Document:

Investment Advisor Agreement

 Exhibit 10.34 
 INVESTMENT ADVISOR AGREEMENT 
 This INVESTMENT ADVISOR AGREEMENT
(the “Agreement”) is effective as of May 30, 2012 by and between NORTHERN TRUST INVESTMENTS, INC., an Illinois banking corporation, (“NTI”), and William Blair & Company, L.L.C. (the “Advisor”). 

WHEREAS the American Bar Association Members Retirement Trust and the American Bar Association Members Pooled Trust for Retirement Plans
(collectively referred to as the “Trusts”), for which The Northern Trust Company, the affiliate of NTI, acts as trustee, are maintained pursuant to agreements between the ABA Retirement Funds (“ABRF”) and The Northern Trust
Company for the purpose of funding the American Bar Association Members Retirement Plan, the American Bar Association Members Defined Benefit Pension Plan (together, the “ABA Members Plans”) and other employee benefit plans, as adopted by
eligible individuals, organizations, partnerships, corporations or associations (each such individual employee benefit plan being referred to as a “Plan” and collectively as the “Plans”), which Plans must meet the requirements
for qualification under Section 401 of the Internal Revenue Code of 1986, as amended and in effect from time to time (the “Code”); 
 WHEREAS, certain assets of the Trusts are deposited in a collective investment fund, known as the International All Cap Fund (the “Fund”), established under the American Bar Association
Members/NTI Collective Trust (the “ABA Members Collective Trust”) under which NTI is trustee (the “Trustee”), pursuant to the Declaration of Trust dated July 1, 2010, as amended and in effect from time to time (the
“Declaration of Trust”); 
 WHEREAS, the Fund is established under a group trust maintained by the Trustee and is
exempt from tax pursuant to Revenue Ruling 81-100; 
 WHEREAS, the Trustee desires to retain the Advisor to act as its
investment advisor to assist the Trustee in managing such assets of the Fund as the Trustee may designate from time to time in writing to the Advisor (the “Subaccount”) by making recommendations to the Trustee with respect to the
investment and reinvestment of the assets in the Subaccount; and 
 WHEREAS the parties desire to set forth, among other things,
the duties, terms and conditions under which the Advisor will carry out such advisory functions and the Trustee will perform certain of its functions with respect to managing and administering the Subaccount and the Fund; 

NOW, THEREFORE, in consideration of the promises and mutual covenants contained in this Agreement, it is agreed as follows: 

1. Appointment of the Advisor. The Advisor is hereby appointed and employed as investment advisor to the Trustee to assist the
Trustee in its management of such assets of the Fund as are held in the Subaccount from time to time. The Advisor shall provide investment advisory and certain other related services to or on behalf of the Trustee, all in accordance with the terms
and conditions of this Agreement. 

 2. Acceptance by the Advisor. The Advisor hereby accepts such appointment and
employment and acknowledges that, (a) with respect to the assets in the Subaccount, it is a fiduciary, as defined in the Employee Retirement Income Security Act of 1974, as amended and in effect from time to time (“ERISA”), with
respect to the Trusts and the Plans and (b) no person associated with the Advisor is a trustee or administrator of, or an employer of anyone covered by, any Plan. The Advisor represents that it is registered, or exempt from registration, under
the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and that it is in the business of acting as a fiduciary with respect to assets of various retirement plans and trusts. The Advisor agrees and covenants that it will
notify the Trustee within ten (10) business days of (v) any change of its status under the Advisers Act, (w) the receipt of formal notice of the commencement of any proceeding by any governmental agency to take any action which would
change its status under the Advisers Act, (x) notice by any governmental agency of the intent to place material limitations on the activities of the Advisor, (y) notice by any governmental agency that it intends to begin an investigation
of the Advisor that is outside of the scope of routine investigations that such agency conducts from time to time of businesses engaged in the same or similar activities as the Advisor, or (z) notice by any governmental agency that it has
identified an area of non-compliance or other concern in the course of any investigation of the Advisor. Throughout this Agreement, the term “business day” shall mean any day in which the New York Stock Exchange is open for trading and on
which the Trustee’s principal office is open for business. 
 3. Definition of Subaccount. The Subaccount for which
the Advisor has been appointed to render investment advice and certain other services is designated as Subaccount A and consists of the assets set forth in Appendix A. The Trustee may change the composition of or the amount of assets included within
the Subaccount, by amending Appendix A, after written notice to the Advisor and ABRF. 
 4. The Advisor’s
Services. 
 (a) Investment Process. Subject to the Trustee’s authority for making investments,
the Advisor shall invest the assets of the Subaccount in a manner consistent with the provisions of this Agreement and the Investment Guidelines. The manner and procedures for effecting any purchases, sales or investments for the Subaccount are set
forth in Subsection 4(c) below. 
 (b) Compliance With Policies and Other Requirements. In providing its
investment advisory and other related services, the Advisor shall act in accordance with the investment objectives and policies for the Fund as set forth in the Fund Declaration pursuant to which the Fund is established and maintained, as the same
may be amended from time to time by the Trustee (the “Fund Declaration”), a copy of which is attached hereto as Appendix B, and in 

  
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accordance with any additional Investment Guidelines that have been established by the Trustee for the Subaccount as set forth in Appendix C, as the same may be amended from time to time by the
Trustee. In providing its investment advisory and other related services under this Agreement, the Advisor shall comply with all of the Trustee’s reasonable operating requirements as the same may be communicated in writing by the Trustee to the
Advisor from time to time. The Advisor shall comply with any changes to such operating requirements that the Trustee may make from time to time within a period of time reasonably specified by the Trustee (or if none is specified, within a reasonable
time period) after notice of such changes is communicated in writing by the Trustee to the Advisor. 
 (c)
Investment Procedures. The Advisor shall place orders or otherwise give instructions with respect to the investment of the assets in the Subaccount only in accordance with the provisions of this Subsection 4(c). Except in accordance with the
following provisions, the Advisor shall have no authority to place orders for the execution of transactions involving assets of the Subaccount or to give instructions to the Trustee with respect thereto: 

(i) Approved List. The Advisor shall submit to the Trustee, if required by the Trustee, a list of recommended
securities, which are permissible investments for the Subaccount. Such list, when approved by the Trustee, together with such other securities as may be designated by the Trustee as permissible investments for the Subaccount pursuant to this
Subsection 4(c)(i), Subsection 4(c)(iii) or the Investment Guidelines, shall be known as the “Approved List”. 
 Until such time as the Trustee specifically requires it to do so, the Advisor shall not be obligated to submit a list of recommended securities for inclusion on the Approved List; pending the submission
and approval of such a list, any securities which conform with the requirements of the Investment Guidelines shall be deemed to constitute permissible investments for the Subaccount and to constitute the “Approved List.” 

(ii) Additions and Deletions. Additions to and deletions from the Approved List may be made from time to time by
the Trustee upon the written recommendation by the Advisor, or on the Trustee’s own initiative. In lieu of deleting a security entirely, the Trustee may restrict further purchases of such security or direct a reduction in the holdings thereof.
A security once deleted from the Approved List shall not thereafter be added to the Approved List without a new approval by the Trustee. 
 (iii) Notices and Reports. The Advisor shall provide to the Trustee trade date notice of any exercise of the powers granted to it hereunder and in any event shall render to the Trustee, not later
than the fifth business day of each month, a written report of all transactions and activities of the Advisor during the preceding month and the status of the Account at the end of such month, in such reasonable detail as the Trustee shall require.

  
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 (iv) Directions from the Trustee. At any time, and from time to time,
the Trustee may direct the Advisor in the exercise of the powers granted to it hereunder. All oral directions will be confirmed in writing to the Advisor by an officer of the Trustee. It shall be the duty of the Advisor to act strictly in accordance
with each such direction and, except as provided in the following paragraph, the Advisor shall be under no duty to question any such direction of the Trustee. 
 If the Advisor shall disagree with any direction by the Trustee, or should those employees of Advisor responsible for investing and administering the assets of the Account have actual knowledge of the
existence of any circumstances that would be likely to render any such direction illegal or imprudent, it shall so advise the Trustee forthwith. If the Trustee thereafter determines not to rescind such direction, the Advisor shall have no liability
for any loss which may result from any action taken by it in accordance with such direction. In all events, however, the Advisor shall be liable for its willful or negligent disregard of the directions of the Trustee, as well as for bad faith, and,
except where acting in compliance with a direction of the Trustee as to which the Advisor has taken the action specified in this Subsection 4(c)(iv), for breach of its duties hereunder or failure to use the standards of care set forth in Subsection
4(f). 
 (v) Investment Authority. With respect to any transaction authorized pursuant to the provisions
of this Section, the Advisor may take any and all action necessary or desirable to effect such transaction, including but not limited to (A) placing an order with a broker selected in accordance with Subsection 4(h) for the execution of the
transaction and (B) issuing to the Trustee such instructions as may be appropriate in connection with the settlement of such transaction. 
 (vi) Valid Notice. “Valid Notice” shall mean written notice or communication, which may be made by facsimile or by such other means as is approved by the Trustee. 

(d) Custody of Assets and Confirmation of Transactions. To the extent required by applicable law, the Advisor shall direct
that all securities purchased and the proceeds from the sale of securities for the Subaccount be delivered to the Trustee, unless otherwise directed by the Trustee. The Advisor shall direct any broker effecting a transaction with respect to the
assets of the Subaccount to send the Trustee a duplicate copy of any confirmation of any such transaction, except that the Advisor may make other arrangements (which are reasonably satisfactory to the Trustee) for the Trustee to receive such
duplicate confirmations or comparable information acceptable to the Trustee. 

  
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 (e) Voting, Conversion Rights. The Trustee shall retain the
responsibility to vote all proxies on behalf of the Fund. The Advisor shall be responsible for exercise of any conversion, tender or subscription rights in connection with any securities or other investments at any time held in the Subaccount.

 (f) Advisor’s Duty of Care. The Advisor shall discharge its duties with respect to the Subaccount
solely in the interests of the participants in the Plans and their beneficiaries with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would
use in the conduct of an enterprise of like character and with like aims. The Advisor shall not be responsible for the operation or administration of the Trusts or the Plans. The Advisor shall have no investment advisory responsibilities other than
those expressly provided in this Agreement. The Advisor shall discharge its duties in accordance with the requirements of ERISA, other applicable law and this Agreement. 

(g) Fidelity Bond and Insurance. The Advisor shall maintain for the period of the Agreement a fidelity bond meeting
the requirements of Section 412 of ERISA (unless the Trustee acknowledges that the Advisor is exempt from such requirements) and including its officers, directors and employees to the extent so required. The Advisor will provide to ABRF and the
Trustee within twenty (20) business days of the effective date of this Agreement copies of all insurance policies (including fiduciary, errors and omissions, and fidelity bonds) that could cover or relate to the Subaccount, the Fund, the Trusts
or the Plans, and, upon request by the Trustee or ABRF, a certificate of coverage with respect to any such policies. The Advisor will notify ABRF and the Trustee of any material changes in such policies, which change affects the coverage of the
Advisor, within twenty (20) business days after the earlier of when such changes are made or are effective. 

(h) Brokerage Practices. In placing orders for the purchase and sale of assets of the Subaccount in accordance with
Subsection 4(c), the Advisor shall act in accordance with the procedures with regard to brokerage practices for the Subaccount, as described in Appendix D and in a manner that is consistent with ERISA and other applicable law. Unless otherwise
specified in writing by the Trustee, the Advisor shall place orders to purchase, sell, or exchange assets in the Account through such brokers as in the Advisor’s reasonable judgment shall offer the best execution of each transaction, provided
that (1) the Advisor shall have notified the Trustee in advance of (a) its intention to use such broker in effecting transactions for the Account and (b) the principal terms of any agreement which it may have with such broker,
including the range of brokerage fees to be charged by such broker, and (2) any transaction effected through such broker is to be made on a delivery versus payment basis. The Advisor shall not 

  
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use any broker which has not been specifically approved in advance by the Trustee if the transaction is not to be made on a delivery versus payment basis or if the transaction would otherwise
expose the Subaccount to any risk attendant to a failure of such broker. Anything to the contrary herein notwithstanding, the Advisor may not (a) place orders to effect transactions with any affiliated person without the express written consent
of the Trustee, (b) pay any commissions from the Subaccount to a broker (i) at the request or direction of any client other than the Trustee, (c) without the prior written consent of the Trustee, pay any broker more than its customary
brokerage commissions in connection with any transactions or (d) use any broker which is not registered with a governmental entity or a nationally recognized self-regulatory organization such as the Financial Industry Regulatory Authority. The
Advisor shall notify the Trustee of the amount of brokerage commissions paid with respect to each transaction at the time it provides trade information with respect to such transaction to the Trustee or its representative. 

