Document:

Exhibit 4.1

 Exhibit 4.1 
 CARMAX AUTO OWNER TRUST 2012-1, 
 as Issuer, 

and 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as Indenture Trustee 

 
  

INDENTURE 
 Dated
as of February 1, 2012 
  
  

$171,000,000 0.38068% Class A-1 Asset-Backed Notes 
 $336,000,000 0.59% Class A-2 Asset-Backed Notes 
 $288,000,000 0.89%
Class A-3 Asset-Backed Notes 
 $120,680,000 1.25% Class A-4 Asset-Backed Notes 

$20,370,000 1.76% Class B Asset-Backed Notes 
 $17,460,000 2.20% Class C Asset-Backed Notes 
 $16,490,000 3.09% 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. The Issuing Entity hereby represents and
warrants to the Indenture Trustee that the representations and warranties regarding creation, perfection and priority of security interests in the Receivables, which are attached to this Indenture as Appendix A, are true and correct to the extent
they are applicable
	  	 	34	  
	
	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	  	 	46	  
	 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	  

  
 iv 

							
	 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	  
	 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	  

  
 v 

							
	
	ARTICLE XI	  
	MISCELLANEOUS	  
			
	 Section 11.1
	  	Compliance Certificates and Opinions, etc.	  	 	66	  
	 Section 11.2
	  	Form of Documents Delivered to Indenture Trustee	  	 	67	  
	 Section 11.3
	  	Acts of Noteholders	  	 	68	  
	 Section 11.4
	  	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	  	 	69	  
	 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	  
	
	APPENDICES	  
			
	 APPENDIX A
	  	Additional Representations and Warranties	  			
	
	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 February 1, 2012 (as amended, supplemented or otherwise modified
and in effect from time to time, this “Indenture”), between CARMAX AUTO OWNER TRUST 2012-1, 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 0.38068% Class A-1 Asset-Backed Notes (the “Class A-1 Notes”), 0.59% Class A-2
Asset-Backed Notes (the “Class A-2 Notes”), 0.89% Class A-3 Asset-Backed Notes (the “Class A-3 Notes”), 1.25% 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”), 1.76% Class B Asset-Backed Notes (the “Class B Notes”), 2.20% Class C Asset-Backed Notes (the “Class C
Notes”) and 3.09% 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. 

  
 1 

 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 March 15, 2012). 
 “Act” shall have the meaning specified in Section
Section 11.3(a). 
 “Administration Agreement” shall mean the Administration Agreement, dated as of
February 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 February 15, 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 0.38068% Class A-1 Asset-Backed Notes issued by the Issuer pursuant to this
Indenture in the initial aggregate principal amount of $171,000,000. 
 “Class A-1 Rate” shall mean
0.38068% per annum. 
 “Class A-2 Final Distribution Date” shall mean the March 16, 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 0.59% Class A-2 Asset-Backed Notes issued by the Issuer
pursuant to this Indenture in the initial aggregate principal amount of $336,000,000. 
 “Class A-2 Rate” shall
mean 0.59% per annum. 

  
 3 

 “Class A-3 Final Distribution Date” shall mean the September 15, 2016
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 0.89% Class A-3 Asset-Backed Notes
issued by the Issuer pursuant to this Indenture in the initial aggregate principal amount of $288,000,000. 
 “Class A-3
Rate” shall mean 0.89% per annum. 
 “Class A-4 Final Distribution Date” shall mean the
June 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 1.25%
Class A-4 Asset-Backed Notes issued by the Issuer pursuant to this Indenture in the initial aggregate principal amount of $120,680,000. 
 “Class A-4 Rate” shall mean 1.25% per annum. 

“Class B Final Distribution Date” shall mean the August 15, 2017 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 1.76% Class B Asset-Backed Notes issued by the Issuer pursuant to this Indenture in the
initial aggregate principal amount of $20,370,000. 
 “Class B Rate” shall mean 1.76% per annum.

 “Class C Final Distribution Date” shall mean the October 16, 2017 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 2.20% Class C Asset-Backed Notes issued by the Issuer pursuant to this Indenture in the
initial aggregate principal amount of $17,460,000. 
 “Class C Rate” shall mean 2.20% per annum.

 “Class D Final Distribution Date” shall mean the August 15, 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 3.09% Class D Asset-Backed Notes issued by
the Issuer pursuant to this Indenture in the initial aggregate principal amount of $16,490,000. 
 “Class D
Rate” shall mean 3.09% 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 February 16, 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 February 29, 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. 

  
 5 

 “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 March 15, 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 2012-1 or any successor to CarMax Auto Owner Trust 2012-1 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. 
 “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 February 16, 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. 
 “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; 

  
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	 	(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. 

“Pennsylvania Motor Vehicle Sales Finance Company Act” shall mean 69 P.S. §601 et seq. 

  
 9 

 “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 Standard & Poor’s; provided, however, that if Fitch or
Standard & Poor’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 February 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. 
 “Standard & Poor’s” shall mean Standard & Poor’s Rating Services, a
Standard & Poor’s Financial Services LLC business. 
 “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
February 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 $171,000,000, the Class A-2 Notes for original issue in an aggregate principal amount of $336,000,000, the Class A-3 Notes for
original issue in an aggregate principal amount of $288,000,000, the Class A-4 Notes for original issue in an aggregate principal amount of $120,680,000, the Class B Notes for original issue in an aggregate principal amount of $20,370,000, the
Class C Notes for original issue in an aggregate principal amount of $17,460,000 and the Class D Notes for original issue in 

  
 13 

 
an aggregate principal amount of $16,490,000. 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 Section Section 2.3 or
Section 9.6 not involving any transfer. 

  
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 (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 

  
 18 

	 	
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

  
 20 

 
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 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 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 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 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 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 Section 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; 

  
 25 

	 	(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

  
 27 

 
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 2012), 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 2012-1 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 2012-1 is to be so released. 
 Section
3.12 No Other Business. The Issuer shall not engage in any business other than financing, acquiring, owning and pledging the Receivables in the manner contemplated by this Indenture and the other Transaction Documents, issuing the Notes
pursuant to the terms hereof and the Certificate pursuant to the terms of the Trust Agreement and activities incidental thereto. 

  
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 Section 3.13 No Borrowing. The Issuer shall not issue, incur, assume, guarantee or
otherwise become liable, directly or indirectly, for any indebtedness except for the Notes. 
 Section 3.14 Servicer’s
Obligations. The Issuer shall cause the Servicer to comply with the Sale and Servicing Agreement. 
 Section 3.15
Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this Indenture and the other Transaction Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an
instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations,
stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

Section 3.16 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for
capital assets (either realty or personalty). 
 Section 3.17 Restricted Payments. The Issuer shall not, directly or
indirectly, (i) make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to
any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate
any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, distributions as contemplated by, and to the extent funds are available for such purpose under, the Sale and Servicing Agreement, the Trust Agreement
or this Indenture. The Issuer shall not, directly or indirectly, make payments to or distributions from the Collection Account, the Note Payment Account, the Certificate Payment Account or the Reserve Account except in accordance with this Indenture
and the other Transaction Documents. 
 Section 3.18 Notice of Events of Default. The Issuer shall give the Indenture
Trustee, the Depositor, the Rating Agencies and the Administrator prompt written notice of each Event of Default hereunder, each default on the part of the Depositor or the Servicer of its obligations under the Sale and Servicing Agreement and each
default on the part of the Seller or the Depositor of its obligations under the Receivables Purchase Agreement. 
 Section 3.19
Removal of Administrator. For so long as any Notes are Outstanding, the Issuer shall not remove the Administrator without cause unless the Rating Agency Condition shall have been satisfied with respect to such removal. 

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

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

Section 3.22 Representations and Warranties by the Issuing Entity to the Indenture Trustee. The Issuing Entity hereby represents
and warrants to the Indenture Trustee that the representations and warranties regarding creation, perfection and priority of security interests in the Receivables, which are attached to this Indenture as Appendix A, are true and correct to the
extent they are applicable. 
 ARTICLE IV 
 SATISFACTION AND DISCHARGE 
 Section 4.1 Satisfaction and Discharge of
Indenture. 
 (a) This Indenture shall cease to be of further effect with respect to the Notes, except as to (i) rights
of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) 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; 

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

 

	 	(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. 

  
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 (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, 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 

  
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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. 
 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;

  
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	 	(v)	the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate in an
involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for
any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; and

  

	 	(vi)	the commencement by the Issuer of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking 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 

  
 38 

 
the Issuer, the Depositor, the Indenture Trustee and the Administrator (who shall promptly forward such notice to each Rating Agency), may rescind and annul such declaration of acceleration and
its consequences if: 
  

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

  

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

  
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 (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 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

  
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in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate at the direction of the Holders following an Event
of Default, other than an Event of Default described in Section 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; 

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

 

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

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

  

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

 

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

 

	 	(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. 

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

  
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	 	(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. 

  
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 (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. 

  
 68 

 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 2012-1, 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 Standard & Poor’s, at the following address: Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., 55 Water Street, 43rd Floor, New York,
New York 10041, Attention: Asset Backed Surveillance Department. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. 

  
 69 

 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 2012-1
		
	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/ Kristen L. Puttin

		 	Name: Kristen L. Puttin
		 	Title:   Vice President

 APPENDIX A 
 Additional Representations and Warranties 
  

	1.	This Indenture creates a valid and continuing “security interest” (as defined in the Relevant UCC) in the Receivables in favor of the Indenture Trustee, which
security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Issuing Entity. 

  

	2.	With respect to each Receivable, the Issuing Entity has taken all steps necessary to perfect its security interest against the related Obligor in the related Financed
Vehicle. 

  

	3.	The Receivables constitute “tangible chattel paper” (as defined in the Relevant UCC). 

 

	4.	The Issuing Entity owns and has good and marketable title to the Receivables free and clear of any Lien, claim or encumbrance of any Person. 

 

	5.	The Issuing Entity has caused or will cause prior to the Closing Date the filing of all appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law necessary to perfect the security interest in the Receivables granted to the Indenture Trustee under this Indenture. 

  

	6.	Other than the security interest granted to the Indenture Trustee under the Indenture, the Issuing Entity has not pledged, assigned, sold, granted a security interest
in, or otherwise conveyed any of the Receivables. The Issuing Entity has not authorized the filing of and is not aware of any financing statements against the Seller, the Depositor or the Issuing Entity that include a description of collateral
covering the Receivables other than the financing statements relating to the security interests granted to the Depositor, the Issuing Entity and the Indenture Trustee under the Transaction Documents or any financing statement that has been
terminated. The Issuing Entity is not aware of any judgment or tax lien filings against the Seller, the Depositor or the Issuing Entity. 

  

	7.	All financing statements filed or to be filed against the Issuing Entity in favor of the Indenture Trustee in connection herewith describing the Receivables contain a
statement to the following effect: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Indenture Trustee.” 

  
 App. A

 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	 	$171,000,000  
		
	NO. A-1	 	CUSIP NO. 14313G AA5      

 CARMAX AUTO OWNER TRUST 2012-1 
 0.38068% CLASS A-1 ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-1, 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 SEVENTY-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-1 Notes pursuant to Section Section 2.8
of the Indenture dated as of February 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 February 15, 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 March 15, 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: February 16, 2012 

 

			
	CARMAX AUTO OWNER TRUST 2012-1
		
	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: February 16, 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 0.38068% Class A-1 Asset-Backed
Notes, which, together with the 0.59% Class A-2 Asset-Backed Notes, the 0.89% Class A-3 Asset-Backed Notes, the 1.25% Class A-4 Asset-Backed Notes, the 1.76% Class B Asset-Backed Notes, the 2.20% Class C Asset-Backed Notes and the
3.09% 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 with the plan assets of any (i) any “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 plans or arrangements 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. 

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. 

  
 Ex. A-1-6

 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	 	$336,000,000  
		
	NO. A-2	 	CUSIP NO. 14313G AB3

 CARMAX AUTO OWNER TRUST 2012-1 
 0.59% CLASS A-2 ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-1, 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 THIRTY-SIX 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 February 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 March 16, 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 March 15, 2012 shall equal $159,693.33. 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 March 15, 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] 
 IN WITNESS WHEREOF, the Issuer has caused this Class A-2 Note to be duly executed as of the date set forth below. 
 Dated: February 16, 2012 
  

			
	CARMAX AUTO OWNER TRUST 2012-1
		
	By:	 	 THE BANK OF NEW YORK MELLON,

not in its individual capacity but solely
 as
Owner Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex. A-2-2

 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: February 16, 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 0.59% Class A-2 Asset-Backed
Notes, which, together with the 0.38068% Class A-1 Asset-Backed Notes, the 0.89% Class A-3 Asset-Backed Notes, the 1.25% Class A-4 Asset-Backed Notes, the 1.25% Class B Asset-Backed Notes, the 2.20% Class C Asset-Backed Notes and the
3.09% 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 with the plan assets of any (i) any “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 plans or arrangements 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. 

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. 

