange Rate (determined in respect of the
most recent Revaluation Date) for the purchase of Dollars with such Foreign Currency. 
 “Dollars” and “$”
shall mean dollars in lawful currency of the United States of America. 
 “Domestic Subsidiary” shall mean each Subsidiary
of the Borrower that is organized under the laws of the United States, any state or territory thereof, or the District of Columbia. 

“Drawing” shall have the meaning provided in Section 3.4(b). 

“ECA Collateral” shall mean have the meaning provided in Section 9.15(b). 

  
 -8- 

 “ECA Financing” shall mean any Indebtedness including Indebtedness owing to
or otherwise supported by any export credit agency, in each case, which was incurred by the Borrower and/or its Subsidiaries prior to the Specified Schedule Date and set forth on Schedule 1.1(A) to finance (i) the acquisition (by
purchase, lease or otherwise) construction or improvement of a Satellite in an aggregate principal amount, at any time outstanding, not to exceed $300.0 million and/or (ii) certain services in connection with the launch of a Satellite in
an aggregate principal amount, at any time outstanding, not to exceed $500.0 million. 
 “EEA Financial Institution”
shall mean (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an
institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to
consolidated supervision with its parent. 
 “EEA Member Country” shall mean any of the member states of the European
Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” shall mean any public administrative authority or
any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Environment” shall mean ambient air, indoor air, surface water, groundwater, drinking water, land surface and subsurface
strata and natural resources such as wetlands. 
 “Environmental Claims” shall mean any and all actions, suits, orders,
decrees, demands, demand letters, claims, Liens, notices of noncompliance, violation or potential responsibility or investigation (other than internal reports prepared by the Borrower or any of the Subsidiaries (a) in the ordinary course of
such Person’s business or (b) as required in connection with a financing transaction or an acquisition or disposition of real estate) or proceedings relating in any way to any Environmental Law or any permit issued, or any approval given,
under any such Environmental Law (hereinafter, “Claims”), including, without limitation, (i) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or
damages pursuant to any applicable Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief relating to the presence, release or threatened
release of Hazardous Materials or arising from alleged injury or threat of injury to health or safety (to the extent relating to human exposure to Hazardous Materials), or the environment including, without limitation, ambient air, surface water,
groundwater, land surface and subsurface strata and natural resources such as wetlands. 
 “Environmental Law” shall mean
any applicable Federal, state, foreign or local statute, law, rule, regulation, ordinance, code and rule of common law now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof,
including any binding judicial or administrative order, consent decree or judgment, relating to the protection of environment, including, without limitation, ambient air, surface water, groundwater, land surface and subsurface strata and natural
resources such as wetlands, or human health or safety (to the extent relating to human exposure to Hazardous Materials), or Hazardous Materials. 

“Equity Interests” shall mean capital stock and all warrants, options or other rights to acquire capital stock (but excluding
any debt security that is convertible into, or exchangeable for, capital stock). 
 “ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder (unless the context requires otherwise). 

“ERISA Affiliate” shall mean each person (as defined in Section 3(9) of ERISA) that together with the Borrower or a
Subsidiary would be deemed to be a “single employer” within the meaning of Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer
under Section 414 of the Code. 
 “Erroneous Payment” shall have the meaning assigned to it in Section 13.16(a).

  
 -9- 

 “Erroneous Payment Return Deficiency” shall have the meaning assigned to it
in Section 13.16(c). 
 “Payment Recipient” shall have the meaning assigned to it in Section 13.16(a). 

“EU Bail-In Legislation Schedule” shall mean the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Euros” or “€” shall mean the single currency of the European Union as constituted by the treaty
establishing the European Community being the Treaty of Rome, as amended from time to time. 
 “Event of Default” shall
have the meaning provided in Section 12. 
 “Exchange Rate” for a currency shall mean the rate shown on the Bloomberg
currency page for such currency or, if the same does not provide such exchange rate, by reference to such other publicly available service for displaying exchange rates as may be reasonably selected by the Administrative Agent or, in the event no
such service is selected, on such other basis as is reasonably satisfactory to the Administrative Agent). 
 “Excluded
Satellite” shall mean any Satellite (or, if the entire Satellite is not owned by the Borrower or any of its Subsidiaries, as the case may be, the portion of the Satellite it owns or for which it has risk of loss) (i) that is not
expected or intended in the good faith determination of the Borrower to earn revenues from the operation of such Satellite (or portion, as applicable) in excess of $75,000,000 for the immediately succeeding
12-month calendar period or (ii) that has a net book value not in excess of $200,000,000 or (iii) that (1) the procurement of In-Orbit Insurance therefor in
the amounts and on the terms required by Section 9.3 would not be available for a price that is, and on other terms and conditions that are, commercially reasonable or (2) the procurement of such
In-Orbit Insurance therefor would be subject to exclusions or limitations of coverage that would make the terms of the insurance commercially unreasonable, in either case, in the good faith determination of
the Borrower, or (iv) for which In-Orbit Contingency Protection is available or (v) whose primary purpose is to provide In-Orbit Contingency Protection for the
satellites of the Borrower or its Subsidiaries or other Affiliates (or portion) and otherwise that is not expected or intended, in the good faith determination of the Borrower, to earn revenues from the operation of such Satellite (or portion, as
applicable) in excess of $75,000,000 for the immediately succeeding 12-month calendar period. 

“Excluded Taxes” shall mean (a) with respect to the Administrative Agent or any Lender, net income taxes, franchise
taxes and capital taxes (imposed in lieu of net income taxes) imposed in each case as a result of the Administrative Agent or such Lender (as applicable) being organized in, or having its principal office or applicable lending office in, such
jurisdiction imposing such tax or any political subdivision or taxing authority thereof or therein, (b) any Tax to the extent attributable to such Lender’s failure to comply with Section 5.4(d), (c) any withholding Tax imposed under
the Luxembourg law of December 23, 2005, and (d) any withholding Taxes imposed under FATCA. 
 “Fair Market
Value” of a specified asset shall mean the fair market value of assets as determined in good faith by the Borrower and (i) in the event the specified asset has a Fair Market Value in excess of $20,0000,000, shall be set forth in a
certificate of an Authorized Officer or (ii) in the event the specified asset has a Fair Market Value in excess of $50,000,000, shall be set forth in a resolution approved by a majority of the board of directors of the Borrower. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code. 

“FCC” shall mean the Federal Communications Commission or any governmental authority substituted therefor. 

“FCC C-Band Rules” shall mean Expanding Flexible Use of the 3.7 to 4.2 GHz Band, GN
Docket No. 18-122, Report and Order and Order of Proposed Modification, FCC 20-22 (2020) and the rules adopted therein, to be codified in Title 47 of the Code of
Federal Regulations, together with all other current or subsequently adopted FCC rules, orders and public notices pertaining to expanding flexible use of the 3.7 to 4.2 GHz band. 

  
 -10- 

 “FCC Licenses” shall mean all authorizations, orders, licenses and permits
issued by the FCC to the Borrower or any of its Restricted Subsidiaries, under which the Borrower or any of its Restricted Subsidiaries is authorized to launch and operate any of its Satellites or to operate any of its transmit only, receive only or
transmit and receive earth stations. 
 “Federal Funds Effective Rate” shall mean, for any day, the rate calculated by the
Federal Reserve Bank of New York based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time, and
published on the next succeeding Business Day by the Federal Reserve Bank of New York as the effective federal funds rate, provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to zero
for the purposes of this Agreement. 
 “Fees” shall mean all amounts payable pursuant to, or referred to in,
Section 4.1. 
 “Final DIP Order” shall mean an order of the Bankruptcy Court approving the DIP Facility, authorizing
the Debtors’ use of cash collateral, and approving the provision of adequate protection to the Prepetition Secured Parties, including the Adequate Protection Payments, substantially in the form exhibited hereto as Exhibit A, with any
changes to such form as are satisfactory to the Borrower, on the one hand, and the Required Lenders or, with respect to matters described hereunder that requires consent from or shall be acceptable or satisfactory to each Lender or each Lender
directly and adversely affected thereby, each Lender or each Lender directly and adversely affected thereby, on the other hand. 

“Final DIP Order Entry Date” shall mean the date on which the Final DIP Order is entered by the Bankruptcy Court. 

“First Day Orders” shall mean all orders entered by the Bankruptcy Court on or, within five Business Days of, the Petition
Date, based on motions filed by the Debtors on or about the Petition Date. 
 “Flood Insurance Laws” shall mean,
collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto,
(iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto. 

“Foreign Currency” shall mean Euro. 

“Foreign Plan” shall mean any employee benefit plan, program, fund, policy, arrangement or agreement maintained or
contributed to by the Borrower or any of its Subsidiaries with respect to employees employed outside the United States. 
 “Foreign
Subsidiary” shall mean each Subsidiary of the Borrower that is not a Domestic Subsidiary. 
 “GAAP” shall mean
generally accepted accounting principles in the United States of America, as in effect from time to time; provided, however, that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any
provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request
an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and
applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, the amount of any Indebtedness
under GAAP with respect to Capital Lease Obligations shall be determined providing that all obligations of any Person that are or would have been 

  
 -11- 

 
characterized as an operating lease as determined in accordance with GAAP as in effect prior to February 25, 2016 (whether or not such operating lease was in effect on such date) shall
continue to be accounted for as an operating lease (and not as a Capital Lease or Capital Lease Obligation) for purposes of the definition of “Indebtedness” under this Agreement regardless of any change in GAAP following such date that
would otherwise require such obligation to be recharacterized as a Capital Lease Obligation, to the extent that financial reporting shall not be affected hereby. 

“Government Business Subsidiary” shall mean any Restricted Subsidiary of the Borrower, including Intelsat General Corporation
and its Subsidiaries for so long as Intelsat General Corporation is a Restricted Subsidiary of the Borrower, that (i) is engaged primarily in the business of providing services to customers similar to the services provided on the Closing Date
by Intelsat General Corporation and services or activities that are reasonably similar thereto or a reasonable extension, development or expansion thereof, or is complementary, incidental, ancillary or related thereto and (ii) is subject to the
Proxy Agreement or a substantially similar agreement substantially restricting the Borrower’s control of such Restricted Subsidiary. 

“Governmental Authority” shall mean the government of the United States or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government (including any supra-national bodies such as the European Union or the European Central Bank). 
 “Guarantee”
shall mean the guaranty made by the Guarantors pursuant to Section 15 hereof, and any guaranty or guaranty supplement delivered with respect thereto (including by way of any Joinder Agreement). 

“Guarantee Obligations” shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any
Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent, (a) to purchase any such Indebtedness or any property
constituting direct or indirect security therefor, (b) to advance or supply funds (i) for the purchase or payment of any such Indebtedness or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to
maintain the net worth or solvency of the primary obligor, (c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such
Indebtedness or (d) otherwise to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; provided, however, that the term “Guarantee Obligations” shall not include endorsements of
instruments for deposit or collection in the ordinary course of business or standard contractual indemnities or guarantees (including performance guarantees) that are not direct guarantees of payments of Indebtedness. The amount of any Guarantee
Obligation shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such Guarantee Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in
respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. 

“Guarantor” shall mean each Subsidiary Guarantor. 

“Hazardous Materials” shall mean (a) any petroleum or petroleum products, radioactive materials, friable asbestos, urea
formaldehyde foam insulation, transformers or other equipment that contain dielectric fluid containing regulated levels of polychlorinated biphenyls, and radon gas; (b) any chemicals, materials or substances defined as or included in the
definition of “hazardous substances,” “hazardous waste,” “hazardous materials,” “extremely hazardous waste,” “restricted hazardous waste,” “toxic substances,” “toxic pollutants,”
“contaminants” or “pollutants,” or words of similar import, under any applicable Environmental Law; and (c) any other chemical, material or substance, which is prohibited, limited or regulated by any Environmental Law. 

“Hedge Agreements” shall mean interest rate swap, cap or collar agreements, interest rate future or option contracts,
currency swap agreements, currency future or option contracts, commodity price protection agreements or other commodity price hedging agreements, and other similar agreements entered into by the Borrower or any Restricted Subsidiary that is a Credit
Party in the ordinary course of business (and not for speculative purposes) in order to protect the Borrower or any of such Restricted Subsidiaries against fluctuations in interest rates, currency exchange rates or commodity prices. 

  
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 “Historical Financial Statements” shall mean, as of the Closing Date, the
audited financial statements of the Borrower and its Subsidiaries, for the immediately preceding three fiscal years, consisting of balance sheets and the related consolidated statements of income, stockholders’ equity and cash flows for such
fiscal years. 
 “Holdings” shall have the meaning given in the Introductory Statement to this Agreement. 

“ICF” shall mean INTELSAT CONNECT FINANCE S.A., a public limited liability company (société anonyme)
existing as société anonyme under the laws of the Grand Duchy of Luxembourg, having its registered office at 4, rue Albert Borschette, L-1246 Luxembourg and registered with the Luxembourg
trade and companies’ register under number B 210.760 
 “IFRS” shall mean the International Financial Reporting
Standards set by the International Accounting Standards Board (or the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or the SEC, as the case may be) or any successor thereto, as in effect from time to
time; provided, however, that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in IFRS or in the
application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given
before or after such change in IFRS or in the application thereof, then such provision shall be interpreted on the basis of IFRS as in effect and applied immediately before such change shall have become effective until such notice shall have been
withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, the amount of any Indebtedness under IFRS with respect to Capital Lease Obligations shall be determined providing that all obligations
of any Person that are or would have been characterized as an operating lease as determined in accordance with IFRS (IAS) as in effect prior to January 13, 2016 (whether or not such operating lease was in effect on such date) shall continue to
be accounted for as an operating lease (and not as a Capital Lease or Capital Lease Obligation) for purposes of the definition of “Indebtedness” under this Agreement regardless of any change in IFRS following such date that would otherwise
require such obligation to be recharacterized as a Capital Lease Obligation, to the extent that financial reporting shall not be affected hereby. 

“In-Orbit Contingency Protection” shall mean transponder capacity that, in the good
faith determination of the Borrower, is available on a contingency basis from the Borrower or its Restricted Subsidiaries, or any Subsidiary of any parent of the Borrower, directly or from another satellite operator pursuant to a contractual
arrangement, to accommodate the transfer of traffic representing at least 25% of the revenue-generating capacity with respect to any Satellite (or, if the entire Satellite is not owned by the Borrower or any of its Restricted Subsidiaries, as the
case may be, the portion of the Satellite it owns or for which it has risk of loss) that may suffer actual or constructive total loss and that meets or exceeds the contractual performance specifications for the transponders that had been utilized by
such traffic; it being understood that the Satellite (or portion, as applicable) shall be deemed to be insured for a percentage of the Satellite’s (or applicable portion’s) net book value for which
In-Orbit Contingency Protection is available. 

“In-Orbit Insurance” shall mean, with respect to any Satellite (or, if the entire
Satellite is not owned by the Borrower or any of its Restricted Subsidiaries, as the case may be, the portion of the Satellite it owns or for which it has risk of loss), insurance (subject to a right of coinsurance in an amount up to $150,000,000)
or other contractual arrangement providing for coverage against the risk of loss of or damage to such Satellite (or portion, as applicable) attaching upon the expiration of the launch insurance therefor (or, if launch insurance is not procured, upon
the initial completion of in-orbit testing) and attaching, during the commercial in-orbit service of such Satellite (or portion, as applicable), upon the expiration of
the immediately preceding corresponding policy or other contractual arrangement, as the case may be, subject to the terms and conditions set forth herein. 

“In-Orbit Satellite” shall mean a Satellite owned by the Borrower or any of its
Restricted Subsidiaries that has been launched (or, if the entire Satellite is not owned by the Borrower or any of its Restricted Subsidiaries, the portion of the Satellite the Borrower and/or such Restricted Subsidiary owns), excluding any such
Satellite that has been decommissioned or that has otherwise suffered a constructive or actual total loss. 

  
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 “Indebtedness” of any Person shall mean, without duplication, (A) all
indebtedness of such Person for borrowed money, (B) the deferred purchase price of assets or services that in accordance with GAAP would be included as liabilities in the balance sheet of such Person but excluding deferred rent to the extent
not capitalized in accordance with GAAP, (C) the face amount of all letters of credit issued for the account of such Person and, without duplication, all drafts drawn thereunder, (D) all Indebtedness of a second Person secured by any Lien
on any property owned by such first Person, whether or not such Indebtedness has been assumed, (E) all Disqualified Preferred Stock of such Person, (F) all obligations of such Person under interest rate swap, cap or collar agreements,
interest rate future or option contracts, currency swap agreements, currency future or option contracts, commodity price protection agreements or other commodity price hedging agreements and other similar agreements, (G) without duplication,
all Guarantee Obligations of such Person, (H) purchase price adjustments (that are in the nature of earn outs or similar deferred purchase price mechanisms not described in clause (iv) of the proviso to this definition) in connection with
acquisitions or sales of assets and/or businesses effected in accordance with the requirements of this Agreement, (I) to the extent not otherwise included, with respect to the Borrower and its Restricted Subsidiaries, the amount then
outstanding (i.e., received by, and available for use by, the Borrower or any of its Restricted Subsidiaries) under any receivables financing (as set forth in the books and records of Borrower or any of its Restricted Subsidiaries and confirmed by
the agent, trustee or other representative of the institution or group providing such receivables financing) and (J) all obligations of such Person in respect of Disqualified Preferred Stock; provided that Indebtedness shall not include
(i) trade payables and accrued expenses, in each case payable directly or through a bank clearing arrangement and arising in the ordinary course of business, (ii) obligations under Satellite Purchase Agreements, launch service agreements,
in each case, not overdue by more than 90 days, (iii) deferred or prepaid revenue, (iv) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the
respective seller and (v) obligations to make payments to one or more insurers under satellite insurance policies or post-closing working capital adjustments in respect of premiums or the requirement to remit to such insurer(s) a portion of the
future revenues generated by a Satellite which has been declared a constructive total loss, in each case in accordance with the terms of the insurance policies relating thereto. Notwithstanding the foregoing, (i) Indebtedness shall not include,
and shall be calculated without giving effect to, the effects of the Financial Accounting Standards Board Accounting Standards Codification 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of
Indebtedness for any purpose under this Agreement as a result of accounting for any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Agreement but for the
application of this sentence shall not be deemed an incurrence of Indebtedness under this Agreement and (ii) the amount of any Indebtedness that is non-recourse to the cash flows or assets of the Borrower
and its Restricted Subsidiaries (other than the assets securing such Indebtedness and proceeds thereof) shall be deemed to be the lesser of the face amount of such Indebtedness and the fair market value of the collateral securing such Indebtedness.

 “Indemnified Taxes” shall mean all Taxes (other than Excluded Taxes). 

“Initial Maturity Date” shall have the meaning provided in the definition of “Scheduled Maturity Date.” 

“Intercompany Subordination Agreement” shall have the meaning provided in Section 9.12(c). 

“Interest Period” shall mean, with respect to any Term Loan, the interest period applicable thereto, as determined pursuant
to Section 2.9. 
 “Interpolated Rate” shall mean, at any time, the rate per annum reasonably determined by the
Administrative Agent (which determination, as to any Lender, shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBOR Screen Rate for the longest
period (for which the LIBOR Screen Rate for the applicable currency is available) that is shorter than the Interest Period and (b) the LIBOR Screen Rate for the shortest period (for which the LIBOR Screen Rate for the applicable currency is
available) that exceeds the Interest Period, in each case, as of the applicable quotation time in the applicable currency. 

“Investment” shall mean, for any Person: (a) the acquisition (whether for cash, property, services or securities or
otherwise) of capital stock, bonds, notes, debentures, partnership or other ownership interests or other securities of any other Person (including any “short sale” or any sale of any securities at a time when such securities are not owned
by the Person entering into such sale); (b) the making of any deposit with (other than demand deposits with commercial banks made in the ordinary course of business), or advance, loan or other extension of credit to, any other Person (including the
purchase of property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property to such Person), but excluding any such advance, loan or extension of credit having

  
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a term not exceeding 364 days arising in the ordinary course of business and excluding also any Investment in leases entered into in the ordinary course of business; or (c) the entering into
of any guarantee of, or other contingent obligation with respect to, Indebtedness or other monetary liability of any other Person. 

“Jackson Ad Hoc Group” shall have the meaning provided in the DIP Motion. 

“Jackson Crossover Ad Hoc Group” shall have the meaning provided in the DIP Motion. 

“Joinder Agreement” shall mean an agreement substantially in the form of Exhibit H hereto. 

“Joint Ventures” shall mean any Person in which the Borrower or a Restricted Subsidiary maintains an equity investment
(including those formed for the purpose of selling or leasing transponders or transponder capacity to third party customers in the ordinary course of business of the Borrower and its Restricted Subsidiaries), but which is not a Subsidiary of the
Borrower. 
 “Judgment Currency” shall have the meaning provided in Section 14.19(b). 

“Lender” shall have the meaning provided in the preamble to this Agreement. 

“LIBOR Loan” shall mean any LIBOR Term Loan. 

“LIBO Rate” with respect to any LIBOR Loan for any Interest Period, the rate per annum equal to the London interbank offered
rate administered by ICE Benchmark Administration Limited, or any other person which takes over the administration of that rate, (such page currently being the LIBOR01 page) for deposits in dollars (as set forth by any service selected by the
Administrative Agent that has been nominated by ICE Benchmark Administration Limited as an authorized vendor for the purpose of displaying such rates) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of
such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period (the “LIBOR Screen Rate”); provided that, if the LIBO Screen Rate shall not be
available at such time for such Interest Period, then the LIBO Rate for such Interest Period shall be the Interpolated Rate. It is understood and agreed that all of the terms and conditions of this definition of “LIBO Rate” shall be
subject to Section 2.14. 
 “LIBOR Rate” shall mean, with respect to any LIBOR Loan for any Interest Period, an
interest rate per annum equal to the greater of (a) 1.00% per annum and (b) the product of (i) the LIBO Rate in effect for such Interest Period and (ii) the Statutory Reserve Rate. 

“LIBOR Term Loan” shall mean any Term Loan bearing interest at a rate determined by reference to the LIBOR Rate. 

“License Subsidiary” shall mean Intelsat License LLC., a Delaware limited liability company, and any other Wholly Owned
Subsidiary formed prior to the Closing Date and any Subsidiary Guarantor formed on or after the Petition Date, in each case, for the purpose of holding Subject Licenses to be used by the Borrower or any of its Restricted Subsidiaries in the
operation of their respective businesses and all of the shares of capital stock and other ownership interests of which are held by a Subsidiary Guarantor. 

“Lien” shall mean any mortgage, pledge, security interest, hypothecation, conditional or security assignment, lien (statutory
or other) or similar encumbrance (including any currently effective agreement to give any of the foregoing, any conditional sale or other title retention agreement or any lease in the nature thereof). 

“Liquidity” shall mean, at any date of determination, the sum of (a) the Unrestricted Cash Amount plus (b) the then
Available Term Loan Commitment. 
 “Loan” shall mean any Term Loan made by any Lender hereunder. 

  
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 “Loan to Value Ratio” shall mean, as of any date of calculation, the ratio
of (a) the aggregate principal amount of the Permitted Acquisition Debt incurred to (b) the Fair Market Value of the Acquired Person as of such date. 

“Management Investors” shall mean directors and/or members of senior management of Intelsat Holdings S.A., any Subsidiaries
of Intelsat Holdings S.A. and any parent company of Intelsat Holdings S.A., or any of their respective spouses, direct lineal descendants, heirs or trusts for the benefit of any of the foregoing. 

“Material Adverse Effect” shall mean any circumstance or condition affecting the business, assets, operations, properties or
financial condition of the Borrower and its Subsidiaries taken as a whole that would, individually or in the aggregate, have a material adverse effect (other than as a result of the events leading up to, and following the commencement of the Cases
and the continuation and prosecution thereof, including circumstances or conditions customarily resulting from such events, commencement, continuation and prosecution, which shall not, individually or in the aggregate, constitute a Material Adverse
Effect) on (i) the ability of the Credit Parties (taken as a whole) to perform their respective payment obligations under the Credit Documents or (ii) the rights and remedies of the Lenders or Agents under any Credit Documents, including
the ability of the Agents and Lenders to enforce the Credit Documents; provided that nothing disclosed in any of the following filings or methods by the Borrower, Holdings and/or any Parent Company: (1) the annual report on Form 10-K for the year ended December 31, 2020, (2) any filings on Form 8-K or on Form 10-Q made through the Closing Date, (3) any
matters publicly disclosed (including any such disclosure through a publicly accessible website affiliated with the Borrower, Holdings, and/or any Parent Company) prior to the Closing Date, and/or (4) any event relating to or resulting from any
default under the Prepetition Debt, shall, in any case, in and of itself and based solely on facts as disclosed therein (without giving effect to any developments not disclosed therein) constitute a Material Adverse Effect. 

“Material Subsidiary” shall mean, at any date of determination, (1) each License Subsidiary, (2) each Subsidiary
Guarantor set forth on Schedule 1.1(b) and (3) each Restricted Subsidiary of the Borrower (a) whose total assets at the last day of the Test Period ending on the last day of the most recent fiscal period for which Section 9.1
Financials have been delivered were equal to or greater than 5% of the consolidated total assets of the Borrower and the Restricted Subsidiaries at such date or (b) whose gross revenues for such Test Period were equal to or greater than 5% of
the consolidated gross revenues of the Borrower and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP; provided that Government Business Subsidiaries and their respective Subsidiaries shall be deemed
not to be a Material Subsidiary. 
 “Maturity Date” shall mean the earliest of (a) the Scheduled Maturity Date;
(b) the substantial consummation (as defined in Section 1101 of the Bankruptcy Code and which for purposes hereof shall be no later than the “effective date” thereof) of a Reorganization Plan filed in the Cases that is confirmed
pursuant to an order entered by the Bankruptcy Court; (c) the acceleration of the loans and the termination of the commitment with respect to the DIP Facility in accordance with the Credit Documents; and (d) a sale of all or substantially
all of the assets of Borrower (or the Borrower and the Guarantors) pursuant to Section 363 of the Bankruptcy Code. 
 “Maturity
Extension” shall have the meaning provided in the definition of “Scheduled Maturity Date.” 
 “Maturity Extension
Fee” shall have the meaning provided in Section 4.1(d). 
 “Minority Investment” shall mean any Person (other
than a Subsidiary) in which the Borrower or any Restricted Subsidiary owns capital stock or other equity interests. 

“Moody’s” shall mean Moody’s Investors Service, Inc. or any successor by merger or consolidation to its business.

 “Mortgaged Property” shall mean each parcel of Real Estate and improvements thereto with respect to which a mortgage or
a security interest is granted to the Collateral Agent for the benefit of the Secured Parties pursuant to the Security Documents. 

  
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 “Net Cash Proceeds” shall mean, with respect to any Prepayment Event,
(a) the gross cash proceeds (including payments from time to time in respect of installment obligations, if applicable) received by or on behalf of the Borrower or any of the Restricted Subsidiaries in respect of such Prepayment Event,
less (b) the sum of: 
 (i) in the case of any Prepayment Event, the amount, if any, of all taxes paid or
estimated to be payable by the Borrower (including indirectly via a distribution that is permitted by Section 9.9(f) and Section 10.6(b)) or any of the Restricted Subsidiaries in connection with or as a result of such Prepayment Event,

 (ii) in the case of any Prepayment Event (other than with respect to a C-Band
Prepayment Event), the amount of any reasonable reserve (other than any taxes deducted pursuant to clause (i) above) and only for a period not to exceed one year; provided that in the event such amount of proceeds so reserved exceeds
$500,000, the Borrower shall deliver to the Administrative Agent the certificate of an Authorized Officer as to the reasonableness of such determination) established in good faith against any liabilities (x) associated with the assets that are
the subject of such Prepayment Event and (y) retained by the Borrower or any of the Restricted Subsidiaries; provided that the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any
such liability) shall be deemed to be Net Cash Proceeds of such a Prepayment Event occurring on the date of such reduction, 

(iii) in the case of any Prepayment Event (other than with respect to a C-Band
Prepayment Event), the amount of any Indebtedness secured by a Lien on the assets that are the subject of such Prepayment Event (excluding any Prepetition Secured Debt, Prepetition Senior Notes and any Indebtedness of any Parent Companies) to the
extent that the instrument creating or evidencing such Indebtedness or any agreement relating to such Prepayment Event requires that such Indebtedness be repaid upon consummation of such Prepayment Event and payments of liabilities relating to such
assets which are retained by the Borrower or any Restricted Subsidiary, 
 (iv) in the case of any Casualty Event, the amount
of any proceeds of such Casualty Event that the Borrower or any Subsidiary has reinvested (or intends to reinvest within the Reinvestment Period or has entered into a binding commitment prior to the last day of the Reinvestment Period to reinvest)
in the replacement assets (subject to Section 9.14); provided that any portion of such proceeds that has not been so reinvested within such Reinvestment Period shall, unless the Borrower or a Subsidiary has entered into a binding
commitment prior to the last day of such Reinvestment Period to reinvest such proceeds, (x) be deemed to be Net Cash Proceeds of a Casualty Event occurring on the last day of such Reinvestment Period and (y) be applied to the repayment of
Term Loans in accordance with Section 5.2(a), and 
 (v) in the case of any Prepayment Event, reasonable and customary
fees, commissions, expenses, issuance costs, discounts, premiums, consent payments and redemption, tender offer, defeasance and other costs paid by the Borrower or any of the Restricted Subsidiaries, as applicable, in connection with such Prepayment
Event (other than those payable to the Borrower or any Subsidiary of the Borrower), in each case only to the extent not already deducted in arriving at the amount referred to in clause (a) above; provided that, with respect to any C-Band Prepayment Event, it is agreed that this clause (v) shall not apply to such items that are the underlying source of a relocation cost reimbursement). 

Net Cash Proceeds shall not include (i) any trade-in-credits or purchase
price reductions received by the Borrower or any of its Restricted Subsidiaries in connection with an exchange of equipment for replacement equipment that is the functional equivalent of such exchanged equipment, (ii) proceeds from business
interruption insurance, third party liability insurance, rent insurance and other payments, in each case, for interruption of operations or (iii) up to $50,000,000 in Net Cash Proceeds from Asset Sale Prepayment Events since the Closing Date.

 “Non-Consenting Lender” shall have the meaning provided in Section 14.7(b).

 “Non-Defaulting Lender” shall mean and include each Lender other than a
Defaulting Lender. 

  
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 “Notice of Borrowing” shall have the meaning provided in
Section 2.3(a), such notice shall be substantially in the form of Exhibit C hereto, as applicable. 
 “Notice of
Conversion or Continuation” shall have the meaning provided in Section 2.6(a). 
 “Obligations” shall mean
the Credit Agreement Obligations and the collective reference to the “Obligations” and/or “Secured Obligations” (or any terms of similar import) as defined in the various Security Documents. 

“Other Taxes” shall mean any and all present or future stamp, documentary or any other excise, any value-added tax, property
or similar Taxes (including interest, fines, penalties, additions to tax and related expenses with regard thereto) arising directly from any payment made or required to be made under this Agreement or any other Credit Document or from the execution
or delivery of, registration (except where such registration is not necessary to evidence, prove, maintain, enforce, compel or otherwise assert the rights of the Lender or the Administrative Agent under a Credit Document) or enforcement of,
consummation or administration of, or otherwise with respect to, this Agreement or any other Credit Document. 

“Participant” shall have the meaning provided in Section 14.6(c)(i). 

“Payment in Full” shall mean the time at which no Lender shall have any Commitments, any Loan or other Obligations unpaid,
unsatisfied or outstanding (other than in respect of contingent obligations, indemnities and expenses related thereto that are not then payable or in existence) as a result of all such Loans and other Obligations having been paid in full in cash.

 “Payment Office” shall mean the office of the Administrative Agent located at Eleven Madison Avenue, New York, NY 10010
or such other office as the Administrative Agent may designate to the Borrower and the Lenders from time to time. 
 “PBGC”
shall mean the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any successor thereto. 

“Perfection Certificate” shall mean a certificate of the Borrower in the form of Exhibit D hereto or any other form
approved by the Required Lenders. 
 “Permitted Acquisition” shall mean an Acquisition, so long as (a) such
acquisition and all transactions related thereto shall be consummated in accordance with applicable law; (b) such acquisition shall result in the issuer of such Equity Interests becoming a Restricted Subsidiary or such assets being acquired by
a Restricted Subsidiary and, to the extent required by Section 9.11, a Subsidiary Guarantor; (c) such acquisition shall result in the Collateral Agent, for the benefit of the applicable Lenders, being granted a security interest in any
such Equity Interest or assets so acquired, to the extent required by Sections 9.11, 9.12 and/or 9.15; and (d) after giving effect to such acquisition, no Default or Event of Default shall have occurred and be continuing. 

“Permitted Acquisition Debt” shall have the meaning provided in Section 10.01(j). 

“Permitted Business” shall have the meaning provided in Section 9.14(a). 

“Permitted Holders” shall mean (i) the Sponsors, (ii) the Management Investors, and (iii) any group (within
the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), the members of which include any of the Permitted Holders specified in clauses (i) and/or (ii) above, that (directly or
indirectly) holds or acquires beneficial ownership of the Voting Stock of the Borrower or any parent of the Borrower (a “Permitted Holder Group”), so long as no Person or other “group” (other than Permitted Holders specified in
clauses (i) through (ii) above) beneficially owns more than 50% on a fully diluted basis of the Voting Stock held by such Permitted Holder Group. 

  
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 “Permitted Investments” shall mean: 

(a) securities issued or unconditionally guaranteed by the United States government or any agency or instrumentality thereof,
in each case having maturities of not more than 24 months from the date of acquisition thereof; 
 (b) securities issued by
any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof or any political subdivision of any such state or any public instrumentality thereof having maturities of not more than 24
months from the date of acquisition thereof and, at the time of acquisition, having an investment grade rating generally obtainable from either S&P or Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such
obligations, then from another nationally recognized rating service); 
 (c) commercial paper issued by any Lender or any
bank holding company owning any Lender; 
 (d) commercial paper maturing no more than 12 months after the date of creation
thereof and, at the time of acquisition, having a rating of at least A-2 or P-2 from either S&P or Moody’s (or, if at any time neither S&P nor Moody’s
shall be rating such obligations, an equivalent rating from another nationally recognized rating service); 
 (e) domestic
and LIBOR certificates of deposit or bankers’ acceptances maturing no more than two years after the date of acquisition thereof issued by any Lender or any other bank having combined capital and surplus of not less than $250,000,000 in the case
of domestic banks and $100,000,000 (or the Dollar Equivalent thereof) in the case of foreign banks; 
 (f) repurchase
agreements with a term of not more than 30 days for underlying securities of the type described in clauses (a), (b) and (e) above entered into with any bank meeting the qualifications specified in clause (e) above or securities dealers of
recognized national standing; 
 (g) marketable short-term money market and similar funds (x) either having assets in
excess of $250,000,000 or (y) having a rating of at least A-2 or P-2 from either S&P or Moody’s (or, if at any time neither S&P nor Moody’s shall
be rating such obligations, an equivalent rating from another nationally recognized rating service); 
 (h) shares of
investment companies that are registered under the Investment Company Act of 1940 and substantially all the investments of which are one or more of the types of securities described in clauses (a) through (g) above; and 

(i) in the case of Investments by the Borrower or any Restricted Foreign Subsidiary or Investments made in a country outside
the United States of America, other customarily utilized high-quality Investments in the country where such Restricted Foreign Subsidiary is located or in which such Investment is made. 

“Permitted Liens” shall mean: 

(a) Liens for taxes, assessments or governmental charges or claims (i) not yet due, (ii) which are being contested in
good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP or (iii) for a tax claim for any pre-filing or straddle tax period, the nonpayment of
which is permitted or required by the Bankruptcy Code; 
 (b) Liens in respect of property or assets of the Borrower or any
of the Subsidiaries imposed by law, such as carriers’, warehousemen’s, repairmen’s, bankers’, landlords’ and mechanics’ Liens and other similar Liens, in each case so long as such Liens arise in the ordinary course of
business and do not individually or in the aggregate have a Material Adverse Effect; 

  
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 (c) Liens arising from judgments or decrees in circumstances not
constituting an Event of Default under Section 12.11; 
 (d) Liens incurred or deposits made in connection with
workers’ compensation, unemployment insurance and other types of social security legislation, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations incurred in the ordinary course of business; 

(e) ground leases in respect of Real Estate on which facilities owned or leased by the Borrower or any of its Subsidiaries are
located; 
 (f) easements, rights-of-way,
restrictions, minor defects or irregularities in title, violations of zoning or other municipal ordinances, and other similar charges or encumbrances not interfering in any material respect with the business of the Borrower and its Subsidiaries,
taken as a whole; 
 (g) any interest or title of a lessor or secured by a lessor’s interest under any lease permitted
by this Agreement; 
 (h) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of
customs duties in connection with the importation of goods; 
 (i) Liens on goods the purchase price of which is financed by
a documentary letter of credit issued for the account of the Borrower or any of its Subsidiaries; provided that such Lien secures only the obligations of the Borrower or such Subsidiaries in respect of such letter of credit to the extent
permitted under Section 10.1; 
 (j) licenses, sublicenses, leases or subleases granted to others not interfering in any
material respect with the business of the Borrower and its Subsidiaries, taken as a whole; 
 (k) Liens on equipment of the
Borrower or any Subsidiary granted in the ordinary course of business to customers at whose premises such equipment is located; 

(l) Liens created in the ordinary course of business in favor of banks and other financial institutions over credit balances of
any bank accounts of the Borrower and the Restricted Subsidiaries held at such banks or financial institutions, as the case may be, to facilitate the operation of cash pooling and/or interest set-off
arrangements in respect of such bank accounts in the ordinary course of business; and 
 (m) (i) any agreement not to use all
or any portion of C-band or any other restrictions on the use of C-band (including any agreement to impose restrictions) and (ii) any escrow arrangements entered
into in connection with the foregoing. 
 “Permitted Refinancing Indebtedness” shall mean any Indebtedness issued in
exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancing thereof constituting Permitted
Refinancing Indebtedness); provided that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness
so Refinanced (plus unpaid accrued interest and premium thereon and reasonable fees and expenses payable in connection with such refinancing), (b) the weighted average life to maturity of such Permitted Refinancing Indebtedness at the time such
Refinancing Indebtedness is incurred or issued is greater than or equal to the weighted average life to maturity at such time of the Indebtedness being Refinanced, (c) if the Indebtedness being Refinanced is subordinated in right of

  
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payment to the Obligations, such Permitted Refinancing Indebtedness shall be subordinated in right of payment to such Obligations on terms at least as favorable to the Lenders as those contained
in the documentation governing the Indebtedness being Refinanced, (d) no Permitted Refinancing Indebtedness shall have additional obligors, or greater guarantees or security, than the Indebtedness being Refinanced, except to the extent
otherwise permitted hereunder and (e) if the Indebtedness being Refinanced is secured by any assets securing the Obligations (whether equally and ratably with, or junior to, the Secured Parties or otherwise), such Permitted Refinancing
Indebtedness may be secured only by such collateral on terms no less favorable to the Secured Parties than those contained in the documentation governing the Indebtedness being Refinanced; provided that Indebtedness incurred to refinance
Indebtedness outstanding under Sections 10.1(A)(f), (g), (q), (s), (t), (u) and (v) shall be deemed to have been incurred and to be outstanding under such clauses (f), (g), (q), (s), (t), (u) or (v), as applicable, and not
Section 10.1(A)(w) for purposes of determining amounts outstanding under such Sections 10.1(A)(f), (g), (q), (s), (t), (u) and (v). 

“Permitted Sale Leaseback” shall mean any Sale Leaseback consummated by the Borrower or any of the Restricted Subsidiaries
after the Closing Date; provided that any such Sale Leaseback (other than any Sale Leaseback that is between the Borrower and any Guarantor or any Guarantor and another Guarantor) is consummated for fair value as determined at the time of
consummation in good faith by the Borrower and, in the case of any Sale Leaseback (or series of related Sale Leasebacks) the aggregate proceeds of which exceed $20,000,000, the board of directors of the Borrower (which such determination may take
into account any retained interest or other Investment of the Borrower or such Restricted Subsidiary in connection with, and any other material economic terms of, such Sale Leaseback). 

“Person” shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association,
trust or other enterprise or any Governmental Authority. 
 “Petition Date” shall mean May 13, 2020, the date on which
the Debtors filed voluntary petitions in the Bankruptcy Court to commence the Cases. 
 “Plan” shall mean any multiemployer
or single-employer plan, as defined in Section 4001 of ERISA and subject to Title IV of ERISA, that is or was within any of the preceding six plan years maintained or contributed to by (or to which there is or was an obligation to contribute or
to make payments to) the Borrower, a Subsidiary or an ERISA Affiliate. 
 “Plan Effective Date” means the date of the
substantial consummation (as defined in section 1101(2) of the Bankruptcy Code, which for purposes hereof shall be no later than the effective date) of one or more plans of reorganization confirmed pursuant to a final order entered by the Bankruptcy
Court. 
 “Platform” shall have the meaning provided in Section 14.17(b). 

“Prepayment Event” shall mean any Asset Sale Prepayment Event, C-Band Prepayment
Event, Debt Incurrence Prepayment Event, Casualty Event or any Permitted Sale Leaseback. 
 “Prepetition 51⁄2% Senior Notes” shall mean the Borrower’s $2,000.0 million
51⁄2% Senior Notes due 2023. 
 “Prepetition
8.0% Senior Secured Notes” shall mean the Borrower’s $1,350.0 million 8.0% Senior Secured Notes due 2024. 

“Prepetition 81⁄2% Senior
Notes” shall mean the Borrower’s $2,950.0 million 81⁄2% Senior Notes due 2024. 

“Prepetition 91⁄2% Senior Secured
Notes” shall mean the Borrower’s $490.0 million 91⁄2% Senior Notes due 2022. 

“Prepetition 93⁄4% Senior
Notes” shall mean the Borrower’s $1,485.0 million 93⁄4% Senior Notes due 2025. 

“Prepetition Collateral” shall have the meaning provided in Section 3.1(b). 

“Prepetition Credit Agreement” shall mean that certain Credit Agreement dated as of January 12, 2011 (as amended,
supplement or otherwise modified from time to time prior to the date hereof), among Borrower, Intelsat (Luxembourg) S.A., the lenders party thereto, Bank of America, N.A., as Administrative Agent, and the other party thereto. 

  
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 “Prepetition Credit Facilities” shall mean the credit facilities provided
pursuant to the Prepetition Credit Agreement. 
 “Prepetition Debt” shall mean, collectively, the Indebtedness of each
Credit Party outstanding and unpaid on the date on which such Person becomes a Credit Party. 
 “Prepetition Liens” shall
have the meaning provided in Section 3.1(b). 
 “Prepetition Secured Debt” shall mean all obligations in respect of
the Prepetition Credit Facilities and the Prepetition Secured Notes. 
 “Prepetition Secured Notes” shall mean,
collectively, the Prepetition 8.0% Senior Secured Notes and Prepetition 91⁄2% Senior Secured Notes 

“Prepetition Secured Parties” shall mean the lender parties under the Prepetition Credit Facilities and the beneficial
holders of the Prepetition Secured Notes. 
 “Prepetition Senior Notes” shall mean, collectively, the Prepetition 51⁄2% Senior Notes, Prepetition 81⁄2% Senior Notes and Prepetition 93⁄4% Senior Notes. 
 “Prime Rate” shall
mean the rate of interest per annum determined from time to time by Credit Suisse AG as its prime rate in effect at its principal office in New York City and notified to the Borrower. The prime rate is a rate set by Credit Suisse AG based upon
various factors including Credit Suisse AG’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such rate. 

“Primed Liens” shall have the meaning provided in Section 3.1(b). 

“Primed Parties” shall have the meaning provided in Section 3.2. 

“Priming Liens” shall have the meaning provided in Section 3.1(b). 

“Private Act” shall mean separate legislation enacted in Bermuda with the intention that such legislation apply specifically
to a Credit Party, in whole or in part. 
 “Proxy Agreement” shall have the meaning provided in Section 9.19. 

“PTE” shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may
be amended from time to time. 
 “Rating Agencies” shall mean Moody’s and S&P or if Moody’s or S&P or
both shall not make a rating on the Loans or this Agreement publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Borrower which shall be substituted for Moody’s or S&P or
both, as the case may be. 
 “Real Estate” shall have the meaning provided in Section 9.1(f). 

“Register” shall have the meaning provided in Section 14.6(b)(v). 

“Regulation D” shall mean Regulation D of the Board as from time to time in effect and any successor to all or a portion
thereof establishing reserve requirements. 

  
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 “Regulation T” shall mean Regulation T of the Board as from time to time in
effect and any successor to all or a portion thereof establishing margin requirements. 
 “Regulation U” shall mean
Regulation U of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements. 

“Regulation X” shall mean Regulation X of the Board as from time to time in effect and any successor to all or a portion
thereof establishing margin requirements. 
 “Reinvestment Period” shall mean the period from the date of the applicable
Casualty Event until the date that is 15 months following the date of such Prepayment Event. 
 “Related Parties” shall
mean, with respect to any specified Person, such Person’s Affiliates and the directors, officers, employees, agents, trustees, advisors of such Person and any Person that possesses, directly or indirectly, the power to direct or cause the
direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise. 

“Reorganization Plan” shall mean a plan of reorganization in the Cases. 

“Reportable Event” shall mean an event described in Section 4043 of ERISA and the regulations thereunder. 

“Required Lenders” shall mean, at any date, Non-Defaulting Lenders having or holding
a majority of the sum of (i) the Available Term Loan Commitments at such time and (ii) the outstanding principal amount of the Term Loans (excluding Term Loans held by Defaulting Lenders) at such date. 

“Requirement of Law” shall mean, as to any Person, the certificate of incorporation and
by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case
applicable to or binding upon such Person or any of its property or assets or to which such Person or any of its property or assets is subject. 

“Resolution Authority” shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK
Resolution Authority. 
 “Restricted Foreign Subsidiary” shall mean a Foreign Subsidiary that is a Restricted Subsidiary.

 “Restricted Subsidiary” shall mean any Subsidiary of the Borrower other than an Unrestricted Subsidiary; provided
that in any event each License Subsidiary shall be a Restricted Subsidiary. 
 “Sale Leaseback” shall mean any transaction
or series of related transactions pursuant to which the Borrower or any of the Restricted Subsidiaries (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part
of such transaction, thereafter rents or leases such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold, transferred or disposed. 

“Satellite” shall mean any satellite owned by, or leased to, the Borrower or any of its Restricted Subsidiaries and any
satellite purchased pursuant to the terms of a Satellite Purchase Agreement, whether such satellite is in the process of manufacture, has been delivered for launch or is in orbit (whether or not in operational service). 

“Satellite Health Report” shall mean a satellite health report, prepared by the Borrower and certified by an Authorized
Officer, in the form of Exhibit J (appropriately completed). 
 “Satellite Manufacturer” shall mean, with respect to
any Satellite, the prime contractor and manufacturer of such Satellite. 
 “Satellite Purchase Agreement” shall mean, with
respect to any Satellite, the agreement between the applicable Satellite Purchaser and the applicable Satellite Manufacturer relating to the manufacture, testing and delivery of such Satellite. 

  
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 “Satellite Purchaser” shall mean the Borrower or Restricted Subsidiary that
is a party to a Satellite Purchase Agreement or a launch service agreement, as the case may be. 
 “S&P” shall mean
Standard & Poor’s Ratings Services or any successor by merger or consolidation to its business. 
 “Scheduled Maturity
Date” shall mean July 13, 2022 (the “Initial Maturity Date”); provided that the Borrower may make, prior to the Initial Maturity Date, a one-time election to extend the Scheduled
Maturity Date by up to three (3) months if (w) an order of the Bankruptcy Court confirming an Acceptable Plan shall have been entered on or prior to the Initial Maturity Date, (x) the sole remaining conditions precedent to the Plan
Effective Date with respect to such an Acceptable Plan are to obtain regulatory approvals necessary to consummate such Acceptable Plan (other than conditions precedent to the Plan Effective Date solely to the extent that, by their nature, such
conditions precedent could not reasonably have been satisfied prior to the Initial Maturity Date; provided, however, that all documentation that must be finalized with respect to such conditions precedent, including documentation with respect to any
plan supplement, shall be in final form prior to the Initial Maturity Date), (y) no Event of Default shall have occurred and be continuing and (z) the Borrower shall have paid the Maturity Extension Fee (the “Maturity
Extension”). 
 “SEC” shall mean the Securities and Exchange Commission or any successor thereto. 

“Section 9.1 Financials” shall mean the financial statements delivered, or required to be delivered,
pursuant to Section 9.1(a) or (b) together with the accompanying officer’s certificate delivered, or required to be delivered, pursuant to Section 9.1(d). 

“Secured Parties” shall mean collectively, (i) the Lenders, (ii) the Administrative Agent, (iii) the
Collateral Agent, (iii) the beneficiaries of each indemnification obligation undertaken by any Credit Party under this Agreement or any other Credit Document and (iv) any successors, indorsees, transferees and assigns of each of the
foregoing and also the Persons described in the term “Secured Parties” in the applicable Security Documents, or, where the context so requires, shall be the collective reference to all such Persons. 

“Security Agreement” shall mean the Security and Pledge Agreement, to be entered into on the Closing Date by the Credit
Parties, the Administrative Agent and the Collateral Agent for the benefit of the Secured Parties, substantially in the form of Exhibit E hereto, the same may be amended, supplemented or otherwise modified from time to time 

“Security Documents” shall mean, collectively, (a) the Guarantee, (b) the Security Agreement, (c) the Final
DIP Order and (d) each other security agreement or other instrument or document executed and delivered pursuant to Section 9.11 or 9.12 or pursuant to any of the Security Documents to secure any of the Obligations. The Security Documents
(other than the Final DIP Order) shall supplement, and shall not limit, the grant of a Lien on and security interest in the Collateral pursuant to the Final DIP Order. 

“Series” shall have the meaning as provided in Section 2.14. 

“Specified Schedule Date” shall mean May 13, 2020. 

“Sponsor” shall mean (1) one or more investment funds advised, managed or controlled by BC Partners Holdings Limited or
any Affiliate thereof, (2) one or more investment funds advised, managed or controlled by Silver Lake or any Affiliate thereof, and (3) one or more investment funds advised, managed or controlled by any of the Persons described in clauses
(1) and (2) of this definition, and, in each case (whether individually or as a group), their Affiliates. 
 “Statutory Reserve
Rate” shall mean, for any day as applied to any LIBOR Loan, a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages
(including any marginal, special, emergency or supplemental reserves) applicable to any member bank of the Federal Reserve System of the United States of America in respect of Eurocurrency Liabilities (as defined in Regulation D of the Board of
Governors of the Federal Reserve System of the United States of America). Term Loans shall be deemed to be subject to such reserve requirements. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change
in any reserve percentage. 

  
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 “Subject Licenses” shall mean all FCC Licenses for the launch and operation
of Satellites or for the operation of any TT&C Station (other than any FCC License held by Intelsat General Corporation or any of its Subsidiaries). 

“Subordinated Indebtedness” shall mean Indebtedness of the Borrower or any Guarantor that is by its terms subordinated in
right of payment to the obligations of the Borrower and such Subsidiary Guarantor, as applicable, under this Agreement. 

“Subsidiary” of any Person shall mean and include (a) any corporation more than 50% of whose stock of any class or
classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall have or might have voting power by
reason of the happening of any contingency) is at the time owned by such Person directly or indirectly through Subsidiaries and (b) any partnership, association, joint venture or other entity in which such Person directly or indirectly through
Subsidiaries has more than a 50% equity interest at the time. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Borrower. 

“Subsidiary Guarantors” shall mean (a) each Subsidiary listed of Schedule 1.1(b), and (b) each Subsidiary that
becomes a party to the Guarantee after the Closing Date pursuant to Section 9.11. 
 “Taxes” shall mean any and all
present or future taxes, duties, levies, imposts, assessments, deductions, withholdings or other similar charges imposed by any Governmental Authority whether computed on a separate, consolidated, unitary, combined or other basis and any and all
liabilities (including interest, fines, penalties or additions to tax) with respect to the foregoing. 
 “Term Loan
Commitment” shall mean, with respect to each Lender, the amount specified as such Lender’s “Term Loan Commitment” set forth opposite such Lender’s name in Annex I or in the Assignment and Acceptance pursuant to
which such Lender acquired a portion of the Term Loan Commitment, as the case may be, as the same may be increased or decreased from time to time pursuant to the terms hereof. 

“Term Loans” shall mean a Loan made pursuant to Section 2.01(a). 

“Ticking Fee” shall have the meaning provided in Section 4.1(c). 

“Total Credit Exposure” shall mean, at any date, the sum of (a) Available Term Loan Commitment at such date and
(b) the outstanding principal amount of all Term Loans at such date. 
 “Transaction Expenses” shall mean any fees or
expenses incurred or paid by the Borrower or any of its Subsidiaries in connection with this Agreement and the other Credit Documents and the transactions contemplated hereby and thereby. 

“Transferee” shall have the meaning provided in Section 14.6(e). 

“Treasury Rate” shall mean, as of a given date, the yield to maturity, as of such date and as determined by the Borrower,
interpolated on a straight-line basis between United States Treasury securities with constant maturities (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two
business days prior to such date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to July 2, 2020; provided,
however, that if the period from such date to July 2, 2020, is less than one year, the weekly average yield on one year constant maturity United States Treasury securities (as compiled and published in the most recent Federal Reserve
Statistical Release H.15 (519) that has become publicly available at least two days prior to such redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)). 

  
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 “TT&C Station” shall mean an earth station operated by the Borrower or
any of its Restricted Subsidiaries for the purpose of providing tracking, telemetry, control and monitoring of any Satellite. 

“Type” shall mean, as to any Term Loan, its nature as an ABR Loan or a LIBOR Term Loan. 

“UK Financial Institution” shall mean any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form
time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes
certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 
 “UK
Guarantor” shall mean any Guarantor organized under the laws of England and Wales. 
 “UK Resolution Authority”
shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. 

“Unfunded Current Liability” of any Plan shall mean the amount, if any, by which the present value of the accrued benefits
under the Plan as of the close of its most recent plan year, determined in accordance with Statement of Financial Accounting Standards No. 87 as in effect on the Closing Date, based upon the actuarial assumptions that would be used by the
Plan’s actuary in a termination of the Plan, exceeds the fair market value of the assets allocable thereto. 
 “Unrestricted
Cash Amount” shall mean, as of any date of determination, the aggregate amount of cash and cash equivalents (in each case, free and clear of all liens, other than Liens permitted pursuant to Section 10.02) (excluding cash and cash
equivalent that are listed as “restricted” on the consolidated balance sheet of the applicable Persons as of such date unless “restricted” in favor of the DIP Facility or the Prepetition Secured Debt (which may also secure other
Indebtedness along with the DIP Facility to the extent permitted pursuant to Section 10.2)). 
 “Unrestricted
Subsidiary” shall mean (a) each Subsidiary of the Borrower set forth in Schedule 1.1(c) and (b) each Subsidiary of an Unrestricted Subsidiary set forth in the preceding clause (a); provided, however, that at
the time of any written re-designation by the Borrower to the Administrative Agent that any Unrestricted Subsidiary shall no longer constitute an Unrestricted Subsidiary, such Unrestricted Subsidiary shall
cease to be an Unrestricted Subsidiary to the extent no Default or Event of Default would result from such re-designation; provided, further, that, for the avoidance of doubt, no additional Subsidiary of the
Borrower may be added to Schedule 1.1(c) on and after the Specified Schedule Date. 
 “Upfront Payment” shall have
the meaning provided in Section 4.1(a). 
 “Upfront Payment Percentage” shall have the meaning provided in
Section 4.1(a). 
 “Voting Stock” shall mean, with respect to any Person, shares of such Person’s capital stock
having the right to vote for the election of directors of such Person under ordinary circumstances. 
 “Waivable Mandatory
Repayment” shall have the meaning provided in Section 5.2(g). 
 “Wholly Owned Subsidiary” of any Person
shall mean a Subsidiary of such Person 100% of the outstanding capital stock or other ownership interests of which (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals) shall at the time be
owned by such Person or by one or more Wholly Owned Subsidiaries of such Person. 
 “Write-Down and Conversion Powers”
shall mean, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA
Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority
under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part
of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

  
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 The words “hereof,” “herein” and “hereunder” and words of
similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to Sections of this Agreement unless otherwise specified. The words
“include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” Each reference to an agreement or document herein shall mean such agreement or document as from time to
time amended, supplemented or modified in accordance with its terms, unless expressly stated otherwise. 
 1.2. Exchange Rates. For
purposes of determining compliance under Sections 10.4, 10.5, 10.6 and 11 with respect to any amount in a Foreign Currency, such amount shall be deemed to equal the Dollar Equivalent thereof based on the average Exchange Rate for a Foreign Currency
for the most recent twelve-month period immediately prior to the date of determination determined in a manner reasonably acceptable to the Required Lenders. For purposes of determining compliance with Sections 10.1 and 10.2, with respect to any
amount of Indebtedness in a Foreign Currency, compliance will be determined at the time of incurrence thereof using the Dollar Equivalent thereof at the Exchange Rate in effect at the time of such incurrence. 

1.3. Reserved. 
 1.4.
Accounting Terms. 
 (a) The Borrower may notify the Administrative Agent in writing at any time that it has elected to so use IFRS
in lieu of GAAP and, upon any such written notice (a copy of which shall be provided by the Administrative Agent to the Lenders), references herein to GAAP shall thereafter be construed to mean IFRS as in effect from time to time; provided
that, to the extent that such election would affect any financial ratio set forth in this Agreement or requirement set forth in Section 11, (i) the Borrower shall provide to the Administrative Agent (for delivery to the Lenders) financial
statements and other documents reasonably requested by the Administrative Agent or any Lender setting forth a reconciliation with respect to such ratio or requirement made before and after giving effect to such election and (ii) if the
Borrower, the Administrative Agent or the Required Lenders shall so request, the Administrative Agent, the Required Lenders and the Borrower shall negotiate in good faith to amend such ratio to preserve the original intent thereof in light of such
change. 
 (b) Anything in this Agreement to the contrary notwithstanding, no effect shall be given to any change in GAAP arising out of a
change described in the Proposed Accounting Standards Update to Leases (Topic 840) dated August 17, 2010 or a substantially similar pronouncement. 

1.5. Ability to Redesignate. For purposes of determining compliance with any one of Sections 9.9, 10.1, 10.2, 10.3, 10.4, 10.5, 10.6,
10.7, 10.8, 10.9 and 1.1(a), in the event that any Lien, Investment, Indebtedness, merger, consolidation, amalgamation or similar fundamental change, Disposition, dividend, affiliate transaction, contractual obligation or prepayment of Indebtedness
meets the criteria of more than one of the categories of transactions permitted pursuant to any clause of such Section, such transaction (or portion thereof) at any time shall be permitted under one or more of such clauses as determined by the
Borrower (and the Borrower shall be entitled to redesignate use of any such clauses from time to time) in its sole discretion at such time. 

1.6. Divisions. Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or
similar term, shall be deemed to apply to a division of or by a limited liability company or other Person, or an allocation of assets to a series of a limited liability company or other Person (or the unwinding of such a division or allocation) (any
such transaction, a “Division”), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any Division of a limited
liability company or other Person shall constitute a separate Person hereunder (and each Division of any limited liability company or other Person that is a Subsidiary, Restricted Subsidiary, Unrestricted Subsidiary, joint venture or any other like
term shall also constitute such a Person or entity). 

  
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 SECTION 2. Amount and Terms of Credit. 

2.1. Commitments. 
 (a)
Term Loan Commitments. Subject to the terms and conditions set forth herein and in the Final DIP Order, each Lender agrees, severally and not jointly, to make Term Loans to the Borrower denominated in Dollars in up to two draws on any
Business Day on or after the Closing Date, in an aggregate principal amount not to exceed its respective Term Loan Commitment. 
 (b) All
such Term Loans made by each of the Lenders may be repaid or prepaid in accordance with the provisions hereof, but once repaid or prepaid, may not be reborrowed. For the avoidance of doubt, any Term Loan Commitments (x) shall be reduced dollar
for dollar at the time of funding of any Term Loans thereunder and (y) shall terminate in full upon the second Borrowing hereunder. 

(c) Each Lender may at its option make any LIBOR Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan;
provided that (A) any exercise of such option shall not affect the obligation of the Borrower to repay such Loan and (B) in exercising such option, such Lender shall use its reasonable efforts to minimize any increased costs to the
Borrower resulting therefrom (which obligation of the Lender shall not require it to take, or refrain from taking, actions that it determines would result in increased costs for which it will not be compensated hereunder or that it determines would
be otherwise disadvantageous to it and in the event of such request for costs for which compensation is provided under this Agreement, the provisions of Section 3.5 shall apply). 

