Document:

exhibit1053

CHAR1\1707693v4  January 19, 2021  CarMax Auto Superstores, Inc.   12800 Tuckahoe Creek Parkway   Richmond, Virginia 23238  Re: First Amendment to Credit Agreement, dated as of June 7, 2019 (as amended, restated, extended,  supplemented or otherwise modified in writing from time to time, the “Credit Agreement”) among  CarMax Auto Superstores, Inc., a Virginia corporation, CarMax, Inc., a Virginia corporation, the  Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto,  Bank of America, N.A., as Administrative Agent, Swing Line Lender, New Vehicle Swing Line  Lender and L/C Issuer, and JPMorgan Chase Bank, N.A., as L/C Issuer.  Ladies and Gentlemen:  Reference is made to the Credit Agreement. Capitalized terms used herein and not otherwise  defined herein shall have the meanings assigned thereto in the Credit Agreement.  The parties hereto agree that:  1. New Definitions.  Section 1.01 of the Credit Agreement is amended by adding the  following new defined terms in appropriate alphabetical order:  “ “Affected Financial Institution” means (a) any EEA Financial Institution or (b)  any UK Financial Institution. ”  “ “Immaterial Subsidiary” means any Subsidiary that neither (a) has total assets in  excess of 5% of the consolidated total assets of the Company and its Subsidiaries (based  upon and as of the date of the most recent consolidated financial statements of the Company  and its Subsidiaries delivered pursuant to Section 6.01), nor (b) has total revenues in excess  of 5% of the consolidated total revenues of the Company and its Subsidiaries for the most  recent four-quarter period (based upon and ending on the date of the most recent  consolidated financial statements of the Company and its Subsidiaries delivered pursuant  to Section 6.01), with any Subsidiary which was previously an Immaterial Subsidiary  ceasing to be an Immaterial Subsidiary on the date financial statements delivered pursuant  to Section 6.01 demonstrate that such Subsidiary ceases to qualify as an Immaterial  Subsidiary; provided, that, (i) the total assets held by all Subsidiaries treated as Immaterial  Subsidiaries hereunder shall not exceed 15% of the consolidated total assets of the  Company and its Subsidiaries (based upon and as of the date of the most recent  consolidated financial statements of the Company and its Subsidiaries delivered pursuant  to Section 6.01) and (ii) the total revenues generated by all Subsidiaries treated as  Immaterial Subsidiaries hereunder shall not exceed 15% of the consolidated total revenues  of the Company and its Subsidiaries for the most recent four-quarter period (based upon  and ending on the date of the most recent consolidated financial statements of the Company  and its Subsidiaries delivered pursuant to Section 6.01). ”  “ “Resolution Authority” means an EEA Resolution Authority or, with respect to  any UK Financial Institution, a UK Resolution Authority. ”  CarMax Auto Superstores, Inc.   January 19, 2021  Page 2      CHAR1\1707693v4  “ “UK Financial Institution” means any BRRD Undertaking (as such term is  defined under the PRA Rulebook (as amended from time to time) promulgated by the  United Kingdom Prudential Regulation Authority) or any person subject to 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 Resolution Authority” means the Bank of England or any other public  administrative authority having responsibility for the resolution of any UK Financial  Institution. ”  2. Existing Definitions.  Section 1.01 of the Credit Agreement is amended by amending and  restating in their entirety the definitions of “Bail-In Action”, “Bail-In Legislation”, “Excluded Subsidiaries”  and “Write-Down and Conversion Powers” contained therein to read as follows:  “ “Bail-In Action” means 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” means, (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, rule, regulation 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). ”  “ “Excluded Subsidiaries” means (a) Glen Allen Insurance, Ltd., a Bermuda  company and any other captive insurance subsidiary; (b) each Excluded Special Purpose  Finance Subsidiary; (c) any Subsidiary of the Company that is (i) a Foreign Subsidiary or  a Subsidiary of a Foreign Subsidiary, (ii) a FSHCO or (iii) a Subsidiary that is not wholly- owned by a Loan Party; (d) any Subsidiary of the Company (i) that is prohibited from  guaranteeing the Obligations by applicable Law, (ii) that would require governmental  (including regulatory) consent, approval, license or authorization to provide a guarantee,  in each case unless such consent, approval, license or authorization has been received or  (iii) that is prohibited from guaranteeing the Obligations by any agreement or other  undertaking to which such Subsidiary is a party (with any Person other than another  Subsidiary or an Affiliate of the Company) or by which its property or assets is bound  existing on the Closing Date, or with respect to any Subsidiary acquired after the Closing  Date, existing as of the date of acquisition (as long as such agreement or other undertaking  was not incurred in contemplation of such acquisition and is disclosed to the Administrative  Agent), in each case, as long as such prohibition is in effect; (e) each Immaterial  Subsidiary; and (f) any not-for-profit subsidiary; provided that in no event shall any  borrower or guarantor in respect of the Term Loan Facility be an Excluded Subsidiary.”  “ “Write-Down and Conversion Powers” means, (a) with respect to any EEA  Resolution Authority, the write-down and conversion powers of such EEA Resolution  CarMax Auto Superstores, Inc.   January 19, 2021  Page 3      CHAR1\1707693v4  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. ”  3. Section 5.21.  Section 5.21 of the Credit Agreement is amended and restated in its entirety  to read as follows:  “5.21 No Affected Financial Institutions.  No Loan Party is an Affected Financial Institution.”  4. New Subsidiaries.  Section 6.12 of the Credit Agreement is amended and restated in its  entirety to read as follows:  “6.12 New Subsidiaries.  As soon as practicable but in any event within 30 days  (or such longer period as the Administrative Agent may agree in its reasonable discretion)  (a) following the acquisition or creation of any Subsidiary (other than an Excluded  Subsidiary) by a Loan Party (including by way of division), or (b) following a Subsidiary  which was previously an Immaterial Subsidiary ceasing to be an Immaterial Subsidiary as  provided in the definition thereof, cause to be delivered to the Administrative Agent each  of the following:  (i) a Joinder Agreement duly executed by such Subsidiary (with all  schedules thereto appropriately completed), which Joinder Agreement will, if such  Subsidiary will engage in the business of selling or leasing new motor vehicles,  designate such Subsidiary as a Designated Borrower;  (ii) if reasonably requested by the Administrative Agent, an opinion  or opinions of counsel to such Subsidiary dated as of the date of delivery of such  Joinder Agreements (and other Loan Documents) provided for in this Section 6.12  and addressed to the Administrative Agent, in form and substance reasonably  acceptable to the Administrative Agent; and  (iii) current copies of the Organization Documents of such Subsidiary,  minutes of duly called and conducted meetings (or duly effected consent actions)  of the Board of Directors, partners, or appropriate committees (and, if required by  such Organization Documents or applicable law, of the shareholders, members or  partners) of such Subsidiary authorizing the actions and the execution and delivery  of documents described in this Section 6.12, all certified by the applicable  Governmental Authority (in the case of certificates of incorporation, certificates of  formation or equivalent organizational documents) or appropriate officer as the  Administrative Agent may reasonably request.”  CarMax Auto Superstores, Inc.   January 19, 2021  Page 4      CHAR1\1707693v4    5. Section 10.19.  Section 10.19 of the Credit Agreement is amended and restated in its  entirety to read as follows:  “10.19 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Solely to the extent any Lender or L/C Issuer that is an Affected Financial Institution is a  party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in  any other agreement, arrangement or understanding among any such parties, each party hereto  acknowledges that any liability of any Lender or L/C Issuer that is an Affected Financial Institution  arising under any Loan 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  Lender or L/C Issuer 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 entity, 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 Loan 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.”  6. Restricted Deposit Accounts.  Schedule 10.08 to the Credit Agreement is replaced and  superseded by the new Schedule 10.08 attached hereto.  7. Release.  The Company has requested that the Administrative Agent and the Lenders  release CarMax of Laurel, LLC from its Obligations under the Credit Agreement and the other Loan  Documents.  The Administrative Agent and the Lenders hereby agree that, effective as of the date hereof,  CarMax of Laurel, LLC shall automatically (i) be released from all of its liabilities and obligations under  the Credit Agreement and the other Loan Documents (including, without limitation, its liabilities and  obligations as a Borrower and a Subsidiary Guarantor) and (ii) cease to be a Loan Party under the Credit  Agreement and the other Loan Documents.   8. New Subsidiary.  (a) The Company represents and warrants to the Administrative Agent  and the Lenders that the Company has formed Everest Endeavors, Inc. (the “New Subsidiary”) as a new  wholly-owned subsidiary of the Revolving Borrower and that the New Subsidiary has at all times since its  formation met the definition of an “Immaterial Subsidiary” as defined in the Credit Agreement as amended  hereby.  The New Subsidiary has not previously been joined to the Subsidiary Guaranty Agreement as a  Subsidiary Guarantor under Section 6.12 of the Credit Agreement pursuant to the agreement of the  

