Document:

EX-4.2

Table of Contents

 Exhibit 4.2 

CARMAX AUTO FUNDING LLC, 
 as
Depositor, 
 and 
 U.S. BANK
TRUST NATIONAL ASSOCIATION, 
 as Owner Trustee 
  

 
 AMENDED AND
RESTATED TRUST AGREEMENT 
 Dated as of January 1, 2020 

 
  

Table of Contents

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.1
	  	Definitions	  	 	1	 
	 Section 1.2
	  	Other Definitional Provisions	  	 	1	 
		
	 ARTICLE II ORGANIZATION OF THE TRUST
	  	 	2	 
	 Section 2.1
	  	Name	  	 	2	 
	 Section 2.2
	  	Office	  	 	2	 
	 Section 2.3
	  	Purposes and Powers	  	 	2	 
	 Section 2.4
	  	Appointment of Owner Trustee	  	 	3	 
	 Section 2.5
	  	Initial Capital Contribution of Owner Trust Estate	  	 	3	 
	 Section 2.6
	  	Declaration of Trust	  	 	3	 
	 Section 2.7
	  	Liability of Certificateholders	  	 	4	 
	 Section 2.8
	  	Title to Trust Property	  	 	4	 
	 Section 2.9
	  	Situs of Trust	  	 	4	 
	 Section 2.10
	  	Representations and Warranties of the Depositor	  	 	4	 
	 Section 2.11
	  	Federal Income Tax Matters	  	 	6	 
		
	 ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS
	  	 	6	 
	 Section 3.1
	  	Initial Ownership	  	 	6	 
	 Section 3.2
	  	The Certificates	  	 	6	 
	 Section 3.3
	  	Authentication of Certificates	  	 	7	 
	 Section 3.4
	  	Registration of Certificates; Transfer and Exchange of Certificates	  	 	7	 
	 Section 3.5
	  	Mutilated, Destroyed, Lost or Stolen Certificates	  	 	10	 
	 Section 3.6
	  	Persons Deemed Owners	  	 	11	 
	 Section 3.7
	  	Access to List of Certificateholders’ Names and Addresses	  	 	11	 
	 Section 3.8
	  	Maintenance of Office or Agency	  	 	11	 
	 Section 3.9
	  	Appointment of Paying Agent	  	 	12	 
	 Section 3.10
	  	Restrictions on Note Acquisitions	  	 	12	 
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	 	13	 
	 Section 4.1
	  	Prior Notice to Certificateholders with Respect to Certain Matters	  	 	13	 
	 Section 4.2
	  	Action by Certificateholders with Respect to Certain Matters	  	 	13	 
	 Section 4.3
	  	Action by Certificateholders with Respect to Bankruptcy	  	 	14	 
	 Section 4.4
	  	Restrictions on Certificateholders’ Power	  	 	14	 
	 Section 4.5
	  	Majority Control	  	 	14	 
	 Section 4.6
	  	Certain Litigation Matters	  	 	14	 
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	14	 
	 Section 5.1
	  	Establishment of Certificate Payment Account	  	 	14	 
	 Section 5.2
	  	Application of Trust Funds	  	 	14	 
	 Section 5.3
	  	Method of Payment	  	 	15	 
	 Section 5.4
	  	No Segregation of Monies; No Interest	  	 	15	 
	 Section 5.5
	  	Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others	  	 	16	 
	 Section 5.6
	  	Signature on Returns; Partnership Representative	  	 	16	 

  
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	 ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	17	 
	 Section 6.1
	  	General Authority	  	 	17	 
	 Section 6.2
	  	General Duties	  	 	18	 
	 Section 6.3
	  	Action upon Instruction	  	 	18	 
	 Section 6.4
	  	No Duties Except as Specified in this Trust Agreement or in Instructions	  	 	19	 
	 Section 6.5
	  	No Action Except Under Specified Documents or Instructions	  	 	19	 
	 Section 6.6
	  	Restrictions	  	 	19	 
	 Section 6.7
	  	Instructions by Electronic Methods	  	 	19	 
	 Section 6.8
	  	Communications Regarding Demands to Repurchase Receivables	  	 	20	 
		
	 ARTICLE VII REGARDING THE OWNER TRUSTEE
	  	 	20	 
	 Section 7.1
	  	Acceptance of Trusts and Duties	  	 	20	 
	 Section 7.2
	  	Furnishing of Documents	  	 	22	 
	 Section 7.3
	  	Representations and Warranties	  	 	22	 
	 Section 7.4
	  	Reliance; Advice of Counsel	  	 	23	 
	 Section 7.5
	  	Not Acting in Individual Capacity	  	 	24	 
	 Section 7.6
	  	Owner Trustee Not Liable for Certificates or Receivables	  	 	24	 
	 Section 7.7
	  	Owner Trustee May Own Certificates and Notes	  	 	24	 
	 Section 7.8
	  	Regulation AB	  	 	24	 
		
	 ARTICLE VIII COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE
	  	 	25	 
	 Section 8.1
	  	Owner Trustee’s Fees and Expenses	  	 	25	 
	 Section 8.2
	  	Indemnification	  	 	25	 
	 Section 8.3
	  	Payments to the Owner Trustee	  	 	25	 
		
	 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	  	 	27	 
	 Section 10.2
	  	Resignation or Removal of Owner Trustee	  	 	27	 
	 Section 10.3
	  	Successor Owner Trustee	  	 	28	 
	 Section 10.4
	  	Merger or Consolidation of Owner Trustee	  	 	28	 
	 Section 10.5
	  	Appointment of Co-Trustee or Separate Trustee	  	 	29	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	30	 
	 Section 11.1
	  	Supplements and Amendments	  	 	30	 
	 Section 11.2
	  	No Legal Title to Owner Trust Estate in Certificateholders	  	 	32	 
	 Section 11.3
	  	Limitation on Rights of Others	  	 	32	 
	 Section 11.4
	  	Notices	  	 	32	 
	 Section 11.5
	  	Severability	  	 	32	 
	 Section 11.6
	  	Separate Counterparts	  	 	32	 

  
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	 Section 11.7
	  	Successors and Assigns	  	 	33	 
	 Section 11.8
	  	Covenants of the Depositor	  	 	33	 
	 Section 11.9
	  	No Petition	  	 	33	 
	 Section 11.10
	  	No Recourse	  	 	33	 
	 Section 11.11
	  	Headings	  	 	33	 
	 Section 11.12
	  	Governing Law; Waiver of Jury Trial	  	 	33	 
	 Section 11.13
	  	Depositor Payment Obligation	  	 	33	 
	 Section 11.14
	  	Certificates Nonassessable and Fully Paid	  	 	34	 
	 Section 11.15
	  	Ratification of Prior Actions	  	 	34	 
	 Section 11.16
	  	Legal Fees Associated with Indemnification	  	 	34	 
	 Section 11.17
	  	FinCEN Compliance	  	 	34	 

 EXHIBITS 
  

			
	EXHIBIT A	  	Form of Certificate
	EXHIBIT B	  	Form of Certificate of Trust

  
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 AMENDED AND RESTATED TRUST AGREEMENT, dated as of January 1, 2020 (as amended,
supplemented or otherwise modified and in effect from time to time, this “Agreement”), between CARMAX AUTO FUNDING LLC, a Delaware limited liability company, as depositor (the “Depositor”), and U.S. BANK TRUST
NATIONAL ASSOCIATION, a national banking association, as owner trustee and not in its individual capacity (in such capacity, the “Owner Trustee”). 