  
 Ex. A-2-6

 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	 	$288,000,000  
		
	NO. A-3	 	CUSIP NO. 14313G AC1

 CARMAX AUTO OWNER TRUST 2012-1 
 0.89% CLASS A-3 ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-1, 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 EIGHTY-EIGHT 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 February 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 September 15, 2016 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 March 15, 2012 shall equal $206,480.00. 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 March 15, 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: February 16, 2012 

 

			
	CARMAX AUTO OWNER TRUST 2012-1
		
	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: February 16, 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 0.89% Class A-3 Asset-Backed
Notes, which, together with the 0.38068% Class A-1 Asset-Backed Notes, the 0.59% Class A-2 Asset-Backed Notes, the 1.25% Class A-4 Asset-Backed Notes, the 1.76% Class B Asset-Backed Notes, the 2.20% Class C Asset-Backed Notes and the
3.09% 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 with the plan assets of any (i) any “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 plans or arrangements 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. 

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. 

  
 Ex. A-3-6

 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	 	$120,680,000  
		
	NO. A-4	 	CUSIP NO. 14313G AD9

 CARMAX AUTO OWNER TRUST 2012-1 
 1.25% CLASS A-4 ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-1, 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 TWENTY MILLION SIX 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 A-4 Notes pursuant to
Section Section 2.8 of the Indenture dated as of February 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 June 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 Distribution Date (after giving effect to all payments of principal made on such preceding

  
 Ex. A-4-1

 
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 March 15, 2012 shall equal $121,518.06. 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 March 15, 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: February 16, 2012 

 

			
	CARMAX AUTO OWNER TRUST 2012-1
		
	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: February 16, 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 1.25% Class A-4 Asset-Backed
Notes, which, together with the 0.38068% Class A-1 Asset-Backed Notes, the 0.59% Class A-2 Asset-Backed Notes, the 0.89% Class A-3 Asset-Backed Notes, the 1.76% Class B Asset-Backed Notes, the 2.20% Class C Asset-Backed Notes and the
3.09% 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 with the plan assets of any (i) any “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 plans or arrangements 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. 

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. 

  
 Ex. A-4-6

 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	  	$20,370,000
		
	NO. B-1	  	CUSIP NO. 14313G AE7

 CARMAX AUTO OWNER TRUST 2012-1 
 1.76% CLASS B ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-1, 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 TWENTY
MILLION THREE HUNDRED SEVENTY 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 February 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 August 15, 2017 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
March 15, 2012 shall equal $28,880.13. 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 March 15, 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: February 16, 2012 

 

			
	CARMAX AUTO OWNER TRUST 2012-1
		
	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: February 16, 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 1.76% Class B Asset-Backed Notes, which,
together with the 0.38068% Class A-1 Asset-Backed Notes, the 0.59% Class A-2 Asset-Backed Notes, the 0.89% Class A-3 Asset-Backed Notes, the 1.25% Class A-4 Asset-Backed Notes, the 2.20% Class C Asset-Backed Notes and the 3.09%
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 with the plan assets of any (i) any “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 plans or arrangements 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. 

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. 

  
 Ex. B-6

 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	 	$17,460,000      
		
	NO. C-1	 	CUSIP NO. 14313G AF4

 CARMAX AUTO OWNER TRUST 2012-1 
 2.20% CLASS C ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-1, 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 SEVENTEEN
MILLION FOUR 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 C Notes pursuant to Section Section 2.8
of the Indenture dated as of February 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 October 16, 2017 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
March 15, 2012 shall equal $30,943.00. 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 March 15, 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: February 16, 2012 

 

			
	CARMAX AUTO OWNER TRUST 2012-1
		
	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: February 16, 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 2.20% Class C Asset-Backed Notes, which,
together with the 0.38068% Class A-1 Asset-Backed Notes, the 0.59% Class A-2 Asset-Backed Notes, the 0.89% Class A-3 Asset-Backed Notes, the 1.25% Class A-4 Asset-Backed Notes, the 1.76% Class B Asset-Backed Notes and the 3.09%
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 with the plan assets of any (i) any “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 plans or arrangements 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. 

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. 

  
 Ex. C-6

 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	 	$16,490,000      
		
	NO. D-1	 	CUSIP NO. 14313G AG2

 CARMAX AUTO OWNER TRUST 2012-1 
 3.09% CLASS D ASSET-BACKED NOTE 
 CarMax Auto Owner Trust 2012-1, 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 FOUR HUNDRED NINETY 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 February 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 August 15, 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
March 15, 2012 shall equal $41,046.36. 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 March 15, 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: February 16, 2012 
  

			
	CARMAX AUTO OWNER TRUST 2012-1
		
	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: February 16, 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 3.09% Class D Asset-Backed Notes, which,
together with the 0.38068% Class A-1 Asset-Backed Notes, the 0.59% Class A-2 Asset-Backed Notes, the 0.89% Class A-3 Asset-Backed Notes, the 1.25% Class A-4 Asset-Backed Notes, the 1.76% Class B Asset-Backed Notes and the 2.20%
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 with the plan assets of any (i) any “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 plans or arrangements 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. 

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. 

  
 Ex. D-6

 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 TAB 76 

  
 Ex. EExhibit 4.2

 Exhibit 4.2 
 CARMAX AUTO FUNDING LLC, 
 as Depositor, 

BNY MELLON TRUST OF DELAWARE, 
 as Delaware Trustee 
 and 

THE BANK OF NEW YORK MELLON, 
 as Owner Trustee 
  

 
 AMENDED AND
RESTATED TRUST AGREEMENT 
 Dated as of February 1, 2012 

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 Section 1.1
	 	Definitions	  	 	1	  
	 Section 1.2
	 	Other Definitional Provisions	  	 	4	  
		
	ARTICLE II ORGANIZATION OF THE TRUST	  	 	5	  
	 Section 2.1
	 	Name	  	 	5	  
	 Section 2.2
	 	Office	  	 	5	  
	 Section 2.3
	 	Purposes and Powers	  	 	5	  
	 Section 2.4
	 	Appointment of Owner Trustee	  	 	6	  
	 Section 2.5
	 	Initial Capital Contribution of Owner Trust Estate	  	 	6	  
	 Section 2.6
	 	Declaration of Trust	  	 	6	  
	 Section 2.7
	 	Liability of Certificateholders	  	 	7	  
	 Section 2.8
	 	Title to Trust Property	  	 	7	  
	 Section 2.9
	 	Situs of Trust	  	 	7	  
	 Section 2.10
	 	Representations and Warranties of the Depositor	  	 	7	  
	 Section 2.11
	 	Federal Income Tax Matters	  	 	9	  
		
	ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS	  	 	9	  
	 Section 3.1
	 	Initial Ownership	  	 	9	  
	 Section 3.2
	 	The Certificates	  	 	9	  
	 Section 3.3
	 	Authentication of Certificates	  	 	10	  
	 Section 3.4
	 	Registration of Certificates; Transfer and Exchange of Certificates	  	 	10	  
	 Section 3.5
	 	Mutilated, Destroyed, Lost or Stolen Certificates	  	 	12	  
	 Section 3.6
	 	Persons Deemed Owners	  	 	13	  
	 Section 3.7
	 	Access to List of Certificateholders’ Names and Addresses	  	 	13	  
	 Section 3.8
	 	Maintenance of Office or Agency	  	 	14	  
	 Section 3.9
	 	Appointment of Paying Agent	  	 	14	  
		
	ARTICLE IV ACTIONS BY OWNER TRUSTEE	  	 	15	  
	 Section 4.1
	 	Prior Notice to Certificateholders with Respect to Certain Matters	  	 	15	  
	 Section 4.2
	 	Action by Certificateholders with Respect to Certain Matters	  	 	15	  
	 Section 4.3
	 	Action by Certificateholders with Respect to Bankruptcy	  	 	16	  
	 Section 4.4
	 	Restrictions on Certificateholders’ Power	  	 	16	  
	 Section 4.5
	 	Majority Control	  	 	16	  
	 Section 4.6
	 	Certain Litigation Matters	  	 	16	  
		
	ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	 	16	  
	 Section 5.1
	 	Establishment of Certificate Payment Account	  	 	16	  
	 Section 5.2
	 	Application of Trust Funds	  	 	16	  
	 Section 5.3
	 	Method of Payment	  	 	17	  
	 Section 5.4
	 	No Segregation of Monies; No Interest	  	 	17	  
	 Section 5.5
	 	 Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others
	  	 	18	  
	 Section 5.6
	 	Signature on Returns; Tax Matters Partner	  	 	18	  

  
 i 

							
		
	ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE	  	 	18	  
	 Section 6.1
	 	General Authority	  	 	18	  
	 Section 6.2
	 	General Duties	  	 	19	  
	 Section 6.3
	 	Action upon Instruction	  	 	19	  
	 Section 6.4
	 	No Duties Except as Specified in this Agreement or in Instructions	  	 	20	  
	 Section 6.5
	 	No Action Except Under Specified Documents or Instructions	  	 	20	  
	 Section 6.6
	 	Restrictions	  	 	20	  
	 Section 6.7
	 	Instructions by Electronic Methods	  	 	21	  
	 Section 6.8
	 	Communications Regarding Demands to Repurchase Receivables	  	 	21	  
		
	ARTICLE VII REGARDING THE OWNER TRUSTEE	  	 	21	  
	 Section 7.1
	 	Acceptance of Trusts and Duties	  	 	21	  
	 Section 7.2
	 	Furnishing of Documents	  	 	23	  
	 Section 7.3
	 	Representations and Warranties	  	 	23	  
	 Section 7.4
	 	Reliance; Advice of Counsel	  	 	24	  
	 Section 7.5
	 	Not Acting in Individual Capacity	  	 	25	  
	 Section 7.6
	 	Owner Trustee Not Liable for Certificates or Receivables	  	 	25	  
	 Section 7.7
	 	Owner Trustee May Own Certificates and Notes	  	 	25	  
		
	ARTICLE VIII COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE	  	 	25	  
	 Section 8.1
	 	Owner Trustee’s Fees and Expenses	  	 	25	  
	 Section 8.2
	 	Indemnification	  	 	26	  
	 Section 8.3
	 	Payments to the Owner Trustee	  	 	26	  
		
	ARTICLE IX TERMINATION	  	 	26	  
	 Section 9.1
	 	Termination of Trust Agreement	  	 	26	  
		
	ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	 	27	  
	 Section 10.1
	 	Eligibility Requirements for Owner Trustee and Delaware Trustee	  	 	27	  
	 Section 10.2
	 	Resignation or Removal of Owner Trustee	  	 	28	  
	 Section 10.3
	 	Successor Owner Trustee	  	 	28	  
	 Section 10.4
	 	Merger or Consolidation of Owner Trustee	  	 	29	  
	 Section 10.5
	 	Appointment of Co-Trustee or Separate Trustee	  	 	29	  
	 Section 10.6
	 	Delaware Trustee	  	 	31	  
		
	ARTICLE XI MISCELLANEOUS	  	 	33	  
	 Section 11.1
	 	Supplements and Amendments	  	 	33	  
	 Section 11.2
	 	No Legal Title to Owner Trust Estate in Certificateholders	  	 	35	  
	 Section 11.3
	 	Limitation on Rights of Others	  	 	35	  
	 Section 11.4
	 	Notices	  	 	35	  
	 Section 11.5
	 	Severability	  	 	35	  
	 Section 11.6
	 	Separate Counterparts	  	 	35	  
	 Section 11.7
	 	Successors and Assigns	  	 	36	  

  
 ii 

							
	 Section 11.8
	 	Covenants of the Depositor	  	 	36	  
	 Section 11.9
	 	No Petition	  	 	36	  
	 Section 11.10
	 	No Recourse	  	 	36	  
	 Section 11.11
	 	Headings	  	 	36	  
	 Section 11.12
	 	Governing Law; Waiver of Jury Trial	  	 	36	  
	 Section 11.13
	 	Depositor Payment Obligation	  	 	36	  
	 Section 11.14
	 	Certificates Nonassessable and Fully Paid	  	 	37	  
	 Section 11.15
	 	Ratification of Prior Actions	  	 	37	  
	
	EXHIBITS	  
			
	EXHIBIT A	 	Form of Certificate	  			
	EXHIBIT B	 	Form of Certificate of Trust	  			

  
 iii

 AMENDED AND RESTATED TRUST AGREEMENT, dated as of February 1, 2012 (as amended,
supplemented or otherwise modified and in effect from time to time, this “Agreement”), among CARMAX AUTO FUNDING LLC, a Delaware limited liability company, as depositor (the “Depositor”), BNY MELLON TRUST OF
DELAWARE, a Delaware banking corporation, as Delaware trustee and not in its individual capacity (in such capacity, the “Delaware Trustee”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as owner trustee and not
in its individual capacity (in such capacity, the “Owner Trustee”). 
 WHEREAS, the CarMax Auto Owner Trust
2012-1 was created on November 3, 2011 pursuant to (i) a Trust Agreement dated as of November 3, 2011 among the Depositor, the Delaware Trustee and the Owner Trustee (the “Initial Trust Agreement”) and (ii) the
filing of a certificate of trust with the Secretary of State of the State of Delaware on November 3, 2011; and 
 WHEREAS,
the Depositor, the Delaware Trustee and the Owner Trustee wish to amend and restate the Initial Trust Agreement on the terms and conditions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Depositor, the Delaware Trustee and the Owner Trustee hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. 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 Agreement. 
 “Accountants” shall
have the meaning specified in Section 5.5. 
 “CarMax” shall mean CarMax Business Services, LLC, a
Delaware limited liability company. 
 “CarMax Auto” shall mean CarMax Auto Superstores, Inc., a Virginia
corporation. 
 “CarMax Funding” shall mean CarMax Auto Funding LLC, a Delaware limited liability company.