 

CarMax Auto Superstores, Inc.   January 19, 2021  Page 5      CHAR1\1707693v4  Administrative Agent and the Company that such action should be delayed (based on the Administrative  Agent’s discretion under Section 6.12 of the Credit Agreement) pending the parties’ entering into this  Amendment.  (b) The Administrative Agent and the Lenders acknowledge and agree that (i) the fact that the  New Subsidiary has not been joined to the Subsidiary Guaranty Agreement as a Subsidiary Guarantor prior  to the effectiveness of this Amendment does not constitute or result in a violation of Section 6.12 of the  Credit Agreement or otherwise constitute or result in a Default or an Event of Default under the Credit  Agreement, and (ii) there is no requirement hereafter to join the New Subsidiary to the Subsidiary Guaranty  Agreement as a Subsidiary Guarantor as long as the New Subsidiary continues to meet the definition of an  Immaterial Subsidiary under the Credit Agreement as amended hereby.  9. Effectiveness; Conditions Precedent. The effectiveness of this amendment letter (this  “Amendment”) and the amendments to the Credit Agreement herein provided are subject to the satisfaction  of the following conditions precedent:  (a) the Administrative Agent shall have received each of the following documents or  instruments in form and substance reasonably acceptable to the Administrative Agent:  (i) counterparts of this Amendment, duly executed by the Company, the  Administrative Agent, the Borrowers, the Subsidiary Guarantors and Lenders which  constitute Required Lenders; and  (ii) such other documents as the Administrative Agent shall reasonably  request; and  (b) unless waived by the Administrative Agent, all expenses payable to the  Administrative Agent (including the fees and expenses of counsel to the Administrative Agent to the extent  invoiced prior to the date hereof) estimated to date shall have been paid in full (without prejudice to final  settling of accounts for such fees and expenses).  10. Consent of the Subsidiary Guarantors. Each of the Subsidiary Guarantors hereby  consents, acknowledges and agrees to the amendments set forth herein and hereby confirms and ratifies  in all respects the Subsidiary Guaranty Agreement (including without limitation the continuation of such  Subsidiary Guarantor’s payment and performance obligations thereunder upon and after the  effectiveness of this Amendment and the amendments described herein) and the enforceability of the  Subsidiary Guaranty Agreement against such Subsidiary Guarantor in accordance with its terms.  11. Consent of the Company. The Company hereby consents, acknowledges and agrees to the  amendments set forth herein and hereby confirms and ratifies in all respects the Company Guaranty  Agreement (including without limitation the continuation of the Company’s payment and performance  obligations thereunder upon and after the effectiveness of this Amendment and the amendments described  herein) and the enforceability of the Company Guaranty Agreement against the Company in accordance  with its terms.  12. Representations and Warranties. In order to induce the Administrative Agent and the  Lenders to enter into this Amendment, each of the Company, the Borrowers and the Subsidiary Guarantors  represents and warrants to the Administrative Agent and the Lenders as follows:  CarMax Auto Superstores, Inc.   January 19, 2021  Page 6      CHAR1\1707693v4  (a) Before and after giving effect to this Amendment, (A) the representations and  warranties of the Company and the Borrowers contained in Article V of the Credit Agreement and the  representations and warranties of each Loan Party contained in each other Loan Document are true and  correct on and as of the date hereof, except to the extent that such representations and warranties specifically  refer to an earlier date, in which case they are true and correct as of such earlier date, and except that the  representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement  shall be deemed to refer to the most recent financial statements furnished pursuant to clauses (a) and (b),  respectively, of Section 6.01 of the Credit Agreement, and (B) no Default exists;  (b) Since the date of the most recent financial reports of the Company and its  Subsidiaries delivered pursuant to Section 6.01(a) of the Credit Agreement, there has been no event or  circumstance, either individually or in the aggregate, that has had or would reasonably be expected to have  a Material Adverse Effect;  (c) The Subsidiary Guarantors are the only Persons that are required to be a party to  the Subsidiary Guaranty Agreement pursuant to the terms of the Credit Agreement; and  (d) This Amendment has been duly authorized, executed and delivered by the  Company, each of the Borrowers and each of the Subsidiary Guarantors and constitutes a legal, valid and  binding obligation of such parties, except as may be limited by general principles of equity or by the effect  of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’  rights generally.  13. Entire Agreement. This Amendment, together with the Loan Documents (collectively,  the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in  relation to the subject matter hereof and supersedes any prior negotiations and agreements among the  parties relating to such subject matter. No promise, condition, representation or warranty, express or  implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied  on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that,  except as otherwise expressly stated in the Relevant Documents, no representations, warranties or  commitments, express or implied, have been made by any party to any other party in relation to the  subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed,  modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.01  of the Credit Agreement.  14. Full Force and Effect of Agreement. Except as hereby specifically amended, modified or  supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in  all respects and shall be and remain in full force and effect according to their respective terms.  15. Counterparts. This Amendment may be executed in any number of counterparts, each of  which shall be deemed an original as against any party whose signature appears thereon, and all of which  shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature  page of this Amendment by telecopy or other electronic means (including .pdf file) shall be effective as a  manually executed counterpart of this Amendment.  16. Governing Law. This Amendment shall in all respects be governed by, and construed in  accordance with, the laws of the State of New York applicable to contracts executed and to be performed  entirely within such State and shall be further subject to the provisions of Sections 10.14 and 10.15 of the  Credit Agreement.  CarMax Auto Superstores, Inc.   January 19, 2021  Page 7      CHAR1\1707693v4  17. Enforceability. Should any one or more of the provisions of this Amendment be determined  to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall  remain effective and binding on the parties hereto.  18. References. All references in any of the Loan Documents to the “Credit Agreement”  shall mean the Credit Agreement, as amended hereby, and as otherwise amended, modified,  supplemented or restated from time to time by any other instrument in accordance with the terms thereof.   19. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit  of the Company, the Administrative Agent, the Borrowers, the Subsidiary Guarantors, the Lenders and their  respective successors, legal representatives, and assignees to the extent such assignees are permitted  assignees as provided in Section 10.06 of the Credit Agreement.  [signature pages follow]    [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as  of the date first above written.  COMPANY    CARMAX, INC.,  a Virginia corporation    By: /s/ Enrique Mayor-Mora   Name: Enrique Mayor-Mora  Title: Senior Vice President and Chief Financial  Officer      BORROWERS    CARMAX AUTO SUPERSTORES, INC.,  a Virginia corporation    By: /s/ Enrique Mayor-Mora   Name: Enrique Mayor-Mora   Title: Senior Vice President and Chief Financial  Officer        