WHEREAS, CarMax Auto Owner Trust 2020-1 was created on September 25, 2019 pursuant to (i) a
Trust Agreement, dated as of September 25, 2019 (the “Initial Trust Agreement”), between the Depositor and the Owner Trustee and (ii) the filing of a certificate of trust with the Secretary of State of the State of
Delaware on September 25, 2019; and 
 WHEREAS, the Depositor 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 and the Owner Trustee hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.1 Definitions. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in
Appendix A to the Sale and Servicing Agreement, dated as of the date hereof, among CarMax Auto Owner Trust 2020-1, as issuer, the Depositor, and CarMax Business Services, LLC, as servicer, as amended,
supplemented or otherwise modified and in effect from time to time. 
 Section 1.2 Other Definitional Provisions. 

(a) All terms defined in this Trust Agreement shall have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein. 
 (b) As used in this Trust Agreement and in any certificate or other documents made or
delivered pursuant hereto or thereto, accounting terms not defined in this Trust Agreement or in any such certificate or other document, and accounting terms partly defined in this Trust 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 Trust 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 Trust Agreement or in any such certificate or other document shall control. 

(c) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Trust Agreement
shall refer to this Trust Agreement as a whole and not to any particular provision of this Trust Agreement. Article, Section and Exhibit references contained in this Trust Agreement are references to Articles, Sections and Exhibits in or to this
Trust Agreement unless otherwise specified. The term “including” shall mean “including without limitation.” 

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 (d) The definitions contained in this Trust 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. 
 (e) 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
2020-1,” 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 Trust Agreement, and to sell the Notes
upon the written order of the Depositor; 
 (ii) to establish or cause to be established the Reserve Account which the
Depositor will initially fund on the Closing Date, 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; 
 (v) to enter into and perform its
obligations under the Transaction Documents to which it is to be a party; 

  
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 (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; 

(vii) to acquire, hold and manage the assets of the Trust, including the Receivables, and the proceeds of those assets; and

 (viii) 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 Trust 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. On the Closing Date, the Depositor will sell the Receivables and other related property to the Trust in exchange for the Notes and Certificates pursuant to Section 2.1(a) of the Sale
and Servicing Agreement. 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 Trust 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 the Margin Tax, it is the intention of the parties hereto that the Trust be treated as a “passive entity” for purposes of
the Margin Tax, formed to hold assets to facilitate securitization transactions in a manner similar to grantor trusts and real estate mortgage 

  
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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 the Margin Tax, they will, unless otherwise required by law, treat the Trust as a “passive entity” for
purposes of the Margin Tax 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 the Margin Tax). Notwithstanding anything to the
contrary contained herein, nothing in this Trust Agreement should be read to imply that the Trust is doing business in Texas or has sufficient nexus with Texas in order for the Margin Tax 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 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 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 Delaware. 
 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 approvals
would materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Trust Agreement, any of the other Transaction Documents to which the Depositor is a party, the Receivables,
the Notes or the Certificates; 

  
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 (iii) the Depositor has the power and authority to execute, deliver and
perform its obligations under this Trust 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 Trust 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 Trust 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 Trust 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 Trust 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 Trust 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 Trust 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. 

  
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 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 (to the extent the Certificates are beneficially owned by one person) or as a partnership (to the extent the Certificates are owned by two
or more persons), 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 Trust 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. 

  
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 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. 
 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 Trust 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 Trust Agreement. 

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

(a) The Indenture 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 with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I 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, (iii) entity whose underlying assets include “plan assets” within the meaning of the Plan Asset Regulation by reason of an
employee benefit plan’s or plan’s investment in such entity or (iv) employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code (each of (i) through (iv), a “Plan”),
other than any Plan that is not subject to Title I of ERISA or Section 4975 of the Code and whose acquisition of a Certificate would not constitute or result in a violation of any applicable law that is substantially similar to Title I of ERISA
or Section 4975 of the Code (“Similar Law”). Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such Certificateholder is either (i) 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, or (ii) a Plan that is not subject to Title I of ERISA or Section 4975 of the Code and whose acquisition of a Certificate
would not constitute or result in a violation under any Similar Law. 

  
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 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 or disqualified person 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 Trust Agreement so long as such
transfer was registered by the Owner Trustee or the Certificate Registrar in accordance with this Trust Agreement. 
 (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 Trust 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-8BEN-E, W-8ECI or W-9, as applicable, and such other documentation as may be reasonably
required by the Owner Trustee in order to comply with Applicable Anti-Money Laundering Law, each in a 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. Further, in the event of any subsequent transfer of a Certificate (or any interest therein), each owner of a beneficial interest shall comply with Section 1446(f) of the Code (including with respect to deducting and
withholding from the purchase price paid in respect of such Certificate unless the transferee obtained a certificate providing for an exemption from such withholding). 

(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; 

  
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 (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 either (i) 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, or (ii) a Plan that is not subject to Title I of ERISA or Section 4975 of the Code and whose acquisition of a Certificate would not constitute or result in a violation under any Similar Law;

 (iv) the Certificateholder provides to the Owner Trustee and the Depositor an opinion of independent counsel that such
action will not cause the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes; 

(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 2.50% fractional undivided interest in the Issuer (or
such other amount as the Depositor may determine in order to prevent the Issuer from being treated as a “publicly traded partnership” under Section 7704 of the Code). 

(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. 

  
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 (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. 
 (g) During the period described in 17 CFR Part 246.12(f)(1), no
Certificateholder may Transfer any Certificate until the expiration of such period; provided, that, during such period, such Certificateholder may Transfer any Certificate to CarMax or any “majority-owned affiliate” (as such term is
defined in 17 CFR Part 246.2) of CarMax in accordance with the restrictions contained in 17 CFR Part 246.12. Any purported transfer of a Certificate not in accordance with this Section 3.4(g) shall be null and void and shall not be given effect
for any purpose whatsoever. 
 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 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. 

  
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 (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 Trust 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 the Certificate Registrar, and such
application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Trust 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 St. Paul, Minnesota, 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. 

  
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 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 Trust Agreement in any material respect. The Paying Agent shall initially be the Indenture Trustee and any co-paying agent chosen by the Indenture Trustee. The
Indenture Trustee shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Depositor and the Owner Trustee. In the event that the Indenture 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. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
 Section 3.10 Restrictions on Note
Acquisitions. No transfer of a Certificate (or interest therein) shall be permitted (nor shall a Certificate be so held) if (i) it causes the Issuer to be a Section 385 Controlled Partnership (i.e., 80 percent or more of the
Issuer’s ownership interests are owned, directly or indirectly, by one or more members of a Section 385 Expanded Group) that has an expanded group partner (within the meaning of Treasury Regulation
Section 1.385-3(g)(12)) which is a Domestic Corporation and (ii) either (x) a member of such Section 385 Expanded Group owns any Notes or (y) a Section 385 Controlled Partnership of
such Section 385 Expanded Group owns any Notes (in the case of clause (x), unless such member, or in the case of clause (y), unless each member of the Section 385 Expanded Group that is a partner in the Section 385 Controlled
Partnership, is a member of the consolidated group (as described in Treasury Regulation section 1.1502-1(h)) which includes such Domestic Corporation). No transfer of a Certificate (or interest therein) shall
be permitted (nor shall a Certificate be so held) if (i) it results in the Issuer becoming an entity disregarded as separate from a Domestic Corporation for United States federal income tax purposes and (ii) either (x) a member of a
Section 385 Expanded Group that includes such Domestic Corporation owns any Notes or (y) a Section 385 Controlled Partnership of such Section 385 Expanded Group owns any Notes (in the case of clause (x), unless such member, or in
the case of clause (y), unless each member of the Section 385 Expanded Group that is a partner in the Section 385 Controlled Partnership, is a member of the consolidated group (as described in Treasury Regulation section 1.1502-1(h)) which includes such Domestic Corporation). For purposes of determining the Issuer’s ownership interests in this paragraph, any Retained Notes shall be taken into account either as debt interests or
ownership interests based on whichever treatment, if any, would result in the Issuer as a Section 385 Controlled Partnership or a disregarded entity for purposes of applying this paragraph’s restriction (it being understood that if the
Retained Notes are taken into account as ownership interests for this purpose then the Retained Notes are not also considered Notes for the Note ownership restriction of this paragraph). 