(i) Soft Dollars. The Trustee acknowledges and agrees that, subject to the provisions of Section 28(e) of the
Securities Exchange Act of 1934, as amended, and ERISA, the Advisor may effect securities transactions which cause the Account to pay an amount of commission in excess of the amount of commission another broker or dealer would have charged, provided
that the Advisor determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer to the Advisor, viewed in terms of either the specific transaction or
the Advisor’s overall responsibilities to the accounts for which the Advisor exercises investment discretion. For purposes hereof, the term “research services” shall mean products or services which provide lawful and appropriate
assistance to the Advisor’s investment decision-making process. While the Advisor may obtain research services from brokerage commissions charged to the Account that may not directly benefit the Account at that particular time, the Advisor
shall endeavor to ensure that, over time, the Account receives the benefit of research services purchased with brokerage commissions charged to the accounts of other clients of the Advisor. The Advisor agrees that the receipt and use of such
services will not reduce the Advisor’s customary and normal research activities. 
 The Trustee may require
that the Advisor provide it with reports in such form and at such time as may be reasonably required, setting forth the amount of total brokerage business which has been placed by it and the allocation thereof among brokers and dealers and
specifically indicating those brokers and dealers which provided research services. The Advisor agrees to follow the CFA Institute Soft Dollar Standards regarding the use and disclosure of soft dollar commissions. 

(j) Nondisclosure of Information. To the extent necessary for the execution of this Agreement or to satisfy the
requirements for disclosure to participants or to meet the requirements of Sections 8 and 9, the Advisor shall keep in strict confidence all information about the financial affairs of the Subaccount. The Advisor may include information about the
Subaccount in aggregate information provided by the Advisor as long as the information is not set out separately or in any other manner that would enable a third party to determine the financial affairs of the Subaccount. 

  
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 (k) Advisor’s Potential Conflicts of Interest. The Advisor (and
any affiliate thereof) may engage in any other business or act as advisor to or investment manager for any other person, even though it (or any affiliate thereof) or such other person has, or may have, investment policies similar to those followed
by the Advisor with regard to the Subaccount. Nothing in this Agreement shall prevent the Advisor (or any affiliate thereof) from buying or selling, or from recommending or directing such other person to buy or sell, at any time, securities of the
same kind or class recommended by the Advisor to be purchased or sold for the Subaccount. The Advisor shall be free from any obligation to the Subaccount to recommend any particular investment opportunity which comes to it. However, if the Advisor
effects the purchase or sale of the same securities for the Subaccount and other accounts at the same time that orders are open for the Subaccount and the other accounts, the pricing of or proceeds from such securities shall be allocated among the
other accounts and the Subaccount in a just and equitable manner. 
 (l) Valuation. At the request of the
Trustee from time to time, the Advisor shall provide pricing and valuation information with respect to particular securities it has recommended for the Subaccount if the Trustee has determined that such pricing and valuation information is not
otherwise reasonably available to the Trustee through standard pricing services. 
 5. Representations by the Trustee.
The Trustee represents and warrants that (a) there are no restrictions or limitations on the Subaccount’s investments imposed by applicable law other than (i) those set forth in the Declaration of Trust, the Fund Declaration, this
Agreement, and Appendix C, as any of the same may be amended from time to time and communicated to the Advisor, (ii) those provided in ERISA and (iii) any other investment restriction or limitation imposed by law or regulation which in the
Trustee’s judgment is applicable to the Subaccount and which is communicated by the Trustee to the Advisor; and (b) disclosure to Plan participants contained in the Registration Statement describing the Subaccount is accurate and prepared
in accordance with the requirements of Form S-1 under the Securities Act of 1933, as amended, except that the Trustee makes no representation or warranty with respect to any disclosure relating to the Advisor or its services with respect to the
Subaccount which the Advisor has prepared, approved in writing or has not disapproved within five (5) business days following confirmed transmission by facsimile, acceptable electronic transmission or overnight mail to a person designated by
the Advisor to review such disclosure. 

  
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 6. Liability of the Advisor; Indemnification. 

(a) Limitation of Liability of the Advisor. The Advisor shall not be liable for any act or omission of any other
person or entity exercising a fiduciary responsibility, if such fiduciary responsibility has been allocated to such other person or entity in accordance with this Agreement, the Declaration of Trust, the Fund Declaration, the Plans or the Trusts,
except to the extent that the Advisor has itself violated its fiduciary responsibility or its obligations under this Agreement, or except to the extent that applicable law (including ERISA) may expressly provide otherwise. 

(b) Indemnification. 
 (i) Indemnification of Advisor. To the extent permitted by applicable law, the Trustee agrees to indemnify and hold harmless the Advisor for losses, damages or expenses directly resulting from
(A) actions taken by the Advisor in reliance on information provided by the Trustee to the Advisor in accordance with this Agreement, including but not limited to the Trustee’s operating requirements and cash availability information,
(B) actions omitted to be taken by the Advisor pursuant to instructions or directions provided by the Trustee and/or (C) valuation of the assets held in the Subaccount, computation of unit values for the Subaccount by the Trustee, or
performance data and other financial information provided by the Trustee to Subaccount participants except to the extent that the Advisor has incorrectly reported or failed to report securities transactions in the Subaccount to the Trustee as
provided in this Agreement and to the extent that any error in such valuation or computation is due to prices or other information provided by the Advisor. 
 (ii) Indemnification of the Trustee. To the extent permitted by applicable law, the Advisor agrees to indemnify and hold harmless the Trustee for any losses, damages or expenses arising out of or
resulting from (A) the performance by the Advisor of its responsibilities under this Agreement, and (B) any disclosure relating to the Advisor or the services provided by the Advisor with respect to the Subaccount which the Advisor has
prepared, approved in writing or has not disapproved within five (5) business days following transmission by facsimile, Trustee approved electronic transmission or overnight mail to a person designated by the Advisor to review such disclosure;
provided, however, that the Advisor shall not be required to indemnify and hold harmless the Trustee to the extent that such losses, damages or expenses result from an act or omission of the Advisor with respect to which the Advisor
not only has used such care, skill, prudence and diligence as a reasonably prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims, but also has otherwise
acted in accordance with this Agreement and applicable law. 

  
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 (iii) Advisor and Trustee Indemnification Procedures. If the party
seeking indemnification is either the Advisor or the Trustee, such party shall promptly notify the indemnifying party of any claim, action, 
 suit or proceeding, or threat thereof, which may result in a claim for indemnification. Upon such notification, the indemnifying party may, at its option, undertake the conduct and cost of defending any
such claim, action, suit or proceeding and in such case shall have full control of such defense, including but not limited to selection of counsel (provided that such counsel must be reasonably acceptable to the party being indemnified) and entry
into settlement agreements (provided that any such settlement agreement shall require the consent of the party being indemnified, which consent shall not be unreasonably delayed or withheld). The Trustee or the Advisor, as the indemnifying party,
shall not be liable for any legal or other expenses incurred in connection with any such defense that were not specifically authorized by it; provided, however, if such indemnifying party fails to undertake and prosecute vigorously the
defense of any such claim, action, suit or proceeding, it shall be liable for reasonable legal and other expenses incurred by the party being indemnified. 
 (c) Indemnification of ABRF. 
 (i) To the extent permitted
by applicable law, the Advisor agrees to defend, indemnify and hold harmless ABRF, its then present and former officers, directors and advisory directors, the ABA, and its then present and former officers and Board of Governors (the
“Indemnified Persons”) against any and all expenses (including attorney’s fees, judgments, fines and penalties, including any civil penalties assessed under Section 502(l) of ERISA) and amounts paid in settlement actually or
reasonably incurred in connection with any threatened, pending or current action, suit, proceeding or claim, whether civil, criminal, administrative or otherwise, and the amount of any adverse judgment entered against any of them and any reasonable
expenses attendant thereto by reason of any of the Advisor’s acts or omissions in connection with this Agreement. For the above defense, indemnity and hold harmless provision to apply (i) the Indemnified Persons (or ABRF) shall inform the
Advisor promptly of any claims threatened or made against any Indemnified Person, (ii) the Indemnified Persons shall cooperate fully with the Advisor in responding to such threatened or actual claims and (iii) any settlement agreement
entered into by the Indemnified Persons shall require the written approval of the Advisor, which approval shall not be unreasonably withheld or delayed, and any settlement agreement entered into by the Advisor shall require written approval, within
the time frame established by the Advisor, of the Indemnified Persons, which approval shall not be unreasonably withheld. 
 (ii) Right to Counsel. The Indemnified Persons shall have the right to employ counsel in their, its, his or her sole discretion. Such Indemnified Persons shall be responsible for the expenses of
such separate counsel except as provided in Subsection 6(c)(iii). The Advisor agrees to cooperate fully with the Indemnified Persons and their separate counsel in responding to such threatened or actual claims. 

  
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 (iii) Separate Counsel. The Advisor agrees to cooperate fully with
the Indemnified Persons in responding to such threatened or actual claims. The Indemnified Persons shall have the right to reasonable expenses of separate counsel paid by the Advisor, provided that the Advisor shall not be liable for any
legal or other expenses incurred in connection with any such threatened claim or defense that were not specially authorized by the Advisor in writing and provided that the Advisor shall have received a written opinion reasonably acceptable in
form and substance to the Advisor of counsel reasonably acceptable to the Advisor (and which counsel shall not represent or otherwise be affiliated with any of the Indemnified Persons) that there exists a material conflict of interest between one or
more of the Indemnified Persons and the Advisor in the conduct of the response to a threatened claim or in the conduct of the defense of an actual claim, in which event the Advisor shall be liable for the reasonable legal expenses of each counsel
whose appointment is necessary to resolve such conflict; provided, however, the Advisor shall not be responsible for more than one (1) counsel for all Indemnified Persons and selection of such counsel shall be reasonably
acceptable to the Advisor. 
 (iv) Payment of Expenses. Expenses (including counsel fees) specifically
authorized by the Advisor and actually and reasonably incurred by the Indemnified Persons in defending against or responding to such threatened or actual claims as provided in (i) and (iii) of this Subsection shall be paid as they are
incurred. If an Indemnified Person is reasonably required to bring any action to enforce rights or collect monies due under Subsection 6(c) and is successful in such action, the Advisor shall reimburse such Indemnified Person or its subrogee for
reasonable fees and expenses incurred in bringing and pursuing such action. 
 (v) Supplemental Rights.
Indemnification pursuant to Subsection 6(c) is intended to be supplemental to any other rights to indemnification available to the Indemnified Persons. Nothing herein shall be deemed to diminish or otherwise restrict the Indemnified Persons’
rights to indemnification under law. 
 (vi) Third Party Beneficiaries. The indemnifying party
acknowledges that the Indemnified Persons are intended to be third-party beneficiaries of Subsection 6(c). 
 (d)
Notwithstanding anything to the contrary contained in this Agreement, in the event that the Trustee in its sole discretion determines that the Advisor has entered into a transaction on behalf of the Fund that is in violation of the Investment
Guidelines or has failed to properly follow a direction of the 

  
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Trustee with respect to investment of the Fund, the Trustee shall direct the Advisor to take such corrective action as the Trustee determines is appropriate and the Advisor shall be solely
responsible for reimbursement to the Fund of all costs, expenses, damages and losses incurred in connection with the original transaction and any such corrective action. 
 7. Transactions Prohibited with Respect to the Advisor. The Advisor, its officers, partners, directors and affiliates, and each of them, shall not, with respect to the Subaccount, (a) as a
principal, purchase assets from or sell assets to the Fund, (b) receive any compensation or fees with respect to the Fund, other than the fees provided for in Appendix E, (c) engage in or recommend any transaction involving or affecting
the Fund that such person knows or should know is a prohibited transaction under ERISA unless such transaction is exempt under the applicable provisions of ERISA or (d) direct delivery of securities or payment to itself or direct any
disposition of securities or cash from the Subaccount except to the Trusts. 
 8. Reports and Meetings. 