 

  [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  SUBSIDIARY GUARANTORS    CARMAX OF LAUREL, LLC,  a Virginia limited liability company    By: /s/ Enrique Mayor-Mora     Name: Enrique Mayor-Mora   Title: Senior Vice President and Chief Financial  Officer      CARMAX AUTO MALL, LLC,  a Virginia limited liability company    By: /s/ Enrique Mayor-Mora     Name: Enrique Mayor-Mora   Title: Senior Vice President and Chief Financial  Officer      CARMAX AUTO SUPERSTORES CALIFORNIA,  LLC, a Virginia limited liability company    By: /s/ Enrique Mayor-Mora     Name: Enrique Mayor-Mora   Title: Senior Vice President and Chief Financial  Officer      CARMAX BUSINESS SERVICES, LLC,  a Delaware limited liability company    By: /s/ Enrique Mayor-Mora                  Name: Enrique Mayor-Mora   Title: Senior Vice President and Chief Financial  Officer      CARMAX AUTO SUPERSTORES WEST COAST,  INC., a Virginia corporation    By: /s/ Enrique Mayor-Mora     Name: Enrique Mayor-Mora   Title: Senior Vice President and Chief Financial  Officer    [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  CARMAX PROPERTIES, LLC,  a Virginia limited liability company    By: /s/ Enrique Mayor-Mora     Name: Enrique Mayor-Mora   Title: President       CARMAX AUTO SUPERSTORES SERVICES,  INC., a Virginia corporation    By: /s/ Enrique Mayor-Mora     Name: Enrique Mayor-Mora  Title: Senior Vice President and Chief Financial  Officer        [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  BANK OF AMERICA, N.A., as Administrative Agent      By: /s/ Linda Lov      Name:  Linda Lov  Title: Assistant Vice President      [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  BANK OF AMERICA, N.A., as a Lender, L/C Issuer,  Swing Ling Lender and New Vehicle Swing Line  Lender      By: /s/ A. Steven Greene      Name:  A. Steven Greene  Title:  Senior Vice President    

 

  [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  JPMORGAN CHASE BANK, N.A., as a Lender and  L/C Issuer      By: /s/ Sean Bodkin      Name:  Sean Bodkin  Title:  Vice President   [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  WELLS FARGO BANK, NATIONAL  ASSOCIATION, as a Lender      By: /s/ Jeffrey E. Bullard, Sr.     Name:  Jeffrey E. Bullard, Sr.  Title:  Senior Vice President   [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  TOYOTA MOTOR CREDIT CORPORATION, as a  Lender      By: /s/ Tracy Kaiser       Name:  Tracy Kaiser  Title:  National Accounts Manager   [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  U.S. BANK NATIONAL ASSOCIATION, as a  Lender      By:  /s/ Edward Lawrence     Name: Edward Lawrence  Title:  Vice President 

 

  [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  BARCLAYS BANK PLC, as a Lender      By: /s/ Jake Lam      Name:  Jake Lam  Title:  Assistant Vice President   [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  ROYAL BANK OF CANADA, as a Lender      By: /s/ Benjamin Lennon     Name:  Benjamin Lennon  Title:  Authorized Signatory   [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  MUFG BANK, LTD., as a Lender      By: /s/ John Margetanski      Name:  John Margetanski  Title:  Director   [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  CAPITAL ONE, NATIONAL ASSOCIATION, as a  Lender      By: /s/ Alfredo Wang      Name:  Alfredo Wang  Title:  Duly Authorized Signatory 

 

  [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  THE BANK OF NOVA SCOTIA, as a Lender      By: /s/ Michelle Phillips     Name:  Michelle Phillips  Title:  Managing Director   [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  SUMITOMO MITSUI BANKING  CORPORATION, as a Lender      By: /s/ Michael Maguire     Name:  Michael Maguire  Title:  Managing Director   [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  TRUIST BANK (FORMERLY BRANCH  BANKING & TRUST COMPANY), as a Lender      By: /s/ Steve Curran      Name:  Steve Curran  Title:  Director   [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  BNP PARIBAS, as a Lender      By: /s/ Kirk Hoffman      Name:  Kirk Hoffman  Title:  Managing Director        By: /s/ Monica Tilani      Name:  Monica Tilani  Title:  Vice President 

 