 “Certificate” shall mean a physical certificate evidencing the beneficial interest of a Certificateholder in
the Owner Trust Estate, substantially in the form of Exhibit A. Such certificate shall entitle the Holder thereof to distributions pursuant to this Agreement from collections and other proceeds in respect of the Owner Trust Estate; provided,
however, that the Owner Trust Estate has been pledged to the Indenture Trustee to secure payment of the Notes and that the rights of the Certificateholders to receive distributions on the Certificates are subordinated to the rights of the
Noteholders as described in the Sale and Servicing Agreement and the Indenture. 

 “Certificate of Trust” shall mean the Certificate of Trust substantially in
the form of Exhibit B filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute. 

“Certificate Payment Account” shall have the meaning specified in Section 5.1. 

“Certificate Percentage Interest” shall mean, with respect to a Certificate, the percentage specified on such
Certificate as the Certificate Percentage Interest, which percentage represents the beneficial interest of such Certificate in the Trust. The initial Certificate Percentage Interest held by the Depositor shall be 100%. 

“Certificate Register” shall have the meaning specified in Section 3.4. 

“Certificate Registrar” shall have the meaning specified in Section 3.4. 

“Code” shall mean the Internal Revenue Code of 1986 and the Treasury Regulations promulgated thereunder. 

“Corporate Trust Office” shall mean the principal office of the Owner Trustee at which at any particular time its
corporate trust business shall be administered, which office at date of execution of this Agreement is located at The Bank of New York Mellon, 101 Barclay Street, 4W, New York, New York 10286, Attention: Corporate Trust Division, Asset Backed
Securities Group, or at such other address as the Owner Trustee may designate from time to time by notice to the Certificateholders, the Indenture Trustee, the Depositor and the Servicer, or the principal corporate trust office of any successor
Owner Trustee at the address designated by such successor Owner Trustee by notice to the Certificateholders, the Indenture Trustee, the Depositor and the Servicer. 
 “Delaware Trustee” shall mean BNY Mellon Trust of Delaware, a Delaware banking corporation, not in its individual capacity but solely as Delaware Trustee under this Agreement, and any
successor Delaware Trustee under this Agreement. 
 “Depositor” shall mean CarMax Funding in its capacity as
depositor under this Agreement. 
 “Electronic Methods” shall have the meaning specified in Section 6.7.

 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

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

“Expenses” shall have the meaning specified in Section 8.2. 

“Final Distribution Date” shall mean the August 15, 2018 Distribution Date. 

“HB3” shall mean Texas House Bill 3 (enrolled May 19, 2006) and the corresponding sections of the Texas Tax Code,
Title 2 and the rules and regulations promulgated thereunder. 

  
 2 

 “Holder” or “Certificateholder” shall mean a Person in
whose name a Certificate is registered in the Certificate Register. 
 “Indemnified Parties” shall have the
meaning specified in Section 8.2. 
 “Indenture” shall mean the Indenture, dated as of February 1,
2012, between the Trust and the Indenture Trustee, as amended, supplemented or otherwise modified and in effect from time to time. 
 “Indenture Trustee” shall mean Wells Fargo Bank, National Association, a national banking association, not in its individual capacity but solely as Indenture Trustee under the Indenture,
and any successor Indenture Trustee under the Indenture. 
 “Owner Trust Estate” shall mean all right, title
and interest of the Trust in, to and under the property and rights assigned to the Trust pursuant to Section 2.1 of the Sale and Servicing Agreement. 
 “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 this Agreement, and any successor
Owner Trustee under this Agreement. 
 “Paying Agent” shall mean the Owner Trustee or any successor paying
agent or co-paying agent appointed pursuant to Section 3.9 who is authorized by the Owner Trustee to make distributions from the Certificate Payment Account on behalf of the Trust. 

“Plan” shall have the meaning specified in Section 3.4. 

“Plan Asset Regulation” shall mean the United States Department of Labor Regulation 29 C.F.R. Section 2510.3-101,
as modified by Section 3(42) of ERISA. 
 “Rating Agency Condition” shall mean, with respect to any
action, a condition that is satisfied if the person requesting such action (A) 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 (B) 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, the close of business on the
Business Day preceding such Distribution Date. 
 “Responsible Officer” shall mean (i) in the case of the
Indenture Trustee, 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 

  
 3 

 
Trustee to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and (ii) in the case of the Owner Trustee, any vice president,
assistant vice president, assistant secretary, assistant treasurer, senior associate, trust officer or financial services officer of the Owner Trustee or any other officer of the Owner Trustee customarily performing functions similar to those
performed by any of the above designated officers and with direct responsibility for the administration of the Trust and, with respect to a particular corporate trust matter, any other officer of the Owner Trustee to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject. 
 “Sale and Servicing
Agreement” shall mean the Sale and Servicing Agreement, dated as of February 1, 2012, by and among the Trust, the Depositor, the Servicer and Wells Fargo Bank, National Association, a national banking association, as Backup Servicer.

 “Secretary of State” shall mean the Secretary of State of the State of Delaware. 

“Securities Act” shall mean the Securities Act of 1933. 

“Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code section 3801 et seq.

 “Transfer” shall mean a sale, transfer, assignment, participation, pledge or other disposition of a
Certificate. 
 “Treasury Regulations” shall mean regulations, including proposed or temporary regulations,
promulgated under the Code. All references herein to specific provisions of proposed or temporary Treasury Regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

“Trust” shall mean the CarMax Auto Owner Trust 2012-1 created as a Delaware statutory trust pursuant to this Agreement
and the filing of the Certificate of Trust. 
 Section 1.2 Other Definitional Provisions. 

(a) Capitalized terms used herein and not otherwise defined herein have the meanings assigned to them in the Sale and Servicing Agreement
or, if not defined therein, in the Indenture. 
 (b) All terms defined in this Agreement shall have the defined meanings when
used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (c) As used in
this Agreement and in any certificate or other documents made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement
or in any such certificate or other document to the extent not defined, shall have the respective meanings assigned to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Agreement or
in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such certificate or other document shall control.

  
 4 

 (d) The words “hereof,” “herein” and “hereunder” and words of
similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Article, Section and Exhibit references contained in this Agreement are references to Articles, Sections and
Exhibits in or to this Agreement unless otherwise specified. The term “including” shall mean “including without limitation.” 
 (e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms.

 (f) 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. References to a Person are also to its permitted successors and assigns. 
 ARTICLE II 

ORGANIZATION OF THE TRUST 
 Section 2.1 Name. The Trust shall be known as “CarMax Auto Owner Trust 2012-1,” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and
other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 
 Section 2.2 Office. The
office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 

Section 2.3 Purposes and Powers. The purpose of the Trust is, and the Trust shall have the power and authority, to engage
solely in the following activities: 
 (i) to issue the Notes pursuant to the Indenture and the Certificates
pursuant to this Agreement, and to sell the Notes upon the written order of the Depositor; 
 (ii) to use the
proceeds of the sale of the Notes, at the direction of the Depositor, to fund the Reserve Account, to pay the organizational, start-up and transactional expenses of the Trust and to pay the balance to the Depositor pursuant to the Sale and Servicing
Agreement; 
 (iii) to pay interest on and principal of the Notes and to pay Excess Collections to the
Certificateholders; 
 (iv) to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate (other
than the Certificate Payment Account and the proceeds thereof) to the Indenture Trustee pursuant to the Indenture; 

  
 5 

 (v) to enter into and perform its obligations under the Transaction
Documents to which it is to be a party; 
 (vi) subject to compliance with the Transaction Documents, to engage
in such other activities as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Noteholders and the Certificateholders; and 

(vii) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith. 
 The Trust is hereby authorized to engage in the
foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Transaction Documents. 

Section 2.4 Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective
as of the date hereof, to have all the rights, powers and duties set forth herein and in the Statutory Trust Statute. 

Section 2.5 Initial Capital Contribution of Owner Trust Estate. The Depositor has sold, assigned, transferred, conveyed and
set over to the Owner Trustee the sum of $1,000. The Owner Trustee hereby acknowledges receipt in trust from the Depositor of such amount, which amount constituted the initial Owner Trust Estate and was deposited in the Certificate Payment Account.
The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 

Section 2.6 Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon
and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Transaction Documents. It is the intention of the parties hereto that (i) the Trust constitute a
statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust and (ii) solely for income and franchise tax purposes, the Trust shall be treated (A) if it has one
beneficial owner, as a non-entity and (B) if it has more than one beneficial owner, as a partnership, with the assets of the partnership being the Receivables and other assets held by the Trust, the partners of the partnership being the
Certificateholders and the Notes constituting indebtedness of the partnership. Unless otherwise required by the appropriate tax authorities, the Trust shall file or cause to be filed annual or other necessary returns, reports and other forms
consistent with the characterization of the Trust either as a nonentity or as a partnership for such tax purposes. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory
Trust Statute with respect to accomplishing the purposes of the Trust. The parties have caused the filing of the Certificate of Trust with the Secretary of State. If it is determined that, contrary to the intent of the parties hereto and the
position of the Certificateholder, the Trust has “gross receipts” for purposes of HB3, it is the intention of the parties hereto that the Trust be treated as a “passive entity” for purposes of HB3, formed to hold assets to
facilitate securitization transactions in a manner 

  
 6 

 
similar to grantor trusts and real estate mortgage investment conduits as defined by Section 860D of the Code. The Depositor, and the Certificateholders by acceptance of a Certificate, agree
that if it is determined that, contrary to the intent of the parties hereto and the position of the Certificateholder, the Trust has “gross receipts” for purposes of HB3, they will, unless otherwise required by law, treat the Trust as a
“passive entity” for purposes of HB3 and will not, unless otherwise required by law, take any action to include the Trust as part of an affiliated group engaged in a unitary business (as such terms are used in HB3). Notwithstanding
anything to the contrary contained herein, nothing in this Agreement should be read to imply that the Trust is doing business in Texas or has sufficient nexus with Texas in order for HB3 to apply to the Trust. 

Section 2.7 Liability of Certificateholders. The Certificateholders shall be entitled to the same limitation of personal
liability extended to stockholders of private corporations organized under the general corporation law of the State of Delaware. 
 Section 2.8 Title to Trust Property. Legal title to the entirety of the Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity, except where applicable law in
any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be; provided,
that concurrently with or prior to title being deemed to be vested in a co-trustee and/or a separate trustee, such trustee must provide a written grant of a security interest in the Owner Trust Estate to the Indenture Trustee and must authorize the
filing of a financing statement to perfect the Indenture Trustee’s security interest. 
 Section 2.9 Situs of
Trust. The Trust shall be located and administered in the State of Delaware or the State of New York. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York.
The Trust shall not have any employees in any State other than the State of Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be
received by the Trust only in the State of Delaware or the State of New York, and payments will be made by the Trust only from the State of Delaware or the State of New York. The principal office of the Trust will be at the Corporate Trust Office in
the State of New York. 
 Section 2.10 Representations and Warranties of the Depositor. The Depositor hereby
represents and warrants to the Owner Trustee that: 
 (i) the Depositor has been duly organized and is validly
existing as a limited liability company in good standing under the laws of the State of Delaware, has the power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is
currently conducted, and has the power, authority and legal right to acquire, own and sell the Receivables; 

(ii) the Depositor is duly qualified to do business as a foreign limited liability company in good standing and has
obtained all necessary licenses and approvals in each jurisdiction in which the failure to so qualify or to obtain such licenses and 

  
 7 

 
approvals would materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement, any of the other Transaction
Documents to which the Depositor is a party, the Receivables, the Notes or the Certificates; 
 (iii) the
Depositor has the power and authority to execute, deliver and perform its obligations under this Agreement and the other Transaction Documents to which it is a party, and the Depositor has the power and authority to sell, assign, transfer and convey
the property to be sold and transferred to and deposited with the Trust and has duly authorized such transfer and deposit by all necessary limited liability company action, and the execution, delivery and performance of this Agreement and the other
Transaction Documents to which the Depositor is a party have been duly authorized by the Depositor by all necessary limited liability company action; 
 (iv) the execution, delivery and performance by the Depositor of this Agreement and the other Transaction Documents to which the Depositor is a party, the consummation of the transactions contemplated
hereby and thereby and the fulfillment of the terms hereof and thereof will not conflict with, result in a breach of any of the terms and provisions of or constitute (with or without notice or lapse of time or both) a default under the certificate
of formation or limited liability company agreement of the Depositor or any material indenture, agreement, mortgage, deed of trust or other instrument to which the Depositor is a party or by which the Depositor is bound or to which any of its
properties are subject, or result in the creation or imposition of any lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant to this Agreement), or
violate any law, order, rule or regulation applicable to the Depositor or its properties of any federal or State regulatory body, court, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or any of its
properties; 
 (v) there are no proceedings or investigations pending or, to the knowledge of the Depositor,
threatened against the Depositor before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties (A) asserting the invalidity of this Agreement, the Sale
and Servicing Agreement, the Indenture, any of the other Transaction Documents, the Notes or the Certificates, (B) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions contemplated by
this Agreement, the Sale and Servicing Agreement, the Indenture or any of the other Transaction Documents, (C) seeking any determination or ruling that would materially and adversely affect the performance by the Depositor of its obligations
under, or the validity or enforceability of, this Agreement, the Sale and Servicing Agreement, the Indenture, any of the other Transaction Documents, the Receivables, the Notes or the Certificates, or (D) that would adversely affect the federal
tax attributes or Applicable Tax State franchise or income tax attributes of the Trust or of the Notes or the Certificates; and 
 (vi) the representations and warranties of the Depositor in Section 3.1 of the Receivables Purchase Agreement are true and correct. 