(a) Monthly Reports. At least monthly the Advisor shall render to the Trustee and ABRF, or their designee, reports
concerning its services under this Agreement and the status of the Subaccount, based on the reporting procedures set forth in Appendix F, which is hereby adopted and made a part of this Agreement, including statements of investments in the
Subaccount. 
 (b) Meetings. The Advisor will meet with the Trustee and ABRF and with such other persons
as the Trustee or ABRA may designate on reasonable notice and at reasonable times and locations, to discuss general economic conditions, Subaccount performance, investment strategy and other matters relating to the Subaccount. 

(c) Reports Prior to Termination. On each day during the period ten (10) business days prior to the effective
date of the Advisor’s resignation or its removal under this Agreement by the Trustee (the “Termination Date”), or on each day of such shorter period after which the Advisor has received notice of its removal, the Advisor shall render
to the Trustee and ABRF, or their designee, a report of the current status of the Subaccount based on the procedures set forth in Appendix F, including a statement of investments in the Subaccount and on the day immediately following the
Termination Date, such report shall be rendered in final form with respect to the status of the Subaccount, including a statement of investments therein, as of the close of business on the Termination Date. 

(d) Additional Reports. The Advisor shall furnish to the Trustee and ABRF such additional reports and information
as may be reasonably requested by the Trustee or ABRF. 

  
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 9. Accounting. The Advisor shall keep accurate and detailed records concerning its
services under this Agreement, including records of all transactions effected and recommendations made during its performance of this Agreement, and all such records shall be open to inspection at all reasonable times by the Trustee and ABRF, or
their designee, and by duly authorized representatives of the Secretary of Labor and the Secretary of the Treasury acting pursuant to their authority under ERISA and the Code, respectively, and other appropriate regulatory authorities. 

10. Advisor’s Compensation. The amount and manner of payment of fees payable by the Trustee to the Advisor for the
Advisor’s services under this Agreement are set forth in Appendix E. The Advisor agrees that if it enters into a fee schedule with any new non-eleemosynary client whose portfolio is advised or managed under the same investment policies and
objectives as the Subaccount, and is similarly or smaller sized, for services which are similar to the services provided under this Agreement and such fee schedule contains fees that are less than the fees set forth in Appendix E, it will offer
the same fee schedule to the Trustee, which shall have the right to require the amendment to Appendix E to reflect that lower fee schedule. 
 11. Removal and Resignation. 
 (a) Removal of the
Advisor. Upon written notice to the Advisor, the Advisor may be removed by the Trustee. Any transaction for the Subaccount entered into by the by the Advisor of the notice shall be consummated unless the Trustee directs otherwise and the Advisor
shall not enter into any transaction for the Subaccount subsequent to the receipt of the notice. 
 (b)
Resignation of the Advisor. The Advisor may resign under this Agreement upon sixty (60) days’ prior written notice to the Trustee. The Advisor shall concurrently advise ABRA in writing of such resignation and the effective date
thereof. 
 (c) Termination of Obligations. The respective obligations of the Advisor and the Trustee
under Section 6 of the Agreement shall survive any such removal or resignation or other termination of this Agreement. 

12. Termination, Amendment or Modification. The provisions of this Agreement may not be terminated, changed, modified, altered or
amended in any respect except in a writing signed by the parties. 
 13. Definitions. As used herein the following terms
shall have the meanings ascribed to them in the following sections of this Agreement: 
  

					
	 Term Defined
	  	Section	 
	 ABA Members Collective Trust
	  	 	Introduction	  
	 ABA Members Plans
	  	 	Introduction	  
	 ABRA
	  	 	Introduction	  

  
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	 Term Defined
	  	Section
	 Advisers Act
	  	2
	 Advisor
	  	Introduction
	 Advisor’s Amendment
	  	4(c)(i)
	 Advisor’s Recommendation
	  	4(c)(ii)
	 Agreement
	  	Introduction
	 Authorized Transaction
	  	4(c)(iii)
	 Broker List
	  	4(c)(i)
	 business day
	  	2
	 Code
	  	Introduction
	 Declaration of Trust
	  	Introduction
	 ERISA
	  	2
	 Fund
	  	Introduction
	 Fund Declaration
	  	4(b)
	 Indemnified Persons
	  	6(c)(i)
	 Plans
	  	Introduction
	 NTI
	  	Introduction
	 Subaccount
	  	Introduction
	 Suggested Response
	  	4(e)
	 Termination Date
	  	8(c)
	 Trustee
	  	Introduction
	 Trustee’s Response
	  	4(c)(ii)
	 Trustee’s Rejection
	  	4(e)
	 Trusts
	  	Introduction
	 Valid Notice
	  	4(c)(v)

 14. Governing Law. This Agreement shall be construed and enforced according to the laws of the
State of Illinois and, to the extent of any federal preemption, the laws of the United States of America. 
 15. Binding upon
Successors. This Agreement shall be binding upon and enforceable by the successors to the parties hereto. 
 16.
Assignment. The Advisor may not assign this Agreement (including for this purpose any assignment within the meaning of the Advisers Act), or any rights or responsibilities hereby created, without the prior written consent of the Trustee,
which consent may be withheld by the Trustee in its sole discretion; however, the parties may amend this Agreement from time to time in accordance with Section 12. 
 17. Notices. Written notices shall be deemed effective with respect to a party upon delivery to such party at the address set forth below or to such other address as may be provided in writing from
time to time by such party: 

  
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	To the Advisor:            	  	William Blair & Company, L.L.C
		  	222 West Adams Street, 13th floor
		  	At & T Tower #1
		  	Chicago, IL 60606
		  	Attention: Dana Denizman
		  	Telecopier: 312 364-5100
		
	To the Trustee:	  	Northern Trust Investments, Inc.
		  	50 South LaSalle Street
		  	Chicago, Illinois, 60603
		  	Attention: Thomas R. Benzmiller

 18. Oral Communications. Oral communications between the parties to this Agreement shall be
effective hereunder only to the extent specifically authorized herein. By its execution of this Agreement, each of the parties hereto acknowledges that the other party may record any such oral communications and consents to any such recording. All
oral communications shall be confirmed in writing, except that if an oral communication is recorded such recording shall be controlling and no written confirmation shall be required. 

19. Authority. The parties to this Agreement represent, respectively, that they have duly authorized the execution, delivery and
performance of this Agreement and that neither such execution and delivery nor the performance of their obligations hereunder conflict with or violate any provision of law, rule or regulation, or any instrument to which either is a party or to which
any of their respective properties are subject and that this Agreement is a valid and binding obligation. 
 20. Authorized
Representatives of the Advisor. The Advisor from time to time shall by written notice certify to the Trustee the name of the person or persons authorized to act on behalf of the Advisor. Any person so certified shall be deemed to be the
authorized representative of the Advisor. The Advisor shall give written notice to the Trustee when any person so certified ceases to have the authority to act on behalf of the Advisor, but such revocation of authority shall not be valid until the
notice is received by the Trustee. The Advisor will notify the Trustee in writing of any significant changes in the officers of the Advisor and any changes in the personnel of the Advisor responsible for investment of the assets of the Subaccount
within twenty (20) business days after such change. 

  
 14 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective June 11, 2012

  

			
	NORTHERN TRUST INVESTMENTS, INC.
		
	By:	 	/s/ Joseph W. McInerney
		 	  

		 	Name: Joseph W. McInerney
		 	Title: Senior Vice President
	
	WILLIAM BLAIR & COMPANY, L.L.C
		
	By:	 	/s/ John McLaughlin
		 	  

		 	Name: John McLaughlin
		 	Title: PartnerIndenture between CarMax Auto Owner Trust 2012-2

 Exhibit 4.1 
 EXECUTION COPY 
 CARMAX AUTO OWNER TRUST 2012-2, 

as Issuer, 
 and

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Indenture Trustee 
  

 
 INDENTURE

 Dated as of June 1, 2012 
  

 
 $157,000,000
0.29191% Class A-1 Asset-Backed Notes 
 $291,000,000 0.64% Class A-2 Asset-Backed Notes 

$327,000,000 0.84% Class A-3 Asset-Backed Notes 
 $112,360,000 1.16% Class A-4 Asset-Backed Notes 
 $19,740,000 1.73% Class B
Asset-Backed Notes 
 $16,920,000 2.08% Class C Asset-Backed Notes 

$15,980,000 3.02% Class D Asset-Backed Notes 

 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

  

  
 i 

	(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. 

  
 ii 

 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
	  	 	12	  
	Section 1.3	 	 Rules of Construction
	  	 	12	  
	
	ARTICLE II	  
	THE NOTES	  
			
	Section 2.1	 	 Form
	  	 	13	  
	Section 2.2	 	 Execution, Authentication and Delivery
	  	 	13	  
	Section 2.3	 	 Temporary Notes
	  	 	14	  
	Section 2.4	 	 Tax Treatment
	  	 	14	  
	Section 2.5	 	 Registration; Registration of Transfer and Exchange
	  	 	14	  
	Section 2.6	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	16	  
	Section 2.7	 	 Persons Deemed Owners
	  	 	17	  
	Section 2.8	 	 Payments
	  	 	17	  
	Section 2.9	 	 Cancellation
	  	 	22	  
	Section 2.10	 	 Release of Collateral
	  	 	22	  
	Section 2.11	 	 Book-Entry Notes
	  	 	22	  
	Section 2.12	 	 Notices to Clearing Agency
	  	 	23	  
	Section 2.13	 	 Definitive Notes
	  	 	24	  
	Section 2.14	 	 Authenticating Agents
	  	 	24	  
	
	ARTICLE III	  
	COVENANTS	  
			
	Section 3.1	 	 Payment of Principal and Interest
	  	 	25	  
	Section 3.2	 	 Maintenance of Office or Agency
	  	 	25	  
	Section 3.3	 	 Money for Payments To Be Held in Trust
	  	 	25	  
	Section 3.4	 	 Existence
	  	 	27	  
	Section 3.5	 	 Protection of Trust Estate
	  	 	27	  
	Section 3.6	 	 Opinions as to Trust Estate
	  	 	27	  
	Section 3.7	 	 Performance of Obligations; Servicing of Receivables
	  	 	28	  
	Section 3.8	 	 Negative Covenants
	  	 	29	  
	Section 3.9	 	 Annual Statement as to Compliance
	  	 	30	  
	Section 3.10	 	 Issuer May Consolidate, etc., Only on Certain Terms
	  	 	30	  
	Section 3.11	 	 Successor or Transferee
	  	 	32	  
	Section 3.12	 	 No Other Business
	  	 	32	  
	Section 3.13	 	 No Borrowing
	  	 	33	  
	Section 3.14	 	 Servicer’s Obligations
	  	 	33	  
	Section 3.15	 	 Guarantees, Loans, Advances and Other Liabilities
	  	 	33	  
	Section 3.16	 	 Capital Expenditures
	  	 	33	  
	Section 3.17	 	 Restricted Payments
	  	 	33	  

  
 iii

							
	 Section 3.18
	 	 Notice of Events of Default
	  	 	33	  
	 Section 3.19
	 	 Removal of Administrator
	  	 	33	  
	 Section 3.20
	 	 Further Instruments and Acts
	  	 	33	  
	 Section 3.21
	 	 Sales Finance Company Licenses
	  	 	34	  
	 Section 3.22
	 	 Representations and Warranties by the Issuing Entity to the Indenture Trustee
	  			