  [Signature page to First Amendment to CarMax Credit Agreement]  CHAR1\1707693v4  PNC BANK, NATIONAL ASSOCIATION, as a  Lender      By: /s/ David Notaro      Name:  David Notaro  Title:  Senior Vice Presidentexhibit1054

1  CHAR1\1858196v3 SECOND AMENDMENT TO CREDIT AGREEMENT AND COMMITMENT INCREASE  AGREEMENT  THIS SECOND AMENDMENT TO CREDIT AGREEMENT AND COMMITMENT  INCREASE AGREEMENT, dated as of December 29, 2021 (this "Amendment"), is entered into among  CARMAX AUTO SUPERSTORES, INC., a Virginia corporation (the “Revolving Borrower”),  CARMAX, INC., a Virginia corporation (the “Company”), certain Subsidiaries of the Company (each a  “Designated Borrower” and, together with the Revolving Borrower, the “Borrowers” and, each a  “Borrower”), the Subsidiary Guarantors party hereto, the Lenders party hereto, and BANK OF  AMERICA, N.A., as Administrative Agent for the Lenders (in such capacity, the "Administrative  Agent").  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed  thereto in the Credit Agreement (as defined below and as amended by this Amendment).  RECITALS  WHEREAS, the Revolving Borrower, the Designated Borrowers, the Company, the Lenders,  Bank of America, N.A., as Administrative Agent, Swing Line Lender, New Vehicle Swing Line Lender  and L/C Issuer, and JPMorgan Chase Bank, N.A., as L/C Issuer, are parties to the Credit Agreement,  dated as of June 7, 2019 (as amended, restated, extended, supplemented, increased or otherwise modified  in writing from time to time, the “Existing Credit Agreement”); and   WHEREAS, the parties hereto have agreed to amend the Existing Credit Agreement as provided  herein (the Existing Credit Agreement, as amended hereby, the “Credit Agreement”).  NOW, THEREFORE, in consideration of the agreements contained herein, and for other good  and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties  hereto hereby agree as follows:  AGREEMENT  1. Amendments.    (a) The definition of “New Vehicle Swing Line Sublimit” in Section 1.01 of the  Credit Agreement is hereby amended to read as follows:  “New Vehicle Swing Line Sublimit” means $0.00.  (b) Section 1.01.  The following definitions are hereby added to Section 1.01 of the  Credit Agreement in the appropriate alphabetical order to read as follows:  “Available Tenor” means, as of any date of determination and with respect to the  then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate,  any tenor for such Benchmark that is or may be used for determining the length of an  Interest Period or (y) otherwise, any payment period for interest calculated with reference  to such Benchmark, as applicable, pursuant to this Agreement as of such date.  “Benchmark” means, initially, LIBOR; provided that if a replacement of the  Benchmark has occurred pursuant to Section 3.03(c) then “Benchmark” means the  applicable Benchmark Replacement to the extent that such Benchmark Replacement has  replaced such prior benchmark rate.  Any reference to “Benchmark” shall include, as  applicable, the published component used in the calculation thereof.  

 

2  CHAR1\1858196v3 “Benchmark Replacement” means:  (1) for purposes of Section 3.03(c)(i), the first alternative set forth below that  can be determined by the Administrative Agent:  (a) the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis  points) for an Available Tenor of one-month’s duration, or  (b) the sum of: (i) Daily Simple SOFR and (ii) 0.11448% (11.448  basis points);  provided that, if initially LIBOR is replaced with the rate contained in clause (b)  above (Daily Simple SOFR plus the applicable spread adjustment) and  subsequent to such replacement, the Administrative Agent determines that Term  SOFR has become available and is administratively feasible for the  Administrative Agent in its sole discretion, and the Administrative Agent notifies  the Company and each Lender of such availability, then from and after the  beginning of the Interest Period, relevant interest payment date or payment  period for interest calculated, in each case, commencing no less than thirty (30)  days after the date of such notice, the Benchmark Replacement shall be as set  forth in clause (a) above; and  (2) for purposes of Section 3.03(c)(ii), the sum of (a) the alternate  benchmark rate and (b) an adjustment (which may be a positive or  negative value or zero), in each case, that has been selected by the  Administrative Agent and the Company as the replacement Benchmark  giving due consideration to any evolving or then-prevailing market  convention, including any applicable recommendations made by the  Relevant Governmental Body, for Dollar-denominated syndicated credit  facilities at such time;  provided that, if the Benchmark Replacement as determined pursuant to clause (1) or (2)  above would be less than 0%, the Benchmark Replacement will be deemed to be 0% for  the purposes of this Agreement and the other Loan Documents.  Any Benchmark Replacement shall be applied in a manner consistent with market  practice; provided that, to the extent such market practice is not administratively feasible  for the Administrative Agent, such Benchmark Replacement shall be applied in a manner  as otherwise reasonably determined by the Administrative Agent.  “Benchmark Replacement Conforming Changes” means, with respect to any  Benchmark Replacement, any technical, administrative or operational changes (including  changes to the definition of “Base Rate,” the definition of “Business Day,” the definition  of “Interest Period,” the timing and frequency of determining rates and making payments  of interest, the timing of borrowing requests or prepayment, conversion or continuation  notices, the applicability and length of lookback periods, the applicability of breakage  provisions, and other technical, administrative or operational matters) that the  Administrative Agent decides may be appropriate to reflect the adoption and  implementation of such Benchmark Replacement and to permit the administration thereof  by the Administrative Agent in a manner substantially consistent with market practice  

 