  
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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 Trust 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
Trust 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 pursuant to Article VIII of the Sale and Servicing Agreement, (iii) remove the
Administrator pursuant to Section 9 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 9 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 Trust 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 Trust 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 Trust 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 shall provide prompt written notice to the Depositor, the Seller and the
Servicer of any action, proceeding or investigation known to the Owner 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 Indenture Trustee at an Eligible Institution (which shall initially be the Indenture Trustee) a segregated trust account
designated as the “CarMax Auto Owner Trust 2020-1 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 Indenture 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 Trust Agreement, the Sale and Servicing Agreement and the Indenture. The amounts on deposit in the Certificate Payment Account shall not be invested.

 Section 5.2 Application of Trust Funds. 

(a) On each Distribution Date, upon receipt of written instructions from the Servicer pursuant to Section 4.1(c) of the Sale and
Servicing Agreement, the Paying Agent shall distribute to 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 4.1(c) of the Sale and Servicing Agreement and Section 2.8 of the Indenture with respect to such Distribution Date. 

  
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 (b) On each Distribution Date, the Paying Agent shall, or, if the Indenture Trustee is not
the Paying Agent, the Indenture Trustee shall direct the Paying Agent to, make available to each Certificateholder the statement provided to the Indenture 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 or the Paying Agent 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 5.2(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 Scheduled Maturity 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 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 on the last day of February 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 5.2(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, on behalf of the Trust, at the expense of the Seller, a firm of independent public accountants (the “Accountants”) selected by the Seller. The Owner Trustee, on behalf
of the Trust, may require the Accountants to provide to the Owner Trustee, on or before March 15, 2021, 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; Partnership
Representative. 
 (a) The Owner Trustee shall sign, on behalf of the Trust, the tax returns of the Trust. 

(b) If the Trust entity were classified as a partnership for federal income tax purposes, then the Depositor (or a U.S. Affiliate of the
Depositor if the Depositor is ineligible) shall be designated the “partnership representative” of the Trust under Section 6223(a) of the Code and any corresponding provision of State law (and as the tax matters partner for any
applicable State tax purposes) to the extent permitted under law. The Issuer shall (or the Depositor shall cause the Issuer to, or the Depositor shall instruct the Administrator on behalf of the Issuer to), to the extent eligible, make the election
under Section 6221(b) of the Code (and any corresponding provision of State law) with respect to determinations of adjustments at the partnership level and take any other action such as disclosures and notifications necessary to effectuate such
election (including working with the Depositor to designate any designated individual required under the law). If the election described in the preceding sentence is not 

  
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available, to the extent applicable, the Issuer shall (or the Depositor shall cause the Issuer to, or the Depositor shall instruct the Administrator on behalf of the Issuer to) make the election
under Section 6226(a) of the Code (and any corresponding provision of State law) with respect to the alternative to payment of imputed underpayment by partnership and take any other action such as filings, disclosures and notifications
necessary to effectuate such election. Notwithstanding the foregoing, the Issuer, Depositor and Administrator are each authorized, in its sole discretion, to make any available election related to Sections 6221 through 6241 of the Code (and any
corresponding provision of State law) and take any action it deems necessary or appropriate to comply with the requirements of Sections 6221 through 6241 of the Code and conduct the Issuer’s affairs under Sections 6221 through 6241 of the Code
(and any corresponding provision of State law). Each Certificateholder and, if different, each beneficial owner of a Certificate, shall promptly provide the Issuer, Depositor and Administrator any requested information, documentation or material to
enable the Issuer to make any of the elections described in this clause (b) and otherwise comply with Sections 6221 through 6241 of the Code (and any corresponding provision of State law). Each Certificate Owner and, if different, each
beneficial owner of a Certificate shall hold the Issuer and its affiliates harmless for any expenses or losses (i) resulting from a beneficial owner of a Certificate not properly taking into account or paying its allocated adjustment or
liability under Section 6226 of the Code (or any corresponding provision of State law) or (ii) suffered that are attributable to the management or defense of an audit under Sections 6221 through 6241 of the Code or otherwise due to actions
it takes with respect to and to comply with the rules under Sections 6221 through 6241 of the Code (or any corresponding provision of State law). 

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 Depositor’s execution of this Trust Agreement, and to direct the Indenture Trustee to authenticate and deliver Notes in the aggregate principal
amount of $1,549,990,000 (comprising $291,000,000 in aggregate principal amount of Class A-1 Notes, $554,800,000 in aggregate principal amount of Class A-2
Notes, $490,300,000 in aggregate principal amount of Class A-3 Notes, $115,200,000 in aggregate principal amount of Class A-4 Notes, $37,290,000 in aggregate
principal amount of Class B Notes, $35,000,000 in aggregate principal amount of Class C Notes and $26,400,000 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 Trust Agreement expressly requires the consent of Certificateholders for such action. 

  
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 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 Trust 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 Trust 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. The Owner 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 Owner Trustee in accordance with the provisions of this Trust 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 Trust
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 Trust 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 Trust 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, not inconsistent with this Trust 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 Trust 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 Trust 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 

  
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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 Trust 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 Trust 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 Trust 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 Trust 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 Trust 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 Trust 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 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 is 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 to be authorized to give instructions and
directions on behalf of the Depositor. 

  
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The Owner 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 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, including the risk of the Owner Trustee
taking unauthorized instructions, and the risk of interception and misuse by third parties. 
 Section 6.8 Communications Regarding
Demands to Repurchase Receivables. The Owner Trustee shall provide notice to CarMax and the Depositor as soon as practicable of all demands communicated to a Responsible Officer of the Owner Trustee for the repurchase or replacement of any
Receivable for breach of the representations and warranties concerning such Receivable. Subject to this Section 6.8, the Owner Trustee shall have no obligation to take any other action with respect to a demand. However, the
Owner Trustee shall, upon written request of either CarMax or the Depositor, provide notification to CarMax and the Depositor with respect to any actions taken by the Owner Trustee with respect to any such demand communicated to a Responsible
Officer of the Owner Trustee in respect of any Receivables, such notifications to be provided by the Owner Trustee as soon as practicable and in any event within five Business Days of such request or such other time frame as may be mutually agreed
to by the Owner Trustee and CarMax or the Depositor, as applicable. The Owner Trustee acknowledges and agrees that the purpose of this Section 6.8 is to facilitate compliance by CarMax and the Depositor with Rule 15Ga-1 under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and Regulations”). The Owner Trustee acknowledges that interpretations of the
requirements of the Repurchase Rules and Regulations may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or
otherwise, and agrees to comply with reasonable requests made by CarMax and the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of the Repurchase Rules and Regulations. The Owner
Trustee shall cooperate fully with CarMax and the Depositor to deliver any and all records and any other information in its actual possession that are reasonably requested in writing by CarMax or the Depositor and necessary in the good faith
determination of CarMax and the Depositor to permit them to comply with the provisions of the Repurchase Rules and Regulations. In no event shall the Owner Trustee have (i) any responsibility or liability in connection with any filing required
to be made by a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities except
as expressly set forth in this Section 6.8. 
 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 Trust 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

  
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Trust 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; 

(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 Trust Agreement at the instructions of any Certificateholder, the Indenture Trustee, the Depositor, the Administrator or the Servicer; 