	
	ARTICLE IV	  
	SATISFACTION AND DISCHARGE	  
			
	 Section 4.1
	 	 Satisfaction and Discharge of Indenture
	  	 	34	  
	 Section 4.2
	 	 Satisfaction, Discharge and Defeasance of the Notes.
	  	 	35	  
	 Section 4.3
	 	 Application of Trust Money
	  	 	36	  
	 Section 4.4
	 	 Repayment of Monies Held by Paying Agent
	  	 	36	  
	
	ARTICLE V	  
	REMEDIES	  
			
	 Section 5.1
	 	 Events of Default
	  	 	37	  
	 Section 5.2
	 	 Acceleration of Maturity; Rescission and Annulment.
	  	 	38	  
	 Section 5.3
	 	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.
	  	 	39	  
	 Section 5.4
	 	 Remedies; Priorities.
	  	 	41	  
	 Section 5.5
	 	 Optional Preservation of the Receivables
	  	 	44	  
	 Section 5.6
	 	 Limitation of Suits
	  	 	45	  
	 Section 5.7
	 	 Unconditional Rights of Noteholders to Receive Principal and Interest
	  	 	45	  
	 Section 5.8
	 	 Restoration of Rights and Remedies
	  	 	45	  
	 Section 5.9
	 	 Rights and Remedies Cumulative
	  	 	46	  
	 Section 5.10
	 	 Delay or Omission Not a Waiver
	  	 	46	  
	 Section 5.11
	 	 Control by Noteholders of the Controlling Class
	  	 	46	  
	 Section 5.12
	 	 Waiver of Past Defaults
	  	 	47	  
	 Section 5.13
	 	 Undertaking for Costs
	  	 	47	  
	 Section 5.14
	 	 Waiver of Stay or Extension Laws
	  	 	47	  
	 Section 5.15
	 	 Action on Notes
	  	 	48	  
	 Section 5.16
	 	 Performance and Enforcement of Certain Obligations.
	  	 	48	  
	
	ARTICLE VI	  
	THE INDENTURE TRUSTEE	  
			
	 Section 6.1
	 	 Duties of Indenture Trustee.
	  	 	49	  
	 Section 6.2
	 	 Rights of Indenture Trustee.
	  	 	50	  
	 Section 6.3
	 	 Individual Rights of Indenture Trustee
	  	 	51	  
	 Section 6.4
	 	 Indenture Trustee’s Disclaimer
	  	 	51	  
	 Section 6.5
	 	 Notice of Defaults
	  	 	51	  
	 Section 6.6
	 	 Reports by Indenture Trustee to Holders
	  	 	51	  
	 Section 6.7
	 	 Compensation and Indemnity.
	  	 	52	  

  
 iv 

							
	 Section 6.8
	 	 Replacement of Indenture Trustee
	  	 	52	  
	 Section 6.9
	 	 Successor Indenture Trustee by Merger
	  	 	53	  
	 Section 6.10
	 	 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	 	54	  
	 Section 6.11
	 	 Eligibility; Disqualification
	  	 	55	  
	 Section 6.12
	 	 Preferential Collection of Claims Against Issuer
	  	 	56	  
	 Section 6.13
	 	 Communications Regarding Demands to Purchase Receivables
	  	 	56	  
	
	ARTICLE VII	  
	NOTEHOLDERS’ LISTS AND REPORTS	  
			
	 Section 7.1
	 	 Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders
	  	 	56	  
	 Section 7.2
	 	 Preservation of Information; Communications to Noteholders
	  	 	56	  
	 Section 7.3
	 	 Reports by Issuer
	  	 	57	  
	 Section 7.4
	 	 Reports by Indenture Trustee
	  	 	57	  
	
	ARTICLE VIII	  
	ACCOUNTS, DISBURSEMENTS AND RELEASES	  
			
	 Section 8.1
	 	 Collection of Money
	  	 	58	  
	 Section 8.2
	 	 Trust Accounts
	  	 	58	  
	 Section 8.3
	 	 General Provisions Regarding Accounts
	  	 	59	  
	 Section 8.4
	 	 Release of Trust Estate
	  	 	59	  
	 Section 8.5
	 	 Opinion of Counsel
	  	 	60	  
	
	ARTICLE IX	  
	SUPPLEMENTAL INDENTURES	  
			
	 Section 9.1
	 	 Supplemental Indentures Without Consent of Noteholders
	  	 	60	  
	 Section 9.2
	 	 Supplemental Indentures with Consent of Noteholders
	  	 	62	  
	 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	  

  
 v 

							
	Section 11.3	 	Acts of Noteholders	  	 	68	  
	Section 11.4	 	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	  	 	69	  
	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	  	 	70	  
	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	  	 	71	  
	Section 11.14	 	Counterparts	  	 	71	  
	Section 11.15	 	Recording of Indenture	  	 	71	  
	Section 11.16	 	Trust Obligation	  	 	71	  
	Section 11.17	 	No Petition	  	 	72	  
	Section 11.18	 	Inspection	  	 	72	  
	Section 11.19	 	Third-Party Beneficiaries	  	 	72	  
	Section 11.20	 	Limitation on Recourse to CarMax Funding	  	 	72	  

 EXHIBITS 
  

			
	EXHIBIT A-1	  	Form of Class A-1 Note
	EXHIBIT A-2	  	Form of Class A-2 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

  
 vi 

 INDENTURE, dated as of June 1, 2012 (as amended, supplemented or otherwise modified and
in effect from time to time, this “Indenture”), between CARMAX AUTO OWNER TRUST 2012-2, a Delaware statutory trust (the “Issuer”), and WELLS FARGO 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 0.29191% Class A-1 Asset-Backed Notes (the “Class A-1 Notes”), 0.64% Class A-2
Asset-Backed Notes (the “Class A-2 Notes”), 0.84% Class A-3 Asset-Backed Notes (the “Class A-3 Notes”), 1.16% 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”), 1.73% Class B Asset-Backed Notes (the “Class B Notes”), 2.08% Class C Asset-Backed Notes (the “Class C
Notes”) and 3.02% 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”): 

A. 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. 

 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. 
 (a) Except as otherwise specified herein or
as the context may otherwise require, the following terms shall have the respective meanings set forth below for all purposes of this Indenture. 
 “Accrual Period” shall mean (i) in the case of the Class A-1 Notes, each period from and including a Distribution Date to but excluding the following Distribution Date (or, in
the case of the initial Accrual Period, the period from and including the Closing Date to but excluding the initial Distribution Date) and (ii) in the case of the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the
Class B Notes, the Class C Notes and the Class D Notes, each period from and including the 15th day of a month to but excluding the 15th day of the following month (or, in the case of the initial Accrual Period, the period from and including the
Closing Date to but excluding July 16, 2012). 
 “Act” shall have the meaning specified in Section
Section 11.3(a). 
 “Administration Agreement” shall mean the Administration Agreement, dated as of
June 1, 2012, among the Administrator, the Issuer and the Indenture Trustee. 
 “Administrator” shall mean
CarMax, or any successor Administrator under the Administration Agreement. 
 “Authenticating Agent” shall have
the meaning specified in Section Section 2.14. 
 “Authorized Officer” shall mean, with respect to the
Issuer, any officer of the Owner Trustee who is authorized to act for or on behalf of the Owner Trustee in matters relating to the Issuer and who is identified on the list of Authorized Officers or authorized signatories delivered by the Owner
Trustee to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and, for so long as the Administration Agreement is in full force and effect, any officer of the Administrator who is
authorized to act for the Administrator in matters relating to the Issuer and to be acted upon by the Administrator pursuant to the Administration Agreement. 
 “Backup Servicer” shall mean Wells Fargo Bank, National Association, a national banking association, in its capacity as backup servicer of the Receivables under the Sale and Servicing
Agreement, or any successor backup servicer appointed under the Sale and Servicing Agreement. 

  
 2 

 “Book-Entry Notes” shall mean a beneficial interest in the Notes, ownership
and transfers of which shall be made through book entries by a Clearing Agency as described in Section Section 2.11. 

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

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

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

“Class” shall mean a class of Notes, which may be the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes or the Class D Notes. 
 “Class A
Noteholders” shall mean the Class A-1 Noteholders, the Class A-2 Noteholders, the Class A-3 Noteholders and the Class A-4 Noteholders. 
 “Class A-1 Final Distribution Date” shall mean the June 17, 2013 Distribution Date. 
 “Class A-1 Noteholder” shall mean the Person in whose name a Class A-1 Note is registered on the Note Register. 

“Class A-1 Notes” shall mean the 0.29191% Class A-1 Asset-Backed Notes issued by the Issuer pursuant to this
Indenture in the initial aggregate principal amount of $157,000,000. 
 “Class A-1 Rate” shall mean
0.29191% per annum. 
 “Class A-2 Final Distribution Date” shall mean the May 15, 2015 Distribution
Date. 
 “Class A-2 Noteholder” shall mean the Person in whose name a Class A-2 Note is registered on the
Note Register. 
 “Class A-2 Notes” shall mean the 0.64% Class A-2 Asset-Backed Notes issued by the Issuer
pursuant to this Indenture in the initial aggregate principal amount of $291,000,000. 
 “Class A-2 Rate” shall
mean 0.64% per annum. 

  
 3 

 “Class A-3 Final Distribution Date” shall mean the March 15, 2017
Distribution Date. 
 “Class A-3 Noteholder” shall mean the Person in whose name a Class A-3 Note is
registered on the Note Register. 
 “Class A-3 Notes” shall mean the 0.84% Class A-3 Asset-Backed Notes
issued by the Issuer pursuant to this Indenture in the initial aggregate principal amount of $327,000,000. 
 “Class A-3
Rate” shall mean 0.84% per annum. 
 “Class A-4 Final Distribution Date” shall mean the
December 15, 2017 Distribution Date. 
 “Class A-4 Noteholder” shall mean the Person in whose name a
Class A-4 Note is registered on the Note Register. 
 “Class A-4 Notes” shall mean the 1.16%
Class A-4 Asset-Backed Notes issued by the Issuer pursuant to this Indenture in the initial aggregate principal amount of $112,360,000. 
 “Class A-4 Rate” shall mean 1.16% per annum. 

“Class B Final Distribution Date” shall mean the February 15, 2018 Distribution Date. 

“Class B Noteholder” shall mean the Person in whose name a Class B Note is registered on the Note Register. 

“Class B Notes” shall mean the 1.73% Class B Asset-Backed Notes issued by the Issuer pursuant to this Indenture in the
initial aggregate principal amount of $19,740,000. 
 “Class B Rate” shall mean 1.73% per annum.

 “Class C Final Distribution Date” shall mean the March 15, 2018 Distribution Date. 

“Class C Noteholder” shall mean the Person in whose name a Class C Note is registered on the Note Register. 

“Class C Notes” shall mean the 2.08% Class C Asset-Backed Notes issued by the Issuer pursuant to this Indenture in the
initial aggregate principal amount of $16,920,000. 
 “Class C Rate” shall mean 2.08% per annum.

 “Class D Final Distribution Date” shall mean the December 17, 2018 Distribution Date. 

“Class D Noteholder” shall mean the Person in whose name a Class D Note is registered on the Note Register. 

  
 4 

 “Class D Notes” shall mean the 3.02% Class D Asset-Backed Notes issued by
the Issuer pursuant to this Indenture in the initial aggregate principal amount of $15,980,000. 
 “Class D
Rate” shall mean 3.02% per annum. 
 “Class Final Distribution Date” shall mean all or any of the
Class A-1 Final Distribution Date, the Class A-2 Final Distribution Date, the Class A-3 Final Distribution Date, the Class A-4 Final Distribution Date, the Class B Final Distribution Date, the Class C Final Distribution Date and
the Class D Final Distribution Date, as the context requires. 
 “Clearing Agency” shall mean an organization
registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Agency
Participant” shall mean a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 

“Closing Date” shall mean June 13, 2012. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated thereunder. 

“Collateral” shall have the meaning specified in the Granting Clause of this Indenture. 

“Collection Period” shall mean each calendar month during the term of this Agreement or, in the case of the initial
Collection Period, the period from but excluding the Cutoff Date to and including June 30, 2012. 