  
 8 

 Section 2.11 Federal Income Tax Matters. The Certificateholders acknowledge that
it is their intent and that they understand it is the intent of the Depositor and the Servicer that, for purposes of federal income, State and local income and franchise tax and any other income taxes, the Trust will be treated either as a
disregarded entity under Treasury Regulation Section 301.7701-3 or as a partnership, and that the Certificateholders will be treated as partners in that partnership. The Certificateholders by acceptance of a Certificate agree to such treatment
and agree to take no action inconsistent with such treatment. For each calendar quarter, other than periods in which there is only one Certificateholder: 
 (i) net income of the Trust for any calendar quarter as determined for federal income tax purposes (and each item of income, gain, credit, loss or deduction entering into the computation thereof) shall be
allocated among the Certificateholders as of the first day following the end of such quarter in proportion to their Certificate Percentage Interest on such date; and 

(ii) net losses of the Trust, if any, for any calendar quarter as determined for federal income tax purposes (and each
item of income, gain, credit, loss or deduction entering into the computation thereof) shall be allocated among the Certificateholders as of the first day following the end of such quarter in proportion to their Certificate Percentage Interest on
such date. 
 The Depositor is authorized to modify the allocations in this Section 2.11 if necessary or appropriate, in
its sole discretion, for the allocations to reflect fairly the economic income, gain, credit, loss or deduction to the Certificateholders or as otherwise required by the Code. 
 ARTICLE III 
 CERTIFICATES AND TRANSFER OF INTERESTS 

Section 3.1 Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to
Section 2.5 and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Trust. 

Section 3.2 The Certificates. The Certificates shall be issued in one or more registered, definitive, physical certificates,
substantially in the form set forth in Exhibit A. The Certificates may be in printed or typewritten form and shall be executed on behalf of the Trust by manual or facsimile signature of an Authorized Officer of the Owner Trustee. Certificates
bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefits of this Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates.

 If Transfer of the Certificates is permitted pursuant to this Section 3.2 and Section 3.4, a transferee of a
Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name
pursuant to Section 3.4. 

  
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 Section 3.3 Authentication of Certificates. Concurrently with the initial sale
of the Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor, signed by
its president, any vice president, any assistant vice president, its treasurer, any assistant treasurer, its secretary or any assistant secretary, without further limited liability company action by the Depositor. No Certificate shall entitle its
Holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A executed by the Owner Trustee by manual
signature, which authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. Upon issuance, authentication
and delivery pursuant to the terms hereof, the Certificates will be entitled to the benefits of this Agreement. 

Section 3.4 Registration of Certificates; Transfer and Exchange of Certificates. 

(a) The Owner Trustee initially shall be the registrar (the “Certificate Registrar”) for the purpose of registering
Certificates and Transfers of Certificates as herein provided. The Certificate Registrar shall cause to be kept, at the office or agency maintained pursuant to Section 3.8, a register (the “Certificate Register”) in which,
subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and the registration of Transfers of Certificates. Upon any resignation of any Certificate Registrar, the Owner
Trustee shall, upon receipt of written instructions from the Depositor, promptly appoint a successor. 
 (b) The Certificates
may not be acquired by or for the account of (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or
(iii) any entity whose underlying assets include plan assets by reason of a plan’s investment in the entity (each, a “Plan”). Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented
and warranted that such Certificateholder is not a Plan and is not a Person acting on behalf of a Plan or a Person using the assets of a Plan to effect the transfer of such Certificate. 

Any person who is not an affiliate of the Seller and acquires more than 49.9% of the Certificates will be deemed to represent that it is
not a party in interest (within the meaning of ERISA) or a disqualified person (within the meaning of Section 4975(e)(2) of the Code) with respect to any Plan, other than a Plan that it sponsors for the benefit of its employees, and that no
Plan with respect to which it is a party in interest has or will acquire any interest in the Notes. 
 To the extent permitted
under applicable law (including, but not limited to, ERISA), neither the Owner Trustee nor the Certificate Registrar shall be under any liability to any Person for any registration of transfer of any Certificate that is in fact not permitted or for
taking any other action with respect to such Certificate under the provisions of this Agreement so long as such transfer was registered by the Owner Trustee or the Certificate Registrar in accordance with this Agreement. 

  
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 (c) Upon surrender for registration of Transfer of any Certificate at the office or agency
of the Certificate Registrar to be maintained as provided in Section 3.8, and upon compliance with any provisions of this Agreement relating to such Transfer, the Owner Trustee shall execute on behalf of the Trust and the Owner Trustee shall
authenticate and deliver to the Certificateholder making such surrender, in the name of the designated transferee or transferees, one or more new Certificates in any authorized denomination evidencing the same aggregate interest in the Trust. Each
Certificate presented or surrendered for registration of Transfer or exchange shall be accompanied by a written instrument of transfer and accompanied by IRS Form W-8 BEN, W-8 ECI or W-9, as applicable, in form satisfactory to the Owner Trustee and
the Certificate Registrar, duly executed by the Certificateholder or his attorney duly authorized in writing. Each Certificate presented or surrendered for registration of Transfer or exchange shall be canceled and subsequently disposed of by the
Certificate Registrar in accordance with its customary practice. No service charge shall be made for any registration of Transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient
to cover any tax or governmental charge that may be imposed in connection with any Transfer or exchange of Certificates. 
 (d)
As a condition to the registration of any Transfer of any Certificate: 
 (i) the prospective transferee shall be
required to represent in writing to the Owner Trustee, the Depositor and the Certificate Registrar that it has neither acquired nor will it transfer any Certificate it purchases (or any interest therein) or cause any such Certificate (or any
interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter-market or an interdealer quotation system that
regularly disseminates firm buy or sell quotations; 
 (ii) the prospective transferee shall be required to
represent in writing to the Owner Trustee, the Depositor and the Certificate Registrar that it either (A) is not, and will not become, a partnership, Subchapter S corporation or grantor trust for United States federal income tax purposes or
(B) is such an entity, but none of the direct or indirect beneficial owners of any of the interests in such transferee have allowed or caused, or will allow or cause, 50% or more (or such other percentage as the transferor may establish prior
to the time of such proposed transfer) of the value of such interests to be attributable to such transferee’s ownership of Certificates; 
 (iii) the prospective transferee shall be required to represent in writing to the Owner Trustee, the Depositor and the Certificate Registrar that it is not a Plan and is not a Person acting on behalf of a
Plan or a Person using the assets of a Plan to effect the transfer of such Certificate; 
 (iv) the
Certificateholder provides to the Owner Trustee and the Depositor an opinion of independent counsel that such action will not cause the Issuing Entity to be treated as an association (or publicly traded partnership) taxable as a corporation for
federal income tax purposes; 

  
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 (v) such transferee or assignee agrees to take positions for tax purposes
consistent with the tax positions agreed to be taken by the Certificateholder; and 
 (vi) in connection with any
transfer of less than all of the interests in the Certificates, the transferor and transferee shall specify the respective interests in the Certificates to be held by the transferor and transferee, which interests may be determined by a formula or
on any other basis agreed by the transferor and transferee. No Certificate (other than the Certificates issued to and held by the Depositor) may be subdivided upon transfer or exchange in a manner such that the resulting Certificate represents less
than a 2.00% fractional undivided interest in the Issuing Entity (or such other amount as the Depositor may determine in order to prevent the Issuing Entity from being treated as a “publicly traded partnership” under Section 7704 of
the Code, but in no event less than a 1.00% fractional undivided interest in the Issuing Entity). 
 (e) No Certificateholder
shall Transfer any Certificate initially held by it unless such Transfer is made pursuant to an effective registration statement or otherwise in accordance with the requirements under the Securities Act and effective registration or qualification
under applicable State securities laws, or is made in a transaction which does not require such registration or qualification. If a Transfer is to be made in reliance upon an exemption from the Securities Act and under applicable State securities
laws, (i) the Certificate Registrar may require an Opinion of Counsel reasonably satisfactory to the Certificate Registrar and the Depositor substantially to the effect that such Transfer may be made pursuant to an exemption from the Securities
Act and applicable State securities laws and describing the applicable exemption and the basis therefor, which Opinion of Counsel shall not be an expense of the Certificate Registrar, the Depositor or the Owner Trustee, and (ii) the Certificate
Registrar may require the transferee to execute a certification acceptable to and in form and substance satisfactory to the Certificate Registrar and the Depositor setting forth the facts surrounding such Transfer. 

(f) No Transfer of any Certificate shall be permitted, recognized or recorded unless the Depositor has consented in writing to such
Transfer, which consent may be withheld in the sole discretion of the Depositor; provided, however, that no such consent of the Depositor shall be required where the proposed transferee is, and at the time of such Transfer will be, a
Certificateholder. 
 Section 3.5 Mutilated, Destroyed, Lost or Stolen Certificates. 

(a) If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to
its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to hold each of the Trust, the
Certificate Registrar and the Owner Trustee harmless, then, in the absence of notice to the Trust, the Certificate Registrar or the Owner Trustee that such Certificate has been acquired by a “protected purchaser” (as defined in the
Relevant UCC), the Owner Trustee shall execute on behalf of the 

  
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Trust and the Owner Trustee shall authenticate and deliver, in exchange for, or in lieu of, any such mutilated, destroyed, lost or stolen Certificate, as the case may be, a replacement
Certificate, as the case may be, of like tenor and Certificate Percentage Interest. If, after the delivery of such replacement Certificate or payment of a destroyed, lost or stolen Certificate pursuant to the proviso to the preceding sentence, a
“protected purchaser” (as defined in the Relevant UCC) of the original Certificate in lieu of which such replacement Certificate was issued presents for payment such original Certificate, the Trust and the Owner Trustee shall be entitled
to recover such replacement Certificate (or such payment) from the Person to whom such replacement Certificate was delivered or any Person taking such replacement Certificate from such Person to whom such replacement Certificate was delivered or any
assignee of such Person, except a “protected purchaser” (as defined in the Relevant UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the
Trust or the Owner Trustee in connection therewith. 
 (b) Upon the issuance of any replacement Certificate under this
Section 3.5, the Trust may require the payment by the Holder of such Certificate 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 Owner Trustee) related thereto. 
 (c) Every replacement Certificate issued pursuant to this
Section 3.5 in replacement of any mutilated, destroyed, lost or stolen Certificate shall constitute an original additional contractual obligation of the Trust, whether or not the mutilated, destroyed, lost or stolen Certificate shall be at any
time enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Certificates duly issued hereunder. 
 (d) The provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Certificates. 
 Section 3.6 Persons Deemed Owners. Prior to due presentation of a Certificate for
registration of transfer, the Owner Trustee, the Certificate Registrar and any Paying Agent may treat the Person in whose name such Certificate is registered in the Certificate Register (as of the day of determination) as the owner of such
Certificate for the purpose of receiving distributions pursuant to Section 5.2 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary.

 Section 3.7 Access to List of Certificateholders’ Names and Addresses. The Certificate Registrar shall
furnish or cause to be furnished to the Servicer and the Depositor, or to the Indenture Trustee or the Owner Trustee, within fifteen (15) days after receipt by the Certificate Registrar of a written request therefor from the Servicer, the
Depositor or the Indenture Trustee or the Owner Trustee, as the case may be, a list, in such form as the requesting party may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or
more Certificateholders or one or more Holders of Certificates evidencing not less than 25% of the aggregate Certificate Percentage Interest apply in writing to 

  
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the Certificate Registrar, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the
Certificates and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the Certificate Registrar shall, within five (5) Business Days after the receipt of such application, afford such
applicants access during normal business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or
the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
 Section 3.8 Maintenance of Office or Agency. The Certificate Registrar shall maintain in the Borough of Manhattan, The City of New York, an office or offices or agency or agencies where
Certificates may be surrendered for registration of Transfer or exchange and where notices and demands to or upon the Certificate Registrar in respect of the Certificates and the Transaction Documents may be served. The Certificate Registrar shall
give prompt written notice to the Depositor, the Owner Trustee and the Certificateholders of any change in the location of the Certificate Registrar or any such office or agency. 