(iii) no provision of this Trust 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 Trust 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 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 Trust Agreement or the other Transaction Documents that are
required to be performed by the Administrator under the Administration Agreement, the Servicer under the Sale and Servicing Agreement or the Indenture Trustee under the Indenture; 

  
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 (vii) the Owner Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Trust Agreement, or to institute, conduct or defend any litigation under this Trust Agreement or otherwise or in relation to this Trust 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; 
 (viii) the right of the Owner Trustee to perform any discretionary act enumerated in this Trust 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, punitive, 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; 
 (xi) the Owner Trustee
shall not be liable for any failure to anticipate incurring Expenses as long as the Owner Trustee acts in good faith based on the facts reasonably available to it at the time of such determination; 

(xii) the Owner Trustee shall not be deemed to have knowledge or notice of any fact or event unless a Responsible Officer of
the Owner Trustee has actual knowledge thereof or unless written notice of such fact or event is received by a Responsible Officer and such notice references the fact or event; and 

(xiii) the Owner Trustee shall have no responsibility to monitor CarMax’s compliance with or be charged with knowledge of
the risk retention rules of 17 CFR Part 246, nor shall it be liable to any investor, Holder, or any party whatsoever for violation of such rules or requirements or such similar provisions now or hereafter in effect. 

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. The Owner Trustee, in its individual capacity, hereby represents and warrants to the
Depositor, for the benefit of the Certificateholders, that: 
 (a) it is a national banking association duly organized and validly existing
in good standing under the laws of the United States and has all requisite power and authority to execute, deliver and perform its obligations under this Trust Agreement; 

  
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 (b) it has taken all action necessary to authorize the execution and delivery by it of this
Trust Agreement, and this Trust Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Trust Agreement on its behalf; 

(c) neither the execution nor the delivery by it of this Trust 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 of any court,
administrative agency or tribunal applicable to it, or conflict with or result in a breach or violation of, or constitute any default under its charter documents or by-laws or any indenture, mortgage, bank
credit agreement, contract, agreement or instrument to which it is a party or by which any of its properties may be bound; and 
 (d) there
are no actions, suits or proceedings pending or threatened against it in any court or before any governmental authority, agency or arbitration board or tribunal which, individually or in the aggregate, would have a material adverse effect on its
right, power and authority to enter into or perform its obligations under this Trust Agreement. 
 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 Trust 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.
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 Trust Agreement or any
other Transaction Document. 

  
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 Section 7.5 Not Acting in Individual Capacity. Except as provided in
Section 7.3, in accepting the trusts hereby created, U.S. Bank Trust National Association 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 Trust 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 Trust 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 Trust 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. 
 Section 7.8 Regulation AB. The Owner Trustee shall cooperate in good faith with the Depositor to
ensure compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due
to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel or otherwise. The Owner Trustee shall deliver to the Depositor (including any of its assignees
or designees) upon request any and all reports, statements, certifications, records and other information necessary in the good faith determination of the Depositor to permit the Depositor to comply with the provisions of Regulation AB, together
with such disclosures relating to the Owner Trustee and the Receivables, or the servicing of the Receivables, reasonably believed by the Depositor to be necessary in order to effect such compliance. The Depositor shall not request information or

  
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disclosures pursuant to this Section 7.8 other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act or the rules and regulations of the
Commission under the Securities Act or the Exchange Act. 
 ARTICLE VIII 

COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE 

Section 8.1 Owner Trustee’s Fees and Expenses. The Owner 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 the Owner 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. 

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 the Owner 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, including legal fees and expenses in connection with the enforcement of their indemnification rights hereunder) of any kind and
nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any other Indemnified Party in any way relating to or arising out of this Trust 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 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
or the Owner 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 or
the termination of this Trust 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 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 pursuant to this Article VIII shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 

  
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 ARTICLE IX 

TERMINATION 
 Section 9.1
Termination of Trust Agreement. 
 (a) This Trust 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 this 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. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not operate to terminate this Trust 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. 
 (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 Trust 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, at the written direction and expense of the Depositor, 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. 

  
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 ARTICLE X 

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 

Section 10.1 Eligibility Requirements for Owner Trustee. The Owner 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
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. 

  
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 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 Trust 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 Trust 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
Owner Trustee all documents, statements and monies held by it under this Trust 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 Trust 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 Trust Agreement provide
that the certificate of the Owner Trustee shall have. 

  
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 Section 10.5 Appointment of Co-Trustee or
Separate Trustee. 
 (a) Notwithstanding any other provisions of this Trust 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 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 Trust 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 Trust Agreement shall be personally liable by reason of any act or omission of any other trustee
under this Trust 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 Trust Agreement and the conditions of this Article X. Each separate trustee and co-

  
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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 Trust Agreement, specifically including every provision of this Trust 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 Trust 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. 

ARTICLE XI 
 MISCELLANEOUS 

Section 11.1 Supplements and Amendments. 

(a) This Trust Agreement may be amended from time to time by a written amendment duly executed and delivered by the Depositor and the Owner
Trustee, without the consent of any Noteholder, any Certificateholder or any other Person, including to further prevent or help avoid the application to the Notes of the Treasury Regulations (or other interpretive guidance) issued under
Section 385 of the Code; provided, however, that (i) any such amendment shall not, as evidenced by an Opinion of Counsel to the Depositor delivered to the Indenture Trustee and Owner Trustee, adversely affect in any material
respect the interests of the Noteholders or (ii) the Rating Agency Condition is satisfied with respect to such amendment and the Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to
such amendment. 
 (b) This Trust Agreement may be amended from time to time by the Depositor and the Owner Trustee, 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 Trust Agreement or modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however,
that 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; 

  
 30 

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 (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 Trust 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) Any term or provision of this Trust Agreement may also be amended from time to time by the Depositor and the Owner Trustee for the purpose
of conforming the terms of this Trust Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect to the Certificates without the consent
of the Indenture Trustee, any Noteholder, any Certificateholder, the Trust, or any other Person; provided, however, that the Depositor shall provide written notification of the substance of such amendment to the Indenture Trustee and
the Trust. 
 (d) Prior to the execution of any amendment or consent pursuant to Section 11.1, the Depositor shall provide written
notification of the substance of such amendment or consent to each Rating Agency. 
 (e) Promptly after the execution of any such amendment
or consent, the Owner Trustee shall furnish an executed copy of such amendment or consent to each Certificateholder and the Depositor shall furnish written notification of the substance of such amendment or consent to the Indenture Trustee and the
Rating Agencies. 
 (f) It shall not be necessary for the consent of the Certificateholders or the Noteholders pursuant to
Section 11.1(b) 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 Trust 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. 
 (g) 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. 
 (h) 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 Trust Agreement or otherwise. 

(i) Prior to the execution of any amendment to this Trust 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 or an Officer’s Certificate of the Depositor stating that the execution of such amendment is authorized or permitted by this Trust
Agreement and that all conditions precedent in this Trust Agreement to the execution and delivery of such amendment have been satisfied. 

  
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 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 Trust 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 Trust 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 Trust 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 Trust Agreement or any covenants, conditions or provisions contained herein. 
 Section 11.4
Notices. All demands, notices and other communications under this Trust 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 Ratings, Inc., 33 Whitehall Street, New York, New York 10004, Attention:
Auto Asset Backed Securities Group, and via email to surveillance-abs-auto@fitchratings.com, (v) in the case of S&P Global Ratings, at the following
address: S&P Global Ratings, 55 Water Street, New York, New York 10041, Attention: Asset Backed Surveillance Department and (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 Trust 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 Trust 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 Trust Agreement and the Certificates shall not in any way be affected or impaired thereby. 

Section 11.6 Separate Counterparts. This Trust 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. 