“Commission” shall mean the Securities and Exchange Commission. 

“Controlling Class” shall mean (i) the Class A Notes so long as any Class A Notes are outstanding,
(ii) thereafter the Class B Notes so long as any Class B Notes are outstanding, (iii) thereafter the Class C Notes so long as any Class C Notes are outstanding and (iv) thereafter the Class D Notes. 

“Corporate Trust Office” shall mean the principal office of the Indenture Trustee at which at any particular time its
corporate trust business shall be administered, which office at date of execution of this Indenture is located at Wells Fargo Center, MAC N9311-161, Sixth and Marquette, Minneapolis, Minnesota 55479, Attention: Asset Backed Securities Department, or
at such other address as the Indenture Trustee may designate from time to time by written notice to the Noteholders and the Issuer, or the principal corporate trust office of any successor Indenture Trustee at the address designated by such
successor Indenture Trustee by written notice to the Noteholders and the Issuer. 
 “Default” shall mean any
event that, with notice or the lapse of time or both, would become an Event of Default. 

  
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 “Definitive Notes” shall have the meaning specified in Section
Section 2.11. 
 “Delaware Trustee” shall mean BNY Mellon Trust of Delaware, a Delaware banking
corporation, not in its individual capacity but solely as Delaware Trustee under the Trust Agreement, and any successor Delaware Trustee under the Trust Agreement. 
 “Depositor” shall mean CarMax Auto Funding LLC, a Delaware limited liability company. 
 “Distribution Date” shall mean the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day, commencing on July 16, 2012. 

“Event of Default” shall have the meaning specified in Section Section 5.1. 

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

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

“Executive Officer” shall mean, with respect to any corporation or limited liability company, as applicable, the Chief
Executive Officer, the Chief Operating Officer, the Chief Financial Officer, the President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary or the Treasurer of such corporation, depository institution or
limited liability company, and, with respect to any partnership, any general partner of such partnership. 

“Fitch” shall mean Fitch, Inc., and its successors. 

“Grant” shall mean to mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer,
create, and to grant a lien upon and a security interest in and right of set-off against, and to deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights,
powers and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all
other monies payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do
and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 

“Holder” or “Noteholder” shall mean the Person in whose name a Note is registered in the Note Register.

 “Indenture Trustee” shall mean Wells Fargo Bank, National Association, a national banking association, not
in its individual capacity but solely as Indenture Trustee under this Indenture, and any successor Indenture Trustee under this Indenture. 

  
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 “Independent” shall mean, when used with respect to any specified Person,
that such Person (i) is in fact independent of the Issuer, any other obligor on the Notes, the Depositor, the Seller, the Servicer and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any
material indirect financial interest in the Issuer, any such other obligor, the Depositor, the Seller, the Servicer or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuer, any such other obligor, the
Depositor, the Seller, the Servicer or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions. 

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

“Insolvency Event” shall mean, with respect to any Person, (i) the making by such Person of a general assignment
for the benefit of creditors, (ii) the filing by such Person of a voluntary petition in bankruptcy, (iii) such Person being adjudged bankrupt or insolvent, or having had entered against such Person an order for relief in any bankruptcy or
insolvency proceeding, (iv) the filing by such Person of a petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, (v) the filing
by such Person of an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such Person in any proceeding specified in clause (vii) below, (vi) seeking, consenting to or acquiescing in
the appointment of a trustee, receiver or liquidator of such Person or of all or any substantial part of the assets of such Person or (vii) the failure to obtain dismissal within sixty (60) days of the commencement of any proceeding
against such Person seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, or the entry of any order appointing a trustee, liquidator or receiver of such
Person of all or any substantial portion of the assets of such Person. 
 “Issuer” shall mean CarMax Auto Owner
Trust 2012-2 or any successor to CarMax Auto Owner Trust 2012-2 and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Notes. 
 “Issuer Order” shall mean a written order signed in the name of the Issuer by an Authorized Officer of the Issuer and delivered to the Indenture Trustee by the Administrator, if signed by
an officer of the Administrator, or at the written direction of the Depositor, if signed by an officer of the Owner Trustee. 

“Issuer Request” shall mean a written request signed in the name of the Issuer by an Authorized Officer of the Issuer
and delivered to the Indenture Trustee by the Administrator, if signed by an officer of the Administrator, or at the written direction of the Depositor, if signed by an officer of the Owner Trustee. 

  
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 “Maryland Code” shall mean Maryland Code Annotated, Financial Institutions
§11-401 et seq. 
 “Moody’s” shall mean Moody’s Investors Service, Inc., and its successors.

 “Note Balance” shall mean, at any time, the aggregate principal amount of all Notes Outstanding at such time
or the aggregate principal amount of all Notes of the Controlling Class Outstanding at such time, as the context requires. 

“Note Depository Agreement” shall mean the Letter of Representations dated June 13, 2012, among the Issuer and The
Depository Trust Company, as the initial Clearing Agency, relating to the Notes. 
 “Note Owner” shall mean,
with respect to any Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note as reflected on the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing
Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency). 

“Note Rate” shall mean, in the case of the Class A-1 Notes, the Class A-1 Rate; in the case of the
Class A-2 Notes, the Class A-2 Rate; in the case of the Class A-3 Notes, the Class A-3 Rate; in the case of the Class A-4 Notes, the Class A-4 Rate; in the case of the Class B Notes, the Class B Rate; in the case of the
Class C Notes, the Class C Rate; and in the case of the Class D Notes, the Class D Rate. 
 “Note Register”
shall have the meaning specified in Section Section 2.5. 
 “Note Registrar” shall have the meaning
specified in Section Section 2.5. 
 “Noteholders” shall mean the Class A-1 Noteholders, the
Class A-2 Noteholders, the Class A-3 Noteholders, the Class A-4 Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders. 
 “Notes” shall mean the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes.

 “Officer’s Certificate” shall mean a certificate signed by an Authorized Officer of the Issuer and
delivered to the Indenture Trustee, which certificate shall comply with the applicable requirements of Section Section 11.1. 
 “Opinion of Counsel” shall mean one or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture, be an employee of, or outside counsel to, the
Issuer, the Depositor, the Seller or the Servicer and who shall be acceptable to the Indenture Trustee, which opinion or opinions shall be addressed to the Indenture Trustee as Indenture Trustee, shall comply with any applicable requirements of
Section Section 11.1 and shall be in form and substance satisfactory to the Indenture Trustee. 

  
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 “Outstanding” shall mean, as of the date of determination, all Notes
theretofore authenticated and delivered under this Indenture except: 
  

	 	(i)	Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation; 

 

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

  

	 	(iii)	Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture
Trustee is presented that any such Notes are held by a “protected purchaser” (as defined in the Relevant UCC); provided, however, that in determining whether the Holders of the requisite principal amount of the Notes
Outstanding have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Transaction Document, Notes owned by the Issuer, any other obligor upon the Notes, the Depositor, the Seller, the Servicer or any
Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying on any such request, demand, authorization, direction, notice,
consent or waiver, only Notes that a Responsible Officer knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture
Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Depositor, the Seller, the Servicer or any Affiliate of any of the foregoing Persons.

 “Owner Trustee” shall mean The Bank of New York Mellon, a New York banking corporation, not in
its individual capacity but solely as Owner Trustee under the Trust Agreement, and any successor Owner Trustee under the Trust Agreement. 
 “Paying Agent” shall mean the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section Section 6.11 and is authorized
by the Issuer to make payments to and distributions from the Collection Account and the Note Payment Account, including payment of principal of and interest on the Notes, on behalf of the Issuer. 

  
 9 

 “Pennsylvania Motor Vehicle Sales Finance Company Act” shall mean 69 P.S.
§601 et seq. 
 “Predecessor Note” shall mean, with respect to any particular Note, every previous Note
evidencing all or a portion of the same debt as that evidenced by such particular Note. Any Note authenticated and delivered under Section Section 2.6 in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed, for purposes of this
definition, to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Proceeding” shall
mean any suit in equity, action at law or other judicial or administrative proceeding. 
 “Rating Agency” shall
mean Fitch or Moody’s; provided, however, that if Fitch or Moody’s cease to exist, Rating Agency shall mean any nationally recognized statistical rating organization or other comparable Person designated by the Issuer,
written notice of which designation shall have been given to the Depositor, the Servicer, the Indenture Trustee and the Owner Trustee. 
 “Rating Agency Condition” shall mean, with respect to any action, a condition that is satisfied if the person requesting such action (i) delivers a letter from each Rating Agency to
the Depositor, the Seller, the Servicer, the Indenture Trustee and the Owner Trustee to the effect that such action will not result in a reduction or withdrawal of the then-current rating assigned by such Rating Agency to any Class of Notes or
(ii) provides ten (10) Business Days’ prior written notice of such action to each Rating Agency and such Rating Agency has not notified the Depositor, the Seller, the Servicer, the Indenture Trustee and the Owner Trustee in writing
that such action will result in a reduction or withdrawal of the then-current rating assigned by such Rating Agency to any Class of Notes. 
 “Record Date” shall mean, with respect to any Distribution Date or Redemption Date, the close of business on the Business Day preceding such Distribution Date or Redemption Date;
provided, however, that if Definitive Notes have been issued pursuant to Section Section 2.13, Record Date shall mean, with respect to any Distribution Date or Redemption Date, the last day of the preceding Collection Period.

 “Redemption Date” shall mean the Distribution Date specified by the Servicer pursuant to Section
Section 10.1 on which date the Indenture Trustee shall withdraw any amounts remaining in the Reserve Account and deposit the portion of such amounts payable to the Noteholders in the Note Payment Account. 

“Redemption Price” shall mean, in the case of a redemption of Notes pursuant to Section Section 10.1, an amount
equal to the unpaid principal amount of the Notes redeemed plus accrued and unpaid interest thereon. 
 “Responsible
Officer” shall mean any managing director, principal, vice president, assistant vice president, assistant secretary, assistant treasurer or trust officer of the Indenture Trustee or any other officer of the Indenture Trustee customarily
performing functions similar to those performed by any of the above designated officers and, with respect to a particular corporate trust matter, any other officer of the Indenture Trustee to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject. 

  
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 “Sale and Servicing Agreement” shall mean the Sale and Servicing Agreement,
dated as of June 1, 2012, among the Issuer, the Depositor, the Servicer and the Backup Servicer. 

“Seller” shall mean CarMax, in its capacity as seller of the Receivables under the Receivables Purchase Agreement.

 “Servicer” shall mean CarMax, in its capacity as servicer of the Receivables under the Sale and Servicing
Agreement. 
 “State” shall mean any of the 50 states of the United States or the District of Columbia.

 “Successor Servicer” shall have the meaning specified in Section Section 3.7(e). 

“Transaction Documents” shall mean the Receivables Purchase Agreement, the Trust Agreement, the Sale and Servicing
Agreement, the Certificate of Trust, this Indenture, the Administration Agreement, the Note Depository Agreement and the other documents and certificates delivered in connection therewith. 

“Trust Accounts” shall mean the Collection Account, the Note Payment Account, the Certificate Payment Account and the
Reserve Account. 
 “Trust Agreement” shall mean the Amended and Restated Trust Agreement, dated as of
June 1, 2012, among the Depositor, the Delaware Trustee and the Owner Trustee. 
 “Trust Estate” shall
mean all money, instruments, rights and other property that are subject or intended to be subject to the lien and security interest of this Indenture for the benefit of the Noteholders (including all property and interests Granted to the Indenture
Trustee), including all proceeds thereof. 
 “Trust Fiscal Year” shall mean the period commencing on
March 1 of any year and ending on February 28 (or February 29, if applicable) of the following year. 

“Trust Indenture Act” or “TIA” shall mean the Trust Indenture Act of 1939, as amended. 

(b) Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein
have the respective meanings set forth in, or incorporated by reference into, the Sale and Servicing Agreement or the Trust Agreement for all purposes of this Indenture. 