2.2. Minimum Amount of Each Borrowing; Maximum Number of Borrowings. (x) The first Borrowing of Term Loans shall be made on or
after the Closing Date in the aggregate principal amount of $1,250,000,000 and (y) the second Borrowing of Term Loans shall be made after the date of the first Borrowing but prior to the Maturity Date in an aggregate principal amount of up to
the then Available Term Loan Commitment. Each Borrowing of Term Loans shall consist of Term Loans of the same Type made on the same day by the Term Lenders ratably according to their respective Term Commitments; provided that there shall not at any
time be more than a total of six (6) LIBOR Loans outstanding. 
 2.3. Notice of Borrowing. The Borrower shall give the
Administrative Agent at the Administrative Agent’s Office (i) prior to 12:00 Noon (New York City time) at least one Business Day’s (or, with respect to the second Borrowing, five (5) Business Days’) prior written notice of
the Borrowing of Term Loans. Such notice (a “Notice of Borrowing”) shall be irrevocable and shall specify (i) the aggregate principal amount of the Term Loans to be made, (ii) the date of the Borrowing and
(iii) whether the Term Loans shall consist of ABR Loans or LIBOR Term Loans and, if the Term Loans are to include LIBOR Term Loans, the Interest Period to be initially applicable thereto; provided that the Borrower may condition the initial
Borrowing upon the entry of the Final DIP Order. If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be a LIBOR Loan. If no Interest Period is specified with respect to any requested LIBOR Loan, then the
Borrower shall be deemed to have selected an Interest Period of one (1) month’s duration. 
 The Administrative Agent shall
promptly give each Lender written notice of the proposed Borrowing of Term Loans, of such Lender’s proportionate share thereof and of the other matters covered by the related Notice of Borrowing. 

2.4. Disbursement of Funds. 

(a) No later than 12:00 Noon (New York City time) on the date specified in each Notice of Borrowing, each Lender will make available its
pro rata portion, if any, of each Borrowing requested to be made on such date in the manner provided below. 

  
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 (b) Each Lender shall make available all amounts it is to fund to the Borrower under any
Borrowing for its applicable Commitments, and in immediately available funds to the Administrative Agent at the Administrative Agent’s Office and the Administrative Agent will make available to the Borrower, by promptly crediting the amounts so
received, in like funds, to the account of the Borrower designated in the applicable Notice of Borrowing. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Borrowing that such Lender does not intend
to make available to the Administrative Agent its portion of the Borrowing or Borrowings to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of
Borrowing, and the Administrative Agent, in reliance upon such assumption, shall make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the
Administrative Agent has made available same to the Borrower, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative
Agent’s demand therefor the Administrative Agent shall promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from
such Lender or the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the
Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, the Federal Funds Effective Rate or (ii) if paid by the Borrower, the then-applicable rate of interest or fees, calculated in accordance with
Section 2.8, for the respective Loans. 
 (c) Nothing in this Section 2.4 shall be deemed to relieve any Lender from its
obligation to fulfill its commitments hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder (it being understood, however, that no Lender shall be responsible for the
failure of any other Lender to fulfill its commitments hereunder). 
 2.5. Repayment of Loans; Evidence of Debt. 

(a) The Borrower shall repay to the Administrative Agent, for the benefit of the Lenders, on the Maturity Date, the then unpaid Loans, in
Dollars. 
 (b) [Reserved]. 

(c) [Reserved]. 
 (d)
[Reserved]. 
 (e) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of
the Borrower to the appropriate lending office of such Lender resulting from each Loan made by such lending office of such Lender from time to time, including the amounts of principal and interest payable and paid to such lending office of such
Lender from time to time under this Agreement. 
 (f) The Administrative Agent shall maintain the Register pursuant to Section 14.6(b),
and a subaccount for each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder, the Type of each Loan made and the Interest Period applicable thereto, (ii) the amount of
any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share
thereof. 
 (g) The entries made in the Register and accounts and subaccounts maintained pursuant to paragraphs (e) and (f) of this
Section 2.5 shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any Lender or the
Administrative Agent to maintain such account, such Register or such subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by
such Lender in accordance with the terms of this Agreement. In the event of any conflict between the Register and the account or accounts of each Lender, the Register shall control absent manifest error. 

  
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 2.6. Conversions and Continuations. 

(a) The Borrower shall have the option on any Business Day to convert all or a portion of the outstanding principal amount of Term Loans made
to the Borrower (as applicable) of one Type into a Borrowing or Borrowings of another Type and the Borrower shall have the option on any Business Day to continue the outstanding principal amount of any LIBOR Term Loans as LIBOR Term Loans for an
additional Interest Period; provided that (i) ABR Loans may not be converted into LIBOR Term Loans if a Default or Event of Default is in existence on the date of the conversion and the Administrative Agent has or the Required Lenders
have determined in its or their sole discretion not to permit such conversion, and (ii) LIBOR Loans may not be continued as LIBOR Loans for an additional Interest Period if a Default or Event of Default is in existence on the date of the
proposed continuation and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation. Each such conversion or continuation shall be effected by the Borrower by giving the
Administrative Agent at the Administrative Agent’s Office prior to 12:00 Noon (New York City time) at least three Business Days’ (or one Business Day’s notice in the case of a conversion into ABR Loans) prior written notice (each, a
“Notice of Conversion or Continuation”) specifying the Term Loans to be so converted or continued, the Type of Term Loans to be converted or continued into and, if such Term Loans are to be converted into or continued as LIBOR
Loans, the Interest Period to be initially applicable thereto. If no Interest Period is specified in the Notice of Conversion or Continuation, then the Borrower shall be deemed to have selected an Interest Period of one (1) month’s
duration. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed conversion or continuation affecting any of its Term Loans. 

(b) If any Default or Event of Default is in existence at the time of any proposed continuation of any LIBOR Loans and the Administrative
Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, such LIBOR Loans shall be automatically converted on the last day of the current Interest Period into ABR Loans. If upon the
expiration of any Interest Period in respect of LIBOR Loans, the Borrower has failed to elect a new Interest Period to be applicable thereto as provided in paragraph (a) above, the Borrower shall be deemed to have elected to continue such
Borrowing of LIBOR Loans into a Borrowing of ABR Loans, effective as of the expiration date of such current Interest Period. 
 2.7. Pro
Rata Borrowings. Each Borrowing under this Agreement shall be granted by the Lenders pro rata on the basis of their then applicable Term Loan Commitments. No Lender shall be responsible for any default by any other Lender in its obligation to
make Loans hereunder and that each Lender shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder. 

2.8. Interest. 
 (a) The
unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable ABR Margin plus the ABR in
effect from time to time. 
 (b) The unpaid principal amount of each LIBOR Loan shall bear interest from the date of the Borrowing thereof
until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable LIBOR Margin in effect from time to time plus the relevant LIBOR Rate. 

(c) If all or a portion of (i) the principal amount of any Loan or (ii) any interest or commitment fee after the cure period set
forth in Section 12.1(b) payable thereon shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum that is (x) in the case of overdue
principal, the rate that would otherwise be applicable thereto plus 2% or (y) in the case of any overdue interest or commitment fee, to the extent permitted by applicable law, the rate described in Section 2.8(a) plus 2% from and
including the date of such non-payment to but excluding the date on which such amount is paid in full (after as well as before judgment). 

(d) Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and
shall be payable (i) in respect of each ABR Loan, quarterly in arrears on the last day of each March, June, September and December, (ii) in respect of each LIBOR Loan, on the last day of each Interest Period applicable thereto and, in the
case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period, or (iii) in respect of each Loan (except, other than in the case of prepayments, any ABR Loan),
on any prepayment (on the amount prepaid), at maturity (whether by acceleration or otherwise) and, after such maturity, on demand. 

  
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 (e) All computations of interest hereunder shall be made in accordance with
Section 5.5. 
 (f) The Administrative Agent, upon determining the interest rate for any Borrowing of LIBOR Loans, shall promptly
notify the Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto. 

2.9. Interest Periods. At the time the Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation in respect of the
making of, or conversion into or continuation as, a Borrowing of LIBOR Loans (in the case of the initial Interest Period applicable thereto) or prior to 10:00 a.m. (New York City time) on the third Business Day prior to the expiration of an Interest
Period applicable to a Borrowing of LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice the Interest Period applicable to such Borrowing, which Interest Period shall, except as contemplated by
this Section 2.9, at the option of the Borrower be a one, two, three or six month period; provided that the initial Interest Period may be for a period less than one month if agreed upon by the Borrower and the Required Lenders. 

Notwithstanding anything to the contrary contained above: 

(a) the initial Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any
conversion from a Borrowing of ABR Loans or) and each Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires; 

(b) [reserved]; 
 (c) if any
Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided that if any Interest Period in respect of a LIBOR Loan would otherwise expire on a day
that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; and 

(d) the Borrower shall not be entitled to elect any Interest Period in respect of any LIBOR Loan if such Interest Period would extend beyond
the Scheduled Maturity Date after giving effect to the Maturity Extension, if applicable; and 
 (e) unless the Borrower elects otherwise in
its sole discretion, all Term Loans funded in the second Borrowing will be of the same Type and, in the case of LIBOR Loans, have the same Interest Periods and LIBOR Rate as all other LIBOR Term Loans then outstanding (on a ratable basis if there is
more than one Borrowing of Term Loans then outstanding); provided that the initial Interest Period of any such LIBOR Term Loans funded shall commence on the applicable funding date and shall end on the last day of the then-current Interest Period
for all other LIBOR Term Loans then outstanding (on a ratable basis if there is more than one Borrowing of other LIBOR Term Loans then outstanding). 

2.10. Increased Costs, Illegality, etc. 

(a) In the event that any Lender shall have reasonably determined (which determination shall, absent clearly demonstrable error, be final and
conclusive and binding upon all parties hereto): 
 (i) at any time, that such Lender shall incur increased costs or
reductions in the amounts received or receivable hereunder with respect to any LIBOR Loans (other than any such increase or reduction attributable to Indemnified Taxes and Other Taxes indemnifiable under Section 5.4 and Excluded Taxes) because
of (x) any change since the Closing Date in any applicable law, governmental rule, regulation, guideline or order (or in the interpretation or administration thereof and including the introduction of any new law or governmental rule,
regulation, guideline or order), such as, for example, without limitation, a change in official reserve requirements, and/or (y) other circumstances affecting the interbank LIBOR market or the position of such Lender in such market; or 

  
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 (ii) at any time, that the making or continuance of any LIBOR Loan has
become unlawful by compliance by such Lender in good faith with any law, governmental rule, regulation, guideline or order (or would conflict with any such governmental rule, regulation, guideline or order not having the force of law even though the
failure to comply therewith would not be unlawful), or has become impracticable as a result of a contingency occurring after the Closing Date that materially and adversely affects the interbank LIBOR market; 

then, and in any such event, such Lender shall within a reasonable time thereafter give notice to the Borrower and to the Administrative Agent of such
determination (which notice the Administrative Agent shall promptly transmit to each of the other Lenders). Thereafter (x) in the case of clause (i) above, the Borrower shall pay to such Lender, promptly after receipt of written demand
therefor such additional amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Lender in its reasonable discretion shall determine) as shall be required to compensate such Lender for such
increased costs or reductions in amounts receivable hereunder (it being agreed that a written notice as to the additional amounts owed to such Lender, showing in reasonable detail the basis for the calculation thereof, submitted to the Borrower by
such Lender shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto) and (y) in the case of clause (ii) above, the Borrower shall take one of the actions specified in Section 2.10(b) as
promptly as possible and, in any event, within the time period required by law. 
 (b) At any time that any LIBOR Loan is affected by the
circumstances described in Section 2.10(a)(i) or (ii), the Borrower may (and in the case of a LIBOR Loan affected pursuant to Section 2.10(a)(ii) shall) either (x) if the affected LIBOR Loan is then being made pursuant to a Borrowing,
cancel said Borrowing by giving the Administrative Agent written notice thereof on the same date that the Borrower was notified by a Lender pursuant to Section 2.10(a)(i) or (ii) or (y) if the affected LIBOR Loan is then outstanding, upon
at least three Business Days’ notice to the Administrative Agent, require the affected Lender to convert each such LIBOR Term Loan into an ABR Loan; provided that if more than one Lender is affected at any time, then all affected Lenders
must be treated in the same manner pursuant to this Section 2.10(b). 
 (c) If, after the Closing Date, the adoption of any applicable
law, rule or regulation regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any governmental authority, the National Association of Insurance Commissioners, central bank or comparable
agency charged with the interpretation or administration thereof, or compliance by a Lender or its parent with any request or directive made or adopted after the Closing Date regarding capital adequacy (whether or not having the force of law) of any
such authority, association, central bank or comparable agency, has or would have the effect of reducing the rate of return on such Lender’s or its parent’s or its Affiliate’s capital or assets as a consequence of such Lender’s
commitments or obligations hereunder to a level below that which such Lender or its parent or its Affiliate could have achieved but for such adoption, effectiveness, change or compliance (taking into consideration such Lender’s or its
parent’s policies with respect to capital adequacy), then from time to time, promptly after demand by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such Lender such additional amount or amounts as will
compensate such Lender or its parent for such reduction, it being understood and agreed, however, that a Lender shall not be entitled to such compensation as a result of such Lender’s compliance with, or pursuant to any request or directive to
comply with, any such law, rule or regulation as in effect on the Closing Date. Each Lender, upon determining in good faith that any additional amounts will be payable pursuant to this Section 2.10(c), will give prompt written notice thereof to
the Borrower which notice shall set forth in reasonable detail the basis of the calculation of such additional amounts, although the failure to give any such notice shall not, subject to Section 2.13, release or diminish the Borrower’s
obligations to pay additional amounts pursuant to this Section 2.10(c) upon receipt of such notice. For the avoidance of doubt, this Section 2.10(c) shall apply to all requests, rules, guidelines or directives concerning capital adequacy
issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives concerning capital adequacy promulgated by the United States financial regulatory authorities (including
regulations implementing the recommendations of the Bank for International Settlements), regardless of the date adopted, issued, promulgated or implemented. 

  
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 (d) It is understood that to the extent duplicative of Section 5.4, this
Section 2.10 shall not apply to Taxes. 
 2.11. Compensation. If (a) any payment of principal of any LIBOR Loan is made by
the Borrower to or for the account of a Lender other than on the last day of the Interest Period for such LIBOR Loan as a result of a payment or conversion pursuant to Section 2.5, 2.6, 2.10, 5.1, 5.2 or 14.7, as a result of acceleration of the
maturity of the Loans pursuant to Section 12 or for any other reason, (b) any Borrowing of LIBOR Loans is not made as a result of a withdrawn Notice of Borrowing, (c) any ABR Loan is not converted into a LIBOR Loan as a result of a
withdrawn Notice of Conversion or Continuation, (d) any LIBOR Loan is not continued as an LIBOR Loan, as the case may be, as a result of a withdrawn Notice of Conversion or Continuation or (e) any prepayment of principal of any LIBOR Loan
is not made as a result of a withdrawn notice of prepayment pursuant to Section 5.1 or 5.2, the Borrower shall, after receipt of a written request by such Lender (which request shall set forth in reasonable detail the basis for requesting such
amount), pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that such Lender may reasonably incur as a result of such payment, failure to
convert, failure to continue or failure to prepay, including any loss, cost or expense (excluding loss of anticipated profits) actually incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund
or maintain such LIBOR Loan. 
 2.12. Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise
to the operation of Section 2.10(a)(i), 2.10(a)(ii), 2.10(b), 3.5 or 5.4 with respect to such Lender, it will, if requested by the Borrower use reasonable efforts (subject to overall policy considerations of such Lender) to designate another
lending office for any Loans affected by such event; provided that such designation is made on such terms that such Lender and its lending office suffer no economic, legal or regulatory disadvantage, with the object of avoiding the
consequence of the event giving rise to the operation of any such Section. Nothing in this Section 2.12 shall affect or postpone any of the obligations of the Borrower or the right of any Lender provided in Section 2.10, 3.5 or 5.4. 

2.13. Notice of Certain Costs. Notwithstanding anything in this Agreement to the contrary, to the extent any notice required by
Section 2.10, 2.11, 3.5 or 5.4 is given by any Lender more than 90 days after such Lender has knowledge (or should have had knowledge) of the occurrence of the event giving rise to the additional cost, reduction in amounts, loss, tax or other
additional amounts described in such Sections, such Lender shall not be entitled to compensation under Section 2.10, 2.11, 3.5 or 5.4, as the case may be, for any such amounts incurred or accruing prior to the 91st day prior to the giving of
such notice to the Borrower. 
 2.14. Inability to Determine Rates. 

(a) If prior to the commencement of any Interest Period for a LIBOR Rate Borrowing: 

(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist for ascertaining the LIBO Rate for such Interest Period; or 
 (ii) the Administrative Agent is
advised by the Required Lenders that the LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by facsimile, telephone or electronic means as promptly as practicable
thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Notice of Conversion or Continuation that requests the conversion of any Borrowing
to, or continuation of any Borrowing as, a LIBO Rate Borrowing shall be ineffective and such Borrowing shall be converted to or continued as on the last day of the Interest Period applicable thereto an ABR Borrowing, and (ii) if any Notice of
Borrowing requests a LIBO Rate Borrowing, such Borrowing shall be made as an ABR Borrowing. 

  
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 (b) Notwithstanding anything to the contrary in this Agreement or the other Credit
Documents, if at any time there ceases to exist a LIBO Rate or other interbank rate in the London Market regulated or otherwise overseen or authorized by the ICE Benchmark Administration or U.K. Financial Conduct Authority for interest periods
greater than one (1) Business Day or the Administrative Agent determines in good faith (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 2.14(a)(i) or (ii) above have
arisen and such circumstances are unlikely to be temporary or (ii) the circumstances above have not arisen but the supervisor for the administrator of the LIBO Rate or a Governmental Authority having jurisdiction over the Administrative Agent
has made a public statement identifying a specific date after which the LIBO Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of
interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for fixed periods for syndicated loans in the United States at such time, and they shall enter into an amendment to
the Credit Documents to reflect such alternate rate of interest and such other related changes as may be applicable and that are agreed by the Borrower and the Administrative Agent at such time, and shall include any technical, administrative or
operational changes that the Administrative Agent reasonably requests and that are acceptable to the Borrower to reflect the adoption and implementation of such alternate rate of interest and to permit the administration thereof by the
Administrative Agent in a manner substantially consistent with market practice; provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. Notwithstanding anything
to the contrary in the Credit Documents, such amendment shall become effective without any further action or consent of any other party to Credit Documents so long as the Administrative Agent shall not have received, within five (5) Business
Days of the date that notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that they object to such amendment. 

2.15. [Reserved]. 
 2.16.
MIRE Event. Notwithstanding anything to the contrary herein, the making, increasing, extension or renewal of any Loans pursuant to this Agreement shall be subject to flood insurance due diligence and flood insurance compliance in accordance
with Section 9.3(c) hereto and shall otherwise be reasonably satisfactory to the Administrative Agent and the Lenders. 
 SECTION 3.
Priority and Liens. 
 3.1. DIP Liens. Subject to the Carve Out, the Obligations shall be secured by valid, binding,
continuing enforceable, fully-perfected, non-avoidable, automatically and properly perfected Liens on, and security interests in (such liens and security interests, the “DIP Liens”), all
present and after acquired property (whether tangible, intangible, real, personal or mixed) of the DIP Debtors wherever located, including, without limitation, all accounts, as-extracted collateral, deposit
accounts, cash and cash equivalents, inventory, equipment, capital stock in subsidiaries of the DIP Debtors, and the proceeds thereof, investment property, instruments, chattel paper, real estate, leasehold rights and leasehold interests, contracts,
patents, copyrights, trademarks and other general intangibles, and all products and proceeds thereof, including proceeds from any directors/officers’ insurance policies, and including (i) to the maximum extent permitted by law, all rights
incident or appurtenant to the FCC Licenses and the right to receive all proceeds derived from or in connection with the sale, assignment or transfer of the FCC Licenses, (ii) the C-Band Payments and
(iii) the Avoidance Proceeds (all such property, the “DIP Collateral”) as follows: 
 (a) Pursuant to Bankruptcy Code
section 364(c)(2), be secured by a valid, binding, continuing, enforceable, fully-perfected first priority senior security interest in and Lien upon all prepetition and postpetition property of the DIP Debtors, whether existing on the Petition Date
or thereafter acquired, that, on or as of the Petition Date is not subject to valid, perfected and non-avoidable Liens (or perfected after the Petition Date to the extent permitted by Bankruptcy Code section
546(b)), including, without limitation, any unencumbered cash of the DIP Debtors (whether maintained with any Agent or otherwise) and any investment of such cash, accounts, inventory, good, contract rights, mineral rights, instruments, documents,
chattel paper, patents, trademarks, copyrights, and licenses therefor, accounts receivable, receivables and receivables records, general intangible, payment intangibles, tax or other refunds, insurance proceeds, letters of credit, intercompany
claims, contracts, owned real estate, real property leaseholds, fixtures, deposit accounts, commercial tort claims, securities accounts, instruments, investment property,
letter-of-credit rights, supporting obligations, vehicles, machinery and equipment, real property, leases (and proceeds from the disposition thereof), all of the issued
and outstanding capital stock of each DIP Debtor, other equity or ownership interests, including equity interests in subsidiaries and non-wholly owned subsidiaries, money, investment property, causes of action
(including the Avoidance Proceeds), and all cash and non-cash proceeds, rents, products, substitutions, accessions, profits and supporting obligations of any of the collateral described above, whether in
existence on the Petition Date or thereafter created, acquired, or arising and wherever located, subject only to the Carve Out; 

  
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 (b) Pursuant to section 364(d)(1) of the Bankruptcy Code, a valid, binding, continuing,
enforceable, fully perfected first priority priming security interest and Lien (the “Priming Liens”) on all prepetition and postpetition property of the DIP Debtors of the same nature, scope, and type as the collateral securing the
Prepetition Secured Debt (the “Prepetition Collateral”) whether in existence on the Petition Date or thereafter created, acquired, or arising and wherever located, that is subject to any of the Liens securing the obligations under
the Prepetition Secured Debt (the “Prepetition Liens”), regardless of whether or not any Prepetition Liens on the assets are voided, avoided, invalidated, lapsed, or unperfected subject only to the Carve Out. The Priming Liens shall
prime in all respects the Liens and security interests of the Prepetition Secured Parties, with respect to the Prepetition Secured Debt (including, without limitation, the Prepetition Liens and the Adequate Protection Liens granted to the
Prepetition Secured Parties) (the “Primed Liens”). Notwithstanding anything herein to the contrary, the Priming Liens (i) shall be subject and junior to the Carve Out in all respects, (ii) shall be senior in all respects
to the Prepetition Liens and (iii) shall also be senior to the Adequate Protection Liens; 
 (c) Pursuant to section 364(c)(3) of the
Bankruptcy Code, be secured by a valid, binding, continuing, enforceable, fully perfected junior priority security interest and Lien on all prepetition and postpetition property of the DIP Debtors to the extent that such assets are subject to valid,
perfected and unavoidable Liens in favor of third parties that were in existence immediately prior to the Petition Date (other than the Primed Liens), or to valid and unavoidable Liens in favor of third parties that were in existence immediately
prior to the Petition Date that were perfected subsequent to the Petition Date as permitted by Section 546(b) of the Bankruptcy Code (other than Primed Liens), which Liens shall be (a) junior and subordinate to any such valid, perfected,
and non-avoidable Liens (other than Primed Liens) in existence immediately prior to the Petition Date and/or (b) any such valid and non-avoidable Liens in existence
immediately prior to the Petition Date that are perfected subsequent to the Petition Date as permitted by section 546(b) of the Bankruptcy Code; provided that nothing in the foregoing shall limit the rights of the DIP Secured Parties under the DIP
Documents to the extent any such Liens are not permitted thereunder; and 
 (d) Pursuant to section 364(c)(1) of the Bankruptcy Code, all of
the Obligations shall constitute allowed superpriority administrative expense claims against the DIP Debtors on a joint and several basis (without the need to file any proof of claim) with priority over any and all claims against the DIP Debtors,
now existing or hereafter arising, of any kind whatsoever, including, without limitation, all administrative expenses of the kind specified in sections 503(b) and 507(b) of the Bankruptcy Code and any and all administrative expenses or other claims
(“Administrative Expense Claims”) arising under sections 105, 326, 327, 328, 330, 331, 365, 503(b), 506(c), 507(a), 507(b), 726, 1113, or 1114 of the Bankruptcy Code (including the Adequate Protection Obligations), whether or not
such expenses or claims may become secured by a judgment Lien or other non-consensual Lien, levy, or attachment, which allowed claims (the “DIP Superpriority Claims”) shall for purposes of
section 1129(a)(9)(A) of the Bankruptcy Code be considered administrative expenses allowed under section 503(b) of the Bankruptcy Code, and which DIP Superpriority Claims shall be payable from and have recourse to all prepetition and postpetition
property of the DIP Debtors and all proceeds thereof (excluding claims and causes of action under sections 502(d), 544, 545, 547, 548, and 550 of the Bankruptcy Code, or any other avoidance actions under the Bankruptcy Code (collectively,
“Avoidance Actions”) but including any proceeds or property recovered, unencumbered, or otherwise, from Avoidance Actions, whether by judgment, settlement, or otherwise (“Avoidance Proceeds”)) in accordance with the
other DIP Documents, subject only to the Carve Out. The DIP Superpriority Claims shall be entitled to the full protection of section 364(e) of the Bankruptcy Code if the Final DIP Order or any provision hereof is vacated, reversed, or modified, on
appeal or otherwise; 
 3.2. Primed Liens. The Priming Liens (i) shall be subject and junior to the Carve Out in all respects,
(ii) shall be senior in all respects to the interests in such property that secures the obligations in respect of the Primed Liens (such holders, as applicable, the “Primed Parties”) and (iii) shall be senior to any Liens
granted after the Petition Date to provide adequate protection in respect of any of the Primed Liens. The Primed Liens shall be primed by and made subject and subordinate to the Carve Out and the Priming Liens, but the Priming Liens shall not prime
Liens, if any, to which the Prepetition Liens are subject to on the Petition Date (other than Liens which are themselves Prepetition Liens). 

  
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 3.3. Lien Priority and Perfection. The relative priorities of the Liens described in
this Section 3 with respect to the Collateral shall be as set forth in the Final DIP Order and the Security Agreement. In accordance with the Final DIP Order, all of the Liens described in this Section 3 shall be effective and perfected
upon entry of the Final DIP Order, without the necessity of the execution, recordation or filings by the Credit Parties of security agreements, control agreements, pledge agreements, mortgages, intellectual property filings, notice of Liens,
financing statements or other similar instruments or documents, or the possession or control by the Collateral Agent of, or over, any Collateral, or take any other action in order to validate or perfect the Liens and security interests granted by or
pursuant to this Agreement, the Final DIP Order or any other Credit Document, as set forth in the Final DIP Order; provided, however, subject to the terms hereof, such effectiveness and perfection shall not preclude the Collateral Agent or the
Required Lenders from requesting such execution, recordation or filing that the Collateral Agent or the Required Lenders may deem desirable (including any security documents or actions under laws of the applicable foreign jurisdictions). 

3.4. Real Estate Liens. Further to Section 3.1 and the Final DIP Order, to secure the full and timely payment and performance of
the Obligations, each Credit Party hereby MORTGAGES, GRANTS, BARGAINS, ASSIGNS, SELLS, CONVEYS and CONFIRMS, to the Collateral Agent, for the benefit of the Agents and the ratable benefit of the Secured Parties, the Real Estate and property and
interests relating thereto (which, for the avoidance of doubt, shall include all of such Credit Party’s right, title and interest now or hereafter acquired in and to (A) all improvements now owned or hereafter acquired by such Credit
Party, (B) all materials, supplies, equipment, apparatus and other items of personal property now owned or hereafter acquired by such Credit Party and now or hereafter attached to, installed in or used in connection with the Real Estate, and
all utilities whether or not situated in easements, and all equipment, inventory and other goods in which such Credit Party now has or hereafter acquires any rights or any power to transfer rights and that are or are to become fixtures (as defined
in the Uniform Commercial Code) related to the Real Estate, (C) [reserved], (D) all reserves, escrows or impounds and all deposit accounts maintained by such Credit Party with respect to the Real Estate, (E) all leases, licenses, concessions,
occupancy agreements or other agreements (written or oral, now or at any time in effect) which grant to any Person a possessory interest in, or the right to use, all or any part of the Real Estate, together with all related security and other
deposits, (F) all of the rents, revenues, royalties, income, proceeds, profits, accounts receivable, security and other types of deposits, and other benefits paid or payable by parties to the leases for using, leasing, licensing possessing,
operating from, residing in, selling or otherwise enjoying the Real Estate, (G) all other agreements, such as construction contracts, architects’ agreements, engineers’ contracts, utility contracts, maintenance agreements, management
agreements, service contracts, listing agreements, guaranties, warranties, permits, licenses, certificates and entitlements in any way relating to the construction, use, occupancy, operation, maintenance, enjoyment or ownership of the Real Estate,
(H) all rights, privileges, tenements, hereditaments, rights-of-way, easements, appendages and appurtenances appertaining to the foregoing, (I) all property
tax refunds payable with respect to the Real Estate, (J) all accessions, replacements and substitutions for any of the foregoing and all proceeds thereof, (K) all insurance policies, unearned premiums therefor and proceeds from such
policies covering any of the above property now or hereafter acquired by such Credit Party as an insured party, and (L) all awards, damages, remunerations, reimbursements, settlements or compensation heretofore made or hereafter to be made to
any Credit Party by any governmental authority pertaining to any condemnation or other taking (or any purchase in lieu thereof) of all or any Real Estate), TO HAVE AND TO HOLD to the Collateral Agent, and such Credit Party does hereby bind itself,
its successors and assigns to WARRANT AND FOREVER DEFEND the title to such property, assets and interests unto the Collateral Agent. 
 3.5.
No Discharge; Survival of Claims. Each of the Credit Parties agrees that prior to Payment in Full of the Obligations and termination of the Commitments, (a) its obligations under the Credit Documents shall not be discharged by the entry
of an order confirming a Reorganization Plan (and each of the Credit Parties, pursuant to Section 1141(d)(4) of the Bankruptcy Code, hereby waives any such discharge) and (b) the DIP Superpriority Claims granted to the Agents and the
Lenders pursuant to the Final DIP Order and the DIP Liens granted to the Agents and the Lenders pursuant to the Final DIP Order shall not be affected in any manner by the entry of an order confirming a Reorganization Plan. 

3.6. Payment of Obligations. Subject to the Final DIP Order, upon the maturity (whether by acceleration or otherwise) of any of the
Obligations of the Credit Parties under this Agreement or any of the other Credit Documents, the Agents and the Lenders shall be entitled to immediate payment of such Obligations without further application to or order of the Bankruptcy Court. 

  
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 SECTION 4. Fees; Commitments. 

4.1. Fees. 
 (a) The
Borrower agrees to pay to the Administrative Agent for the ratable account of the Lenders entitled thereto, an upfront payment (the “Upfront Payment”) in cash (which, at the discretion of the Required Lenders (with written notice
provided to the Administrative Agent), may take the form of original issue discount) in an amount equal to 0.75% of (the “Upfront Payment Percentage”) of (i) the aggregate principal amount of the Term Loans funded hereunder in
respect of the first Borrowing referred to in Section 2.2, which first Upfront Payment shall be earned, due and payable on the date of such first Borrowing and calculated by multiplying the Upfront Payment Percentage by the aggregate principal
amount of Term Loans funded by such Lender on the date of such first Borrowing and (ii) the aggregate principal amount of the Term Loans funded hereunder in respect of the second Borrowing referred to in Section 2.2, which second Upfront
Payment shall be earned, due and payable on the date of such second Borrowing and calculated by multiplying the Upfront Payment Percentage by the aggregate principal amount of the Term Loans funded by such Lender on the date of such second
Borrowing; provided that notwithstanding the foregoing, for the avoidance of doubt no applicable original issue discount shall reduce the amount of Obligations required to be prepaid or repaid with respect to the Loans owing hereunder. If any Lender
shall fail to fund its Term Loan Commitment upon satisfaction of all applicable conditions precedent, the Upfront Payment with respect to such unfunded amount of the Term Loan Commitment shall be reallocated to any Lender that funds such unfunded
Amount. 
 (b) The Borrower agrees to pay on the Closing Date to the Administrative Agent for the ratable account of the Lenders entitled
thereto, a supplemental upfront payment in cash (which, at the discretion of the Required Lenders (with written notice provided to the Administrative Agent), may take the form of original issue discount) in an amount equal to 0.685% of the aggregate
principal amount of the Term Loan Commitments on the Closing Date prior to the funding of any Term Loans. 
 (c) The Borrower agrees to pay
to the Administrative Agent for the ratable account of the Lenders entitled thereto, (i) on the last day of each month prior to the Commitment Termination Date and (ii) on the Commitment Termination Date, a ticking fee with respect to the
then Available Term Loan Commitments (the “Ticking Fee”), in arrears, in cash equal to 3.60% per annum multiplied by the amount of the Available Term Loan Commitments accruing from the Final DIP Order Entry Date for any period then
ending for which the Ticking Fee shall not have previously been paid. 
 (d) If the Borrower shall elect to exercise the Maturity Extension,
the Borrower shall pay, to the Administrative Agent for the ratable account of the Lenders entitled thereto, on the date of such election, as fee compensation for such extension of the Scheduled Maturity Date of the Term Loans, an extension fee (the
“Maturity Extension Fee”) in cash in an amount equal to 0.10% of the sum of (i) the aggregate principal amount of the Term Loans then outstanding and (ii) the aggregate amount of the then Available Term Loan Commitments.

 (e) The Borrower agrees to pay the Agents, for their own account, fees payable in the amounts and at the times separately agreed upon
between the Borrower and the applicable Agents (including pursuant to the Administrative Agent Fee Letter). 
 (f) All fees shall be paid on
the dates due, in immediately available funds, to the Administrative Agent for appropriate distribution in accordance herewith. Once paid, none of the fees shall be refundable under any circumstances. Notwithstanding the foregoing, the Borrower
shall not be obligated to pay any amounts to any Defaulting Lender pursuant to this Section 4.1. 
 4.2. Voluntary Reduction of Term
Loan Commitments. Upon at least one Business Day’s prior written notice to the Administrative Agent at the Administrative Agent’s Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the
Borrower (on behalf of itself) shall have the right, without premium or penalty, on any day, permanently to terminate or reduce the Term Loan Commitments in whole or in part; provided that (a) any such reduction shall apply
proportionately and permanently to reduce the Term Loan Commitment of each of the Lenders and (b) any partial reduction pursuant to this Section 4.2 shall be in the amount of at least $5,000,000. 

  
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 4.3. Mandatory Termination of Commitments. 

(a) The Term Loan Commitments shall be permanently reduced dollar for dollar at the time of funding of any Term Loans thereunder and terminate
on the Commitment Termination Date. 
 (b) The Term Loan Commitments shall be reduced pursuant to Section 5.2(a)(ii) below. 

(c) The Term Loan Commitments shall terminate on the date when any DIP Debtors file a motion with the Bankruptcy Court for an alternative debtor-in-possession financing or use of cash collateral not contemplated by the Final DIP Order. 

SECTION 5. Payments. 

5.1. Voluntary Prepayments. The Borrower shall have the right to prepay Term Loans, without premium or penalty, in whole or in part
from time to time on the following terms and conditions and subject to clause (b) and (c) below: (a) the Borrower shall give the Administrative Agent and at the Administrative Agent’s Office written notice of its intent to make such
prepayment, the amount of such prepayment and (in the case of LIBOR Loans) the specific Borrowing(s) pursuant to which made, which notice shall be given by the Borrower no later than (i) 10:00 a.m. (New York City time) one Business Day (or, in the
case of LIBOR Loans, three (3) Business Days) prior to, the date of such prepayment and shall promptly be transmitted by the Administrative Agent to each of the Lenders; (b) each partial prepayment of any Borrowing of Term Loans shall be
in a multiple of $1,000,000 and in an aggregate principal amount of at least $5,000,000; and (c) any prepayment of LIBOR Term Loans pursuant to this Section 5.1 on any day other than the last day of an Interest Period applicable thereto
shall be subject to compliance by the Borrower with the applicable provisions of Section 2.11. At the Borrower’s election, prepayments of Terms Loans pursuant to this Section 5.1 may be applied pro rata among the Term Loans. Each
prepayment in respect of any tranche of Term Loans pursuant to this Section 5.1 shall be applied to reduce Term Loans in such order as the Borrower may determine. At the Borrower’s election in connection with any prepayment pursuant to
this Section 5.1, such prepayment shall not be applied to any Term Loan of a Defaulting Lender. 
 5.2. Mandatory Prepayments.

 (a) Term Loan Prepayments. 

(i) On each occasion that a Prepayment Event (other than a C-Band Prepayment Event) occurs, the
Borrower shall, within one Business Day after the occurrence of a Debt Incurrence Prepayment Event and within five Business Days after the occurrence of any other Prepayment Event (other than a C-Band
Prepayment Event) and the receipt of Net Cash Proceeds by the Borrower or any Restricted Subsidiary in connection with such Prepayment Event, prepay, in accordance with paragraph (c) below, the principal amount of Term Loans in an amount equal
to 100% of the Net Cash Proceeds from such Prepayment Event; provided that any proceeds received in escrow shall not be deemed to be received for purposes of this Section 5.2(a) until such proceeds are released from escrow. 

(ii) No later than the tenth Business Day of each month occurring after February 1, 2022, the Borrower shall, first, reduce the
then Available Term Loan Commitment in an amount equal to 100% of the Net Cash Proceeds of the C-Band Sweep Payment from all C-Band Prepayment Events that occurred
during the prior month; and second, to the extent the then Available Term Loan Commitment equals zero ($0), prepay the principal amount of Term Loans in an amount equal to 100% of the Net Cash Proceeds of the
C-Band Sweep Payment from all C-Band Prepayment Events that occurred during the prior month (minus the amount of the Net Cash Proceeds of the C-Band Sweep Payment from the applicable C-Band Prepayment Event that shall have reduced the then Available Term Loan Commitments pursuant to the preceding “first”
clause), in each case, in accordance with paragraph (c) below; provided that any proceeds received by the Borrower or any Restricted Subsidiary in escrow shall not be deemed to be received for purposes of this Section 5.2(a)(ii)
until such proceeds are released to the Borrower or any Restricted Subsidiary from escrow; provided further that, notwithstanding the foregoing, with respect to each individual month, making the full amount of any such required
commitment reduction or prepayment shall only be required to the extent that, after giving pro forma effect to such commitment reduction and/or prepayment, the Liquidity of the Credit Parties on the third Business Day prior to the date of such
commitment reduction or prepayment would be greater than or equal to $500,000,000 with such required commitment reduction and/or prepayment amount being reduced for each month to permit the DIP Debtors to maintain pro forma Liquidity of
$500,000,000; provided, that the aggregate amount of mandatory prepayments and commitment reductions pursuant to this Section 5.2(a)(ii) shall not exceed $1,000,000,000. 

  
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 (b) [Reserved]. 

(c) Application of Prepayment Amounts. Each prepayment of Term Loans and reduction of Available Term Loan Commitments required by
Section 5.2(a) shall be applied pro rata among the Term Loans and the Available Term Loan Commitments, as the case may be. With respect to each such prepayment or commitment reduction, the Borrower will, not later than the date specified in
Section 5.2(a) for making such prepayment or commitment reduction, give the Administrative Agent written notice requesting that the Administrative Agent provide notice of such prepayment or commitment reduction to each applicable Lender. 

(d) Application to Term Loans. With respect to each prepayment of Term Loans required by Section 5.2(a), the Borrower may
designate the Types of Loans that are to be prepaid and the specific Borrowing(s) pursuant to which made. In the absence of a designation by the Borrower as described in the preceding sentence, the Administrative Agent shall, subject to the above,
make such designation in its reasonable discretion with a view, but no obligation, to minimize breakage costs owing under Section 2.11. 

(e) [Reserved]. 
 (f)
[Reserved]. 
 (g) Notwithstanding anything to the contrary contained in this Section 5.2 or elsewhere in this Agreement
(including, without limitation, in Section 14.1), each Lender with outstanding Term Loans or Available Term Loan Commitments may reject all (but not less than all) of its applicable share of a mandatory repayment of Term Loans or commitment
reduction of the Available Term Loan Commitments which is to be made pursuant to Section 5.2 (such declined amounts, the “Declined Proceeds”) by providing written notice to the Administrative Agent no later than 4:00 P.M. (New
York time) on the date which is two Business Days after the date of such notice from the Administrative Agent (and the Administrative Agent shall promptly thereafter notify the Borrower thereof). If any Lender with outstanding Term Loans or
Available Term Loan Commitments does not reply to the Administrative Agent within such two Business Day period, such Lender will be deemed to have accepted the total amount of such mandatory prepayment or commitment reduction. Any Declined Proceeds
shall be retained by the Borrower. 
 5.3. Method and Place of Payment. 

(a) Except as otherwise specifically provided herein, all payments under this Agreement shall be made by the Borrower, without set-off, counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of the Lenders entitled thereto, not later than 12:00 Noon (New York City time) on the date when due and shall be
made in immediately available funds at the Administrative Agent’s Office or at such other office as the Administrative Agent shall specify for such purpose by notice to the Borrower, it being understood that written or facsimile notice by the
Borrower to the Administrative Agent to make a payment from the funds in the Borrower’s account at the Administrative Agent’s Office shall constitute the making of such payment to the extent of such funds held in such account. All payments
under each Credit Document (whether of principal, interest or otherwise) shall be made in Dollars. The Administrative Agent will thereafter cause to be distributed on the same day (if payment was actually received by the Administrative Agent prior
to 2:00 p.m. (New York City time) on such day) like funds relating to the payment of principal or interest or Fees ratably to the Lenders entitled thereto. 

(b) Any payments under this Agreement that are made later than 2:00 p.m. (New York City time) shall be deemed to have been made on the next
succeeding Business Day. Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal,
interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension. 

  
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 5.4. Net Payments. 

(a) Any and all payments made by or on behalf of any Credit Party under this Agreement or any other Credit Document shall be made free and
clear of, and without deduction or withholding for or on account of, any Indemnified Taxes; provided that if any Credit Party or other applicable withholding agent shall be required by law to deduct or withhold any Indemnified Taxes from such
payments, then (i) the sum payable by the applicable Credit Party shall be increased as necessary so that after all required deductions and withholdings have been made (including deductions or withholdings applicable to additional sums payable
under this Section 5.4) the Administrative Agent or any Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the applicable withholding agent shall
make such deductions or withholdings and (iii) the applicable withholding agent shall pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law. Whenever any Indemnified Taxes are payable
by any Credit Party, as promptly as possible thereafter, the Borrower shall send to the Administrative Agent for its own account or for the account of such Lender, as the case may be, a certified copy of an original official receipt (or other
evidence acceptable to such Lender, acting reasonably) received by the applicable Credit Party showing payment thereof. 
 (b) Borrower
shall timely pay any Other Taxes. 
 (c) Borrower shall indemnify and hold harmless the Administrative Agent and each Lender within 15
Business Days after written demand therefor, for the full amount of any Indemnified Taxes imposed on the Administrative Agent or such Lender as the case may be, on or with respect to any payment by or on account of any obligation of any Credit Party
hereunder or under any other Credit Document and any Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 5.4) and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or by the
Administrative Agent on its own behalf or on behalf of a Lender shall be conclusive absent manifest error. 
 (d) A Lender that is entitled
to an exemption from or reduction in a withholding tax imposed under the laws of Luxembourg with respect to any payments under this Agreement or any other Credit Document shall deliver to the Borrower and the Administrative Agent, at the time or
times reasonably requested by the Borrower or the Administrative Agent such properly completed and executed documentation as will permit such payments to be made without withholding or at a reduced rate; provided that such Lender is legally
entitled to complete, execute and deliver such documentation. To the extent it is legally entitled to do so, each Lender agrees to use reasonable efforts (consistent with legal and regulatory restrictions and subject to overall policy considerations
of such Lender) to file or deliver to the Borrower and the Administrative Agent any certificate or document, as reasonably requested by the Borrower or the Administrative Agent, that may be necessary to establish any available exemption from, or
reduction in the amount of, any withholding taxes imposed by a jurisdiction other than Luxembourg; provided, however, that a Lender shall not be required to file or deliver any such certificate or document if in such Lender’s
reasonable judgment such completion, execution or delivery would be disadvantageous to such Lender or would subject such Lender to any unreimbursed cost. 

(e) If the Borrower determines in good faith that a reasonable basis exists for contesting any taxes for which indemnification has been
demanded hereunder, the relevant Lender or the Administrative Agent, as applicable, shall cooperate with the Borrower in challenging such taxes at the Borrower’s expense if so requested by the Borrower. If any Lender or the Administrative
Agent, as applicable, receives a refund of a tax (in cash or applied as an offset against other cash tax liabilities) for which a payment has been made by any Credit Party pursuant to this Agreement, which refund in the good faith judgment of such
Lender or Administrative Agent, as the case may be, is attributable to such payment made by such Credit Party, then the Lender or the Administrative Agent, as the case may be, shall reimburse the Borrower for such amount (together with any interest
received thereon) as the Lender or Administrative Agent, as the case may be, determines to be the proportion of the refund as will leave it, after such reimbursement, in no better or worse position (taking into account expenses or any taxes imposed
on the refund) than it would have been in if the payment had not been required; provided that the Borrower shall return any such amounts (along with any applicable interest) to the extent that the Administrative Agent or applicable Lender is
required to repay any such refund to the applicable taxing authority. A Lender or Administrative Agent shall claim any refund that it determines is available to it, unless it concludes in its reasonable discretion that it would be adversely affected
by making such a claim. Neither the Lender nor the Administrative Agent shall be obliged to disclose any information regarding its tax affairs or computations to the Borrower in connection with this paragraph (e) or any other provision of this
Section 5.4. 

  
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 (f) The agreements in this Section 5.4 shall survive the termination of this Agreement
and the payment of the Loans and all other amounts payable hereunder. 
 5.5. Computations of Interest and Fees. 

(a) Interest on (x) LIBOR Loans shall be calculated on the basis of a 360-day year and
(y) ABR Loans shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. 

(b) The Ticking Fee shall be calculated on the basis of a 360-day year, and all other fees shall be
calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. 

5.6. Limit on Rate of Interest. 

(a) No Payment Shall Exceed Lawful Rate. Notwithstanding any other term of this Agreement, the Borrower shall not be obliged to pay any
interest or other amounts under or in connection with this Agreement in excess of the amount or rate permitted under or consistent with any applicable law, rule or regulation. 

(b) Payment at Highest Lawful Rate. If the Borrower is not obliged to make a payment which it would otherwise be required to make, as a
result of Section 5.6(a), the Borrower shall make such payment to the maximum extent permitted by or consistent with applicable laws, rules and regulations. 

(c) Adjustment if Any Payment Exceeds Lawful Rate. If any provision of this Agreement or any of the other Credit Documents would
obligate the Borrower to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by any applicable law, rule or regulation, then notwithstanding such provision, such amount or
rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law, such adjustment to be effected, to the extent necessary, by reducing the amount
or rate of interest required to be paid by the Borrower to the affected Lender under Section 2.8. 
 Notwithstanding the foregoing, and after giving
effect to all adjustments contemplated thereby, if any Lender shall have received from the Borrower an amount in excess of the maximum permitted by any applicable law, rule or regulation, then the Borrower shall be entitled, by notice in writing to
the Administrative Agent to obtain reimbursement from that Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by that Lender to the Borrower. 

SECTION 6. Conditions Precedent to Effectiveness on the Closing Date. 

The effectiveness of this Agreement on the Closing Date shall be subject to the prior or concurrent satisfaction of the Required Lenders of
each of the conditions precedent set forth in this Section 6 (or waiver thereof in accordance with Section 14.1). 
 6.1.
Executed Counterparts of this Agreement. The Administrative Agent and counsels to the Jackson Ad Hoc Group and Jackson Crossover Ad Hoc Group shall have received this Agreement, duly executed by (A) each Lender, (B) each Credit
Party and (C) each of the other parties hereto. 
 6.2. [Reserved.] 

6.3. Corporate and Other Proceedings. The Administrative Agent and counsels to the Jackson Ad Hoc Group and Jackson Crossover Ad Hoc
Group shall have received from each Credit Party a certificate, executed by an officer of such Credit Party in form and substance reasonably satisfactory to the Required Lenders, attaching: (i) a copy of the resolutions, in form and substance
reasonably satisfactory to the Required Lenders, of the board of 

  
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directors (or similar body) of such Credit Party (or a duly authorized committee thereof) authorizing (A) the execution, delivery and performance of this Agreement and the Security Documents
to which such Credit Party is party (and any other agreements relating thereto) and (B) in the case of the Borrower, the extensions of credit contemplated hereunder; (ii) the certificate of incorporation and bylaws (or memorandum and
articles, or other documents of similar import pursuant to the laws of such Credit Party’s jurisdiction of organization) of such Credit Party; and (iii) except with respect to Intelsat Finance Bermuda Ltd., a certificate of good standing
(or such other document of similar import as may be reasonably acceptable to the Required Lenders) with respect to such Credit Party from the secretary of state (or comparable body) of the jurisdiction in which such Credit Party is organized, dated
as of a recent date. 
 6.4. Opinions of Counsel. The Administrative Agent shall have received (i) a legal opinion from
Kirkland & Ellis LLP, counsel to the Borrower and (ii) a legal opinion from Elvinger Hoss Prussen société anonyme, Luxembourg counsel to the Borrower, in each case, in form and substance
reasonable satisfactory to the Required Lenders. 
 6.5. Promissory Notes. Each applicable Lender shall have received, if requested
at least two (2) Business Days prior to the Closing Date, one or more promissory notes payable to the order of such Lender duly executed by the Borrower in substantially the form of Exhibits E evidencing its Term Loans. 

6.6. Fees. The Administrative Agent and Lenders shall have received the fees required to be paid on or prior to the Closing Date and
all reasonable, documented and invoiced out-of-pocket expenses (including the reasonable fees, disbursements and other charges of (i) Akin Gump Strauss
Hauer & Feld LLP, as counsel to the Jackson Ad Hoc Group, (ii) Centerview Partners, as financial advisors to the Jackson Ad Hoc Group, (iii) Jones Day, as counsel to the Jackson Crossover Ad Hoc Group and (iv) Houlihan Lokey
Capital, Inc., as financial advisors to the Jackson Crossover Ad Hoc Group) for which invoices have been presented at least one (1) Business Days prior to the Closing Date shall have been paid. 

6.7. Collateral. The Administrative Agent and counsels to the Jackson Ad Hoc Group and Jackson Crossover Ad Hoc Group shall have
received (in each case in form and substance reasonably satisfactory to the Required Lenders): 
 (a) the duly executed Security Agreement;

 (b) UCC financing statements in appropriate form for filing under the UCC and such other documents under applicable Requirements of Law
in each jurisdiction as may be, in the opinion of the Required Lenders, reasonably desirable to perfect the Liens created, or purported to be created, by the Security Documents; and 

(c) evidence (including a customary perfection certificate) that all other actions, recordings and filings that the Collateral Agent may deem
desirable shall have been taken, completed or otherwise provided for in a manner reasonably satisfactory to the Required Lenders; 
 provided, however, that
without limiting the grant of a Lien on and security interest in the Collateral pursuant to the Final DIP Order and the Security Documents, with respect to and solely with respect to the occurrence of the Closing Date, (x) the Credit Parties
will not be obligated to enter into any mortgages, authorize any fixture filing, enter into any agreement requiring “control” (as defined in Section 9-104,
9-105, 9-106 and 9-107 of the UCC as in effect in any relevant jurisdiction) or to undertake any registration in respect of
assets subject to a certificate of title and (y) no Credit Party shall be required to complete any filings or other action with respect to the perfection of security interests in any jurisdiction outside of the United States; provided, further,
that the preceding proviso shall not preclude the Agent or the Required Lenders from reasonably requesting such documents, filings or other actions after the Closing Date. 

6.8. Perfection Certificate. The Collateral Agent and counsels to Jackson Ad Hoc Group and Jackson Crossover Ad Hoc Group shall have
received a completed Perfection Certificate substantially in the form of Exhibit D, together with all attachments contemplated thereby, in form and substance reasonably satisfactory to the Required Lenders. 

  
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 6.9. Intercompany Subordination Agreement. The Administrative Agent and counsels to
the Jackson Ad Hoc Group and Jackson Crossover Ad Hoc Group shall have received a duly executed Intercompany Subordination Agreement substantially in the form of Exhibit I. 

6.10. Final DIP Order. The Final DIP Order Entry Date shall have occurred, and the Final DIP Order shall not have been vacated,
reversed, modified, amended or stayed. 
 6.11. Trustee. No trustee under Chapter 7 or Chapter 11 of the Bankruptcy Code or examiner
with enlarged powers beyond those set forth in Section 1106(a)(3) and (4) of the Bankruptcy Code shall have been appointed in any of the Cases. 

6.12. Material Adverse Effect. Since December 31, 2020, there shall have been no Material Adverse Effect. 

6.13. Patriot Act. The Administrative Agent and each Lender that has requested the same shall have received on or prior to the Closing
Date (i) all documentation and other information reasonably requested in writing by them at least ten (10) Business Days prior to the Closing Date that they shall have reasonably determined is required by the applicable regulatory
authorities to comply with applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and (ii) to the extent the Borrower qualifies as a “legal entity customer” under the
Beneficial Ownership Regulation, a Beneficial Ownership Certification to the extent requested in writing at least ten (10) Business Days prior to the Closing Date by the Administrative Agent or such Lender, as applicable. 

6.14. Liens. The Collateral Agent, for the benefit of the Secured Parties, shall have valid and perfected Liens on all Collateral, to
the extent contemplated hereby, and pursuant to the other Credit Documents, including the Final DIP Order, in each case, subject to the provisos at the end of Section 6.7. 

For purposes of determining whether the conditions set forth in this Section 6 have been satisfied, by releasing its signature page hereto, the
Administrative Agent and each Lender party hereto shall be deemed to have consented to, approved, accepted or be satisfied with each document or other matter required hereunder to be consented to or approved by, or acceptable or satisfactory to, the
Administrative Agent or such Lender, as the case may be. 
 SECTION 7. Conditions Precedent to All Credit Events. 

The agreement of each Lender to make any Loan requested to be made by it on or after the Closing Date is subject to the satisfaction of the
following conditions precedent: 
 7.1. No Default; Representations and Warranties. At the time of each Credit Event and also after
giving effect thereto (a) no Default or Event of Default shall have occurred and be continuing and (b) all representations and warranties made by any Credit Party contained herein or in the other Credit Documents shall be true and correct
in all material respects with the same effect as though such representations and warranties had been made on and as of the date of such Credit Event (except where such representations and warranties expressly relate to an earlier date, in which case
such representations and warranties shall have been true and correct in all material respects as of such earlier date). 
 7.2. Notice of
Borrowing. Prior to the making of each Term Loan, the Administrative Agent shall have received a written Notice of Borrowing meeting the requirements of Section 2.3. 

7.3. No Violation. The making of such Loan shall not violate any requirement of material Law applicable to the Credit Parties, after
giving effect to the Final DIP Order and any other order of the Bankruptcy Court entered on or prior to the date of the applicable Credit Extension, and shall not be enjoined, temporarily, preliminarily or permanently. 

  
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 7.4. Fees and Expenses. The Administrative Agent and the Lenders shall have received
the fees in the amounts previously agreed in writing by the Administrative Agent or otherwise pursuant to the Credit Documents, if any, on or prior to such date and all reasonable, documented and invoiced out-of-pocket expenses (including the reasonable fees, disbursements and other charges of counsel) payable by the Credit Parties for which, with respect to expenses, invoices have been presented at least one
(1) Business Day prior to such date shall have been paid; which amounts may be paid from the proceeds of the Term Loans funded on the date of such Borrowing unless required to be paid by the Borrower prior to such date. 

In determining the satisfaction of the conditions specified in this Section 7, each Borrowing shall be deemed to constitute a representation and warranty
by the Borrower on the date thereof as to the matters specified in Section 7.1. 
 SECTION 8. Representations, Warranties and
Agreements. 
 In order to induce the Lenders to enter into this Agreement, to make the Loans as provided for herein, each Credit Party,
on behalf of itself and its Restricted Subsidiaries, makes the following representations and warranties to, and agreements with, the Lenders, on the Closing Date and the date of each Credit Event, all of which shall survive the execution and
delivery of this Agreement and the making of the Loans: 
 8.1. Corporate Status. The Borrower and each Material Subsidiary
(a) is a duly organized and validly existing corporation or public limited liability company or private limited liability company (as applicable) or other entity in good standing (to the extent that concept exists in the relevant jurisdiction)
under the laws of the jurisdiction of its organization and, subject to the entry of the Final DIP Order and any other applicable orders of the Bankruptcy Court and subject to the terms thereof, has the corporate or other organizational power and
authority to own its property and assets and to transact the business in which it is engaged and (b) has duly qualified and is authorized to do business and is in good standing in all jurisdictions where it is required to be so qualified,
except where the failure to be so qualified could not reasonably be expected to result in a Material Adverse Effect. 
 8.2. Corporate
Power and Authority. Subject to the entry of the Final DIP Order and subject to the terms thereof, each Credit Party has the corporate or other organizational power and authority to, execute, deliver and carry out the terms and provisions of the
Credit Documents to which it is a party and has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of the Credit Documents to which it is a party. Subject to the entry of the Final DIP
Order and subject to the terms thereof, each Credit Party has duly executed and delivered each Credit Document to which it is a party and each such Credit Document which is currently in effect constitutes the legal, valid and binding obligation of
such Credit Party enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity subject
to mandatory Luxembourg law provisions. 
 8.3. No Violation. Subject to the entry of the Final DIP Order and subject to the terms
thereof, each Credit Party, neither the execution, delivery or performance by any Credit Party of the Credit Documents to which it is a party and which is currently in effect nor compliance with the terms and provisions thereof nor the consummation
of the transactions contemplated hereby or thereby will (a) contravene any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality, (b) except to
the extent arising under the documents governing the Prepetition Debt, result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to
create or impose) any Lien upon any of the property or assets of the Borrower or any of the Restricted Subsidiaries (other than Liens created under the Credit Documents) pursuant to, the terms of any material indenture (including the Indentures
governing the Prepetition Senior Notes and the Prepetition Secured Notes), loan agreement, lease agreement, mortgage, deed of trust, agreement or other material instrument to which the Borrower or any of the Restricted Subsidiaries is a party or by
which it or any of its property or assets is bound or (c) violate any provision of the certificate of incorporation, by-laws or other constitutional documents (to the extent applicable) of the Borrower or
any of the Restricted Subsidiaries. 
 8.4. Litigation. Except for the Cases, there are no actions, suits or proceedings (including
Environmental Claims) pending or, to the knowledge of the Borrower, threatened with respect to the Borrower or any of its Subsidiaries that could reasonably be expected to result in a Material Adverse Effect. 

  
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 8.5. Margin Regulations. Neither the making of any Loan hereunder nor the use of the
proceeds thereof will violate the provisions of Regulation T, U or X of the Board. 
 8.6. Governmental Approvals. Subject to the
entry of the Final DIP Order and subject to the terms thereof, the execution, delivery and performance of any Credit Document currently in effect does not require any consent or approval of, registration or filing with, or any other action by, any
Governmental Authority, except for (i) such as have been obtained or made and are in full force and effect, (ii) filings and recordings in respect of the Liens created pursuant to the Security Documents, (iii) filings with the United
States Patent and Trademark Office and the United States Copyright Office and comparable offices in foreign jurisdictions and equivalent filings in foreign jurisdictions, (iv) such FCC consents, approvals, registrations, and filings as may be
required in connection with the exercise of rights under the Security Documents following an Event of Default, (v) such FCC consents, approvals, registrations, and filings as may be required in the ordinary course of business of the Borrower
and its Subsidiaries in connection with the use of proceeds of the Loans hereunder, (vi) such licenses, approvals, authorizations and consents as may be required by the U.S. Department of State pursuant to the International Traffic in Arms
Regulations, the U.S. Department of Commerce pursuant to the Export Administration Regulations and the U.S. Department of Treasury pursuant to Foreign Asset Control Regulations in connection with the exercise of rights hereunder and under the
Security Documents following an Event of Default, and (vii) such licenses, approvals, authorizations or consents the failure to obtain or make could not reasonably be expected to have a Material Adverse Effect. 

8.7. Investment Company Act. The Borrower is not required to register as an “investment company” within the meaning of the
Investment Company Act of 1940, as amended. 
 8.8. True and Complete Disclosure. 