3  CHAR1\1858196v3 (or, if the Administrative Agent decides that adoption of any portion of such market  practice is not administratively feasible or if the Administrative Agent determines that no  market practice for the administration of such Benchmark Replacement exists, in such  other manner of administration as the Administrative Agent decides is reasonably  necessary in connection with the administration of this Agreement and the other Loan  Documents).  “Benchmark Transition Event” means, with respect to any then-current  Benchmark other than LIBOR, the occurrence of a public statement or publication of  information by or on behalf of the administrator of the then-current Benchmark or a  Governmental Authority with jurisdiction over such administrator announcing or stating  that all Available Tenors are or will no longer be representative, or made available, or  used for determining the interest rate of loans, or shall or will otherwise cease, provided  that, at the time of such statement or publication, there is no successor administrator that  is satisfactory to the Administrative Agent, that will continue to provide any  representative tenors of such Benchmark after such specific date.  “Communication” means this Agreement, any Loan Document and any  document, any amendment, approval, consent, information, notice, certificate, request,  statement, disclosure or authorization related to any Loan Document.  “Daily Simple SOFR” with respect to any applicable determination date means  the secured overnight financing rate (“SOFR”) published on such date by the Federal  Reserve Bank of New York, as the administrator of the benchmark (or a successor  administrator) on the Federal Reserve Bank of New York’s website (or any successor  source).  “Early Opt-in Effective Date” means, with respect to any Early Opt-in Election,  the sixth (6th) Business Day after the date notice of such Early Opt-in Election is  provided to the Lenders, so long as the Administrative Agent has not received, by 5:00  p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such  Early Opt-in Election is provided to the Lenders, written notice of objection to such Early  Opt-in Election from Lenders comprising the Required Lenders.  “Early Opt-in Election” means the occurrence of:  (a) a determination by the Administrative Agent, or a notification by  the Company to the Administrative Agent that the Company has made a  determination, that Dollar-denominated syndicated credit facilities currently  being executed, or that include language similar to that contained in Section  3.03(c), are being executed or amended (as applicable) to incorporate or adopt a  new benchmark interest rate to replace LIBOR; and   (b) the joint election by the Administrative Agent and the Company  to replace LIBOR with a Benchmark Replacement and the provision by the  Administrative Agent of written notice of such election to the Lenders.  “Lender Parties” means, collectively, the Lenders, the Swing Line Lender, the  New Vehicle Swing Line Lender and the L/C Issuer.  

 

4  CHAR1\1858196v3 “Other Rate Early Opt-in” means the Administrative Agent and the Company  have elected to replace LIBOR with a Benchmark Replacement other than a SOFR-based  rate pursuant to (1) an Early Opt-in Election and (2) Section 3.03(c)(ii) and clause (2) of  the definition of “Benchmark Replacement”.  “Relevant Governmental Body” means the Board of Governors of the Federal  Reserve System or the Federal Reserve Bank of New York, or a committee officially  endorsed or convened by the Board of Governors of the Federal Reserve System or the  Federal Reserve Bank of New York, or any successor thereto.  “Rescindable Amount” has the meaning specified in Section 2.13(b)(ii).  “SOFR Early Opt-in” means the Administrative Agent and the Company have  elected to replace LIBOR pursuant to (a) an Early Opt-in Election and (b) Section  3.03(c)(i) and clause (1) of the definition of “Benchmark Replacement”.  “Term SOFR” means, for the applicable corresponding tenor (or if any Available  Tenor of a Benchmark does not correspond to an Available Tenor for the applicable  Benchmark Replacement, the closest corresponding Available Tenor and if such  Available Tenor corresponds equally to two Available Tenors of the applicable  Benchmark Replacement, the corresponding tenor of the shorter duration shall be  applied), the forward-looking term rate based on the secured overnight financing rate that  has been selected or recommended by the Relevant Governmental Body.  (c) Section 1.01.  The following definitions are hereby deleted from Section 1.01 of  the Credit Agreement:  “LIBOR Screen Rate”, “LIBOR Successor Rate” and “LIBOR Successor  Rate Conforming Changes”.  (d) The second sentence of Section 1.05 of the Credit Agreement is hereby amended  to read as follows:  The Administrative Agent does not warrant, nor accept responsibility, nor shall  the Administrative Agent have any liability with respect to the administration, submission  or any other matter related to the rates in the definition of “Eurodollar Rate” or with  respect to any rate (including, for the avoidance of doubt, the selection of such rate and  any related spread or other adjustment) that is an alternative or replacement for or  successor to any of such rate (including, without limitation, any Benchmark Replacement)  or the effect of any of the foregoing, or of any Benchmark Replacement Conforming  Changes.  (e) Section 2.13(b).  The second subsection (i) in Section 2.13(b) of the Credit  Agreement is hereby renumbered as subsection (ii) and amended to read as follows:  (ii) Payments by Borrowers; Presumptions by Administrative Agent.  Unless  the Administrative Agent shall have received notice from the Revolving Borrower (on its  own behalf or on behalf of another Borrower) prior to the date on which any payment is  due to the Administrative Agent for the account of the Lenders or the L/C Issuer  hereunder that such Borrower will not make such payment, the Administrative Agent  may assume that such Borrower has made such payment on such date in accordance  herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C  Issuer, as the case may be, the amount due.  With respect to any payment that the  

 

5  CHAR1\1858196v3 Administrative Agent makes for the account of the Lenders or the L/C Issuer hereunder  as to which the Administrative Agent determines (which determination shall be  conclusive absent manifest error) that any of the following applies (such payment  referred to as the “Rescindable Amount”): (1) such Borrower has not in fact made such  payment; (2) the Administrative Agent has made a payment in excess of the amount so  paid by such Borrower (whether or not then owed); or (3) the Administrative Agent has  for any reason otherwise erroneously made such payment; then each of the Lenders or the  L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent  forthwith on demand the Rescindable Amount so distributed to such Lender or the L/C  Issuer, in immediately available funds with interest thereon, for each day from and  including the date such amount is distributed to it to but excluding the date of payment to  the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined  by the Administrative Agent in accordance with banking industry rules on interbank  compensation.  A notice of the Administrative Agent to any Lender or Borrower with respect to  any amount owing under this subsection (b) shall be conclusive, absent manifest error.  (f) Section 3.03(c).  Section 3.03(c) of the Credit Agreement is hereby amended to  read as follows:  (c) Notwithstanding anything to the contrary in this Agreement or any other  Loan Document:  (i) On March 5, 2021 the Financial Conduct Authority (“FCA”), the  regulatory supervisor of LIBOR’s administrator (“IBA”), announced in a public  statement the future cessation or loss of representativeness of overnight/Spot Next, 1- week, 1-month, 2-month, 3-month, 6-month and 12- month Dollar LIBOR tenor settings.  On the earliest of (A) the date that all Available Tenors of Dollar LIBOR have  permanently or indefinitely ceased to be provided by IBA or have been announced by the  FCA pursuant to public statement or publication of information to be no longer  representative, (B) June 30, 2023 and (C) the Early Opt-in Effective Date in respect of a  SOFR Early Opt-in, if the then-current Benchmark is LIBOR, the Benchmark  Replacement will replace such Benchmark for all purposes hereunder and under any  Loan Document in respect of any setting of such Benchmark on such day and all  subsequent settings without any amendment to, or further action or consent of any other  party to this Agreement or any other Loan Document. If the Benchmark Replacement is  Daily Simple SOFR, all interest payments will be payable on a monthly basis.  (ii) (x)  Upon (A) the occurrence of a Benchmark Transition Event or (B) a  determination by the Administrative Agent that neither of the alternatives under clause  (1) of the definition of Benchmark Replacement is available, the Benchmark  Replacement will replace the then-current Benchmark for all purposes hereunder and  under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. on  the fifth (5th) Business Day after the date notice of such Benchmark Replacement is  provided to the Lenders without any amendment to, or further action or consent of any  other party to, this Agreement or any other Loan Document so long as the Administrative  Agent has not received, by such time, written notice of objection to such Benchmark  Replacement from Lenders comprising the Required Lenders (and any such objection  shall be conclusive and binding absent manifest error); provided, that, solely in the event  that the then-current Benchmark at the time of such Benchmark Transition Event is not a  