  
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 Section 11.7 Successors and Assigns. All covenants and agreements in this Trust
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 Trust 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 Trust Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and
each Noteholder, by accepting the benefits of this Trust 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 Trust 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 Trust 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 Trust 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 Trust 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 Trust 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. 

  
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 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 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 shall be entitled to the indemnity provided for in Section 8.2 with respect to such actions. 

Section 11.16 Legal Fees Associated with Indemnification. With respect to any indemnification provisions in this Trust Agreement
providing that a party to this Trust Agreement is required to indemnify another party to this Trust Agreement for attorney’s fees and expenses, such fees and expenses are intended to include attorney’s fees and expenses relating to the
enforcement of such indemnity. 
 Section 11.17 FinCEN Compliance. Pursuant to Applicable Anti-Money Laundering Law, the Owner
Trustee is required to obtain on or before the Closing Date, and from time to time thereafter, reasonable documentation to verify and record information that identifies each Person who opens an account. For a
non-individual Person, such as a business entity, a charity, a trust or other “legal entity customer” (as defined in the Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence
Requirements), the Owner Trustee may request and shall be entitled to receive from such Person reasonable documentation to verify the entity’s formation and existence, its financial statements, licenses, tax identification documents,
identification and authorization documents from individuals claiming authority to represent the entity and other relevant documentation and information (including beneficial owners of such entities). To the fullest extent permitted by Applicable
Anti-Money Laundering Law, the Owner Trustee may conclusively rely on, and shall be fully protected in relying on, any such information received. Failure to provide such information may result in an inability of the Owner Trustee to perform its
obligations hereunder, which, at the sole option of the Owner Trustee, may result in the Owner Trustee’s resignation in accordance with, and subject to the requirements of, the terms of Section 10.2 hereof. 

Further, the parties hereto agree that for purposes of Applicable Anti-Money Laundering Law, (a) each Certificateholder owning twenty
five percent (25%) or more of the beneficial interest in the Trust is and shall be deemed to be the beneficial owners of the Trust for purposes of providing the information required under Applicable Anti-Money Laundering Law, and (b) each such
Certificateholder is and shall deemed to be the parties with the power and authority to control the Trust. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the Depositor and the Owner Trustee have caused this Trust 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:	 	Vice President and Treasurer
	
	U.S. BANK TRUST NATIONAL ASSOCIATION,
as Owner Trustee

 
			
		
	By:	 	/s/ Christopher J. Nuxoll

 
			
	Name:	 	Christopher J. Nuxoll
	Title:	 	Vice President

 Accepted and agreed: 
  

			
	CARMAX BUSINESS SERVICES, LLC,
as Servicer

			
		
	By:	 	/s/ Enrique Mayor-Mora

			
	Name:	 	Enrique Mayor-Mora
	Title:	 	Senior Vice President and Chief Financial Officer

 WILMINGTON TRUST, NATIONAL ASSOCIATION acknowledges and accepts, as of the date first above written, its appointment as Paying
Agent and Certificate Registrar in accordance with the terms of this Agreement and agrees to be bound by the terms of this Agreement applicable to the Indenture Trustee, Paying Agent and Certificate Registrar. 

 

			
	By:	 	/s/ Julia Linian

			
	Name:	 	Julia Linian
	Title:	 	Vice President

  
 Trust Agreement (CAOT
2020-1) 

Table of Contents

 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-[__]

 CARMAX AUTO OWNER TRUST 2020-1 

ASSET-BACKED CERTIFICATE 

evidencing a beneficial interest in the property of CarMax Auto Owner Trust 2020-1, 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 Wilmington Trust, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”), pursuant to an Indenture dated as of
January 1, 2020 (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 September 25, 2019 between the Depositor and U.S. Bank Trust National Association, 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 January 1, 2020 (as amended, supplemented or otherwise modified and in effect from time to time, the
“Trust Agreement”) among the Depositor 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 January 1, 2020 (as amended, supplemented or otherwise modified and in effect from time to time, the “Sale and Servicing Agreement”) among the Trust, the
Depositor, and CarMax Business Services, LLC, as servicer (in such capacity, the “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 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 

  
 Ex. A-1 

Table of Contents

 
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 the Trust’s right, title and interest in 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 February 18, 2020. 
 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 

Table of Contents

 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 St. Paul, Minnesota. 
 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 

Table of Contents

 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: January 22, 2020 

 

			
	CARMAX AUTO OWNER TRUST 2020-1
		
	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION, 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: January 22, 2020 
  

			
	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  
 Ex. A-4 

Table of Contents

 [REVERSE OF CERTIFICATE] 

This Certificate does not represent an obligation of, or an interest in, the Depositor, the Seller, the 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 St. Paul, Minnesota 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 Indenture Trustee. 

Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such Certificateholder is
not acquiring the Certificate with the assets of any (i) “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to Title I of
ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), including individual retirement accounts and Keogh plans, that is subject to the provisions of
Section 4975 of the Code (iii) entity whose underlying assets include “plan assets” within the meaning of the United States Department of Labor Regulation 29 C.F.R. Section 2510.3-101,
as modified by Section 3(42) of ERISA, by reason of an employee benefit plan’s or plan’s investment in such entity or (iv) employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code
whose acquisition of a Certificate would constitute or result in a violation of any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

  
 Ex. A-5 

Table of Contents

 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 “employee benefit plan” (as
defined under Section 3(3) of ERISA) or any “plan” (as described under Section 4975 of the Code), 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 or disqualified person has or will acquire any interest in the Notes. 
 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 

Table of Contents

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE: ________________ 
 FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                         
                                     
_______________________________________________________________________________________________________________ 
 (name and address of
assignee) 
 the within 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 

Table of Contents

 Exhibit B 

Form of Certificate of Trust 

Certificate of Trust of CarMax Auto Owner Trust 2020-1 

This Certificate of Trust of CarMax Auto Owner Trust 2020-1 (the “Trust”) is being
duly executed and filed by U.S. Bank Trust National Association, a national banking corporation, as owner trustee (the “Owner 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 2020-1. 
 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 U.S. Bank Trust National Association, 300 Delaware Avenue, 9th Floor, Wilmington, DE 19801. 

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. 

 

			
	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
		 	Name:
		 	Title:

  
 Ex. BEX-4.1

 Exhibit 4.1 

Execution version 
  

 
 Coca-Cola FEMSA, S.A.B. de C.V., 

as Issuer 
 Propimex, S. de
R.L. de C.V., 
 Comercializadora La Pureza de Bebidas, S. de R.L. de C.V., 

Grupo Embotellador Cimsa, S. de R.L. de C.V., 

Refrescos Victoria del Centro, S. de R.L. de C.V., 

Yoli de Acapulco, S. de R.L. de C.V., 

Controladora Interamericana de Bebidas, S. de R.L. de C.V. and 

Distribuidora y Manufacturera del Valle de México, S. de R.L. de C.V., 

as Guarantors 
 and 

The Bank of New York Mellon, 

as Trustee, Security Registrar, Paying Agent and Transfer Agent 

 
  

EIGHTH SUPPLEMENTAL INDENTURE 

Dated as of January 22, 2020 
  

 

U.S.$1,250,000,000 
 2.750% Senior
Notes due 2030 
  
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE ONE BASE INDENTURE AND DEFINITIONS
	  	 	2	 
		
	 Section 101. Provisions of the Base Indenture
	  	 	2	 
	 Section 102. Definitions
	  	 	2	 
		
	 ARTICLE TWO GENERAL TERMS AND CONDITIONS OF THE NOTES
	  	 	3	 
		
	 Section 201. Designation, Principal Amount and Interest Rate
	  	 	3	 
	 Section 202. Denominations; Issuable in Series
	  	 	4	 
	 Section 203. Forms; Terms and Conditions in Forms
	  	 	4	 
	 Section 204. Form of Trustee’s Certificate of Authentication
	  	 	16	 
	 Section 205. Maintenance of Office or Agency
	  	 	16	 
	 Section 206. Listing
	  	 	16	 
		