(a) None of the factual information and data (taken as a whole) heretofore or contemporaneously furnished by the Borrower, any of the
Subsidiaries or any of their respective authorized representatives in writing to the Administrative Agent and/or any Lender in connection with this Agreement for purposes of or in connection with this Agreement or any transaction contemplated herein
contained any untrue statement or omitted to state any material fact necessary to make such information and data (taken as a whole) not misleading at such time in light of the circumstances under which such information or data was furnished
(subject, in the case of quarterly or interim financial statements, to normal year-end audit adjustments), it being understood and agreed that for purposes of this Section 8.8(a), such factual information
and data shall not include projections and pro forma financial information. 
 (b) The DIP Budget has been based on good faith estimates and
assumptions believed by such Persons to be reasonable at the time made, it being recognized by the Lenders that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any
such projections may differ significantly from the projected results and such differences may be material. 
 8.9. Financial Condition;
Financial Statements. 
 (a) The Historical Financial Statements, in each case present or will, when provided, present fairly in all
material respects the combined financial position of the Borrower at the respective dates of said information, statements and results of operations for the respective periods covered thereby (subject, in the case of quarterly or interim financial
statements, to normal year-end audit adjustments). The financial statements referred to in clause (a) of this Section 8.9 have been prepared in accordance with GAAP consistently applied except to the
extent provided in the notes to said financial statements. 
 (b) There has been no Material Adverse Effect since the Closing Date. 

8.10. Tax Returns and Payments. 

(a) The Borrower and each of the Subsidiaries has filed all federal income tax returns and all other material tax returns, domestic and
foreign, required to be filed by it and has paid all material Taxes payable by it that have become due (including in its capacity as a withholding agent), other than those (a) not yet delinquent or (b) the payment of which are stayed by
the Cases, the nonpayment of which is permitted or required by the Bankruptcy Code 

  
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or that are contested in good faith as to which adequate reserves have been provided in accordance with GAAP and which could not reasonably be expected to result in a Material Adverse Effect. The
Borrower and each of the Subsidiaries have paid, or have provided adequate reserves (in the good faith judgment of the management of the Borrower) in accordance with GAAP for the payment of, all material federal, state, provincial and foreign income
taxes applicable for all prior fiscal years and for the current fiscal year. 
 (b) None of the Borrower or any of its Subsidiaries has ever
been a party to any understanding or arrangement constituting a “tax shelter” within the meaning of Section 6662(d)(2)(C)(iii) of the Code or within the meaning of Section 6111(c) or Section 6111(d) of the Code as in effect
immediately prior to the enactment of the American Jobs Creation of 2004, or has ever “participated” in a “reportable transaction” within the meaning of Treasury Regulation
Section 1.6011-4, except as could not reasonably be likely to, individually or in the aggregate, have a Material Adverse Effect. 

8.11. Compliance with ERISA. 

(a) Each Plan is in compliance with ERISA, the Code and any applicable Requirement of Law; no Reportable Event has occurred (or is reasonably
likely to occur) with respect to any Plan; no Plan is insolvent or in reorganization (or is reasonably likely to be insolvent or in reorganization), and no written notice of any such insolvency or reorganization has been given to the Borrower, any
Subsidiary or any ERISA Affiliate; no failure to satisfy the minimum funding standard under Section 430 of the Code, whether or not waived, has occurred (or is reasonably expected to occur) with respect to a Plan or failure to make a required
contribution to a Multiemployer Plan; none of the Borrower, any Subsidiary or any ERISA Affiliate has incurred (or is reasonably likely expected to incur) any liability to or on account of a Plan pursuant to Section 409, 502(i), 502(l), 515,
4062, 4063, 4064, 4069, 4201 or 4204 of ERISA or Section 4971 or 4975 of the Code or has been notified in writing that it will incur any liability under any of the foregoing Sections with respect to any Plan; no proceedings have been instituted
(or are reasonably likely to be instituted) to terminate or to reorganize any Plan or to appoint a trustee to administer any Plan, and no written notice of any such proceedings has been given to the Borrower, any Subsidiary or any ERISA Affiliate;
and no Lien imposed under the Code or ERISA on the assets of the Borrower or any Subsidiary or any ERISA Affiliate exists (or is reasonably likely to exist) nor has the Borrower, any Subsidiary or any ERISA Affiliate been notified in writing that
such a Lien will be imposed on the assets of the Borrower, any Subsidiary or any ERISA Affiliate on account of any Plan, except to the extent that a breach of any of the representations, warranties or agreements in this Section 8.11 would not
result, individually or in the aggregate, in an amount of liability that would be reasonably likely to have a Material Adverse Effect or relates to any matter disclosed in the financial statements of the Borrower contained in the Confidential
Information Memorandum. No Plan (other than a multiemployer plan) has an Unfunded Current Liability that would, individually or when taken together with any other liabilities referenced in this Section 8.11, be reasonably likely to have a
Material Adverse Effect. With respect to Plans that are multiemployer plans (as defined in Section 3(37) of ERISA), the representations and warranties in this Section 8.11(a), other than any made with respect to (i) liability under
Section 4201 or 4204 of ERISA or required contributions to a Multiemployer Plan or (ii) liability for termination or reorganization of such Plans under ERISA, are made to the best knowledge of the Borrower. 

(b) All Foreign Plans are in compliance with, and have been established, administered and operated in accordance with, the terms of such
Foreign Plans and applicable law, except for any failure to so comply, establish, administer or operate the Foreign Plans as would not reasonably be expected to have a Material Adverse Effect. All contributions or other payments which are due with
respect to each Foreign Plan have been made in full and there are no funding deficiencies thereunder, except to the extent any such events would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(c) The Borrower represents and warrants as of the Amendment 3 Effective Date that the Borrower is not and will not be using “plan
assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) in connection with the Loans or the Commitments; 

8.12. Subsidiaries. Schedule 8.12 to this Agreement lists each Subsidiary of the Borrower (and the direct and indirect ownership
interest of the Borrower therein), in each case existing on the date hereof. All of the outstanding capital stock of the Borrower is owned directly or indirectly by Holdings. 

  
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 8.13. Patents, etc. The Borrower and each of the Restricted Subsidiaries have
obtained all patents, trademarks, servicemarks, trade names, copyrights, licenses and other rights, free from burdensome restrictions, that are necessary for the operation of their respective businesses as currently conducted and as proposed to be
conducted, except where the failure to obtain any such rights could not reasonably be expected to have a Material Adverse Effect. 
 8.14.
Environmental Laws. 
 (a) Except as could not reasonably be expected to have a Material Adverse Effect: (i) the Borrower and
each of the Subsidiaries and all Real Estate are in compliance with all Environmental Laws; (ii) neither the Borrower nor any of the Subsidiaries is subject to any Environmental Claim or any other liability under any Environmental Law;
(iii) the Borrower and its Subsidiaries are not conducting any investigation, removal, remedial or other corrective action pursuant to any Environmental Law at any location; and (iv) no underground storage tank or related piping, or any
impoundment or other disposal area containing Hazardous Materials is located at, on or under any Real Estate currently owned or leased by the Borrower or any of its Subsidiaries. 

(b) Neither the Borrower nor any of the Subsidiaries has treated, stored, transported, released or disposed or arranged for disposal or
transport for disposal of Hazardous Materials at, on, under or from any currently or formerly owned or leased Real Estate or facility in a manner that could reasonably be expected to have a Material Adverse Effect. 

8.15. Properties. (a) The Borrower and each of the Subsidiaries have good and marketable title to or leasehold interest in all
properties that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, free and clear of all Liens (other than any Liens permitted by this Agreement) and except where the failure to
have such good title could not reasonably be expected to have a Material Adverse Effect and (b) no mortgage encumbers improved Real Estate that is located in an area that has been identified by the Secretary of Housing and Urban Development as
an area having special flood hazards within the meaning of the National Flood Insurance Act of 1968 unless flood insurance available under such Act has been obtained in accordance with Section 9.3. 

8.16. Use of Proceeds. The Borrower will use proceeds of the DIP Facility (i) for the payment of working capital of the Credit
Parties in the ordinary course of business, (ii) for C-Band relocation costs, (iii) investment and other general corporate purposes, (iv) for the payment of the costs and expenses of
administering the Cases, (v) to make the Adequate Protection Payments and (vi) for the repayment of obligations under the Original Credit Agreement. 

8.17. FCC Licenses, Etc. As of the Closing Date, Schedule 8.17 hereto accurately and completely lists for each Satellite
(a) all space station licenses for the launch and operation of Satellites with C-band or Ku-band transponders issued by the FCC to the Borrower or any Restricted
Subsidiary and (b) all licenses and all other approvals, orders or authorizations issued or granted by any Governmental Authority outside of the United States of America to launch and operate any such Satellite. As of the Closing Date, the FCC
Licenses and the other licenses, approvals or authorizations listed on Schedule 8.17 hereto with respect to any Satellite include all material authorizations, licenses and permits issued by the FCC or any other Governmental Authority that are
required or necessary to launch or operate such Satellite, as applicable. Except as could not reasonably be expected to have a Material Adverse Effect, each of the Subject Licenses is held in the name of a License Subsidiary and is validly issued
and in full force and effect, and the Borrower and its Restricted Subsidiaries have fulfilled and performed in all respects all of their obligations with respect thereto and have full power and authority to operate thereunder. 

8.18. Satellites. As of the Closing Date, Schedule 8.18 hereto accurately and completely lists each of the Satellites owned by
the Borrower and its Restricted Subsidiaries on the Closing Date, and sets forth for each such Satellite that is in orbit, the orbital slot and number and frequency band of the transponders on such Satellite. 

8.19. Centre of Main Interest. Each Credit Party incorporated under the laws of the Grand Duchy of Luxembourg has its principal place
of business (principal établissement), the seat of its central administration (siège de l’administration centrale) and its centre of main interests (centre des
intérêts principaux) located at the place of its registered office (siège statutaire) in the Grand Duchy of Luxembourg and has no establishment (as defined by Regulation (EU)
2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast)) outside the Grand Duchy of Luxembourg. 

  
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 8.20. Orders. The Final DIP Order is effective to create in favor of the Collateral
Agent, for the benefit of the Secured Parties, a legal, valid, binding and enforceable perfected security interest in the Collateral without the necessity of the execution of mortgages, security agreements, pledge agreements, financing statements or
other agreements or documents. 
 8.21. Status of Obligations; Perfection and Priority of Security Interests. Subject to entry of the
Final DIP Order and the terms of the Credit Documents, the Obligations shall have the status and priority set forth in Section 3 and, for the avoidance of doubt, are subject to the Carve Out in all respects. 

SECTION 9. Affirmative Covenants. 

Each Credit Party hereby covenants and agrees that on the Closing Date and thereafter (with respect to Sections 9.1(j), 9.9, 9.14, 9.15(c),
9.21 and 9.22, on the Closing Date and thereafter), until the Commitments have terminated and the Loans, together with interest, Fees and all other Obligations incurred hereunder, are paid in full: 

9.1. Information Covenants. The Borrower will furnish to the Administrative Agent for distribution to the Lenders (except with respect
to clauses (c), (d) and (e) below, to the Administrative Agent, which may provide to any Lender upon request): 
 (a) Annual
Financial Statements. As soon as available and in any event on or before the date on which such financial statements are required to be filed with the SEC or delivered to the holders of the Prepetition Senior Notes (or, if such financial
statements are not required to be filed with the SEC or delivered to the holders of the Prepetition Senior Notes, on or before the date that is 120 days after the end of each such fiscal year), (A) the consolidated balance sheets of the Borrower and
its Subsidiaries as at the end of such fiscal year, and the related consolidated statement of operations and cash flows for such fiscal year, setting forth comparative consolidated figures for the preceding fiscal year, and certified by independent
certified public accountants of recognized national standing whose opinion shall not be qualified as to the scope of audit (except with respect to any Government Business Subsidiary), together in any event with a certificate of such accounting firm
stating that in the course of its regular audit of the business of the Borrower and the Material Subsidiaries, which audit was conducted in accordance with generally accepted auditing standards, such accounting firm has obtained no knowledge of any
Default or Event of Default relating to Section 11 that has occurred and is continuing or, if in the opinion of such accounting firm such a Default or Event of Default has occurred and is continuing, a statement as to the nature thereof, and
(B) if the Borrower had any Unrestricted Subsidiaries during any period covered by the financial information set forth in clause (A), a reasonably detailed break-out of such financial information showing
amounts attributable to the Restricted Subsidiaries as a whole and the Unrestricted Subsidiaries as a whole. The filing by Intelsat S.A. or any other direct or indirect parent entity of the Borrower of its Form
20-F or Form 10-K (or any successor or comparable forms) with the SEC as at the end of and for any fiscal year, reported on as aforesaid, shall be deemed to satisfy the
obligations under the reporting portion of this paragraph with respect to such year so long as such filing includes (i) a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (in the case of a
Form 10-K) or an “Operating and Financial Review and Prospects” discussion (in the case of a Form 20-F) that includes a reasonably detailed analysis of the
operating results and financial condition (considered separately from the other Subsidiaries of Intelsat S.A., where material) of the Borrower and its Subsidiaries; provided that such detailed analysis of the Borrower and its Subsidiaries
shall not be required if Intelsat S.A.’s only material operations or assets in addition to the Borrower and its Subsidiaries includes one or more businesses, each of which discloses a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” or an “Operating and Financial Review and Prospects” discussion for such companies or substantially similar disclosure required by a non-U.S. jurisdiction
(considered separately from other Subsidiaries of Intelsat S.A.) publicly on or through the website of Intelsat S.A. or through the EDGAR system and (ii) if the Borrower had any Unrestricted Subsidiaries during any period covered by the
financial information set forth in clause (i), a reasonably detailed break-out of such financial information showing amounts attributable to the Restricted Subsidiaries as a whole and the Unrestricted
Subsidiaries as a whole. 

  
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 (b) Quarterly Financial Statements. As soon as available and in any event on or
before the date on which such financial statements are required to be filed with the SEC or delivered to the holders of the Prepetition Senior Notes with respect to each of the first three quarterly accounting periods in each fiscal year of the
Borrower (or, if such financial statements are not required to be filed with the SEC or delivered to the holders of the Prepetition Senior Notes, on or before the date that is 60 days after the end of each such quarterly accounting period), (A) the
consolidated balance sheet of (i) the Borrower and the Restricted Subsidiaries and (ii) the Borrower and its Subsidiaries, in each case as at the end of such quarterly period and the related consolidated statement of operations for such
quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day of such quarterly period, and the related consolidated statement of cash flows for the elapsed portion of the fiscal year ended with the last day of
such quarterly period, and setting forth comparative consolidated figures for the related periods in the prior fiscal year or, in the case of such consolidated balance sheet, for the last day of the prior fiscal year, all of which shall be certified
by an Authorized Officer of the Borrower subject to changes resulting from audit and normal year-end audit adjustments, and (B) if the Borrower had any Unrestricted Subsidiaries during any period covered
by the financial information set forth in clause (A), a reasonably detailed break-out of such financial information showing amounts attributable to the Restricted Subsidiaries as a whole and the Unrestricted
Subsidiaries as a whole. The furnishing by Intelsat S.A. or any other direct or indirect parent entity of the Borrower of its Form 6-K (or any successor or comparable forms) relating to its quarterly financial
statements or the filing of a Form 10-Q (or any successor or comparable forms) with the SEC as at the end of and for any fiscal quarter, certified as aforesaid, shall be deemed to satisfy the reporting
obligations under this paragraph with respect to such quarter so long as such filing includes (i) a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (in the case of a Form 10-Q) or, in the case of a Form 6-K, an “Operating and Financial Review and Prospects” discussion complying with the requirements of Form 20-F (adjusted to reflect quarterly rather than annual reporting, consistent with the differences in the form requirements of Form 10-K and Form
10-Q) that includes a reasonably detailed analysis of the operating results and financial condition (considered separately from the other Subsidiaries of Intelsat S.A. where material) of Borrower and its
Subsidiaries; provided that such detailed analysis of the Borrower and its Subsidiaries shall not be required if Intelsat S.A.’s only material operations or assets in addition to the Borrower and its Subsidiaries includes one or more
businesses, each of which discloses a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” or an “Operating and Financial Review and Prospects” discussion for such companies or
substantially similar disclosure required by a non-U.S. jurisdiction (considered separately from other Subsidiaries of Intelsat S.A.) publicly on or through the website of Intelsat S.A. or through the EDGAR
system and (ii) if the Borrower had any Unrestricted Subsidiaries during any period covered by the financial information set forth in clause (i), a reasonably detailed break-out of such financial
information showing amounts attributable to the Restricted Subsidiaries as a whole and the Unrestricted Subsidiaries as a whole. 
 (c)
DIP Budget. On the Thursday following each four-week period (with the first such delivery on September 30, 2021), an updated cash flow forecast for the 13-week period ending after the end of the
immediately preceding calendar week (such updated budget shall thereafter be the DIP Budget) for information purposes only. 
 (d) Budget
Variance Report. On the Thursday following each four-week period (with the first such delivery on September 30, 2021 with respect to the four-week period ending on September 23, 2021), a report for information purposes, in each case,
in form reasonably satisfactory to the Required Lenders (it being understood that any form previously agreed with the Required Lenders is satisfactory), for the immediately preceding four-week period, that (i) sets forth the variances for the
Credit Parties (on a line item basis, as a percentage and as a dollar amount) between the actual results and the corresponding projected amounts reflected in the DIP Budget then in effect for the corresponding period, and (ii) provides an
explanation in reasonable detail of the reason for any such variance. 
 (e) C-band Relocation
Costs. On the 21st day after the end of each fiscal month (with the first such delivery on September 21, 2021 with respect to the fiscal month ending on August 31, 2021), a report for information purposes, in form reasonably
satisfactory to the Required Lenders (it being understood that any form previously agreed with the Required Lenders is satisfactory), detailing the C-band relocation costs incurred and/or paid during the
immediately preceding fiscal month. 
 (f) Officer’s Certificates. At the time of the delivery of the financial statements
provided for in Sections 9.1(a) and (b), a certificate of an Authorized Officer of the Borrower to the effect that no Default or Event of Default exists or, if any Default or Event of Default does exist, specifying the nature and extent thereof. At
the time of the delivery of the financial statements provided for in Section 9.1(a), a certificate of an Authorized Officer and the chief financial or legal officer (separate from the foregoing Authorized Officer) of the Borrower or Intelsat
S.A. setting forth the information required pursuant to Section 1(a) of the Perfection Certificate or confirming that there has been no change in such information since the Closing Date or the date of the most recent certificate delivered
pursuant to this subsection (g), as the case may be. 

  
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 (g) Notice of Default or Litigation. Promptly after an Authorized Officer of the
Borrower or any of the Subsidiaries obtains actual knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and
what action the Borrower proposes to take with respect thereto, (ii) any litigation or governmental proceeding pending against the Borrower or any of the Subsidiaries (other than in connection with the Cases) that could reasonably be expected
to result in a Material Adverse Effect, and (iii) any actual or constructive total or material partial loss event with respect to any Satellite. 

(h) Environmental Matters. The Borrower will promptly advise the Lenders in writing after obtaining actual knowledge of any one or more
of the following environmental matters, unless such environmental matters would not, individually or when aggregated with all other such matters, be reasonably expected to result in a Material Adverse Effect: 

(i) Any pending or threatened Environmental Claim against the Borrower or any of the Subsidiaries or any Real Estate; 

(ii) Any condition or occurrence on any Real Estate that (x) could reasonably be expected to result in noncompliance by
the Borrower or any of the Subsidiaries with any applicable Environmental Law or (y) could reasonably be anticipated to form the basis of an Environmental Claim against the Borrower or any of the Subsidiaries or any Real Estate; 

(iii) Any condition or occurrence on any Real Estate that could reasonably be anticipated to cause such Real Estate to be
subject to any restrictions on the ownership, occupancy, use or transferability of such Real Estate under any Environmental Law; and 

(iv) The conduct of any investigation, or any removal, remedial or other corrective action in response to the actual or alleged
presence, release or threatened release of any Hazardous Material on, at, under or from any Real Estate. 
 All such notices shall describe
in reasonable detail the nature of the claim, investigation, condition, occurrence or removal or remedial action and the response thereto. The term “Real Estate” shall mean land, buildings and improvements owned or leased by the
Borrower or any of the Subsidiaries, but excluding all operating fixtures and equipment, whether or not incorporated into improvements. 

(i) Other Information. Promptly upon filing thereof, copies of any filings (including on Form
10-K, 20-F, 10-Q, 6-K or 8-K) or registration
statements with, and reports to, the SEC or any analogous Governmental Authority in any relevant jurisdiction by the Borrower (and Holdings, if Holdings is a public filing company outside the United States) or any of the Subsidiaries (other than
amendments to any registration statement (to the extent such registration statement, in the form it becomes effective, is delivered to the Lenders), exhibits to any registration statement and, if applicable, any registration statements on Form S-8) and copies of all financial statements, proxy statements, notices and reports that the Borrower (and Holdings, if Holdings is a public filing company outside the United States) or any of the Subsidiaries shall
send to the holders of any publicly issued debt of Holdings, the Borrower and/or any of the Subsidiaries (including any Senior Notes (whether publicly issued or not)) in their capacity as such holders (in each case to the extent not theretofore
delivered to the Lenders pursuant to this Agreement) and, with reasonable promptness, such other information (financial or otherwise) as the Administrative Agent or the Required Lenders may reasonably request in writing from time to time;
provided that Holdings and the Borrower shall not be required to furnish any such reports and other materials to the Administrative Agent or any Lender to the extent the same is publicly available on the website of Intelsat S.A. or the
Borrower or through the EDGAR system. 

  
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 (j) Orders and Pleadings. (i) as soon as reasonably practicable in advance of
filing with the Bankruptcy Court or delivering to the Creditors’ Committee or the U.S. Trustee, as the case may be, the Final DIP Order and all other proposed orders and pleadings related to the Loans and the Credit Documents, any
Reorganization Plan and/or any disclosure statement related thereto and (ii) provide copies of all of the Debtors’ proposed material substantive pleadings and orders in the Cases to the Administrative Agent and counsels to the Jackson Ad
Hoc Group and Jackson Crossover Ad Hoc Group, in each case, with reasonably sufficient time for review and comment by such counsel no later than 3 calendar days prior to filing; provided that if the Borrower reasonably determines that, in light of
the relevant circumstances at such time, providing a copy of a proposed pleading or order with sufficient time for review and comment would be impracticable, the Borrower shall instead be obligated to provide such copy as promptly as is reasonably
practicable or (B) at the same time as such documents are provided by any of the Credit Parties to any statutory committee appointed in the Cases or the U.S. Trustee, all other notices, filings, motions, pleadings or other information
concerning the financial condition of the Borrower or any of its Subsidiaries or other Indebtedness of the Credit Parties or any request for relief under Section 363, 365, 1113 or 1114 of the Bankruptcy Code or Section 9019 of the Federal
Rules of Bankruptcy Procedure. 
 (k) FCC Reports. Promptly upon their becoming available, copies of any and all periodic or special
reports filed by the Borrower or any of its Restricted Subsidiaries with the FCC or with any other Federal, state or local governmental authority, if such reports indicate any material adverse change in the business, operations, affairs or condition
of the Borrower or any of its Restricted Subsidiaries, and copies of any and all notices and other communications from the FCC or from any other Federal, state or local governmental authority with respect to the Borrower, any of its Subsidiaries or
any Satellite relating to any matter that could reasonably be expected to result in a Material Adverse Effect. 
 (l) Satellite Health
Report. No less than annually with respect to each In-Orbit Satellite that has a net book value exceeding $50,000,000, and upon the occurrence of an Event of Default at any time upon the reasonable request
of the Administrative Agent, (i) with respect to any one or more In-Orbit Satellites operated by the Borrower or any of its Subsidiaries, a Satellite Health Report and (ii) with respect to any In-Orbit Satellite that is operated by any Person other than the Borrower or any of its Subsidiaries, any satellite health reports received by the Borrower from such Person, it being understood that to the extent
that any such Satellite Health Report or other satellite health report contains any forward looking statements, estimates or projections, such statements, estimates or projections are subject to significant uncertainties and contingencies, many of
which are beyond the Borrower’s or any of its Subsidiaries’ control, and no assurance can be given that such forward looking statements, estimates or projections will be realized, and provided that nothing in this clause
(j) shall require the Borrower to deliver any information to the Administrative Agent or any Lender to the extent delivery of such information is restricted by applicable law or regulation. 

9.2. Books, Records and Inspections. The Borrower will, and the Borrower will cause each of the Subsidiaries to, permit officers and
designated representatives of the Administrative Agent or the Required Lenders to visit and inspect any of the properties or assets of the Borrower and any such Subsidiary in whomsoever’s possession to the extent that it is within such
party’s control to permit such inspection, and to examine the books and records of the Borrower and any such Subsidiary and discuss the affairs, finances and accounts of the Borrower and of any such Subsidiary with, and be advised as to the
same by, its and their officers and independent accountants, all at such reasonable times and intervals and to such reasonable extent as the Administrative Agent or the Required Lenders may desire; provided that so long as no Default or Event
of Default is then in existence, the Borrower and any Credit Party shall have the right to participate in any discussions of the Agents or the Lenders with any independent accountants of the Borrower. Notwithstanding anything to the contrary herein,
neither the Borrower nor any Restricted Subsidiary will be required under this Section 9.2 or otherwise to disclose or permit the inspection or discussion of any document, information or other matter to the extent that such action would violate
any attorney-client privilege (as reasonably determined by counsel to the Credit Parties), law, rule or regulation, or any contractual obligation of confidentiality binding on the Credit Parties or their respective Affiliates (provided that
(x) the Administrative Agent shall be notified if any such information is being withheld and (y) the Credit Parties shall use commercially reasonable efforts to obtain a consent to such disclosure or action being withheld as a result of
any contractual obligation of confidentiality (other than, for purposes of this clause (y), any such information being withheld as a result of attorney-client privilege). 

  
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 9.3. Maintenance of Insurance. 

(a) The Borrower will, and the Borrower will cause each of its Restricted Subsidiaries to, obtain, maintain and keep in full force and effect
at all times (i) with respect to each Satellite procured by the Borrower or any of its Restricted Subsidiaries for which the risk of loss passes to the Borrower or such Restricted Subsidiary at or before launch, and for which launch insurance
or commitments with respect thereto are not in place as of the Closing Date, launch insurance with respect to each such Satellite covering the launch of such Satellite and a period of time thereafter, but only to the extent, if at all, and on such
terms (including coverage period, exclusions, limitations on coverage, co-insurance, deductibles and coverage amount) as is determined by the Borrower to be in the best interests of the Borrower,
(ii) with respect to each Satellite it currently owns or for which it has risk of loss (or, if the entire Satellite is not owned, the portion it owns or for which it has risk of loss), other than any Excluded Satellite, In-Orbit Insurance and (iii) at all times subsequent to the coverage period of the launch insurance described in clause (i) above, if any, or if launch insurance is not procured, at all times subsequent to
the initial completion of in-orbit testing, in each case with respect to each Satellite it then owns or for which it has risk of loss (or portion, as applicable), other than any Excluded Satellite, In-Orbit Insurance; provided, however, that at any time with respect to a Satellite that is not an Excluded Satellite, none of the Borrower or any of its Subsidiaries shall be required to maintain In-Orbit Insurance in excess of 33% of the aggregate net book value of all in-orbit Satellites (and portions it owns or for which it has risk of loss) insured (it being
understood that any Satellite (or portion, as applicable) protected by In-Orbit Contingency Protection shall be deemed to be insured for a percentage of its net book value as set forth in the definition of “In-Orbit Contingency Protection”). In the event that the expiration and non-renewal of In-Orbit Insurance for such a
Satellite (or portion, as applicable) resulting from a claim of loss under such policy causes a failure to comply with the proviso in the immediately preceding sentence, the Borrower and its Restricted Subsidiaries shall be deemed to be in
compliance with such proviso for the 120 days immediately following such expiration or non-renewal; provided that the Borrower or any of its Restricted Subsidiaries, as the case may be, procures such In-Orbit Insurance or provides such In-Orbit Contingency Protection as necessary to comply with such proviso within such 120-day
period. In the event of the unavailability of any In-Orbit Contingency Protection for any reason, the Borrower or any of its Restricted Subsidiaries, as the case may be, shall, subject to the first proviso
above, within 120 days of such unavailability, be required to have in effect In-Orbit Insurance complying with clause (ii) or (iii) above, as applicable, with respect to all Satellites (or portions, as
applicable), other than Excluded Satellites that the unavailable In-Orbit Contingency Protection was intended to protect and for so long as such In-Orbit Contingency
Protection is unavailable; provided that the Borrower and its Restricted Subsidiaries shall be considered in compliance with this insurance covenant for the 120 days immediately following such unavailability. 

(b) The Borrower will, and the Borrower will cause each of its Restricted Subsidiaries to, use its commercially reasonable efforts to at all
times keep the respective property of the Borrower and its Restricted Subsidiaries (except (x) real or personal property leased or financed through third parties in accordance with this Agreement and (y) satellites) insured in favor of the
Collateral Agent for the benefit of the Secured Parties, and all policies or certificates with respect to such insurance (and any general liability, umbrella liability coverage and workers’ compensation insurance (to the extent permitted by
law) maintained by, or on behalf of, the Borrower or any Restricted Subsidiary of the Borrower) (i) shall be endorsed to the Collateral Agent’s reasonable satisfaction for the benefit of the Collateral Agent (including, without limitation,
by naming the Collateral Agent as certificate holder, mortgagee and loss payee with respect to Real Estate, certificate holder and loss payee with respect to personal property, additional insured with respect to general liability and umbrella
liability coverage and (to the extent permitted by law) certificate holder with respect to workers’ compensation insurance), (ii) shall state that such insurance policies shall not be cancelled or materially changed without at least 30
days’ prior written notice thereof by the respective insurer to the Collateral Agent; provided that with respect to any launch insurance or In-Orbit Insurance, such notice is available, and if
available, on such terms as may be available, and (iii) shall, upon the request of the Collateral Agent, be deposited with the Collateral Agent for the benefit of the Secured Parties. Notwithstanding the foregoing or anything to the contrary
contained elsewhere in this Agreement, the lender or collateral agent with respect to any ECA Financing may be named as additional insured, mortgagee or loss payee with respect to any insurance covering ECA Collateral which insurance shall not be
required to be in accordance with or subject to the terms of this Section 9.3. 
 (c) If any portion of any Mortgaged Property is at
any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a Special Flood Hazard Area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968
(as now or hereafter in effect or successor act thereto), then the Borrower shall, or shall cause each Credit Party to (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount and
otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Administrative Agent evidence of such compliance in form and substance reasonably acceptable to
the Administrative Agent. 
  

  
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 (d) If the Borrower or any of its Restricted Subsidiaries shall fail to maintain all
insurance in accordance with this Section 9.3, or if the Borrower or any of its Restricted Subsidiaries shall fail to so name the Collateral Agent for the benefit of the Secured Parties as an additional insured, mortgagee or loss payee, as the
case may be, or so deposit all certificates with respect thereto, the Collateral Agent shall have the right (but shall be under no obligation), upon reasonable prior notice to the Borrower of its intention to do so, to procure such insurance on such
terms and against such risks as are required hereby, and the Borrower agrees to reimburse the Administrative Agent for any premium paid therefor. 

9.4. Payment of Taxes. The Borrower will pay and discharge, and the Borrower will cause each of the Subsidiaries to pay and discharge,
all material Taxes imposed upon it or upon its income or profits, or upon any properties belonging to it (in the case of any such Person that is a DIP Debtor under the Cases, solely to the extent arising after the Petition Date), prior to the date
on which material penalties attach thereto, and all lawful material claims that, if unpaid, could reasonably be expected to become a material Lien upon any properties of the Borrower or any of the Restricted Subsidiaries; provided that none
of the Borrower or any of the Subsidiaries shall be required to pay any such Tax or claim that is (a) being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of the management
of the Borrower) with respect thereto in accordance with GAAP and the failure to pay could not reasonably be expected to result in a Material Adverse Effect or (b) with respect to any Person that is a DIP Debtor under the Cases, the nonpayment
of such Tax is permitted or required by the Bankruptcy Code. 
 9.5. Consolidated Corporate Franchises. The Borrower will do, and the
Borrower will cause each Restricted Subsidiary to do, or cause to be done, all things necessary to preserve and keep in full force and effect its existence, corporate rights and authority, except to the extent that the failure to do so could not
reasonably be expected to have a Material Adverse Effect; provided, however, that the Borrower and its Subsidiaries may consummate any transaction permitted under Section 10.3, 10.4 or 10.5. 

9.6. Compliance with Statutes, Regulations, etc. Except as otherwise excused by the Bankruptcy Code with respect to any DIP Debtor, the
Borrower will, and the Borrower will cause each Subsidiary to, comply with all applicable laws, rules, regulations and orders applicable to it or its property (including all FCC Licenses and all other governmental approvals or authorizations
required to launch and operate the Satellites and the TT&C Stations related thereto) and to transmit signals to and receive transmissions from the Satellites, and to maintain all such FCC Licenses and other governmental approvals or
authorizations in full force and effect, in each case except where the failure to do so could not reasonably be expected to have a Material Adverse Effect (it being understood that any failure as it may relate to any FCC License for a Satellite that
is yet to be launched shall not, in itself, be considered or deemed to result in a Material Adverse Effect). 
 9.7. ERISA. Promptly
after the Borrower or any Subsidiary or any ERISA Affiliate knows or has reason to know of the occurrence of any of the following events that, individually or in the aggregate (including in the aggregate such events previously disclosed or exempt
from disclosure hereunder, to the extent the liability therefor remains outstanding), would be reasonably likely to have a Material Adverse Effect, the Borrower will deliver to each of the Lenders a certificate of an Authorized Officer or any other
senior officer of the Borrower setting forth details as to such occurrence and the action, if any, that the Borrower, such Subsidiary or such ERISA Affiliate is required or proposes to take, together with any notices (required, proposed or
otherwise) given to or filed with or by the Borrower, such Subsidiary, such ERISA Affiliate, the PBGC, a Plan participant (other than notices relating to an individual participant’s benefits) or the Plan administrator with respect thereto: that
a Reportable Event has occurred; that a failure to satisfy the minimum funding standard under Section 412 of the Code has occurred or an application is to be made to the Secretary of the Treasury for a waiver or modification of the minimum
funding standard (including any required installment payments) or an extension of any amortization period under Section 412 of the Code with respect to a Plan; that a Plan having an Unfunded Current Liability has been or is to be terminated,
reorganized, partitioned or declared insolvent under Title IV of ERISA (including the giving of written notice thereof); that a Plan has an Unfunded Current Liability that has or will result in a Lien under ERISA or the Code; that proceedings will
be or have been instituted to terminate a Plan having an Unfunded Current Liability (including the giving of written notice thereof); that a proceeding has been instituted against the Borrower, a Subsidiary or an ERISA Affiliate pursuant

  
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to Section 515 of ERISA to collect a delinquent contribution to a Plan; that the PBGC has notified the Borrower, any Subsidiary or any ERISA Affiliate of its intention to appoint a trustee
to administer any Plan; that the Borrower, any Subsidiary or any ERISA Affiliate has failed to make a required installment or other payment pursuant to Section 412 of the Code with respect to a Plan; or that the Borrower, any Subsidiary or any
ERISA Affiliate has incurred or will incur (or has been notified in writing that it will incur) any liability (including any contingent or secondary liability) to or on account of a Plan pursuant to Section 409, 502(i), 502(l), 515, 4062, 4063,
4064, 4069, 4201 or 4204 of ERISA or Section 4971 or 4975 of the Code. 
 9.8. Maintenance of Properties. The Borrower will, and
the Borrower will cause each of its Restricted Subsidiaries to, keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, which shall include, in the case of
Satellites (other than Satellites yet to be launched), the provision of tracking, telemetry, control and monitoring of Satellites in their designated orbital positions in accordance with prudent and diligent standards in the commercial satellite
industry, except to the extent that the failure to do so could reasonably be expected to have a Material Adverse Effect. 
 9.9.
Transactions with Affiliates. Subject to the Final DIP Order and any other order of the Bankruptcy Court, the Borrower will conduct, and cause each of the Restricted Subsidiaries to conduct, all transactions with any of its Affiliates (other
than the Borrower or its Restricted Subsidiaries) involving aggregate consideration in excess of $1,500,000 on terms that are substantially as favorable to the Borrower or such Restricted Subsidiary as it would obtain in a comparable arm’s-length transaction with a Person that is not an Affiliate; provided that the foregoing restrictions shall not apply to (a) [reserved] (b) the transactions permitted pursuant to
Section 10.9, (c) customary fees paid to and customary indemnities provided to members of the board of directors of the Borrower and the Subsidiaries, (d) transactions permitted by Section 10.6, (e) employment and other compensation
arrangements with respect to the procurement of services of officers, consultants and employees of the Borrower and the Subsidiaries in the ordinary course of business, (f) any tax sharing agreement or arrangement relating to payments, whether
directly or by dividend, by the Borrower or a Restricted Subsidiary to any parent of the Borrower if such parent is required to file a consolidated, unitary or similar tax return reflecting income of the Borrower or its Restricted Subsidiaries, in
an amount equal to the portion of such taxes attributable to the Borrower and/or its Restricted Subsidiaries that are not payable directly by the Borrower and/or its Restricted Subsidiaries, but not to exceed the amount that the Borrower or such
Restricted Subsidiaries would have been required to pay in respect of such taxes if the Borrower and such Restricted Subsidiaries had been required to pay such taxes directly as standalone taxpayers (or a standalone group separate from such parent),
(g) agreements in effect on the Closing Date and listed on Schedule 9.9 and amendments thereto not materially disadvantageous to the Lenders, and (h) transactions between the Borrower or any of its Restricted Subsidiaries and any Person
a director or directors of which is (are) also a director of any Parent Companies; provided that such director(s) abstain(s) from voting as a director of such Parent Company, as the case may be, on any matter involving such Person. 

9.10. End of Fiscal Years; Fiscal Quarters. The Borrower will, for financial reporting purposes, cause (a) each of their, and each
of their respective Subsidiaries’, fiscal years to end on December 31 of each year and (b) each of their, and each of their respective Subsidiaries’, fiscal quarters to end on dates consistent with such fiscal year-end and the Borrower’s past practice; provided, however, that the Borrower may, upon written notice to the Administrative Agent, change the financial reporting convention specified above to
any other financial reporting convention reasonably acceptable to the Administrative Agent (it being agreed that a conversion from GAAP to IFRS shall be reasonably acceptable to the Administrative Agent), in which case the Borrower and the
Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary in order to reflect such change in financial reporting. 

9.11. Additional Guarantors and Grantors. Except as set forth in Section 10.1(A)(j), the Borrower will cause (i) each direct
or indirect Subsidiary (other than any Unrestricted Subsidiary and any Designated Target Subsidiary) formed or otherwise purchased or acquired after the Closing Date (unless, with respect to any such Subsidiary acquired in or formed for the sole
purpose of consummating a Permitted Acquisition that is subject to or formed for the sole purpose of entering one or more agreements governing Permitted Acquisition Debt, which agreements prohibit the granting of a guarantee by such Subsidiary as
contemplated by this clause (i), in which case the guarantee otherwise required by this Section 9.11(i) with respect to such Subsidiary shall not be required until such prohibitions cease to be applicable), (ii) each Subsidiary (other than any
Unrestricted Subsidiary and any Designated Target Subsidiary) that is not a Material Subsidiary on the Closing Date but subsequently becomes a 

  
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Material Subsidiary, (iii) each inactive Subsidiary (unless such Subsidiary is designated an Unrestricted Subsidiary in accordance with terms of this Agreement or is a Designated Target
Subsidiary) which acquires any material assets or is otherwise no longer deemed inactive, and (iv) each Subsidiary that becomes a Debtor under the Cases, in each case to execute a Joinder Agreement and a supplement to the Security Agreement;
provided, however, that no Foreign Subsidiary shall be required to take such actions if, and to the extent that, based upon written advice of local counsel reasonably satisfactory to the Required Lenders, the Borrower and/or such
Foreign Subsidiary concludes that the taking of such actions would either (i) violate the laws of the jurisdiction in which such Foreign Subsidiary is organized or (ii) the cost, burden, difficulty or consequence of taking such actions
(taking into account any adverse tax consequences to the Borrower and its Affiliates (including the imposition of withholding or other material taxes)), outweighs the benefits to be obtained by the Lenders therefrom; provided further, that if
steps (for example, limiting the amount guaranteed) can be taken so that such violation, cost, burden, difficulty or consequence would not exist, then, if requested by the Required Lenders, the respective Foreign Subsidiary shall enter into a
modified Guarantee and/or modified Security Documents that provide, to the maximum extent permissible under applicable law, as many of the benefits as possible as are provided pursuant to the Guarantee and the Security Documents executed and
delivered on the Closing Date and taking into account such cost, burden, difficulty or consequence. 
 9.12. Pledges of Additional Stock
and Evidence of Indebtedness. 
 (a) The Borrower will pledge, and, if applicable, will cause each Subsidiary Guarantor to pledge, to
the Collateral Agent for the benefit of the Secured Parties, (i) all the capital stock of each Subsidiary (other than any Unrestricted Subsidiary) and Minority Investments held by the Borrower or a Subsidiary Guarantor, in each case, formed or
otherwise purchased or acquired after the Closing Date, in each case pursuant to a supplement to the Security Agreement (or, if necessary, a new pledge agreement or security agreement) in form and substance reasonably satisfactory to the Required
Lenders, (ii) all evidences of Indebtedness in excess of $1,000,000 received by the Borrower or any Subsidiary Guarantor in connection with any disposition of assets pursuant to Section 10.4(b), in each case pursuant to a supplement to the
Security Agreement (or, if necessary, a new pledge agreement or security agreement) in form and substance reasonably satisfactory to the Required Lenders, and (iii) any global promissory notes executed after the Closing Date evidencing
Indebtedness of the Borrower, each Subsidiary and each Minority Investment that is owing to the Borrower or any Subsidiary Guarantor, in each case pursuant to a supplement to the Security Agreement (or, if necessary, a new pledge agreement) in form
and substance reasonably satisfactory to the Required Lenders. 
 (b) The Borrower agrees that all Indebtedness in excess of $10,000,000 of
the Borrower and each Subsidiary that is owing to any Credit Party shall be evidenced by one or more global promissory notes. 
 (c) At all
times on and after the Closing Date, the Borrower will cause each obligor and obligee of any loan or advance (including, without limitation, pursuant to guarantees thereof or security thereof) which are (x) made to the Borrower by any Parent
Company or any of the Borrower’s Subsidiaries or (y) made to any Credit Party by a Subsidiary of the Borrower that is not a Credit Party prior to the extension or incurrence of such loan or advance, to execute and deliver to the
Administrative Agent an intercompany subordination agreement substantially in the form of Exhibit I (as reasonably determined by the Required Lenders) (as modified, amended or supplemented from time to time, the “Intercompany
Subordination Agreement”) or, to the extent the Intercompany Subordination Agreement has previously come into effect, a joinder agreement in respect of the Intercompany Subordination Agreement and, in connection therewith, promptly execute
and deliver all further instruments, and take all further action, that the Administrative Agent may reasonably require; provided that no such Intercompany Subordination Agreement is required to be entered into in respect of intercompany loans
and advances in the aggregate not exceeding $10,000,000, and with such further exceptions as the Required Lenders may agree. 
 (d)
Notwithstanding the foregoing, no Foreign Subsidiary shall be required to take any such actions pursuant to this Section 9.12 if, and to the extent that, based upon written advice of local counsel reasonably satisfactory to the Required
Lenders, the Borrower and/or such Foreign Subsidiary concludes that the taking of such actions would either (i) violate the laws of the jurisdiction in which such Foreign Subsidiary is organized or (ii) the cost, burden, difficulty or
consequence of taking such actions (taking into account any adverse tax consequences to the Borrower and its Affiliates (including the imposition of withholding or other material taxes)), outweighs the benefits to be obtained by the Lenders
therefrom; provided further, that if steps (for example, limiting the amount guaranteed) can be taken so that such violation, cost, burden, difficulty or consequence would not exist, then, if 

  
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requested by the Required Lenders, the respective Foreign Subsidiary shall enter into a modified Guarantee and/or modified Security Documents that provide, to the maximum extent permissible under
applicable law, as many of the benefits as possible as are provided pursuant to the Guarantee and the Security Documents executed and delivered on the Closing Date and taking into account such cost, burden, difficulty or consequence. 

9.13. Use of Proceeds. The Borrower will use the all Loans for the purposes set forth in Section 8.16. 

9.14. Changes in Business. 

(a) The Borrower and the Subsidiaries, taken as a whole, will not fundamentally and substantively alter the character of their business, taken
as a whole, from the business conducted or proposed to be conducted by the Borrower and the Subsidiaries, taken as a whole, on the Closing Date and other business activities that are complementary, ancillary incidental or related to, reasonably
similar to or a reasonable extension, development or expansion of any of the foregoing (a “Permitted Business”). 
 (b) No
License Subsidiary will engage in any line or lines of business activity other than to hold FCC Licenses issued to it and to enter into arrangements with the Borrower or other Restricted Subsidiaries (other than other License Subsidiaries) to manage
and operate such FCC Licenses under its direction and control, in each case to the maximum extent permitted by applicable law. The Borrower will cause all Subject Licenses at all times to be held in the name of a License Subsidiary (which shall be
the sole legal and beneficial owner thereof). Any license issued after the Closing Date by the FCC that constitutes a Subject License shall be held in the name of a License Subsidiary (which shall be the sole legal and beneficial owner thereof).

 9.15. Further Assurances. 

(a) The Borrower will, and will cause each other Credit Party to, execute any and all further documents, financing statements, agreements and
instruments, and take all such further actions (including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents and promptly provide evidence thereof to the Collateral Agent), which may be
required under the laws of the United States or any applicable foreign country, which the Administrative Agent or the Required Lenders may reasonably request, in order to grant, preserve, protect and perfect the validity and priority of the security
interests created or intended to be created by the Security Documents, all at the expense of the Borrower and the Restricted Subsidiaries; provided, however, that notwithstanding anything to the contrary contained in this Agreement or
in any other Credit Document, but without limiting the grant of a Lien on and security interest in the Collateral pursuant to the Final DIP Order and the Security Documents, the Credit Parties will not be obligated to enter into any mortgages,
authorize any fixture filing, enter into any agreement requiring “control” (as defined in Section 9-104, 9-105,
9-106 and 9-107 of the UCC as in effect in any relevant jurisdiction) or to undertake any registration in respect of assets subject to a certificate of title. 

(b) If any assets (including any real estate or improvements thereto or any interest therein) with a book value or fair market value in excess
of $10,000,000 are acquired by the Borrower or any other Credit Party after the Closing Date (other than assets constituting Collateral under the Security Documents that become subject to the Lien of the Security Agreement upon acquisition thereof)
that are of the nature secured by the Security Documents, the Borrower will notify the Administrative Agent and the Lenders thereof, and, if requested by the Administrative Agent or the Required Lenders, the Borrower will cause such assets to be
subjected to a Lien securing the applicable Obligations and will take, and cause the other Credit Parties to take such actions as shall be necessary or reasonably requested by the Administrative Agent or Required Lenders to grant and perfect such
Liens (unless, with respect to any such asset, same is subject to one or more agreements or Liens permitted hereunder which agreements or Lien(s) prohibit the granting of a security interest thereon as contemplated by this clause (b), in which case
the actions otherwise required by this Section 9.15(b) with respect to such asset shall not be required to be taken until such prohibitions cease to be applicable) consistent with the applicable requirements of the Security Documents, including
actions described in paragraph (a) of this Section 9.15, all at the expense of the Credit Parties. Any provision contained herein or in the Security Documents to the contrary notwithstanding, the Collateral shall not include at any time
(i) any FCC License to the extent (but only to the extent) that at such time the Collateral Agent may not validly possess a security interest therein pursuant to the Communications Act of 1934, as amended, and the regulations promulgated
thereunder, as in effect at such time, but the Collateral shall include, to the maximum extent permitted by law, all rights incident or appurtenant to the FCC Licenses and the right to receive all proceeds derived from or in connection

  
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with the sale, assignment or transfer of the FCC Licenses or (ii) Satellites set forth on Schedule 1.1(b), insurance policies thereon and related construction and manufacturing contracts,
launch insurance policies (to the extent of coverage for the launch and associated services and any premiums related thereto), launch services agreements (but excluding customer contracts) or proceeds thereof that secure obligations under any ECA
Financing (this clause (ii), “ECA Collateral”). 
 (c) Each Credit Party organized under the laws of Luxembourg will not
own Satellites, orbital slots or hold customer contracts to the extent the Collateral Agent cannot hold a valid and perfected security interest in such property. 

(d) Notwithstanding anything herein to the contrary, if the Required Lenders reasonably determine (taking into account the existence and
effect of the Final DIP Order) in their reasonable judgment (confirmed in writing to the Borrower and the Administrative Agent) that the cost or other consequences (including adverse tax and accounting consequences) of creating or perfecting any
Lien on any property is excessive in relation to the benefits afforded to the Secured Party thereby, then taking such actions to create or perfect such Lien on such property shall be not be required for all purposes of the Credit Documents. 

9.16. Access and Command Codes. 

(a) The Borrower will, and will cause each of the Restricted Subsidiaries, at the request of the Administrative Agent to use commercially
reasonable efforts to obtain promptly from each provider (other than the Borrower) of tracking, telemetry, control and monitoring services for any Satellite, consents and agreements with the Administrative Agent to: 

(i) deliver expeditiously to the Administrative Agent, upon notification by the Administrative Agent that an acceleration
pursuant to Section 12 has occurred, subject to having obtained any consent or approval of, or registration or filing with, any Governmental Authority for such delivery, all access codes, command codes and command encryption necessary to
establish access to and perform tracking, telemetry, control and monitoring of any such Satellite, including activation and control of any spacecraft subsystems and payload components and the transponders thereon; 

(ii) take commercially reasonable steps necessary, upon notification by the Administrative Agent that an acceleration pursuant
to Section 12 has occurred, to obtain any consent or approval of, or registration or filing with, any Governmental Authority required to effect any transfer of operational control over any such Satellite and related technical data (including
any license approving the export or re-export of such Satellite to any Person or Persons as designated by the Administrative Agent); and 

(iii) deliver to the Administrative Agent written evidence of the issuance of any such consent, approval, registration or
filing once such consent, approval, registration or filing has been obtained; 
 (b) If, after having used its commercially reasonable
efforts to obtain the consents and agreements referred to in clause (i) above, any such consents or agreements shall not have been so obtained, instruct each such provider of tracking, telemetry, control and monitoring services (and each
Satellite Manufacturer in respect of Satellites that have yet to be launched, to the extent that the Borrower or a Restricted Subsidiary does not have in its possession all items referred to in clause (iii) above) to cooperate in providing the
access codes, command codes and command encryption referred to in said clause (i), in each case subject to having obtained any consent or approval of, or registration or filing with, any Governmental Authority for such delivery; and 

(c) At any time upon an acceleration pursuant to Section 12, and upon notification thereof by the Administrative Agent, to promptly
deliver to the Administrative Agent, subject to having obtained any requisite consent or approval of, or registration or filing with, any Governmental Authority for such delivery, all access codes, command codes and command encryption necessary, in
the sole judgment of the Required Lenders, to establish access to and perform tracking, telemetry, control and monitoring of any Satellite, including activation and control of any spacecraft subsystems and payload components and the transponders
thereon and any changes to or modifications of such codes and encryption. 

  
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 9.17. TTC&M Providers. The Borrower will, and will use its commercially
reasonable efforts to cause each provider (other than the Borrower) of tracking, telemetry, control and monitoring services for any Satellite to agree to, not change any access codes, command codes or command encryption necessary to establish access
to and perform tracking, telemetry, control and monitoring of each Satellite at any time that an Event of Default exists and such provider of tracking, telemetry, control and monitoring services, as the case may be, has been notified by the Borrower
or the Administrative Agent thereof, without promptly furnishing to the Administrative Agent the new access codes, command codes and command encryption necessary to establish access to and perform tracking, telemetry, control and monitoring of such
Satellite, once such access codes, command codes and command encryption have been delivered to the Administrative Agent pursuant to this Section 9.17. 

9.18. [Reserved]. 
 9.19.
Government Business Subsidiaries. The Borrower will use its commercially reasonable efforts (as may be permitted under that certain proxy agreement (the “Proxy Agreement”) among Intelsat General Communications LLC and the
other parties thereto, and as may be permitted under any substantially similar agreement), and will use its commercially reasonable efforts (as may be permitted under the Proxy Agreement, and as may be permitted under any substantially similar
agreement) to cause each of its Subsidiaries (other than Intelsat General Communications LLC and any other Government Business Subsidiary), not to allow or permit, directly or indirectly, Intelsat General Communications LLC or such other Government
Business Subsidiary to take, or fail to take, any action that would violate the covenants and terms of this Agreement or cause any representation or warranty contained in this Agreement to be untrue. 

9.20. Post-closing Covenants. As promptly as practicable, and in any event within the time periods after the Closing Date specified in
Schedule 9.20 or such later date as reasonably agreed by the Required Lenders, including to reasonably accommodate circumstances unforeseen on the Closing Date, the Credit Parties shall deliver the documents or take the actions specified on Schedule
9.20 that would have been required to be delivered or taken on the Closing Date, in each case except to the extent otherwise agreed by the Administrative Agent pursuant to its authority as set forth herein with respect to collateral and guarantee
matters. 
 9.21. FCC Covenants 

(a) The Credit Parties shall use commercially reasonable efforts to timely prepare, submit, and prosecute all requests for reimbursement of C-band relocation costs to the Relocation Payment Clearinghouse pursuant to the FCC C-Band Rules; and 

(b) The Credit Parties shall use commercially reasonable efforts to comply with the deadlines related to accelerated clearing of the C-band spectrum as prescribed by the FCC as set forth in the FCC C-Band Rules. 

9.22. Bankruptcy Matters. Each DIP Debtor shall: 

(a) cause all proposed (i) orders related to or affecting the Loans and other Obligations, the Prepetition Debt and the Credit Documents,
any other financing or use of cash collateral, any sale or other disposition of Collateral outside the ordinary course, cash management, adequate protection, any plan of reorganization and/or any disclosure statement related thereto,
(ii) orders concerning the financial condition of the Borrower or any of its Subsidiaries or other Indebtedness of the DIP Debtors or seeking relief under section 363, 364 or 365 of the Bankruptcy Code or rule 9019 of the Federal Rules of
Bankruptcy Procedure, (iii) orders authorizing additional payments to critical vendors (outside of the relief approved in the First Day Orders and “second day” orders) and (iv) orders establishing procedures for administration of
the Cases or approving significant transactions submitted to the Bankruptcy Court, in each case, proposed by the Debtors to be in accordance with and permitted by the terms of this Agreement; 

(b) comply in all material respects with each order entered by the Bankruptcy Court in connection with the Cases; and comply in a timely
manner with their obligations and responsibilities as debtors in possession under the Bankruptcy Code, the Bankruptcy Rules, the Final DIP Order, as applicable, and any other order of the Bankruptcy Court. 

  
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 SECTION 10. Negative Covenants. 

Each Credit Party hereby covenants and agrees that on the Closing Date and thereafter, until the Commitments have terminated and the Loans,
together with interest, Fees and all other Obligations incurred hereunder, are paid in full: 
 10.1. Limitation on Indebtedness.