 

6  CHAR1\1858196v3 SOFR-based rate, the Benchmark Replacement therefor shall be determined in  accordance with clause (1) of the definition of Benchmark Replacement unless the  Administrative Agent determines that neither of such alternative rates is available.  (y) On the Early Opt-in Effective Date in respect of an Other Rate Early  Opt-in, the Benchmark Replacement will replace LIBOR for all purposes hereunder and  under any Loan Document in respect of any setting of such Benchmark on such day and  all subsequent settings without any amendment to, or further action or consent of any  other party to this Agreement or any other Loan Document.  (iii) At any time that the administrator of the then-current Benchmark has  permanently or indefinitely ceased to provide such Benchmark or such Benchmark has  been announced by the regulatory supervisor for the administrator of such Benchmark  pursuant to public statement or publication of information to be no longer representative  of the underlying market and economic reality that such Benchmark is intended to  measure and that representativeness will not be restored, any Borrower may revoke any  request for a borrowing of, conversion to or continuation of Loans to be made, converted  or continued that would bear interest by reference to such Benchmark until such  Borrower’s receipt of notice from the Administrative Agent that a Benchmark  Replacement has replaced such Benchmark, and, failing that, such Borrower will be  deemed to have converted any such request into a request for a borrowing of or  conversion to Base Rate Loans.  During the period referenced in the foregoing sentence,  the component of Base Rate based upon the Benchmark will not be used in any  determination of Base Rate.  (iv) In connection with the implementation and administration of a  Benchmark Replacement, the Administrative Agent will have the right to make  Benchmark Replacement Conforming Changes from time to time and, notwithstanding  anything to the contrary herein or in any other Loan Document, any amendments  implementing such Benchmark Replacement Conforming Changes will become effective  without any further action or consent of any other party to this Agreement.  (v) The Administrative Agent will promptly notify the Company and the  Lenders of (A) the implementation of any Benchmark Replacement and (B) the  effectiveness of any Benchmark Replacement Conforming Changes. Any determination,  decision or election that may be made by the Administrative Agent pursuant to this  Section 3.03(c), including any determination with respect to a tenor, rate or adjustment or  of the occurrence or non-occurrence of an event, circumstance or date and any decision to  take or refrain from taking any action, will be conclusive and binding absent manifest  error and may be made in its  sole discretion and without consent from any other party  hereto, except, in each case, as expressly required pursuant to this Section 3.03(c).  (vi) At any time (including in connection with the implementation of a  Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including  Term SOFR or LIBOR), then the Administrative Agent may remove any tenor of such  Benchmark that is unavailable or non-representative for Benchmark (including  Benchmark Replacement) settings and (B) the Administrative Agent may reinstate any  such previously removed tenor for Benchmark (including Benchmark Replacement)  settings.  

 

7  CHAR1\1858196v3 (g) Section 9.12.  A new Section 9.12 is hereby added to the Credit Agreement to  read as follows:  9.12 Recovery of Erroneous Payments.  Without limitation of any other provision in this Agreement, if at any time the  Administrative Agent makes a payment hereunder in error to any Lender Party, whether  or not in respect of an Obligation due and owing by a Borrower at such time, where such  payment is a Rescindable Amount, then in any such event, each Lender Party receiving a  Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on  demand (and in any event, within two (2) Business Days of such demand) the  Rescindable Amount received by such Lender Party in immediately available funds, with  interest thereon, for each day from and including the date such Rescindable Amount is  received by it to but excluding the date of payment to the Administrative Agent, at the  greater of the Federal Funds Rate and a rate determined by the Administrative Agent in  accordance with banking industry rules on interbank compensation.  Each Lender Party  irrevocably waives any and all defenses, including any “discharge for value” (under  which a creditor might otherwise claim a right to retain funds mistakenly paid by a third  party in respect of a debt owed by another) or similar defense to its obligation to return  any Rescindable Amount.  The Administrative Agent shall inform each Lender Party  promptly upon determining that any payment made to such Lender Party comprised, in  whole or in part, a Rescindable Amount.  (h) The first and last sentences of Section 10.10 of the Credit Agreement are hereby  deleted.  (i) Section 10.17 of the Credit Agreement is hereby amended to read as follows:  10.17 Electronic Execution; Electronic Records; Counterparts.  This Agreement, any Loan Document and any other Communication, including  Communications required to be in writing, may be in the form of an Electronic Record  and may be executed using Electronic Signatures.  Each of the Borrowers and each of the  Administrative Agent and each Lender Party agrees that any Electronic Signature on or  associated with any Communication shall be valid and binding on such Person to the  same extent as a manual, original signature, and that any Communication entered into by  Electronic Signature will constitute the legal, valid and binding obligation of such Person  enforceable against such Person in accordance with the terms thereof to the same extent  as if a manually executed original signature was delivered.   Any Communication may be  executed in as many counterparts as necessary or convenient, including both paper and  electronic counterparts, but all such counterparts are one and the same Communication.   For the avoidance of doubt, the authorization under this paragraph may include, without  limitation, use or acceptance of a manually signed paper Communication which has been  converted into electronic form (such as scanned into PDF format), or an electronically  signed Communication converted into another format, for transmission, delivery and/or  retention. The Administrative Agent and each of the Lender Parties may, at its option,  create one or more copies of any Communication in the form of an imaged Electronic  Record (“Electronic Copy”), which shall be deemed created in the ordinary course of  such Person’s business, and destroy the original paper document.  All Communications in  the form of an Electronic Record, including an Electronic Copy, shall be considered an  original for all purposes, and shall have the same legal effect, validity and enforceability  

 

