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Exhibit 10.3

SIXTEENTH AMENDMENT

SIXTEENTH AMENDMENT, effective as of May 1, 2021 (this “Amendment”) to the Amended and Restated Master Purchase and Sale Agreement, dated as of March 6, 2017, as amended by the First Amendment, dated as of September 14, 2017, by the Second Amendment, dated as of November 3, 2017, by Omnibus Amendment No. 2 to Basic Documents (Ally-Carvana Flow), dated as of January 4, 2018, by the Third Amendment, dated as of November 2, 2018, by the Fourth Amendment, effective as of January 4, 2019, by the Fifth Amendment, effective as of March 6, 2019, by the Sixth Amendment, effective as of April 19, 2019, by the Seventh Amendment, effective as of March 19, 2020, by the Eighth Amendment, effective as of March 24, 2020, by the Ninth Amendment, effective as of April 29, 2020, by the Tenth Amendment, effective as of May 19, 2020, by the Eleventh Amendment, effective as of June 30, 2020, by the Twelfth Amendment, dated as of September 29, 2020, by the Thirteenth Amendment, dated as of December 30, 2020, by the Fourteenth Amendment, dated as of January 29, 2021 and by the Fifteenth Amendment, dated as of March 19, 2021 (the “Master Purchase and Sale Agreement”), among CARVANA AUTO RECEIVABLES 2016-1 LLC, a Delaware limited liability company, as Transferor (the “Transferor”), ALLY BANK, a Utah chartered bank, as a Purchaser (in such capacity, a “Purchaser”), and ALLY FINANCIAL INC., a Delaware corporation, as a Purchaser (in such capacity, a “Purchaser” and, together with Ally Bank, the “Purchasers”).

WITNESSETH:

WHEREAS, the Transferors and the Purchasers are parties to the Master Purchase and Sale Agreement pursuant to which the Purchasers have agreed to purchase specified portfolios of receivables and related property from the Transferor; and

WHEREAS, the parties wish to amend the Master Purchase and Sale Agreement in certain respects;

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION I
DEFINITIONS

Section 1.01    Defined Terms.  Unless otherwise defined herein, capitalized terms used in the above recitals and in this Amendment are defined in and shall have the respective meanings assigned to them in (or by reference in) Appendix A to the Master Purchase and Sale Agreement.

SECTION II

Exhibit 10.3

AMENDMENTS
Section 2.01    Amendments to Appendix A (Definitions).  Appendix A to the Master Purchase and Sale Agreement is hereby amended by:

(a)    adding a new definition of “Supplemental Servicing Fees” in proper alphabetical order to read as follows:

““Supplemental Servicing Fees” means, with respect to a Receivables Pool as of any Distribution Date, all late fees, prepayment charges and other administrative fees and expenses or similar charges allowed by applicable law with respect to related Receivables, collected (from whatever source) on the Receivables serviced by the Servicer during the related Collection Period.

(b)    inserting each of the following terms which are double underlined in the place where such term appears below to, and deleting the stricken terms from, the “Scheduled Commitment Termination Date” definition:

““Scheduled Commitment Termination Date” means March 18, 2022March 19, 2022.”

SECTION III
MISCELLANEOUS

Section 3.01    Conditions to Effectiveness.  This Amendment shall become effective as of the date first written above upon the receipt of the following:

(a)    a signed counterpart to this Amendment duly executed and delivered by each of the parties hereto; and

(b)    a signed copy of the Sixth Amendment to Master Servicing Agreement, effective as of the date hereof, shall have been duly executed and delivered by  Bridgecrest Credit Company, LLC, Ally Financial, Ally Bank, and DriveTime Automotive Group, Inc.

Section 3.02    Continuing Effect of the Master Purchase and Sale Agreement.  Except as specifically amended and modified above, the Master Purchase and Sale Agreement is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Purchasers under the Master Purchase and Sale Agreement, nor constitute a waiver of any provision of the Master Purchase and Sale Agreement.

Section 3.03    Representations and Warranties. The representations and warranties of  the Seller and the Transferor contained in the Basic Documents shall be true and correct in all material respects as of the effective date of this Amendment.

Section 3.04    Binding Effect.  This Amendment shall be binding upon and inure to the benefit of the Purchasers, the Servicer and their respective successors and permitted assigns.

Section 3.05    Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. The words “execution”, “signed”, “signature”, and words of like import in any such amendment, waiver, certificate, agreement or document related to this Amendment shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign).  The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the UCC.  In case any provision in or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Amendment contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings other than any fee letter contemplated hereby.