 (A) The Credit Parties will not, and will not permit any of the their respective Restricted Subsidiaries to, create, incur, assume or
suffer to exist any Indebtedness, except: 
 (a) Indebtedness arising under the Credit Documents; 

(b) Indebtedness of (i) the Borrower to any Subsidiary of the Borrower and (ii) subject to compliance with Section 10.5(d)
and/or (g), any Subsidiary to the Borrower or any Restricted Subsidiary of the Borrower; 
 (c) Indebtedness in respect of any banker’s
acceptances, bank guarantees, letter of credit, warehouse receipt or similar facilities entered into in the ordinary course of business; 

(d) except as provided in clauses (i) and (j) below, subject to compliance with Section 10.5(g), Guarantee Obligations incurred by
(i) Restricted Subsidiaries in respect of Indebtedness of the Borrower or other Restricted Subsidiaries that is permitted to be incurred under this Agreement and (ii) the Borrower in respect of Indebtedness of the Restricted Subsidiaries
that is permitted to be incurred under this Agreement; provided that there shall be no Guarantee by any Restricted Subsidiary that is not a Subsidiary Guarantor of any Indebtedness of the Borrower; 

(e) Guarantee Obligations incurred in the ordinary course of business in respect of obligations of suppliers, customers, franchisees, lessors
and licensees; 
 (f) (i) Indebtedness (including Indebtedness arising under Capital Leases) incurred within 270 days of (A) the
acquisition (by purchase, lease or otherwise), construction or improvement of fixed or capital assets (including Real Estate), and (B) any ECA Financings incurred prior to the Specified Schedule Date, (ii) Indebtedness arising under
Capital Leases entered into in connection with Permitted Sale Leasebacks and (iii) Indebtedness arising under Capital Leases, other than Capital Leases in effect on the Specified Schedule Date and Capital Leases entered into pursuant to
subclauses (i) and (ii) above; provided that the aggregate amount of Indebtedness incurred pursuant to this subclause (iii) shall not exceed $50,000,000 at any time outstanding; 

(g) (i) the Prepetition Secured Debt; (ii) the Prepetition Senior Notes; and (iii) other Indebtedness outstanding on the Specified
Schedule Date and listed on Schedule 10.1 hereto; 
 (h) Indebtedness in respect of Hedge Agreements; 

(i) Indebtedness of any Designated Target Subsidiary or any Restricted Subsidiary that is not a Guarantor to the Borrower or any Restricted
Subsidiary of the Borrower to the extent such Indebtedness is incurred to facilitate the Designated Target Transaction or a Permitted Acquisition, to make an Investment in a Designated Target Subsidiary or an Acquired Person or its Subsidiaries as
an Investment permitted by Section 10.5, in each case, subject to compliance with Section 10.5; 
 (j) Indebtedness to finance
Permitted Acquisitions (other than the Designated Target Transaction) incurred by any Person acquired or formed for the purpose of acquiring such assets as a result of such Permitted Acquisition (each, an “Acquired Person” and such
Indebtedness, “Permitted Acquisition Debt”), on or prior to the consummation of such Permitted Acquisition; provided that (a) such Indebtedness is not incurred or guaranteed in any respect by Borrower or any Restricted
Subsidiary (other than the Acquired Persons and their Subsidiaries) and otherwise has no recourse against the Borrower or any Restricted subsidiary (other than the Acquired Persons and their Subsidiaries) or any of their assets and (b) at the
time incurred, the aggregate amount of such Indebtedness incurred pursuant to this clause (j) with respect to an Acquired Person shall not exceed a Loan to Value Ratio of 40%; provided, however, that, upon consummation of the Designated Target
Transaction, neither the Credit Parties nor any Restricted Subsidiaries shall be permitted to incur any Indebtedness under this Section 10.1(j); 

  
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 (k) Indebtedness in respect of performance bonds, bid bonds, appeal bonds, customs bonds,
surety bonds and completion guarantees and similar obligations not in connection with money borrowed, in each case provided in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the
ordinary course of business; 
 (l) Indebtedness incurred in connection with any Permitted Sale Leaseback (provided that the Net Cash
Proceeds thereof are promptly applied to the extent required by Section 5.2); 
 (m) Indebtedness (i) constituting indemnification
obligations or obligations in respect of purchase price or other similar adjustments (including deferred payments or similar obligations) incurred in the Designated Target Transaction and (ii) consisting of obligations under deferred
compensation or other similar arrangements incurred in Designated Target Transaction; 
 (n) [reserved]; 

(o) [reserved]; 
 (p)
Indebtedness of the Borrower or any of its Subsidiaries which may be deemed to exist in connection with agreements providing for indemnification and similar obligations in connection with acquisitions or sales of assets and/or businesses effected in
accordance with the requirements of this Agreement; 
 (q) Indebtedness of the Borrower or any Subsidiary Guarantor not otherwise permitted
hereunder in an aggregate principal amount which, when aggregated with the principal amount or liquidation preference of all other Indebtedness then outstanding and incurred pursuant to this clause (p), does not exceed $50,000,000 at any one time
outstanding; 
 (r) Guarantee Obligations (i) of the Borrower in favor of its Subsidiaries to permit foreign currency transactions or
fund transfers in an aggregate amount not to exceed $2,000,000 at any time outstanding, (ii) of the Borrower or any of its Subsidiaries as a guarantor of the lessee under any lease pursuant to which the Borrower or any of its Subsidiaries is
the lessee, other than any capital lease pursuant to which a Subsidiary that is not a Subsidiary Guarantor is the lessee, so long as such lease is otherwise permitted hereunder, (iii) of the Borrower or any of its Subsidiaries as a guarantor of
any Capitalized Lease Obligation to which a Joint Venture is a party or any contract entered into by such Joint Venture in the ordinary course of business in an aggregate amount not to exceed $2,000,000 at any time outstanding; provided that
the maximum liability of the Borrower or any of its Subsidiaries in respect of any obligations as described in this clause (iii) is permitted as an Investment pursuant to the requirements of Section 10.5, and (iv) of the Borrower or
any of its Subsidiaries which may be deemed to exist pursuant to the acquisition agreements entered into in connection with any Investment permitted pursuant to Section 10.5 (including any obligation to pay the purchase price therefor and any
indemnification, purchase price adjustment and similar obligations to the extent otherwise permitted hereunder); 
 (s) obligations of the
Borrower or any Subsidiary consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations contained in supply arrangements, in each case,
in the ordinary course of business, in each case to the extent constituting Indebtedness; 
 (t) [reserved]; 

(u) Indebtedness of Subsidiaries that are not Subsidiary Guarantors for working capital purposes, so long as the Indebtedness under this
clause (t) does not exceed $10,000,000 in the aggregate at any time outstanding; 
 (v) [reserved]; 

  
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 (w) letters of credit and bank guarantees so long as the aggregate U.S. Dollar
equivalent of all such letters of credit and bank guarantees does not exceed $25,000,000 at any time; 
 (x) Permitted Refinancing
Indebtedness in respect of any Indebtedness permitted under clauses (f), (g)(iii), (l), (t) and (v) of this Section 10.1(A); and 

(y) all premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent interest on
obligations described in clauses (a) through (w) above. 
 (B) The Borrower will not issue any preferred stock or other preferred
equity interests. 
 10.2. Limitation on Liens. The Credit Parties will not, and will not permit any of their respective Restricted
Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any property or assets of any kind (real or personal, tangible or intangible) of the Borrower or any Restricted Subsidiary, whether now owned or hereafter acquired, except: 

(a) Liens arising under the Credit Documents, including the Final DIP Order (which, for the avoidance of doubt, includes Liens granted as
adequate protection to Prepetition Secured Parties); 
 (b) Permitted Liens; 

(c) Liens securing Indebtedness permitted pursuant to Section 10.1(A)(f); provided that such Liens attach at all times only to the
assets so financed, ECA Collateral and/or other assets subject to Indebtedness incurred pursuant to Section 10.1(A)(f) owing to the same Person as such Indebtedness so secured; 

(d) (i) Liens securing the Prepetition Secured debt and (ii) other Liens existing on the Specified Schedule Date and listed on
Schedule 10.2 hereto; 
 (e) the replacement, extension or renewal of any Lien permitted by clauses (a), (b), (c) and (d)(ii) above
of this Section 10.2 upon or in the same assets theretofore subject to such Lien or the replacement, extension or renewal of the Indebtedness secured thereby (in each case, without increase in the amount or change in any direct or contingent
obligor except to the extent otherwise permitted hereunder); 
 (f) [reserved]; 

(g) Liens securing (i) the Permitted Acquisition Debt and (ii) Indebtedness permitted under Section 10.1(A)(i), in each case,
placed upon the Equity Interests in, or assets of, any Acquired Person or its Subsidiaries; provided that, no such Liens may be placed in any assets of the Borrower or any Restricted Subsidiary (other than the Acquired Persons and their
Subsidiaries) other than the Equity Interests in such Acquired Person; 
 (h) additional Liens so long as the aggregate principal amount of
the obligations so secured does not exceed $50,000,000 at any time outstanding; 
 (i) Liens on the Equity Interests of Unrestricted
Subsidiaries; 
 (j) [reserved]; 

(k) deposits of cash and cash equivalents not to exceed $3,000,000 in the aggregate to (i) secure the performance of bids, trade
contracts, governmental contracts and leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health,
safety and environmental obligations) incurred in the ordinary course of business or (ii) to provide “adequate assurances of payment” as that term is used in Section 366 of the Bankruptcy Code; 

(l) Liens securing Indebtedness permitted pursuant to Section 10.1(A)(v); and 

  
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 (m) Liens deemed to exist in connection with a transaction permitted under
Section 10.4. 
 10.3. Limitation on Fundamental Changes. Except as expressly permitted by Section 10.4 or 10.5, the Credit
Parties will not, and will not permit any of their respective Restricted Subsidiaries to, enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell,
lease, assign, transfer or otherwise dispose of, all or substantially all its business units, assets or other properties, except that: 

(a) any Subsidiary (other than a License Subsidiary) of the Borrower or any other Person may be merged or consolidated with or into the
Borrower; provided that (i) the Borrower shall be the continuing or surviving corporation, and (ii) no Default or Event of Default would result from the consummation of such merger or consolidation; 

(b) any Subsidiary of the Borrower (other than a License Subsidiary) or any other Person may be merged, amalgamated or consolidated with or
into any one or more Subsidiaries of the Borrower; provided that (i) in the case of any merger, amalgamation or consolidation involving one or more Restricted Subsidiaries, (A) a Restricted Subsidiary shall be the continuing or
surviving corporation or (B) the Borrower shall take all steps necessary to cause the Person formed by or surviving any such merger, amalgamation or consolidation (if other than a Restricted Subsidiary) to become a Restricted Subsidiary,
(ii) in the case of any merger, amalgamation or consolidation involving one or more Subsidiary Guarantors, a Subsidiary Guarantor shall be the continuing or surviving corporation or the Person formed by or surviving any such merger,
amalgamation or consolidation (if other than a Subsidiary Guarantor) shall become a DIP Debtor under the Cases and execute a Joinder Agreement and a supplement to the Security Agreement, (iii) no Default or Event of Default would result from
the consummation of such merger, amalgamation or consolidation, and (iv) the Borrower shall have delivered to the Administrative Agent an officers’ certificate stating that such merger, amalgamation or consolidation and such supplements to
any Security Document comply with this Agreement; 
 (c) any Restricted Subsidiary (other than a License Subsidiary) that is not a Guarantor
may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower, a Guarantor or any other Restricted Subsidiary of the Borrower; 

(d) any Guarantor may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the
Borrower or any other Guarantor; 
 (e) any Restricted Subsidiary (other than a License Subsidiary) may liquidate, wind up or dissolve if
(x) the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders and (y) to the extent such Restricted Subsidiary is a Credit
Party, any assets or business not otherwise disposed of or transferred in accordance with Section 10.4 or 10.5, or, in the case of any such business, discontinued, shall be transferred to, or otherwise owned or conducted by, another Credit
Party after giving effect to such liquidation or dissolution; 
 (f) any License Subsidiary may (i) be merged or consolidated with any
other License Subsidiary that is a Credit Party, (ii) sell, lease, transfer or otherwise dispose of any or all of its property (upon voluntary liquidation or otherwise) only to another License Subsidiary that is a Credit Party, (iii) sell,
transfer or otherwise dispose of capital stock or other ownership interest of such License Subsidiary only to a Credit Party; 
 (g) without
limiting the ability of the Borrower or any of its Subsidiaries to form a new Subsidiary under the laws of any jurisdiction, the Borrower or any of its Subsidiaries may change its jurisdiction of organization to the United States of America (or any
State thereof); and 
 (h) the Borrower and the Restricted Subsidiaries may consummate the Designated Target Transaction. 

  
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 10.4. Limitation on Sale of Assets. The Credit Parties will not, and will not permit
any of their respective Restricted Subsidiaries to, (i) convey, sell, lease, assign, transfer or otherwise dispose of any of its property, business or assets (including receivables and leasehold interests), whether now owned or hereafter
acquired (other than any such sale, transfer, assignment or other disposition resulting from any casualty or condemnation, of any assets of the Borrower or the Restricted Subsidiaries) or (ii) sell to any Person (other than the Borrower or a
Guarantor) any shares owned by it of any Restricted Subsidiary’s capital stock, except that: 
 (a) the Borrower and the Restricted
Subsidiaries may sell, transfer or otherwise dispose of (i) cash and other Permitted Investments, (ii) property no longer used or useful, or economically practicable to maintain, in the conduct of the business of the Borrower and the
Restricted Subsidiaries (including allowing any registration or application for registration of any intellectual property that is no longer used or useful, or economically practicable to maintain, to lapse, go abandoned, or be invalidated) and
(ii) used or surplus equipment, vehicles, inventory and other assets in the ordinary course of business; 
 (b) the Borrower and the
Restricted Subsidiaries may sell, transfer or otherwise dispose of other assets (other than accounts receivable) for fair value; provided that (i) the total non-cash consideration received since the
Closing Date in respect of any sales, transfers and or dispositions pursuant to this clause (b) for consideration in excess of $10,000,000 shall not be less than 75% of aggregate consideration received in such sale, transfer or disposition,
(ii) any non-cash proceeds received are pledged to the Collateral Agent to the extent required under Section 9.12 as Collateral to the extent the persons selling, transferring or disposing such asset
was the Borrower or a Guarantor, (iii) to the extent applicable, the Net Cash Proceeds thereof received by the Borrower and its Restricted Subsidiaries are promptly applied to the prepayment and/or commitment reductions as provided for in
Section 5.2, (iv) after giving effect to any such sale, transfer or disposition, no Default or Event of Default shall have occurred and be continuing; 

(c) the Borrower and the Restricted Subsidiaries may make sales of assets to the Borrower or to any Restricted Subsidiary; provided
that with respect to any such sales to Restricted Subsidiaries that are not Guarantors (i) such sale, transfer or disposition shall be for fair value, (ii) to the extent constituting an Investment, such Investment must be a permitted
Investment in a Restricted Subsidiary that is not a Credit Party in accordance with Section 10.5 and (iii) any non-cash proceeds received are pledged to the Collateral Agent to the extent required
under Section 9.12 as Collateral to the extent the persons selling, transferring or disposing such asset was the Borrower or a Guarantor; 

(d) the Borrower or any Restricted Subsidiary may effect any transaction permitted by (x) Section 10.2(b) pursuant to clause
(m) of the definition of “Permitted Lien” or (y) Section 10.3; 
 (e) the Borrower and the Restricted Subsidiaries
may sell or discount without recourse accounts receivable arising in the ordinary course of business in connection with the compromise or collection thereof; 

(f) the Borrower and its Restricted Subsidiaries may lease, or sublease, any Real Estate or personal property in the ordinary course of
business; 
 (g) [reserved]; 

(h) [reserved]; 
 (i) the
Borrower and its Restricted Subsidiaries may exchange operating assets for other operating assets (including a combination of assets and cash and cash equivalents) related to a Permitted Business of comparable or greater market value or usefulness
to the business of the Borrower and its Restricted Subsidiaries as a whole, as determined in good faith by the Borrower, which in the event of an exchange of operating assets with a Fair Market Value in excess of (1) $20,000,000 shall be evidenced
by an certificate of an Authorized Officer, and (2) $50,000,000 shall be set forth in a resolution approved in good faith by at least a majority of the board of directors of the Borrower; provided that the aggregate amount of assets exchanged
pursuant to this Section 10.4(i) (determined based on the Fair Market Value thereof) shall not exceed $500,000,000; provided, further, that, to the extent any operating assets being exchanged constitute Collateral, the exchanging
operating assets so received shall become Collateral upon the consummation of the exchange subject to the terms hereof; 
 (j) any
disposition of cash and cash equivalents and/or the assignment of any rights and obligations under the Designated Target Transaction Agreements to any Designated Target Acquisition Vehicle, in each case, made as part of the Designated Target
Transaction; 

  
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 (k) any disposition of assets pursuant to (x) any First Day Orders, (y) the Final
DIP Order, or (z) any other order of the Bankruptcy Court; and 
 (l) the Borrower and its Restricted Subsidiaries may sell Equity
Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary. 
 10.5. Limitation on Investments. The Credit
Parties, subject to the Final DIP Order and any other order of the Bankruptcy Court, will not, and will not permit any of their respective Restricted Subsidiaries to, make any advance, loan, extensions of credit or capital contribution to, or
purchase any stock, bonds, notes, debentures or other securities of or any assets of, or make any other Investment in, any Person, except: 

(a) extensions of trade credit and asset purchases in the ordinary course of business; 

(b) Permitted Investments; 
 (c)
loans and advances to officers, directors and employees of the Borrower or any of its Subsidiaries for reasonable and customary business related travel, entertainment, relocation and analogous ordinary business purposes in an aggregate principal
amount at any time outstanding under this clause (c) not exceeding $2,500,000; 
 (d) Investments existing or contractually committed
on the Specified Schedule Date and listed on Schedule 10.5 to this Agreement and any extensions, renewals or reinvestments thereof, so long as the aggregate amount of all Investments pursuant to this clause (d) is not increased at any
time above the amount of such Investments existing on the Specified Schedule Date; 
 (e) Investments received in connection with the
bankruptcy or reorganization of suppliers or customers and in settlement of delinquent obligations of, and other disputes with, customers arising in the ordinary course of business; 

(f) [reserved]; 
 (g)
Investments in (i) any Subsidiary Guarantor or the Borrower; (ii) Restricted Subsidiaries that are not Guarantors, in the case of this clause (g)(ii), in an aggregate amount not to exceed (x) in the case of Government Business
Subsidiaries, $15,000,000 at any one time outstanding and (y) in the case of all other Restricted Subsidiaries that are not Guarantors, $20,000,000 in the aggregate at any one time outstanding; (iii) any Unrestricted Subsidiary that is
made by Restricted Subsidiaries that are not Guarantors, in the case of this clause (g)(iii), in an aggregate amount not to exceed $10,000,000 at any one time outstanding; (iv) Restricted Subsidiaries that are not Guarantors to the extent such
Investments are made by Restricted Subsidiaries that are not Guarantors; and (v) Designated Target Subsidiaries, on and after the closing of the Designated Target Transaction, for working capital purposes in an aggregate amount not to exceed,
at any one time outstanding, $300,000,000; provided that (x) Investments in the Designated Target Subsidiaries in reliance on this clause (g)(v) shall be funded by the Designated Target Intercompany Loan and (y) the Designated Target
Intercompany Loan directly held by any Credit Party shall be subject to the DIP Liens and the Adequate Protection Liens; 
 (h) [reserved];

 (i) [reserved]; 
 (j)
Investments constituting non-cash proceeds of sales, transfers and other dispositions of assets to the extent permitted by Section 10.4(b) or (c); 

(k) [reserved]; 
 (l)
Investments permitted under Section 10.6; 
 (m) [reserved]; 

  
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 (n) Investments constituting advances in the form of a prepayment of expenses, so long as
such expenses were incurred in the ordinary course of business and are being paid in accordance with customary trade terms of the Borrower or such Subsidiary; 

(o) to the extent constituting Investments, any payments under any contracts to construct, launch, operate or insure Satellites which
contracts are entered into in the ordinary course of business; 
 (p) loans and advances for purposes for which a dividend is otherwise
permitted pursuant to Section 10.6, including, without limitation dividends of the type contemplated in Section 10.6(j); 
 (q)
[reserved]; 
 (r) [reserved]; 

(s) other Investments (including Investments in any Restricted Subsidiary that is not a Guarantor solely as an intermediate step of any such
Investment; it being agreed that such intermediate steps shall not constitute separate Investments requiring additional capacity under this Section 10.5) in an amount of up to (i) $350,000,000 at any one time outstanding; provided, that, to the
extent any Investment pursuant to this clause (s) constitutes an Acquisition, such Investment shall be a Permitted Acquisition; provided further that, no Investments pursuant to this clause (s) may be made in any Restricted Subsidiary that
is not a Guarantor unless such Investment is to facilitate an Acquisition or to make an Investment in an Acquired Person or its Subsidiaries. 

(t) [reserved]; 
 (u)
Investments subject to and permitted under Section 10.3; 
 (v) Investments constituting Guarantee Obligations permitted under
Section 10.1(A)(e); and 
 (w) Guarantee Obligations of Borrower and any Guarantor in respect of any Permitted Refinancing Indebtedness
in respect thereof. 
 (x) Notwithstanding the foregoing, (x) no Investments may be made, on and after the Closing Date, to
(i) any Unrestricted Subsidiary (other than pursuant to Section 10.5(g)(iii)) or (ii) any License Subsidiary that is not a Subsidiary Guarantor, (y) all Investments consisting of loans to a Designated Target Subsidiary shall be
required to be incurred pursuant to Section 10.5(g)(v) and (z) all intercompany obligations (present or future) owed by a Designated Target Subsidiary to any Loan Party, other than those incurred under Section 10.5(g)(v), shall be
required to be satisfied in full, either by payment in cash or conversion into an Investment pursuant to Section 10.5(g)(v), no later than required under ordinary trade terms, and in no event later than 60 days after the end of the month in
which such obligation was incurred; provided, that with respect to any intercompany obligations that are in effect on the Closing Date, no such intercompany obligations shall be required to be satisfied in full until the date that is 30 days
after the Closing Date. 
 10.6. Limitation on Dividends. The Borrower will not declare or pay any dividends (other than dividends
payable solely in its capital stock) or return any capital to its stockholders or make any other distribution, payment or delivery of property or cash to its stockholders as such, or redeem, retire, purchase or otherwise acquire, directly or
indirectly, for consideration, any shares of any class of its capital stock or the capital stock of any direct or indirect parent now or hereafter outstanding (or any options or warrants or stock appreciation rights issued with respect to any of its
capital stock), or set aside any funds for any of the foregoing purposes, or permit any of the Restricted Subsidiaries to purchase or otherwise acquire for consideration (other than in connection with an Investment permitted by Section 10.5)
any shares of any class of the capital stock of the Borrower, now or hereafter outstanding (or any options or warrants or stock appreciation rights issued with respect to any of its capital stock) (all of the foregoing “dividends”);
provided that, so long as no Default or Event of Default exists or would exist after giving effect thereto: 

  
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 (a) the Borrower may pay any fees and expenses of any parent of the Borrower or commonly
controlled Affiliate of any parent of the Borrower (as deemed dividends or distributions) related to ownership and operation of the Borrower and its Subsidiaries (including fees and expenses (including franchise or similar taxes) required to
maintain its corporate existence, customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of any parent of the Borrower and general corporate overhead expenses of any parent of the
Borrower); and 
 (b) for any taxable year, the Borrower may declare and pay dividends or other distributions to any parent of the Borrower
if such parent is required to file a consolidated, unitary or similar tax return reflecting income of the Borrower or its Restricted Subsidiaries, in an amount equal to the portion of such taxes attributable to the Borrower and/or its Restricted
Subsidiaries that are not payable directly by the Borrower and/or its Restricted Subsidiaries, but not to exceed the amount that the Borrower and/or such Restricted Subsidiaries would have been required to pay in respect of such taxes if the
Borrower and/or such Restricted Subsidiaries (as applicable) had been required to pay such taxes directly as standalone taxpayers (or a standalone group separate from such parent). 

10.7. Limitations on Debt Payments. Except as expressly permitted by the terms and conditions set forth in the Final DIP Order, the
First Day Orders or any other order of the Bankruptcy Court reasonably acceptable to the Required Lenders, the Borrower or any Restricted Subsidiary shall not make any prepayment on account of (or set aside funds for the prepayment of) any
Indebtedness of a Debtor that was incurred or arose prior to filing of the Cases. 
 10.8. Limitations on Sale Leasebacks. The
Borrower will not, and will not permit any of the Restricted Subsidiaries to, enter into or effect any Sale Leasebacks, other than Permitted Sale Leasebacks; provided that the aggregate fair value of all assets disposed of pursuant to this
Section 10.8 shall not exceed $60,000,000 in the aggregate. 
 10.9. Transfer to Parent Companies. The Credit Parties will not,
and will not permit their respective Restricted Subsidiaries to, transfer or otherwise provide, directly or indirectly, any credit support, guarantee, cash and/or cash equivalents or any proceeds of the Loans, to or for the benefit of any Parent
Company (in the form of dividends, Investments, intercompany advances, guarantee of obligations (including interest thereon) or otherwise), without the prior written consent of the Required Lenders, other than as permitted pursuant to
Section 10.6 and the payment by the Credit Parties and their respective Restricted Subsidiaries of any costs of administration of the Cases allocable to any Parent Company based upon a to be agreed-upon allocation as between the DIP Debtors and
the Required Lenders (the “Parent Case Expenses”); provided however, that, the payment pursuant to Section 10.6(a) and the Parent Case Expenses shall be subject to reimbursement by such Parent Company to the Credit Parties or
their respective Restricted Subsidiary, which reimbursement claims shall be treated as administrative expense claims as provided in the Final DIP Order. 

10.10. Additional Bankruptcy Matters. The Credit Parties will not permit, and will not permit any of their respective Restricted
Subsidiaries to, without the Required Lenders’ prior written consent (unless otherwise specified), do any of the following: 
 (a) use
any portion or proceeds of the Loans or the Collateral for payments or purposes that would violate the terms of the Final DIP Order; 
 (b)
incur, create, assume, suffer to exist or permit, except for the Carve Out or as otherwise expressly permitted by the Final DIP Order or any other order of the Bankruptcy Court reasonably acceptable to the Required Lenders, any other superpriority
administrative claim which is pari passu with or senior to the claim of the Secured Parties against any DIP Debtor; 
 (c) subject to the
Final DIP Order, assert, join, investigate, support or prosecute any claim or cause of action against any of the Secured Parties (in their capacities as such), unless such claim or cause of action is in connection with the enforcement of the Credit
Documents against any of the Secured Parties; 
 (d) other than as provided in any First Day Order or any Order, enter into any agreement to
return any of its inventory to any of its creditors for application against any pre-petition Indebtedness, pre-petition trade payables or other pre-petition claims under Section 546(c) of the Bankruptcy Code if, after giving effect to any such agreement, the aggregate amount applied to pre-petition Indebtedness, pre-petition trade payables and other pre-petition claims subject to all such agreements, setoffs and recoupments since the Petition Date would exceed $250,000; 

  
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 (e) seek, consent to, or permit to exist any order granting authority to take any action
that is prohibited by the terms of this Agreement, the Final DIP Order, the or the other Credit Documents or refrain from taking any action that is required to be taken by the terms of this Agreement, the Final DIP Order or any of the other Credit
Documents; 
 (f) subject to the terms of the Final DIP Order, object to, contest, delay, prevent or interfere with in any material manner
the exercise of rights and remedies by the Agents, the Lenders or other Secured Parties with respect to the Collateral following the occurrence of an Event of Default, including without limitation a motion or petition by any Secured Party to lift an
applicable stay of proceedings to do the foregoing (provided that any DIP Debtor may contest or dispute whether an Event of Default has occurred in accordance with the terms of the Final DIP Order and the Credit Documents); 

(g) except for the Carve Out or as otherwise expressly permitted by the Final DIP Order, incur, create, assume, suffer to exist or permit (or
file an application for the approval of) any other Superpriority Claim which is pari passu with or senior to the claims of the Administrative Agent, the Collateral Agent, Lenders and the other Secured Parties constituting Obligations against the DIP
Debtors or the adequate protection Liens or claims granted under the Final DIP Order; or 
 (h) make or permit to be made any change to the
Final DIP Order. 
 SECTION 11. [Reserved]. 

SECTION 12. Events of Default. 

Upon the occurrence of any of the following specified events (each an “Event of Default”): 

12.1. Payments. The Borrower shall (a) default in the payment when due of any principal of the Loans or (b) default, and such
default shall continue for five or more Business Days, in the payment when due of any interest or stamping fees on the Loans or any Fees or of any other amounts owing hereunder or under any other Credit Document; or 

12.2. Representations, etc. Any representation, warranty or statement made or deemed made by any Credit Party herein or in any Security
Document or any certificate delivered or required to be delivered pursuant hereto or thereto shall prove to be untrue in any material respect on the date as of which made or deemed made; provided, however, that to the extent any such
representation, warranty or statement is untrue solely as a result of an action or inaction by Government Business Subsidiaries, and the Borrower has otherwise complied with the terms and conditions of Section 9.19 hereof, no Default or Event
of Default shall occur; or 
 12.3. Covenants. Any Credit Party shall 

(a) default in the due performance or observance by it of any term, covenant or agreement contained in Section 9.1(e), Section 10 or
Section 11; or 
 (b) default in the due performance or observance by it of any term, covenant or agreement (other than those referred
to in Section 12.1 or 12.2 or clause (a) of this Section 12.3) contained in this Agreement, any Security Document or the Administrative Agent Fee Letter and such default shall continue unremedied for a period of at least 30 days after
receipt of written notice by the Borrower from the Administrative Agent or the Required Lenders; provided, however, that to the extent such failure relates solely to an action or inaction by Government Business Subsidiaries, and the
Borrower has otherwise complied with the terms and conditions of Section 9.19 hereof, no Default or Event of Default shall occur; or 

  
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 12.4. Default Under Other Agreements. (a) The Borrower or any of the Restricted
Subsidiaries shall (i) default in any payment with respect to any Indebtedness (other than the Obligations) in excess of $50,000,000 in the aggregate, for the Borrower and such Restricted Subsidiaries, beyond the period of grace, if any,
provided in the instrument or agreement under which such Indebtedness was created or (ii) default in the observance or performance of any agreement or condition relating to any such Indebtedness or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event shall occur or condition exist (other than, with respect to Indebtedness consisting of any Hedge Agreements, termination events or equivalent events pursuant to the terms of such Hedge
Agreements), the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, any such Indebtedness to become due prior
to its stated maturity; or (b) without limiting the provisions of clause (a) above, any such Indebtedness shall be declared to be due and payable, or required to be prepaid other than by a regularly scheduled required prepayment or as a
mandatory prepayment (and, with respect to Indebtedness consisting of any Hedge Agreements, other than due to a termination event or equivalent event pursuant to the terms of such Hedge Agreements), prior to the stated maturity thereof; provided
that this Section 12.4 shall not apply to any Indebtedness of the DIP Debtors under the Cases that was incurred prior to the Petition Date unless such Indebtedness has been accelerated and the enforcement of remedies with respect to such
Indebtedness shall not have been stayed by the commencement of the Cases; or 
 12.5. Bankruptcy, etc. An involuntary proceeding
shall be commenced or a voluntary or involuntary petition shall be filed in a court of competent jurisdiction seeking (1) relief in respect of any Subsidiary that did not become a Debtor on the Petition Date, or of a substantial part of the
assets of any Subsidiary that did not become a Debtor on the Petition Date, under any Debtor Relief Laws (unless (A) promptly (but in any event not later than fifteen (15) Business Days) following the commencement of such case such
Subsidiary becomes a Credit Party hereunder, (B) within ten (10) Business Days after the commencement of such case such Subsidiary’s case becomes jointly administered with the Cases and (C) the Final DIP Order is made applicable
to such Subsidiary as a post-petition Guarantor hereunder), (2) the appointment of any receiver, trustee, custodian, sequestrator, conservator or similar official for any Subsidiary that did not become a Debtor on the Petition Date or for a
substantial part of the assets of any Subsidiary that did not become a Debtor on the Petition Date or (3) the winding up or liquidation of any Subsidiary that did not become a Debtor on the Petition Date (except in a transaction permitted by
Section 10.3) and any such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; or 

12.6. ERISA. (a) Any Plan shall fail to satisfy the minimum funding standard required for any plan year or part thereof or a
waiver of such standard or extension of any amortization period is sought or granted under Section 412 of the Code; any Plan is or shall have been terminated or is the subject of termination proceedings under ERISA (including the giving of
written notice thereof); an event shall have occurred or a condition shall exist in either case entitling the PBGC to terminate any Plan or to appoint a trustee to administer any Plan (including the giving of written notice thereof); any Plan shall
have an accumulated funding deficiency (whether or not waived), the Borrower or any Subsidiary or any ERISA Affiliate has incurred or is likely to incur a liability to or on account of a Plan under Section 409, 502(i), 502(l), 515, 4062, 4063,
4064, 4069, 4201 or 4204 of ERISA or Section 4971 or 4975 of the Code (including the giving of written notice thereof); (b) there could result from any event or events set forth in clause (a) of this Section 12.6 the imposition of a
Lien, the granting of a security interest, or a liability, or the reasonable likelihood of incurring a Lien, security interest or liability; and (c) such Lien, security interest or liability will or would be reasonably likely to have a Material
Adverse Effect; or 
 12.7. Guarantee. The Guarantees or any material provision thereof shall cease to be in full force or effect or
any Guarantor thereunder or any Credit Party shall deny or disaffirm in writing any Guarantor’s obligations under the Guarantee; or 

12.8. [Reserved]; or 

12.9. Security Agreements. Any Security Agreements or any material provision thereof shall cease to be in full force or effect
(other than pursuant to the terms hereof or thereof or as a result of acts or omissions of the Administrative Agent or any Lender) or any grantor thereunder or any Credit Party shall deny or disaffirm in writing any grantor’s obligations under
any Security Agreement; or 

  
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 12.10. FCC Matters(a) . the Credit Parties shall revoke or withdraw their election to
participate in accelerated clearing of the C-band from the FCC; or 
 12.11. Judgments. One
or more judgments or decrees (excluding any First Day Order, the Final DIP Order, or any order fixing the amount of any claim in the Cases) as to any post-petition obligation shall be entered against the Borrower or any of the Restricted
Subsidiaries involving a liability of $50,000,000 or more in the aggregate for all such judgments and decrees for the Borrower and the Restricted Subsidiaries (to the extent not paid or fully covered by insurance provided by a carrier not disputing
coverage) (and in the case of such a judgement against any of the DIP Debtors, such judgement arose post-petition) and any such judgments or decrees shall not have been satisfied, vacated, discharged or stayed (including pursuant to the Bankruptcy
Code) or bonded pending appeal within 60 days from the entry thereof; or 
 12.12. Change of Control. A Change of Control
shall occur; or 
 12.13. Dismissal; Conversion; Appointment of Trustee. (i) Any of the Cases of the Debtors shall be
dismissed or converted to a case under Chapter 7 of the Bankruptcy Code or any Debtors shall file a motion or other pleading seeking the dismissal of any of Case of any Debtor under Section 1112 of the Bankruptcy Code or otherwise, or seeking
the conversion of any such Case to a case under Chapter 7 of the Bankruptcy Code, without causing Payment in Full of all Obligations hereunder and immediate termination of all Commitments or (ii) a trustee under Chapter 11 of the Bankruptcy
Code or an examiner with enlarged powers relating to the operation of the business (powers beyond those set forth in Section 1106(a)(3) and (4) of the Bankruptcy Code) under Section 1104(b) of the Bankruptcy Code shall be appointed in
any of the Cases of the Debtors (or the Credit Parties or their Affiliates shall have acquiesced to the entry of such order) unless consented to by the Required Lenders; or 

12.14. Superpriority Claims. An application shall be filed by any Debtor for the approval of (i) any other Superpriority Claim or
Lien, or an order of the Bankruptcy Court shall be entered granting any other Superpriority Claim or Lien (other than the Carve Out), in any of the Cases of the Debtors that is pari passu with or senior to the claims (as such word is defined in the
Bankruptcy Code) or Liens of the Collateral Agent, the Lenders and the other Secured Parties against the Borrower or any other Credit Party hereunder or under any of the other Credit Documents (including the adequate protection Liens and claims
provided for in the Final DIP Order) or (ii) any Liens senior or pari passu with (A) the Liens under the Prepetition Secured Debt or (B) the adequate protection Liens granted on account of the Primed Liens, or there shall arise or
otherwise be granted any such pari passu or senior Superpriority Claim or senior Lien, in each case other than adequate protection Liens granted by the Bankruptcy Court pursuant to the Final DIP Order and otherwise reasonably acceptable to the
Required Lenders; or 
 12.15. Adverse Claims. Any Person shall assert any claim in the Cases arising under Section 506(c) of
the Bankruptcy Code against any Agent, any Lender or the Collateral or any Prepetition Agent (as defined in the Final DIP Order), any Prepetition Secured Parties (as defined in the Final DIP Order) or the Prepetition Collateral (as defined in the
Final DIP Order), and, solely with respect to such claim asserted by any Person other than a Credit Party or any Affiliate thereof, either (i) the same shall remain unopposed by the Borrower for more than 5 Business Days, or (ii) in any
event, any such claim shall not be disallowed, dismissed or withdrawn, with prejudice, within 60 days after the assertion thereof; or if any Agent, Lenders or the Collateral are surcharged (other than with respect to the Carve Out) pursuant to
Sections 105, 506(c), 552 or any other section of the Bankruptcy Code without the prior written consent of the Required Lenders; or 

12.16. Adverse Orders. Solely with respect to the DIP Facility, any order is entered by the Bankruptcy Court sustaining any objection
or challenge of any kind or nature to the validity, priority, or amount of the Liens with created pursuant to the Credit Documents in favor of or claims held by, or an action to recharacterize or subordinate any Agent or any Lender; or 

12.17. Stay Relief. The Bankruptcy Court shall enter an order or orders granting relief from the automatic stay applicable under
Section 362 of the Bankruptcy Code to the holder or holders of any security interest to (i) permit foreclosure (or the granting of a deed in lieu of foreclosure or the like) on any assets of any of the Debtors which have a value in excess
of $50,000,000 in the aggregate or (ii) permit other actions that would have a Material Adverse Effect on the DIP Debtors or their estates (taken as a whole); or 

  
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 12.18. Orders; Actions. (i) an order of the Bankruptcy Court shall be entered
reversing, amending, supplementing, staying, vacating or otherwise amending, supplementing or modifying the Final DIP Order or the Borrower or any Subsidiary of the Borrower shall apply for the authority to do so, in each case in a manner that is
adverse in any respect to the Agents or the Lenders, without the prior written consent of the Administrative Agent and the Required Lenders or, with respect to matters described hereunder that requires consent from or shall be acceptable or
satisfactory to each Lender or each Lender directly and adversely affected thereby, each Lender or each Lender directly and adversely affected thereby; (ii) an order of the Bankruptcy Court shall be entered denying or terminating use of Cash
Collateral (as defined in the Final DIP Order) by the Credit Parties or imposing any additional conditions on such use (and such order remains unstayed for more than three (3) Business Days) and the Credit Parties shall have not obtained use of
Cash Collateral pursuant to an order consented to by, and in form and substance reasonably acceptable to, the Required Lenders; (iii) the Final DIP Order shall cease to create a valid and perfected Lien on the Collateral described therein or
the Final DIP Order shall cease to be in full force and effect; (iv) any of the Credit Parties or any Subsidiary of the Borrower shall fail to comply with the Final DIP Order in any material respect; (v) the Final DIP Order shall not
authorize the borrowing by the Borrower of the full amount of the Commitments provided for hereunder; (vi) the entry of an order in the Cases seeking to use cash collateral or obtain financing pursuant to Section 364 of the Bankruptcy Code
(other than the DIP Facility), unless such financing would (and actually does) provide for Payment in Full of all Obligations and terminate all Commitments upon the consummation thereof; (vii) any order shall be entered in the Cases providing
adequate protection, other than any Final DIP Order or pursuant to any First Day Order or any other order acceptable to the Required Lenders; (viii) an order of the Bankruptcy Court shall be entered avoiding or permitting recovery of any
portion of the payments made on account of the Obligations owing under this Agreement; (ix) an order of the Bankruptcy Court shall be entered terminating or modifying the exclusive right of any DIP Debtor to file a Reorganization Plan pursuant
to Section 1121 of the Bankruptcy Code or (x) the Borrower or any of its Subsidiaries shall take any action in support of the items referred to in the foregoing clauses (i)-(ix); or 

12.19. Pre-Petition Payments. Except as permitted by the Final DIP Order or as otherwise agreed
to by the Required Lenders and permitted by the Bankruptcy Court, any Debtor shall make any Pre-Petition Payment other than Pre-Petition Payments (i) authorized by
the Bankruptcy Court in accordance with the Final DIP Order, or the First Day Orders of the Bankruptcy Court reasonably satisfactory to the Required Lenders, or (ii) authorized by other orders entered by the Bankruptcy Court in amounts
reasonably acceptable to the Required Lenders; or 
 12.20. Adverse Actions. The Credit Parties or any of their Subsidiaries, or any
Person claiming by or through the Credit Parties or any of their Subsidiaries, shall obtain court authorization to commence, or shall commence, join in, assist or otherwise participate as an adverse party in any suit or other proceeding against any
Agent or any Lender (in any of their respective capacities as such) relating to the DIP Facility, unless such suit or other proceeding is in connection with the enforcement of the Credit Documents against any Agent or any Lender; or 

12.21. Reorganization Plan. A Reorganization Plan that is not an Acceptable Plan shall be confirmed in any of the Cases of the Debtors,
or any of the Credit Parties or any of their Subsidiaries shall file, propose, support or fail to contest in good faith the filing or confirmation of any such plan or entry of any such order; or 

12.22. Supporting Actions. Any Credit Party or any of their Subsidiaries shall file any pleading with the Bankruptcy Court in support
of any matter set forth in Sections 12.13, 12.14, 12.15, 12.16, 12.17, 12.19 or 12.21 and such pleading is not withdrawn after five (5) Business Days’ the notice from the Administrative Agent or the Required Lenders; or 

12.23. Sale Motions. The Borrower shall file (or fail to oppose) any motion seeking an order authorizing the sale of all or
substantially all of the assets of the Credit Parties, unless such sale would (and actually does) result in the Payment in Full of all Obligations and terminate all Commitments under this Agreement and the other Credit Documents upon consummation
thereof; 
 then, and in any such event, and at any time thereafter, if any Event of Default shall then be continuing, the Administrative
Agent shall, upon the written request of the Required Lenders, by five (5) Business Days’ prior written notice to the Borrower, take any or all of the following actions (subject to the terms of the Final DIP Order), without prejudice to
the rights of the Administrative Agent or any Lender to enforce its claims against the Borrower, except as otherwise specifically provided for in this Agreement: (i) declare the Term Loan Commitment terminated,

  
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whereupon the Commitments, if any, of each Lender shall forthwith terminate immediately and any Fees theretofore accrued shall forthwith become due and payable without any other notice of any
kind; (ii) declare the principal of and any accrued interest and fees in respect of all Loans and all Obligations owing hereunder and thereunder to be, whereupon the same shall become, forthwith due and payable without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrower and (iii) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Credit Documents or applicable Law.

 SECTION 13. The Agent. 

13.1. Appointment and Authority. 

(a) Each of the Lenders hereby irrevocably appoints Credit Suisse AG, Cayman Islands Branch to act on its behalf as the Administrative Agent
and Credit Suisse AG, Cayman Islands Branch to act on its behalf as the Collateral Agent hereunder and under the other Credit Documents and authorizes each of the Administrative Agent and the Collateral Agent to take such actions on its behalf and
to exercise such powers as are delegated to the Administrative Agent and the Collateral Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Section are solely for
the benefit of the Administrative Agent, the Collateral Agent and the Lenders, and, except as provided under Section 13.6 and 13.11, neither the Borrower nor any other Credit Party shall have rights as a third party beneficiary of any of such
provisions. 
 (b) The Collateral Agent and any co-agents,
sub-agents and attorneys-in-fact appointed by the Collateral Agent pursuant to Section 13.5 for purposes of holding or
enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising any rights and remedies thereunder at the direction of the Collateral Agent), shall be entitled to the benefits of all provisions
of this Section 13 and Section 14 as if set forth in full herein with respect thereto. 
 13.2. Rights as a Lender. The
Person serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent and the term “Lender” or “Lenders” shall, unless
otherwise expressly indicated or unless the context otherwise requires, include the Person serving as an Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor
or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account therefor to the Lenders.

 13.3. Exculpatory Provisions. No Agent shall have any duties or obligations except those expressly set forth herein and in the
other Credit Documents. Without limiting the generality of the foregoing, an Agent: 
 (a) shall not be subject to any fiduciary or other
implied duties, regardless of whether a Default has occurred and is continuing; 
 (b) shall not have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that any Agent is required to exercise as directed in writing by the Required Lenders (or such other
number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit Documents); provided that an Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose
such Agent to liability or that is contrary to any Credit Document or applicable law; 
 (c) shall not, except as expressly set forth herein
and in the other Credit Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as an
Agent or any of its Affiliates in any capacity; 
 (d) shall not be liable for any action taken or not taken by it (i) with the consent
or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as such Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 12 and 14.1) or
(ii) in the absence of its own gross negligence or willful misconduct. Neither Agent shall be deemed to have knowledge of any Default unless and until written notice describing such Default is given to such Agent by the Borrower or a Lender.

  
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 (e) shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of
this Agreement, any other Credit Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Security Documents, (v) the value or the sufficiency of any Collateral,
or (vi) the satisfaction of any condition set forth in Section 6 or 7 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to such Agent. 

13.4. Reliance by Agent. The Agents shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice,
request, certificate, consent, statement, instrument, document, order, judgment or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed,
sent or otherwise authenticated by the proper Person. The Agents also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender, any Agent may presume that such condition is satisfactory to such Lender unless the Administrative
Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Agents may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall
be entitled to rely on, and shall not be liable for any action taken or not taken by it in accordance with, the advice of any such counsel, accountants or experts. In addition, the Lenders hereby authorize Jones Day to provide written directions
(which may be made by electronic mail) to each Agent on behalf of the Required Lenders in regards to the Credit Documents and such other matters until such time as the Required Lenders or Jones Day advises the Agents in writing that Jones Day is no
longer authorized to provide any written directions to the Agents on behalf of the Required Lenders. The giving of any such direction by Jones Day shall be deemed a reaffirmation by Jones Day that such authorization from the Required Lenders has
been duly given. The Administrative Agent may rely on and act upon any such direction given by Jones Day and need not inquire as to the due authorization thereof. Notwithstanding the foregoing, to the extent any Agent determines that any direction
from Jones Day requires any clarification or supplementation, such Agent shall promptly inform the Required Lenders or Jones Day, as applicable, of such determination and the Required Lenders or Jones Day, as applicable, shall promptly provide to
such Agent one or more additional clarifying or supplementing directions. Until such time as such Agent receives such additional direction or directions from the Required Lenders or Jones Day, as applicable, such Agent shall be under no duty or
obligation to take, or refrain from taking, any course of action for which such Agent has requested additional directions. 
 Anything
herein to the contrary notwithstanding, whenever reference is made in this Agreement or any other Credit Document to any action by, consent, designation, specification, requirement or approval of, notice, request or other communication from, or
other direction given or action to be undertaken or to be (or not to be) suffered or omitted by the Agents or to any election, decision, opinion, acceptance, use of judgment, expression of satisfaction or other exercise of discretion, rights or
remedies to be made (or not to be made) by the Agents hereunder or thereunder, it is understood that in all cases the Agents shall be acting, giving, withholding, suffering, omitting, taking or otherwise undertaking and exercising the same (or shall
not be undertaking and exercising the same) as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit Documents) and shall not be required to take any
action unless it has received such direction from the Required (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit Documents). 

13.5. Delegation of Duties. The Administrative Agent and Collateral Agent may perform any and all of their respective duties and
exercise their respective rights and powers hereunder or under any other Credit Document by or through any one or more sub-agents appointed by the Administrative Agent or Collateral Agent. The Administrative
Agent, Collateral Agent and any such sub-agent may perform any and all of their respective duties and exercise their respective rights and powers by or through their respective Related Parties. The exculpatory
provisions of this Section 13 shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and Collateral Agent and any such sub-agent,
and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent and Collateral Agent. 

  
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 13.6. Resignation of Administrative Agent. The Administrative Agent may at any time
give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an
office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the
Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Credit Documents,
the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through
the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be
discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be
the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Credit Documents, the provisions of this
Section 13 and Section 14.5 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 
 13.7. Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on
such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender or
any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Credit Document
or any related agreement or any document furnished hereunder or thereunder. 
 13.8. [Reserved]. 

13.9. Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other
judicial proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the
Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans Outstanding and all
other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 4.1 and 14.5) allowed in such judicial proceeding; and

 (b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 

  
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 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent
any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 4.1 and 14.5. 

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any
Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender or in any such proceeding. 

13.10. Indemnification. The Lenders agree to indemnify each Agent in its capacity as such (to the extent not reimbursed by the Borrower
and without limiting the obligation of the Borrower to do so), ratably according to their respective portions of the Total Credit Exposure in effect on the date on which indemnification is sought (or, if indemnification is sought after the date upon
which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with their respective portions of the Total Credit Exposure in effect immediately prior to the date on which payment or termination
occurred), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (including at any time following the payment of the
Loans) be imposed on, incurred by or asserted against any Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Credit Documents or any documents contemplated by or referred to herein or therein or the
transactions contemplated hereby or thereby or any action taken or omitted by any Agent under or in connection with any of the foregoing (including the enforcement of this Section 13.10), provided that no Lender shall be liable for the
payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s gross negligence or willful misconduct as determined by a final and non-appealable judgment of a court of competent jurisdiction. The agreements in this Section 13.10 shall survive the payment of the Loans and all other amounts payable hereunder. 

13.11. Collateral and Guaranty Matters. Each of the Lenders irrevocably authorizes the Collateral Agent, at the request of the
Borrower, 
 (a) to release any Lien on any property granted to or held by the Collateral Agent under any Credit Document (i) upon
termination of the aggregate Commitments of all the Lenders and Payment In Full of all Obligations, (ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Credit Document to a Person
that is not a Credit Party, (iii) that constitutes “Excluded Property” (as such term is defined in the Security Agreement), (iv) that is excluded pursuant to Section 9.15(b), or (v) if approved, authorized or ratified in
writing in accordance with Section 14.1; 
 (b) to release any Guarantor from its obligations under the Guarantee if such Person ceases
to be a Subsidiary as a result of a transaction permitted hereunder; and 
 (c) to subordinate any Lien on any property granted to or held
by the Administrative Agent under any Credit Document to the holder of any Lien on such property that is permitted by Section 10.1(A)(f). 

Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent’s authority to
release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guarantee pursuant to this Section 13.11. In each case as specified in this Section 13.11, the
Collateral Agent will, at the Borrower’s expense, execute and deliver to the applicable Credit Party such documents as such Credit Party may reasonably request to evidence the release of such item of Collateral from the assignment and security
interest granted under the Security Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guarantee, in each case in accordance with the terms of the Credit Documents and this
Section 13.11; provided that such release shall not in any manner discharge, affect or impair the Obligations or any Liens upon (or obligations of the Borrower or any of its Subsidiaries in respect of) all interests retained by Borrower
or any of its Subsidiaries, including, without limitation, the proceeds of the sale, all of which shall continue to constitute part of the Collateral. In the event of any foreclosure or similar enforcement action with respect to any of the
Collateral, the Collateral Agent shall be authorized to deduct all of the costs and expenses reasonably incurred by the Collateral Agent from the proceeds of any such sale, transfer or foreclosure. 

  
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 13.12. [Reserved]. 

13.13. [Reserved]. 

13.14. Withholding Taxes. To the extent required by any applicable Requirement of Law, the Administrative Agent may withhold from any
payment to any Lender an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of Section 5.4, each Lender shall indemnify and hold harmless the Administrative Agent against, and shall make payable in
respect thereof within 15 days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted
against the Administrative Agent by the Internal Revenue Service or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of such Lender for any
reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or
reduction of withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Credit Document against any amount due the Administrative Agent under this Section 13.14. The agreements in this
Section 13.14 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all
other Obligations. 
 13.15. Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit
Party, that at least one of the following is and will be true: 
 (i) such Lender is not using “plan assets”
(within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans or the Commitments; 

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a
class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions
involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect
to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement; 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments
and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of subsections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement; or 

  
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 (iv) such other representation, warranty and covenant as may be agreed in
writing between the Administrative Agent, such Lender and Borrower, provided that Borrower shall not unreasonably withhold its consent. 

(b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause
(a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with subclause (iv) in the immediately preceding clause (a), such Lender further (x) represents and
warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any
documents related hereto or thereto). 
 13.16. Erroneous Payments. 

(a) (a) If the Administrative Agent notifies a Lender, Issuing Bank or Secured Party, or any Person who has received funds on behalf of a
Lender, Issuing Bank or Secured Party (any such Lender, Issuing Bank, Secured Party or other recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion that any funds received by such
Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Issuing Bank, Secured Party or
other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and
demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the
Administrative Agent, and such Lender, Issuing Bank or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business
Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each
day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Effective Rate and
a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be
conclusive, absent manifest error. If a Payment Recipient receives any payment, prepayment or repayment of principal, interest, fees, distribution or otherwise and does not receive a corresponding payment notice or payment advice, such payment,
prepayment or repayment shall be presumed to be in error absent written confirmation from the Administrative Agent to the contrary. 
 (b)
Each Lender, Issuing Bank or Secured Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender, Issuing Bank or Secured Party under any Loan Document, or otherwise payable or
distributable by the Administrative Agent to such Lender, Issuing Bank or Secured Party from any source, against any amount due to the Administrative Agent under immediately preceding clause (a) or under the indemnification provisions of
this Agreement. 
 (c) For so long as an Erroneous Payment (or portion thereof) has not been returned by any Payment Recipient who received
such Erroneous Payment (or portion thereof) (such unrecovered amount, an “Erroneous Payment Return Deficiency”) to the Administrative Agent after demand therefor in accordance with immediately preceding clause (a), (i) the
Administrative Agent may elect, in its sole discretion on written notice to such Lender, Issuing Bank or Secured Party, that all rights and claims of such Lender, Issuing Bank or Secured Party with respect to the Loans or other Obligations owed to
such Person up to the amount of the corresponding Erroneous Payment Return Deficiency in respect of such Erroneous Payment (the “Corresponding Loan Amount”) shall immediately vest in the Administrative Agent upon such election;
after such election, the Administrative Agent (x) may reflect its ownership interest in Loans in a principal amount equal to the Corresponding Loan Amount in the Register, and (y) upon five business days’ written notice to such
Lender, Issuing Bank or Secured Party, may sell such Loan (or portion 

  
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thereof) in respect of the Corresponding Loan Amount, and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by such Lender, Issuing Bank or Secured Party
shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender, Issuing Bank or Secured Party (and/or against any Payment
Recipient that receives funds on its behalf), and (ii) each party hereto agrees that, except to the extent that the Administrative Agent has sold such Loan, and irrespective of whether the Administrative Agent may be equitably subrogated, the
Administrative Agent shall be contractually subrogated to all the rights and interests of such Lender, Issuing Bank or Secured Party with respect to the Erroneous Payment Return Deficiency. For the avoidance of doubt, no vesting or sale pursuant to
the foregoing clause (i) will reduce the Commitments of any Lender or Issuing Bank and such Commitments shall remain available in accordance with the terms of this Agreement. 

(d) The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by
the Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower
or any other Loan Party for the purpose of making such Erroneous Payment. 
 (e) No Payment Recipient shall assert any right or claim to an
Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent
for the return of any Erroneous Payment received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine. 

(f) Each party’s obligations, agreements and waivers under this Section 13.16 shall survive the resignation or replacement of the
Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Credit
Document. 
 SECTION 14. Miscellaneous. 

14.1. Amendments and Waivers. 

Neither this Agreement nor any other Credit Document (other than the Final DIP Order), nor any terms hereof or thereof may be amended,
supplemented or modified except in accordance with the provisions of this Section 14.1. The Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent may, from time to time, (a) enter into with
the relevant Credit Party or Credit Parties written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Agreement or the other Credit Documents or changing in any manner
the rights of the Lenders or of the Credit Parties hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the
requirements of this Agreement or the other Credit Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall directly
(i) forgive or reduce any portion of any Loan or extend the final scheduled maturity date of any Loan or reduce the stated rate, or forgive any portion, or extend the date for the payment, of any interest or fee payable hereunder (other than as
a result of waiving the applicability of any post-default increase in interest rates), or increase the aggregate amount of the Commitments of any Lender, or amend or modify any provisions of Section 5.3(a) (with respect to the ratable
allocation of any payments only) and 14.8(a), in each case without the written consent of each Lender directly and adversely affected thereby, or (ii) amend, modify or waive any provision of this Section 14.1 or reduce the percentages
specified in the definitions of the terms “Required Lenders,” or consent to the assignment or transfer by the Borrower of its rights and obligations under any Credit Document to which it is a party (except as permitted pursuant to
Section 10.3), in each case without the written consent of each Lender directly and adversely affected thereby, or (iii) amend, modify or waive any provision affecting the rights or duties of the Administrative Agent or Collateral Agent,
as applicable, under this Agreement or any other Credit Document without the written consent of the then current Administrative Agent or Collateral Agent, as applicable, or (iv) amend, modify or waive any provision of this Agreement in order to
permit the incurrence of any financing pursuant to Section 364 of the Bankruptcy Code (other than the DIP Facility in the maximum amounts permitted after giving effect to the Final DIP Order) that would be secured by the Collateral (or any
portion thereof) on a pari passu or senior basis with the Obligations or that would benefit from any Superpriority Claim in the Cases 

  
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that is pari passu or senior to the Superpriority Claims with respect to the Obligations as provided in the Final DIP Order, without the written consent of each Lender, or (v) grant a
forbearance (with respect to any enforcement actions or otherwise) (i) on or after the Maturity Date or (ii) in respect of any Event of Default pursuant to Section 12.1 solely with respect to a scheduled payment that is due and
payable, if, in each case, the practical effect of which is to excuse the Loan Parties from the obligations to make principal, interest and other payments due under the Credit Documents, without the written consent of each Lender directly and
adversely affected thereby, or (vi) change any Term Loan Commitment to a revolving credit commitment, in each case without the prior written consent of each Lender directly and adversely affected thereby, or (vii) release all or
substantially all of the Guarantors under the Guarantee (except as expressly permitted by the Guarantee) or release all or substantially all of the Collateral under the Security Documents, in each case without the prior written consent of each
Lender, or (viii) amend Section 2.9 so as to permit Interest Period intervals greater than six months without regard to availability to Lenders, without the written consent of each Lender directly and adversely affected thereby; provided
that, notwithstanding anything to the contrary herein, with respect to the Maturity Extension, the applicable conditions thereto other than payment of the Maturity Extension Fee may be amended, supplemented or modified or waived with the written
consent of the Required Lenders. Any such waiver and any such amendment, supplement or modification shall apply equally to each of the affected Lenders and shall be binding upon the Borrower, such Lenders, the Agents and all future holders of the
affected Loans. In the case of any waiver, the Borrower, the Lenders and the Agents shall be restored to their former positions and rights hereunder and under the other Credit Documents, and any Default or Event of Default waived shall be deemed to
be cured and not continuing, it being understood that no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or
consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that
(x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms
affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 
 In
addition, notwithstanding the foregoing, (i) the Administrative Agent, the Collateral Agent and the relevant Credit Parties may amend, supplement or modify the Security Documents to make such ministerial changes as may be required to effect the
provisions of Section 10.2(a) without the consent of any Lender so long as such amendments do not adversely affect the Lenders and (ii) the Administrative Agent, the Agent and the relevant Credit Parties may amend, supplement or modify
this Agreement or any of the Security Documents and any other document delivered in connection therewith at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment, supplement or waiver is delivered
in order (i) to comply with local law or advice of local counsel, (ii) to cure ambiguities, omissions, mistakes or defects, (iii) to cause such any such Security Document or other document to be consistent with this Agreement and the
other Credit Documents or (iv) add syndication or documentation agents and make customary changes and references related thereto. 

14.2. Notices. Except as set forth in Section 14.17, all notices, requests and demands to or upon the respective parties hereto to
be effective shall be in writing (including by facsimile or electronic mail), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three days after being deposited in the mail, postage
prepaid, or, in the case of telecopy or electronic mail notice, when received, addressed as follows in the case of the Borrower and the Administrative Agent, or to such other address as may be hereafter notified by the respective parties hereto:

  
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	The Borrower:	  	 Intelsat Jackson Holdings S.A.

Société anonyme
 Attention: General Counsel

4, rue Albert Borschette

L-1246 Luxembourg
 RCS
Luxembourg n° B 149.959
 Telecopier: 352.2784.1690
 Email:
michelle.bryan@intelsat.com
  
 With a copy (which shall not constitute
notice) to:
  
 Kirkland & Ellis LLP

Attention: Steven N. Serajeddini, P.C. and Aparna Yenamandra
 601
Lexington Avenue
 New York, NY 10022
 Facsimile: 1-212-446-4900
 E-mail: steven.serajeddini@kirkland.com and aparna.yenamandra@kirkland.com
  

and
  

Kirkland & Ellis LLP
 Attention: Andrew C.R. Veit, P.C.
and Chad Davis
 609 Main Street
 Houston, Texas 77002

E-mail: andrew.veit@kirkland.com, and

chad.davis@kirkland.com

		
	The Administrative Agent:	  	 Credit Suisse AG
 Attention of: Agency
Manager
 Eleven Madison Avenue
 New York, NY 10010

Fax No. 212-322-2291

Email: agency.loanops@credit-suisse.com

 provided that any notice, request or demand to or upon the Administrative Agent or the Lenders pursuant to Sections
2.3, 2.6, 2.9, 4.2 and 5.1 shall not be effective until received. 
 14.3. No Waiver; Cumulative Remedies. No failure to exercise and
no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Credit Documents 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 exclusive
of any rights, remedies, powers and privileges provided by law. 
 14.4. Survival of Representations and Warranties. All
representations and warranties made hereunder, in the other Credit Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making
of the Loans hereunder. 
 14.5. Payment of Expenses and Taxes. Each Credit Party agrees (a) to pay or reimburse the Agents and
the Lenders for all their reasonable out-of-pocket costs and expenses incurred in connection with the development, preparation, negotiation and execution of, and any
amendment, supplement or modification to, this Agreement and the other Credit Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and
thereby, including the reasonable fees, disbursements and other charges of counsel to the Agents and the Lenders, (b) to pay or reimburse each Lender and Agent for all its reasonable and documented costs and expenses incurred in connection with
the enforcement or preservation of any rights under this Agreement, the other Credit Documents and any such other documents, including the reasonable fees, disbursements and other charges of counsel to each Lender and of counsel to the Agents,
(c) to pay, indemnify, and hold harmless each Lender and Agent from, any and all recording and filing fees and (d) to pay, indemnify, and hold harmless each Lender and Agent and their respective directors, officers, employees, trustees,
investment advisors and agents from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever, including reasonable and documented
fees, disbursements and other charges of counsel, with respect to the execution, delivery, enforcement 

  
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(including this Section 14.5), performance and administration of this Agreement, the other Credit Documents and any such other documents, including, without limitation, any of the foregoing
relating to the violation of, noncompliance with or liability under, any Environmental Law or to any actual or alleged presence, release or threatened release of Hazardous Materials involving or attributable to the operations of the Borrower, any of
its Subsidiaries or any of the Real Estate (all the foregoing in this clause (d), collectively, the “indemnified liabilities”); provided that such Credit Party shall have no obligation hereunder to the Administrative Agent or
any Lender nor any of their respective directors, officers, employees and agents with respect to indemnified liabilities to the extent attributable to (i) the gross negligence or willful misconduct of the party to be indemnified as determined
in a final and non-appealable judgment by a court of competent jurisdiction or (ii) disputes among the Administrative Agent, the Lenders and/or their transferees. The agreements in this Section 14.5
shall survive repayment of the Loans and all other amounts payable hereunder. 
 14.6. Successors and Assigns; Participations and
Assignments. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or
transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 14.6. Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this Section 14.6) and, to the
extent expressly contemplated hereby, the Related Parties of each of the Agents and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) (i) Subject to the conditions set forth in paragraphs (b)(ii) and (b)(iii) below, any Lender may assign to one or more assignees (other
than any Disqualified Lender) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent (such consent not be unreasonably
withheld or delayed; it being understood that, without limitation, the Borrower shall have the right to withhold its consent to any assignment if, in order for such assignment to comply with applicable law, the Borrower would be required to obtain
the consent of, or make any filing or registration with, any Governmental Authority) of: 
 (A) the Borrower (which consent
shall not be unreasonably withheld or delayed); provided that no consent of the Borrower shall be required for an assignment of Term Loans or Term Loan Commitments to (i) a Lender, an Affiliate of a Lender (unless increased costs would
result therefrom except if an Event of Default has occurred and is continuing), or an Approved Fund or (ii) any Person that is a member of the Jackson Ad Hoc Group or the Jackson Crossover Ad Hoc Group; provided, however, if an
Event of Default has occurred and is continuing, an assignment pursuant to Section 14.6(b)(i) to any assignee shall be permitted; provided, further, that the Borrower shall be deemed to have consented to any such assignment unless
it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; and 

(B) the Administrative Agent (which consent shall not be unreasonably withheld or delayed); provided that no consent of
the Administrative Agent shall be required for an assignment of (1) any Commitment to an assignee that is a Lender, an Affiliate of a Lender or Approved Fund of a Lender immediately prior to giving effect to such assignment; or (2) any
Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund of a Lender immediately prior to giving effect to such assignment. 

(ii) No Lender may assign any portion of its rights and obligations under this Agreement to the Sponsors, Holdings or any of
their respective Affiliates; 
 (iii) Assignments shall be subject to the following additional conditions: 

  
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 (A) except in the case of an assignment to a Lender, an Affiliate of a
Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date
the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 (or, in the case of a Term Loan Commitment or Term Loan, $1,000,000), and increments of $1,000,000 in excess
thereof, unless each of the Borrower and the Administrative Agent otherwise consents (which consents shall not be unreasonably withheld or delayed); provided that no such consent of the Borrower shall be required if an Event of Default has
occurred and is continuing; provided, further, that contemporaneous assignments to a single assignee made by Affiliates of Lenders and related Approved Funds shall be aggregated for purposes of meeting the minimum assignment amount
requirements stated above; 
 (B) each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement; 
 (C) the parties to each assignment shall execute and
deliver to the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative Agent in the case of any Assignment);
provided that only one such fee shall be payable in the event of simultaneous assignments to or from two or more Approved Funds; provided further that any such Assignment and Assumption shall include a representation by the
assignee that the assignee is not a Disqualified Lender or an Affiliate of a Disqualified Lender; and 
 (D) the assignee, if
it shall not already be a Lender hereunder, shall deliver to the Administrative Agent an administrative questionnaire in a form approved by the Administrative Agent (the “Administrative Questionnaire”). 