Section 3.9 Appointment of Paying Agent. The Paying Agent shall make distributions to Certificateholders from the Certificate
Payment Account pursuant to Section 5.2 and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Payment Account for the purpose of making
the distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Agreement
in any material respect. The Paying Agent shall initially be the Owner Trustee and any co-paying agent chosen by the Owner Trustee. The Owner Trustee shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the
Depositor. In the event that the Owner Trustee shall no longer be the Paying Agent, the Owner Trustee, upon receipt of written instructions from the Depositor, shall appoint a successor to act as Paying Agent (which shall be a bank or trust
company). The Owner Trustee shall direct such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying
Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to
the Owner Trustee. The provisions of Sections Section 7.1, Section 7.3 and Section 8.1 shall apply to the Owner Trustee also in its role as Paying Agent, for so long as the Owner Trustee shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 

  
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 ARTICLE IV 
 ACTIONS BY OWNER TRUSTEE 
 Section 4.1 Prior Notice to Certificateholders
with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless (i) at least thirty (30) days before the taking of such action, the Owner Trustee shall have notified the
Certificateholders, the Administrator and the Depositor (who shall promptly forward such notice to the Rating Agencies) in writing of the proposed action and (ii) the Holders of Certificates evidencing not less than 51% of the aggregate
Certificate Percentage Interest shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that the Holders have withheld consent or provided alternative direction: 

(i) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought by the Servicer in connection
with the collection of the Receivables) and the settlement of any action, proceeding, investigation, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection by the Servicer of the
Receivables); 
 (ii) the election by the Trust to file an amendment to the Certificate of Trust (unless such
amendment is required to be filed under the Statutory Trust Statute); 
 (iii) the amendment of the Indenture by
a supplemental indenture in circumstances where the consent of any Noteholder is required; 
 (iv) the amendment
of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Certificateholders; 

(v) the amendment, change or modification of the Sale and Servicing Agreement or the Administration Agreement, except to
cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders; or 

(vi) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent for the Notes or Indenture
Trustee or pursuant to this Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent for the Notes or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or
this Agreement, as applicable. 
 Section 4.2 Action by Certificateholders with Respect to Certain Matters. The
Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing not less than 51% of the
aggregate Certificate Percentage Interest, (i) remove the Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer other than the Backup Servicer pursuant to Article VIII of the Sale and
Servicing Agreement, (iii) remove the Administrator pursuant to Section 9.1 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 9.1 of the Administration Agreement or (v) sell the
Receivables after the termination of the Indenture, except as expressly provided in the Transaction Documents. 

  
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 Section 4.3 Action by Certificateholders with Respect to Bankruptcy. The Owner
Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Trust unless (i) the Notes have been paid in full and (ii) each Certificateholder approves of such commencement in writing in advance and
delivers to the Owner Trustee a certificate certifying that such Person reasonably believes that the Trust is insolvent. 

Section 4.4 Restrictions on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take
or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the other Transaction Documents or would be contrary to Section 2.3, nor shall the
Owner Trustee be obligated to follow any such direction, if given. 
 Section 4.5 Majority Control. Except as
expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may be taken by the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest. Except as expressly
provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest at the time
of the delivery of such notice. 
 Section 4.6 Certain Litigation Matters. The Owner Trustee and the Delaware
Trustee shall provide prompt written notice to the Depositor, the Seller and the Servicer of any action, proceeding or investigation known to the Owner Trustee or the Delaware Trustee that could reasonably be expected to adversely affect the Trust
or the Owner Trust Estate. 
 ARTICLE V 
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
 Section 5.1 Establishment of
Certificate Payment Account. Pursuant to Section 4.1 of the Sale and Servicing Agreement, the Servicer has agreed to establish, on or before the Closing Date, and maintain in the name of the Owner Trustee at an Eligible Institution (which
shall initially be the Owner Trustee) a segregated trust account designated as the “CarMax Auto Owner Trust 2012-1 Trust Account” (the “Certificate Payment Account”). The Certificate Payment Account shall be held in trust for the
benefit of the Certificateholders. Except as expressly provided in Section 3.9, the Certificate Payment Account shall be under the sole dominion and control of the Owner Trustee. All monies deposited from time to time in the Certificate Payment
Account pursuant to the Sale and Servicing Agreement or the Indenture shall be applied as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. 
 Section 5.2 Application of Trust Funds. 
 (a) On each Distribution
Date, upon receipt of written instructions from the Servicer pursuant to Section 4.6 of the Sale and Servicing Agreement, the Owner Trustee shall, or, if the Owner Trustee is not the Paying Agent, shall direct the Paying Agent to, distribute to

  
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the Certificateholders, in proportion to each Certificateholder’s Certificate Percentage Interest, amounts deposited in the Certificate Payment Account on such Distribution Date pursuant to
Section 4.6 of the Sale and Servicing Agreement and Section 2.8 of the Indenture with respect to such Distribution Date. 
 (b) On each Distribution Date, the Owner Trustee shall, or, if the Owner Trustee is not the Paying Agent, the Owner Trustee shall direct the Paying Agent to, send to each Certificateholder the statement
provided to the Owner Trustee by the Servicer pursuant to Section 4.9 of the Sale and Servicing Agreement with respect to such Distribution Date. 
 (c) In the event that any withholding tax is imposed on any Trust payment (or any allocation of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the
Certificateholder in accordance with this Section 5.2. The Owner Trustee and each Paying Agent are hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any
such withholding tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome
of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing
authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Owner Trustee may withhold such amounts in accordance with this Section 5.2. If a
Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any
out-of-pocket expenses incurred. 
 Section 5.3 Method of Payment. Subject to Section (c), distributions required to
be made to Certificateholders on any Distribution Date shall be made to each Certificateholder of record on the preceding Record Date either by wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar and the Paying Agent appropriate written instructions at least five (5) Business Days prior to such Distribution Date and such
Certificateholder is the Depositor or, if not, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register. Notwithstanding the foregoing, the final distribution in respect of any Certificate
(whether on the Final Distribution Date or otherwise) will be payable only upon presentation and surrender of such Certificate at the office or agency maintained for that purpose by the Certificate Registrar pursuant to Section 3.8. 

Section 5.4 No Segregation of Monies; No Interest. Subject to Sections Section 5.1 and Section 5.2, monies received
by the Owner Trustee hereunder need not be segregated in any manner except to the extent required by law, the Indenture or the Sale and Servicing Agreement and may be deposited under such general conditions as may be prescribed by law, and the Owner
Trustee shall not be liable for any interest thereon. 

  
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 Section 5.5 Accounting and Reports to the Noteholders, Certificateholders, the
Internal Revenue Service and Others. The Owner Trustee shall, based on information provided by the Seller, (i) maintain (or cause to be maintained) the books of the Trust on the basis of a fiscal year ending December 31 and based on
the accrual method of accounting, (ii) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including Schedule K-1) to enable such Certificateholder to
prepare its federal and State income tax returns, (iii) file such tax returns relating to the Trust (including a partnership information return, IRS Form 1065) and make such elections as may from time to time be required or appropriate under
any applicable State or federal statute or rule or regulation thereunder so as to maintain the Trust’s characterization as a partnership for federal income tax purposes, (iv) cause such tax returns to be signed in the manner required by
law and (v) collect or cause to be collected any withholding tax as described in and in accordance with Section (c) with respect to income or distributions to Certificateholders. The Owner Trustee, on behalf of the Trust, shall elect under
Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Receivables. The Owner Trustee, on behalf of the Trust, shall not make the election provided under Section 754 of the Code.

 The Owner Trustee may satisfy its obligations with respect to this Section 5.5 by retaining, at the expense of the
Seller, a firm of independent public accountants (the “Accountants”) selected by the Seller. The Owner Trustee may require the Accountants to provide to the Owner Trustee, on or before March 15, 2013, a letter in form and
substance satisfactory to the Owner Trustee as to whether any federal tax withholding on Certificates is then required and, if required, the procedures to be followed with respect thereto to comply with the requirements of the Code. The Accountants
shall be required to update such letter in each instance that any additional tax withholding is subsequently required or any previously required tax withholding shall no longer be required. The Owner Trustee shall be deemed to have discharged its
obligations pursuant to this Section 5.5 upon its retention of the Accountants, and the Owner Trustee shall not have any liability with respect to the default or misconduct of the Accountants. 

Section 5.6 Signature on Returns; Tax Matters Partner. 

(a) The Owner Trustee shall sign, on behalf of the Trust, the tax returns of the Trust. 

(b) The Depositor, as a Certificateholder, shall be designated the “tax matters partner” of the Trust pursuant to
Section 6231(a)(7)(A) of the Code and applicable Treasury Regulations. 
 ARTICLE VI 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 Section 6.1 General Authority. The Owner Trustee is authorized and directed to execute and deliver the Transaction Documents to which the Trust is to be a party and each certificate or other
document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust is to be a party, in each case in such form as the Depositor shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof
and the 

  
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Depositor’s execution of this Agreement, and to direct the Indenture Trustee to authenticate and deliver Notes in the aggregate principal amount of $970,000,000 (comprised of $171,000,000 in
aggregate principal amount of Class A-1 Notes, $336,000,000 in aggregate principal amount of Class A-2 Notes, $288,000,000 in aggregate principal amount of Class A-3 Notes, $120,680,000 in aggregate principal amount of Class A-4
Notes, $20,370,000 in aggregate principal amount of Class B Notes, $17,460,000 in aggregate principal amount of Class C Notes and $16,490,000 in aggregate principal amount of Class D Notes). In addition to the foregoing, the Owner Trustee is
authorized to take all actions required of the Trust pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action on behalf of the Trust as is permitted by the Transaction Documents and which
the Certificateholders, the Servicer or the Administrator recommends in writing with respect to the Transaction Documents, except to the extent that this Agreement expressly requires the consent of Certificateholders for such action. 

Section 6.2 General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its
responsibilities pursuant to the terms of this Agreement and to administer the Trust for the benefit of the Certificateholders, subject to the lien of the Indenture and in accordance with the provisions of this Agreement. Notwithstanding the
foregoing, the Owner Trustee shall be deemed to have discharged (or caused to be discharged) its duties and responsibilities hereunder to the extent the Administrator is required in the Administration Agreement to perform any act or to discharge
such duty of the Owner Trustee or the Trust hereunder or under any other Transaction Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the Administration
Agreement. 
 Section 6.3 Action upon Instruction. 

(a) Subject to Article IV, and in accordance with the terms of the Transaction Documents, the Certificateholders may, by written
instruction, direct the Owner Trustee in the management of the Trust. 
 (b) The Owner Trustee shall not be required to take any
action under this Agreement or any other Transaction Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is
contrary to the terms of this Agreement or any other Transaction Document or is otherwise contrary to law. 
 (c) Subject to
Article IV, whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any other Transaction Document, the Owner Trustee shall promptly give notice (in such form as
shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the
Certificateholders received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate written instruction within ten (10) days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, 

  
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not inconsistent with this Agreement or the other Transaction Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such
action or inaction. 
 (d) Subject to Article IV, in the event the Owner Trustee is unsure as to the application of any
provision of this Agreement or any other Transaction Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any
determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate
under the circumstances) to the Certificateholders requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable,
on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate written instruction within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such
notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the other Transaction Documents, as it shall deem to be in the best interests
of the Certificateholders and shall have no liability to any Person for such action or inaction. 
 Section 6.4 No
Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of or otherwise deal with the Owner Trust
Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee or the Trust is a party, except as expressly provided by the terms of this Agreement or in any
document or written instruction received by the Owner Trustee pursuant to Section 6.3, and no implied duties or obligations shall be read into this Agreement or any other Transaction Document against the Owner Trustee. The Owner Trustee shall
have no responsibility for filing any financing or continuation statement in any public office at any time or otherwise to perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any
Commission filing for the Trust or to record this Agreement or any other Transaction Document. The Owner Trustee shall, however, at its own cost and expense, promptly take all action as may be necessary to discharge any lien (other than the lien of
the Indenture) on any part of the Owner Trust Estate that results from actions by, or claims against, the Owner Trustee in its individual capacity that are not related to the ownership or the administration of the Owner Trust Estate. 

Section 6.5 No Action Except Under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use,
sell, dispose of or otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the other
Transaction Documents to which the Trust is a party and (iii) in accordance with any document or written instruction delivered to the Owner Trustee pursuant to Section 6.3. 