	 ARTICLE THREE GUARANTEE
	  	 	16	 
		
	 Section 301. Guarantee
	  	 	16	 
	 Section 302. No Subrogation
	  	 	18	 
	 Section 303. Limitation on Liability, Release and Discharge
	  	 	18	 
		
	 ARTICLE FOUR SUCCESSORS
	  	 	19	 
		
	 Section 401. Consolidations and Mergers of the Guarantors
	  	 	19	 
	 Section 402. Rights and Duties of Successor Guarantors
	  	 	19	 
		
	 ARTICLE FIVE ADDITIONAL INTEREST
	  	 	19	 
		
	 Section 501. Additional Interest
	  	 	19	 
		
	 ARTICLE SIX COVENANTS
	  	 	20	 
		
	 Section 601. Limitation on Liens
	  	 	20	 
	 Section 602. Limitation on Sales and Leasebacks
	  	 	21	 
		
	 ARTICLE SEVEN EVENTS OF DEFAULT
	  	 	22	 
		
	 Section 701. Events of Default
	  	 	22	 
		
	 ARTICLE EIGHT OPTIONAL REDEMPTION
	  	 	24	 
		
	 Section 801. Optional Redemption by the Company
	  	 	24	 
		
	 ARTICLE NINE DEFEASANCE
	  	 	24	 
	 Section 901. Defeasance
	  	 	24	 

  
 i 

					
		
	 ARTICLE TEN SUPPLEMENTAL INDENTURES
	  	 	24	 
		
	 Section 1001. Supplemental Indentures without Consent of Holders
	  	 	24	 
		
	 ARTICLE ELEVEN MISCELLANEOUS PROVISIONS
	  	 	25	 
		
	 Section 1101. Consent to Service; Jurisdiction
	  	 	25	 
	 Section 1102. Governing Law; Waiver of Jury Trial
	  	 	26	 
	 Section 1103. Currency Indemnity
	  	 	26	 
	 Section 1104. Separability of Invalid Provisions
	  	 	26	 
	 Section 1105. Execution in Counterparts
	  	 	27	 
	 Section 1106. Certain Matters
	  	 	27	 

  
 ii 

 EIGHTH SUPPLEMENTAL INDENTURE, dated as of January 22, 2020 (this “Eighth
Supplemental Indenture”), among (i) Coca-Cola FEMSA, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized and existing under the laws of the United Mexican States (“Mexico”)
(herein called the “Company”), having its principal office at Calle Mario Pani No. 100, Colonia Santa Fe Cuajimalpa, Alcaldía Cuajimalpa de Morelos, 05348, Mexico City, Mexico; (ii) Propimex, S. de R.L. de C.V.,
Comercializadora La Pureza de Bebidas, S. de R.L. de C.V., Grupo Embotellador Cimsa, S. de R.L. de C.V., Refrescos Victoria del Centro, S. de R.L. de C.V., Yoli de Acapulco, S. de R.L. de C.V., Controladora Interamericana de Bebidas, S. de R.L. de
C.V. and Distribuidora y Manufacturera del Valle de México, S. de R.L. de C.V., as guarantors (the “Guarantors”); and (iii) The Bank of New York Mellon, a corporation duly organized and existing under the laws of the
State of New York authorized to conduct a banking business, as trustee (herein called the “Trustee”), security registrar, paying agent and transfer agent, to the Indenture dated as of February 5, 2010, between the Company and
the Trustee (herein called the “Base Indenture” and, together with this Eighth Supplemental Indenture, herein called the “Indenture”). 

W I T N E S S E T H: 

WHEREAS, Section 301 of the Base Indenture provides for the issuance from time to time thereunder, in series, of Securities (as defined
therein) of the Company, and Section 901 of the Base Indenture provides for the establishment of the form or terms of Securities issued thereunder through one or more supplemental indentures; 

WHEREAS, the Company desires by this Eighth Supplemental Indenture to create a series of Securities to be issued under the Base Indenture, as
supplemented by this Eighth Supplemental Indenture, and to be known as the Company’s “2.750% Senior Notes due 2030” (the “Notes”), which are to be initially limited in aggregate principal amount as specified in this
Eighth Supplemental Indenture and the terms and provisions of which are to be as specified in this Eighth Supplemental Indenture; 

WHEREAS, the Company and each of the Guarantors has duly authorized the execution and delivery of this Eighth Supplemental Indenture to
establish the Notes as a series of Securities under the Base Indenture and to provide for, among other things, the issuance and form of the Notes and the terms, provisions and conditions thereof, covenants for purposes of the Notes and the Holders
thereof and the guarantees of the Guarantors with respect to the Company’s Obligations (as defined below) under the Indenture and the Notes; and 

WHEREAS, all things necessary to make this Eighth Supplemental Indenture a valid agreement of the Company and the Guarantors, in accordance
with its terms, have been done. 
 NOW, THEREFORE, for and in consideration of the premises and the purchase and acceptance of the Notes by
the Holders thereof and for the purpose of setting forth, as provided in the Base Indenture, the form of the Notes and the terms, provisions, conditions and guarantees thereof, the Company and each of the Guarantors covenants and agrees with the
Trustee as follows: 

  
 1 

 ARTICLE ONE 

BASE INDENTURE AND DEFINITIONS 

Section 101. Provisions of the Base Indenture. 
  

Except insofar as herein otherwise expressly provided, all the definitions, provisions, terms and conditions of the Base Indenture shall remain
in full force and effect. The Base Indenture, as supplemented by this Eighth Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Eighth Supplemental Indenture shall be read, taken and considered as one
and the same instrument for all purposes and every Holder of Notes authenticated and delivered under this Eighth Supplemental Indenture shall be bound hereby. This Eighth Supplemental Indenture shall not modify, amend or otherwise affect the Base
Indenture insofar as it relates to any other series of Securities or modify, amend or otherwise affect in any manner the terms and conditions of the Securities of any other series. Notwithstanding any other provision of this Section 101, the
Base Indenture or this Eighth Supplemental Indenture to the contrary, to the extent any provisions of this Eighth Supplemental Indenture or any Note issued hereunder shall conflict with any provision of the Base Indenture, the provisions of this
Eighth Supplemental Indenture shall govern, including without limitation the terms and conditions of the Notes set forth in Section 203, the provisions of Article Six and Section 801 of this Eighth Supplemental Indenture. 

Section 102. Definitions. 

For all purposes of the Base Indenture, this Eighth Supplemental Indenture and the Notes, except as otherwise expressly provided or unless the
subject matter or context otherwise requires: 
 (a) any reference to an “Article” or a “Section” refers
to an Article or Section, as the case may be, of this Eighth Supplemental Indenture; 
 (b) the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Eighth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

(c) all terms used in this Eighth Supplemental Indenture that are not defined herein shall have the meanings assigned to them
in the Base Indenture; 
 (d) the term “Securities,” as defined in the Base Indenture and as used therein
(including in any definition therein), shall be deemed to include or refer to, as applicable, the Notes; 
 (e) the term
“Additional Amounts,” as defined in the Base Indenture and as used therein (including in any definition therein), shall be referred to as “Additional Interest” and shall have the meaning given to such term in Section 203(b);
and 

  
 2 

 (f) the following terms have the meanings given to them in this
Section 102(f): 
 “Attributable Debt” means, with respect to any Sale and Leaseback Transaction, the lesser of
(1) the fair market value of the asset subject to such transaction and (2) the present value, discounted at a rate per annum equal to the discount rate of a capital lease obligation with a like term in accordance with IFRS, of the
obligations of the lessee for net rental payments (excluding amounts on account of maintenance and repairs, insurance, taxes, assessments and similar charges and contingent rents) during the term of the lease. 