For the purpose of this Section 14.6(b), the term “Approved Fund” shall mean any Person (other than a natural person)
that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course and that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers, advises or manages a Lender. 
 (iv) Subject to acceptance and
recording thereof pursuant to paragraph (b)(vi) of this Section 14.6, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Acceptance but subject to paragraph (b)(viii) of this Section 14.6, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be
a party hereto but shall continue to be entitled to the benefits of Sections 2.10, 2.11, 3.5, 5.4 and 14.5). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 14.6 shall
be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section 14.6. 

(v) The Administrative Agent, acting for this purpose as an agent of the Borrower shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans owing to, each Lender pursuant to
the terms hereof from time to time (the “Register”). Further, the Register shall contain the name and address of the Administrative Agent and the lending office through which each such Person acts under this Agreement. The entries
in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

  
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 (vi) Upon its receipt of a duly completed Assignment and Acceptance executed
by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section 14.6
and any written consent to such assignment required by paragraph (b) of this Section 14.6, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment
shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(vii) In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall
be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof
as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro
rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such
Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans. Notwithstanding the foregoing, in the event that any
assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting
Lender for all purposes of this Agreement until such compliance occurs. 
 (viii) An assignee Lender shall not be entitled to
receive any greater payment under Section 2.10 or 5.4 in respect of Luxembourg Taxes than the applicable assignor Lender would have been entitled to receive with respect to the Loan sold to the assignee Lender, unless either (1) the
assignment of such Loan to such assignee Lender is made with the Borrower’s prior written consent (which consent shall not be unreasonably withheld) or (2) such greater payment under Section 2.10 or 5.4 arises solely as the result of
a Change in Law following the date on which the assignee becomes a Lender hereunder. 
 (c) (1) Any Lender may, without the consent of the
Borrower or the Administrative Agent, sell participations to one or more banks or other entities (other than a Disqualified Lender) (each, a “Participant”) in all or a portion of such Lender’s rights and obligations under this
Agreement (including all or a portion of its Commitments and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or
waiver of any provision of this Agreement or any other Credit Document; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver
described in the first proviso to Section 14.1 that affects such Participant. Subject to paragraph (c)(ii) of this Section 14.6, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.10, 2.11 and 5.4 to
the same extent as if it were a Lender (subject to the requirements of those Sections) and had acquired its interest by assignment pursuant to paragraph (b) of this Section 14.6. To the extent permitted by law, each Participant also shall
be entitled to the benefits of Section 14.8(b) as though it were a Lender; provided such Participant agrees to be subject to Section 14.8(a) as though it were a Lender. 

(i) A Participant shall not be entitled to receive any greater payment under Section 2.10 or 5.4 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent (which consent shall not be
unreasonably withheld). 
 (d) Any Lender may, without the consent of the Borrower or the Administrative Agent, at any time pledge or assign
a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 14.6 shall not apply to any
such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto. In order to facilitate such pledge or assignment, the Borrower hereby agrees that, upon request of any Lender at any time and from time to time after the Borrower has made its initial borrowing hereunder, the Borrower shall provide to
such Lender, at the Borrower’s own expense, a promissory note, substantially in the form of Exhibit G, as the case may be, evidencing the Term Loans owing to such Lender. 

  
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 (e) Subject to Section 14.16, the Borrower authorizes each Lender to disclose to any
Participant, secured creditor of such Lender or assignee (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates that has
been delivered to such Lender by or on behalf of the Borrower and its Affiliates pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Borrower and its Affiliates in connection with such Lender’s credit
evaluation of the Borrower and its Affiliates prior to becoming a party to this Agreement. 
 (f) Each of the Credit Parties which are
incorporated under the laws of the Grand Duchy of Luxembourg expressly accepts and confirms for the purposes of articles 1278 to 1281 of the Luxembourg civil code that, notwithstanding any assignment, transfer and/or novation made pursuant to this
Agreement, the guarantee given by it guarantees all Obligations (including without limitation, all obligations with respect to all rights and/or obligations so assigned, transferred or novated) and that any security interest created under any
Security Document to which it is a party shall be preserved for the benefit of any successor and assign of the Lenders, Administrative Agent and/or Secured Parties. 

(g) Notwithstanding the foregoing, no assignment may be made or participation sold to a Disqualified Lender without the prior written consent
of the Borrower. Notwithstanding anything contained in this Agreement or any other Credit Document to the contrary, if any Lender was a Disqualified Lender at the time of the assignment of any Loans or Commitments to such Lender, following written
notice from the Borrower to such Lender and the Administrative Agent: (1) such Lender shall promptly assign all Loans and Commitments held by such Lender to an eligible assignee; provided that (A) the Administrative Agent shall not have
any obligation to the Borrower, such Lender or any other Person to find such a replacement Lender, (B) the Borrower shall not have any obligation to such Disqualified Lender or any other Person to find such a replacement Lender or accept or
consent to any such assignment to itself or any other Person subject to the Borrower’s consent and (C) the assignment of such Loans and/or Commitments, as the case may be, shall be at par plus accrued and unpaid interest and fees;
(2) such Lender shall not have any voting or approval rights under the Credit Documents and shall be excluded in determining whether all Lenders, all affected Lenders or the Required Lenders have taken or may take any action hereunder
(including any consent to any amendment or waiver pursuant to this Section 14.6); provided that (x) the Commitment of any Disqualified Lender may not be increased or extended without the consent of such Lender and (y) any waiver,
amendment or modification requiring the consent of all Lenders or each affected Lender that affects any Disqualified Lender adversely and in a manner that is disproportionate to other affected Lenders shall require the consent of such Disqualified
Lender; and (3) no Disqualified Lender is entitled to receive information provided solely to Lenders by the Administrative Agent or any Lender or will be permitted to attend or participate in meetings attended solely by the Lenders and the
Administrative Agent, other than the right to receive notices or Borrowings, notices or prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to Section 2 hereof. 

14.7. Replacements of Lenders Under Certain Circumstances. 

(a) The Borrower shall be permitted to replace any Lender that (a) requests reimbursement for amounts owing pursuant to
Section 2.10, 2.11, 3.5 or 5.4, (b) is affected in the manner described in Section 2.10(a)(ii) and as a result thereof any of the actions described in such Section is required to be taken or (c) becomes a Defaulting Lender, with a
replacement bank or other financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement,
(iii) the Borrower shall repay (or the replacement bank or institution shall purchase, at par) all Loans and other amounts (other than any disputed amounts), pursuant to Section 2.10, 2.11, 2.12, 3.5 or 5.4, as the case may be) owing to
such replaced Lender prior to the date of replacement, (iv) the replacement bank or institution, if not already a Lender, and the terms and conditions of such replacement, shall be reasonably satisfactory to the Administrative Agent,
(v) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 14.6 (provided that the Borrower shall be obligated to pay the registration and processing fee referred to therein) and
(vi) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender. 

  
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 (b) If any Lender (such Lender, a
“Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge or termination which pursuant to the terms of Section 14.1 requires the consent of all of the
Lenders affected and with respect to which the Required Lenders shall have granted their consent, then provided no Event of Default other than an Event of Default relating to the proposed amendment, waiver, discharge or termination at issue then
exists, the Borrower shall have the right (unless such Non-Consenting Lender grants such consent) to replace such Non-Consenting Lender by deeming such Non-Consenting Lender to have assigned its Loans, and its Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent; provided that: (a) all Obligations of the
Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment, and (b) the
replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon. No action by or consent of the Non-Consenting Lender shall be necessary in connection with such assignment, which shall be immediately and automatically effective upon payment of such purchase price. In connection with any such assignment, the
Borrower, Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 14.6. 

14.8. Adjustments; Set-off. 

(a) If any Lender (a “benefited Lender”) shall at any time receive any payment of all or part of its Loans, or interest
thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 12.5, or otherwise), in a
greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Loans, or interest thereon, such benefited Lender shall purchase for cash from the other Lenders a participating
interest in such portion of each such other Lender’s Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such benefited Lender to share the excess payment
or benefits of such collateral or proceeds ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such benefited Lender, such purchase shall be
rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 
 (b) After the occurrence
and during the continuance of an Event of Default, in addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Borrower, any such notice being expressly waived by the Borrower
to the extent permitted by applicable law, upon any amount becoming due and payable by the Borrower hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply
against such amount any and all deposits (general or special, time or demand, provisional or final) (other than escrow, payroll, employee health and benefits, pension, fiduciary, 401(K), petty cash, trust and tax accounts), in any currency, and any
other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the
account of the Borrower. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such set-off and application made by such Lender; provided that the failure to give
such notice shall not affect the validity of such set-off and application. In the event that any Defaulting Lender shall exercise any such right of set-off, (x) all
amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 3.8 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds
and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such
Defaulting Lender as to which it exercised such right of set-off. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other
rights of set-off) that such Lender or its Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such set-off
and application; provided that the failure to give such notice shall not affect the validity of such set-off and application. 

14.9. Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate
counterparts (including by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by all the parties shall be
lodged with the Borrower and the Administrative Agent. 

  
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 14.10. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 14.11. Integration; Order
Controls. This Agreement (together with the exhibits, annexes and schedules hereto) and the other Credit Documents represent the entire agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof
and supersedes all prior agreements and understandings, oral or written, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to subject matter hereof not expressly set forth or
referred to herein or in the other Credit Documents. To the extent that any specific provision hereof is inconsistent with the Final DIP Order, the Final DIP Order shall control. 

14.12. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK AND, TO THE EXTENT APPLICABLE, THE BANKRUPTCY CODE. 
 14.13. Submission
to Jurisdiction; Consent to Service; Waivers. 
 (a) Each Credit Party hereby irrevocably and unconditionally: 

(i) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Credit
Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the Bankruptcy Court and, if the Bankruptcy Court does not have (or abstains from) jurisdiction, the
courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

(ii) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(iii) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to the Borrower at its addresses set forth in Section 14.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto;

 (iv) agrees that nothing herein shall affect the right of the Agents or Lenders to effect service of process in any other
manner permitted by law or shall limit the right of the Agents or Lenders to sue or enforce a judgment in any other jurisdiction; and 

(v) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or
proceeding against Agents or Lenders and their respective Affiliates, directors, employees, attorneys, agents or sub-agents, on any theory or liability for any special, indirect, exemplary, punitive or
consequential damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way
related to, this Agreement or any Credit Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof or any act
or omission or event occurring in connection therewith, and Borrower hereby waives, releases and agrees not to sue upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. 

  
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 (b) By the execution and delivery of this Agreement, each Credit Party hereby irrevocably
designates, appoints and empowers Intelsat US LLC (and Intelsat US LLC hereby irrevocably accepts such appointment) as its authorized agent upon which process may be served in any suit or proceeding arising out of or relating to this Agreement or
the Credit Documents that may be instituted in any federal or state court in the State of New York. 
 (c) Each Credit Party, to the extent
that it has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from setoff or any legal process (whether service of notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise) with respect to itself or any of its property or assets, hereby waives and agrees not to plead or claim such immunity in respect of its obligations under this Agreement
and the other Credit Documents (it being understood that the waivers contained in this paragraph (c) shall have the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976, as amended, and are intended to be irrevocable and
not subject to withdrawal for the purposes of such Act). 
 14.14. Acknowledgments. Each Credit Party hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Credit Documents; 

(b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to any Credit Party arising out of or in
connection with this Agreement or any of the other Credit Documents, and the relationship between Administrative Agent and Lenders, on one hand, and the Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and
creditor; and 
 (c) no joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the transactions
contemplated hereby among the Lenders or among any Credit Party and the Lenders. 
 14.15. WAIVERS OF JURY TRIAL. THE
BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

14.16. Confidentiality. Each of the Agents and the Lenders agree to maintain the confidentiality of the Information (as defined below),
except that Confidential Information may be disclosed (a) to its Affiliates and to its and their respective Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of
such Confidential Information and instructed to keep such Confidential Information confidential) or any of their respective auditors; (b) to the extent required or requested by any regulatory authority or bank examiner purporting to have
jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners); (c) to the extent required by applicable laws or regulations or by any subpoena or similar
legal process; (d) to any other party hereto; (e) in connection with the exercise of any remedies hereunder or under any other Credit Document or any action or proceeding relating to this Agreement or any other Credit Document or the
enforcement of rights hereunder or thereunder; (f) subject to an agreement containing provisions substantially the same as those of this Section 14.16, (or more restrictive) to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights and obligations under this Agreement, or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by
reference to the Borrower and its obligations, this Agreement or payments hereunder; (g) on a confidential basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the DIP Facility or (ii) the CUSIP
Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the DIP Facility; (h) with the consent of the Borrower; or (i) to the extent such Confidential Information
(x) becomes publicly available other than as a result of a breach of this Section 14.16, or (y) becomes available to any Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the
Borrower who did not acquire such information as a result of a breach of this Section 14.16. In addition, the Agents and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors,
similar service providers to the lending industry and service providers to the Agents or any Lender in connection with the administration of this Agreement, the other Credit Documents, and the Commitments. For purposes of this Section 14.16,
“Confidential Information” means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their respective businesses, other than any such information that is
available to any Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries; provided that, in the case of information received from the Borrower or any of its Subsidiaries after the Closing Date,
such information is clearly identified at the time of delivery as confidential. 

  
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 14.17. Direct Website Communications. 

(a) Delivery. (i) The Borrower may, at its option, provide to the Administrative Agent any information, documents and other
materials that it is obligated to furnish to the Administrative Agent pursuant to the Credit Documents, including, without limitation, all notices, requests, financial statements, financial and other reports, certificates and other information
materials, but excluding any such communication that (A) relates to a request for a new, or a conversion of an existing, borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto),
(B) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (C) provides notice of any default or event of default under this Agreement or (D) is required to be delivered to
satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit thereunder (all such non-excluded communications being referred to herein collectively
as “Communications”), by transmitting the Communications in an electronic/soft medium in a format reasonably acceptable to the Administrative Agent to an email address to be provided by the Administrative Agent. Nothing in this
Section 14.17 shall prejudice the right of the Borrower, the Administrative Agent or any Lender to give any notice or other communication pursuant to any Credit Document in any other manner specified in such Credit Document. 

(ii) Each Lender and each Agent agrees that the receipt of the Communications by such Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to such Agent for purposes of the Credit Documents. Each Lender agrees that notice to it (as provided in the next sentence)
specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Credit Documents. Each Lender agrees (A) to notify the Administrative Agent in
writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the foregoing notice may be sent by electronic transmission and (B) that the foregoing
notice may be sent to such e-mail address. 
 (b) Posting. The Borrower further agrees that
the Administrative Agent may make the Communications available to the Lenders by posting the Communications on SyndTrak or a substantially similar electronic transmission system (the “Platform”), so long as the access to such
Platform is limited (i) to the Agents and the Lenders and (ii) remains subject the confidentiality requirements set forth in Section 14.16. 

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF
ITS RELATED PARTIES WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN
CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. 
 14.18. USA PATRIOT Act. Each Lender that is subject to the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Credit
Party that pursuant to the requirements of the Patriot Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each
Credit Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Credit Party in accordance with the Patriot Act and the Beneficial Ownership Regulation. 

  
 -87- 

 14.19. Conversion of Currencies. 

(a) If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another
currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be
purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given. 
 (b) The
obligations of the Borrower in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment
Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any
sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement
Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such
loss. The obligations of the Borrower contained in this Section 14.19 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder. 

14.20. Acknowledgement and Consent to Bail-In of Affected Financial Institutions.
Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any
Credit Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 
 (b) the
effects of any Bail-In Action on any such liability, including, if applicable: 
 (i) a reduction in
full or in part or cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such liability into shares or other
instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in
lieu of any rights with respect to any such liability under this Agreement or any other Credit Document; or 
 (iii) the variation of the
terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 

SECTION 15. Guarantee. 

15.1. Guarantee. 
 (a) In
order to induce the Agents and the Lenders to enter into this Agreement and to extend credit hereunder, and in recognition of the substantial direct and indirect benefits to be received by each Guarantor from the proceeds of the Loans, which will be
used in part to enable the Borrower to make valuable transfers to the Guarantors in connection with the operation of their respective businesses, each Guarantor, which is a Subsidiary of the Borrower, hereby agrees with the Secured Parties as
follows: each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably guarantees as primary obligor and not merely as surety, to the Administrative Agent, for the benefit of the Secured Parties, the full and prompt payment
when due, whether upon maturity, acceleration or otherwise, of any and all of the Obligations. If any or all of the Obligations of the Credit Parties to the Secured Parties becomes due and payable hereunder, each Credit Party irrevocably and
unconditionally promises to pay such indebtedness to the Secured Parties, or order, on demand, together with any and all expenses which may be incurred 

  
 -88- 

 
by the Secured Parties in collecting any of the Obligations. This Guarantee is a guaranty of payment and not of collection. If claim is ever made upon any Secured Party for repayment or recovery
of any amount or amounts received in payment or on account of any of the Obligations and any of the aforesaid payees repays all or part of said amount by reason of (i) any judgment, decree or order of any court or administrative body having
jurisdiction over such payee or any of its property or (ii) any settlement or compromise of any such claim effected in good faith by such payee with any such claimant (including any Credit Party), then and in such event each Credit Party agrees
that any such judgment, decree, order, settlement or compromise shall be binding upon it, notwithstanding any revocation of this Guarantee or other instrument evidencing any liability of the Credit Parties, and each Credit Party shall be and remain
liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any such payee. For the avoidance of doubt, each Credit Party expressly accepts and confirms
for the purposes of articles 1278 to 1281 of the Luxembourg civil code that, notwithstanding any assignment, transfer and/or novation made pursuant to this Agreement, the guarantee given by it guarantees all Obligations (including without
limitation, all obligations with respect to all rights and/or obligations so assigned, transferred or novated) and that any security interest created under any Security Document to which it is a party shall be preserved for the benefit of any new
Secured Party. 
 (b) Each Credit Party further agrees to pay any and all reasonable, document and invoiced
out-of-pocket expenses (including all reasonable fees and disbursements of counsel) that may be paid or incurred by the Administrative Agent or any other Secured Party
in enforcing, or obtaining advice of counsel in respect of, any rights with respect to, or collecting, any or all of the Obligations and/or enforcing any rights with respect to, or collecting against, such Guarantor under this Guarantee. 

(c) Each Guarantor agrees that the Obligations may, subject to Section 15.12 (Luxembourg Guarantee Limitations) and
Section 15.13 (UK Guarantee Limitations), at any time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing this Guarantee or affecting the rights and remedies of the Administrative
Agent or any other Secured Party hereunder. 
 (d) No payment or payments made by the Borrower, any of the Guarantors, any other guarantor
or any other Person or received or collected by the Administrative Agent or any other Secured Party from the Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor
hereunder, which shall, notwithstanding any such payment or payments other than payments made by such Guarantor in respect of the Obligations or payments received or collected from such Guarantor in respect of the Obligations, remain liable for the
Obligations up to the maximum liability of such Guarantor hereunder until the Obligations are paid in full, the Commitments are terminated. 

(e) Each Guarantor agrees that whenever, at any time, or from time to time, it shall make any payment to the Administrative Agent or any other
Secured Party on account of its liability hereunder, it will notify the Administrative Agent in writing that such payment is made under this Guarantee for such purpose. 

15.2. Right of Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its
proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder who has not paid its proportionate share of such payment. Each Guarantor’s right
of contribution shall be subject to the terms and conditions of Section 15.4 hereof. The provisions of this Section 15.2 shall in no respect limit the obligations and liabilities of any Guarantor to the Administrative Agent and the other
Secured Parties, and each Guarantor shall remain liable to the Administrative Agent and the other Secured Parties for the full amount guaranteed by such Guarantor hereunder. 

15.3. Right of Set-off. In addition to any rights and remedies of the Secured Parties provided
by law, each Guarantor hereby irrevocably authorizes each Secured Party at any time and from time to time following the occurrence and during the continuance of an Event of Default without notice to such Guarantor or any other Guarantor, any such
notice being expressly waived by each Guarantor, upon any amount becoming due and payable by such Guarantor hereunder (whether at stated maturity, by acceleration or otherwise) to set off and appropriate and apply against such amount any and all
deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time
held or owing by such Secured Party to or for the credit or the account of such Guarantor. Each Secured Party shall notify such Guarantor promptly of any such set-off and the appropriation and application made
by such Secured Party, provided that the failure to give such notice shall not affect the validity of such set-off and application. 

  
 -89- 

 15.4. No Subrogation. Notwithstanding any payment or payments made by any of the
Guarantors hereunder or any set-off or appropriation and application of funds of any of the Guarantors by the Administrative Agent or any other Secured Party, no Guarantor shall be entitled to be subrogated to
any of the rights of the Administrative Agent or any other Secured Party against the Borrower or any other Guarantor or any collateral security or guarantee or right of offset held by the Administrative Agent or any other Secured Party for the
payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the
Administrative Agent and the other Secured Parties by the Credit Parties on account of the Obligations are Paid In Full and the Commitments are terminated. If any amount shall be paid to any Guarantor on account of such subrogation rights at any
time when all the Obligations shall not have been Paid In Full, such amount shall be held by such Guarantor in trust for the Administrative Agent and the other Secured Parties, segregated from other funds of such Guarantor, and shall, forthwith upon
receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied against the Obligations, whether due or to
become due, in such order as the Administrative Agent may determine. 
 15.5. Amendments, etc. with Respect to the Obligations; Waiver of
Rights. Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, (a) any demand for payment of any of the
Obligations made by the Administrative Agent or any other Secured Party may be rescinded by such party and any of the Obligations continued, (b) the Obligations, or the liability of any other party upon or for any part thereof, or any
collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in while or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative
Agent or any other Secured Party, (c) the Credit Agreement and any other documents executed and delivered in connection therewith, may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the
Required Lenders, as the case may be) may deem advisable from time to time, and (d) any collateral security, guarantee or right of offset at any time held by the Collateral Agent, the Administrative Agent or any other Secured Party for the
payment of the Obligations may be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor any other Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as
security for the Obligations or for this Guarantee or any property subject thereto. When making any demand hereunder against any Guarantor, the Administrative Agent or any other Secured Party may, but shall be under no obligation to, make a similar
demand on any Credit Party or any Guarantor or guarantor, and any failure by the Administrative Agent. or any other Secured Party to make any such demand or to collect any payments from the Borrower or any Guarantor or guarantor or any release of
the Borrower or any Guarantor or guarantor shall not relieve any Guarantor in respect of which a demand or collection is not made or any Guarantor not so released of its several obligations or liabilities hereunder, and shall not impair or affect
the rights and remedies, express or implied, or as a matter of law, of the Administrative Agent or any other Secured Party against any Guarantor. For the purposes hereof, “demand” shall include the commencement and continuance of any legal
proceedings 
 15.6. Guarantee Absolute and Unconditional. 

(a) Each Guarantor waives any and all notice of the creation, contraction, incurrence, renewal, extension, amendment, waiver or accrual of any
of the Obligations, and notice of or proof of reliance by the Administrative Agent or any other Secured Party upon this Guarantee or acceptance of this Guarantee. The Obligations or any of them shall conclusively be deemed to have been created,
contracted or incurred, or renewed, extended, amended, waived or accrued, in reliance upon this Guarantee, and all dealings between any of the Credit Parties, on the one hand, and the Administrative Agent and the other Secured Parties, on the other
hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon this Guarantee. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon any of the Credit
Parties with respect to the Obligations. Each Guarantor understands and agrees that this Guarantee shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity, regularity or

  
 -90- 

 
enforceability of the Credit Agreement, any other Credit Document, any of the Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any
time or from time to time held by the Collateral Agent, the Administrative Agent or any other Secured Party, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) that
may at any time be available to or be asserted by any of the Credit Parties against the Administrative Agent or any other Secured Party or (c) any other circumstance whatsoever (with or without notice to or knowledge of such Credit Party) that
constitutes, or might be construed to constitute, an equitable or legal discharge of any of the Credit Parties for the Obligations, or of such Guarantor under this Guarantee, in bankruptcy or in any other instance. When pursuing its rights and
remedies hereunder against any Guarantor, the Administrative Agent and any other Secured Party may, but shall be under no obligation to, pursue such rights and remedies as it may have against any of the Credit Parties or any other Person or against
any collateral security or guarantee for the Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or any other Secured Party to pursue such other rights or remedies or to collect any payments from any
of the Credit Parties or any such other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of any of the Credit Parties or any such other Person or any such collateral
security, guarantee or right of offset, shall not relieve such Guarantor of any liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent and
the other Secured Parties against such Guarantor. 
 (b) This Guarantee shall remain in full force and effect and be binding in accordance
with and to the extent of its terms upon each Guarantor and the successors and assigns thereof and shall inure to the benefit of the Administrative Agent and the other Secured Parties and their respective successors, indorsees, transferees and
assigns until all the Obligations (other than any contingent indemnity obligations not then due) shall have been satisfied by payment in full, the Commitments thereunder shall be terminated and no Letters of Credit thereunder shall be outstanding,
notwithstanding that from time to time during the term of the Credit Agreement the Credit Parties may be free from any Obligations. 
 15.7.
This Guarantee shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any
other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer
for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 

15.8. Subordination. Any of the indebtedness of the Credit Parties now or hereafter owing to any other Credit Party is hereby
subordinated to the Obligations of the Credit Parties owing to the Secured Parties; and if the Administrative Agent so requests at a time when an Event of Default exists, all such indebtedness of such Credit Parties to another Credit Party shall be
collected, enforced and received by such other Credit Party for the benefit of the Secured Parties and be paid over to the Administrative Agent on behalf of the Secured Parties on account of the Obligations of such Credit Parties to the Secured
Parties, but without affecting or impairing in any manner the liability of any Credit Party under the other provisions of this Guarantee. Prior to the transfer by any Credit Party of any note or negotiable instrument evidencing any of the
indebtedness of such Credit Parties to any other Credit Party, such Credit Party shall mark such note or negotiable instrument with a legend that the same is subject to this subordination. Without limiting the generality of the foregoing, each
Credit Party hereby agrees with the Secured Parties that it will not exercise any right of subrogation which it may at any time otherwise have as a result of this Guarantee (whether contractual, under Section 509 of the Bankruptcy Code or
otherwise) until all Obligations have been irrevocably paid in full in cash. 
 15.9. Payments. Each Guarantor hereby guarantees that
payments hereunder will be paid to the Administrative Agent without set-off or counterclaim in Dollars at the Administrative Agent’s Office. 

15.10. Each Subsidiary of the Borrower that is required to become a party to this Guarantee pursuant to Section 9.11 shall become a
Guarantor, with the same force and effect as if originally named as a Guarantor herein, for all purposes of this Guarantee upon execution and delivery by such Subsidiary of a Joinder Agreement. The execution and delivery of any instrument adding an
additional Guarantor as a party to this Guarantee shall not require the consent of any other Guarantor hereunder. The rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new
Guarantor as a party to this Guarantee. 

  
 -91- 

 15.11. [Reserved]. 

15.12. Luxembourg Guarantee Limitation. Notwithstanding any provision to the contrary in this Agreement, the liability of any Guarantor
incorporated under the laws of Luxembourg (a “Luxembourg Guarantor”) under this Section 15 for the obligations of any Guarantor in which the relevant Guarantor has no direct or indirect equity interest, shall be limited at any time to
a maximum amount not exceeding ninety-five per cent. (95%) of the sum of such Guarantor’s “capitaux propres” (as referred to in Annex I to the Grand-Ducal Regulation dated 18 December 2015 setting out the form and content
of the presentation of the balance sheet and profit and loss account, enforcing the Law of 19 December 2002 on the register of commerce and companies and the accounting and annual accounts of undertakings, as amended) (the “Own
Funds”) and such Guarantor’s debt which is subordinated in right of payment (whether generally or specifically) to any claim of any Credit Party under any of the Credit Documents (the “Lux Subordinated
Debt”), as determined on the basis of the then latest available annual accounts of such Guarantor duly established in accordance with applicable accounting rules, as at the date on which the guarantee under this Section 15 is
called. 
 Where, for the purpose of the above determinations, (i) no duly established annual accounts are available for the relevant reference period
(which will include a situation where, in respect of the determinations to be made above, no final annual accounts have been established in due time in respect of the then most recently ended financial year) or (ii) the relevant annual accounts
do not adequately reflect the status of the Lux Subordinated Debt or Own Funds as envisaged above, an independent auditor (réviseur d’enterprises agréé) of the Luxembourg Guarantor or, if no such auditor has been
appointed, an independent reputable investment bank (acting in good faith) shall make the determination of the relevant Own Funds and Lux Subordinated Debt amounts based on such available elements and facts as deemed relevant by it at such time.

 The above limitation shall not apply to: 

(i) any amounts borrowed under any Credit Document and in each case made available, in any form whatsoever, to such Guarantor
or any entity in which it has a direct or indirect equity interest; and 
 (ii) for the avoidance of doubt, any Security
Documents. 
 The obligations of each Luxembourg Guarantor under this Section 15 shall not extend to the guaranteeing or securing of
any amount which would breach the prohibition on financial assistance as set out in the Luxembourg Law dated 10 August 1915 on commercial companies, as amended. 

Notwithstanding anything herein to the contrary, the obligations and liabilities of any Luxembourg Guarantor under this Agreement shall not
include any obligation or liability to the extent that, if so included, would constitute an abuse of assets as defined by article 1500-11 of the Luxembourg law dated 10 August 1915 on commercial
companies, as amended. 
 15.13. UK Guarantee Limitations. 

(A) Without limiting any specific exemptions set out in this Agreement, no UK Guarantor’s obligations and liabilities
under this Agreement and under any other guarantee or indemnity provision in a Credit Document (the “UK Guarantee Obligations”) will extend to include any obligation or liability and no Collateral granted by a UK Guarantor will
secure any UK Guarantee Obligation, if to the extent doing so would be unlawful financial assistance (notwithstanding any applicable exemptions and/or undertaking of any applicable prescribed whitewash or similar financial assistance procedures) in
respect of the acquisition of shares in (a) itself (b) any other entity, company or corporation in respect of which it is a Subsidiary or (c) a member of the Group under the laws of its jurisdiction of incorporation. 

(B) If, notwithstanding paragraph (A) of this Section 15.13, the giving of the guarantee in respect of the UK
Guarantee Obligations or Collateral would be unlawful financial assistance, then, to the extent necessary to give effect to paragraph (A) above (and only to the extent legally effective in the relevant jurisdiction), the obligations of the UK
Guarantor under the Credit Documents will be deemed to have been split into two tranches; Tranche 1 comprising those obligations which can be secured by the UK Guarantee Obligations or Collateral without breaching or contravening
relevant financial assistance laws and Tranche 2 comprising the remainder of the obligations under the Credit Documents. The Tranche 2 obligations will be excluded from the relevant UK Guarantee Obligations. 

  
 -92- 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement to
be duly executed and delivered as of the date first above written. 
  

			
	INTELSAT JACKSON HOLDINGS S.A.
		
	By:	 	/s/ David Tolley
	Name:	 	David Tolley
	Title:	 	Director

  

			
	INTELSAT VENTURES S.À.R.L.
		
	By:	 	/s/ David Tolley
	Name:	 	David Tolley
	Title:	 	Director

  

			
	INTELSAT ALIGN S.À.R.L.
		
	By:	 	/s/ José Toscano
	Name:	 	José Toscano
	Title:	 	Manager

  

			
	 INTELSAT GENESIS INC.
 INTELSAT
GENESIS GP LLC
 INTELSAT US FINANCE LLC
 INTELSAT US
LLC

		
	By:	 	/s/ David Tolley
	Name:	 	David Tolley
	Title:	 	Executive Vice President and Chief Financial Officer

  

			
	 INTELSAT HOLDINGS LLC
 INTELSAT
SATELLITE LLC
 INTELSAT LICENSE HOLDINGS LLC
 INTELSAT LICENSE
LLC

		
	By:	 	/s/ David Tolley
	Name:	 	David Tolley
	Title:	 	Chairman

  

  
 [Signature Page to DIP
Credit Agreement] 

 
			
	INTELSAT VIRGINIA HOLDINGS LLC
		
	By:	 	/s/ David Tolley
	Name:	 	David Tolley
	Title:	 	Chairman, Chief Executive Officer and Chief Financial Officer

  

			
	 PANAMSAT EUROPE CORPORATION

INTELSAT ASIA CARRIER SERVICES LLC
 PANAMSAT INDIA LLC

PANAMSAT INTERNATIONAL SALES, LLC

		
	By:	 	/s/ Dieter Hase
	Name:	 	Dieter Hase
	Title:	 	Vice President, Finance & Treasurer

  

			
	 SOUTHERN SATELLITE LICENSEE LLC

SOUTHERN SATELLITE LLC
 INTELSAT SERVICE AND EQUIPMENT LLC

INTELSAT INTERNATIONAL EMPLOYMENT LLC

		
	By:	 	/s/ Stephen Bacica
	Name:	 	Stephen Bacica
	Title	 	Vice President & Controller

  

			
	 PANAMSAT INTERNATIONAL HOLDINGS, LLC

INTELSAT INTERNATIONAL SYSTEMS, LLC
 PANAMSAT INDIA MARKETING,
L.L.C.

		
	By:	 	/s/ Stephen Bacica
	Name:	 	Stephen Bacica
	Title:	 	Manager

  
 [Signature Page to DIP
Credit Agreement] 

 
			
	INTELSAT ALLIANCE LP
		
	By:	 	 INTELSAT GENESIS GP LLC
 its General
Partner

		
	By:	 	/s/ Michelle Bryan
	Name:	 	Michelle Bryan
	Title:	 	General Counsel, Chief Administrative Officer & Secretary

 [Signature Page to DIP Credit Agreement] 

 
			
	INTELSAT FINANCE BERMUDA LTD.
		
	By:	 	/s/ Bruno Fromont
	Name:	 	Bruno Fromont
	Title:	 	Director

 [Signature Page to DIP Credit Agreement] 

 
			
	EXECUTED AS A DEED BY INTELSAT SUBSIDIARY
	(GIBRALTAR) LIMITED ACTING BY A DIRECTOR
		
	By:	 	/s/ Jean-Philippe Gillet
	Name:	 	Jean-Philippe Gillet
	Title:	 	Director

 
			
	
	In the presence of:
		
	Witness Signature:	 	/s/ Natasha Barrett
	Witness name:	 	Natasha Barrett
	
	INTELSAT GLOBAL SALES & MARKETING LTD.
	INTELSAT UK FINANCIAL SERVICES LTD.

 
			
		
	By:	 	/s/ Jean-Philippe Gillet
	Name:	 	Jean-Philippe Gillet
	Title:	 	Chairman

 [Signature Page to DIP Credit Agreement] 

 

 
			
	INTELSAT VELOCITY HOLDINGS LLC
		
	By:	 	INTELSAT JACKSON HOLDINGS S.A.,
		 	its Sole Member
		
	By:	 	/s/ David Tolley
	Name:	 	David Tolley
	Title:	 	Director
	
	INTELSAT INVOICE SERVICES LLC
		
	By:	 	INTELSAT JACKSON HOLDINGS S.A.,
		 	its Managing Member
		
	By:	 	/s/ David Tolley
	Name:	 	David Tolley
	Title:	 	Director

 [Signature Page to DIP Credit Agreement] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as Collateral Agent

 
			
		
	By:	 	/s/ Doreen Barr
	Name:	 	Doreen Barr
	Title:	 	Authorized Signatory
		
	By:	 	/s/ D. Andrew Maletta
	Name:	 	D. Andrew Maletta
	Title:	 	Authorized Signatory

 [Signature Page to DIP Credit Agreement] 

 
			
	[LENDERS]*
		
	By:	 	 
		 	Name:
		 	Title:

  

	*	 LENDER SIGNATURES ON FILE WITH ADMINISTRATIVE AGENT 

[Signature Page to DIP Credit Agreement]EX-4.1

Table of Contents

 Exhibit 4.1 
  

CARMAX AUTO OWNER TRUST 2021-4, 

as Issuer, 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Indenture Trustee 
  

 
 INDENTURE 

Dated as of September 1, 2021 
  

 
 $208,170,000
0.10920% Class A-1 Asset-backed Notes 
 $443,680,000 0.24%
Class A-2a Asset-backed Notes 
 $50,000,000
Class A-2b Floating Rate Asset-backed Notes 
 $493,680,000 0.56%
Class A-3 Asset-backed Notes 
 $130,080,000 0.82%
Class A-4 Asset-backed Notes 
 $23,860,000 1.04% Class B Asset-backed Notes 

$32,980,000 1.38% Class C Asset-backed Notes 

$17,550,000 1.48% Class D Asset-backed Notes 

Table of Contents

 CROSS REFERENCE TABLE (1) 

 

							
	 TIA
Section
	  	 	  	Indenture
Section	 
	 310
	  	(a)(1)	  	 	Section 6.11	 
		  	(a)(2)	  	 	Section 6.11	 
		  	(a)(3)	  	 	Section 6.10	 
		  	(a)(4)	  	 	N.A.	 
		  	(a)(5)	  	 	Section 6.11	 
		  	(b)	  	 	Section 6.8; Section 6.11	 
		  	(c)	  	 	N.A.	 
	 311
	  	(a)	  	 	Section 6.12	 
		  	(b)	  	 	Section 6.12	 
		  	(c)	  	 	N.A.	 
	 312
	  	(a)	  	 	Section 7.1	 
		  	(b)	  	 	Section 7.2	 
		  	(c)	  	 	Section 7.2	 
	 313
	  	(a)	  	 	Section 7.4	 
		  	(b)(1)	  	 	Section 7.4	 
		  	(b)(2)	  	 	Section 7.4; Section 11.5	 
		  	(c)	  	 	Section 7.4	 
		  	(d)	  	 	Section 7.3	 
	 314
	  	(a)	  	 	Section 7.3	 
		  	(b)	  	 	Section 11.15	 
		  	(c)(1)	  	 	Section 11.1	 
		  	(c)(2)	  	 	Section 11.1	 
		  	(c)(3)	  	 	Section 11.1	 
		  	(d)	  	 	Section 11.1	 
		  	(e)	  	 	Section 11.1	 
		  	(f)	  	 	Section 11.1	 
	 315
	  	(a)	  	 	Section 6.1	 
		  	(b)	  	 	Section 6.5; Section 11.5	 
		  	(c)	  	 	Section 6.1	 
		  	(d)	  	 	Section 6.1	 
		  	(e)	  	 	Section 5.13	 
	 316
	  	(a)(last sentence)	  	 	Section 1.1	 
		  	(a)(1)(A)	  	 	Section 5.11	 
		  	(a)(1)(B)	  	 	Section 5.12	 
		  	(a)(2)	  	 	N.A.	 
		  	(b)	  	 	Section 5.7	 
		  	(c)	  	 	N.A.	 
	 317
	  	(a)(1)	  	 	Section 5.3	 
		  	(a)(2)	  	 	Section 5.3	 
		  	(b)	  	 	Section 3.3	 
	 318
	  	(a)	  	 	Section 11.7	 

  
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	(1)	 Note: This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

	(2)	 N.A. means Not Applicable. 

  
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 TABLE OF CONTENTS 

 

							
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	  

	 Section 1.1
	  	Definitions	  	 	2	 
	 Section 1.2
	  	Incorporation by Reference of Trust Indenture Act	  	 	2	 
	 Section 1.3
	  	Rules of Construction	  	 	2	 
	
	ARTICLE II THE NOTES	  

			
	 Section 2.1
	  	Form	  	 	4	 
	 Section 2.2
	  	Execution, Authentication and Delivery	  	 	4	 
	 Section 2.3
	  	Temporary Notes	  	 	5	 
	 Section 2.4
	  	Tax Treatment	  	 	5	 
	 Section 2.5
	  	Registration; Registration of Transfer and Exchange	  	 	6	 
	 Section 2.6
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	7	 
	 Section 2.7
	  	Persons Deemed Owners	  	 	8	 
	 Section 2.8
	  	Payments	  	 	8	 
	 Section 2.9
	  	Cancellation	  	 	14	 
	 Section 2.10
	  	Release of Collateral	  	 	14	 
	 Section 2.11
	  	Book-Entry Notes	  	 	14	 
	 Section 2.12
	  	Notices to Clearing Agency	  	 	15	 
	 Section 2.13
	  	Definitive Notes	  	 	15	 
	 Section 2.14
	  	Authenticating Agents	  	 	16	 
	 Section 2.15
	  	Retained Notes	  	 	16	 
	 Section 2.16
	  	Calculation Agent; Benchmark Determination	  	 	20	 
	
	ARTICLE III COVENANTS	  

			
	 Section 3.1
	  	Payment of Principal and Interest	  	 	22	 
	 Section 3.2
	  	Maintenance of Office or Agency	  	 	22	 
	 Section 3.3
	  	Money for Payments To Be Held in Trust	  	 	22	 
	 Section 3.4
	  	Existence	  	 	24	 
	 Section 3.5
	  	Protection of Trust Estate	  	 	24	 
	 Section 3.6
	  	Opinions as to Trust Estate	  	 	25	 
	 Section 3.7
	  	Performance of Obligations; Servicing of Receivables	  	 	25	 
	 Section 3.8
	  	Negative Covenants	  	 	27	 
	 Section 3.9
	  	Annual Statement as to Compliance	  	 	28	 
	 Section 3.10
	  	Issuer May Consolidate, etc., Only on Certain Terms	  	 	28	 
	 Section 3.11
	  	Successor or Transferee	  	 	30	 
	 Section 3.12
	  	No Other Business	  	 	30	 
	 Section 3.13
	  	No Borrowing	  	 	31	 
	 Section 3.14
	  	Servicer’s Obligations	  	 	31	 
	 Section 3.15
	  	Guarantees, Loans, Advances and Other Liabilities	  	 	31	 
	 Section 3.16
	  	Capital Expenditures	  	 	31	 
	 Section 3.17
	  	Restricted Payments	  	 	31	 
	 Section 3.18    
	  	Notice of Events of Default	  	 	31	 

  
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	 Section 3.19
	  	 Removal of Administrator
	  	 	31	 
	 Section 3.20
	  	 Further Instruments and Acts
	  	 	31	 
	 Section 3.21
	  	 Sales Finance Company Licenses
	  	 	32	 
	 Section 3.22
	  	 Representations and Warranties by the Issuer to the Indenture Trustee
	  	 	32	 
	
	ARTICLE IV SATISFACTION AND DISCHARGE	  

			
	 Section 4.1
	  	 Satisfaction and Discharge of Indenture
	  	 	32	 
	 Section 4.2
	  	 Satisfaction, Discharge and Defeasance of the Notes
	  	 	33	 
	 Section 4.3
	  	 Application of Trust Money
	  	 	34	 
	 Section 4.4
	  	 Repayment of Monies Held by Paying Agent
	  	 	34	 
	
	ARTICLE V REMEDIES	  

			
	 Section 5.1
	  	 Events of Default
	  	 	34	 
	 Section 5.2
	  	 Acceleration of Maturity; Rescission and Annulment
	  	 	36	 
	 Section 5.3
	  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	37	 
	 Section 5.4
	  	 Remedies; Priorities
	  	 	39	 
	 Section 5.5
	  	 Optional Preservation of the Receivables
	  	 	42	 
	 Section 5.6
	  	 Limitation of Suits
	  	 	42	 
	 Section 5.7
	  	 Unconditional Rights of Noteholders to Receive Principal and Interest
	  	 	43	 
	 Section 5.8
	  	 Restoration of Rights and Remedies
	  	 	43	 
	 Section 5.9
	  	 Rights and Remedies Cumulative
	  	 	43	 
	 Section 5.10
	  	 Delay or Omission Not a Waiver
	  	 	44	 
	 Section 5.11
	  	 Control by Noteholders of the Controlling Class
	  	 	44	 
	 Section 5.12
	  	 Waiver of Past Defaults
	  	 	44	 
	 Section 5.13
	  	 Undertaking for Costs
	  	 	45	 
	 Section 5.14
	  	 Waiver of Stay or Extension Laws
	  	 	45	 
	 Section 5.15
	  	 Action on Notes
	  	 	45	 
	 Section 5.16
	  	 Performance and Enforcement of Certain Obligations
	  	 	46	 
	
	ARTICLE VI THE INDENTURE TRUSTEE	  

			
	 Section 6.1
	  	 Duties of Indenture Trustee
	  	 	47	 
	 Section 6.2
	  	 Rights of Indenture Trustee
	  	 	49	 
	 Section 6.3
	  	 Individual Rights of Indenture Trustee
	  	 	50	 
	 Section 6.4
	  	 Indenture Trustee’s Disclaimer
	  	 	50	 
	 Section 6.5
	  	 Notice of Defaults
	  	 	50	 
	 Section 6.6
	  	 Reports by Indenture Trustee to Holders
	  	 	50	 
	 Section 6.7
	  	 Compensation and Indemnity
	  	 	50	 
	 Section 6.8
	  	 Replacement of Indenture Trustee
	  	 	51	 
	 Section 6.9
	  	 Successor Indenture Trustee by Merger
	  	 	52	 
	 Section 6.10
	  	 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee
	  	 	53	 

  
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	 Section 6.11
	  	Eligibility; Disqualification	  	 	54	 
	 Section 6.12
	  	Preferential Collection of Claims Against Issuer	  	 	55	 
	 Section 6.13
	  	Communications Regarding Demands to Purchase Receivables	  	 	55	 
	
	ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS; ASSET REPRESENTATIONS REVIEW	  

			
	 Section 7.1
	  	Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders	  	 	55	 
	 Section 7.2
	  	Preservation of Information; Communications to Noteholders	  	 	55	 
	 Section 7.3
	  	Reports by Issuer	  	 	56	 
	 Section 7.4
	  	Reports by Indenture Trustee	  	 	56	 
	 Section 7.5
	  	Noteholder Communications	  	 	56	 
	 Section 7.6
	  	Asset Representations Review	  	 	57	 
	
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	  

			
	 Section 8.1
	  	Collection of Money	  	 	58	 
	 Section 8.2
	  	Trust Accounts	  	 	59	 
	 Section 8.3
	  	General Provisions Regarding Accounts	  	 	59	 
	 Section 8.4
	  	Release of Trust Estate	  	 	60	 
	 Section 8.5
	  	Opinion of Counsel	  	 	61	 
	
	ARTICLE IX SUPPLEMENTAL INDENTURES	  

			
	 Section 9.1
	  	Supplemental Indentures Without Consent of Noteholders	  	 	61	 
	 Section 9.2
	  	Supplemental Indentures with Consent of Noteholders	  	 	61	 
	 Section 9.3
	  	Execution of Supplemental Indentures	  	 	63	 
	 Section 9.4
	  	Effect of Supplemental Indenture	  	 	64	 
	 Section 9.5
	  	Conformity with Trust Indenture Act	  	 	64	 
	 Section 9.6
	  	Reference in Notes to Supplemental Indentures	  	 	64	 
	
	ARTICLE X REDEMPTION OF NOTES	  

			
	 Section 10.1
	  	Redemption	  	 	64	 
	 Section 10.2
	  	Form of Redemption Notice	  	 	65	 
	 Section 10.3
	  	Notes Payable on Redemption Date	  	 	65	 
	
	ARTICLE XI MISCELLANEOUS	  

			
	 Section 11.1
	  	Compliance Certificates and Opinions, etc	  	 	66	 
	 Section 11.2
	  	Form of Documents Delivered to Indenture Trustee	  	 	67	 
	 Section 11.3
	  	Acts of Noteholders	  	 	68	 
	 Section 11.4
	  	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	  	 	69	 

  
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	 Section 11.5
	  	 Notices to Noteholders; Waiver
	  	 	70	 
	 Section 11.6
	  	 Alternate Payment and Notice Provisions
	  	 	70	 
	 Section 11.7
	  	 Conflict with Trust Indenture Act
	  	 	71	 
	 Section 11.8
	  	 Effect of Headings and Table of Contents
	  	 	71	 
	 Section 11.9
	  	 Successors and Assigns
	  	 	71	 
	 Section 11.10
	  	 Severability
	  	 	71	 
	 Section 11.11
	  	 Benefits of Indenture
	  	 	71	 
	 Section 11.12
	  	 Legal Holiday
	  	 	71	 
	 Section 11.13
	  	 GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF RIGHT TO JURY TRIAL
	  	 	71	 
	 Section 11.14
	  	 Counterparts and Electronic Signature
	  	 	72	 
	 Section 11.15
	  	 Recording of Indenture
	  	 	72	 
	 Section 11.16
	  	 Trust Obligation
	  	 	72	 
	 Section 11.17
	  	 No Petition
	  	 	73	 
	 Section 11.18
	  	 Inspection
	  	 	73	 
	 Section 11.19
	  	 Third-Party Beneficiaries
	  	 	73	 
	 Section 11.20
	  	 Limitation on Recourse to CarMax Funding
	  	 	73	 
	 Section 11.21
	  	 Legal Fees Associated with Indemnification
	  	 	74	 
	 Section 11.22
	  	 Limitation of Liability of the Owner Trustee
	  	 	74	 
	 Section 11.23
	  	 PATRIOT Act
	  	 	74	 
	 Section 11.24
	  	 Beneficial Ownership
	  	 	74	 

  

			
	 APPENDICES
  

	 APPENDIX A
	  	 Additional Representations and Warranties

	  
 EXHIBITS

 

	 EXHIBIT A-1
	  	 Form of Class A-1 Note

	 EXHIBIT A-2a    
	  	 Form of Class A-2a Note

	 EXHIBIT A-2b
	  	 Form of Class A-2b Note

	 EXHIBIT A-3
	  	 Form of Class A-3 Note

	 EXHIBIT A-4
	  	 Form of Class A-4 Note

	 EXHIBIT B
	  	 Form of Class B Note

	 EXHIBIT C
	  	 Form of Class C Note

	 EXHIBIT D
	  	 Form of Class D Note

	 EXHIBIT E
	  	 Form of Opinion of Counsel

	 EXHIBIT F
	  	 Form of Transferor Certificate

	 EXHIBIT G
	  	 Form of Investment Letter

  
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 INDENTURE, dated as of September 1, 2021 (as amended, supplemented or otherwise
modified and in effect from time to time, this “Indenture”), between CARMAX AUTO OWNER TRUST 2021-4, a Delaware statutory trust (the “Issuer”), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association, not in its individual capacity but solely as indenture trustee (in such capacity, the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the holders of the Issuer’s
0.10920% Class A-1 Asset-backed Notes (the “Class A-1 Notes”), 0.24% Class A-2a
Asset-backed Notes (the “Class A-2a Notes”), Class A-2b Floating Rate Asset-Backed Notes (the “Class A-2b Notes” and together with the Class A-2a Notes, the “Class A-2 Notes”),
0.56% Class A-3 Asset-backed Notes (the “Class A-3 Notes”), 0.82% Class A-4
Asset-backed Notes (the “Class A-4 Notes” and, collectively with the Class A-1 Notes, the
Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”), 1.04% Class B Asset-backed Notes (the
“Class B Notes”), 1.38% Class C Asset-backed Notes (the “Class C Notes”) and 1.48% Class D Asset-backed Notes (the “Class D Notes”
and, collectively with the Class A Notes, the Class B Notes and the Class C Notes, the “Notes”): 
 GRANTING
CLAUSE 
 The Issuer hereby Grants to the Indenture Trustee on the Closing Date, as Indenture Trustee for the benefit of the Holders of the
Notes, all of the Issuer’s right, title and interest in, to and under, whether now owned or existing or hereafter acquired or arising (i) the Receivables; (ii) all amounts received on or in respect of the Receivables after the Cutoff
Date; (iii) the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and any other interest of the Issuer in such Financed Vehicles; (iv) all proceeds from claims on or refunds of premiums with
respect to any physical damage, theft, GAP, credit life or credit disability insurance policies relating to the Financed Vehicles or the Obligors; (v) the Receivable Files; (vi) the Collection Account, the Note Payment Account and the
Reserve Account and all amounts, securities, financial assets, investments and other property deposited in or credited to any of the foregoing and all proceeds thereof; (vii) all rights of the Depositor under the Receivables Purchase Agreement,
including the right to require the Seller to repurchase Receivables from the Depositor; (viii) all rights of the Issuer under the Sale and Servicing Agreement, including the right to require the Servicer to purchase Receivables from the Issuer;
(ix) the right to realize upon any property (including the right to receive future Liquidation Proceeds) that shall have secured a Receivable and have been repossessed by or on behalf of the Issuer; and (x) all present and future claims,
demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the
conversion thereof, voluntary or involuntary, into cash or other liquid property; all accounts, general intangibles, chattel paper, instruments, documents, money, investment property, deposit accounts, letters of credit, letter-of-credit rights, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations; and all other property which at any
time constitutes all or part of or is included in the proceeds of any of the foregoing (collectively, the “Collateral”). 

The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the
Notes, equally and ratably without prejudice, priority or distinction, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. 

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 The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes,
acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Holders
of the Notes may be adequately and effectively protected. 
 ARTICLE I    DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1    Definitions. Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of the date hereof, among the Issuer, CarMax Auto Funding LLC, as depositor, and CarMax Business Services, LLC, as
servicer, as amended, supplemented or otherwise modified and in effect from time to time. 

Section 1.2    Incorporation by Reference of Trust Indenture Act. 

(a)    Whenever this Indenture refers to a provision of the TIA, that provision is incorporated by reference in and made a
part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
  

	 	(i)	 “Indenture securities” shall mean the Notes. 

 

	 	(ii)	 “Indenture security holder” shall mean a Noteholder. 

 

	 	(iii)	 “Indenture to be qualified” shall mean this Indenture. 

 

	 	(iv)	 “Indenture trustee” or “Institutional trustee” shall mean the Indenture
Trustee. 

  

	 	(v)	 “Obligor on the indenture securities” shall mean the Issuer and any other obligor on the
Notes. 

  

	 	(vi)	 All other TIA terms used in this Indenture that are defined in the TIA, defined by TIA reference to another
statute or defined by Commission rule have the respective meanings assigned to them by such definitions. 

 
Section 1.3    Rules of Construction. 
 (a)    Unless the context otherwise requires: 

 

	 	(i)	 a term has the meaning assigned to it; 

  
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	 	(ii)	 an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted
accounting principles as in effect from time to time; 

  

	 	(iii)	 to the extent that the definitions of accounting terms in this Indenture or in any certificate or other
document delivered in connection herewith are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Indenture or in such certificate or other document shall control;

  

	 	(iv)	 “or” is not exclusive; 

 

	 	(v)	 “including” means “including without limitation”; 

 

	 	(vi)	 words in the singular include the plural and words in the plural include the singular; 

 

	 	(vii)	 all terms defined in this Indenture shall have the defined meanings when used in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein; 

  

	 	(viii)	 any agreement, instrument or statute defined or referred to herein or in any instrument or certificate
delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments
incorporated therein; 

  

	 	(ix)	 references to a Person are also to its successors and permitted assigns; 

 

	 	(x)	 Article, Section, subsection, clause, subclause and Exhibit references contained in this Indenture are
references to Articles, Sections, subsections, clauses, subclauses and Exhibits in or to this Indenture unless otherwise specified; 

  

	 	(xi)	 the term “proceeds” shall have the meaning set forth in the Relevant UCC (unless otherwise defined
herein); and 

  

	 	(xii)	 the words “hereof”, “herein” and “hereunder” and words of similar import when
used in this Indenture shall refer to this Indenture as a whole and not to any particular provision of this Indenture. 

  
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 ARTICLE II    THE NOTES 

Section 2.1    Form. 

(a)    The Class A-1 Notes, the
Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the
Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes, together with the Indenture Trustee’s certificates of authentication, shall be substantially in the form
set forth in Exhibit A-1, Exhibit A-2a, Exhibit A-2b, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit C and Exhibit D, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution thereof. Any portion of the text of any Note
may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 
 (b)    The
Definitive Notes 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 Authorized Officers of the Issuer executing such Notes, as
evidenced by their execution of such Notes. 
 (c)    Each Note shall be dated the date of its authentication. The terms
of the Notes set forth in Exhibit A-1, Exhibit A-2a, Exhibit A-2b, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit C and Exhibit D are part of the terms of this Indenture and are incorporated herein by reference. 

Section 2.2    Execution, Authentication and Delivery. 

(a)    The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signatures of any such
Authorized Officer of the Issuer on the Notes may be manual or facsimile. 
 (b)    Notes bearing the manual or
facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding whether any such individuals have ceased to hold such offices prior to the authentication and delivery of such Notes or
did not hold such offices on such date of authentication or date of delivery. 
 (c)    The Indenture Trustee shall,
upon Issuer Order, authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $208,170,000, the Class A-2a Notes for
original issue in an aggregate principal amount of $443,680,000, the Class A-2b Notes for original issue in an aggregate principal amount of $50,000,000, the
Class A-3 Notes for original issue in an aggregate principal amount of $493,680,000, the Class A-4 Notes for original issue in an aggregate principal amount of
$130,080,000, the Class B Notes for original issue in an aggregate principal amount of $23,860,000, the Class C Notes for original issue in an aggregate principal amount of $32,980,000 and the Class D Notes for original issue in an
aggregate principal amount of $17,550,000. The aggregate principal amounts of Class A-1 Notes, Class A-2a Notes,
Class A-2b Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes
outstanding at any time may not exceed those respective amounts except as provided in Section 2.6. 

  
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 (d)    Each Note shall be dated the date of its authentication. The
Notes shall be issuable as registered Notes in minimum denominations of $5,000 and in integral multiples of $1,000 in excess thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in
Section 2.15. 
 (e)    No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and
such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.3    Temporary Notes. 

(a)    Pending the preparation of Definitive Notes pursuant to Section 2.13, the Issuer may execute, and upon receipt
of an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced of the tenor of the Definitive Notes in lieu of which they are issued and with
such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

(b)    If temporary Notes are issued pursuant to Section 2.3(a), the Issuer shall cause Definitive Notes to be
prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Note Registrar to be maintained as
provided in Section 3.2, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor, a like principal
amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

Section 2.4    Tax Treatment. 

(a)    The Issuer has entered into this Indenture, and the Notes shall be issued, with the intention that, for federal,
State and local income and franchise tax purposes, the Notes (other than any Retained Notes held by the Issuer or a Person treated as the same Person as the Issuer for federal income tax purposes) shall qualify as indebtedness of the Issuer secured
by the Trust Estate. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes (other than any
Retained Notes held by the Issuer or a Person treated as the same Person as the Issuer for federal income tax purposes) as indebtedness of the Issuer for federal, State and local income and franchise tax purposes. 

(b)    Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest
in a Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. 

  
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 (c)    Each Noteholder or Note Owner, by its acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of Section 2.4(b). 

Section 2.5    Registration; Registration of Transfer and Exchange. 

(a)    The Indenture Trustee initially shall be the registrar (the “Note Registrar”) for the purpose of
registering Notes and transfers of Notes as herein provided. The Note Registrar shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Note Registrar shall
provide for the registration of Notes and the registration of transfers of Notes. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note
Registrar. 
 (b)    If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar,
(i) the Issuer shall give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, or any change in the location, of the Note Register, (ii) the Indenture Trustee shall have the right to
inspect the Note Register at all reasonable times and to obtain copies thereof and (iii) the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the
names and addresses of the Holders of the Notes and the principal amounts and number of such Notes. 
 (c)    Upon
surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401 or 8A-401, as applicable, of the Relevant UCC are met, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver to the Noteholder making such surrender, in the name of the designated
transferee or transferees, one or more new Notes of the same Class in any authorized denomination, of a like aggregate principal amount. The Indenture Trustee may rely upon the Administrator with respect to the determination of whether the
requirements of Section 8-401 or 8A-401, as applicable, of the Relevant UCC are met. 

(d)    At the option of the Noteholder, Notes may be exchanged for other Notes of the same Class in any authorized
denominations, of a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401 or 8A-401, as applicable, of the Relevant UCC are met, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver to the
Noteholder making such exchange, the Notes which such Noteholder is entitled to receive. The Indenture Trustee may rely upon the Administrator with respect to the determination of whether the requirements of
Section 8-401 or 8A-401, as applicable, of the Relevant UCC are met. 

(e)    All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the
Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

  
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 (f)    All Notes presented or surrendered for registration of transfer
or exchange shall be duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such
signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

(g)    No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the
Indenture Trustee may require payment by such Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to
Section 2.3 or Section 9.6 not involving any transfer. 
 (h)    The Issuer shall not be required to make, and
the Note Registrar need not register, transfers or exchanges of Notes selected for redemption or Notes with respect to which the due date for any payment will occur within fifteen (15) days. 