Section 6.6 Restrictions. The Owner Trustee shall not take any action (i) that is inconsistent with the purposes of the
Trust set forth in Section 2.3 or (ii) that, to the actual knowledge of the Owner Trustee, would (A) affect the treatment of the Notes as indebtedness for 

  
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federal income or Virginia income or franchise tax purposes, (B) be deemed to cause a taxable exchange of the Notes for federal income or Virginia income or franchise tax purposes or
(C) cause the Trust or any portion thereof to be taxable as an association or publicly traded partnership taxable as a corporation for federal income or Virginia income or franchise tax purposes. The Certificateholders, the Depositor, the
Administrator and the Servicer shall not direct the Owner Trustee to take action that would violate the provisions of this Section 6.6. 
 Section 6.7 Instructions by Electronic Methods. The Owner Trustee and the Delaware Trustee are hereby authorized to rely upon and comply with instructions and directions sent by e-mail,
facsimile and other similar unsecured electronic methods (“Electronic Methods”) by persons believed by the Owner Trustee or the Delaware Trustee, as applicable, to be authorized to give instructions and directions on behalf of the
Depositor. The Owner Trustee and the Delaware Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions or directions on behalf of the
Depositor (other than to verify that the signature on a facsimile is the signature of a person authorized to give instructions and directions on behalf of the Depositor), and the Owner Trustee and the Delaware Trustee shall have no liability for any
losses, liabilities, costs or expenses incurred or sustained by the Depositor as a result of such reliance upon or use of Electronic Methods to submit instructions and directions to the Owner Trustee or the Delaware Trustee, including the risk of
the Owner Trustee or the Delaware Trustee taking unauthorized instructions, and the risk of interception and misuse by third parties. 
 Section 6.8 Communications Regarding Demands to Repurchase Receivables. Each of the Owner Trustee and the Delaware Trustee agrees to cooperate in good faith with any reasonable request by the
Depositor for information regarding the Owner Trustee or the Delaware Trustee which the Depositor determines 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 Owner Trustee or the Delaware Trustee or to the Owner Trustee’s or the Delaware Trustee’s, as applicable, obligations under this Agreement. The Owner Trustee and the Delaware Trustee shall
provide the Depositor with notification, as soon as practicable and in any event within five Business Days, of receipt of all demands communicated to the Owner Trustee or the Delaware Trustee, as applicable, for the repurchase or replacement of any
Receivable. 
 ARTICLE VII 
 REGARDING THE OWNER TRUSTEE 
 Section 7.1 Acceptance of Trusts and
Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received
by it constituting part of the Owner Trust Estate upon the terms of this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any other Transaction Document under any circumstances, except (i) for its own
willful misconduct, bad faith or negligence or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the Owner Trustee, in its individual capacity. In particular, but not by way of
limitation (and subject to the exceptions set forth in the preceding sentence): 
 (i) the Owner Trustee shall
not be liable for any error of judgment made in good faith by a responsible officer of the Owner Trustee unless it is proved that the Owner Trustee was negligent in ascertaining the pertinent facts; 

  
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 (ii) the Owner Trustee shall not be liable with respect to any action taken
or omitted to be taken in good faith by it in accordance with the provisions of this Agreement at the instructions of any Certificateholder, the Indenture Trustee, the Depositor, the Administrator or the Servicer; 

(iii) no provision of this Agreement or any other Transaction Document shall require the Owner 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 or under any other Transaction Document if the Owner Trustee shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
 (iv) the Owner Trustee shall not be liable for any indebtedness evidenced by or arising under any of the Transaction Documents, including the principal of and interest on the Notes or payments of Excess
Collections to the Certificateholders; 
 (v) the Owner Trustee shall not be responsible for or in respect of the
validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency
of the other Transaction Documents, other than the certificate of authentication on the Certificates, and the Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder or to any Certificateholder, other
than as expressly provided for herein and in the other Transaction Documents; 
 (vi) the Owner Trustee shall not
be liable for the default or misconduct of the Servicer, the Backup Servicer, the Administrator, the Depositor or the Indenture Trustee under any of the Transaction Documents or otherwise, and the Owner Trustee shall have no obligation or liability
to perform the obligations of the Trust under this Agreement or the other Transaction Documents that are required to be performed by the Administrator under the Administration Agreement, the Servicer or the Backup Servicer under the Sale and
Servicing Agreement or the Indenture Trustee under the Indenture; 
 (vii) the Owner Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Transaction Document, at the
request, order or direction of any of the Certificateholders, unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner
Trustee therein or thereby; 

  
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 (viii) the right of the Owner Trustee to perform any discretionary act
enumerated in this Agreement or any other Transaction Document shall not be construed as a duty, and the Owner Trustee shall not be answerable other than for its willful misconduct, bad faith or negligence in the performance of any such act;

 (ix) in no event shall the Owner Trustee be responsible or liable (A) for special, indirect,
consequential loss or damage of any kind whatsoever (including loss of profit), (B) for the acts or omissions of clearing agencies or securities depositories or any of their respective nominees or correspondents, (C) for acts or omissions
of brokers or dealers or (D) for any losses due to forces beyond the control of the Owner Trustee, including strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services provided by third parties selected by the Owner Trustee with reasonable care; 

(x) the Owner Trustee shall have no responsibility for the accuracy of any information provided to Certificateholders or
any other person that has been obtained from, or provided to the Owner Trustee by, any other Person; and 
 (xi)
the Owner Trustee shall not be liable for any failure to anticipate incurring Expenses (as defined in Section 8.2) as long as the Owner Trustee acts in good faith based on the facts reasonably available to it at the time of such determination.

 Section 7.2 Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholders promptly upon
receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents. 

Section 7.3 Representations and Warranties 
 (a) The Delaware Trustee, in its individual capacity, hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that: 

(i) it is a Delaware banking corporation duly organized and validly existing in good standing under the laws of the State
of Delaware and has all requisite power and authority to execute, deliver and perform its obligations under this Agreement; 
 (ii) it has taken all action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to
execute and deliver this Agreement on its behalf; and 
 (iii) neither the execution nor the delivery by it of
this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, 

  
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governmental rule or regulation governing the banking or trust powers of the Delaware Trustee or any judgment or order binding on it, or constitute any default under its charter documents or
by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound. 
 (b) The Owner Trustee, in its individual capacity, hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that: 

(i) it is a New York banking corporation duly organized and validly existing in good standing under the laws of the State
of New York and has all requisite power and authority to execute, deliver and perform its obligations under this Agreement; 
 (ii) it has taken all action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to
execute and deliver this Agreement on its behalf; and 
 (iii) neither the execution nor the delivery by it of
this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or New York law, governmental rule or regulation governing the banking or
trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its
properties may be bound. 
 Section 7.4 Reliance; Advice of Counsel. 

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

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement
or the other Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such
agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled Persons to be selected with reasonable care and employed by it.

  
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The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such
Persons and not contrary to this Agreement or any other Transaction Document. 
 Section 7.5 Not Acting in Individual
Capacity. Except as provided in Section 7.3, in accepting the trusts hereby created, The Bank of New York Mellon acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner
Trustee by reason of the transactions contemplated by this Agreement or any other Transaction Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 

Section 7.6 Owner Trustee Not Liable for Certificates or Receivables. The recitals contained herein and in the Certificates
(other than the signature and countersignature of the Owner Trustee on the Certificates) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Agreement, any other Transaction Document, the Certificates (other than the signature and countersignature of the Owner Trustee on the Certificates) or the Notes, or of any Receivable or
related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any
Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to the Certificateholders under
this Agreement or to the Noteholders under the Indenture, including the existence, condition and ownership of any Financed Vehicle, the existence and enforceability of any insurance thereon, the existence and contents of any Receivable on any
computer or other record thereof, the validity of the assignment of any Receivable to the Trust or any intervening assignment, the completeness of any Receivable, the performance or enforcement of any Receivable, the compliance by the Depositor or
the Servicer with any warranty or representation made under any Transaction Document or in any related document, or the accuracy of any such warranty or representation or any action of the Indenture Trustee, the Administrator or the Servicer taken
in the name of the Owner Trustee. 
 Section 7.7 Owner Trustee May Own Certificates and Notes. The Owner Trustee, in
its individual or any other capacity, may become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the Servicer, the Administrator and the Indenture Trustee in banking transactions with the same rights as it would have
if it were not Owner Trustee. 
 ARTICLE VIII 
 COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE 
 Section 8.1 Owner
Trustee’s Fees and Expenses. Each of the Owner Trustee and the Delaware Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between the Servicer and such
trustee, and each of the Owner Trustee and the Delaware Trustee shall be reimbursed by the Servicer for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives,
experts and counsel as such trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. 

  
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 Section 8.2 Indemnification. To the fullest extent permitted by applicable law,
the initial Servicer shall be liable as prime obligor for, and shall indemnify each of the Owner Trustee and the Delaware Trustee and its successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against,
any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively,
“Expenses”) which may at any time be imposed on, incurred by, or asserted against the Owner Trustee, the Delaware Trustee or any other Indemnified Party in any way relating to or arising out of this Agreement, the other Transaction
Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee or the Delaware Trustee hereunder; provided, however, that the initial Servicer shall not be liable for or required to
indemnify an Indemnified Party from and against Expenses arising or resulting from any of the matters described in the third sentence of Section 7.1. Except as otherwise provided in Section 5.4(b) of the Indenture, in no event will the
initial Servicer, the Owner Trustee or the Delaware Trustee be entitled to make any claim upon the Owner Trust Estate for the payment or reimbursement of any Expenses. The indemnities contained in this Section 8.2 shall survive the resignation
or termination of the Owner Trustee and the Delaware Trustee or the termination of this Agreement. In the event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section 8.2, the Owner Trustee’s and the
Delaware Trustee’s choice of legal counsel shall be subject to the approval of the initial Servicer, which approval shall not be unreasonably withheld. 
 Section 8.3 Payments to the Owner Trustee. Any amounts paid to the Owner Trustee or the Delaware Trustee pursuant to this Article VIII shall be deemed not to be a part of the Owner Trust
Estate immediately after such payment. 
 ARTICLE IX 
 TERMINATION 
 Section 9.1 Termination of Trust Agreement. 

(a) This Agreement (other than the provisions of Article VIII) shall terminate and be of no further force or effect and the Trust shall
dissolve upon the earlier of (i) the payment to the Servicer, the Noteholders and the Certificateholders of all amounts required to be paid to them pursuant to the terms of the Indenture, the Sale and Servicing Agreement and Article V and
(ii) the Distribution Date next succeeding the month which is one year after the maturity or other liquidation of the last Receivable and the disposition of any amounts received upon liquidation of any property remaining in the Trust. The
bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust, entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any
action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate or otherwise affect the rights, obligations and liabilities of the parties hereto. 

  
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 (b) No Certificateholder shall be entitled to revoke or terminate the Trust. 

(c) Notice of any termination of the Trust, specifying the Distribution Date upon which the Certificateholders shall surrender their
Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to Certificateholders mailed within five (5) Business Days of receipt of notice of such termination from the
Servicer, stating (i) the Distribution Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein specified, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificates at the office of the Paying Agent
therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the
Certificates, the Paying Agent shall cause to be distributed to the Certificateholders, subject to Section 3808 of the Statutory Trust Statute, amounts distributable on such Distribution Date pursuant to Section 5.2. In the event that all
of the Certificateholders shall not surrender their Certificates for cancellation within six (6) months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner
Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates and the cost thereof shall be paid out of the funds and other assets that
shall remain subject to this Agreement. Subject to applicable escheat laws, any funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the Certificateholders in proportion to each
Certificateholder’s Certificate Percentage Interest. 
 (d) Upon the winding up of the Trust, in accordance with
Section 3808 of the Statutory Trust Statute, and its termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of
Section 3810 of the Statutory Trust Statute. 
 ARTICLE X 

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
 Section 10.1 Eligibility Requirements for Owner Trustee and Delaware Trustee. The Owner Trustee shall at all times (i) be authorized to exercise corporate trust powers, (ii) have a
combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities and (iii) have (or have a parent that has) a long-term debt rating of investment grade by each of the Rating
Agencies or otherwise be acceptable to each of the Rating Agencies. The Delaware Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute,
(ii) be authorized to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities and (iv) have (or have a parent that
has) a long term debt rating of investment grade by each of the Rating Agencies or otherwise be acceptable to each of the Rating Agencies. If such 

  
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corporation or banking association shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section 10.1 the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the
Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. 

Section 10.2 Resignation or Removal of Owner Trustee. The Owner Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Administrator and the Depositor. Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee (acceptable to the Depositor) by written
instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within
thirty (30) days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 

If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and shall fail to
resign after written request therefor by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or
any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or the Owner Trustee shall otherwise become incapable of acting, then the
Administrator shall remove the Owner Trustee. If the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee (acceptable to the
Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the removed Owner Trustee and one copy to the successor Owner Trustee. 
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to this Section 10.2 shall not become effective until acceptance of appointment by the successor
Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to the Depositor, the Certificateholders,
the Indenture Trustee, the Noteholders and the Rating Agencies. 
 Section 10.3 Successor Owner Trustee. Any
successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon, subject to
the payment of all fees and expenses owed to the predecessor Owner Trustee, the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall
become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall, upon payment of its fees and expenses,
deliver to the successor 

  
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Owner Trustee all documents, statements and monies held by it under this Agreement, and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such
other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
 No successor Owner Trustee shall accept appointment as provided in this Section 10.3 unless, at the time of such acceptance, such successor Owner Trustee shall be eligible pursuant to
Section 10.1. 
 Any successor Owner Trustee appointed pursuant to this Section 10.3 shall file an amendment to the
Certificate of Trust with the Secretary of State reflecting the name and principal place of business of such successor in the State of Delaware. 
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 10.3, the Administrator shall mail notice of such appointment to all Certificateholders, the Indenture Trustee,
the Noteholders and the Rating Agencies. If the Administrator shall fail to mail such notice within ten (10) days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed
at the expense of the Administrator. 
 Section 10.4 Merger or Consolidation of Owner Trustee. 