“Base Prospectus” means the prospectus, dated December 17, 2019, included as part of the registration statement on Form F-3ASR (File No. 333-235558) filed with the Commission on December 18, 2019. 

“Consolidated Tangible Assets” means at any time the total assets (stated net of properly deductible items, to the extent not
already deducted in the computation of total assets) appearing on the Company’s consolidated balance sheet less all goodwill and intangible assets appearing on such balance sheet, all determined on a consolidated basis at such time in
accordance with IFRS. 
 “Global Note” means a Note that evidences all or part of the Notes and is authenticated and
delivered to, and registered in the name of, the The Depository Trust Company, or its nominee as the Depositary for such Notes or a nominee thereof, and which shall be considered a “Global Security” under the Base Indenture. 

“IFRS” means International Financial Reporting Standards, as issued by the International Accounting Standards Board. 

“Interest Payment Date” means each January 22 and July 22 of each year, commencing on July 22, 2020. 

“Notes” has the meaning set forth in the Recitals. 

“Prospectus Supplement” means the prospectus supplement, dated January 8, 2020, filed with the Commission pursuant to Rule
424(b) under the Securities Act, on January 10, 2020. 
 “Sale and Leaseback Transaction” means a transaction or
arrangement between the Company or one of the Company’s subsidiaries and a bank, insurance company or other lender or investor where the Company or its subsidiary leases property for an initial term of three years or more that was or will be
sold by the Company or its Significant Subsidiary to that lender or investor for a sale price of U.S.$15 million (or its equivalent in other currencies) or more. 

ARTICLE TWO 
 GENERAL
TERMS AND CONDITIONS OF THE NOTES 
 Section 201. Designation, Principal Amount and Interest Rate. 

(a) There is hereby authorized and established a series of Securities designated the “2.750% Senior Notes due 2030,” initially in an
aggregate principal amount of U.S.$1,250,000,000 (which amount does not include Notes authenticated and delivered upon registration of transfer of, in exchange for, or in lieu of, other Securities of such series pursuant to Sections 304, 305, 906 or
1105 of the Base Indenture), which amount shall be specified in the Company Order for the authentication and delivery of Notes pursuant to Section 303 of the Base Indenture. The principal of the Outstanding Notes shall be due and payable at
their Maturity. 

  
 3 

 (b) The Company may, from time to time and without the consent of the Holders of the
Outstanding Notes, issue additional Securities on terms and conditions identical to those of the Notes, subject to Section 202(b) below. 

(c) The Stated Maturity of the Notes shall be January 22, 2030. The Notes shall bear interest at the rate of 2.750% per annum from
January 22, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be, payable semi-annually in arrears on each Interest Payment Date, until the principal thereof is paid or made
available for payment on or prior to the Maturity of the Notes; provided, that any amount of interest on any Note which is overdue shall bear interest (to the extent that payment thereof shall be legally enforceable) at the rate per annum
then borne by such Note from the date such amount is due to the day it is paid or made available for payment, and such overdue interest shall be paid as provided in Section 306 of the Base Indenture. 

Section 202. Denominations; Issuable in Series. 

(a) The Notes shall be issued only in denominations of U.S.$150,000 and integral multiples of U.S.$1,000 in excess thereof. 

(b) The provisions of Section 301 of the Base Indenture, and solely with respect to the Notes, shall apply to the Notes, except that the
paragraph immediately before the last paragraph of such Section 301 shall be amended and replaced in its entirety as follows: 

“All Securities of any one series shall be substantially identical (except for the issue date, issue price and the date from which
interest shall accrue and, if applicable, first date of payment), which additional Securities will increase the aggregate principal amount of, and will be consolidated and form a single series with, the then Outstanding Securities. The additional
Securities will be treated as a single class for all purposes under this Indenture and will vote together as one class on all matters with respect to the Securities; provided that any additional Securities shall be issued under a separate
CUSIP number, ISIN and Common Code unless the additional Securities are issued pursuant to a “qualified reopening” of the original series, are otherwise treated as part of the same “issue” of debt instruments as the original
series or the original Securities were, and the additional Securities are, issued with no more than a de minimis amount of original discount, in each case for U.S. federal income tax purposes.” 

Section 203. Forms; Terms and Conditions in Forms. 

The Notes shall be issuable in the form of one or more Global Notes in definitive, registered form, without coupons, registered in the name of
The Depository Trust Company, or its nominee as the Depositary, in substantially the form set forth in this Section 203 with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Eighth
Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be
determined by the 

  
 4 

 
officers executing such Notes, as evidenced by their execution thereof; provided that if any Notes are issued in certificated and not global form, such Notes shall be in substantially the
form set forth in this Section 203, but shall not contain the legends relating to Global Notes, the “Schedule of Increases or Decreases in Global Note” or other provisions applicable to Global Securities, and in lieu thereof they
shall include relevant provisions applicable to certificated Securities. The terms and conditions of the Notes contained in the form of Note are hereby expressly made a part of this Eighth Supplemental Indenture. 

(a) Form of Face of Note. 

[INCLUDE IF NOTE IS A GLOBAL NOTE — THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO, AS
SUPPLEMENTED BY THE EIGHTH SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO, AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY COCA-COLA FEMSA, S.A.B. DE C.V., THE TRUSTEE AND ANY AGENT THEREOF AS
OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES.] 
 [INCLUDE IF NOTE IS A GLOBAL NOTE AND THE DEPOSITARY IS THE DEPOSITORY TRUST
COMPANY— UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO COCA-COLA FEMSA, S.A.B. DE C.V. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE OR ANY PORTION HEREOF 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 OTHER THAN DTC OR A NOMINEE THEREOF IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
CERTIFICATED NOTES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, AS SUPPLEMENTED BY THE EIGHTH SUPPLEMENTAL INDENTURE, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 

  
 5 

 Coca-Cola FEMSA, S.A.B. de C.V. 

2.750% Senior Notes due 2030 
  

					
	 No. [●]
	 		  	 U.S.$ [●]

 CUSIP Number: 191241 AH1 / ISIN: US191241AH15 

Coca-Cola FEMSA, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized and existing under the laws of
Mexico (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay Cede & Co., or registered assigns, the principal sum of
[●] Dollars as revised by the Schedule of Increases or Decreases in Global Note attached hereto on January 22, 2030 (unless earlier redeemed, in which case, on the applicable Redemption Date) and to pay interest thereon from
January 22, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for semi-annually in arrears on January 22 and July 22 of each year, commencing on July 22, 2020, and at the
Maturity thereof, at the rate of 2.750% per annum, until the principal hereof is paid or made available for payment; provided that any amount of interest on this Note which is overdue shall bear interest (to the extent that payment of such
interest shall be legally enforceable) at the rate per annum then borne by this Note from the date such amount is due to the day it is paid or made available for payment, and such overdue interest shall be paid as provided in Section 306 of the
Base Indenture. 
 Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 
 The interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date or at Maturity shall, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall
be the 15th day (whether or not a Business Day) immediately preceding such payment date. Any such interest not so punctually paid or duly provided for on any Interest Payment Date shall forthwith cease to be payable to the Holder on the relevant
Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of this Note not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which this
Note may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
 Payment of the
principal of and premium, if any, and interest on this Note will be made pursuant to the Applicable Procedures of the Depositary as permitted in the Indenture; provided, however, that if this Note is not a Global Note, payment may be made at the
office or agency of the Company maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, against surrender of this
Note in the case of any payment due at the Maturity of the principal thereof; provided, however, that at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register. 