(i)    Each Person who initially acquires a Note (or an interest therein) or to whom a Note (or an interest therein) is
transferred (and its fiduciary, if applicable) will be deemed to have represented and warranted, by its acceptance of such Note (or an interest therein), that either (a) it is not acquiring such Note (or an interest therein) with the plan
assets of either (1) a Benefit Plan Investor or (2) an employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of such Note (or an interest therein)
will not give rise to a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law. 

(j)    Any purported transfer of a Note not in accordance with this Section 2.5 shall be null and void and shall not
be given effect for any purpose whatsoever. 
 Section 2.6    Mutilated,
Destroyed, Lost or Stolen Notes. 
 (a)    If (i) any mutilated Note is surrendered to the Indenture Trustee,
or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the
Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a “protected purchaser” (as defined in the Relevant UCC), and provided that the
requirements of Section 8-405 or 8A-405, as applicable, of the Relevant UCC are met, the Issuer shall execute and the Indenture Trustee shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have
become or within seven (7) days of the Indenture Trustee’s receipt of evidence to its satisfaction of such destruction, loss or theft shall be due and payable, or shall have been called for redemption in whole pursuant to
Section 10.1, instead of issuing a replacement Note of the same Class, the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the 

  
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Redemption Date without surrender thereof. The Indenture Trustee may conclusively rely upon the Administrator with respect to the determination of whether the requirements of Section 8-405 or 8A-405, as applicable, of the Relevant UCC are met. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note
pursuant to the proviso to the preceding sentence, a “protected purchaser” (as defined in the Relevant UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the
Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom such replacement Note was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was
delivered or any assignee of such Person, except a “protected purchaser” (as defined in the Relevant UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuer or the Indenture Trustee in connection therewith. 
 (b)    Upon the issuance of any replacement
Note under this Section 2.6, the Issuer may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with such issuance and any other reasonable expenses
(including the fees and expenses of the Indenture Trustee) related thereto. 
 (c)    Every replacement Note issued
pursuant to this Section 2.6 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at
any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

(d)    The provisions of this Section 2.6 are exclusive and shall preclude (to the extent lawful) all other rights
and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 2.7    Persons Deemed Owners. Prior to due presentation of a Note for
registration of transfer, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may, subject to Section 2.6, treat the Person in whose name such Note is registered in the Note Register (as of the day of
determination) as the owner of such Note for the purpose of receiving payments of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note shall be overdue, and none of the Issuer, the Indenture Trustee
or any agent of the Issuer or the Indenture Trustee shall be affected by any notice to the contrary. 

Section 2.8    Payments. 

(a)    Prior to any acceleration of the Notes pursuant to Section 5.2, on each Distribution Date, upon receipt of
written instructions from the Servicer pursuant to Section 4.6(d) of the Sale and Servicing Agreement, the Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall apply the Available Funds for such
Distribution Date to make the following payments and deposits in the following order of priority (except that amounts withdrawn from the Reserve Account will not be used to reimburse Unreimbursed 

  
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Servicer Advance, Unrelated Amounts or be paid to CarMax or any of its Affiliates in respect of the Total Servicing Fee owing to the Servicer to the extent that CarMax or any of its affiliates is
the Servicer): 
  

	 	(i)	 to the Servicer, the Total Servicing Fee for the preceding Collection Period, any Unreimbursed Servicer
Advances and any Unrelated Amounts specified in Section 3.8(b) of the Sale and Servicing Agreement for the preceding Collection Period; 

  

	 	(ii)	 pro rata: (a) if the Indenture Trustee has become the Servicer pursuant to Section 8.2 of the Sale
and Servicing Agreement, to the Indenture Trustee, (I) any amounts due in connection with indemnification of the Indenture Trustee as Successor Servicer, including in its role as successor Administrator, and not paid pursuant to
Section 7.2 of the Sale and Servicing Agreement and (II) any unpaid Transition Costs due to the Indenture Trustee as Successor Servicer in connection with such transfer of servicing and not paid pursuant to Section 8.2(b) of the Sale
and Servicing Agreement; provided, however, that total payments pursuant to subclauses (a)(I) and (a)(II) of this clause (ii) shall not exceed $175,000 in the aggregate; and (b) to the Asset Representations Reviewer, any
unpaid fees and expenses for the preceding Collection Period plus any overdue fees and expenses for prior Collection Periods plus any unpaid indemnity amounts due to the Asset Representations Reviewer; provided, however,
that total payments pursuant to subclause (b) of this clause (ii) shall not exceed $175,000 per year; 

  

	 	(iii)	 to the Note Payment Account, for payment of interest on each Class of the Class A Notes, the Total
Note Interest for each Class of the Class A Notes for such Distribution Date; 

  

	 	(iv)	 to the Note Payment Account, for payment of principal of the Notes in the priority set forth in
Section 2.8(d), the Priority Principal Distributable Amount, if any, for such Distribution Date; 

  

	 	(v)	 to the Note Payment Account, for payment of interest on the Class B Notes, the Total Note Interest for the
Class B Notes for such Distribution Date; 

  

	 	(vi)	 to the Note Payment Account, for payment of principal of the Notes in the priority set forth in
Section 2.8(d), the Secondary Principal Distributable Amount, if any, for such Distribution Date; 

  

	 	(vii)	 to the Note Payment Account, for payment of interest on the Class C Notes, the Total Note Interest for the
Class C Notes for such Distribution Date; 

  
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	 	(viii)	 to the Note Payment Account, for payment of principal of the Notes in the priority set forth in
Section 2.8(d), the Tertiary Principal Distributable Amount, if any, for such Distribution Date; 

  

	 	(ix)	 to the Note Payment Account, for payment of interest on the Class D Notes, the Total Note Interest for the
Class D Notes for such Distribution Date; 

  

	 	(x)	 to the Note Payment Account, for payment of principal of the Notes in the priority set forth in
Section 2.8(d), the Quaternary Principal Distributable Amount, if any, for such Distribution Date; 

  

	 	(xi)	 to the Reserve Account, the Reserve Account Deficiency, if any, for such Distribution Date;

  

	 	(xii)	 to the Note Payment Account, for payment of principal of the Notes in the priority set forth in
Section 2.8(d), the Regular Principal Distributable Amount, if any, for such Distribution Date; 

  

	 	(xiii)	 pro rata: (a) to the Indenture Trustee, any unpaid fees, expenses and indemnity amounts due to the
Indenture Trustee pursuant to this Indenture; (b) to the Indenture Trustee, any amounts due in connection with the indemnification of the Indenture Trustee if it has become the Successor Servicer, including in its role as successor
Administrator, that are in excess of the related cap described in clause (ii)(a)(I) above; (c) if the Indenture Trustee or any other Successor Servicer has become the Servicer pursuant to Section 8.2 of the Sale and Servicing Agreement, to
the Indenture Trustee any Transition Costs due to the Indenture Trustee in connection with such transfer of servicing and not paid pursuant to Section 8.2(b) of the Sale and Servicing Agreement that are in excess of the cap described in clause
(ii)(a)(II) above or any Transition Costs due to such other Successor Servicer in connection with such transfer of servicing and not paid pursuant to Section 8.2(b) of the Sale and Servicing Agreement plus the Additional Servicing
Fee, if any, for the preceding Collection Period and any unpaid Additional Servicing Fees from prior Collection Periods; and (d) to the Asset Representations Reviewer, any unpaid fees, expenses and indemnity amounts due to the Asset
Representations Reviewer that are in excess of the related cap described under clause (ii)(b) above; and 

  

	 	(xiv)	 to the Certificate Payment Account, for payment to the Certificateholders, any remaining Available Funds (the
“Excess Collections”). 

  
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 (b)    Notwithstanding any other provision of this Section 2.8 and
except as provided in Section 5.5, following the occurrence and during the continuation of an Event of Default which has resulted in an acceleration of the Notes, the Indenture Trustee shall apply all Available Funds pursuant to
Section 5.4(b). 
 (c)    If the amount on deposit in the Note Payment Account (including any portion of the
Reserve Account Draw Amount) on any Distribution Date is less than the amount described in clause (iii) above for such Distribution Date, the Indenture Trustee shall pay the available amount to the Holders of each Class of Class A
Notes pro rata based on the Total Note Interest payable to such Class on such Distribution Date. 
 (d)    The
principal of each Note shall be payable in installments on each Distribution Date in an aggregate amount (unless the Notes have been declared immediately due and payable following an Event of Default) for all Classes of Notes equal to the sum of the
Priority Principal Distributable Amount, the Secondary Principal Distributable Amount, the Tertiary Principal Distributable Amount, the Quaternary Principal Distributable Amount and the Regular Principal Distributable Amount, in each case for such
Distribution Date to the extent provided in this Section 2.8. On each Distribution Date (unless the Notes have been declared immediately due and payable following an Event of Default), upon receipt of instructions from the Servicer pursuant to
Section 4.6(d) of the Sale and Servicing Agreement, the Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall apply or cause to be applied the amount on deposit in the Note Payment Account on such
Distribution Date in respect of the Priority Principal Distributable Amount, the Secondary Principal Distributable Amount, the Tertiary Principal Distributable Amount, the Quaternary Principal Distributable Amount and the Regular Principal
Distributable Amount, in each case for such Distribution Date, to make the following payments in the following order of priority: 
  

	 	(i)	 to the Class A-1 Noteholders until the principal amount of the Class A-1 Notes has been paid in full; 

  

	 	(ii)	 to the Class A-2a Noteholders and the Class A-2b Noteholders, ratably, until the principal amount of the Class A-2a Notes and the Class A-2b Notes has been
paid in full; 

  

	 	(iii)	 to the Class A-3 Noteholders until the principal amount of the Class A-3 Notes has been paid in full; 

  

	 	(iv)	 to the Class A-4 Noteholders until the principal amount of the Class A-4 Notes has been paid in full; 

  

	 	(v)	 to the Class B Noteholders until the principal amount of the Class B Notes has been paid in full;

  

	 	(vi)	 to the Class C Noteholders until the principal amount of the Class C Notes has been paid in full; and

  

	 	(vii)	 to the Class D Noteholders until the principal amount of the Class D Notes has been paid in full.

  
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 (e)    (i) The unpaid principal amount of the Class A-1 Notes, to the extent not previously paid, shall be due and payable on the Class A-1 Final Distribution Date, the principal amount of the Class A-2a Notes, to the extent not previously paid, shall be due and payable on the Class A-2a Final Distribution Date, the principal amount of the Class A-2b Notes, to the extent not previously paid, shall be due and payable on the Class A-2b Final Distribution Date, the principal amount of the Class A-3 Notes, to the extent not previously paid, shall be due and payable on the Class A-3 Final Distribution Date, the principal amount of the Class A-4 Notes, to the extent not previously paid, shall be due and payable on the Class A-4 Final Distribution Date, the principal amount of the Class B
Notes, to the extent not previously paid, shall be due and payable on the Class B Final Distribution Date, the principal amount of the Class C Notes, to the extent not previously paid, shall be due and payable on the Class C Final
Distribution Date and the principal amount of the Class D Notes, to the extent not previously paid, shall be due and payable on the Class D Final Distribution Date and (ii) for purposes of distributions from the Reserve Account
pursuant to Section 8.2(b), any portion of the Priority Principal Distributable Amount, Secondary Priority Principal Distributable Amount, Tertiary Priority Principal Distributable Amount, Quaternary Priority Principal Distributable Amount and
Regular Principal Distributable Amount shall be deemed to be due on any Distribution Date on which funds sufficient to pay such portion would be available to make such payment from funds withdrawn from the Reserve Account and distributed with the
priorities set forth in accordance with Section 2.8(a). For the avoidance of doubt, the Priority Principal Distributable Amount, Secondary Priority Principal Distributable Amount, Tertiary Priority Principal Distributable Amount, Quaternary
Priority Principal Distributable Amount and Regular Principal Distributable Amount, or any portion thereof, shall not be due (other than in accordance with Sections 2.8(e)(i), 5.2 and 10.1), unless amounts are actually available to make such
payments in accordance with Section 2.8(a). 
 (f)    The Class A-1
Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the
Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes shall accrue interest during each Accrual Period at the Class A-1
Rate, the Class A-2a Rate, the Class A-2b Rate, the Class A-3 Rate, the
Class A-4 Rate, the Class B Rate, the Class C Rate and the Class D Rate, respectively, and such interest shall be due and payable on each Distribution Date. Interest on the Class A-1 Notes and the Class A-2b Notes shall be calculated on the basis of the actual number of days elapsed and a 360-day
year. Interest on the Class A-2a Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the
Class C Notes and the Class D Notes shall be calculated on the basis of a 360-day year of twelve 30-day months. Subject to Section 3.1, any installment of
interest or principal, if any, payable on any Note that is punctually paid or duly provided for on the applicable Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the related
Record Date by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date or by wire transfer in immediately available funds to the account designated in writing to the Indenture
Trustee by such Person at least five Business Days prior to the related Record Date; provided, however, that, unless Definitive Notes have been issued pursuant to Section 2.13, with respect to Notes registered on the Record Date
in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment shall be made by wire transfer in immediately available funds to the account designated by such Person, and except for the final
installment of principal payable with respect to such Note on a Distribution Date or on the related Class Final Distribution Date (and except for the 

  
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Redemption Price for any Note called for redemption in whole pursuant to Section 10.1(a) or Section 10.2(b)), which shall be payable as provided below. The funds represented by any such
checks returned undelivered shall be held in accordance with Section 3.3. The Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall pay all Total Note Interest for any Distribution Date to the Holders
of the Notes on the related Record Date even if a portion of such Total Note Interest relates to an earlier Distribution Date. 

(g)    All principal and interest payments on each Class of Notes shall be made pro rata to the Holders
of such Class. The Indenture Trustee shall, before the Distribution Date on which the Issuer expects to pay the final installment of principal of and interest on any Note, notify the Holder of such Note as of the related Record Date of such final
installment. Such notice shall be mailed or transmitted by facsimile and shall specify that such final installment shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Notices in connection with redemption of Notes shall be mailed to Noteholders as provided in Section 10.2. 

(h)    Notwithstanding the foregoing, the unpaid principal amount of the Notes shall be due and payable, to the extent not
previously paid, on the date on which the Notes have been declared immediately due and payable following an Event of Default. On each Distribution Date following acceleration of the Notes, upon receipt of instructions from the Servicer pursuant to
Section 4.6(d) of the Sale and Servicing Agreement, the Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall apply or cause to be applied the amount on deposit in the Note Payment Account on such
Distribution Date in respect of principal together with all Excess Collections, if any, to make the following payments in the following order of priority: 
  

	 	(i)	 to the Class A-1 Noteholders until the principal amount of the Class A-1 Notes has been paid in full; 

  

	 	(ii)	 to the Holders of each Class of the remaining Class A Notes, pro rata based on the
outstanding principal amount of such Class as of such Distribution Date, until the principal amount of each such Class of the remaining Class A Notes has been paid in full; 

 

	 	(iii)	 to the Class B Noteholders until the principal amount of the Class B Notes has been paid in full;

  

	 	(iv)	 to the Class C Noteholders until the principal amount of the Class C Notes has been paid in full; and

  

	 	(v)	 to the Class D Noteholders until the principal amount of the Class D Notes has been paid in full.

 (i)    The Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying
Agent) shall transfer amounts from the Reserve Account and deposit amounts transferred from the Reserve Account, in each case at the written direction of the Servicer and on behalf of the Noteholders, in accordance with the Sale and Servicing
Agreement. 

  
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 Section 2.9    Cancellation.
All Notes surrendered for payment, registration of transfer, exchange or redemption in whole pursuant to Section 10.1(a) or Section 10.2(b) shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture
Trustee and shall be promptly canceled by the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner
whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as expressly permitted by this
Indenture. All canceled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or
returned to it, provided that such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee. 
 
Section 2.10    Release of Collateral. Subject to Section 11.1 and the terms of the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an
Issuer Request (which shall include delivery instructions and other relevant information) accompanied by an Issuer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an
Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Indenture
Trustee’s obligations under TIA Sections 314(c) and 314(d)(1), the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order. 

Section 2.11    Book-Entry Notes. The Notes (other than any Retained Notes),
upon original issuance, shall be issued in the form of typewritten Notes representing Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Notes shall be such
Notes registered initially or from time to time on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner thereof shall receive a definitive Note representing such Note Owner’s
interest in such Note, except as provided in Section 2.13. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to such Note Owners pursuant to Section 2.13: 

 

	 	(i)	 the provisions of this Section 2.11 shall be in full force and effect; 

 

	 	(ii)	 the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all
purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Holder of the Notes, and shall have no obligation to the Note Owners;

  

	 	(iii)	 to the extent that the provisions of this Section 2.11 conflict with any other provisions of this
Indenture, the provisions of this Section 2.11 shall control; 

  
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	 	(iv)	 the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Note Depository Agreement; unless and until Definitive Notes are issued pursuant to Section 2.13, the
initial Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and 

 

	 	(v)	 whenever this Indenture requires or permits actions to be taken based upon written instructions or directions
of Holders of Notes (or Holders of Notes of any Class thereof, including the Controlling Class) evidencing a specified percentage of the principal amount of the Notes or any Class of Notes Outstanding, the Clearing Agency shall be deemed
to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the
Notes or such Class 
of Notes and has delivered such instructions to the Indenture Trustee. 

 Section 
2.12    Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to such Note Owners pursuant to
Section 2.13, the Indenture Trustee shall give all such notices and communications specified herein to be given to Holders of the Notes to the Clearing Agency, and shall have no obligation to such Note Owners. 

Section 2.13    Definitive Notes. The Retained Notes, upon original issuance,
will be in the form of Definitive Notes, but, at the request of all of the holders thereof, may be exchanged for Book-Entry Notes. If (i) the Administrator or the Servicer advises the Indenture Trustee in writing that the Clearing Agency is no
longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and the Indenture Trustee or the Administrator is unable to locate a qualified successor or (ii) after the occurrence of an Event of Default
or an Event of Servicing Termination, Note Owners of the Book-Entry Notes representing beneficial interests aggregating not less than 51% of the principal amount of such Notes advise the Indenture Trustee and the Clearing Agency in writing that the
continuation of a book-entry system through the Clearing Agency is no longer in the best interests of such Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee in writing of the occurrence of such event and of
the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer,
at its own expense, shall execute and deliver the Definitive Notes to the Indenture Trustee and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note
Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee
shall recognize the Holders of the Definitive Notes as Noteholders. 

  
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 Section 2.14    Authenticating
Agents. 
 (a)    The Indenture Trustee may appoint one or more Persons (each, an “Authenticating
Agent”) with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Section 2.2, Section 2.3, Section 2.5 and Section 2.6, as
fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent
pursuant to this Section 2.14 shall be deemed to be the authentication of Notes “by the Indenture Trustee”. 

(b)    Any entity into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or
any entity resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the
successor of such Authenticating Agent hereunder, without the execution or filing of any document or any further act on the part of the parties hereto or such Authenticating Agent or such successor entity. 

(c)    Any Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee
and the Owner Trustee. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Owner Trustee. Upon receiving such notice of resignation or
upon such a termination, the Indenture Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Owner Trustee. 

(d)    The Administrator agrees to pay to each Authenticating Agent from time to time reasonable compensation for its
services. The provisions of Section 2.9 and Section 
6.4 shall be applicable to any Authenticating Agent. 
 Section 2.15    Retained
Notes. 
 (a)    As of the date of this Indenture, the Retained Notes have not been registered under the Securities
Act and will not be listed on any exchange. Unless and until such Notes have been sold pursuant to a transaction registered under the Securities Act, no transfer of such a Note shall be made unless such transfer is made pursuant to an effective
registration statement under the Securities Act and any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such state securities laws. Except in a transfer pursuant to Rule 144A or a
transfer to the Depositor (or any other entity whose separate existence from the Trust is disregarded for federal income tax purposes) or by the Depositor (or any other entity whose separate existence from the Trust is disregarded for federal income
tax purposes) to an Affiliate thereof, in the event that a transfer is to be made in reliance upon an exemption from the Securities Act and state securities laws, in order to assure compliance with 

  
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the Securities Act and such laws, the Noteholder desiring to effect such transfer and such Noteholder’s prospective transferee shall each certify to the Trust, the Indenture Trustee and the
Depositor in writing the facts surrounding the transfer in substantially the forms set forth in Exhibit F (the “Transferor Certificate”) and Exhibit G (the “Investment Letter”), in each case, with such revisions or modifications
as may be determined by the Depositor. Except in a transfer pursuant to Rule 144A or a transfer to the Depositor or by the Depositor (or any other entity whose separate existence from the Trust is disregarded for federal income tax purposes) to an
Affiliate thereof, there shall also be delivered to the Depositor and the Indenture Trustee an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Securities Act, which opinion of counsel shall not be an expense of
the Depositor, the Trust, the Owner Trustee or the Indenture Trustee (unless it is the transferee from whom such opinion is to be obtained). The Trust shall cause the Depositor to provide to any Noteholder and any prospective transferee designated
by any such Noteholder information regarding the Retained Notes and the Receivables and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Retained Notes without
registration thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A. Each Noteholder desiring to effect such a transfer shall, and does hereby agree to, indemnify the Issuing Entity, the Owner Trustee, the
Indenture Trustee, the Depositor and CarMax (in any capacity) against any liability that may result if the transfer is not so exempt or is not made in accordance with federal and state securities laws. 

(b)    (i) Sale, pledge or transfer of a Retained Note may only be made to a Person who is a United States person (within
the meaning of Section 7701(a)(30) of the Code); and (ii) no sale, pledge, or transfer of a Retained Note shall be made (x) to any one person in an amount less than $2,000,000 (or such other amount as the Depositor may determine in
order to prevent the Trust from being treated as a “publicly traded partnership” under Section 7704 of the Code) or (y) to a Special Pass-Through Entity, in each case under this clause (ii), unless (A) an opinion of
counsel satisfactory to the Indenture Trustee and the Depositor that such sale, pledge, or transfer shall not cause the Trust to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes
shall have been delivered to the Indenture Trustee and the Depositor and (B) the Depositor shall have provided prior written approval; provided, however, that the restrictions in Section 2.15(b)(i) and
(ii) above shall not continue to apply to such Retained Notes (covered by the opinion described in this clause) in the event counsel satisfactory to the Indenture Trustee and the Depositor has rendered an opinion, with respect to the
sale, pledge or transfer by the Depositor or an Affiliate thereof, to the effect that the Retained Notes to be sold, pledged, or transferred will be characterized as indebtedness for federal income tax purposes. Any transferee, other than the
Depositor or any other entity whose separate existence from the Trust is disregarded for federal income tax purposes, acquiring a Retained Note or an interest therein shall be deemed to have made the representations set forth in
Section 2.4 (as if Section 2.4(a) applied to the Retained Notes). Any attempted sale, pledge or other transfer in contravention of this Section 2.15(b) will be void ab
initio and the purported transferor will continue to be treated as the owner of the Retained Note. For the purposes of this Section 2.15(b), “Special Pass-Through Entity” means a grantor trust, S corporation, or
partnership (as determined, in each case, for Federal income tax purposes) where more than 50% of the value of any beneficial owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the
Retained Note. 

  
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 (c)    By directly or indirectly acquiring a Retained Note in a
transaction pursuant to Rule 144A, each initial purchaser, transferee and owner of a beneficial interest will be deemed to represent, warrant and agree as follows: 
  

	 	(i)	 it understands that such Notes have not been registered under the Securities Act, and may not be sold except as
permitted in the following sentence. It understands and agrees, on its own behalf and on behalf of any accounts for which it is acting as hereinafter stated, (x) that such Notes are being offered only in a transaction not involving any public
offering within the meaning of the Securities Act and (y) that such Notes may be resold, pledged or transferred only (i) to the Depositor, (ii) to an “accredited investor” as defined in Rule 501(a)(1),(2),(3) or (7) of
Regulation D under the Securities Act (an “Accredited Investor”) acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited Investors unless the holder is a
bank acting in its fiduciary capacity) that executes a certificate substantially in the form of the Investment Letter, (iii) so long as such Note is eligible for resale pursuant to Rule 144A under the Securities Act, to a person whom it
reasonably believes after due inquiry is a “qualified institutional buyer” as defined in Rule 144A, acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified
institutional buyers”) to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A or (iv) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration requirements
of the Securities Act, in which case the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which
certification shall be in form and substance satisfactory to the Indenture Trustee and the Depositor. Except in the case of a transfer described in clauses (i) or (iii) above, the Indenture Trustee shall require that a
written opinion of counsel (which will not be at the expense of the Depositor, any Affiliate of the Depositor or the Indenture Trustee), satisfactory to the Indenture Trustee and the Depositor, be delivered to the Indenture Trustee and the Depositor
to the effect that such transfer will not violate the Securities Act, and will be effected in accordance with any applicable securities laws of each state of the United States. It will notify any purchaser of such Notes from it of the above resale
restrictions, if then applicable. It further understands that in connection with any transfer of such Notes by it that the Indenture Trustee and the Depositor may request, and if so requested it will furnish, such certificates and other information
as they may reasonably require to confirm that any such transfer complies with the foregoing restrictions; 

  
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	 	(ii)	 it is a “qualified institutional buyer” as defined under Rule 144A under the Securities Act and is
acquiring such Notes 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”). It is familiar with Rule 144A under the Securities Act and is
aware that the seller of such Notes and other parties intend to rely on the foregoing representations, warranties and acknowledgements and the exemption from the registration requirements of the Securities Act provided by Rule 144A;

  

	 	(iii)	 it understands that Trust, the Indenture Trustee, the Depositor and others will rely upon the truth and
accuracy of the foregoing acknowledgments, representations and agreements, and it agrees that if any of the acknowledgments, representations and warranties deemed to have been made by it by its purchase of such Notes, for its own account or for one
or more accounts as to each of which it exercises sole investment discretion, are no longer accurate, it shall promptly notify the Depositor; and 

  

	 	(iv)	 the Trust, the Indenture Trustee and the Depositor are entitled to rely upon the foregoing representations,
warranties and acknowledgements and are irrevocably authorized to produce the foregoing representations, warranties and acknowledgments or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with
respect to the matters covered hereby. 

 (d)    Any transfer in violation of this
Section 2.15 will be of no force and effect, will be void ab initio, and will not operate to transfer any rights to the transferee, notwithstanding any instructions to the contrary to the Trust, the Indenture Trustee, or
any intermediary. The Trust (or any other entity whose separate existence from the Trust is disregarded for federal income tax purposes) may sell any Retained Notes acquired in violation of this Section 2.15 at the cost and
risk of the purported owner. If at any time the Trust determines or is notified that the Noteholder or Note Owner, as the case may be, was in breach, at the time given, of any of the representations set forth in this
Section 2.15, the Trust may consider the acquisition of such Retained Note or such beneficial interest in such Retained Note void and require that such Retained Note or such beneficial interest therein be transferred to a
person designated by the Trust. If the transferee fails to transfer such Retained Note or such beneficial interests in such Retained Note within thirty (30) days after notice of the voided transfer, then the Trust shall cause such
Noteholder’s interest or Note Owner’s interest in such Retained Note to be transferred in a commercially reasonable sale arranged by the Trust (conducted by the Trust or an agent of the Trust in accordance with Section 9-610(b) of the UCC as applied to securities that are sold on a recognized market or that may decline speedily in value), subject to satisfaction of the requirements set forth in this
Section 2.15. 
 (e)    During the period described in 17 CFR Part 246.12(f)(1), no Noteholder
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may transfer any such Note (or interest therein) until the expiration of such period; provided, that, during such period, such Noteholder or Note Owner may transfer any such Note (or
interest therein) to CarMax or any “majority-owned affiliate” (as such term is defined in 17 CFR Part 246.2) of CarMax in accordance with the restrictions contained in 17 CFR Part 246.12. Any purported transfer of any such Note not in
accordance with this Section 2.15(e) shall be null and void and shall not be given effect for any purpose whatsoever. 

(f)    Upon any sale or transfer of any Retained Note (or interest therein) as of the Closing Date, if for tax or other
reasons it may be necessary to track any such Note (e.g., if the Notes have original issue discount), tracking conditions such as requiring separate CUSIPs or that such Notes be in definitive registered form may be required by the Depositor or the
Administrator as a condition to such transfer and the Trust shall cause the Administrator to provide prior written notice of such sale or transfer and tracking condition to the Indenture Trustee. 

Section 2.16    Calculation Agent; Benchmark Determination. 

(a)    Calculation Agent; LIBOR. The Issuer hereby appoints the Indenture Trustee as calculation agent (the
“Calculation Agent”) for purposes of determining LIBOR (as described in the definition of “LIBOR”) on each Benchmark Determination Date for the related Accrual Period so long as the
Class A-2b Notes are Outstanding and the Benchmark is LIBOR. If the Benchmark is LIBOR, the Calculation Agent shall, as soon as possible after 11:00 a.m. (London time) on each Benchmark Determination
Date, but in no event later than 11:00 a.m. (London time) on the Business Day immediately following each Benchmark Determination Date, calculate LIBOR for the related Accrual Period or, in consultation with the Servicer, select the banks described
in the definition of “LIBOR” for the related Accrual Period and will communicate such rate or selection to the Issuer, the Servicer and the Indenture Trustee (if the Indenture Trustee is not acting as Calculation Agent). All determinations
of LIBOR by the Calculation Agent, in the absence of manifest error, will be conclusive and binding on the Noteholders and Note Owners. After the occurrence of a Benchmark Transition Event, the “Calculation Agent” for determining the
Benchmark shall be the Issuer or any other Person designated by the Issuer to act in such capacity. 

(b)    Successor Benchmark. If the Benchmark is any rate other than LIBOR, on each Benchmark Determination Date,
the Issuer will communicate to the Servicer and the Indenture Trustee the Benchmark for the related Accrual Period. All determinations of the Benchmark by the Issuer, in the absence of manifest error, will be conclusive and binding on the
Noteholders and Note Owners. 
 (c)    Effect of Benchmark Transition Event. 

(i)    Benchmark Replacement. If the Issuer determines that a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Notes in
respect of such determination on such date and all determinations on all subsequent dates. Notwithstanding the foregoing, if the initial 

  
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Benchmark Replacement is any rate other than Term SOFR and the Issuer later determines that Term SOFR can be determined, Term SOFR will become the new Unadjusted Benchmark Replacement and will,
together with a new Benchmark Replacement Adjustment for Term SOFR, replace the then-current Benchmark on the next Benchmark Determination Date for Term SOFR. 

(ii)    Benchmark Replacement Conforming Changes. In connection with the implementation of a
Benchmark Replacement, the Issuer will have the right to make Benchmark Replacement Conforming Changes from time to time. 

(iii)    Notice of Benchmark Replacement and/or Benchmark Replacement Conforming Changes. Promptly
following the determination of a Benchmark Replacement and/or the making of any Benchmark Replacement Conforming Changes, the Issuer will notify the Indenture Trustee and the Servicer, and will provide to the Servicer the relevant information
regarding the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment and any such Benchmark Replacement Conforming Changes for inclusion in the Servicer’s Certificate. Notwithstanding anything in this Indenture or the other
Transaction Documents to the contrary, upon the delivery of such notice and the inclusion of such information in the Servicer’s Certificate, this Indenture and/or any other relevant Transaction Document will be deemed to have been amended to
reflect such Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without further compliance with the provisions of Article IX of this Indenture or the amendment provisions of any other
relevant Transaction Document. 
 (iv)    Decisions and Determinations. Any determination, decision or
election that may be made by the Issuer pursuant to this Section 2.16(c) (or pursuant to any capitalized term used in this Section 2.16(c) or in any such capitalized term), including any determination with respect to a tenor, rate or
adjustment or of the occurrence or nonoccurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, may be made in the Issuer’s
sole discretion, and, notwithstanding anything to the contrary in the Transaction Documents, will become effective without consent from any other party. None of the Issuer, the Owner Trustee, the Indenture Trustee, the Calculation Agent, the
Administrator, CarMax as the sponsor, the Depositor or the Servicer will have any liability for any determination made by or on behalf of the Issuer pursuant to this Section 2.16(c) (or pursuant to any capitalized term used in this
Section 2.16(c) or in any such capitalized term), and each Noteholder and Note Owner, by its acceptance of a Note or a beneficial interest in a Note, will be deemed to waive and release any and all claims against the Issuer, the Owner Trustee,
the Indenture Trustee, the Calculation Agent, the Administrator, CarMax as the sponsor, the Depositor and the Servicer relating to any such determinations. 

(d)    Indenture Trustee Liability. The Indenture Trustee shall not have any duty to (1) monitor, determine,
or verify the unavailability or cessation of LIBOR (or other applicable benchmark), or to determine whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event,
(2) select, determine or 

  
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designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (3) select, determine
or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (4) to determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any
of the foregoing. The Indenture Trustee shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Indenture or any other Transaction Document as a result of the unavailability of LIBOR (or any
other applicable benchmark) or the absence of a designated Benchmark Replacement, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, in providing any direction, instruction, notice or
information required or contemplated by this Indenture or any other Transaction Document and reasonably required for the performance of such duties. 

ARTICLE III    COVENANTS 

Section 3.1    Payment of Principal and Interest. The Issuer shall duly and
punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal
shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 

Section 3.2    Maintenance of Office or Agency. The Note Registrar shall
maintain in St. Paul, Minnesota, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Note Registrar in respect of the Notes and this Indenture may be served. The
Note Registrar shall give prompt written notice to the Issuer, the Depositor and the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If, at any time, the Issuer and the Note Registrar shall fail to
maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture
Trustee as its agent to receive all such surrenders, notices and demands. 

Section 3.3    Money for Payments To Be Held in Trust. 

(a)    As provided in Section 8.2, all payments of amounts due and payable with respect to the Notes that are to be
made from amounts withdrawn from the applicable Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the applicable Trust Accounts shall be paid over to the
Issuer, except as provided in this Section 3.3. 
 (b)    On or before each Distribution Date and Redemption Date,
the Issuer shall deposit or cause to be deposited in the Note Payment Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless
the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act. 

  
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 (c)    The Issuer shall cause each Paying Agent other than the Indenture
Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this
Section 3.3, that such Paying Agent shall: 
  

	 	(i)	 hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of
the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

 

	 	(ii)	 give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which
it has actual knowledge in the making of any payment required to be made with respect to the Notes; 

  

	 	(iii)	 at any time during the continuance of any such default, upon the written request of the Indenture Trustee,
forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

  

	 	(iv)	 immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust
for payment of the Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 

  

	 	(v)	 comply with all requirements of the Code and any State or local tax law with respect to the withholding from
any payments made by it on the Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 

(d)    The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for
any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by
such Paying Agent, and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 

(e)    Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying
Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two (2) years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request,
and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and direction of the Issuer cause

  
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to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining shall be repaid to the Issuer. The Indenture Trustee
shall also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment (including mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered
for redemption in whole pursuant to Section 10.1 or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent at the last address of record for each
such Holder). 
 Section 3.4    Existence. The Issuer shall keep in full
effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States, in
which case the Issuer shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or
shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 

Section 3.5    Protection of Trust Estate. 

(a)    The Issuer shall from time to time authorize, execute and deliver all such supplements and amendments hereto and
all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action, necessary or advisable to: 
  

	 	(i)	 maintain or preserve the lien and security interest (and the priority thereof) of this Indenture or carry out
more effectively the purposes hereof; 

  

	 	(ii)	 perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture;

  

	 	(iii)	 enforce any of the Collateral; or 

 

	 	(iv)	 preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in
the Trust Estate against the claims of all Persons. 

 (b)    The Issuer hereby authorizes the
Administrator and the Indenture Trustee to file any financing statement or continuation statement required pursuant to this Section 3.5 and designates the Administrator and the Indenture Trustee as its agent and
attorney-in-fact to execute any other instrument required to be executed pursuant to this Section 3.5; it being understood that such authorization shall not be
deemed to be an obligation on the part of the Administrator or the Indenture Trustee to make any such filing. The Issuer further hereby authorizes the Administrator and the Indenture Trustee to file any financing statement and amendments thereto
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property of the Issuer or words of similar effect, regardless of whether any particular asset included in the Collateral falls within the scope of Article 9 of the Relevant UCC, or (B) as
being of an equal or lesser scope or with greater detail. If the Indenture Trustee prepares or files any such financing statement, continuation statement or amendment thereto, the Indenture Trustee’s responsibility with respect to such
financing statement, continuation statement or amendment shall be subject to the provisions of Sections 6.1 and 6.4 hereof. 
 
Section 3.6    Opinions as to Trust Estate. 
 (a)    On the Closing Date, the
Issuer shall deliver to the Indenture Trustee an Opinion of Counsel substantially in the form attached as Exhibit E. 

(b)    On or before March 31 of each year (commencing with the year 2022), the Issuer shall deliver to the Depositor
and the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization and filing of any financing statements and continuation statements as is necessary to maintain the lien and security interest
created by this Indenture and reciting the details of such action or stating that, in the opinion of such counsel, no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the authorization and filing of any financing statements and continuation
statements that shall, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until March 31 in the following year. 

Section 3.7    Performance of Obligations; Servicing of Receivables. 

(a)    The Issuer shall not take any action and shall use its best efforts not to permit any action to be taken by others
that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or
discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture and the other Transaction Documents. 

(b)    The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any
performance of such duties by a Person identified to the Indenture Trustee in an Issuer’s Certificate shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the
Issuer in performing its duties under this Indenture. 
 (c)    The Issuer shall punctually perform and observe all of
its obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Trust Estate, including filing or causing to be filed all financing statements and continuation statements
required to be filed under the Relevant UCC by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 

  
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 (d)    If the Issuer shall have knowledge of the occurrence of an Event
of Servicing Termination, the Issuer shall promptly notify the Depositor, the Indenture Trustee, the Rating Agencies and the Administrator in writing of such event and shall specify in such notice the action, if any, the Issuer is taking in respect
of such default. If an Event of Servicing Termination shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take all
reasonable steps available to it to remedy such failure. 
 (e)    As promptly as possible after the giving of notice of
termination to the Servicer of the Servicer’s rights and powers pursuant to Section 8.1 of the Sale and Servicing Agreement, the Issuer may (subject to the rights of the Indenture Trustee to direct such appointment pursuant to
Section 8.2 of the Sale and Servicing Agreement) appoint a successor servicer (the “Successor Servicer”), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture
Trustee. In the event that a Successor Servicer has not been appointed or has not accepted its appointment at the time when the Servicer ceases to act as Servicer, the Indenture Trustee, without further action, shall be the successor to the Servicer
in all respects in accordance with Section 8.2 of the Sale and Servicing Agreement. The Indenture Trustee may resign as the Servicer by giving written notice of such resignation to the Issuer and in such event shall be released from such duties
and obligations, such release not to be effective until the date a new servicer enters into a servicing agreement with the Issuer as provided below. Upon delivery of any such notice to the Issuer, the Issuer shall obtain a new servicer as the
Successor Servicer under the Sale and Servicing Agreement. Any Successor Servicer (other than the Indenture Trustee) shall (i) be an established financial institution having a net worth of not less than $50,000,000 and whose regular business
includes the servicing of motor vehicle installment sale contracts and (ii) enter into a servicing agreement with the Issuer having substantially the same provisions as the provisions of the Sale and Servicing Agreement applicable to the
Servicer. If, within thirty (30) days after the delivery of the notice referred to above, the Issuer shall not have obtained such a new servicer, the Indenture Trustee may appoint, or may petition a court of competent jurisdiction to appoint, a
Successor Servicer. In connection with any such appointment, the Indenture Trustee may make such arrangements for the compensation of such successor as it and such successor shall agree, subject to the limitations set forth below and in the Sale and
Servicing Agreement, and, in accordance with Section 8.2 of the Sale and Servicing Agreement, the Issuer shall enter into an agreement with such successor for the servicing of the Receivables (such agreement to be in form and substance
satisfactory to the Indenture Trustee). If the Indenture Trustee shall succeed to the Servicer’s duties as servicer of the Receivables as provided herein, it shall do so in its individual capacity and not in its capacity as Indenture Trustee
and, accordingly, the provisions of Article VI shall be inapplicable to the Indenture Trustee in its duties as the successor to the Servicer and the servicing of the Receivables. In case the Indenture Trustee shall become successor to the Servicer
under the Sale and Servicing Agreement, the Indenture Trustee shall be entitled to appoint as Servicer any one of its Affiliates; provided, however, that the Indenture Trustee, in its capacity as the Servicer, shall be fully liable for
the actions and omissions of such Affiliate in such capacity as Successor Servicer. Notwithstanding any other provisions of this Indenture to the contrary, in no event shall the Indenture Trustee be liable for any servicing fee or for any
differential in the amount of the servicing fee paid under the Sale and Servicing Agreement and the amount necessary to induce any Successor Servicer to act as Successor Servicer under the Sale and Servicing Agreement. 

  
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 (f)    Upon any termination of the Servicer’s rights and powers
pursuant to Section 8.1 of the Sale and Servicing Agreement, the Issuer shall promptly notify the Depositor, the Indenture Trustee, the Administrator and the Rating Agencies in writing of such termination. Upon any appointment of a Successor
Servicer by the Issuer, the Issuer shall promptly notify the Depositor, the Indenture Trustee, the Administrator and the Rating Agencies in writing of such appointment, specifying in such notice the name and address of such Successor Servicer. 

(g)    The Issuer shall not waive timely performance by the Depositor, the Seller or the Servicer of their respective
obligations under the Transaction Documents if such waiver would reasonably be expected to materially adversely affect the interests of the Noteholders. 

Section 3.8    Negative Covenants. 

(a)    If any Notes are Outstanding, the Issuer shall not: 

 

	 	(i)	 except as expressly permitted by this Indenture, the Trust Agreement, the Receivables Purchase Agreement or the
Sale and Servicing Agreement, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so in writing by the Indenture Trustee;

  

	 	(ii)	 claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes
(other than amounts properly withheld from such payments under the Code or applicable State law) or assert any claim against any present or former Noteholder by reason of the payment of taxes levied or assessed upon the Issuer;

  

	 	(iii)	 dissolve or liquidate in whole or in part; 

 

	 	(iv)	 (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture
to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (B) permit
any lien (including any lien arising in connection with any tax imposed under the Margin Tax), charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise
arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than 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 (C) permit the lien of this Indenture not to constitute a valid and perfected first priority (other than with respect to any such tax, mechanics’ or other lien)
security interest in the Trust Estate; 

  
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	 	(v)	 engage in any activities other than financing, acquiring, owning, pledging and managing the Receivables as
contemplated by the Receivables Purchase Agreement, the Trust Agreement, the Sale and Servicing Agreement and this Indenture and activities incidental to such activities; or 

 

	 	(vi)	 incur, assume or guarantee any indebtedness other than the indebtedness evidenced by the Notes or indebtedness
otherwise permitted by the Receivables Purchase Agreement, the Trust Agreement, the Sale and Servicing Agreement or this Indenture. 

Section 3.9    Annual Statement as to Compliance. 

(a)    On or before May 31 of each year (commencing with the year 2022), the Issuer shall deliver to the Depositor
and the Indenture Trustee an Issuer’s Certificate stating, as to the Authorized Officer signing such Issuer’s Certificate, that: 
  

	 	(i)	 a review of the activities of the Issuer during the preceding Trust Fiscal Year (or, in the case of the
Issuer’s Certificate to be delivered in the year 2022, during the period beginning on the Closing Date and ending on the last day of February 2022) and of its performance under this Indenture has been made under such Authorized Officer’s
supervision; and 

  

	 	(ii)	 to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied in all
material respects with all conditions and covenants under this Indenture throughout such preceding Trust Fiscal Year (or, in the case of the Issuer’s Certificate to be delivered in the year 2022, during the period beginning on the Closing Date
and ending on the last day of February 2022) or, if there has been a default in its compliance with any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof.

 Section 3.10    Issuer May Consolidate, etc., Only on
Certain Terms. 
 (a)    The Issuer shall not consolidate or merge with or into any other Person, unless: 

 

	 	(i)	 the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall be a Person
organized and existing under the laws of the United States or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the

  
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Depositor and the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture
on the part of the Issuer to be performed or observed, all as provided herein; 

  

	 	(ii)	 immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be
continuing; 

  

	 	(iii)	 the Rating Agency Condition shall have been satisfied with respect to such transaction; 

 

	 	(iv)	 the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture
Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder; 

  

	 	(v)	 any action that is necessary to maintain the lien and security interest created by this Indenture shall have
been taken; and 

  

	 	(vi)	 the Issuer shall have delivered to the Indenture Trustee an Issuer’s Certificate and an Opinion of
Counsel, each stating that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent provided for in this Indenture relating to such transaction have been complied with (including any
filing required by the Exchange Act). 

 (b)    Other than as specifically contemplated by the
Transaction Documents, the Issuer shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any other Person, unless: 
  

	 	(i)	 the Person that acquires by conveyance or transfer the properties or assets of the Issuer the conveyance or
transfer of which is hereby restricted (A) shall be a United States citizen or a Person organized and existing under the laws of the United States or any State, (B) shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the
part of the Issuer to be performed or observed, all as provided herein, (C) shall expressly agree by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the
rights of the Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, shall expressly agree to indemnify, defend and hold 

  
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harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) shall expressly agree by means of such supplemental
indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 

 

	 	(ii)	 immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be
continuing; 

  

	 	(iii)	 the Rating Agency Condition shall have been satisfied with respect to such transaction; 

 

	 	(iv)	 the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture
Trustee and the Depositor) to the effect that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder; 

 

	 	(v)	 any action that is necessary to maintain the lien and security interest created by this Indenture shall have
been taken; and 

  

	 	(vi)	 the Issuer shall have delivered to the Indenture Trustee and the Depositor an Issuer’s Certificate and an
Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent provided for in this Indenture relating to such transaction have been complied with
(including any filing required by the Exchange Act). 

Section 3.11    Successor or Transferee. 

(a)    Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or
surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the
Issuer herein. 
 (b)    Upon any conveyance or transfer of all the properties and assets of the Issuer in accordance
with Section 3.10(b), CarMax Auto Owner Trust 2021-4 shall be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery of written notice to the Indenture Trustee and the Depositor stating that CarMax Auto Owner Trust 2021-4 is to be so released. 

Section 3.12    No Other Business. The Issuer shall not engage in any business
other than financing, acquiring, owning and pledging the Receivables in the manner contemplated by this Indenture and the other Transaction Documents, issuing the Notes pursuant to the terms hereof and the Certificate pursuant to the terms of the
Trust Agreement and activities incidental thereto. 

  
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 Section 3.13    No
Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Notes. 

Section 3.14    Servicer’s Obligations. The Issuer shall
cause the Servicer to comply with the Sale and Servicing Agreement. 

Section 3.15    Guarantees, Loans, Advances and Other Liabilities. Except as
contemplated by this Indenture and the other Transaction Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or
performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or
agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

Section 3.16    Capital Expenditures. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

Section 3.17    Restricted Payments. The Issuer shall not, directly or
indirectly, (i) make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to
any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate
any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, distributions as contemplated by, and to the extent funds are available for such purpose, under the Sale and Servicing Agreement, the Trust Agreement
or this Indenture. The Issuer shall not, directly or indirectly, make payments to or distributions from the Collection Account, the Note Payment Account, the Certificate Payment Account or the Reserve Account except in accordance with this Indenture
and the other Transaction Documents. 
 Section 3.18    Notice of Events of
Default. The Issuer shall give the Indenture Trustee, the Depositor, the Rating Agencies and the Administrator prompt written notice of each Event of Default hereunder, each default on the part of the Depositor or the Servicer of its obligations
under the Sale and Servicing Agreement and each default on the part of the Seller or the Depositor of its obligations under the Receivables Purchase Agreement. 

Section 3.19    Removal of Administrator. For so long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause unless the Rating Agency Condition shall have been satisfied with respect to such removal. 

Section 3.20    Further Instruments and Acts. Upon request of the Indenture
Trustee, the Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

  
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 Section 3.21    Sales Finance
Company Licenses. The Issuer shall take such action as, in its reasonable judgment, shall be necessary to maintain the effectiveness of all sales finance company licenses required under the Maryland Code and all licenses required under the
Pennsylvania Motor Vehicle Sales Finance Company Act in connection with this Indenture and the transactions contemplated hereby until the lien and security interest of this Indenture shall no longer be in effect in accordance with the terms hereof.

 Section 3.22    Representations and Warranties by the Issuer to the Indenture
Trustee. The Issuer hereby represents and warrants to the Indenture Trustee that the representations and warranties regarding creation, perfection and priority of security interests in the Receivables, which are attached to this Indenture as
Appendix A, are true and correct to the extent they are applicable. 
 ARTICLE IV    SATISFACTION AND DISCHARGE 

Section 4.1    Satisfaction and Discharge of Indenture. 

(a)    This Indenture shall cease to be of further effect with respect to the Notes, except as to (i) rights of
registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Section 3.3,
Section 3.4, Section 3.5, Section 3.8, Section 3.10, Section 3.12, Section 3.13, Section 3.16 and Section 3.17, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the
rights of the Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee under Section 4.3) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture
Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when either: 

 

	 	(i)	 all Notes of all Classes theretofore authenticated and delivered (other than (i) Notes that have been
destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.6 and (ii) Notes for whose payment money has theretofore been irrevocably deposited in trust or segregated and held in trust by the Issuer and
thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or 

 

	 	(ii)	 (A) all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and payable
and the Issuer has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent), in trust, cash or direct obligations of or obligations guaranteed by
the United States (which will mature prior to the date needed), in an amount sufficient to pay and discharge the entire indebtedness on such Notes when due on the applicable Class Final Distribution Date or Redemption Date (if Notes shall have
been called for redemption pursuant to Section 10.1(a)), as the case may be; and 

  
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	 	 	 (B)    the Issuer has paid or caused to be paid all other sumspayable by the Issuer
hereunder and under the other Transaction Documents. 

Section 4.2    Satisfaction, Discharge and Defeasance of the Notes. 

(a)    Upon satisfaction of the conditions set forth in Section 4.2(b) below, the Issuer shall be deemed to have paid
and discharged the entire indebtedness on all the Notes Outstanding, and the provisions of this Indenture, as it relates to such Notes, shall no longer be in effect (and the Indenture Trustee, at the expense of the Issuer, shall execute proper
instruments acknowledging the same), except as to: 
  

	 	(i)	 the rights of the Noteholders to receive, from the trust funds described in Section 4.2(b)(i), payment of
the principal of and interest on the Notes Outstanding at maturity of such principal or interest; 

  

	 	(ii)	 the obligations of the Issuer with respect to the Notes under Section 2.5, Section 2.6,
Section 3.2 and Section 3.3; 

  

	 	(iii)	 the obligations of the Issuer to the Indenture Trustee under Section 6.7; and 

 

	 	(iv)	 the rights, powers, trusts and immunities of the Indenture Trustee hereunder and the duties of the Indenture
Trustee hereunder. 

 (b)    The satisfaction, discharge and defeasance of the Notes pursuant to
Section 4.2(a) is subject to the satisfaction of all of the following conditions: 
  

	 	(i)	 the Issuer has deposited or caused to be deposited irrevocably (except as provided in Section 4.4) with
the Indenture Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Notes, which, through the payment of interest and principal in respect thereof in accordance with their
terms will provide, not later than one day prior to the due date of any payment referred to below, money in an amount sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written
certification thereof delivered to the Indenture Trustee, to pay and discharge the entire indebtedness on the Notes Outstanding, for principal thereof and interest thereon to the date of such deposit (in the case of Notes that have become due and
payable) or to the maturity of such principal and interest, as the case may be; 

  
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	 	(ii)	 such deposit will not result in a breach or violation of, or constitute an event of default under, any
Transaction Document or other agreement or instrument to which the Issuer is bound; 

  

	 	(iii)	 no Event of Default has occurred and is continuing on the date of such deposit or on the ninety-first (91st)
day after such date; 

  

	 	(iv)	 the Issuer has delivered to the Depositor and the Indenture Trustee an Opinion of Counsel to the effect that
the satisfaction, discharge and defeasance of the Notes pursuant to this Section 4.2 will not cause any Noteholder to be treated as having sold or exchanged any of its Notes for purposes of Section 1001 of the Code; and

  

	 	(v)	 the Issuer has delivered to the Depositor and the Indenture Trustee an Issuer’s Certificate and an Opinion
of Counsel, each stating that all conditions precedent provided for in this Indenture relating to the defeasance contemplated by this Section 4.2 have been complied with. 

Section 4.3    Application of Trust Money. All monies deposited with the
Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by the Indenture Trustee, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent, to the
Holders of the Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest, but such monies need not be segregated from other funds
except to the extent required herein or in the Sale and Servicing Agreement or required by law. 

Section 4.4    Repayment of Monies Held by Paying Agent. In connection with
the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer,
be paid to the Indenture Trustee to be held and applied according to Section 3.3, and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 

ARTICLE V    REMEDIES 

Section 5.1    Events of Default. 

(a)    “Event of Default” means the occurrence of any one of the following events (whatever the reason
for such event and whether such event shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

 

	 	(i)	 default in the payment of any interest on any Note of the Controlling Class when the same becomes due and
payable and such default shall continue for a period of five (5) or more Business Days; 

  
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	 	(ii)	 default in the payment of any principal due and payable on any Class of Notes on the related
Class Final Distribution Date; 

  

	 	(iii)	 material default in the observance or performance of any covenant or agreement of the Issuer made in this
Indenture (other than a covenant or agreement a default in the observance or performance of which is specifically dealt with elsewhere in this Section 5.1), and such default shall continue or not be cured for a period of sixty (60) days
after there shall have been given, by registered or certified mail, to the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the Depositor and the Indenture Trustee by the Holders of Notes evidencing not less than 25% of the Note
Balance of the Controlling Class, a written notice specifying such default and requiring it to be remedied and stating that such notice is a notice of Default hereunder; 

 

	 	(iv)	 any representation or warranty of the Issuer made in this Indenture or in any certificate delivered pursuant
hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and the circumstance or condition in respect of which such representation or warranty was incorrect shall not
have been eliminated or otherwise cured for a period of thirty (30) days after there shall have been given, by registered or certified mail, to the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the Depositor and to the
Indenture Trustee by the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class, a written notice specifying such incorrect representation or warranty and requiring it to be remedied and stating that such notice
is a notice of Default hereunder; 

  

	 	(v)	 the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the
Issuer or any substantial part of the Trust Estate 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 the Issuer or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall
remain unstayed and in effect for a period of sixty (60) consecutive days; and 

  

	 	(vi)	 the commencement by the Issuer 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 the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking

  
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possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or the making by the Issuer of
any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of any action by the Issuer in furtherance of any of the foregoing. 

(b)    The Issuer shall deliver to the Indenture Trustee and the Depositor, within five (5) days after the occurrence
of any event that, with notice or the lapse of time or both, would become an Event of Default under clause (iii) or (iv), written notice of such Default in the form of an Issuer’s Certificate, the status of such Default and what action the
Issuer is taking or proposes to take with respect to such Default. 

Section 5.2    Acceleration of Maturity; Rescission and Annulment. 

(a)    If an Event of Default shall have occurred and be continuing, the Indenture Trustee or the Holders of Notes
evidencing not less than 51% of the Note Balance of the Controlling Class may, upon prior written notice to the Administrator (who shall promptly forward such notice to each Rating Agency), declare the Notes to be immediately due and payable by
written notice to the Issuer (and to the Indenture Trustee if given by Noteholders), the Depositor and the Servicer, and upon any such declaration the unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through
the date of acceleration, shall become immediately due and payable. 
 (b)    If the Notes have been declared
immediately due and payable following an Event of Default, before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as hereinafter provided in this Article V, the Holders of Notes evidencing not less than
51% of the Note Balance of the Controlling Class, by written notice to the Issuer, the Depositor, the Indenture Trustee and the Administrator (who shall promptly forward such notice to each Rating Agency), may rescind and annul such declaration of
acceleration and its consequences if: 
  

	 	(i)	 the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay all principal of and
interest on the Notes and all other amounts that would then be due hereunder or upon the Notes if the Event of Default giving rise to such acceleration had not occurred; and 

 

	 	(ii)	 all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by
such acceleration, have been cured or waived as provided in Section 5.12. 

 (c)    No such
rescission shall affect any subsequent default or impair any right consequent thereto. 

  
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 Section 5.3    Collection of
Indebtedness and Suits for Enforcement by Indenture Trustee. 
 (a)    If (i) default is made in the payment of
any interest on any Note when the same becomes due and payable, and such default continues for a period of five (5) Business Days, or (ii) default is made in the payment of the principal of any Note when the same becomes due and payable,
the Issuer shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the amount then due and payable on the Notes for principal and interest, with interest upon the overdue principal at
the applicable Note Rate and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the applicable Note Rate and in addition thereto such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and other amounts due and owing to the Indenture Trustee pursuant to
Section 6.7. 
 (b)    If the Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture
Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or
any other obligor upon the Notes and collect in the manner provided by law out of the property of the Issuer or such other obligor, wherever situated, the monies adjudged or decreed to be payable. 

(c)    If an Event of Default shall have occurred and be continuing, the Indenture Trustee may, as more particularly
provided in Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce such rights,
whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this
Indenture or by law. 
 (d)    If there shall be pending, relative to the Issuer or any other obligor upon the Notes or
any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or other similar law, or if a receiver, assignee or trustee
in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or if there shall be pending any other comparable judicial
Proceedings relative to the Issuer or any other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by intervention in such Proceedings
or otherwise: 
  

	 	(i)	 to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect
of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee 

  
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(including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents and attorneys, and all other amounts due and owing to
the Indenture Trustee pursuant to Section 6.7) and of the Noteholders allowed in such Proceedings; 

  

	 	(ii)	 unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a
trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

  

	 	(iii)	 to collect and receive any monies or other property payable or deliverable on any such claims and to pay all
amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; 

  

	 	(iv)	 to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have
the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuer, its creditors and its property; and 

  

	 	(v)	 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby
authorized by each of the Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to the Noteholders, to pay to the Indenture Trustee such amounts as shall
be sufficient to cover reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents and attorneys, and all other amounts due and owing to the Indenture Trustee pursuant to Section 6.7.

 (e)    Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or
consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect
of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f)    All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by
the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for
the ratable benefit of the Holders of the Notes. 

  
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 (g)    In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder
a party to any such Proceedings. 
 Section 5.4    Remedies; Priorities.

 (a)    If the Notes have been declared immediately due and payable following an Event of Default, the Indenture
Trustee may, or at the written direction of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class shall, take one or more of the following actions as so directed (subject to Section 5.5): 

 

	 	(i)	 institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then
payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon the Notes monies adjudged due; 

 

	 	(ii)	 institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect
to the Trust Estate; 

  

	 	(iii)	 exercise any remedies of a secured party under the Relevant UCC and take any other appropriate action to
protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

  

	 	(iv)	 sell the Trust Estate or any portion thereof or rights or interest therein at one or more public or private
sales called and conducted in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate at the direction of the Holders following an Event of Default, other than an
Event of Default described in Section 5.1(i) or (ii), unless (A) the Holders of 100% of the Note Balance consent thereto, (B) the proceeds of such sale or liquidation will be sufficient to pay in full the Note Balance and all accrued
but unpaid interest on the Outstanding Notes or (C) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if
the Notes had not been declared immediately due and payable, and the Indenture Trustee obtains the consent of the Holders of Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling Class. In determining such sufficiency or
insufficiency with respect to clauses (B) and (C) above, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such
proposed action and as to the sufficiency of the Trust Estate for such purpose. 