  
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 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; 

  

	 	(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)	“or” is not exclusive; 

  

	 	(iv)	“including” means including without limitation; 

  

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

 

	 	(vi)	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; 

 

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

  
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	 	(viii)	Article, Section and Exhibit references contained in this Indenture are references to Articles, Sections and Exhibits in or to this Indenture unless otherwise
specified. 

 ARTICLE II 
 THE NOTES 
 Section 2.1 Form. 

(a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class
C Notes 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-2, 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 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 Exhibits A-1 through A-4, Exhibit B and
Exhibit C 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 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 that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such
Notes or did not hold such offices on the date of such Notes. 
 (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 $157,000,000, the Class A-2 Notes for original issue in an aggregate principal amount of $291,000,000, the Class A-3 Notes for
original issue in an aggregate principal amount of $327,000,000, the Class A-4 Notes for original issue in an aggregate principal amount of $112,360,000, the Class B Notes for original issue in an aggregate principal amount of $19,740,000, the
Class C Notes for original issue in an aggregate principal amount of $16,920,000 and the Class D Notes for original issue in 

  
 13 

 
an aggregate principal amount of $15,980,000. The aggregate principal amounts of Class A-1 Notes, Class A-2 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 Section 2.6. 
 (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.

 (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 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 (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
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. 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 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 as indebtedness of the Issuer for federal, State and local income and franchise tax purposes. 

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 

  
 14 

 
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 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. 
 (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 Sections Section 2.3 or
Section 9.6 not involving any transfer. 

  
 15 

 (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 will be deemed to have represented and warranted, by its acceptance of the
Note (or an interest therein), that either (a) it is not acquiring the Note (or an interest therein) with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to the fiduciary
requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Code, including individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) 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 the Note (or an interest therein) will not constitute or result in a non-exempt “prohibited
transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 
 (j) Any purported transfer of a Note not in accordance with this Section 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 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 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 

  
 16 

 
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 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 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 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 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 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 shall apply the Available Funds for
such Distribution Date to make the following payments and deposits in the following order of priority: 
  

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

  

	 	(ii)	 to the Backup Servicer, the Total Backup Servicer Fee for the preceding Collection Period plus (a) any amounts due in connection with
indemnification of the Backup Servicer and not paid pursuant to Section Section 7.3 of the Sale and Servicing Agreement and (b) if the Backup Servicer has become the Servicer pursuant to Section Section 8.2 of the Sale and Servicing

  
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Agreement, any Transition Costs due in connection with such transfer of servicing and not paid pursuant to Section Section 8.2(b) of the Sale and Servicing Agreement; provided,
however, that total payments pursuant to clauses (a) and (b) of this clause (ii) shall not exceed $175,000 in the aggregate; 

  

	 	(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 (b), 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 (b), 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;

  

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

  

	 	(xiii)	 if the Backup Servicer or any Successor Servicer has become the Servicer pursuant to Section Section 8.2 of the Sale and Servicing Agreement, to
the Backup Servicer or such other Successor 

  
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Servicer, as applicable, any Transition Costs due to the Backup Servicer in connection with such transfer of servicing and not paid pursuant to Section Section 8.2(b) of the Sale and
Servicing Agreement that are in excess of the cap described in clause (ii) above plus any Transition Costs due to such other Successor Servicer in connection with such transfer of servicing and not paid pursuant to Section
Section 8.2(b) of the Sale and Servicing Agreement plus the Additional Servicing Fee, if any, for the preceding Collection Period; 

  

	 	(xiv)	to the Backup Servicer, any amounts due in connection with indemnification of the Backup Servicer and not paid pursuant to Section Section 7.3 of the Sale and
Servicing Agreement that are in excess of the cap described in clause (ii) above; and 

  

	 	(xv)	unless the Notes have been declared immediately due and payable following an Event of Default, to the Certificate Payment Account, for payment to the
Certificateholders, or, if the Notes have been declared immediately due and payable following an Event of Default, to the Note Payment Account, for payment to the Noteholders, any remaining Available Funds (the “Excess
Collections”). 

 (b) Notwithstanding any other provision of this Section Section 2.8 and except as
provided in Section 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
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. 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 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; 

  
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	 	(ii)	following payment in full of the Class A-1 Notes, to the Class A-2 Noteholders until the principal amount of the Class A-2 Notes has been paid in full;

  

	 	(iii)	following payment in full of the Class A-2 Notes, to the Class A-3 Noteholders until the principal amount of the Class A-3 Notes has been paid in full;

  

	 	(iv)	following payment in full of the Class A-3 Notes, to the Class A-4 Noteholders until the principal amount of the Class A-4 Notes has been paid in full;

  

	 	(v)	following payment in full of the Class A-4 Notes, to the Class B Noteholders until the principal amount of the Class B Notes has been paid in full;

  

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

  

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

 (e) 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-2 Notes, to the extent not previously paid, shall be due and payable on the Class A-2 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. 

(f) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class
C Notes and the Class D Notes shall accrue interest during each Accrual Period at the Class A-1 Rate, the Class A-2 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 shall be calculated on the basis of the actual number of days elapsed and a 360-day year. Interest on

  
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the Class A-2 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 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 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 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; 

  
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	 	(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 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. 
 Section 2.9 Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption in whole pursuant to Sections 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 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 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 Officer’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.

 (a) The 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 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 Section 2.11 shall be in full force and effect; 

  
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	 	(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 Section 2.11 conflict with any other provisions of this Indenture, the provisions of this Section
Section 2.11 shall control; 

  

	 	(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 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 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. 

  
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 Section 2.13 Definitive 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. 
 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 Sections 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 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. 

  
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 (d) The Administrator agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services. The provisions of Sections Section 2.9 and Section 6.4 shall be applicable to any Authenticating Agent. 
 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 the Borough of Manhattan, The City of New York, 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 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 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. 
 (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 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; 

  
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	 	(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 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 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). 

  
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 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 Indenture Trustee to file any financing statement or continuation
statement required pursuant to this Section Section 3.5 and designates the Indenture Trustee as its agent and attorney-in-fact to execute any other instrument required to be executed pursuant to this Section Section 3.5. The Issuer further
hereby authorizes the Indenture Trustee to file any financing statement and amendments thereto that indicate the Collateral (A) as all assets of the Issuer, all personal 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. 

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 2013), the Issuer shall deliver to the Depositor, the Indenture
Trustee and the Backup Servicer 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

  
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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
Officer’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. 

(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) If an Event of Servicing Termination shall have occurred and be continuing, the Indenture Trustee or the Holders of Notes evidencing
not less than 51% of the Note Balance of the Controlling Class, in each case by notice then given in writing to the Depositor, the Servicer and the Backup Servicer (with a copy to the Indenture Trustee and the Owner Trustee if given by the
Noteholders), may, pursuant to Section Section 8.1 of the Sale and Servicing Agreement, terminate all of the rights and obligations of the 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
Section 8.1 of the Sale and Servicing Agreement, the Issuer shall promptly notify the Depositor, the Indenture Trustee, the Backup Servicer, the Administrator and the Rating Agencies in writing of such termination. Upon the Backup Servicer
becoming the Servicer or 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 HB3), 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 2013), the Issuer shall
deliver to the Depositor and the Indenture Trustee an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 
  

	 	(i)	a review of the activities of the Issuer during the preceding Trust Fiscal Year (or, in the case of the Officer’s Certificate to be delivered in the year 2013,
during the period beginning on the Closing Date and ending on February 28, 2013) 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 Officer’s Certificate to be delivered in the year 2013, during the period beginning on the Closing Date and ending on February 28, 2013) 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 Depositor and the Indenture Trustee, the due and punctual payment

  
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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 Officer’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 harmless the Issuer against and from any loss, liability or expense

  
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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; 

 

	 	(vi)	the Issuer shall have delivered to the Indenture Trustee and the Depositor an Officer’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 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
Section 3.10(b), CarMax Auto Owner Trust 2012-2 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 2012-2 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. 

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) Sections 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 Section 6.7 and the obligations of the Indenture Trustee under Section 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: 
  

	 	(i)	either 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 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 Section 3.3) have been delivered to the Indenture Trustee for cancellation; or 

  

	 	(ii)	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, 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 Section 10.1(a)), as the case may be; 

 

	 	(iii)	the Issuer has paid or caused to be paid all other sums payable by the Issuer hereunder and under the other Transaction Documents; 

  
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	 	(iv)	the Issuer has delivered to the Depositor and the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or the Indenture
Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section Section 11.1(a) and, subject to Section Section 11.2, each stating that all conditions precedent provided
for in this Indenture relating to the satisfaction and discharge of this Indenture have been complied with; and 

  

	 	(v)	the Issuer has delivered to the Depositor and the Indenture Trustee an Opinion of Counsel to the effect that the satisfaction and discharge of this Indenture pursuant
to this Section Section 4.1 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. 

Section 4.2 Satisfaction, Discharge and Defeasance of the Notes. 

(a) Upon satisfaction of the conditions set forth in subsection (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 subsection (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 Sections 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 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 subsection (a) of this Section Section 4.2 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 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, 

  
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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; 

  

	 	(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 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 Officer’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 Section 4.2 have been complied with. 

 Section 4.3 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to Section 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 Section 3.3, and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 

  
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 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) Business Days; 

  

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

 

	 	(iii)	default in the observance or performance of any material 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 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

  
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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 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 Officer’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 

  
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	 	(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 Section 5.12. 

 (c) No such rescission shall affect any subsequent default or impair any right
consequent thereto. 
 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 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 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 11.1 of the United States Code or any other applicable federal or State 

  
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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 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 (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 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; and 

  

	 	(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; 

  

	 	(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 Section 6.7. 

  
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 (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. 

(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 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

  
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Default, other than an Event of Default described in Section 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. 

(b) Notwithstanding the provisions of Section Section 2.8 or Section Section 8.2, if the Indenture Trustee collects any money
or property pursuant to this Section Section 5.4 and the Notes have been accelerated, it shall pay out such money or property (and other amounts, including all amounts held on deposit in the Reserve Account) in the following order of priority:

  

	 	(i)	first, to the Servicer, the Total Servicing Fee for the preceding Collection Period and any Unreimbursed Servicer Advances for the preceding Collection Period;

  

	 	(ii)	second, (A) to the Backup Servicer, the Total Backup Servicer Fee for the preceding Collection Period plus any amounts due in connection with indemnification of
the Backup Servicer and not paid pursuant to Section Section 7.3 of the Sale and Servicing Agreement plus, if the Backup Servicer has become the Servicer pursuant to Section Section 8.2 of the Sale and Servicing Agreement, any Transition
Costs due in connection with such transfer of servicing and not paid pursuant to Section Section 8.2(b) of the Sale and Servicing Agreement and (B) to the Indenture Trustee, all amounts due to the Indenture Trustee as compensation pursuant
to Section Section 6.7 not previously paid by the Administrator, and to the Delaware Trustee and the Owner Trustee, all amounts due to the Delaware Trustee and the Owner Trustee pursuant to Sections 8.1 and 8.2 of the Trust 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; 

  
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	 	(iv)	fourth, if an Event of Default described in Section 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; 

  

	 	(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 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; 

  
 43 

	 	(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; 

 

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

 

	 	(vi)	sixth, if the Backup Servicer or any other Successor Servicer has become the Servicer pursuant to Section Section 8.2 of the Sale and Servicing Agreement, to the
Backup Servicer or such other Successor Servicer, as applicable, any Transition Costs due in connection with such transfer of servicing and not paid pursuant to Section Section 8.2(b) of the Sale and Servicing Agreement plus the
Additional Servicing Fee, if any, for the preceding Collection Period; 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 Section 2.8 and Section Section 8.2. 
 (d) The
Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section 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 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. 

  
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 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, unless: 
  

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

 

	 	(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 in its
sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 

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 

  
 45 

 
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 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; 

 

	 	(ii)	subject to the express terms of Section 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 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. 

  
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 (b) Notwithstanding the rights of Noteholders set forth in this Section Section 5.11,
subject to Section 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 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 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 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. 

  
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 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 Section 5.4(b). 
 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 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. 