(a) If the Owner 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, except the filing of an amendment to the Certificate of Trust, if required under the
Statutory Trust Statute, shall be the successor Owner Trustee; provided, however, that such corporation or banking association must be otherwise qualified and eligible under Section 10.1. The Owner Trustee shall provide the
Administrator (who shall promptly forward to the Rating Agencies) with prior written notice of any such transaction. 
 (b) If
at the time such successor or successors by consolidation, merger or conversion to the Owner Trustee shall succeed to the trusts created by this Agreement any of the Certificates shall have been authenticated but not delivered, any such successor to
the Owner Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Certificates so authenticated, and in case at that time any of the Certificates shall not have been authenticated, any such successor to the
Owner Trustee may authenticate such Certificates either in the name of any predecessor trustee or in the name of the successor to the Owner Trustee. In all such cases such certificates shall have the full force which the Certificates or this
Agreement provide that the certificate of the Owner Trustee shall have. 
 Section 10.5 Appointment of Co-Trustee or
Separate Trustee. 
 (a) Notwithstanding any other provisions of this Agreement to the contrary, at any time, for the
purpose of meeting any legal requirement of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and may execute
and deliver an instrument to appoint one or more Persons approved by the Owner Trustee to act as co-trustee or 

  
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co-trustees, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person or Persons, in such capacity and
for the benefit of the Certificateholders, such title to the Owner Trust Estate, or any part thereof, and, subject to the other provisions of this Section 10.5, such powers, duties, obligations, rights and trusts as the Administrator and the
Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee under Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be
required under Section 10.3. 
 (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 Owner Trustee shall be conferred or imposed upon and exercised or performed by the Owner 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 Owner 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 Owner 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 Owner 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 Owner Trustee; 
 (ii) no trustee under
this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and 
 (iii) the Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 

(c) Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article X. 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 Owner Trustee or separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof
given to the Administrator. 
 (d) Any separate trustee or co-trustee may at any time constitute the Owner 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 Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting,
resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

  
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 Section 10.6 Delaware Trustee. The Delaware Trustee has been appointed solely
for the purpose of complying with the requirements of the Statutory Trust Statute that the Trust have one trustee, which, in the case of a natural person, is a resident of the State of Delaware, or which in all other cases, has its principal place
of business in the State of Delaware. The duties and responsibilities of the Delaware Trustee shall be limited solely to (i) accepting legal process served on the Trust in the State of Delaware, (ii) the execution and delivery of all
documents, and the maintenance of all records, necessary to form and maintain the existence of the Trust under the Statutory Trust Statute and (iii) monitoring the Trust’s compliance with the Statutory Trust Statute and advising the
Administrator when action is necessary to comply with the Statutory Trust Statute. Except for the purpose set forth in the foregoing sentence, the Delaware Trustee shall not be deemed a trustee of, shall have no management responsibilities with
respect to or owe any fiduciary duties to the Trust or the Certificateholders. 
 (a) By its execution hereof, the Delaware
Trustee accepts the trust created herein. Except as otherwise expressly required by clause (a) above, the Delaware Trustee shall not have any duty or liability with respect to the administration of the Trust, the investment of any of the Trust
Property or the payment of dividends or other distributions of income or principal with respect to the Trust. 
 (b) The
Delaware Trustee shall not be liable for the acts or omissions of the Owner Trustee or the Administrator, nor shall the Delaware Trustee be liable for supervising or monitoring the performance of the duties and obligations of the Owner Trustee or
the Trust under this Agreement. The Delaware Trustee shall not be answerable or accountable hereunder or under any other Transaction Document under any circumstances, except (x) for its own willful misconduct, bad faith or negligence or
(y) in the case of the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the Delaware Trustee, in its individual capacity. In particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence): 
 (i) the Delaware Trustee shall not be liable for any error of judgment made
in good faith by a responsible officer of the Delaware Trustee unless it is proved that the Delaware Trustee was negligent in ascertaining the pertinent facts; 
 (ii) no provision of this Agreement or any other Transaction Document shall require the Delaware 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 or under any other Transaction Document if the Delaware Trustee shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured or provided to it; 
 (iii) under no circumstances shall the Delaware
Trustee be personally liable for any representation, warranty, covenant, agreement or indebtedness of the Trust; 

  
 31 

 (iv) the Delaware Trustee shall not be responsible for or in respect of the
validity or sufficiency of this Agreement or for the due execution hereof by the Depositor, the Owner Trustee, the Servicer or the Certificate Registrar; 
 (v) the Delaware Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or
paper believed by it to be genuine and believed by it to be signed by the proper party or parties; the Delaware Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as
conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect; as to any fact or matter the method of determination of which is not specifically prescribed herein, the Delaware Trustee may
for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter and such certificate shall constitute full protection to
the Delaware Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon; 
 (vi)
in the exercise or administration of the trust hereunder, the Delaware Trustee (A) may act directly or through agents or attorneys pursuant to agreements entered into with any of them, and the Delaware Trustee shall not be liable for the
conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Delaware Trustee with reasonable care and (B) may consult with counsel, accountants and other skilled Persons to be selected with
reasonable care and employed by it, and the Delaware Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such Persons and
not contrary to this Agreement or any other Transaction Document; and 
 (vii) except as expressly provided in
this Section 10.6, in accepting and performing the trust hereby created, BNY Mellon Trust of Delaware acts solely as Delaware Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Delaware Trustee by
reason of the transactions contemplated by this Agreement or any other Transaction Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 
 (c) The Delaware Trustee (or any successor trustee) shall be entitled to receive compensation from the Servicer for its services in accordance with such schedules as shall have been separately agreed to
from time to time by the Delaware Trustee and the Servicer. The Delaware Trustee may consult with counsel (who may be counsel for the Owner Trustee or for the Delaware Trustee). The reasonable legal fees incurred in connection with such consultation
shall be reimbursed to the Delaware Trustee pursuant to Article VIII. 
 (d) The Delaware Trustee shall serve for the duration
of the Trust and until the earlier of (i) the effective date of the Delaware Trustee’s resignation or (ii) the effective date of the removal of the Delaware Trustee. The Delaware Trustee may resign at any time by giving thirty
(30) days’ written notice to the Administrator and the Depositor; provided, however, that such resignation shall not be effective until such time as a successor Delaware Trustee has

  
 32 

 
accepted such appointment. The Delaware Trustee may be removed at any time by the Administrator by providing thirty (30) days’ written notice to the Delaware Trustee; provided,
however, that such removal shall not be effective until such time as a successor Delaware Trustee has accepted such appointment. Upon the resignation or removal of the Delaware Trustee, the Administrator shall appoint a successor Delaware
Trustee. If no successor Delaware Trustee shall have been appointed and shall have accepted such appointment within forty-five (45) days after the giving of such notice of resignation or removal, the Delaware Trustee may petition any court of
competent jurisdiction for the appointment of a successor Delaware Trustee. Any successor Delaware Trustee appointed pursuant to this Section 10.6 shall be eligible to act in such capacity in accordance with this Agreement and, following
compliance with this Section 10.6, shall become fully vested with the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Delaware Trustee. 

(e) The Delaware Trustee shall not be obligated to give any bond or other security for the performance of any of its duties hereunder.

 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.1 Supplements and Amendments. 

(a) This Agreement may be amended from time to time by the Depositor and the Owner Trustee with prior written notice by the Depositor to
the Rating Agencies and the Administrator, without the consent of any of the Noteholders or the Certificateholders to cure any ambiguity, to correct or supplement any provision herein that may be inconsistent with any other provision herein or in
any offering document used in connection with the initial offer and sale of the Notes or the Certificates or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement which will not
be inconsistent with other provisions of this Agreement; provided, however, that (i) no such amendment may materially adversely affect the interests of any Noteholder or any Certificateholder and (ii) no such amendment will
be permitted unless an Opinion of Counsel is delivered to the Owner Trustee to the effect that such amendment will not cause the Trust 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 outstanding Certificates or any Noteholder or Certificateholder. 
 (b) This Agreement may be amended from time to time by the Depositor and the Owner Trustee with prior written notice by the Depositor to the Rating Agencies and the Administrator, with the consent of the
Holders (as defined in the Indenture) of Notes evidencing not less than 51% of the Note Balance or, if the Notes have been paid in full, the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest, for
the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Agreement or modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that
(x) no such amendment will be permitted unless an Opinion of Counsel is delivered to the Owner Trustee to the effect that such amendment will not cause the Trust 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 outstanding Certificates or any Noteholder or Certificateholder and (y) no such amendment may: 

(i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or
priority of, collections of payments on or in respect of the Receivables or distributions that are required to be made for the benefit of the Noteholders or the Certificateholders, or change any Note Rate, without the consent of all Noteholders and
Certificateholders adversely affected by such amendment; 

  
 33 

 (ii) reduce the percentage of the Note Balance or the percentage of the
aggregate Certificate Percentage Interest the consent of the Holders of which is required for any amendment to this Agreement without the consent of all the Noteholders and Certificateholders adversely affected by the amendment; or 

(iii) adversely affect the rating assigned by any Rating Agency to any Class of Notes without the consent of the Holders
(as defined in the Indenture) of Notes evidencing not less than 66 2/3% of the aggregate principal amount of the then outstanding Notes of such Class. 
 (c) An amendment to this Agreement shall be deemed not to materially adversely affect the interests of any Noteholder or Certificateholder if (i) the Person requesting such amendment obtains and
delivers to the Owner Trustee an Opinion of Counsel to that effect or (ii) the Rating Agency Condition is satisfied. 
 (d)
Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to each Certificateholder and the Depositor shall furnish written notice of the
substance of such amendment or consent to the Indenture Trustee and the Rating Agencies. 
 (e) It shall not be necessary for
the consent of the Certificateholders or the Noteholders pursuant to this Section 11.1(a) to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by Certificateholders shall be subject
to such reasonable requirements as the Owner Trustee may prescribe. 
 (f) Promptly after the execution of any amendment to the
Certificate of Trust, the Owner Trustee shall file such amendment or cause such amendment to be filed with the Secretary of State. 
 (g) The Owner Trustee may, but shall not be obligated to, enter into any such amendment that affects the Owner Trustee’s own rights, duties, liabilities or immunities under this Agreement or
otherwise. 
 (h) Prior to the execution of any amendment to this Agreement or any amendment to any other agreement to which the
Trust is a party, the Owner Trustee shall be entitled to receive and shall be fully protected in relying upon an Opinion of Counsel stating that 

  
 34 

 
the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent in this Agreement to the execution and delivery of such amendment have been
satisfied. 
 Section 11.2 No Legal Title to Owner Trust Estate in Certificateholders. The Certificateholders shall
not have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided beneficial interest therein only in accordance with Articles V and IX. No transfer, by
operation of law or otherwise, of any right, title or interest of the Certificateholders in and to their beneficial interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Owner Trust Estate. 
 Section 11.3 Limitation on
Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Administrator, the Certificateholders, the Servicer and, to the extent expressly provided herein, the Indenture Trustee and
the Noteholders, and nothing in this Agreement or in the Certificates, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this
Agreement or any covenants, conditions or provisions contained herein. 
 Section 11.4 Notices.
All demands, notices and other communications under this Agreement shall be in writing, personally delivered, sent by telecopier, email, overnight courier or mailed by certified mail, return receipt requested, and shall be deemed to have been duly
given upon receipt (i) in the case of the Owner Trustee, at the Corporate Trust Office, (ii) in the case of the Depositor, at the following address: 12800 Tuckahoe Creek Parkway, Suite 400, Richmond, Virginia 23238, Attention: Treasurer,
(iii) in the case of the Indenture Trustee, at the Corporate Trust Office, (iv) in the 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, (v) in the case of Standard & Poor’s, at the following address: Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street,
43rd Floor, New York, New York 10041 and (vi) in the
case of the Administrator, at the following address: 12800 Tuckahoe Creek Parkway, Richmond, Virginia 23238, Attention: Treasury Department. Any notice required or permitted to be mailed to a Certificateholder shall be given by first-class mail,
postage prepaid, at the address of such Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder shall
receive such notice. 
 Section 11.5 Severability. If any provision of this Agreement or the Certificates shall be
held for any reason whatsoever invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Agreement and the Certificates shall not in any way be affected or impaired thereby. 

Section 11.6 Separate Counterparts. This Agreement 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. 