  
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 (b)    Notwithstanding the provisions of Section 2.8 or
Section 8.2, if the Indenture Trustee collects any money or property pursuant to this Section 5.4 and the Notes have been accelerated, it (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall pay out such money or
property (and other amounts, including all amounts held on deposit in the Reserve Account, except that amounts withdrawn from the Reserve Account will not be distributed to the Certificateholders, used to reimburse Unreimbursed Servicer Advance,
Unrelated Amounts or be paid to CarMax or any of its Affiliates in respect of the Total Servicing Fee owing to the Servicer to the extent that CarMax or any of its affiliates is the Servicer) in the following order of priority: 

 

	 	(i)	 first, to the Servicer, the Total Servicing Fee for the preceding Collection Period, any Unreimbursed Servicer
Advances and any Unrelated Amounts specified in Section 3.8(b) of the Sale and Servicing Agreement for the preceding Collection Period; 

  

	 	(ii)	 second, on a pro rata basis: (A) if the Indenture Trustee has become the Servicer pursuant to
Section 8.2 of the Sale and Servicing Agreement, any amounts due in connection with indemnification of the Indenture Trustee as Successor Servicer and not paid pursuant to Section 7.2 of the Sale and Servicing Agreement plus any Transition
Costs due in connection with such transfer of servicing and not paid pursuant to Section 8.2(b) of the Sale and Servicing Agreement; (B) to the Indenture Trustee, all amounts due to the Indenture Trustee pursuant to Section 6.7 not
previously paid by the Administrator, and to the Owner Trustee, all amounts due to the Owner Trustee pursuant to Sections 8.1 and 8.2 of the Trust Agreement not previously paid by the Servicer; and (C) to the Asset Representations Reviewer, all
amounts due to the Asset Representations Reviewer pursuant to the Asset Representations Review Agreement not previously paid by the Servicer; 

  

	 	(iii)	 third, on a pro rata basis, to the Class A Noteholders, the Total Note Interest for each Class of the
Class A Notes; 

  

	 	(iv)	 fourth, if an Event of Default described in Section 5.1 (i), (ii), (v) or (vi) has occurred, in the
following order of priority: 

  

	 	(A)	 to the Class A-1 Noteholders until the principal amount of the Class A-1 Notes has been paid in full; 

  

	 	(B)	 to the Holders of each Class of the remaining Class A Notes, pro rata based on the
outstanding principal amount of such Class of Class A Notes as of such Distribution Date, until the principal amount of each such Class of the remaining Class A Notes has been paid in full; 

  
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	 	(C)	 to the Class B Noteholders, the Total Note Interest for the Class B Notes; 

 

	 	(D)	 to the Class B Noteholders, until the principal amount of the Class B Notes has been paid in full;

  

	 	(E)	 to the Class C Noteholders, the Total Note Interest for the Class C Notes; 

 

	 	(F)	 to the Class C Noteholders, until the principal amount of the Class C Notes has been paid in full;

  

	 	(G)	 to the Class D Noteholders, the Total Note Interest for the Class D Notes; 

 

	 	(H)	 to the Class D Noteholders, until the principal amount of the Class D Notes has been paid in full;

  

	 	(v)	 fifth, if an Event of Default described in Section 5.1 (iii) or (iv) has occurred, in the following
order of priority: 

  

	 	(A)	 to the Class B Noteholders, the Total Note Interest for the Class B Notes; 

 

	 	(B)	 to the Class C Noteholders, the Total Note Interest for the Class C Notes; 

 

	 	(C)	 to the Class D Noteholders, the Total Note Interest for the Class D Notes; 

 

	 	(D)	 to the Class A-1 Noteholders until the principal amount of the Class A-1 Notes has been paid in full; 

  

	 	(E)	 to the Holders of each Class of the remaining Class A Notes, pro rata based on the
outstanding principal amount of such Class of Class A Notes as of such Distribution Date, until the principal amount of each such Class of the remaining Class A Notes has been paid in full; 

 

	 	(F)	 to the Class B Noteholders, until the principal amount of the Class B Notes has been paid in full;

  

	 	(G)	 to the Class C Noteholders, until the principal amount of the Class C Notes has been paid in full;

  
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	 	(H)	 to the Class D Noteholders, until the principal amount of the Class D Notes has been paid in full;

  

	 	(vi)	 sixth, if the Indenture Trustee or any other Successor Servicer has become the Servicer pursuant to
Section 8.2 of the Sale and Servicing Agreement, to such Successor Servicer, any Additional Servicing Fee, if any, for the preceding Collection Period and any unpaid Additional Servicing Fees from prior Collection Periods; and

  

	 	(vii)	 seventh, to the Certificateholders, any remaining amounts. 

(c)    Prior to an acceleration of the Notes following an Event of Default, if the Indenture Trustee collects any money or
property pursuant to this Article V, such amounts shall be deposited in the Collection Account and distributed in accordance with Section 2.8 and Section 8.2. 

(d)    The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this
Section 5.4. At least five (5) days before such record date, the Indenture Trustee on behalf of the Issuer shall mail to each Noteholder a notice that states the record date, the payment date and the amount to be paid. 

Section 5.5    Optional Preservation of the Receivables. If the Notes have
been declared immediately due and payable following an Event of Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate and
apply proceeds as if there had been no declaration of acceleration; provided, however, that the Available Funds shall be applied in accordance with such declaration of acceleration in the manner specified in Section 5.4(b) as provided in
Section 4.6(d) of the Sale and Servicing Agreement. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee
shall take such desire into account when determining whether or not to maintain possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 

Section 5.6    Limitation of Suits. 

(a)    No Holder of any Note shall have any right to institute any Proceeding with respect to this Indenture or for the
appointment of a receiver or trustee, or for any other remedy hereunder, except in accordance with Section 2.4(d) of the Sale and Servicing Agreement, unless: 
  

	 	(i)	 such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default;

  
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	 	(ii)	 the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class have made
written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 

  

	 	(iii)	 such Holder or Holders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses
and liabilities to be incurred in complying with such request; 

  

	 	(iv)	 the Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity
has failed to institute such Proceedings; and 

  

	 	(v)	 no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class. 

(b)    It is understood and intended that no one or more Holders of Notes shall have any right in any manner whatever by
virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders of Notes or to enforce any right
under this Indenture, except in the manner herein provided. 
 (c)    In the event the Indenture Trustee shall receive
conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each evidencing less than 51% of the Note Balance of the Controlling Class, the Indenture Trustee will take action in accordance with the direction of
the greatest amount of Holders of Notes (measured by principal balance). 
 Section
5.7    Unconditional Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provisions of this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Note on the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement
of any such payment, and such right shall not be impaired without the consent of such Holder. 

Section 5.8    Restoration of Rights and Remedies. If the Indenture Trustee or
any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or such Noteholder, then
and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies
of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 
Section 5.9    Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any

  
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other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing
at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 5.10    Delay or Omission Not a Waiver. No delay or omission of the
Indenture Trustee or any Noteholder to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or any acquiescence therein. Every
right and remedy given by this Article V or by law to the Indenture Trustee or the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or the Noteholders, as the case may be. 

Section 5.11    Control by Noteholders of the Controlling Class. 

(a)    The Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class shall have the
right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, however, that: 

 

	 	(i)	 such direction shall not be in conflict with any rule of law or with this Indenture or any other Transaction
Document; 

  

	 	(ii)	 subject to the express terms of Section 5.4, any written direction to the Indenture Trustee to sell or
liquidate the Trust Estate shall be by the Holders of Notes evidencing not less than 100% of the Note Balance; 

  

	 	(iii)	 if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain
the Trust Estate pursuant to such section, then any written direction to the Indenture Trustee by the Holders of Notes evidencing less than 100% of the Note Balance to sell or liquidate the Trust Estate shall be of no force and effect; and

  

	 	(iv)	 the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent
with such direction. 

 (b)    Notwithstanding the rights of Noteholders set forth in this
Section 5.11, subject to Section 6.1, the Indenture Trustee need not take any action that it reasonably believes might involve it in costs, expenses and liabilities for which it will not be adequately indemnified or might materially
adversely affect the rights of any Noteholders not consenting to such action. 

Section 5.12    Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.2, the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, may, on behalf of all Noteholders, waive any past Default or Event of Default
and its consequences except a Default or Event of Default (i) in the payment of principal of or interest on any of the Notes or (ii) in respect of a covenant or 

  
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provision hereof that cannot be amended, supplemented or modified without the consent of all the Noteholders. Upon any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be
restored to their former positions and rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. Upon any such waiver, such Default or Event of
Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture, but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

Section 5.13    Undertaking for Costs. All
parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in
its discretion assess reasonable costs, including reasonable attorney’s fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided, however, that
the provisions of this Section 5.13 shall not apply to (i) any suit instituted by the Indenture Trustee, (ii) any suit instituted by any Noteholder or group of Noteholders, in each case holding Notes evidencing in the aggregate more
than 10% of the Note Balance (or, in the case of any suit which is instituted by the Controlling Class, more than 10% of the Note Balance of the Controlling Class) or (iii) any suit instituted by any Noteholder for the enforcement of the
payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

Section 5.14    Waiver of Stay or Extension Laws. The Issuer covenants (to the
extent that it may lawfully do so) that it shall not at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Indenture, and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the
execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.15    Action on Notes. The Indenture Trustee’s right to seek
and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of
the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets
of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b). 

  
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 Section 5.16    Performance and
Enforcement of Certain Obligations. 
 (a)    Promptly following a request from the Indenture Trustee to do so, and
at the Administrator’s expense (or, if the Indenture Trustee is then acting as the Administrator, at the expense of CarMax), the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance
and observance by the Depositor and the Servicer of their respective obligations to the Issuer under or in connection with the Sale and Servicing Agreement or by the Seller of its obligations under or in connection with the Receivables Purchase
Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, including
the transmission of notices of default on the part of the Depositor or the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Depositor and the Servicer of their
respective obligations thereunder. 
 (b)    If an Event of Default shall have occurred and be continuing, the Indenture
Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling Class shall
(subject to Section 6.2(f)), exercise all rights, remedies, powers, privileges and claims of the Issuer against the Depositor or the Servicer under or in connection with the Sale and Servicing Agreement or against the Seller under or in
connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Depositor or the Servicer, as the case may be, of its obligations to the Issuer thereunder and
to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall be suspended. 

(c)    Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the
Issuer agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller of its obligations to the Depositor under or in connection with the Receivables Purchase Agreement in
accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Receivables Purchase Agreement to the extent and in the manner directed by the
Indenture Trustee, including the transmission of notices of default on the part of the Depositor thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller of its obligations under
the Receivables Purchase Agreement. 
 (d)    If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling
Class shall (subject to Section 6.2(f)), exercise all rights, remedies, powers, privileges and claims of the Depositor against the Seller under or in connection with the Receivables Purchase Agreement, including the right or power to take
any action to compel or secure performance or observance by the Seller of its obligations to the Depositor thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Receivables Purchase Agreement, and
any right of the Depositor to take such action shall be suspended. 

  
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 ARTICLE VI    THE INDENTURE TRUSTEE 

Section 6.1    Duties of Indenture Trustee. 

(a)    If an Event of Default shall have occurred and be continuing, the Indenture Trustee shall exercise the rights and
powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(b)    Except during the continuance of an Event of Default: 

 

	 	(i)	 the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in
this Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee, and any discretion, permissive right or privilege shall not be deemed to be or otherwise construed as a duty or obligation; and

  

	 	(ii)	 in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and, if required by the terms of this Indenture, conforming to the requirements of this Indenture; provided,
however, that the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture. 

(c)    The Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to
act or its own willful misconduct, except that: 
  

	 	(i)	 this paragraph does not limit the effect of paragraph (b) of this Section 6.1; 

 

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

  

	 	(iii)	 the Indenture 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 5.11; and 

  

	 	(iv)	 the Indenture Trustee shall not be liable for special, punitive, consequential, or indirect damages (including,
among other things, lost profits). 

  
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 (d)    The Indenture Trustee shall not be liable for interest on any
money received by it except as the Indenture Trustee may agree in writing with the Issuer. 
 (e)    Money held in trust
by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 

(f)    No provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise
incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers hereunder if the Indenture Trustee shall have reasonable grounds to believe that repayment of such funds or indemnity
satisfactory to it against such risk or liability is not assured or provided to it. 
 (g)    Every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section 6.1 and the TIA. 

(h)    The Indenture Trustee shall not be charged with knowledge of any Event of Default, breach of a representation or
warranty of any other party to the Transaction Documents or of any other event unless either (i) a Responsible Officer shall have actual knowledge of such Event of Default, breach of a representation or warranty or other event or
(ii) written notice of such Event of Default, breach of a representation or warranty or other event shall have been given to a Responsible Officer of the Indenture Trustee in accordance with the provisions of this Indenture; provided, however,
that for the avoidance of doubt, the Indenture Trustee shall not be deemed to have knowledge of a breach of representation or warranty solely as a result of the receipt and possession by the Indenture Trustee of the Review Report (as defined in the
Asset Representations Review Agreement). Except as expressly provided in this Indenture, the Indenture Trustee shall have no duty to take any action to determine whether any Event of Default or other event has occurred. 

(i)    The Indenture Trustee shall be required to carry out its duties as specified in Sections 4.1, 4.7, 4.9, 7.4(c),
8.1, 8.2, 8.3(a), 8.4, 10.12 and 10.14 of the Sale and Servicing Agreement. In furtherance of the foregoing, Sections 4.1, 4.7, 4.9, 7.4(c), 8.1, 8.2, 8.3(a), 8.4, 10.12 and 10.14 of the Sale and Servicing Agreement are hereby incorporated by
reference into this Indenture to the extent that they refer to obligations of the Indenture Trustee. 
 (j)    Subject
to Sections 6.1(a) and (c), in no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities; it being understood that the
Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

(k)    The Indenture Trustee shall have the right to decline to follow any investor direction if the Indenture Trustee
determines that the action or proceeding as directed may not 

  
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lawfully be taken or conflicts with this Indenture or other Transaction Document or if the Indenture Trustee in good faith determines that the action or proceeding so directed would involve it in
personal liability or be unjustly prejudicial to the non-directing holders. 

(l)    The Indenture Trustee shall not have any obligation to investigate any matter or to exercise any powers vested by
the Indenture Trustee unless requested by 25% or more of the Holders, and such Holders have assured to the Indenture Trustee indemnity satisfactory to it. 

Section 6.2    Rights of Indenture Trustee. 

(a)    The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or
presented by the proper Person. 
 (b)    Before the Indenture Trustee acts or refrains from acting, it may request and
shall be entitled to receive an Issuer’s Certificate or an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Issuer’s Certificate or Opinion of Counsel.

 (c)    The Indenture Trustee in any of its capacities may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent,
attorney, custodian or nominee appointed with due care by it hereunder. 
 (d)    The Indenture Trustee shall not be
liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that such action or omission by the Indenture Trustee does not constitute willful
misconduct, negligence or bad faith. 
 (e)    The Indenture Trustee may consult with counsel, and the advice or opinion
of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel. 
 (f)    The Indenture Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the request or direction of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity satisfactory to
it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

(g)    The Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Indenture Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of

  
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the Issuer, personally or by agent or attorney. In no event shall the Indenture Trustee have any responsibility to monitor CarMax’s compliance with or be charged with knowledge of the risk
retention rules of 17 CFR Part 246, nor shall it be liable to any investor, Holder, or any party whatsoever for violation of such rules or requirements or such similar provisions now or hereafter in effect. 

(h)    Any permissive right or privilege of the Indenture Trustee hereunder shall not be deemed to be or otherwise
construed as a duty or obligation. 
 (i)    The Indenture Trustee shall not be liable for the failure to perform its
duties hereunder if such failure is a direct or proximate result of another party failing to perform its duties. 
 
Section 6.3    Individual Rights of Indenture Trustee. The Indenture Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its
Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent hereunder may do the
same with like rights. 
 Section 6.4    Indenture Trustee’s
Disclaimer. The Indenture Trustee (i) shall not be responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes, (ii) shall not be accountable for the Issuer’s use of the proceeds
from the Notes or responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication and
(iii) shall not be responsible for the acts or omissions of any other party, including the Servicer, Seller and Depositor, and may assume each other party’s performance of its obligations under the Trust Agreement, the Receivables Purchase
Agreement and the Sale and Servicing Agreement absent written notice or actual knowledge of a Responsible Officer to the contrary. 
 
Section 6.5    Notice of Defaults. If an Event of Default occurs and is continuing and if it is known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder and the
Administrator notice of such Event of Default within ninety (90) days after it occurs. Except in the case of an Event of Default described in Section 5.1(a)(i) or (ii) (including payments pursuant to the mandatory redemption provisions of
such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders. 

Section 6.6    Reports by Indenture Trustee to Holders. The Indenture Trustee
shall make available, within a reasonable period of time after the end of each calendar year, to each Person who at any time during such calendar year was a Noteholder, such information furnished to the Indenture Trustee as may be required to enable
such Person to prepare its federal and State income tax returns. 

Section 6.7    Compensation and Indemnity. 

(a)    The Administrator, on behalf of the Issuer, shall pay to the Indenture Trustee from time to time reasonable
compensation for its services. The Indenture Trustee’s 

  
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compensation shall not be limited by any law on compensation of a trustee of an express trust. The Administrator, on behalf of the Issuer, shall reimburse the Indenture Trustee for all expenses,
advances and disbursements reasonably incurred or made by it, including costs of collection, in addition to the compensation for its services; provided, however, that the Administrator need not reimburse the Indenture Trustee for any expense
incurred through the Indenture Trustee’s willful misconduct, negligence, or bad faith. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants
and experts. The Administrator, on behalf of the Issuer, shall indemnify the Indenture Trustee for, and hold it and its officers, directors, employees, representatives and agents, harmless against, any and all loss, liability, cost or expense
(including reasonable attorneys’ fees and expenses and court costs, and any loss or expense incurred in connection with a successful defense, in whole or in part, of any claim that the Indenture Trustee breached its standard of care) incurred
by it in connection with the administration of this trust and the performance of its duties hereunder, including those incurred in connection with any action, claim or suit brought to enforce the Indenture Trustee’s right to indemnification;
provided, however, that the Administrator need not indemnify the Indenture Trustee for, or hold it harmless against, any such loss, liability, cost or expense incurred through the Indenture Trustee’s willful misconduct, negligence, or bad
faith. The Indenture Trustee shall notify the Issuer and the Administrator promptly of any claim for which it may seek indemnity. Any failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not, however, relieve the
Administrator of its obligations hereunder. The Administrator, on behalf of the Issuer, shall defend any such claim. The Indenture Trustee may have separate counsel in connection with the defense of any such claim, and the Administrator, on behalf
of the Issuer, shall pay the fees and expenses of such counsel. If the Indenture Trustee is then acting as Administrator, all payment obligations to the Indenture Trustee pursuant to this Section 6.7 shall be paid by CarMax. 

(b)    The payment obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the resignation or
removal of the Indenture Trustee and the discharge of this Indenture. 
 (c)    When the Indenture Trustee incurs fees
or expenses after the occurrence of a Default specified in Section 5.1(a)(v) or Section 5.1(a)(vi) with respect to the Issuer, such fees and expenses are intended to constitute expenses of administration under Title 11 of the United States
Code or any other applicable federal or State bankruptcy, insolvency or similar law. 

Section 6.8    Replacement of Indenture Trustee. 

(a)    No resignation or removal of the Indenture Trustee, and no appointment of a successor Indenture Trustee, shall
become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8. The Indenture Trustee may resign at any time by providing the Issuer, the Administrator, the Depositor and the Noteholders
with at least 60 days’ advance written notice. The Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class may remove the Indenture Trustee without cause by notifying the Indenture Trustee (with a copy to
the Issuer, the Administrator, the Depositor and the Rating Agencies) of such removal and, following such removal, may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 

  
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	 	(i)	 the Indenture Trustee fails to comply with Section 6.11; 

 

	 	(ii)	 the Indenture Trustee is adjudged to be bankrupt or insolvent; 

 

	 	(iii)	 a receiver or other public officer takes charge of the Indenture Trustee or its property; or

  

	 	(iv)	 the Indenture Trustee otherwise becomes incapable of acting. 

(b)    If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any
reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Administrator shall promptly appoint a successor Indenture Trustee. 

(c)    Any successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture
Trustee, the Issuer, the Administrator and the Depositor. Upon delivery of such written acceptance, the resignation or removal of the retiring Indenture Trustee shall become effective and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture
Trustee to the successor Indenture Trustee. 
 (d)    If a successor Indenture Trustee does not take office within sixty
(60) days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class may petition any court of
competent jurisdiction for the appointment of a successor Indenture Trustee. If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee
and the appointment of a successor Indenture Trustee. 
 (e)    Notwithstanding the replacement of the Indenture Trustee
pursuant to this Section 6.8, the Administrator’s obligations under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee. 

Section 6.9    Successor Indenture Trustee by
Merger. 
 (a)    If the Indenture Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Indenture Trustee;
provided, however, that such corporation or banking association must be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Rating Agencies, the Administrator and the Depositor with prior
written notice of any such transaction. 
 (b)    If at the time such successor or successors by consolidation, merger
or conversion to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture 

  
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Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated, and in case at that time any of the Notes shall not have been
authenticated, any such successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor trustee or in the name of the successor to the Indenture Trustee. In all such cases such certificates shall have the full
force which the Notes or this Indenture provide that the certificate of the Indenture Trustee shall have. 

Section 6.10    Appointment of
Co-Indenture Trustee or Separate Indenture Trustee. 

(a)    Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal
requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver an instrument to appoint one or more Persons to act as a co-trustee or co-trustees, jointly with the Indenture Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the
Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee under this Indenture shall be required to meet the terms of eligibility as a successor trustee under Section 6.11
and no notice of the appointment of any co-trustee or separate trustee shall be required under Section 6.8. 

(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 Indenture Trustee shall be conferred
or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee shall not be authorized to act separately without the Indenture 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 Indenture 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 Trust Estate or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 

 

	 	(ii)	 no trustee under this Indenture shall be personally liable by reason of any act or omission of any other
trustee under this Indenture; and 

  

	 	(iii)	 the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 

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

(d)    Any separate trustee or co-trustee may at any time constitute the Indenture
Trustee its agent or attorney-in-fact with full power and authority, to the extent permitted by law, to do any lawful act under or in respect of this Indenture 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 Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
 
Section 6.11    Eligibility; Disqualification. 
 (a)    The Indenture Trustee shall
at all times satisfy the requirements of TIA Section 310(a). The Indenture Trustee or its parent shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall
have a long-term debt rating acceptable to each of the Rating Agencies. The Indenture Trustee shall comply with TIA Section 310(b). 

(b)    The Indenture Trustee shall comply with TIA Section 310(b), including the optional provision permitted by the
second sentence of TIA Section 310(b)(9); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the
requirements for such exclusion set forth in TIA Section 310(b)(1) are met. 
 (c)    In the case of the
appointment pursuant to this Section 6.11 of a successor Indenture Trustee with respect to any Class of Notes, the Issuer, the retiring Indenture Trustee and the successor Indenture Trustee with respect to such Class of Notes shall
execute and deliver an indenture supplemental hereto wherein each successor Indenture Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest
in, the successor Indenture Trustee all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of the Class to which the appointment of such successor Indenture Trustee relates, (ii) if the
retiring Indenture Trustee is not retiring with respect to all Classes of Notes, shall contain such provisions as shall be deemed necessary or desirable to confirm that all rights, powers, trusts and duties of the retiring Indenture Trustee with
respect to the Notes of each Class as to which the retiring Indenture Trustee is not retiring shall continue to be vested in the Indenture Trustee and (iii) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one Indenture Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Indenture Trustees
co-

  
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trustees of the same trust and that each such Indenture Trustee shall be a trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other
such Indenture Trustee; and upon the removal of the retiring Indenture Trustee shall become effective to the extent provided herein. 
 
Section 6.12    Preferential Collection of Claims Against Issuer. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An
Indenture Trustee who has resigned or been removed shall be subject to TIA Section 
311(a) to the extent indicated. 
 Section 6.13    Communications Regarding
Demands to Purchase Receivables. The Indenture Trustee agrees to cooperate in good faith with any reasonable request by the Depositor for information which is required in order to enable the Depositor to comply with the provisions of Items
1104(e) and 1121(c) of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates to the Indenture Trustee or to the Indenture Trustee’s obligations under this Indenture. The Indenture Trustee
shall provide the Depositor with notification, as soon as practicable and in any event within five (5) Business Days, of (i) all demands communicated to the Indenture Trustee for the repurchase or replacement of any Receivable and
(ii) all requests by Verified Note Owners to communicate with other Noteholders regarding the exercise of remedies pursuant to the Transaction Documents. 

ARTICLE VII    NOTEHOLDERS’ LISTS AND REPORTS; ASSET REPRESENTATIONS REVIEW 

Section 7.1    Issuer To Furnish Indenture Trustee Names and Addresses of
Noteholders. If and so long as the Indenture Trustee is not the Note Registrar, the Issuer shall furnish or cause to be furnished to the Indenture Trustee (i) not more than five (5) days after each Record Date, a list, in such form as
the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Notes as of such Record Date and (ii) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after receipt by
the Issuer of any such request, a list of similar form and content as of a date not more than ten (10) days prior to the time such list is furnished; provided, however, that, with respect to Notes issued as Book-Entry Notes, no such list shall
be required to be furnished. 
 Section 7.2    Preservation of Information;
Communications to Noteholders. 
 (a)    The Indenture Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Holders of Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of the Holders of Notes received by the Indenture Trustee
in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished. 

(b)    Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights
under this Indenture or under the Notes. 
 (c)    The Issuer, the Indenture Trustee and the Note Registrar shall have
the protection of TIA Section 312(c). 

  
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 Section 7.3    Reports by
Issuer. 
 (a)    The Issuer shall: 
  

	 	(i)	 file with the Indenture Trustee, within fifteen (15) days after the Issuer is required to file the same
with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Issuer may
be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 

  

	 	(ii)	 file with the Indenture Trustee and the Commission in accordance with the rules and regulations prescribed from
time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

  

	 	(iii)	 supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described
in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section (a) and by the rules and regulations prescribed from time to time by
the Commission. 

 (b)    Unless the Issuer otherwise determines, the fiscal year of the Issuer shall
correspond to the Trust Fiscal Year. 
 Section 7.4    Reports by Indenture
Trustee. 
 (a)    If required by TIA Section 313(a), within sixty (60) days after each March 31,
beginning with March 31, 2022, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee shall also comply
with TIA Section 313(b). 
 (b)    The Indenture Trustee shall file with the Commission and each stock exchange, if
any, on which the Notes are listed a copy of each report mailed to Noteholders pursuant to this Indenture. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

Section 7.5    Noteholder Communications. 

(a)    Noteholder Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive
Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing
Agency and by notice to the Indenture Trustee. In the event that a Verified Note Owner 

  
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communicates with the Indenture Trustee, the Indenture Trustee shall provide a copy of the supporting evidence provided to the Indenture Trustee to the Issuer. The Indenture Trustee will not be
required to take action in response to requests, demands or directions of a Noteholder or a Verified Note Owner, other than requests, demands or directions relating to obligations of the Indenture Trustee in connection with an Asset Representations
Review Notice explicitly set forth in Section 7.6, unless the Noteholder or Verified Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the fees and expenses that it
may incur in complying with the request, demand or direction. 
 (b)    Communications between Noteholders. A
Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise of rights
under this Indenture or the other Transaction Documents may send a request to the Servicer, on behalf of the Issuer, at CMX_Corp_Fin_Dept@carmax.com to include information regarding the communication in a Form
10-D to be filed by the Issuer with the Commission. Each request must include (i) the name of the requesting Noteholder or Note Owner, (ii) the method by which other Noteholders or Note Owners, as
applicable, may contact the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, evidence of and a certification from that Person that it is a Verified Note Owner. A Noteholder or Verified Note Owner, as applicable, that
delivers a request under this Section 7.5(b) will be deemed to have certified to the Issuer and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of rights
under this Indenture or the other Transaction Documents, and will not be used for other purposes. The Issuer will promptly deliver any such request to the Servicer. On receipt of such a request, the Servicer will include in the Form 10-D filed by the Issuer with the Commission for the Collection Period in which the request was received (A) a statement that the Servicer has received a request from a Noteholder or Note Owner, as applicable,
that is interested in communicating with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Transaction Documents, (B) the name of the requesting Noteholder or Note Owner,
(C) the date the request was received and (D) a description of the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner. Each Noteholder or Note Owner, by its acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such requesting Noteholder or Note Owner will pay any costs associated with communicating with other Noteholders or Note Owners, and none of the
Seller, the Servicer, the Depositor, the Issuer, the Administrator, the Indenture Trustee or the Owner Trustee will be responsible for such costs. 

Section 7.6    Asset Representations Review. 

(a)    If a Delinquency Trigger Event occurs, a Noteholder (if the Notes are represented by Definitive Notes) or a
Verified Note Owner (if the Notes are represented by Book-Entry Notes) may make a demand on the Indenture Trustee to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to conduct
an Asset Representations Review. If Noteholders and Note Owners of 5% or more of the aggregate principal amount of all Notes Outstanding demand a vote within 90 days of the filing of the Form 10-D indicating
that the Delinquency Trigger Event has occurred, the Indenture Trustee will promptly request a vote of the Noteholders and Note Owners as 

  
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described in Section 7.6(b) below; provided, that for the purpose of determining the holders of the Notes Outstanding, any Notes held by CarMax or any of its Affiliates shall not be
included in such calculation. 
 (b)    Upon the direction of the requisite Noteholders or Note Owners set forth in
Section 7.6(a), the Indenture Trustee shall conduct a vote of all Noteholders, and shall cause the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.) to conduct a vote of all Note Owners. The Indenture Trustee
shall provide to the Servicer the voting instructions and procedures applicable to the Noteholders and Note Owners to be included in the Form 10-D filed by the Issuer with the Commission. Each Noteholder or
Note Owner that elects to vote shall vote whether or not the Asset Representations Reviewer should be directed to conduct an Asset Representations Review. Noteholders or Note Owners shall be permitted to vote for 150 days after the filing of the
Form 10-D indicating that the Delinquency Trigger Event has occurred. 

(c)    In the event that a Verified Note Owner exercises its right to vote such Note Owner’s beneficial interest, the
Indenture Trustee shall provide a copy of the supporting evidence provided to the Indenture Trustee to the Issuer. 

(d)    If (i) a majority of the Noteholders and Note Owners voting pursuant to Section 7.6(b) vote to cause the
Asset Representations Reviewer to conduct an Asset Representations Review and (ii) the holders of 5% or more of the aggregate principal amount of Outstanding Notes cast a vote, the Indenture Trustee shall provide a notice to the Issuer (the
“Asset Representations Review Notice”), which shall promptly provide such Asset Representations Review Notice to the Seller, the Depositor and the Servicer. 

(e)    The Indenture Trustee shall cooperate with the Asset Representations Reviewer in the event an Asset Representations
Review is commenced pursuant to Section 7.6(d) and shall provide the Asset Representations Reviewer with any documents or other information in its possession reasonably requested by the Asset Representations Reviewer in connection with the
Asset Representations Review. 
 ARTICLE VIII    ACCOUNTS, DISBURSEMENTS AND RELEASES 

Section 8.1    Collection of Money. Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the
Indenture Trustee pursuant to this Indenture and the Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly
provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such
payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as
provided in Article V. 

  
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 Section 8.2    Trust
Accounts. 
 (a)    On or before the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in
the name of the Indenture Trustee, for the benefit of the Noteholders and the Certificateholders, the Collection Account as provided in Section 4.1(a) of the Sale and Servicing Agreement. On or before each Distribution Date, the Servicer shall
deposit in the Collection Account all amounts required to be deposited therein with respect to the preceding Collection Period as provided in Section 4.2 of the Sale and Servicing Agreement. 

(b)    On or before the Closing Date, the Issuer shall cause the Servicer to establish and maintain, with the Indenture
Trustee, in the name and for the benefit of the Trust, the Reserve Account as provided in Section 4.7 of the Sale and Servicing Agreement. On each Distribution Date, upon receipt of instructions from the Servicer pursuant to Section 4.6(b)
of the Sale and Servicing Agreement, the Indenture Trustee shall withdraw from the Reserve Account (up to the amount on deposit in the Reserve Account) and deposit in the Collection Account the amount, if any, by which the Required Payment Amount
for such Distribution Date exceeds the Available Collections for such Distribution Date. 
 (c)    [RESERVED]. 

(d)    On each Distribution Date, the Indenture Trustee shall apply or cause to be applied the amount on deposit in the
Collection Account on such Distribution Date in accordance with Section 2.8(a). 
 (e)    On or before the Closing
Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the exclusive benefit of the Noteholders, the Note Payment Account as provided in Section 4.1(b) of the Sale and Servicing Agreement.
On each Distribution Date, the Indenture Trustee shall apply or cause to be applied the amount on deposit in the Note Payment Account on such Distribution Date in accordance with Section 2.8(a) or (d), as applicable. 

Section 8.3    General Provisions Regarding Accounts. 

(a)    So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in
the Trust Accounts shall be invested by the Indenture Trustee at the written direction of the Servicer in Permitted Investments as provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement; provided, that, funds on deposit in the
Reserve Account shall be invested in Permitted Investments meeting the requirements of 17 CFR Part 246.4(b)(2), as determined by the Servicer. All income or other gain (net of losses and investment expenses) from investments of monies deposited in
the Trust Accounts shall be withdrawn by the Indenture Trustee from such accounts and distributed (but only under the circumstances set forth in the Sale and Servicing Agreement) as provided in Sections 4.1 and 4.7 of the Sale and Servicing
Agreement; provided, that amounts released from the Reserve Account shall meet the requirements of 17 CFR Part 246.4(b)(3)(i), as determined by the Servicer. The Servicer shall not direct the Indenture Trustee to make any investment of any
funds or to sell any investment held in any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in

  
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either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee,
the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 

(b)    Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any
insufficiency in any of the Trust Accounts resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the
Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

(c)    If (i) the Servicer shall have failed to give written investment directions for any funds on deposit in the
Trust Accounts to the Indenture Trustee by 11:00 A.M. (New York City time) (or such other time as may be agreed upon by the Issuer and Indenture Trustee), on the Business Day preceding each Distribution Date, (ii) a Default or Event of Default
shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared immediately due and payable pursuant to Section 5.2 or (iii) the Notes shall have been declared immediately due and payable
following an Event of Default, and amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.4(c) as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in the Trust Accounts in one or more Permitted Investments in accordance with the standing instructions most recently given by the Servicer; provided, however, that if no standing instructions shall have been
given to the Indenture Trustee, the funds shall remain uninvested. 

Section 8.4    Release of Trust Estate. 

(a)    Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when
required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent
with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any monies. 
 (b)    The Indenture Trustee shall, at such time as
there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the
Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts; provided, that, any amounts on deposit in the Reserve Account shall be distributable only to the Depositor following the final distribution to the
Certificateholders. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section (b) only upon receipt of an Issuer Request accompanied by an Issuer’s Certificate, an Opinion of Counsel addressed to
the Indenture Trustee and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. 

  
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 Section 8.5    Opinion of
Counsel. The Indenture Trustee shall receive at least seven (7) days’ notice when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require, except in connection with any action contemplated by Section 8.4(b), as a condition to such action, an Opinion of Counsel, addressed to the Indenture Trustee, stating the legal effect of any such action, outlining the steps
required to complete such action, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders
in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

ARTICLE IX    SUPPLEMENTAL INDENTURES 

Section 9.1    Supplemental Indentures Without Consent of Noteholders. 

(a)    This Indenture may be amended from time to time by a written amendment duly executed and delivered by the Issuer
and the Indenture Trustee, when authorized by an Issuer Order, without the consent of any Noteholder or any other Person; provided, however, that (i) any such amendment shall not, as evidenced by an Opinion of Counsel to the
Issuer delivered to the Indenture Trustee, adversely affect in any material respect the interests of the Noteholders or (ii) the Rating Agency Condition is satisfied with respect to such amendment and the Issuer notifies (or causes the Servicer
to notify) the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

(b)    Any term or provision of this Indenture may also be amended from time to time by the Issuer and the Indenture
Trustee, when authorized by an Issuer Order, for the purpose of conforming the terms of this Indenture to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering
memorandum with respect to the Certificates without the consent of any Noteholder, or any other Person. 
 (c)    Prior
to the execution of any amendment or consent pursuant to this Section 9.1, the Servicer shall provide written notification of the substance of such amendment or consent to each Rating Agency. 

(d)    Promptly after the execution of any amendment to this Indenture, the Seller shall furnish an executed copy of such
amendment to each Rating Agency. 
 Section 9.2    Supplemental Indentures with
Consent of Noteholders. 
 (a)    The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may,
with the consent of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class and with prior notice to the Rating Agencies and the Administrator, by 

  
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Act of such Holders delivered to the Issuer and the Indenture Trustee, at any time and from time to time, enter into one or more indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that (i) no such supplemental indenture
may materially adversely affect the interests of any Noteholder without the consent of such Noteholder and (ii) no such supplemental indenture will be permitted unless an Opinion of Counsel is delivered to the Indenture Trustee to the effect
that such supplemental indenture will not cause the Issuer to be characterized for federal income tax purposes as an association taxable as a corporation or otherwise have any material adverse impact on the federal income taxation of any Notes
Outstanding or any Noteholder; and, provided further, that no such supplemental indenture may, without the consent of the Holder of each Outstanding Note affected by such supplemental indenture: 

 

	 	(i)	 subject to the deemed effectiveness of any determination, decision or election made by the Issuer in connection
with a Benchmark Transition Event or a Benchmark Replacement as contained in Section 2.16(c), change any Class Final Distribution Date or the date of payment of any installment of principal of or interest on any Note, or reduce the
principal amount thereof, the Note Rate applicable thereto or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to
payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable; 

 

	 	(ii)	 impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the
application of available funds, as provided in Article V, to the payment of any amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 

 

	 	(iii)	 reduce the percentage of the Note Balance or the Note Balance of the Controlling Class the consent of the
Holders of which is required for any such supplemental indenture or for any waiver of compliance with the provisions of this Indenture or of defaults hereunder and their consequences as provided in this Indenture; 

 

	 	(iv)	 modify or alter (A) the provisions of the second proviso to the definition of the term
“Outstanding” or (B) the definition of the term “Note Balance” or the definition of the term “Controlling Class”; 

  

	 	(v)	 reduce the percentage of the Note Balance the consent of the Holders of which is required to direct the
Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay in full the principal amount of and accrued but unpaid interest on the Notes; 

  
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	 	(vi)	 reduce the percentage of the Note Balance of the Controlling Class the consent of the Holders of which is
required for any such supplemental indenture amending the provisions of this Indenture which specify the applicable percentage of the Note Balance of the Controlling Class the consent of which is required for such supplemental indenture or the
amendment of any other Transaction Document; 

  

	 	(vii)	 affect the calculation of the amount of interest on or principal of the Notes payable on any Distribution Date,
including the calculation of any of the individual components of such calculation; 

  

	 	(viii)	 modify any of the provisions of this Indenture in such a manner as to affect the rights of the Holders of the
Notes to the benefit of any provisions for the mandatory redemption of the Notes; or 

  

	 	(ix)	 permit the creation of any Lien ranking prior to or on a parity with the lien of this Indenture with respect to
any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any such collateral at any time subject hereto or deprive the Holder of any Note of the security provided by the lien of
this Indenture. 

 (b)    It shall not be necessary for any Act of Noteholders under this
Section 9.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. Promptly after the execution by the Issuer and the Indenture Trustee of any
supplemental indenture pursuant to this Section 9.2, the Indenture Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 9.3    Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive and, subject to
Section 6.1 and Section 6.2, shall be fully protected in relying upon an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent in this
Indenture to the execution and delivery of such supplemental indenture have been satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights,
duties, liabilities or immunities under this Indenture or otherwise. Notwithstanding anything in this Indenture to the contrary, no supplemental indenture shall be effective without the prior written consent of the Owner Trustee or the Asset

  
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Representations Reviewer, respectively, if the supplemental indenture would adversely modify the amount or timing of distributions to be made to the Owner Trustee or the Asset Representations
Reviewer, as applicable, under this Indenture. 
 Section 9.4    Effect of
Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected
thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced
hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 Section 9.5    Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

Section 9.6    Reference in Notes to Supplemental Indentures. Any Notes
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in
such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by
the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE
X    REDEMPTION OF NOTES 
 Section 10.1    Redemption.

 (a)    The Notes are subject to redemption in whole, but not in part, at the direction of the Servicer, pursuant to
Section 9.1(a) of the Sale and Servicing Agreement, on any Distribution Date on which the Servicer exercises its option to purchase the assets of the Issuer pursuant to such Section 9.1(a), and the amount paid by the Servicer shall be
treated as collections in respect of the Receivables and applied to pay all amounts due to the Servicer under the Sale and Servicing Agreement and the unpaid principal amount of the Notes plus all accrued and unpaid interest (including any overdue
interest) thereon. If the Notes are to be redeemed pursuant to this Section 10.1(a), the Issuer shall furnish or cause the Servicer to furnish notice of such redemption to the Depositor, the Indenture Trustee, the Owner Trustee, the Asset
Representations Reviewer, the Rating Agencies and the Administrator not later than ten (10) days prior to the Redemption Date and the Issuer shall deposit the Redemption Price of the Notes to be redeemed in the Note Payment Account by 10:00
A.M. (New York City time) on the Redemption Date, whereupon all such Notes shall be due and payable on the Redemption Date. 

  
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 (b)    In the event that the assets of the Issuer are purchased by the
Servicer pursuant to Section 9.1(a) of the Sale and Servicing Agreement, all amounts on deposit in the Note Payment Account shall be paid to the Noteholders up to the unpaid principal amount of the Notes and all accrued and unpaid interest
thereon. If such amounts are to be paid to Noteholders pursuant to this Section 10.1(b), the Issuer shall, to the extent practicable, furnish or cause the Servicer to furnish notice of such event to the Depositor, the Indenture Trustee, the
Rating Agencies and the Administrator not later than ten (10) days prior to the Redemption Date, whereupon all such amounts shall be payable on the Redemption Date. 

Section 10.2    Form of Redemption Notice. 

(a)    Notice of redemption of the Notes under Section 10.1(a) shall be given by the Indenture Trustee by first-class
mail, postage prepaid, or by facsimile mailed or transmitted promptly following receipt of notice from the Issuer or the Servicer pursuant to Section 10.1(a), but not later than ten (10) days prior to the applicable Redemption Date, to
each Holder of the Notes as of the close of business on the second Record Date preceding the applicable Redemption Date, at such Holder’s address or facsimile number appearing in the Note Register. 

(b)    All notices of redemption shall state: 
  

	 	(i)	 the Redemption Date; 

 

	 	(ii)	 the Redemption Price; and 

 

	 	(iii)	 the place where the Notes are to be surrendered for payment of the Redemption Price (which shall be the office
or agency of the Issuer to be maintained as provided in Section 3.2). 

 (c)    Notice of
redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. Any failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not, however, impair or affect the
validity of the redemption of any other Note. 
 Section 10.3    Notes Payable
on Redemption Date. The Notes to be redeemed shall, following notice of redemption as required by Section 10.2 (in the case of redemption pursuant to Section 10.1(a)), become due and payable on the Redemption Date at the Redemption
Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption
Price. 

  
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 ARTICLE XI    MISCELLANEOUS 

Section 11.1    Compliance Certificates and Opinions, etc. 

(a)    Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of
this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Issuer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with,
(ii) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants
meeting the applicable requirements of this Section 11.1, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished. 
 (b)    Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include: 
  

	 	(i)	 a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant
or condition and the definitions herein relating thereto; 

  

	 	(ii)	 a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based; 

  

	 	(iii)	 a statement that, in the opinion of each such signatory, such signatory has made such examination or
investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

 

	 	(iv)	 a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied
with. 

 (c)    Prior to the deposit of any Collateral or other property or securities with the
Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture,
deliver to the Indenture Trustee an Issuer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within ninety (90) days of such deposit) to the Issuer of the Collateral or other
property or securities to be so deposited. 
 (d)    Whenever the Issuer is required to furnish to the Indenture Trustee
an Issuer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in Section 11.1(c), the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the
fair value to the Issuer of the property or securities to be so deposited and of all other such property or securities made the basis of any such withdrawal or 

  
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release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates furnished pursuant to Section 11.1(c) and this Section 11.1(d), is 10% or
more of the Note Balance, but such a certificate need not be furnished with respect to any property or securities so deposited if the fair value thereof to the Issuer as set forth in the related Issuer’s Certificate is less than $25,000 or less
than 1% of the Note Balance. 
 (e)    Whenever any property or securities are to be released from the lien of this
Indenture, the Issuer shall also furnish to the Indenture Trustee an Issuer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within ninety (90) days of such release) of the
property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 

(f)    Whenever the Issuer is required to furnish to the Indenture Trustee an Issuer’s Certificate certifying or
stating the opinion of any signer thereof as to the matters described in Section 11.1(e), the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities
and of all other property, other than property as contemplated by Section 11.1(g) or securities released from the lien of this Indenture since the commencement of the then-current calendar year, as set forth in the certificates required by
Section 11.1(e) and this Section 11.1(f), is 10% or more of the Note Balance, but such a certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related
Issuer’s Certificate is less than $25,000 or less than 1% of the Note Balance. 
 (g)    Notwithstanding
Section 2.10 or any other provisions of this Section 11.1, the Issuer may, without compliance with the requirements of the other provisions of this Section 11.1, (i) collect, liquidate, sell or otherwise dispose of Receivables and
Financed Vehicles as and to the extent permitted or required by the Transaction Documents and (ii) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Transaction Documents. 

Section 11.2    Form of Documents Delivered to Indenture Trustee. 

(a)    In any case where several matters are required to be certified by, or covered by an opinion of, any specified
Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to
some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

(b)    Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such
officer’s certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, one or
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the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the Depositor, the Seller, the Servicer, the Administrator or the
Issuer, unless such Authorized Officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

(c)    Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

(d)    Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee,
it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the
granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such
application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any
such document as provided in Article VI. 
 Section 11.3    Acts of
Noteholders. 
 (a)    Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by the Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by the Noteholders in person or by agents duly appointed in writing, and except as
herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 11.3. 

(b)    The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that
the Indenture Trustee deems sufficient. 
 (c)    The ownership of Notes shall be proved by the Note Register. 

(d)    Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes
shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or
not notation of such action is made upon such Note. 

  
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 Section 11.4    Notices, etc.,
to Indenture Trustee, Issuer and Rating Agencies. 
 (a)    Any request, demand, authorization, direction, notice,
instruction, consent, waiver, Act of Noteholders or other document provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, instruction, consent, waiver, Act of Noteholders or other
document is to be made upon, given or furnished to or filed with: 
  

	 	(i)	 the Indenture Trustee by any Noteholder or by the Issuer, shall be sufficient for every purpose hereunder if
made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office; 

  

	 	(ii)	 the Issuer by the Indenture Trustee or by any Noteholder, shall be sufficient for every purpose hereunder if in
writing and sent by first-class mail, postage prepaid, or overnight courier to the Issuer addressed to: CarMax Auto Owner Trust 2021-4, in care of Wilmington Trust, National Association, at its Corporate Trust
Office as defined in the Trust Agreement, with a copy to the Administrator, at 12800 Tuckahoe Creek Parkway, Richmond, Virginia 23238, Attention: Treasury Department, or at any other address previously furnished in writing to the Indenture Trustee
by the Issuer or the Administrator; 

  

	 	(iii)	 the Depositor by the Indenture Trustee, the Servicer or any Noteholder, it shall be sufficient for every
purpose hereunder if in writing and sent by first-class mail, postage prepaid, or overnight courier to the Depositor addressed to CarMax Auto Funding LLC at 12800 Tuckahoe Creek Parkway, Suite 400, Richmond, Virginia 23238, Attention: Treasurer; or

  

	 	(iv)	 the Administrator by the Indenture Trustee, the Issuer, the Servicer, the Depositor or any Noteholder, shall be
sufficient for every purpose hereunder if in writing and sent by first-class mail, postage prepaid, or overnight courier to the Administrator addressed to CarMax Business Services, LLC at 12800 Tuckahoe Creek Parkway, Richmond, Virginia 23238,
Attention: Treasury Department. 

 (b)    Notices required to be given to the Rating Agencies by the
Issuer, the Indenture Trustee or the Owner Trustee shall be in writing, personally delivered, telecopied or mailed by certified mail, return receipt requested, to the Administrator and the Issuer shall cause the Administrator to promptly provide
such notices (i) in the case of Moody’s, at the following address: Moody’s Investors Service, Inc., ABS Monitoring Department, 25th Floor, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007 and (ii) in the case
of S&P Global Ratings, at the following address: S&P Global Ratings, 55 Water Street, New York, New York 10041, Attention: Asset Backed Surveillance Department, and via email to servicer_reports@spglobal.com. The Issuer shall promptly
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from the Noteholders to the Indenture Trustee. The Indenture Trustee shall likewise promptly transmit any notice received by it from the Noteholders or Note Owners to the Issuer and, if such
notice is a Repurchase Request, to the Depositor. 
 Section 11.5    Notices to
Noteholders; Waiver. 
 (a)    Where this Indenture provides for notice to Noteholders of any event, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at its address as it appears on the Note Register, not later than the latest
date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular
Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

(b)    Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled
to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such a waiver. 
 (c)    If, by reason of the suspension of regular mail
service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving
such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 

(d)    Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any
other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 

(e)    If the Indenture Trustee receives a Repurchase Request and the Depositor or CarMax does not repurchase the
Receivables related to such Repurchase Request within one hundred eighty (180) days of the receipt of such Repurchase Request, the Indenture Trustee, at the direction of the Administrator pursuant to Section 2(b)(viii) of the
Administration Agreement, shall deliver a Repurchase Response Notice to the related Noteholder or Note Owner. 
 
Section 11.6    Alternate Payment and Notice Provisions. Notwithstanding any other provisions of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Holder of a
Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuer shall furnish to the Indenture
Trustee a copy of each such agreement and the Indenture Trustee shall cause payments to be made and notices to be given in accordance with such agreements. 

  
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 Section 11.7    Conflict with
Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall
control. The provisions of TIA Sections 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or
not physically contained herein. 
 Section 11.8    Effect of Headings and
Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

Section 11.9    Successors and Assigns. All covenants and agreements in this
Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and
agents. 
 Section 11.10    Severability. If any provision of this
Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions of this Indenture and the Notes shall not in any way be affected or impaired thereby. 

Section 11.11    Benefits of Indenture. Nothing in this Indenture or in the
Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Noteholders, any other party secured hereunder and any other Person with an ownership interest in any part of the Trust Estate,
any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 11.12    Legal Holiday. If the date on which any payment is due shall
not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which
nominally due, and no interest shall accrue for the period from and after any such nominal date. 

Section 11.13    GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF RIGHT TO
JURY TRIAL. 
 (a)    THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS INDENTURE SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER
JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

(b)    TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE OR ANY MATTER ARISING HEREUNDER. 

  
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 (c)     Each of the parties hereto hereby irrevocably and
unconditionally: 
  

	 	(i)	 submits for itself and its property in any Proceeding relating to this Indenture or any documents executed and
delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof; 

  

	 	(ii)	 consents that any such Proceeding may be brought and maintained in such courts and waives any objection that it
may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

 

	 	(iii)	 agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Indenture; and 

 

	 	(iv)	 agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by
law or shall limit the right to sue in any other jurisdiction. 

Section 11.14    Counterparts and Electronic Signature. This Indenture may be
executed in any number of counterparts, each of which counterparts when so executed shall be deemed to be an original, and all of which counterparts shall together constitute but one and the same instrument. Each party agrees that this Indenture and
any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Indenture or such other documents shall have the same effect as manual signatures for the purposes of
validity, enforceability and admissibility. 
 Section 11.15    Recording of
Indenture. If this Indenture is subject to recording in any appropriate public recording office, such recording shall be effected by the Issuer at its expense and shall be accompanied by an Opinion of Counsel (which may be counsel to the
Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any
right or remedy granted to the Indenture Trustee under this Indenture. 

Section 11.16    Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, 

  
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officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, of any holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have
no such obligations in their individual capacities), and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the
terms and provisions of Article VI, Article VII and Article VIII of the Trust Agreement. 

Section 11.17    No Petition. The Indenture Trustee, by entering into this
Indenture, and each Noteholder or Note Owner, by accepting a Note or beneficial interest in a Note, as the case may be, hereby covenant and agree that they will not at any time institute against the Depositor or the Issuer, or join in any
institution against the Depositor or the Issuer of, or cooperate with or encourage others to institute against the Depositor or the Issuer, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under
any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Transaction Documents. 

Section 11.18    Inspection. The Issuer shall, with reasonable prior notice,
permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be
audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified public accountants, all at such reasonable times and as often
as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential
treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

Section 11.19    Third-Party Beneficiaries. This Indenture shall inure to the
benefit of and be binding upon the parties hereto, the Owner Trustee, the Asset Representations Reviewer, the Noteholders, the Certificateholders and their respective successors and permitted assigns. Except as otherwise provided in this Article XI,
no other Person shall have any right or obligation hereunder. 

Section 11.20    Limitation on Recourse to CarMax Funding. Notwithstanding
anything to the contrary contained herein, the Depositor shall only be required to pay (i) any fees, expenses, indemnities or other liabilities that it may incur under the Transaction Documents from funds available pursuant to, and in
accordance with, the applicable payment priorities set forth in the Transaction Documents and (ii) to the extent the Depositor has additional funds available (other than funds described in the preceding clause (i)) that would be in excess of
amounts that would be necessary to pay the debt and other obligations of the Depositor in accordance with the Depositor’s certificate of formation, operating agreement and all financing documents to which

  
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the Depositor is a party. The agreement set forth in the preceding sentence shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. In addition, no
amount owing by the Depositor under any Transaction Document in excess of liabilities that it is required to pay in accordance with the preceding sentence shall constitute a “claim” (as defined in Section 101(5) of the Bankruptcy
Code) against it. 
 Section 11.21    Legal Fees Associated with
Indemnification. With respect to any indemnification provisions in this Indenture providing that a party to this Indenture is required to indemnify another party to this Indenture for attorney’s fees and expenses, such fees and expenses are
intended to include attorney’s fees and expenses relating to the enforcement of such indemnity. 

Section 11.22    Limitation of Liability of the Owner Trustee. It is
expressly understood and agreed by the parties hereto that (a) this Indenture is executed and delivered by Wilmington Trust, National Association, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the
powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington
Trust, National Association but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to
perform any covenant either expressed or implied contained herein of the Issuer, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Wilmington Trust,
National Association has not verified and made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Indenture and (e) under no circumstances shall Wilmington Trust, National
Association be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or
any other related documents. 
 Section 11.23    PATRIOT Act. The parties
hereto acknowledge that in accordance with 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 Indenture Trustee in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such information as
the Indenture Trustee may request from time to time in order to comply with any applicable requirements of the Patriot Act. 
 
Section 11.24    Beneficial Ownership. Pursuant to applicable law, the Indenture Trustee is required to obtain from the Issuer on or before closing, 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 legal entity, the Indenture Trustee will ask for documentation
to verify the entity’s formation and existence, its financial statements, licenses, tax identification documents, identification and authorization 

  
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documents from individuals claiming authority to represent the entity and other relevant documentation and information (including beneficial owners of such entities). To the fullest extent
permitted by applicable law, the Indenture Trustee may conclusively rely on and shall be fully protected and indemnified in relying on, such information received. Failure to provide such information may result in an inability of the Indenture
Trustee to perform its obligations hereunder, which, at the sole option of the Indenture Trustee, may result in the Indenture Trustee’s resignation in accordance with the terms hereof. 

[SIGNATURE PAGE FOLLOWS] 

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

			
	 CARMAX AUTO OWNER TRUST 2021-4

 

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

	By:	 	  

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

not in its individual capacity but solely

	 as Indenture Trustee
  

	By:	 	  

	Name:
	Title:

 Indenture (CAOT 2021-4) 

Table of Contents

 APPENDIX A 

Additional Representations and Warranties 
  

	 	1.	 This Indenture creates a valid and continuing “security interest” (as defined in the Relevant UCC) in
the Receivables in favor of the Indenture Trustee, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Issuer. 

 

	 	2.	 With respect to each Receivable, the Issuer has taken all steps necessary to perfect its security interest
against the related Obligor in the related Financed Vehicle. 

  

	 	3.	 The Receivables constitute “tangible chattel paper” or “electronic chattel paper” (each as
defined in the Relevant UCC). 

  

	 	4.	 The Issuer owns and has good and marketable title to the Receivables free and clear of any Lien, claim or
encumbrance of any Person. 

  

	 	5.	 The Issuer has caused or will cause prior to the Closing Date the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdictions under applicable law necessary to perfect the security interest in the Receivables granted to the Indenture Trustee under this Indenture. 

 

	 	6.	 Other than the security interest granted to the Indenture Trustee under the Indenture, the Issuer has not
pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Issuer has not authorized the filing of and is not aware of any financing statements against the Seller, the Depositor or the Issuer that
include a description of collateral covering the Receivables other than the financing statements relating to the security interests granted to the Depositor, the Issuer and the Indenture Trustee under the Transaction Documents or any financing
statement that has been terminated. The Issuer is not aware of any judgment or tax lien filings against the Seller, the Depositor or the Issuer. 

  

	 	7.	 All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee in
connection herewith describing the Receivables contain a statement to the following effect: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Indenture Trustee.”

  
 App. A 

Table of Contents

 Exhibit A-1 

Form of Class A-1 Note 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING
PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

	 REGISTERED     
	 $208,170,000 

  

	 NO. R-[    ]     
	 CUSIP NO. 14317J AA5 

CARMAX AUTO OWNER TRUST 2021-4 

0.10920% CLASS A-1 ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2021-4, a statutory trust organized and existing under the laws of the State
of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [                ], or its registered assigns, the
principal sum of [                ] DOLLARS or such lesser amount payable on each Distribution Date in an amount equal to the aggregate amount, if any, payable from the
Note Payment Account in respect of principal on the Class A-1 Notes pursuant to Section 2.8 of the Indenture dated as of September 1, 2021 (as amended, supplemented or otherwise modified and in
effect from time to time, the “Indenture”) between the Issuer and U.S. Bank National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”); provided,
however, that, if not paid prior to such date, the unpaid principal amount of this Class A-1 Note shall be due and payable on the earlier of the September 2022 Distribution Date (the
“Class A-1 Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are
defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 
 The Issuer shall pay
interest on this Class A-1 Note at the rate per annum shown above on each Distribution Date, until the principal of this Class A-1 Note is paid or made
available for payment, on the principal amount of this Class A-1 Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution
Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Class A-1 Note shall accrue for each Distribution Date from and including the

  
 Ex. A-1-1 

Table of Contents

 
preceding Distribution Date (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding such Distribution Date.
Interest shall be computed on the basis of actual days elapsed and a 360-day year. Interest on this Class A-1 Note on each Distribution Date shall equal the product
of (i) the rate per annum shown above, (ii) the principal amount of this Class A-1 Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on
such preceding Distribution Date) or, with respect to the initial Distribution Date, on the Closing Date, and (iii) the actual number of days in the applicable interest period divided by 360. The principal of and interest on this Class A-1 Note shall be paid in the manner specified on the reverse hereof. 
 “Distribution
Date” means the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day, commencing on October 15, 2021. 

The principal of and interest on this Class A-1 Note are payable in such coin or currency of the
United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-1 Note shall be applied first to interest due
and payable on this Class A-1 Note as provided above and then to the unpaid principal of this Class A-1 Note. 

Reference is hereby made to the further provisions of this Class A-1 Note set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class A-1 Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class A-1 Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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Table of Contents

 IN WITNESS WHEREOF, the Issuer has caused this
Class A-1 Note to be duly executed as of the date set forth below. 
 Dated: September 22, 2021 

 

			
	 CARMAX AUTO OWNER TRUST 2021-4

 

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

 
			
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-1 Notes designated above and referred to in the within-mentioned
Indenture. 
 Dated: September 22, 2021 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 not
in its individual capacity but solely as Indenture Trustee
  

 
			
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 Ex. A-1-3 

Table of Contents

 [REVERSE OF CLASS A-1 NOTE] 

This Class A-1 Note is one of a duly authorized issue of Notes of the Issuer, designated as its
0.10920% Class A-1 Asset-backed Notes, which, together with the 0.24% Class A-2a Asset-backed Notes, the Benchmark + 0.07%
Class A-2b Asset-backed Notes, the 0.56% Class A-3 Asset-backed Notes, the 0.82% Class A-4 Asset-backed Notes, the
1.04% Class B Asset-backed Notes, the 1.38% Class C Asset-backed Notes and the 1.48% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class A-1 Notes are and shall be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. The Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes,
the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes are subordinated to the Class A-1 Notes to the extent set forth
in the Indenture and the Sale and Servicing Agreement. 
 As described above, the entire unpaid principal amount of this Class A-1 Note shall be due and payable on the earlier of the Class A-1 Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture. All principal payments on the Class A-1 Notes shall be made pro rata to the Holders entitled thereto if the Notes have been declared immediately due and payable. 

Payments of interest on this Class A-1 Note due and payable on any Distribution Date, together
with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-1 Note, shall be made by check mailed to the Person whose name
appears as the Holder of this Class A-1 Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in
immediately available funds to the account designated in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to
Class A-1 Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-1 Note be submitted for notation of payment. Any reduction in the principal amount of this Class A-1 Note (or any one or more Predecessor Notes) effected by
any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-1 Note and of any Class A-1 Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-1 

  
 Ex. A-1-4 

Table of Contents

 
Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Class A-1
Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in St. Paul, Minnesota. 