8  CHAR1\1858196v3 as a paper record.  Notwithstanding anything contained herein to the contrary, neither the  Administrative Agent, L/C Issuer, Swing Line Lender nor New Vehicle Swing Line  Lender is under any obligation to accept an Electronic Signature in any form or in any  format unless expressly agreed to by such Person pursuant to procedures approved by it;  provided, further, without limiting the foregoing, (a) to the extent the Administrative  Agent, L/C Issuer, Swing Line Lender and/or New Vehicle Swing Line Lender has  agreed to accept such Electronic Signature, the Administrative Agent and each of the  Lender Parties shall be entitled to rely on any such Electronic Signature purportedly  given by or on behalf of any Borrower and/or any Lender Party without further  verification and (b) upon the request of the Administrative Agent or any Lender Party,  any Electronic Signature shall be promptly followed by such manually executed  counterpart.  For purposes hereof, “Electronic Record” and “Electronic Signature” shall  have the meanings assigned to them, respectively, by 15 USC §7006, as it may be  amended from time to time.  Neither the Administrative Agent, L/C Issuer, Swing Line Lender nor New  Vehicle Swing Line Lender shall be responsible for or have any duty to ascertain or  inquire into the sufficiency, validity, enforceability, effectiveness or genuineness of any  Loan Document or any other agreement, instrument or document (including, for the  avoidance of doubt, in connection with the Administrative Agent’s, L/C Issuer’s, Swing  Line Lender’s or New Vehicle Swing Line Lender’s reliance on any Electronic Signature  transmitted by telecopy, emailed .pdf or any other electronic means). The Administrative  Agent, L/C Issuer, Swing Line Lender and New Vehicle Swing Line Lender shall be  entitled to rely on, and shall incur no liability under or in respect of this Agreement or  any other Loan Document by acting upon, any Communication (which writing may be a  fax, any electronic message, Internet or intranet website posting or other distribution or  signed using an Electronic Signature) or any statement made to it orally or by telephone  and believed by it to be genuine and signed or sent or otherwise authenticated (whether or  not such Person in fact meets the requirements set forth in the Loan Documents for being  the maker thereof).  Each of the Borrowers and each Lender Party hereby waives (i) any argument,  defense or right to contest the legal effect, validity or enforceability of this Agreement or  any other Loan Document based solely on the lack of paper original copies of this  Agreement or such other Loan Document, and (ii) waives any claim against the  Administrative Agent and each Lender Party for any liabilities arising solely from the  Administrative Agent’s and/or any Lender Party’s reliance on or use of Electronic  Signatures, including any liabilities arising as a result of the failure of the Borrowers to  use any available security measures in connection with the execution, delivery or  transmission of any Electronic Signature.  2. Commitment Increase.  Pursuant to Section 2.16 of the Credit Agreement, effective as of  the date hereof, each Lender listed on Schedule 1 attached hereto (each an “Increasing Lender”) hereby  agrees that its Commitment is increased by the amount set forth on Schedule 1 attached hereto (with  respect to each Increasing Lender, its “Additional Commitment”).  Schedule 2.01 to the Credit Agreement  shall be amended and restated in its entirety in the form attached hereto as Schedule 2.  3. Effectiveness; Conditions Precedent.  This Amendment shall be and become effective as  of date hereof when all of the conditions set forth in this Section 3 shall have been satisfied.  

 

9  CHAR1\1858196v3 (a) Execution of Counterparts of Amendment.  The Administrative Agent shall have  received counterparts of this Amendment, which collectively shall have been duly executed on  behalf of each of the Loan Parties, the Administrative Agent and the Lenders.  (b) Fees.  The Administrative Agent shall have received, for the benefit of each  Increasing Lender, an upfront fee in an amount separately agreed in writing by BAS and the  Company, and BAS shall have received, for its own account, such fees as separately agreed in  writing by BAS and the Company.  4. Expenses.  The Loan Parties agree to reimburse the Administrative Agent for all  reasonable documented out-of-pocket costs and expenses of the Administrative Agent in connection with  the preparation, execution and delivery of this Amendment, including without limitation the reasonable  documented fees and expenses of Moore & Van Allen PLLC.  5. Ratification.  Each Loan Party acknowledges and consents to the terms set forth herein  and agrees that this Amendment does not impair, reduce or limit any of its obligations under the Loan  Documents, as amended hereby.  This Amendment is a Loan Document.  6. Representations and Warranties of the Loan Parties.  By its execution and delivery  hereof, each Loan Party represents both before and after giving effect to this Amendment (i) no Default  exists, (ii) the representations and warranties of the Company and the Borrowers contained in Article V of  the Credit Agreement and the representations and warranties of each Loan Party contained in each other  Loan Document are true and correct in all material respects (or, in the case of representations and  warranties already qualified by materiality, in all respects) on and as of the date hereof, except to the  extent that such representations and warranties specifically refer to an earlier date, in which case they are  true and correct as of such earlier date, and except that for purposes of this Section 6, the representations  and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be  deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of  Section 6.01 of the Credit Agreement and (iii) the resolutions adopted by such Loan Party with respect to  the execution and delivery of the Credit Agreement and delivered to the Administrative Agent on the  Closing Date have not been rescinded and remain in full force and effect.    7. Counterparts/Telecopy.  This Amendment may be executed in any number of  counterparts, each of which when so executed and delivered shall be an original, but all of which shall  constitute one and the same instrument.  Delivery of executed counterparts of this Amendment by  telecopy or other secure electronic format (.pdf) shall be effective as an original.  8. GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND  OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED  IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  9. Successors and Assigns.   This Amendment shall be binding upon and inure to the benefit  of the parties hereto and their respective successors and assigns.  10. Headings.  The headings of the sections hereof are provided for convenience only and  shall not in any way affect the meaning or construction of any provision of this Amendment.  11. Severability.  If any provision of this Amendment is held to be illegal, invalid or  unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Amendment  shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to  replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which  

 

10  CHAR1\1858196v3 comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a  provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any  other jurisdiction.  [remainder of page intentionally left blank]  

 

  CARMAX, INC.  SECOND AMENDMENT TO CREDIT AGREEMENT    Each of the parties hereto has caused a counterpart of this Amendment to be duly executed and  delivered as of the date first above written.    LOAN PARTIES:    CARMAX, INC.,  a Virginia corporation  By: /s/ Enrique Mayor-Mora   Name: Enrique Mayor-Mora  Title: Senior Vice President and Chief Financial  Officer    CARMAX AUTO SUPERSTORES, INC.,  a Virginia corporation  By: /s/ Enrique Mayor-Mora   Name: Enrique Mayor-Mora   Title: Senior Vice President and Chief Financial  Officer    CARMAX AUTO MALL, LLC,  a Virginia limited liability company    By: /s/ Enrique Mayor-Mora     Name: Enrique Mayor-Mora   Title: Senior Vice President and Chief Financial  Officer    CARMAX AUTO SUPERSTORES CALIFORNIA,  LLC, a Virginia limited liability company    By: /s/ Enrique Mayor-Mora     Name: Enrique Mayor-Mora   Title: Senior Vice President and Chief Financial  Officer    CARMAX BUSINESS SERVICES, LLC,  a Delaware limited liability company    By: /s/ Enrique Mayor-Mora     Name: Enrique Mayor-Mora   Title: Senior Vice President and Chief Financial  Officer    CARMAX AUTO SUPERSTORES WEST COAST,  INC., a Virginia corporation    By: /s/ Enrique Mayor-Mora     Name: Enrique Mayor-Mora   Title: Senior Vice President and Chief Financial  Officer  