Section 3.06    GOVERNING LAW. SUBMISSION TO JURISDICTION, ETC.

(a)    THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AMENDMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

(b)    THE TRANSFEROR AND THE PURCHASERS HEREBY MUTUALLY AGREE TO SUBMIT TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE 

SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AMENDMENT, ANY OTHER BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH OF THE TRANSFEROR AND THE PURCHASERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

(c)    THE TRANSFEROR AND THE PURCHASERS EACH HEREBY WAIVES (TO EXTENT THAT IT MAY LAWFULLY DO SO) ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATED TO, OR IN CONNECTION WITH THIS AMENDMENT. INSTEAD, ANY DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

Section 3.07    Effect of Headings. The section headings herein are for convenience  only and shall not affect the construction hereof.

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

												
	CARVANA AUTO RECEIVABLES 2016-1 LLC,	
		as Transferor	
				
	By:	/s/ Paul Breaux	
		Name:	Paul Breaux	
		Title:	Vice President	
				
				
	ALLY BANK,	
		as Purchaser	
				
	By:	/s/ Aaron Dawkins	
		Name:	Aaron Dawkins	
		Title:	Authorized Representative	
				
				
	ALLY FINANCIAL INC.,	
		as Purchaser	
				
	By:	/s/ Thomas Elkins	
		Name:	Thomas Elkins	
		Title:	Authorized Representative	

 

						
	Agreed to and Accepted By:
		
	CARVANA, LLC,
		as Seller
		
		
	By:	/s/ Paul Breaux
	Name:	Paul Breaux
	Title:	Vice PresidentDocument

Exhibit 10.4

Effective April 19, 2021 this Dealer Agreement Third Addendum (“Third Addendum”) attaches to, supersedes, and becomes a part of the Dealer Agreement (“Agreement”) previously entered into between SilverRock Automotive, Inc. and SilverRock Automotive of Florida, Inc. (collectively “SilverRock Automotive” or “Company”) and Carvana, LLC (“Dealer”).

WHEREAS, SilverRock and Carvana are parties to that certain SilverRock Automotive Master Dealer Agreement, effective December 8, 2016 (the “Master Dealer Agreement”), in which the parties arrange for certain services to be provided by SilverRock to Carvana. The parties desire to amend the Master Dealer Agreement as set forth herein.

In consideration of the mutual agreements and subject to the terms and conditions herein contained, each party agrees as follows for the benefit of the other party:

Section 1.     Amendment to the Master Dealer Agreement.
(a)     The parties hereby amend and add the following subsection to the Master Dealer Agreement, Section 2, Company Obligations:

2.8     Providing and maintaining resources to assist Purchasers with all non-title and registration, vehicle-specific post-sale communications and resolutions, whether or not related to a Contract Program or Customer Contract (collectively, “Post-Sale Services”). Dealer shall compensate Company for Post-Sale Services in an amount mutually agreed upon by the Parties. Dealer shall reimburse Company for Post-Sale Services expenses incurred directly by Company on behalf of a Purchaser.

Section 2.     Representations, Warranties, and Confirmations. Each of SilverRock and Carvana hereby represent and warrant that:
(a)     It has the power and authority, and is duly authorized, including by all corporate or limited liability company action on its part, to execute and deliver this Amendment.
(b)     This Amendment and the Master Dealer Agreement has been duly and validly executed and delivered by such party.
(c)     This Amendment and the Master Dealer Agreement, as amended hereby, constitute legal, valid, and binding obligations of such parties and are enforceable against such parties in accordance with their terms.

Section 3.     Governing Law. This Amendment shall be construed in accordance with the laws of the State of Arizona and the obligations, rights, and remedies of the parties hereunder shall be determined in accordance with such laws.

Section 4.     Counterparts. This Amendment may be executed in two (2) or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by emails or facsimile shall be effective as delivery of a manually executed counterpart of this Amendment.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties have caused this Addendum to be executed by their duly authorized representatives.

																		
						
	SilverRock:		Dealer:		
						
	SilverRock Automotive, Inc.		Carvana, LLC	
	SilverRock Automotive of Florida, Inc.		1930 W Rio Salado Pkwy	
	1720 W Rio Salado Pkwy		Tempe, AZ 85281	
	Tempe, AZ 85281				
						
	Signature:	/s/ Erik Rasmussen		Signature:	/s/ Paul Breaux	
		Authorized Representative of SilverRock			Authorized Representative of Dealer	
						
	Name:	Erik Rasmussen		Name:	Paul Breaux	
	Title:	Sr. Managing Director		Title:	General Counsel	
	Date:	4/21/2021		Date:	4/21/2021	
						

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