The Issuer shall pay interest on overdue installments of interest at the Class A-1 Rate to the
extent lawful. 
 As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent
described in the Indenture and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set
forth therein, the transfer of this Class A-1 Note may be registered on the Note Register upon surrender of this Class A-1 Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s
attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class A-1
Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-1 Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants
and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith
against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the
Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any successor or assign of the Indenture Trustee or the Owner Trustee, each
in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Each
Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or
join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations
relating to the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 

  
 Ex. A-1-5 

Table of Contents

 Each Noteholder or Note Owner (and its fiduciary, if applicable), by its acceptance of this
Note or, in the case of a Note Owner, a beneficial interest in this Note, represents and warrants that either (a) it is not acquiring such Note (or an interest therein) with the assets of any (i) “employee benefit plan” (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code
of 1986, as amended (the “Code”), that is subject to the provisions of Section 4975 of the Code, (iii) entity whose underlying assets include “plan assets” within the meaning of the United States Department of
Labor Regulation 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, by reason of an employee benefit plan’s or plan’s investment in such entity or (iv) employee
benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of such Note will not give rise to a non-exempt “prohibited
transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any federal, state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class A-1 Note is issued with the intention
that, for federal, State and local income, and franchise tax purposes, the Notes (other than any Retained Notes held by the Issuer or a Person treated as the same Person as the Issuer for federal income tax purposes) will qualify as indebtedness of
the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat the Notes (other than any Retained Notes held by the Issuer or a
Person treated as the same Person as the Issuer for federal income tax purposes) for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

Prior to the due presentment for registration of transfer of this Class A-1 Note, the Issuer, the
Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A-1 Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A-1 Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected
by notice to the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain
exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the
Indenture Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms 

  
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Table of Contents

 
and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class. The Indenture also permits the
Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class A-1 Note (or any one or more
Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of this Class A-1 Note and of any Class A-1 Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class A-1 Note. 

The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-1
NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT
TO THE CONFLICTS OF LAWS PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class A-1 Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of U.S. Bank National
Association, in its individual capacity, Wilmington Trust, National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective owners, 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 payment of principal of or interest on this Class A-1 Note or the performance of, or omission to
perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against,
the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-1 Note. 

  
 Ex. A-1-7 

Table of Contents

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF
ASSIGNEE:                          
  

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

       

 
 (name and address of assignee) 

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

 

			
	  
	 	*/
	  
 Signature Guaranteed:

 

	  
	 	*/

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

  
 Ex. A-1-8 

Table of Contents

 Exhibit A-2a 

Form of Class A-2a Note 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING
PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

	 REGISTERED      
	 $443,680,000 

  

	 NO. R-[    ]     
	 CUSIP NO. 14317J AB3 

CARMAX AUTO OWNER TRUST 2021-4 

0.24% CLASS A-2a ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2021-4, a statutory trust organized and existing under the laws of the State
of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [                ], or its registered assigns, the
principal sum of [                ] DOLLARS or such lesser amount payable on each Distribution Date in an amount equal to the aggregate amount, if any, payable from the
Note Payment Account in respect of principal on the Class A-2a Notes pursuant to Section 2.8 of the Indenture dated as of September 1, 2021 (as amended, supplemented or otherwise modified and in
effect from time to time, the “Indenture”) between the Issuer and U.S. Bank National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”); provided,
however, that principal of this Class A-2a Note will not be due and payable until the Class A-1 Notes have been paid in full; and, provided
further, that, if not paid prior to such date, the unpaid principal amount of this Class A-2a Note shall be due and payable on the earlier of the November 2024 Distribution Date (the
“Class A-2a Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are
defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 
 The Issuer shall pay
interest on this Class A-2a Note at the rate per annum shown above on each Distribution Date, until the principal of this Class A-2a Note is paid or made
available for payment, on the principal amount of this Class A-2a Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution
Date), subject to certain limitations contained in Section 3.1 of the Indenture. 

  
 Ex. A-2a-1 

Table of Contents

 
Interest on this Class A-2a Note shall accrue for each Distribution Date from and including the 15th day of the preceding month (or, in the case of
the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding the 15th day of the month in which such Distribution Date occurs. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class A-2a Note on each Distribution Date shall equal one-twelfth (or, in the case of the first Distribution Date, the number of days from and including the Closing Date to but excluding the 15th day of the month in which such Distribution Date occurs, assuming each
month has 30 days, divided by 360) of the product of (i) the rate per annum shown above and (ii) the principal amount of this Class A-2a Note outstanding as of the Closing Date (in the case of
the first Distribution Date) or on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date). The principal of and interest on this
Class A-2a Note shall be paid in the manner specified on the reverse hereof. 

“Distribution Date” means the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day,
commencing on October 15, 2021. 
 The principal of and interest on this Class A-2a Note
are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-2a
Note shall be applied first to interest due and payable on this Class A-2a Note as provided above and then to the unpaid principal of this Class A-2a Note.

 Reference is hereby made to the further provisions of this Class A-2a Note set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class A-2a Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class A-2a Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-2a-2 

Table of Contents

 IN WITNESS WHEREOF, the Issuer has caused this
Class A-2a Note to be duly executed as of the date set forth below. 
 Dated: September 22, 2021 

 

			
	 CARMAX AUTO OWNER TRUST 2021-4

 

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

 
			
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-2a Notes designated above and referred to in the within-mentioned
Indenture. 
 Dated: September 22, 2021 
  

			
	 U.S. BANK NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Indenture Trustee

 

 
			
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 Ex. A-2a-3 

Table of Contents

 [REVERSE OF CLASS A-2a NOTE] 

This Class A-2a Note is one of a duly authorized issue of Notes of the Issuer, designated as its
0.24% Class A-2a Asset-backed Notes, which, together with the 0.10920% Class A-1 Asset-backed Notes, the Benchmark + 0.07%
Class A-2b Asset-backed Notes, the 0.56% Class A-3 Asset-backed Notes, the 0.82% Class A-4 Asset-backed Notes, the
1.04% Class B Asset-backed Notes, the 1.38% Class C Asset-backed Notes and the 1.48% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class A-2a Notes are and shall be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. The Class A-2a Notes are subordinated to the Class A-1 Notes to the extent set forth in the Indenture and the
Sale and Servicing Agreement. The Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes are
subordinated to the Class A-2a Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The Class A-2a Notes and the Class A-2b Notes are pari passu to the extent set forth in the Indenture and the Sale and Servicing Agreement. 

As described above, the entire unpaid principal amount of this Class A-2a Note shall be due and
payable on the earlier of the Class A-2a Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders
of Notes evidencing not less than 51% of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-2a Notes shall be made pro rata to the Holders entitled thereto if the Notes have been declared immediately due and payable. 

Payments of interest on this Class A-2a Note due and payable on any Distribution Date, together
with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-2a Note, shall be made by check mailed to the Person whose name
appears as the Holder of this Class A-2a Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in
immediately available funds to the account designated in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to
Class A-2a Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-2a Note be submitted for notation of payment. Any reduction in the principal amount of this Class A-2a Note (or any one or more Predecessor Notes) effected
by any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-2a Note and of any 

  
 Ex. A-2a-4 

Table of Contents

 
Class A-2a Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-2a Note on a Distribution Date, then the Indenture Trustee, in the
name of and on behalf of the Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and
payable shall be payable only upon presentation and surrender of this Class A-2a Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent
appointed for such purposes located in St. Paul, Minnesota. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-2a Rate to the extent lawful. 
 As provided in the Indenture, the Notes may be redeemed, in
whole but not in part, in the manner and to the extent described in the Indenture and the Sale and Servicing Agreement. 
 As provided in
the Indenture, and subject to certain limitations set forth therein, the transfer of this Class A-2a Note may be registered on the Note Register upon surrender of this
Class A-2a Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note
Registrar, and thereupon one or more new Class A-2a Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service
charge will be charged for any registration of transfer or exchange of this Class A-2a Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture
Trustee or any successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or

  
 Ex. A-2a-5 

Table of Contents

 
liquidation proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Indenture or any of the
other Transaction Documents. 
 Each Noteholder or Note Owner (and its fiduciary, if applicable), by its acceptance of this Note or, in the
case of a Note Owner, a beneficial interest in this Note, represents and warrants that either (a) it is not acquiring such Note (or an interest therein) with the assets of any (i) “employee benefit plan” (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code
of 1986, as amended (the “Code”), that is subject to the provisions of Section 4975 of the Code, (iii) entity whose underlying assets include “plan assets” within the meaning of the United States Department of
Labor Regulation 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, by reason of an employee benefit plan’s or plan’s investment in such entity or (iv) employee
benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of such Note will not give rise to a non-exempt “prohibited
transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any federal, state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class A-2a Note is issued with the intention
that, for federal, State and local income, and franchise tax purposes, the Notes (other than any Retained Notes held by the Issuer or a Person treated as the same Person as the Issuer for federal income tax purposes) will qualify as indebtedness of
the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat the Notes (other than any Retained Notes held by the Issuer or a
Person treated as the same Person as the Issuer for federal income tax purposes) for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

Prior to the due presentment for registration of transfer of this Class A-2a Note, the Issuer,
the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A-2a Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A-2a Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary. 

  
 Ex. A-2a-6 

Table of Contents

 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee,
with certain exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the
Issuer, and the Indenture Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the
Note Balance of the Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class A-2a Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of this Class A-2a Note and of any Class A-2a Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this
Class A-2a Note. 
 The term “Issuer”, as used in this Note, includes any successor
to the Issuer under the Indenture. 
 The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into
another Person, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only
in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-2A NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW). 
 No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class A-2a Note at the times, place and rate, and in the coin or currency, herein
prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of U.S. Bank
National Association, in its individual capacity, Wilmington Trust, National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective owners, 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 payment of principal of or interest on this Class A-2a Note or the performance of, or
omission to perform, any of the covenants, obligations or indemnifications contained in the 

  
 Ex. A-2a-7 

Table of Contents

 
Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the
Holder shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-2a Note. 

  
 Ex. A-2a-8 

Table of Contents

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF
ASSIGNEE:                          
  

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

       

 
 (name and address of assignee) 

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

			
	  
	 	*/
	  
 Signature Guaranteed:

 

	  
	 	*/

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

  
 Ex. A-2a-9 

Table of Contents

 Exhibit A-2b 

Form of Class A-2b Note 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING
PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

	 REGISTERED     
	 $50,000,000 

  

	 NO. R-[    ]     
	 CUSIP NO. 14317J AC1 

CARMAX AUTO OWNER TRUST 2021-4 

BENCHMARK + 0.07% CLASS A-2b ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2021-4, a statutory trust organized and existing under the laws of the State
of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [                ], or its registered assigns, the
principal sum of [                ] DOLLARS or such lesser amount payable on each Distribution Date in an amount equal to the aggregate amount, if any, payable from the
Note Payment Account in respect of principal on the Class A-2b Notes pursuant to Section 2.8 of the Indenture dated as of September 1, 2021 (as amended, supplemented or otherwise modified and in
effect from time to time, the “Indenture”) between the Issuer and U.S. Bank National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”); provided,
however, that principal of this Class A-2b Note will not be due and payable until the Class A-1 Notes have been paid in full; and, provided
further, that, if not paid prior to such date, the unpaid principal amount of this Class A-2b Note shall be due and payable on the earlier of the November 2024 Distribution Date (the
“Class A-2b Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are
defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 
 The Issuer shall pay
interest on this Class A-2b Note at a rate based on the Benchmark determined in accordance with the terms of the Indenture for the related Accrual Period plus 0.07% per annum on each Distribution Date
(provided, that for any Accrual Period for which the sum of Benchmark + 0.07% is less than 0.00%, the interest rate shall be deemed to be 0.00%), until the principal of this Class A-2b Note is paid or
made available for payment, on the principal 

  
 Ex. A-2b-1 

Table of Contents

 
amount of this Class A-2b Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding
Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Class A-2b Note shall accrue for each Distribution Date from and including the preceding
Distribution Date (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding such Distribution Date. Interest shall be computed on the basis of actual days elapsed and a 360-day year. Interest on this Class A-2b Note on each Distribution Date shall equal one-twelfth of the product of (i) the
rate per annum described above and (ii) the principal amount of this Class A-2b Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such
preceding Distribution Date) or, with respect to the initial Distribution Date, on the Closing Date and (iii) the actual number of days in the applicable interest period divided by 360. The principal of and interest on this Class A-2b Note shall be paid in the manner specified on the reverse hereof. 
 “Distribution
Date” means the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day, commencing on October 15, 2021. 

The principal of and interest on this Class A-2b Note are payable in such coin or currency of the
United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-2b Note shall be applied first to interest due
and payable on this Class A-2b Note as provided above and then to the unpaid principal of this Class A-2b Note. 

Reference is hereby made to the further provisions of this Class A-2b Note set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class A-2b Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class A-2b Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-2b-2 

Table of Contents

 IN WITNESS WHEREOF, the Issuer has caused this
Class A-2b Note to be duly executed as of the date set forth below. 
 Dated: September 22, 2021 

 

			
	 CARMAX AUTO OWNER TRUST 2021-4

 

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

 
			
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-2b Notes designated above and referred to in the within-mentioned
Indenture. 
 Dated: September 22, 2021 
  

			
	 U.S. BANK NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Indenture Trustee

 

 
			
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 Ex. A-2b-3 

Table of Contents

 [REVERSE OF CLASS A-2b NOTE] 

This Class A-2b Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Benchmark + 0.07% Class A-2b Asset-backed Notes, which, together with the 0.10920% Class A-1 Asset-backed Notes, the 0.24%
Class A-2a Asset-backed Notes, the 0.56% Class A-3 Asset-backed Notes, the 0.82% Class A-4 Asset-backed Notes, the
1.04% Class B Asset-backed Notes, the 1.38% Class C Asset-backed Notes and the 1.48% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class A-2b Notes are and shall be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. The Class A-2b Notes are subordinated to the Class A-1 Notes to the extent set forth in the Indenture and the
Sale and Servicing Agreement. The Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes are
subordinated to the Class A-2b Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The Class A-2b Notes and the Class A-2a Notes are pari passu to the extent set forth in the Indenture and the Sale and Servicing Agreement. 

As described above, the entire unpaid principal amount of this Class A-2b Note shall be due and
payable on the earlier of the Class A-2b Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders
of Notes evidencing not less than 51% of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-2b Notes shall be made pro rata to the Holders entitled thereto if the Notes have been declared immediately due and payable. 

Payments of interest on this Class A-2b Note due and payable on any Distribution Date, together
with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-2b Note, shall be made by check mailed to the Person whose name
appears as the Holder of this Class A-2b Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in
immediately available funds to the account designated in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to
Class A-2b Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-2b Note be submitted for notation of payment. Any reduction in the principal amount of this Class A-2b Note (or any one or more Predecessor Notes) effected
by any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-2b Note and of 

  
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any Class A-2b Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-2b Note on a Distribution Date, then the Indenture Trustee, in the
name of and on behalf of the Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and
payable shall be payable only upon presentation and surrender of this Class A-2b Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent
appointed for such purposes located in St. Paul, Minnesota. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-2b Rate to the extent lawful. 
 As provided in the Indenture, the Notes may be redeemed, in
whole but not in part, in the manner and to the extent described in the Indenture and the Sale and Servicing Agreement. 
 As provided in
the Indenture, and subject to certain limitations set forth therein, the transfer of this Class A-2b Note may be registered on the Note Register upon surrender of this
Class A-2b Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note
Registrar, and thereupon one or more new Class A-2b Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service
charge will be charged for any registration of transfer or exchange of this Class A-2b Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture
Trustee or any successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or

  
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liquidation proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Indenture or any of the
other Transaction Documents. 
 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial
interest in this Note, represents and warrants that either (a) it is not acquiring such Note (or an interest therein) with the assets of any (i) “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
“Code”), that is subject to the provisions of Section 4975 of the Code, (iii) entity whose underlying assets include “plan assets” within the meaning of the United States Department of Labor Regulation 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, by reason of an employee benefit plan’s or plan’s investment in such entity or (iv) employee benefit plan or arrangement not
subject to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of such Note will not give rise to a non-exempt “prohibited transaction” under Section 406
of ERISA or Section 4975 of the Code or a violation of any federal, state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class A-2b Note is issued with the intention
that, for federal, State and local income, and franchise tax purposes, the Notes (other than any Retained Notes held by the Issuer or a Person treated as the same Person as the Issuer for federal income tax purposes) will qualify as indebtedness of
the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat the Notes (other than any Retained Notes held by the Issuer or a
Person treated as the same Person as the Issuer for federal income tax purposes) for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

Prior to the due presentment for registration of transfer of this Class A-2b Note, the Issuer,
the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A-2b Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A-2b Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary. 

  
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 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee,
with certain exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the
Issuer, and the Indenture Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the
Note Balance of the Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class A-2b Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of this Class A-2b Note and of any Class A-2b Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this
Class A-2b Note. 
 The term “Issuer”, as used in this Note, includes any successor
to the Issuer under the Indenture. 
 The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into
another Person, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only
in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-2B NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW). 
 No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class A-2b Note at the times, place and rate, and in the coin or currency, herein
prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of U.S. Bank
National Association, in its individual capacity, U.S. Bank National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective owners, 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 payment of principal of or interest on this Class A-2b Note or the performance of, or omission to
perform, any of the covenants, obligations or indemnifications contained in the 

  
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Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the
Holder shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-2b Note. 

  
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 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF
ASSIGNEE:                          
  

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

       

 
 (name and address of assignee) 

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

			
	  
	 	*/
	  
 Signature Guaranteed:

 

	  
	 	*/

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

  
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 Exhibit A-3 

Form of Class A-3 Note 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING
PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

	 REGISTERED     
	 $493,680,000 

  

	 NO. R-[    ]     
	 CUSIP NO. 14317J AD9 

CARMAX AUTO OWNER TRUST 2021-4 

0.56% CLASS A-3 ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2021-4, a statutory trust organized and existing under the laws of the State
of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [                ], or its registered assigns, the
principal sum of [                ] DOLLARS or such lesser amount payable on each Distribution Date in an amount equal to the aggregate amount, if any, payable from the
Note Payment Account in respect of principal on the Class A-3 Notes pursuant to Section 2.8 of the Indenture dated as of September 1, 2021 (as amended, supplemented or otherwise modified and in
effect from time to time, the “Indenture”) between the Issuer and U.S. Bank National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”); provided,
however, that, except under certain limited circumstances described in the Indenture, principal of this Class A-3 Note will not be due and payable until the
Class A-1 Notes, the Class A-2a Notes, and the Class A-2b Notes have been paid in full; and, provided
further, that, if not paid prior to such date, the unpaid principal amount of this Class A-3 Note shall be due and payable on the earlier of the September 2026 Distribution Date (the
“Class A-3 Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are
defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 
 The Issuer shall pay
interest on this Class A-3 Note at the rate per annum shown above on each Distribution Date, until the principal of this Class A-3 Note is paid or made
available for 

  
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Table of Contents

 
payment, on the principal amount of this Class A-3 Note outstanding on the preceding Distribution Date (after giving effect to all payments of
principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Class A-3 Note shall accrue for each Distribution Date
from and including the 15th day of the preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding the 15th day of the month in which such Distribution Date
occurs. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this
Class A-3 Note on each Distribution Date shall equal one-twelfth (or, in the case of the first Distribution Date, the number of days from and including the Closing
Date to but excluding the 15th day of the month in which such Distribution Date occurs, assuming each month has 30 days, divided by 360) of the product of (i) the rate per annum shown above and (ii) the principal amount of this Class A-3 Note outstanding as of the Closing Date (in the case of the first Distribution Date) or on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding
Distribution Date). The principal of and interest on this Class A-3 Note shall be paid in the manner specified on the reverse hereof. 

“Distribution Date” means the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day,
commencing on October 15, 2021. 
 The principal of and interest on this Class A-3 Note
are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-3
Note shall be applied first to interest due and payable on this Class A-3 Note as provided above and then to the unpaid principal of this Class A-3 Note. 

Reference is hereby made to the further provisions of this Class A-3 Note set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class A-3 Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class A-3 Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the Issuer has caused this
Class A-3 Note to be duly executed as of the date set forth below. 
 Dated: September 22, 2021 

 

			
	 CARMAX AUTO OWNER TRUST 2021-4

 

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

 
			
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-3 Notes designated above and referred to in the within-mentioned
Indenture. 
 Dated: September 22, 2021 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 not
in its individual capacity but solely as Indenture Trustee
  

 
			
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 Ex. A-3-3 

Table of Contents

 [REVERSE OF CLASS A-3 NOTE] 

This Class A-3 Note is one of a duly authorized issue of Notes of the Issuer, designated as its
0.56% Class A-3 Asset-backed Notes, which, together with the 0.10920% Class A-1 Asset-backed Notes, the 0.24%
Class A-2a Asset-backed Notes, the Benchmark + 0.07% Class A-2b Asset-backed Notes, the 0.82% Class A-4
Asset-backed Notes, the 1.04% Class B Asset-backed Notes, the 1.38% Class C Asset-backed Notes and the 1.48% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the
Indenture. 
 The Class A-3 Notes are and shall be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class A-3 Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes and the Class A-2b Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The
Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes are subordinated to the Class A-3 Notes to the extent set forth in
the Indenture and the Sale and Servicing Agreement. 
 As described above, the entire unpaid principal amount of this Class A-3 Note shall be due and payable on the earlier of the Class A-3 Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture. All principal payments on the Class A-3 Notes shall be made pro rata to the Holders entitled thereto if the Notes have been declared immediately due and payable. 

Payments of interest on this Class A-3 Note due and payable on any Distribution Date, together
with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-3 Note, shall be made by check mailed to the Person whose name
appears as the Holder of this Class A-3 Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in
immediately available funds to the account designated in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to
Class A-3 Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-3 Note be submitted for notation of payment. Any reduction in the principal amount of this Class A-3 Note (or any one or more Predecessor Notes) effected by
any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-3 Note and of any Class A-3 Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the 

  
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Table of Contents

 
Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-3 Note on a Distribution Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the
amount then due and payable shall be payable only upon presentation and surrender of this Class A-3 Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in St. Paul, Minnesota. 
 The Issuer shall pay interest on overdue installments of
interest at the Class A-3 Rate to the extent lawful. 
 As provided in the Indenture, the Notes
may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture and the Sale and Servicing Agreement. 

As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of this
Class A-3 Note may be registered on the Note Register upon surrender of this Class A-3 Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing,
with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class A-3 Notes in any authorized denomination
and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-3
Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against
(i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture
Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any successor or assign of the Indenture Trustee or the Owner Trustee, each in its
individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Each Noteholder or
Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any
institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to
the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 

  
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Table of Contents

 Each Noteholder or Note Owner (and its fiduciary, if applicable), by its acceptance of this
Note or, in the case of a Note Owner, a beneficial interest in this Note, represents and warrants that either (a) it is not acquiring such Note (or an interest therein) with the assets of any (i) “employee benefit plan” (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code
of 1986, as amended (the “Code”), that is subject to the provisions of Section 4975 of the Code, (iii) entity whose underlying assets include “plan assets” within the meaning of the United States Department of
Labor Regulation 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, by reason of an employee benefit plan’s or plan’s investment in such entity or (iv) employee
benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of such Note will not give rise to a non-exempt “prohibited
transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any federal, state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class A-3 Note is issued with the intention
that, for federal, State and local income, and franchise tax purposes, the Notes (other than any Retained Notes held by the Issuer or a Person treated as the same Person as the Issuer for federal income tax purposes) will qualify as indebtedness of
the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat the Notes (other than any Retained Notes held by the Issuer or a
Person treated as the same Person as the Issuer for federal income tax purposes) for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

Prior to the due presentment for registration of transfer of this Class A-3 Note, the Issuer, the
Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A-3 Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A-3 Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected
by notice to the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain
exceptions therein provided, to amend or waive from time to time certain 

  
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Table of Contents

 
terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee,
with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling
Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this
Class A-3 Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of this Class A-3 Note and of
any Class A-3 Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class A-3 Note. 
 The term “Issuer”, as used in this Note, includes any successor to the
Issuer under the Indenture. 
 The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another
Person, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in
registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-3 NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW). 
 No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class A-3 Note at the times, place and rate, and in the coin or currency, herein
prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of U.S. Bank
National Association, in its individual capacity, Wilmington Trust, National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective owners, 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 payment of principal of or interest on this Class A-3 Note or the performance of, or
omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event
of Default under the Indenture, 

  
 Ex. A-3-7 

Table of Contents

 
the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, or enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-3 Note. 

  
 Ex. A-3-8 

Table of Contents

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF
ASSIGNEE:                          
  

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

       

 
 (name and address of assignee) 

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

			
	  
	 	*/
	  
 Signature Guaranteed:

 

	  
	 	*/

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

  
 Ex. A-3-9 

Table of Contents

 Exhibit A-4 

Form of Class A-4 Note 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING
PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

	 REGISTERED     
	 $130,080,000 

  

	 NO. R-[    ]     
	 CUSIP NO. 14317J AE7 

CARMAX AUTO OWNER TRUST 2021-4 

0.82% CLASS A-4 ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2021-4, a statutory trust organized and existing under the laws of the State
of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [                ], or its registered assigns, the
principal sum of [                ] DOLLARS or such lesser amount payable on each Distribution Date in an amount equal to the aggregate amount, if any, payable from the
Note Payment Account in respect of principal on the Class A-4 Notes pursuant to Section 2.8 of the Indenture dated as of September 1, 2021 (as amended, supplemented or otherwise modified and in
effect from time to time, the “Indenture”) between the Issuer and U.S. Bank National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”); provided,
however, that, except under certain limited circumstances described in the Indenture, principal of this Class A-4 Note will not be due and payable until the
Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes and the
Class A-3 Notes have been paid in full; and, provided further, that, if not paid prior to such date, the unpaid principal amount of this
Class A-4 Note shall be due and payable on the earlier of the April 2027 Distribution Date (the “Class A-4 Final Distribution
Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be
applicable hereto. 
 The Issuer shall pay interest on this Class A-4 Note at the rate per
annum shown above on each Distribution Date, until the principal of this Class A-4 Note is paid or made available for payment, on the principal amount of this
Class A-4 Note outstanding on the preceding 

  
 Ex. A-4-1 

Table of Contents

 
Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Class A-4 Note shall accrue for each Distribution Date from and including the 15th day of the preceding month (or, in the case of the initial Distribution Date or if no interest has been
paid, from and including the Closing Date) to but excluding the 15th day of the month in which such Distribution Date occurs. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class A-4 Note on each Distribution Date shall equal one-twelfth (or, in the case of the first
Distribution Date, the number of days from and including the Closing Date to but excluding the 15th day of the month in which such Distribution Date occurs, assuming each month has 30 days, divided by 360) of the product of (i) the rate per
annum shown above and (ii) the principal amount of this Class A-4 Note outstanding as of the Closing Date (in the case of the first Distribution Date) or on the preceding Distribution Date (after
giving effect to all payments of principal made on such preceding Distribution Date). The principal of and interest on this Class A-4 Note shall be paid in the manner specified on the reverse hereof. 

“Distribution Date” means the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day,
commencing on October 15, 2021. 
 The principal of and interest on this Class A-4 Note
are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-4
Note shall be applied first to interest due and payable on this Class A-4 Note as provided above and then to the unpaid principal of this Class A-4 Note. 

Reference is hereby made to the further provisions of this Class A-4 Note set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class A-4 Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class A-4 Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-4-2 

Table of Contents

 IN WITNESS WHEREOF, the Issuer has caused this
Class A-4 Note to be duly executed as of the date set forth below. 
 Dated: September 22, 2021 

 

			
	 CARMAX AUTO OWNER TRUST 2021-4

 

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

 
			
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-4 Notes designated above and referred to in the within-mentioned
Indenture. 
 Dated: September 22, 2021 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 not
in its individual capacity but solely as Indenture Trustee
  

 
			
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 Ex. A-4-3 

Table of Contents

 [REVERSE OF CLASS A-4 NOTE] 

This Class A-4 Note is one of a duly authorized issue of Notes of the Issuer, designated as its
0.82% Class A-4 Asset-backed Notes, which, together with the 0.10920% Class A-1 Asset-backed Notes, the 0.24%
Class A-2a Asset-backed Notes, the Benchmark + 0.07% Class A-2b Asset-backed Notes, the 0.56% Class A-3
Asset-backed Notes, the 1.04% Class B Asset-backed Notes, the 1.38% Class C Asset-backed Notes and the 1.48% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the
Indenture. 
 The Class A-4 Notes are and shall be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class A-4 Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes and the Class A-3 Notes to the extent set forth in the Indenture and the Sale and
Servicing Agreement. The Class B Notes, the Class C Notes and the Class D Notes are subordinated to the Class A-4 Notes to the extent set forth in the Indenture and the Sale and Servicing
Agreement. 
 As described above, the entire unpaid principal amount of this Class A-4 Note
shall be due and payable on the earlier of the Class A-4 Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture
Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-4 Notes shall be made pro rata to the Holders entitled thereto if the Notes have been declared immediately due and payable. 

Payments of interest on this Class A-4 Note due and payable on any Distribution Date, together
with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-4 Note, shall be made by check mailed to the Person whose name
appears as the Holder of this Class A-4 Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in
immediately available funds to the account designated in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to
Class A-4 Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-4 Note be submitted for notation of payment. Any reduction in the principal amount of this Class A-4 Note (or any one or more Predecessor Notes) effected by
any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-4 Note and of any Class A-4 Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the 

  
 Ex. A-4-4 

Table of Contents

 
Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-4 Note on a Distribution Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the
amount then due and payable shall be payable only upon presentation and surrender of this Class A-4 Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in St. Paul, Minnesota. 
 The Issuer shall pay interest on overdue installments of
interest at the Class A-4 Rate to the extent lawful. 
 As provided in the Indenture, the Notes
may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture and the Sale and Servicing Agreement. 

As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of this
Class A-4 Note may be registered on the Note Register upon surrender of this Class A-4 Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing,
with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class A-4 Notes in any authorized denomination
and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-4
Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against
(i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture
Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any successor or assign of the Indenture Trustee or the Owner Trustee, each in its
individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Each Noteholder or
Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any
institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to
the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 

  
 Ex. A-4-5 

Table of Contents

 Each Noteholder or Note Owner (and its fiduciary, if applicable), by its acceptance of this
Note or, in the case of a Note Owner, a beneficial interest in this Note, represents and warrants that either (a) it is not acquiring such Note (or an interest therein) with the assets of any (i) “employee benefit plan” (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code
of 1986, as amended (the “Code”), that is subject to the provisions of Section 4975 of the Code, (iii) entity whose underlying assets include “plan assets” within the meaning of the United States Department of
Labor Regulation 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, by reason of an employee benefit plan’s or plan’s investment in such entity or (iv) employee
benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of such Note will not give rise to a non-exempt “prohibited
transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any federal, state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class A-4 Note is issued with the intention
that, for federal, State and local income, and franchise tax purposes, the Notes (other than any Retained Notes held by the Issuer or a Person treated as the same Person as the Issuer for federal income tax purposes) will qualify as indebtedness of
the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat the Notes (other than any Retained Notes held by the Issuer or a
Person treated as the same Person as the Issuer for federal income tax purposes) for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

Prior to the due presentment for registration of transfer of this Class A-4 Note, the Issuer, the
Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A-4 Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A-4 Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected
by notice to the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain
exceptions therein provided, to amend or waive from time to time certain 

  
 Ex. A-4-6 

Table of Contents

 
terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee,
with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling
Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this
Class A-4 Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of this Class A-4 Note and of
any Class A-4 Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class A-4 Note. 
 The term “Issuer”, as used in this Note, includes any successor to the
Issuer under the Indenture. 
 The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another
Person, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in
registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-4 NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW). 
 No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class A-4 Note at the times, place and rate, and in the coin or currency, herein
prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of U.S. Bank
National Association, in its individual capacity, Wilmington Trust, National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective owners, 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 payment of principal of or interest on this Class A-4 Note or the performance of, or
omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event
of Default under the Indenture, 

  
 Ex. A-4-7 

Table of Contents

 
the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, or enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-4 Note. 

  
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Table of Contents

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:
                                     

 

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

	  

 (name and address of assignee) 

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

 Dated: 
  

			
	  
	 	*/
		
	Signature Guaranteed:	 	
		
	  
	 	*/

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

  
 Ex. A-4-9 

Table of Contents

 Exhibit B 

Form of Class B Note 
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	  	$23,860,000
		
	NO. R-[    ]	  	CUSIP NO. 14317J AF4

 CARMAX AUTO OWNER TRUST 2021-4 

1.04% CLASS B ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2021-4, a statutory trust organized and existing under the laws of the State
of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [                ], or its registered assigns, the
principal sum of [                ] DOLLARS or such lesser amount payable on each Distribution Date in an amount equal to the aggregate amount, if any, payable from the
Note Payment Account in respect of principal on the Class B Notes pursuant to Section 2.8 of the Indenture dated as of September 1, 2021 (as amended, supplemented or otherwise modified and in effect from time to time, the
“Indenture”) between the Issuer and U.S. Bank National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”); provided, however, that principal
of this Class B Note will not be due and payable until the Class A-1 Notes, the Class A-2a Notes, the
Class A-2b Notes, the Class A-3 Notes and the Class A-4 Notes have been paid in full; and, provided
further, that, if not paid prior to such date, the unpaid principal amount of this Class B Note shall be due and payable on the earlier of the May 2027 Distribution Date (the “Class B Final Distribution
Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be
applicable hereto. 
 The Issuer shall pay interest on this Class B Note at the rate per annum shown above on each Distribution Date,
until the principal of this Class B Note is paid or made available for payment, on the principal amount of this Class B Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such
preceding Distribution Date), 

  
 Ex. B-1 

Table of Contents

 
subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Class B Note shall accrue for each Distribution Date from and including the 15th day of the
preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding the 15th day of the month in which such Distribution Date occurs. Interest shall be computed on
the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class B Note on each Distribution Date shall equal
one-twelfth (or, in the case of the first Distribution Date, the number of days from and including the Closing Date to but excluding the 15th day of the month in which such Distribution Date occurs, assuming
each month has 30 days, divided by 360) of the product of (i) the rate per annum shown above and (ii) the principal amount of this Class B Note outstanding as of the Closing Date (in the case of the first Distribution Date) or on the
preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date). The principal of and interest on this Class B Note shall be paid in the manner specified on the reverse hereof. 

“Distribution Date” means the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day,
commencing on October 15, 2021. 
 The principal of and interest on this Class B Note are payable in such coin or currency of the
United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class B Note shall be applied first to interest due and payable on this Class B Note as
provided above and then to the unpaid principal of this Class B Note. 
 Reference is hereby made to the further provisions of this
Class B Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class B Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class B Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. B-2 

Table of Contents

 IN WITNESS WHEREOF, the Issuer has caused this Class B Note to be duly executed as of
the date set forth below. 
 Dated: September 22, 2021 
  

			
	 CARMAX AUTO OWNER TRUST 2021-4

 

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

 
			
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: September 22, 2021 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 not
in its individual capacity but solely as Indenture Trustee
  

 
			
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 Ex. B-3 

Table of Contents

 [REVERSE OF CLASS B NOTE] 

This Class B Note is one of a duly authorized issue of Notes of the Issuer, designated as its 1.04% Class B Asset-backed Notes,
which, together with the 0.10920% Class A-1 Asset-backed Notes, the 0.24% Class A-2a Asset-backed Notes, the Benchmark + 0.07%
Class A-2b Asset-backed Notes, the 0.56% Class A-3 Asset-backed Notes, the 0.82% Class A-4 Asset-backed Notes, the
1.38% Class C Asset-backed Notes and the 1.48% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class B Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. The Class B Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b
Notes, the Class A-3 Notes and the Class A-4 Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The Class C Notes and
the Class D Notes are subordinated to the Class B Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. 

As described above, the entire unpaid principal amount of this Class B Note shall be due and payable on the earlier of the Class B
Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the
date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling
Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class B Notes shall be made pro rata to the Holders entitled thereto if the Notes
have been declared immediately due and payable. 
 Payments of interest on this Class B Note due and payable on any Distribution Date,
together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class B Note, shall be made by check mailed to the Person whose name appears as the Holder of this
Class B Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately available funds to the account designated in writing to the
Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class B Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of such Record Date without requiring that this Class B Note be submitted for notation of payment. Any reduction in the principal amount of this Class B Note (or any one or more Predecessor Notes) effected
by any payments made on any Distribution Date shall be binding upon all future Holders of this Class B Note and of any Class B Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not
noted hereon. If funds are expected to be available, as provided in the Indenture, 

  
 Ex. B-4 

Table of Contents

 
for payment in full of the then remaining unpaid principal amount of this Class B Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall
notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Class B Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in St. Paul, Minnesota. 

The Issuer shall pay interest on overdue installments of interest at the Class B Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class B Note may be registered on the Note Register upon surrender of this Class B Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class B Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees.
No service charge will be charged for any registration of transfer or exchange of this Class B Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with
any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note
Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any successor or assign of the
Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 

  
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 Each Noteholder or Note Owner (and its fiduciary, if applicable), by its acceptance of this
Note or, in the case of a Note Owner, a beneficial interest in this Note, represents and warrants that either (a) it is not acquiring such Note (or an interest therein) with the assets of any (i) “employee benefit plan” (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code
of 1986, as amended (the “Code”), that is subject to the provisions of Section 4975 of the Code, (iii) entity whose underlying assets include “plan assets” within the meaning of the United States Department of
Labor Regulation 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, by reason of an employee benefit plan’s or plan’s investment in such entity or (iv) employee
benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of such Note will not give rise to a non-exempt “prohibited
transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any federal, state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class B Note is issued with the intention that, for federal, State and local income,
and franchise tax purposes, the Notes (other than any Retained Notes held by the Issuer or a Person treated as the same Person as the Issuer for federal income tax purposes) will qualify as indebtedness of the Issuer secured by the Trust Estate.
Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat the Notes (other than any Retained Notes held by the Issuer or a Person treated as the same Person as the
Issuer for federal income tax purposes) for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

Prior to the due presentment for registration of transfer of this Class B Note, the Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee may treat the Person in whose name this Class B Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or
not this Class B Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain exceptions therein provided, to
amend or waive from time to time certain 

  
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Table of Contents

 
terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee,
with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling
Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class B Note (or any one or more
Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of this Class B Note and of any Class B Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Class B Note. 
 The term “Issuer”, as used in this Note, includes any
successor to the Issuer under the Indenture. 
 The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with
or into another Person, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are
issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS
CLASS B NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT
GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of U.S. Bank National
Association, in its individual capacity, Wilmington Trust, National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective owners, 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 payment of principal of or interest on this Class B Note or the performance of, or omission to perform, any of the covenants, obligations
or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture,

  
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the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, or enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class B Note. 

  
 Ex. B-8 

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 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:
                                        

  

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

       

 
 (name and address of assignee) 

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

 

			
	  
	 	*/
		
	Signature Guaranteed:	 	

  

			
	  
	 	*/

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

  
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 Exhibit C 

Form of Class C Note 
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	  	$32,980,000

  

			
	NO. R-[        ]	  	CUSIP NO. 14317J AG2

 CARMAX AUTO OWNER TRUST 2021-4 

1.38% CLASS C ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2021-4, a statutory trust organized and existing under the laws of the State
of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [        ], or its registered assigns, the principal sum of
[            ] DOLLARS or such lesser amount payable on each Distribution Date in an amount equal to the aggregate amount, if any, payable from the Note Payment Account in respect of
principal on the Class C Notes pursuant to Section 2.8 of the Indenture dated as of September 1, 2021 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the
Issuer and U.S. Bank National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”); provided, however, that principal of this Class C Note will not be due
and payable until the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes have been paid in full; and, provided further, that, if not paid prior to such date,
the unpaid principal amount of this Class C Note shall be due and payable on the earlier of the July 2027 Distribution Date (the “Class C Final Distribution Date”) and the Redemption Date, if any, pursuant to
Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 

The Issuer shall pay interest on this Class C Note at the rate per annum shown above on each Distribution Date, until the principal of
this Class C Note is paid or made available for payment, on the principal amount of this Class C Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution
Date), 

  
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Table of Contents

 
subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Class C Note shall accrue for each Distribution Date from and including the 15th day of the
preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding the 15th day of the month in which such Distribution Date occurs. Interest shall be computed on
the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class C Note on each Distribution Date shall equal
one-twelfth (or, in the case of the first Distribution Date, the number of days from and including the Closing Date to but excluding the 15th day of the month in which such Distribution Date occurs, assuming
each month has 30 days, divided by 360) of the product of (i) the rate per annum shown above and (ii) the principal amount of this Class C Note outstanding as of the Closing Date (in the case of the first Distribution Date) or on the
preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date). The principal of and interest on this Class C Note shall be paid in the manner specified on the reverse hereof. 

“Distribution Date” means the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day,
commencing on October 15, 2021. 
 The principal of and interest on this Class C Note are payable in such coin or currency of the
United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class C Note shall be applied first to interest due and payable on this Class C Note as
provided above and then to the unpaid principal of this Class C Note. 
 Reference is hereby made to the further provisions of this
Class C Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class C Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class C Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the Issuer has caused this Class C Note to be duly executed as of
the date set forth below. 
 Dated: September 22, 2021 
  

			
	CARMAX AUTO OWNER TRUST 2021-4
		
	By:    	 	 WILMINGTON TRUST, NATIONAL ASSOCIATION, 
 not in
its individual capacity but solely as Owner Trustee

 
			
		
	By:	 	  

 
			
	Name:
	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: September 22, 2021 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 not
in its individual capacity but solely as Indenture Trustee

 
			
		
	By:	 	  

 
			
	Name:
	Title:

  
 Ex. C-3 

Table of Contents

 [REVERSE OF CLASS C NOTE] 

This Class C Note is one of a duly authorized issue of Notes of the Issuer, designated as its 1.38% Class C Asset-backed Notes,
which, together with the 0.10920% Class A-1 Asset-backed Notes, the 0.24% Class A-2a Asset-backed Notes, the Benchmark + 0.07%
Class A-2b Asset-backed Notes, the 0.56% Class A-3 Asset-backed Notes, the 0.82% Class A-4 Asset-backed Notes, the
1.04% Class B Asset-backed Notes and the 1.48% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class C Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. The Class C Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b
Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The
Class D Notes are subordinated to the Class C Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. 

As described above, the entire unpaid principal amount of this Class C Note shall be due and payable on the earlier of the Class C
Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the
date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling
Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class C Notes shall be made pro rata to the Holders entitled thereto if the Notes
have been declared immediately due and payable. 
 Payments of interest on this Class C Note due and payable on any Distribution Date,
together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class C Note, shall be made by check mailed to the Person whose name appears as the Holder of this
Class C Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately available funds to the account designated in writing to the
Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class C Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of such Record Date without requiring that this Class C Note be submitted for notation of payment. Any reduction in the principal amount of this Class C Note (or any one or more Predecessor Notes) effected
by any payments made on any Distribution Date shall be binding upon all future Holders of this Class C Note and of any Class C Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not
noted hereon. If funds are expected to be available, as provided in the Indenture, 

  
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Table of Contents

 
for payment in full of the then remaining unpaid principal amount of this Class C Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall
notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Class C Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in St. Paul, Minnesota. 

The Issuer shall pay interest on overdue installments of interest at the Class C Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class C Note may be registered on the Note Register upon surrender of this Class C Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class C Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees.
No service charge will be charged for any registration of transfer or exchange of this Class C Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with
any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note
Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any successor or assign of the
Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 

  
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Table of Contents

 Each Noteholder or Note Owner (and its fiduciary, if applicable), by its acceptance of this
Note or, in the case of a Note Owner, a beneficial interest in this Note, represents and warrants that either (a) it is not acquiring such Note (or an interest therein) with the assets of any (i) “employee benefit plan” (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code
of 1986, as amended (the “Code”), that is subject to the provisions of Section 4975 of the Code, (iii) entity whose underlying assets include “plan assets” within the meaning of the United States Department of
Labor Regulation 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, by reason of an employee benefit plan’s or plan’s investment in such entity or (iv) employee
benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of such Note will not give rise to a non-exempt “prohibited
transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any federal, state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class C Note is issued with the intention that, for federal, State and local income,
and franchise tax purposes, the Notes (other than any Retained Notes held by the Issuer or a Person treated as the same Person as the Issuer for federal income tax purposes) will qualify as indebtedness of the Issuer secured by the Trust Estate.
Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat the Notes (other than any Retained Notes held by the Issuer or a Person treated as the same Person as the
Issuer for federal income tax purposes) for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

Prior to the due presentment for registration of transfer of this Class C Note, the Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee may treat the Person in whose name this Class C Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or
not this Class C Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain exceptions therein provided, to
amend or waive from time to time certain 

  
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Table of Contents

 
terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee,
with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling
Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class C Note (or any one or more
Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of this Class C Note and of any Class C Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Class C Note. 
 The term “Issuer”, as used in this Note, includes any
successor to the Issuer under the Indenture. 
 The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with
or into another Person, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are
issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS
CLASS C NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING
EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of U.S. Bank National
Association, in its individual capacity, Wilmington Trust, National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective owners, 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 payment of principal of or interest on this Class C Note or the performance of, or omission to perform, any of the covenants, obligations
or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture,

  
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Table of Contents

 
the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, or enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class C Note. 

  
 Ex. C-8 

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 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:
                                        

  

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

       

 
 (name and address of assignee) 

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

 

			
	  
	 	*/
		
	Signature Guaranteed:	 	

  

			
	  
	 	*/

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

  
 Ex. C-9 

Table of Contents

 Exhibit D 

Form of Class D Note 
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	  	$17,550,000

  

			
	NO. R-[        ]	  	CUSIP NO. 14317J AH0

 CARMAX AUTO OWNER TRUST 2021-4 

1.48% CLASS D ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2021-4, a statutory trust organized and existing under the laws of the State
of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [            ], or its registered assigns, the principal sum of
[            ] DOLLARS or such lesser amount payable on each Distribution Date in an amount equal to the aggregate amount, if any, payable from the Note Payment Account in respect of
principal on the Class D Notes pursuant to Section 2.8 of the Indenture dated as of September 1, 2021 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the
Issuer and U.S. Bank National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”); provided, however, that principal of this Class D Note will not be due
and payable until the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes have been paid in full; and, provided further, that, if not
paid prior to such date, the unpaid principal amount of this Class D Note shall be due and payable on the earlier of the March 2028 Distribution Date (the “Class D Final Distribution Date”) and the Redemption
Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 

The Issuer shall pay interest on this Class D Note at the rate per annum shown above on each Distribution Date, until the principal of
this Class D Note is paid or made available for payment, on the principal amount of this Class D Note outstanding on the preceding Distribution 

  
 Ex. D-1 

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Date (after giving effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this
Class D Note shall accrue for each Distribution Date from and including the 15th day of the preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding
the 15th day of the month in which such Distribution Date occurs. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest
on this Class D Note on each Distribution Date shall equal one-twelfth (or, in the case of the first Distribution Date, the number of days from and including the Closing Date to but excluding the 15th day
of the month in which such Distribution Date occurs, assuming each month has 30 days, divided by 360) of the product of (i) the rate per annum shown above and (ii) the principal amount of this Class D Note outstanding as of the
Closing Date (in the case of the first Distribution Date) or on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date). The principal of and interest on this Class D Note
shall be paid in the manner specified on the reverse hereof. 
 “Distribution Date” means the 15th day of each month or, if
such 15th day is not a Business Day, the following Business Day, commencing on October 15, 2021. 
 The principal of and interest on
this Class D Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class D Note shall be
applied first to interest due and payable on this Class D Note as provided above and then to the unpaid principal of this Class D Note. 

Reference is hereby made to the further provisions of this Class D Note set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if fully set forth on the face of this Class D Note. 
 Unless the certificate of
authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile signature, this Class D Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. D-2 

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 IN WITNESS WHEREOF, the Issuer has caused this Class D Note to be duly executed as of
the date set forth below. 
 Dated: September 22, 2021 
  

			
	CARMAX AUTO OWNER TRUST 2021-4
		
	By:    	 	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
 not in
its individual capacity but solely as Owner Trustee

 
			
		
	By:	 	  

 
			
	Name:
	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: September 22, 2021 
  

			
	 U.S. BANK NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Indenture Trustee

 
			
		
	By:	 	  

 
			
	Name:
	Title:

  
 Ex. D-3 

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 [REVERSE OF CLASS D NOTE] 

This Class D Note is one of a duly authorized issue of Notes of the Issuer, designated as its 1.48% Class D Asset-backed Notes,
which, together with the 0.10920% Class A-1 Asset-backed Notes, the 0.24% Class A-2a Asset-backed Notes, the Benchmark + 0.07%
Class A-2b Asset-backed Notes, the 0.56% Class A-3 Asset-backed Notes, the 0.82% Class A-4 Asset-backed Notes, the
1.04% Class B Asset-backed Notes and the 1.38% Class C Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class D Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. The Class D Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b
Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes to the extent set forth in the Indenture and the Sale and
Servicing Agreement. 
 As described above, the entire unpaid principal amount of this Class D Note shall be due and payable on the
earlier of the Class D Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued and unpaid
interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note
Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class D Notes shall be made pro rata to the Holders
entitled thereto if the Notes have been declared immediately due and payable. 
 Payments of interest on this Class D Note due and
payable on any Distribution Date, together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class D Note, shall be made by check mailed to the Person whose name
appears as the Holder of this Class D Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately available funds to the account
designated in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class D Notes registered on the Record Date in the name of the nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of such Record Date without requiring that this Class D Note be submitted for notation of payment. Any reduction in the principal amount of this Class D Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Class D Note and of any Class D Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Class D 

  
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Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Class D Note at the Indenture Trustee’s
Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in St. Paul, Minnesota. 

The Issuer shall pay interest on overdue installments of interest at the Class D Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class D Note may be registered on the Note Register upon surrender of this Class D Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class D Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees.
No service charge will be charged for any registration of transfer or exchange of this Class D Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with
any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note
Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any successor or assign of the
Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 

  
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Table of Contents

 Each Noteholder or Note Owner (and its fiduciary, if applicable), by its acceptance of this
Note or, in the case of a Note Owner, a beneficial interest in this Note, represents and warrants that either (a) it is not acquiring such Note (or an interest therein) with the assets of any (i) “employee benefit plan” (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code
of 1986, as amended (the “Code”), that is subject to the provisions of Section 4975 of the Code, (iii) entity whose underlying assets include “plan assets” within the meaning of the United States Department of
Labor Regulation 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, by reason of an employee benefit plan’s or plan’s investment in such entity or (iv) employee
benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of such Note will not give rise to a non-exempt “prohibited
transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any federal, state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code 

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder
or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class D Note is issued with the intention that, for federal, State and local income,
and franchise tax purposes, the Notes (other than any Retained Notes held by the Issuer or a Person treated as the same Person as the Issuer for federal income tax purposes) will qualify as indebtedness of the Issuer secured by the Trust Estate.
Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat the Notes (other than any Retained Notes held by the Issuer or a Person treated as the same Person as the
Issuer for federal income tax purposes) for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

Prior to the due presentment for registration of transfer of this Class D Note, the Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee may treat the Person in whose name this Class D Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or
not this Class D Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain exceptions therein provided, to
amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain
exceptions as therein provided, to amend or waive from time to time certain terms 

  
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Table of Contents

 
and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class. The Indenture also permits the
Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class D Note (or any one or more Predecessor Notes) shall be conclusive and
binding on such Holder and on all future Holders of this Class D Note and of any Class D Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made
upon this Class D Note. 
 The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture.

 The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights
of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS D NOTE AND THE INDENTURE SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF
WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of U.S. Bank National
Association, in its individual capacity, Wilmington Trust, National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective owners, 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 payment of principal of or interest on this Class D Note or the performance of, or omission to perform, any of the covenants, obligations
or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder shall have
no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Class D Note. 

  
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 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:
                                        

  

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

       

 
 (name and address of assignee) 

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

 

			
	  
	 	*/
		
	Signature Guaranteed:	 	

  

			
	  
	 	*/

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

  
 Ex. D-8 

Table of Contents

 Exhibit E 

Form of Opinion of Counsel 
  

	A.	 The provisions of the Purchase Agreement are effective under the New York UCC to create in favor of the
Depositor a security interest in CarMax’s rights in the Receivables and in any identifiable proceeds thereof. (We note that a “security interest” as defined in Section 1-201(b)(35) of the
New York UCC includes the interests of a buyer of accounts, chattel paper, payment intangibles and promissory notes and we refer you to our other opinion of even date herewith with respect to whether the security interest of the Depositor should be
characterized as an ownership interest or solely as a collateral interest held to secure a loan made to CarMax). 

  

	B.	 The provisions of the Sale and Servicing Agreement are effective under the New York UCC to create in favor of
the Issuer a security interest in the Depositor’s rights in the Receivables and in any identifiable proceeds thereof. We express no opinion as to whether the security interest of the Issuer would be characterized as an ownership interest or
solely as a collateral interest held to secure a loan made to the Depositor. 

  

	C.	 The provisions of the Indenture are effective under the New York UCC to create in favor of the Indenture
Trustee a security interest in the Issuer’s rights in the Receivables and any identifiable proceeds thereof. 

  

	D.	 Under the New York UCC (including the choice of laws provisions thereof), while a debtor is “located”
in a jurisdiction, the local law of that jurisdiction governs the perfection by the filing of a financing statement of a security interest in personal property that is accounts, chattel paper, payment intangibles or instruments. Under the New York
UCC (including the choice of laws provisions thereof): 

  

	 	1.	 CarMax is “located” in Delaware and the local law of that state governs perfection of a nonpossessory
security interest in CarMax’s rights in the Receivables by the filing of a financing statement. 

  

	 	2.	 The Depositor is “located” in Delaware and the local law of that state governs perfection of a
nonpossessory security interest in the Depositor’s rights in the Receivables by the filing of a financing statement. 

  

	 	3.	 The Issuer is “located” in Delaware and the local law of that state governs perfection of a
nonpossessory security interest in the Issuer’s rights in the Receivables by the filing of a financing statement. 

  

	E.	 When the CarMax Financing Statement is filed (within the meaning of
Section 9-516 of the Delaware UCC) in the Delaware Filing Office, under the provisions of the Delaware UCC, the Depositor’s security interest in CarMax’s rights in the Receivables and in
identifiable cash proceeds thereof will be perfected. 

  

	F.	 When the Depositor Financing Statement is filed (within the meaning of
Section 9-516 of 

  
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the Delaware UCC) in the Delaware Filing Office, under the provisions of the Delaware UCC, the Issuer’s security interest in the Depositor’s rights in the Receivables and in
identifiable cash proceeds thereof will be perfected. 

  

	G.	 When the Issuer Financing Statement is filed (within the meaning of
Section 9-516 of the Delaware UCC) in the Delaware Filing Office, under the provisions of the Delaware UCC, the Indenture Trustee’s security interest in the Issuer’s rights in the Receivables
and in identifiable cash proceeds thereof will be perfected. 

  
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Table of Contents

 EXHIBIT F 

FORM OF TRANSFEROR CERTIFICATE 

[DATE] 
 U.S. Bank National Association, as Indenture Trustee

 190 South LaSalle Street, 7th Floor 
 Mail Code: MK-IL-SL7C 
 Chicago, Illinois 60603 

Attention: CAOT 2021-4 

with a copy to: 
 U.S. Bank National Association 

111 Fillmore Avenue,
 St. Paul, Minnesota 55107 

Attn: Bondholder Services - CAOT 2021-4 

CarMax Auto Funding, LLC 
 12800 Tuckahoe Creek Parkway 

Richmond, Virginia 23238 
 Attention: Treasurer 

CarMax Auto Owner Trust 2021-4 

c/o Wilmington Trust, National Association 
 Rodney Square North

 1100 North Market Street 
 Wilmington, Delaware 19890-0001

 Attention: Corporate Trust Administration 
  

	Re:	 CarMax Auto Owner Trust 2021-4 Class
             Notes 

 Ladies and Gentlemen: 

In connection with our disposition of the above-referenced Class              Notes
(the “Class              Notes”) we certify that (a) we understand that the Class              Notes have not been
registered under the Securities Act of 1933, as amended (the “Act”), and are being transferred by us in a transaction that is exempt from the registration requirements of the Act and (b) we have not offered or sold any Class
             Notes to, or solicited offers to buy any Class              Notes from, any person, or otherwise approached or
negotiated with any person with respect thereto, in a manner that would be deemed, or taken any other action which would result in, a violation of Section 5 of the Act. 

  
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 Very truly yours, 

			
	
	[NAME OF TRANSFEROR]
		
	By:    	 	 
		 	Authorized Officer

  
 Ex. F-2 

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 EXHIBIT G 

FORM OF INVESTMENT LETTER 
 U.S.
Bank National Association, as Indenture Trustee 
 190 South LaSalle Street, 7th Floor 

Mail Code: MK-IL-SL7C 

Chicago, Illinois 60603 
 Attn: CAOT 2021-4 
 CarMax Auto Funding, LLC 

12800 Tuckahoe Creek Parkway 
 Richmond, Virginia 23238 

Attention: Treasurer 
 CarMax Auto Owner Trust 2021-4 
 c/o Wilmington Trust, National Association 

Rodney Square North 
 1100 North Market Street 

Wilmington, Delaware 19890-0001 
 Attention: Corporate Trust
Administration 
 Ladies and Gentlemen: 
 In
connection with our proposed purchase of Class              Notes (the “Class              Notes”) of CarMax Auto Owner
Trust 2021-4 (the “Issuing Entity”), we confirm that: 
 1.    We understand that the
Class              Notes have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), and may not be sold except as permitted in the following sentence.
We understand and agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, (x) that such Class              Notes are being offered only in
a transaction not involving any public offering within the meaning of the 1933 Act and (y) that such Class              Notes may be resold, pledged or transferred only (i) to
CarMax Auto Funding LLC (the “Depositor”), (ii) so long as such Class              Note is eligible for resale pursuant to Rule 144A under the 1933 Act (“Rule 144A”), to
a person whom we reasonably believe after due inquiry is a “qualified institutional buyer” as defined in Rule 144A, acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are
“qualified institutional buyers”) to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A or (iii) in a sale, pledge or other transfer made in a transaction otherwise exempt from the
registration requirements of the 1933 Act, in which case the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts surrounding such
transfer, which certification shall be in form and substance satisfactory to the Indenture Trustee and the Depositor. Except in the case of a transfer described in clauses (i) or (ii) above, the Indenture Trustee shall require that a written
opinion of counsel (which will not be at the expense 

  
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Table of Contents

 
of the Depositor, any Affiliate of the Depositor or the Indenture Trustee), satisfactory to the Indenture Trustee and the Depositor, be delivered to the Indenture Trustee and the Depositor to the
effect that such transfer will not violate the 1933 Act, and will be effected in accordance with any applicable securities laws of each state of the United States. We will notify any purchaser of the Class
             Notes from us of the above resale restrictions, if then applicable. We further understand that in connection with any transfer of the Class
             Notes by us that the Indenture Trustee and the Depositor may request, and if so requested we will furnish, such certificates and other information as they may reasonably
require to confirm that any such transfer complies with the foregoing restrictions. 
 2.    [CHECK ONE] 

☐    (a) We are an Accredited Investor acting for our own account (and not for the account of others) or as a
fiduciary or agent for others (which others also are Accredited Investors unless we are a bank acting in its fiduciary capacity). We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and
risks of our investment in the Class              Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or their investment for an indefinite
period of time. We are acquiring the Class              Notes or investment and not with a view to, or for offer and sale in connection with, a public distribution. 

☐    (b) We are a “qualified institutional buyer” as defined under Rule 144A under the 1933 Act and are
acquiring the Class              Notes for our own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified institutional
buyers”). We are familiar with Rule 144A under the 1933 Act and are aware that the seller of the Class              Notes and other parties intend to rely on the statements made herein
and the exemption from the registration requirements of the 1933 Act provided by Rule 144A. 
 3.        Either
(i) we are not acquiring the Class              Notes with the assets of any (A) “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”) that is subject to Title I of ERISA, (B) “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) that is subject to
Section 4975 of the Code, (C) entity whose underlying assets include plan assets by reason of a plan’s investment in the entity or (D) employee benefit plan or arrangement that is not subject to Title I of ERISA or
Section 4975 of the Code (each, a “Plan”) or (ii) our acquisition and holding of the Class              Notes will not give rise to a nonexempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or a violation of any federal, state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”). We hereby
acknowledge that no transfer of any Class              Note shall be permitted to be made to any transferee unless either (i) such transferee is not acquiring the Class
             Note with the assets of any Plan or (ii) the acquisition and holding of such Class              Note will not
constitute or result in a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of Similar Law. 

  
 Ex. G-2 

Table of Contents

 4.    Unless counsel satisfactory to the Indenture Trustee shall have rendered an
opinion to the effect that the Class              Notes to be transferred will be characterized as indebtedness for United States federal income tax purposes, we represent that we are a
United States person (within the meaning of Section 7701(a)(30) of the Code); and we acknowledge that unless the Indenture Trustee shall have received such an opinion, no transfer of any Class
             Note shall be permitted to be made to any person who is not a United States person (within the meaning of Section 7701(a)(30) of the Code) and any such purported transfer
in violation of these restrictions shall be null and void. 
 5.    We understand that the Issuing Entity, the Indenture Trustee, the
Depositor and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations and agreements, and we agree that if any of the acknowledgments, representations and warranties deemed to have been made by us by our
purchase of the Class              Notes, for our own account or for one or more accounts as to each of which we exercise sole investment discretion, are no longer accurate, we shall
promptly notify the Depositor. 
 6.    You are entitled to rely upon this letter and you are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

			
	 Very truly yours,
  

[NAME OF PURCHASER]

		
	By:    	 	 
		 	Name:
		 	Title:

 Date: 

  
 Ex. G-3

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