  
 35 

 Section 11.7 Successors and Assigns. All covenants and agreements in this
Agreement and the Certificates shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice,
direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 
 Section 11.8 Covenants of the Depositor. The Depositor shall not at any time institute against the Trust, or join in any institution against the Trust of, 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 Certificates, the Notes, this Agreement or any of the
other Transaction Documents. 
 Section 11.9 No Petition. To the fullest extent permitted by applicable law, the
Owner Trustee (not in its individual capacity but solely as Owner Trustee), by entering into this Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder, by accepting the benefits of this
Agreement, hereby covenant and agree that they will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, or cooperate with or encourage others to institute against the
Depositor or the Trust, 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
Certificates, the Notes, this Agreement or any of the other Transaction Documents. 
 Section 11.10 No Recourse.
Each Certificateholder, by accepting a Certificate, acknowledges that the Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any Affiliate thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificates or the other Transaction Documents.

 Section 11.11 Headings. The Article and Section headings herein and the Table of Contents are for convenience
only and shall not define or limit any of the terms or provisions hereof. 
 Section 11.12 Governing Law; Waiver of Jury
Trial. 
 (a) This Agreement shall be construed in accordance with the laws of the State of Delaware and the obligations,
rights and remedies of the parties under this Agreement shall be determined in accordance with such laws. 
 (b) The parties
hereto hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement. 

Section 11.13 Depositor Payment Obligation. The Depositor shall be responsible for payment of the Administrator’s
compensation under the Administration Agreement and shall reimburse the Administrator for all expenses and liabilities of the Administrator incurred under the Administration Agreement. 

  
 36 

 Section 11.14 Certificates Nonassessable and Fully Paid. The Certificateholders
shall not be personally liable for the obligations of the Trust. The interests represented by the Certificates shall be nonassessable for any losses or expenses of the Trust or for any reason whatsoever, and, upon the authentication thereof by the
Owner Trustee pursuant to Section 3.3, Section 3.4 or Section 3.5, the Certificates are and shall be deemed fully paid. 
 Section 11.15 Ratification of Prior Actions. Any actions taken by the Owner Trustee, the Delaware Trustee or the Administrator, in each case for itself or on behalf of the Trust, in connection
with the opening of bank accounts, deposit of monies into such accounts, obtaining of sales finance company licenses on behalf of the Trust and any actions related thereto are hereby confirmed and ratified in all respects, and the Owner Trustee and
the Delaware Trustee shall be entitled to the indemnity provided for in Section 8.2 with respect to such actions. 

[SIGNATURE PAGE FOLLOWS] 

  
 37 

 IN WITNESS WHEREOF, the Depositor, the Delaware Trustee and the Owner Trustee have caused
this Agreement 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 FUNDING LLC,
 as Depositor

		
	By:	 	 /s/ Andrew J. McMonigle

	Name:	 	Andrew J. McMonigle
	Title:	 	Treasurer
	
	 BNY MELLON TRUST OF DELAWARE,
 as Delaware Trustee

		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President
	
	 THE BANK OF NEW YORK MELLON,
 as Owner Trustee

		
	By:	 	 /s/ Henry Baez

	Name:	 	Henry Baez
	Title:	 	Senior Associate

 Accepted and agreed: 
  

			
	 CARMAX BUSINESS SERVICES, LLC,
 as Servicer

		
	By:	 	 /s/ Thomas W. Reedy

	Name:	 	Thomas W. Reedy
	Title:	 	Chief Financial Officer

 Amended and Restated Trust Agreement 

  
 S-1

 Exhibit A 
 Form of Certificate 
 THIS ASSET BACKED CERTIFICATE IS SUBORDINATED IN
RIGHT OF PAYMENT TO THE NOTES TO THE EXTENT DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE REFERRED TO HEREIN. 
  

			
	REGISTERED	 	NO. R-1

 CARMAX AUTO OWNER TRUST 2012-1 
 ASSET-BACKED CERTIFICATE 
 evidencing a beneficial interest in the property of
CarMax Auto Owner Trust 2012-1, a Delaware statutory trust (the “Trust”), which property includes a pool of retail installment sale contracts secured by new and used motor vehicles sold by CarMax Business Services, LLC, a Delaware
limited liability company (the “Seller”), to CarMax Auto Funding LLC, a Delaware limited liability company (the “Depositor”), and sold by the Depositor to the Trust. The property of the Trust (other than the
Certificate Payment Account and the proceeds thereof) has been pledged by the Trust to Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”),
pursuant to an Indenture dated as of February 1, 2012 (as amended, supplemented or otherwise modified from time to time, the “Indenture”) between the Trust and the Indenture Trustee to secure the payment of the Notes issued
thereunder. 
 This certifies that CARMAX AUTO FUNDING LLC is the registered owner of a 100% Certificate Percentage Interest
nonassessable, fully paid, beneficial interest in the Trust. The Trust was created pursuant to a Trust Agreement dated as of November 3, 2011 among the Depositor, BNY Mellon Trust of Delaware, not in its individual capacity but solely as
Delaware Trustee (in such capacity, the “Delaware Trustee”), and The Bank of New York Mellon, not in its individual capacity but solely as Owner Trustee (in such capacity, the “Owner Trustee”), as amended and
restated by an Amended and Restated Trust Agreement dated as of February 1, 2012 (as amended, supplemented or otherwise modified and in effect from time to time, the “Trust Agreement”) among the Depositor, the Delaware Trustee
and the Owner Trustee, a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used but not defined herein have the meanings assigned to them in the Trust Agreement or in the Sale and Servicing Agreement dated
as of February 1, 2012 (as amended, supplemented or otherwise modified and in effect from time to time, the “Sale and Servicing Agreement”) among the Trust, the Depositor, CarMax Business Services, LLC, as servicer (in such
capacity, the “Servicer”), and Wells Fargo Bank, National Association, a national banking association, as backup servicer (in such capacity, the “Backup Servicer”). 

This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement
the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. The property of the Trust includes: (i) a pool of retail installment sale contracts originated in connection with the sale

  
 Ex. A-1

 
of new or used motor vehicles (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 Seller or the Depositor in such Financed Vehicles; (iv) all proceeds from claims on or refunds of premiums with respect to 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, the Certificate 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 Trust under the Sale and Servicing Agreement, including the right to require the Servicer to purchase Receivables from the Trust;
(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 Trust; 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. 

THE RIGHTS OF THE TRUST IN THE FOREGOING PROPERTY OF THE TRUST (OTHER THAN THE CERTIFICATE PAYMENT ACCOUNT AND THE PROCEEDS THEREOF) HAVE
BEEN PLEDGED TO THE INDENTURE TRUSTEE TO SECURE THE PAYMENT OF THE NOTES. 
 Pursuant to the Trust Agreement, there will be
distributed on each Distribution Date to the Person in whose name this Certificate is registered at the close of business on the Business Day preceding such Distribution Date such Certificateholder’s Certificate Percentage Interest in the
amount to be distributed to Certificateholders on such Distribution Date. 
 “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 March 15, 2012. 

THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE
SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS AS DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE. 
 It is the intent of the Depositor, the Seller, the Servicer and the Certificateholders that, for purposes of federal income taxes, State and local income taxes and any other income taxes, the Trust will
be treated either as a disregarded entity under Treasury Regulation Section 301.7701-3 or as a partnership, and that the Certificateholders (including the Depositor) will be treated as partners in that partnership. The Certificateholders, by
acceptance of a Certificate, agree to such treatment and agree to take no action inconsistent with such treatment. 

  
 Ex. A-2

 Each Certificateholder, by its acceptance of a Certificate, covenants and agrees that such
Certificateholder will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust 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 Trust Agreement or any of the other Transaction Documents. 

Distributions on this Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to
the Certificateholder of record in the Certificate Register without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final
distribution on this Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency of the Certificate Registrar maintained for
that purpose in the Borough of Manhattan, The City of New York. 
 Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Certificate. 
 Unless the certificate of authentication hereon has been executed by an authorized officer of the Owner Trustee, by manual signature, this Certificate shall not entitle the Holder hereof to any benefit
under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 

  
 Ex. A-3

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual
capacity, has caused this Certificate to be duly executed as of the date set forth below. 
 Dated: February 16, 2012 

 

					
	CARMAX AUTO OWNER TRUST 2012-1,
		
	By:	 	 THE BANK OF NEW YORK MELLON,
 not in its individual capacity but solely as
Owner Trustee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: February 16, 2012 
  

					
	By:	 	 THE BANK OF NEW YORK MELLON,
 not in its individual capacity but solely as
Owner Trustee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 Ex. A-4

 [REVERSE OF CERTIFICATE] 

This Certificate does not represent an obligation of, or an interest in, the Depositor, the Seller, the Servicer, the Backup Servicer,
the Administrator, the Owner Trustee or any Affiliates of any of them, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein, in the Trust Agreement or in the other Transaction
Documents. In addition, this Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables (and certain other amounts), all as more specifically
set forth herein and in the Sale and Servicing Agreement. 
 The Trust Agreement permits the Depositor and the Owner Trustee, on
behalf of the Trust, with certain exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Trust Agreement without the consent of the Holders of the Certificates. The Trust Agreement also permits
the Depositor and the Owner Trustee, on behalf of the Trust, with certain exceptions as therein provided, to amend or waive certain terms and conditions set forth in the Trust Agreement with the consent of the Holders of the Notes evidencing not
less than 51% of the Note Balance or, if the Notes have been paid in full, the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest. Any such consent or waiver by the Holder of this Certificate shall
be conclusive and binding on such Holder and on all future Holders of this Certificate and of any Certificate 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 Certificate. 
 As provided in the Trust Agreement and subject to certain limitations therein set forth, the
Transfer of this Certificate may be registered in the Certificate Register upon surrender of this Certificate for registration of Transfer at the office or agency of the Certificate Registrar maintained for that purpose in the Borough of Manhattan,
The City of New York and a written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates in
any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge shall be made for any registration of Transfer or exchange of Certificates, but the Owner Trustee or
the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection therewith. The initial Certificate Registrar appointed under the Trust Agreement is the Owner Trustee.

 Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such
Certificateholder is not an “employee benefit plan” or arrangement subject to Section 406 of ERISA or a “plan” subject to Section 4975 of the Code (such “employee benefit plan” or “plan,” a
“Plan”), nor a person acting on behalf of a Plan nor using the assets of a Plan to effect the transfer of such Certificate. 
 Any person who is not an affiliate of the Seller and acquires more than 49.9% of the Certificates will be deemed to represent that it is not a party in interest (within the meaning of ERISA) or a
disqualified person (within the meaning of Section 4975(e)(2) of the Code) with respect to any Plan, other than a Plan that it sponsors for the benefit of its employees, and that no Plan with respect to which it is a party in interest has or
will acquire any interest in the Notes. 

  
 Ex. A-5

 The Certificates are issuable only in registered form in denominations as provided in the
Trust Agreement, subject to certain limitations therein set forth. 
 The Owner Trustee, the Certificate Registrar and any
Paying Agent may treat the Person in whose name this Certificate is registered in the Certificate Register (as of the day of determination) as the owner of this Certificate for the purpose of receiving distributions pursuant to the Trust Agreement
and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary. 
 The Trust Agreement, with certain exceptions therein provided, and the Trust shall terminate and be of no further force or effect upon the earlier of (i) the payment to the Servicer, the Noteholders
and the Certificateholders of all amounts required to be paid to them pursuant to the terms of the Indenture, the Sale and Servicing Agreement and the Trust Agreement and (ii) the Distribution Date next succeeding the month which is one year
after the maturity or other liquidation of the last Receivable and the disposition of any amounts received upon liquidation of any property remaining in the Trust. 
 This Certificate shall be governed by, and construed in accordance with, the laws of the State of Delaware, and the obligations, rights and remedies of the parties hereunder shall be determined in
accordance with such laws. 

  
 Ex. A-6

 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 Certificate and all rights thereunder, and hereby irrevocably constitutes and appoints
                                        ,
attorney, to transfer said Certificate on the Certificate 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 Certificate 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 Certificate Registrar. 

  
 Ex. A-7

 Exhibit B 
 Form of Certificate of Trust 
 Certificate of Trust of CarMax Auto Owner
Trust 2012-1 
 This Certificate of Trust of CarMax Auto Owner Trust 2012-1 (the “Trust”) is being duly executed and
filed by The Bank of New York Mellon, a New York banking corporation, as owner trustee (the “Owner Trustee”), and BNY Mellon Trust of Delaware, a Delaware banking corporation, as Delaware trustee (the “Delaware Trustee”), to form
a statutory trust under the Delaware Statutory Trust Act (12 Del. Code, § 3801 et seq.) (the “Act”). 
 1. Name. The name of the statutory trust formed hereby is CarMax Auto Owner Trust 2012-1. 
 2. Delaware Trustee. The name and business address of a trustee of the Trust having its principal place of business in the State of Delaware is BNY Mellon Trust of Delaware, White Clay Center,
Route 273, Newark, Delaware 19711. 
 3. Effective Date. This Certificate of Trust shall be effective upon its filing
with the Secretary of State of the State of Delaware. 
 IN WITNESS WHEREOF, the undersigned has executed this Certificate of
Trust in accordance with Section 3811(a)(1) of the Act. 
  

			
	 THE BANK OF NEW YORK MELLON,
 as Owner Trustee

		
	By:	 	  

		 	Name:
		 	Title:
	
	 BNY MELLON TRUST OF DELAWARE,
 as Delaware Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex. B

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]