 

  CARMAX, INC.  SECOND AMENDMENT TO CREDIT AGREEMENT      CARMAX PROPERTIES, LLC,  a Virginia limited liability company    By: /s/ Enrique Mayor-Mora    Name: Enrique Mayor-Mora   Title: President     CARMAX AUTO SUPERSTORES SERVICES, INC.,  a Virginia corporation    By:_ /s/ Enrique Mayor-Mora    Name: Enrique Mayor-Mora        Title: Senior Vice President and Chief Financial   Officer 

 

  CARMAX, INC.  SECOND AMENDMENT TO CREDIT AGREEMENT      ADMINISTRATIVE  AGENT:   BANK OF AMERICA, N.A.,  as Administrative Agent    By: /s/ Linda Lov  Name:  Linda Lov  Title:  Assistant Vice President 

 

  CARMAX, INC.  SECOND AMENDMENT TO CREDIT AGREEMENT      LENDERS:                              BANK OF AMERICA, N.A., as a Lender, L/C Issuer,  Swing Ling Lender and New Vehicle Swing Line  Lender  By: /s/ Steve Greene      Name:  Steve Greene  Title:  Senior Vice President    JPMORGAN CHASE BANK, N.A., as a Lender and  L/C Issuer      By: /s/ Sean Bodkin      Name:  Sean Bodkin  Title:  Vice President    WELLS FARGO BANK, NATIONAL ASSOCIATION      By: /s/ Jeffrey E. Bullard, Sr.     Name:  Jeffrey E. Bullard, Sr.  Title:  Senior Vice President    TOYOTA MOTOR CREDIT CORPORATION      By: /s/ Dave Boskey      Name:  Dave Boskey  Title:  National Accounts Manager    U.S. BANK NATIONAL ASSOCIATION      By: /s/ Edward Lawrence     Name:  Edward Lawrence  Title:  Vice President     BARCLAYS BANK PLC      By: /s/ Christopher M. Aitkin     Name:  Christopher M. Aitkin  Title:  Vice President    

 

  CARMAX, INC.  SECOND AMENDMENT TO CREDIT AGREEMENT    ROYAL BANK OF CANADA      By: /s/ Benjamin Lennon     Name:  Benjamin Lennon  Title:  Authorized Signatory    MUFG BANK, LTD.      By: /s/ Oscar D. Cortez      Name:  Oscar D. Cortez  Title:  Authorized Signatory    CAPITAL ONE, NATIONAL ASSOCIATION      By: /s/ Alfredo Wang      Name:  Alfredo Wang  Title:  Duly Authorized Signatory    MIZUHO BANK, LTD      By: /s/ Donna DeMagistris     Name:  Donna DeMagistris  Title:  Executive Director    THE BANK OF NOVA SCOTIA      By: /s/ Melissa Ruha      Name:  Melissa Ruha  Title:  Director    TORONTO-DOMINION BANK, NEW YORK  BRANCH      By: /s/ Michael Borowiecki     Name:  Michael Borowiecki  Title:  Authorized Signatory    SUMITOMO MITSUI BANKING CORPORATION, as  a Lender      By: /s/ Gail Motonaga      Name:  Gail Motonaga  Title:  Executive Director    

 

  CARMAX, INC.  SECOND AMENDMENT TO CREDIT AGREEMENT    TRUIST BANK (FORMERLY BRANCH BANKING  & TRUST COMPANY)      By: /s/ J. Carlos Navarrete     Name:  J. Carlos Navarrete  Title:  Director    BNP PARIBAS      By: /s/ Monica Tilani      Name:  Monica Tilani  Title:  Director      By: /s/ Andrew Strait      Name:  Andrew Strait  Title:  Managing Director    PNC BANK, NATIONAL ASSOCIATION      By: /s/ David Notaro      Name:  David Notaro  Title:  Senior Vice President        

 

Schedule 1  Increases to Commitments  Increasing Lender Increase to  Commitment  Bank of America, N.A. $75,000,000.00 JPMorgan Chase Bank, N.A. $75,000,000.00 Wells Fargo Bank, National Association $75,000,000.00 U.S. Bank National Association $55,000,000.00 Barclays Bank PLC $40,000,000.00 Royal Bank of Canada $40,000,000.00 MUFG Bank, Ltd. $40,000,000.00 Capital One, National Association $21,000,000.00 Mizuho Bank, Ltd. $21,000,000.00 The Bank of Nova Scotia $21,000,000.00 Toronto-Dominion Bank, New York Branch $21,000,000.00 Sumitomo Mitsui Banking Corporation $21,000,000.00 Truist Bank (formerly Branch Banking & Trust  Company) $15,000,000.00 BNP Paribas $15,000,000.00 PNC Bank, National Association $15,000,000.00 TOTAL $550,000,000.00 

 

Schedule 2  Schedule 2.01  COMMITMENTS AND APPLICABLE PERCENTAGES  Lender Commitment Applicable Percentage  Bank of America, N.A. $255,000,000.00 12.750000000% JPMorgan Chase Bank, N.A. $250,000,000.00 12.500000000% Wells Fargo Bank, National Association $250,000,000.00 12.500000000% U.S. Bank National Association $200,000,000.00 10.000000000% Toyota Motor Credit Corporation $145,000,000.00 7.250000000% Barclays Bank PLC $135,000,000.00 6.750000000% Royal Bank of Canada $135,000,000.00 6.750000000% MUFG Bank, Ltd. $135,000,000.00 6.750000000% Capital One, National Association $69,000,000.00 3.450000000% Mizuho Bank, Ltd. $69,000,000.00 3.450000000% The Bank of Nova Scotia $69,000,000.00 3.450000000% Toronto-Dominion Bank, New York Branch $69,000,000.00 3.450000000% Sumitomo Mitsui Banking Corporation $69,000,000.00 3.450000000% Truist Bank (formerly Branch Banking & Trust  Company) $50,000,000.00 2.500000000% BNP Paribas $50,000,000.00 2.500000000% PNC Bank, National Association $50,000,000.00 2.500000000% TOTAL $2,000,000,000.00 100.000000000%

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