  
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 (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
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. 
 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 

  

	 	(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 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; and 

  
 49 

	 	(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 Section 5.11. 

 (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 Section 6.1 and the TIA. 
 (h) The Indenture Trustee
shall not be charged with knowledge of any Event of Default unless either (i) a Responsible Officer shall have actual knowledge of such Event of Default or (ii) written notice of such Event of Default shall have been given to the Indenture
Trustee in accordance with the provisions of this Indenture. 
 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 Officer’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 Officer’s Certificate or Opinion of Counsel unless it is proved that the
Indenture Trustee was negligent in such reliance. 
 (c) The Indenture Trustee 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. 

  
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 (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 the Issuer, personally or by agent or attorney. 
 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 and (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. 
 Section 6.5 Notice of Defaults. If a
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 Default within ninety (90) days after it occurs.
Except in the case of a Default in payment of principal of or interest on any Note (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 deliver, 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. 

  
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 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 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 or expense (including reasonable
attorneys’ fees and expenses) incurred by it in connection with the administration of this trust and the performance of its duties hereunder; provided, however, that the Administrator need not indemnify the Indenture Trustee for, or hold it
harmless against, any such loss, liability 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 Section 6.7 shall be paid by CarMax. 
 (b) The payment obligations to the Indenture Trustee pursuant to this Section 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 11.1 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 Section 6.8. The Indenture Trustee may resign at any time by so notifying the Issuer, the Administrator, the Depositor and the Noteholders. 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: 
  

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

  
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	 	(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
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 Section 6.8, the Administrator’s
obligations under Section 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 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 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 Section 6.11 and no notice of the appointment of any co-trustee or separate
trustee shall be required under Section 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 of investment grade by each of the Rating Agencies or shall otherwise be acceptable to each of the Rating Agencies. The Indenture Trustee shall
comply with TIA Section 310(b). 
 (b) Within 90 days after ascertaining the occurrence of an Event of Default which shall
not have been cured or waived, unless authorized by the Commission, the Indenture Trustee shall resign with respect to the Class A Notes, the Class B Notes, the Class C Notes or the Class D Notes in accordance with Section Section 6.8, and
the Issuer shall appoint a successor Indenture Trustee for one or more of such Classes, as applicable, so that there will be separate Indenture Trustees for the Class A Notes, the Class B Notes, the Class C Notes or the Class D Notes. In the
event the Indenture Trustee fails to comply with the terms of the preceding sentence, the Indenture Trustee shall comply with clauses (ii) and (iii) of TIA Section 310(b). 

(c) In the case of the appointment pursuant to this Section 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 

  
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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-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 Agreement. The Indenture Trustee shall provide the Depositor with notification, as soon as practicable and in any event within
five Business Days, of all demands communicated to the Indenture Trustee for the repurchase or replacement of any Receivable. 

ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 
 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 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 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. 

  
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 (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of
TIA Section 312(c). 
 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, 2013, 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. 

  
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 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. 
 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 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 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, in the name of the Indenture Trustee,
for the benefit of the Noteholders, 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 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 Section 2.8(b) or (f), as applicable. 

  
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 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. 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. 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 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 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 Section 5.2 or (iii) the Notes shall have been declared
immediately due and payable following an Event of Default, amounts collected or receivable from the Trust Estate are being applied in accordance with Section Section 5.4 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. 

Section 8.4 Release of Trust Estate. 
 (a) Subject to the payment of its fees and expenses pursuant to Section 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. 

  
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 (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums
due the Indenture Trustee pursuant to Section 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. 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 Officer’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 Section 11.1.

 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 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
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) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, without the consent of the Holders of any Notes, with
prior written notice to the Rating Agencies and the Administrator, at any time and from time to time, enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the following purposes:

  

	 	(i)	to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture
Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 

  

	 	(ii)	to evidence the succession, in compliance with the applicable provisions hereof, of another Person to the Issuer, and the assumption by any such successor of the
covenants of the Issuer herein and in the Notes contained; 

  
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	 	(iii)	to add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer;

  

	 	(iv)	to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 

 

	 	(v)	to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with any other provision herein or in any
supplemental indenture or in any offering document used in connection with the initial offer and sale of the Notes or to add any provisions to or change in any manner or eliminate any of the provisions of this Indenture which will not be
inconsistent with other provisions of this Indenture; 

  

	 	(vi)	to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions
of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or 

 

	 	(vii)	to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or
under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA; provided, however, that (i) no such supplemental indenture may materially adversely
affect the interests of any 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. A supplemental indenture shall be
deemed not to materially adversely affect the interests of any Noteholder if (i) the Person requesting such supplemental indenture obtains and delivers to the Indenture Trustee an Opinion of Counsel to that effect or (ii) the Rating Agency
Condition is satisfied. The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 

  
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 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 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 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)	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

  
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or liquidate the Trust Estate pursuant to Section 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; 

  

	 	(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 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
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 Sections 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 

  
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otherwise. Notwithstanding anything in this Indenture to the contrary, no supplemental indenture shall be effective without the prior written consent of the Owner Trustee if the supplemental
indenture would adversely modify the amount or timing of distributions to be made to the Owner Trustee 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 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 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, all amounts due to the
Backup 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 (a), the
Issuer shall furnish or cause the Servicer to furnish notice of such redemption to the Depositor, the Indenture Trustee, 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. 

  
 64 

 (b) In the event that the assets of the Issuer are purchased by the Servicer pursuant to
Section 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 (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 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
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 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 Section 10.2 (in the case of redemption pursuant to Section 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. 

  
 65 

 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 Officer’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 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 (a) or elsewhere in this Indenture, deliver to the Indenture Trustee an Officer’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 Officer’s Certificate certifying or stating the opinion
of any signer thereof as to the matters described in Section (b), 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

  
 66 

 
so deposited and of all other such property or securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in
the certificates furnished pursuant to Section (b) and this Section (c), 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 Officer’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 Officer’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
Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in Section (d), 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 (f) 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 (d) and this Section (e), 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 Officer’s Certificate is less than $25,000 or less than 1% of the Note Balance. 
 (g) Notwithstanding Section
Section 2.10 or any other provisions of this Section Section 11.1, the Issuer may, without compliance with the requirements of the other provisions of this Section 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 

  
 67 

 
opinion of, or representations by, one or more officers of the Depositor, the Seller, the Servicer, 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 Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 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 2012-2, in care of The Bank of New York Mellon, 101 Barclay Street, 4W, New York, New York 10286, Attention: Corporate Trust Division, Asset Backed Securities Group, 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, 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 (i) in case of Fitch, at the following address: Fitch, Inc., One State Street Plaza, New York, New York 10004, Attention: Auto Asset Backed Securities
Group, and via email to notifications.abs@fitchratings.com and (ii) in the case of Moody’s, at the following address: Moody’s Investors Service, Inc. ABS Monitoring Department, 25th Floor, 7.1 World Trade Center, 250 Greenwich Street,
New York, New York 10007. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. 

  
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 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. 
 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. 
 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. 

  
 70 

 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. 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). 
 Section 11.14 Counterparts.
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. 

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 

  
 71 

 
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, 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 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 

  
 72 

 
Depositor’s certificate of formation, operating agreement and all financing documents to which the Depositor is a party. The agreement set forth in the preceding sentence shall constitute a
subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. In addition, no amount owing by the Depositor 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. 

[SIGNATURE PAGE FOLLOWS] 

  
 73 

 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 2012-2
		
	By:	 	 THE BANK OF NEW YORK MELLON,

not in its individual capacity but solely as Owner Trustee

		
	By:	 	 /s/ Henry Baez

		 	Name: Henry Baez
		 	Title:   Senior Associate
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity but solely as Indenture Trustee

		
	By:	 	 /s/ Tara H. Anderson

		 	Name: Tara H. Anderson
		 	Title:   Vice President

 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	 	$157,000,000
		
	NO. A-1	 	CUSIP NO. 14313JAA9    

 CARMAX AUTO OWNER TRUST 2012-2 
 0.29191% CLASS A-1 ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-2, 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 Cede & Co., or its registered assigns, the principal sum of ONE
HUNDRED FIFTY-SEVEN MILLION DOLLARS 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 Section 2.8
of the Indenture dated as of June 1, 2012 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo 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 June 17, 2013 Distribution Date (the “Class A-1 Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 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 Section 3.1 of the Indenture. Interest on this Class A-1 Note shall accrue for each Distribution Date from and

  
 Ex. A-1-1

 
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. 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 July 16, 2012. 
 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] 

  
 Ex. A-1-2

 IN WITNESS WHEREOF, the Issuer has caused this Class A-1 Note to be duly executed as of
the date set forth below. 
 Dated: June 13, 2012 

 

			
	CARMAX AUTO OWNER TRUST 2012-2
		
	By:	 	 THE BANK OF NEW YORK MELLON,

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: June 13, 2012 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex. A-1-3

 [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 0.29191% Class A-1 Asset-Backed
Notes, which, together with the 0.64% Class A-2 Asset-Backed Notes, the 0.84% Class A-3 Asset-Backed Notes, the 1.16% Class A-4 Asset-Backed Notes, the 1.73% Class B Asset-Backed Notes, the 2.08% Class C Asset-Backed Notes and the
3.02% 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-2 Notes, 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 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 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 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 Note on a Distribution Date, then the
Indenture Trustee, in the name of and on behalf of the 

  
 Ex. A-1-4

 
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 New York, New York. 
 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

 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 the Note (or an interest therein) with the plan 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 Code, including individual retirement
accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) 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 the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

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 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 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 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. 

  
 Ex. A-1-6

 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 Wells Fargo Bank,
National Association, in its individual capacity, The Bank of New York Mellon, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the 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

 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

 Exhibit A-2 
 Form of Class A-2 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	 	$291,000,000    
		
	NO. A-2	 	CUSIP NO. 14313JAB7

 CARMAX AUTO OWNER TRUST 2012-2 
 0.64% CLASS A-2 ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-2, 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 Cede & Co., or its registered assigns, the principal sum of TWO
HUNDRED NINETY-ONE MILLION DOLLARS 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-2 Notes pursuant to Section Section 2.8
of the Indenture dated as of June 1, 2012 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking
association, as Indenture Trustee (in such capacity, the “Indenture Trustee”); provided, however, that principal of this Class A-2 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-2 Note shall be due and payable on the earlier of the May 15, 2015 Distribution Date (the “Class A-2 Final
Distribution Date”) and the Redemption Date, if any, pursuant to Section 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-2 Note at the rate per annum
shown above on each Distribution Date, until the principal of this Class A-2 Note is paid or made available for payment, on the principal amount of this Class A-2 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 Section 3.1 of the 

  
 Ex. A-2-1

 
Indenture. Interest on this Class A-2 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-2 Note on each Distribution Date shall equal one-twelfth of the product of (i) the rate per annum shown above and (ii) the principal amount of this Class A-2 Note outstanding on the preceding Distribution
Date (after giving effect to all payments of principal made on such preceding Distribution Date); provided, however, that the interest payable on this Class A-2 Note on July 16, 2012 shall equal $165,546.67. The principal of
and interest on this Class A-2 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 July 16, 2012. 
 The principal of and interest on this Class A-2 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-2 Note shall be applied first to interest due and payable on this Class A-2 Note as provided above and then to the unpaid principal of this Class A-2 Note. 

Reference is hereby made to the further provisions of this Class A-2 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-2 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-2 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-2-2

 IN WITNESS WHEREOF, the Issuer has caused this Class A-2 Note to be duly executed as of
the date set forth below. 
 Dated: June 13, 2012 

 

			
	CARMAX AUTO OWNER TRUST 2012-2
		
	By:	 	 THE BANK OF NEW YORK MELLON,

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-2 Notes designated above and referred to in the within-mentioned Indenture. 

Dated: June 13, 2012 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity but solely as Indenture Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex. A-2-3

 [REVERSE OF CLASS A-2 NOTE] 

This Class A-2 Note is one of a duly authorized issue of Notes of the Issuer, designated as its 0.64% Class A-2 Asset-Backed
Notes, which, together with the 0.29191% Class A-1 Asset-Backed Notes, the 0.84% Class A-3 Asset-Backed Notes, the 1.16% Class A-4 Asset-Backed Notes, the 1.73% Class B Asset-Backed Notes, the 2.08% Class C Asset-Backed Notes and the
3.02% 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-2 Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. The Class A-2 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-2
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-2 Note shall be due and payable on the earlier of the Class A-2 Final Distribution Date and the Redemption Date, if any, pursuant to Section 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 Section 5.2 of the Indenture.
All principal payments on the Class A-2 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-2 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-2 Note, shall be made by check mailed to the Person whose name appears as the Holder of this Class A-2 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 Business Days prior to the related Record Date, except that with
respect to Class A-2 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-2 Note be submitted for notation
of payment. Any reduction in the principal amount of this Class A-2 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-2 Note and of
any Class A-2 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-2 

  
 Ex. A-2-4

 
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-2 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 New York, New York. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-2 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-2 Note may be
registered on the Note Register upon surrender of this Class A-2 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-2 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-2 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-2-5

 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 the Note (or an interest therein) with the plan 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 Code, including
individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) 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 the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law.

 The Issuer has entered into the Indenture and this Class A-2 Note is issued with the intention that, for federal,
State and local income, and franchise tax purposes, the Notes 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 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-2 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-2 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-2 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 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-2 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-2 Note and of any Class A-2 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-2 Note. 

The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

  
 Ex. A-2-6

 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-2 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-2 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 Wells Fargo Bank,
National Association, in its individual capacity, The Bank of New York Mellon, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class A-2 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-2 Note. 

  
 Ex. A-2-7

 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-2-8

 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	  	$327,000,000    
		
	NO. A-3	  	CUSIP NO. 14313JAC5

 CARMAX AUTO OWNER TRUST 2012-2 
 0.84% CLASS A-3 ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-2, 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 Cede & Co., or its registered assigns, the principal sum of THREE
HUNDRED TWENTY-SEVEN MILLION DOLLARS 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 Section 2.8
of the Indenture dated as of June 1, 2012 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo 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 and the Class A-2 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 March 15, 2017 Distribution Date (the “Class A-3 Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 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
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 

  
 Ex. A-3-1

 
Distribution Date), subject to certain limitations contained in Section 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 of the product of (i) the rate per annum shown above and
(ii) 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); provided, however, that the interest
payable on this Class A-3 Note on July 16, 2012 shall equal $244,160.00. 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 July 16, 2012. 
 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] 

  
 Ex. A-3-2

 IN WITNESS WHEREOF, the Issuer has caused this Class A-3 Note to be duly executed as of
the date set forth below. 
 Dated: June 13, 2012 

 

			
	CARMAX AUTO OWNER TRUST 2012-2
		
	By:	 	 THE BANK OF NEW YORK MELLON,

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: June 13, 2012 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity but solely as Indenture Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex. A-3-3

 [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 0.84% Class A-3 Asset-Backed
Notes, which, together with the 0.29191% Class A-1 Asset-Backed Notes, the 0.64% Class A-2 Asset-Backed Notes, the 1.16% Class A-4 Asset-Backed Notes, the 1.73% Class B Asset-Backed Notes, the 2.08% Class C Asset-Backed Notes and the
3.02% 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 and the Class A-2 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 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 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
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 Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-3 

  
 Ex. A-3-4

 
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-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 New York, New York. 
 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. 

  
 Ex. A-3-5

 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 the Note (or an interest therein) with the plan 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 Code, including individual retirement
accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) 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 the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

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 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 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 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. 

  
 Ex. A-3-6

 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 Wells Fargo Bank,
National Association, in its individual capacity, The Bank of New York Mellon, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the 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, 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-3-7

 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-3-8

 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	  	$112,360,000    
		
	NO. A-4	  	CUSIP NO. 14313JAD3

 CARMAX AUTO OWNER TRUST 2012-2 
 1.16% CLASS A-4 ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-2, 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 Cede & Co., or its registered assigns, the principal sum of ONE
HUNDRED TWELVE MILLION THREE HUNDRED SIXTY THOUSAND DOLLARS 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 Section 2.8 of the Indenture dated as of June 1, 2012 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo 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-2 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 December 15, 2017 Distribution Date (the “Class A-4 Final Distribution Date”) and the Redemption Date, if any, pursuant to Section
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

 
Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 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 of the product of (i) the rate per annum shown above and (ii) the principal amount of this Class A-4 Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal
made on such preceding Distribution Date); provided, however, that the interest payable on this Class A-4 Note on July 16, 2012 shall equal $155,855.64. 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 July 16, 2012. 
 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

 IN WITNESS WHEREOF, the Issuer has caused this Class A-4 Note to be duly executed as of
the date set forth below. 
 Dated: June 13, 2012 

 

			
	CARMAX AUTO OWNER TRUST 2012-2
		
	By:	 	 THE BANK OF NEW YORK MELLON,

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: June 13, 2012 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex. A-4-3

 [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 1.16% Class A-4 Asset-Backed
Notes, which, together with the 0.29191% Class A-1 Asset-Backed Notes, the 0.64% Class A-2 Asset-Backed Notes, the 0.84% Class A-3 Asset-Backed Notes, the 1.73% Class B Asset-Backed Notes, the 2.08% Class C Asset-Backed Notes and the
3.02% 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-2 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 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 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
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 Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-4 

  
 Ex. A-4-4

 
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 New York, New York. 
 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

 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 the Note (or an interest therein) with the plan 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 Code, including individual retirement
accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) 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 the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

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 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 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 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. 

  
 Ex. A-4-6

 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 Wells Fargo Bank,
National Association, in its individual capacity, The Bank of New York Mellon, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the 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, 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. 

  
 Ex. A-4-7

 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-4-8

 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	  	$19,740,000
		
	NO. B-1	  	CUSIP NO. 14313JAE1

 CARMAX AUTO OWNER TRUST 2012-2 
 1.73% CLASS B ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-2, 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 Cede & Co., or its registered assigns, the principal sum of NINETEEN
MILLION SEVEN HUNDRED FORTY THOUSAND DOLLARS 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
Section 2.8 of the Indenture dated as of June 1, 2012 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo 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-2 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 February 15, 2018 Distribution Date (the “Class B Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 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

 
subject to certain limitations contained in Section 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 of the product of (i) the rate per annum shown above and (ii) 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); provided, however, that the interest payable on this Class B Note on July 16,
2012 shall equal $30,355.73. 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 July 16, 2012. 

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

 IN WITNESS WHEREOF, the Issuer has caused this Class B Note to be duly executed as of the
date set forth below. 
 Dated: June 13, 2012 

 

			
	CARMAX AUTO OWNER TRUST 2012-2
		
	By:	 	 THE BANK OF NEW YORK MELLON,

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: June 13, 2012 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex. B-3

 [REVERSE OF CLASS B NOTE] 

This Class B Note is one of a duly authorized issue of Notes of the Issuer, designated as its 1.73% Class B Asset-Backed Notes, which,
together with the 0.29191% Class A-1 Asset-Backed Notes, the 0.64% Class A-2 Asset-Backed Notes, the 0.84% Class A-3 Asset-Backed Notes, the 1.16% Class A-4 Asset-Backed Notes, the 2.08% Class C Asset-Backed Notes and the 3.02%
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-2 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 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 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 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, for payment in full of the then remaining unpaid principal amount of this Class B Note on a

  
 Ex. B-4

 
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 New York, New York. 
 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. 

  
 Ex. B-5

 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 the Note (or an interest therein) with the plan 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 Code, including
individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) 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 the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law.

 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 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 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 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. 

  
 Ex. B-6

 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 Wells Fargo Bank,
National Association, in its individual capacity, The Bank of New York Mellon, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the 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, 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-7

 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. B-8

 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	  	$16,920,000    
		
	NO. C-1	  	CUSIP NO. 14313JAF8

 CARMAX AUTO OWNER TRUST 2012-2 
 2.08% CLASS C ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-2, 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 Cede & Co., or its registered assigns, the principal sum of SIXTEEN
MILLION NINE HUNDRED TWENTY THOUSAND DOLLARS 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
Section 2.8 of the Indenture dated as of June 1, 2012 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo 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-2 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 March 15, 2018 Distribution Date (the “Class C Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 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), 

  
 Ex. C-1

 
subject to certain limitations contained in Section 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 of the product of (i) the rate per annum shown above and (ii) 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); provided, however, that the interest payable on this Class C Note on July 16,
2012 shall equal $31,283.20. 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 July 16, 2012. 

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] 

  
 Ex. C-2

 IN WITNESS WHEREOF, the Issuer has caused this Class C Note to be duly executed as of the
date set forth below. 
 Dated: June 13, 2012 

 

			
	CARMAX AUTO OWNER TRUST 2012-2
		
	By:	 	THE BANK OF NEW YORK MELLON,
		 	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: June 13, 2012 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex. C-3

 [REVERSE OF CLASS C NOTE] 

This Class C Note is one of a duly authorized issue of Notes of the Issuer, designated as its 2.08% Class C Asset-Backed Notes, which,
together with the 0.29191% Class A-1 Asset-Backed Notes, the 0.64% Class A-2 Asset-Backed Notes, the 0.84% Class A-3 Asset-Backed Notes, the 1.16% Class A-4 Asset-Backed Notes, the 1.73% Class B Asset-Backed Notes and the 3.02%
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-2 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 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 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 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, for payment in full
of the then remaining unpaid principal amount of this Class C Note on a 

  
 Ex. C-4

 
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 New York, New York. 
 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. 

  
 Ex. C-5

 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 the Note (or an interest therein) with the plan 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 Code, including individual retirement
accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) 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 the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

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 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 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 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. 

  
 Ex. C-6

 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 Wells Fargo Bank,
National Association, in its individual capacity, The Bank of New York Mellon, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the 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, 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-7

 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-8

 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	 	$15,980,000    
		
	NO. D-1	 	CUSIP NO. 14313JAG6

 CARMAX AUTO OWNER TRUST 2012-2 
 3.02% CLASS D ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-2, 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 Cede & Co., or its registered assigns, the principal sum of FIFTEEN
MILLION NINE HUNDRED EIGHTY THOUSAND DOLLARS 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
Section 2.8 of the Indenture dated as of June 1, 2012 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo 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-2 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 December 17, 2018 Distribution Date (the “Class D Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 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 Date (after giving effect to all payments of principal made on such preceding Distribution Date), 

  
 Ex. D-1

 
subject to certain limitations contained in Section 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 of the product of (i) the rate per annum shown above and (ii) the principal amount of this
Class D Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date); provided, however, that the interest payable on this Class D Note on July 16,
2012 shall equal $42,897.42. 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 July 16, 2012. 

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

 IN WITNESS WHEREOF, the Issuer has caused this Class D Note to be duly executed as of the date set forth
below. 
 Dated: June 13, 2012 
  

			
	CARMAX AUTO OWNER TRUST 2012-2
		
	By:	 	THE BANK OF NEW YORK MELLON,
		 	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: June 13, 2012 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex. D-3

 [REVERSE OF CLASS D NOTE] 

This Class D Note is one of a duly authorized issue of Notes of the Issuer, designated as its 3.02% Class D Asset-Backed Notes, which,
together with the 0.29191% Class A-1 Asset-Backed Notes, the 0.64% Class A-2 Asset-Backed Notes, the 0.84% Class A-3 Asset-Backed Notes, the 1.16% Class A-4 Asset-Backed Notes, the 1.73% Class B Asset-Backed Notes and the 2.08%
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-2 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 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 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 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 Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the

  
 Ex. D-4

 
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 New York, New York. 
 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. 

  
 Ex. D-5

 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 the Note (or an interest therein) with the plan 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 Code, including
individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) 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 the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law.

 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 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 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 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. 

  
 Ex. D-6

 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 Wells Fargo Bank,
National Association, in its individual capacity, The Bank of New York Mellon, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the 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. 

  
 Ex. D-7

 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

 Exhibit E 
 Form of Opinion of Counsel 
 See Attached 

  
 Ex. E

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