  
 6 

 Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: 
  

			
	COCA-COLA FEMSA, S.A.B. DE C.V.
		
	By:	 	            
		 	Name:
		 	Title:
		
	By:	 	                
		 	Name:
		 	Title:

 (b) Form of Reverse of Note. 

This Note is one of a duly authorized issue of securities of the Company (herein collectively called the “Notes”), issued
under an indenture, dated as of February 5, 2010 (herein called the “Base Indenture”), between the Company and The Bank of New York Mellon, as trustee (herein called the “Trustee,” which term includes any
successor trustee under the Base Indenture), security registrar, paying agent and transfer agent, as supplemented by the Eighth Supplemental Indenture, dated as of January 22, 2020 (herein called the “Eighth Supplemental
Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, Propimex, S. de R.L. de C.V., Comercializadora La Pureza de Bebidas, S. de R.L. de C.V., Grupo Embotellador Cimsa, S. de R.L. de C.V.,
Refrescos Victoria del Centro, S. de R.L. de C.V., Distribuidora y Manufacturera del Valle de México, S. de R.L. de C.V., Yoli de Acapulco, S. de R.L. de C.V. and Controladora Interamericana de Bebidas, S. de R.L. de C.V. (the
“Guarantors”) and the Trustee, and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the
Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The terms, conditions and provisions of this Note are those stated in the Indenture (including those made a part of the Indenture by
reference to the Trust Indenture Act) and those set forth in this Note. This Note is one of the series designated on the face hereof. 

  
 7 

 Additional securities on terms substantially identical to those of this Note (except for the
issue date, issue price and the date from which interest shall accrue and, if applicable, first date of payment) may be issued by the Company without the consent of the Holders of the Notes. The amount evidenced by such additional securities shall
increase the aggregate principal amount of, and shall be consolidated and form a single series with, the Notes, in which case the Schedule of Increases or Decreases in Global Note attached hereto will be correspondingly adjusted. The additional
securities will be treated as a single class for all purposes under the Indenture and will vote together as one class on all matters with respect to the Notes; provided that any additional securities shall be issued under a separate CUSIP number,
ISIN and Common Code unless the additional securities are issued pursuant to a “qualified reopening” of the original series, are otherwise treated as part of the same “issue” of debt instruments as the original series or the
original securities were, and the additional securities are, are issued with no more than a de minimis amount of original discount, in each case for U.S. federal income tax purposes. 

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Note shall not be a Business Day, then (notwithstanding
any other provision of the Indenture or of the Notes) payment of principal and premium, if any, or interest 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 Interest
Payment Date, Redemption Date or at the Stated Maturity, as the case may be; provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be on account of
such delay. 
 In the event of redemption of this Note in part only the Schedule of Increases or Decreases in Global Note attached hereto
will be correspondingly adjusted. 
 If an Event of Default with respect to the Notes shall occur and be continuing, the principal of all of
the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 Subject to the limitations and
exceptions described below, the Company and the Guarantors shall pay to Holders of the Notes all additional interest (“Additional Interest”) that may be necessary so that every net payment of interest or principal (including any
premium paid upon redemption of the notes and any discount or other amount deemed interest under Mexican law), if any, to the Holder will not be less than the amount provided for in the Notes. For purposes of the preceding sentence, “net
payment” means the amount that the Company, the Guarantors or any Paying Agent will pay the Holder after the Company or such Guarantor deducts or withholds an amount for or on account of any present or future taxes, duties, assessments or other
governmental charges imposed or levied with respect to that payment (or the payment of such Additional Interest) by a taxing authority of Mexico or the taxing authority of any other country under whose laws the Company or such Guarantor, or any
successor of the Company or such Guarantor (assuming the obligations of the Notes and the Indenture following a merger, consolidation or transfer, lease or conveyance of substantially all of the Company’s or such Guarantor’s assets and
properties) is organized at the time of payment, except for the United States, or through which payments on the Notes are made (each, a “Taxing Jurisdiction”). Notwithstanding the foregoing, the Company and the Guarantors shall not
be obligated to pay Additional Interest to or on behalf of any Holder or beneficial owner of the Notes, or to the Trustee, for or on account of any of the following: 

(i) any taxes, duties, assessments or other governmental charges imposed solely because at any time there is or was a connection between the
Holder and the Taxing Jurisdiction (other than the mere receipt of a payment, the ownership or holding of a Note or the enforcement of rights with respect to a Note); 

  
 8 

 (ii) any estate, inheritance, gift, sales, transfer, personal property or other similar tax,
assessment or other governmental charge imposed with respect to a Note; 
 (iii) any taxes, duties, assessments or other governmental charges
imposed solely because the Holder or any other Person fails to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the Taxing Jurisdiction of the Holder or
any beneficial owner of a Note if compliance is required by law, regulation or by an applicable income tax treaty to which such Taxing Jurisdiction is a party and which is effective, as a precondition to exemption from, or reduction in the rate of,
the tax, assessment or other governmental charge and the Company has given the Holders at least 30 calendar days’ written notice prior to the first payment date with respect to which such certification, identification or reporting requirement
is required to the effect that Holders will be required to provide such information and identification; 
 (iv) any tax, duty, assessment or
other governmental charge payable otherwise than by deduction or withholding from payments on a Note; 
 (v) any taxes, duties, assessments
or other governmental charges with respect to a Note presented for payment more than 15 days after the date on which the payment became due and payable or the date on which payment thereof is duly provided for and notice thereof given to Holders,
whichever occurs later, except to the extent that the Holder of such Note would have been entitled to such Additional Interest on presenting such Note for payment on any date during such 15-day period; 

(vi) any payment on a Note to a Holder that is a fiduciary or partnership or a Person other than the sole beneficial owner of any such payment,
to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or the beneficial owner of the payment would not have been entitled to the Additional Interest had the beneficiary, settlor, member or
beneficial owner been the Holder of such Note; 
 (vii) any taxes imposed under FATCA; and 

(viii) any combination of the items in clauses (i) through (vii) above. 

Notwithstanding the foregoing, the limitations on the Company’s and the Guarantors’ obligation to pay Additional Interest set forth
in clause (iii) above will not apply if the provision of information, documentation or other evidence described in such clause (iii) would be materially more onerous, in form, in procedure or in the substance of information disclosed, to a
Holder or beneficial owner of a Note, taking into account any relevant differences between U.S. and Mexican law, regulation or administrative practice, or the laws, regulations or administrative practices of any other Taxing Jurisdiction, than
comparable information or other reporting 

  
 9 

 
requirements imposed under United States tax law (including the United States/Mexico Income Tax Treaty), regulations (including proposed regulations) and administrative practice. In addition, the
limitations on the Company’s and the Guarantors’ obligations to pay Additional Interest set forth in clause (iii) above also will not apply with respect to any Mexican withholding taxes unless (a) the provision of the
information, documentation or other evidence described in such clause (iii) is expressly required by the applicable Mexican laws and regulations, (b) the Company or such Guarantor cannot obtain the information, documentation or other
evidence necessary to comply with the applicable Mexican laws and regulations on its own through reasonable diligence and (c) the Company or such Guarantor otherwise would meet the requirements for application of the applicable Mexican laws and
regulations. In addition, clause (iii) above shall not require that any Person that is not a resident of Mexico for tax purposes, including any non-Mexican pension fund, retirement fund, tax exempt
organization, financial institution or any other holder or beneficial owner of a Note, register with, or provide information to, the Secretaría de Hacienda y Crédito Público (the Mexican Ministry of Finance and Public
Credit) or with the Servicio de Administración Tributaria (the Mexican Tax Administration Service) to establish eligibility for an exemption from, or a reduction of, Mexican withholding tax. 

The Company or the applicable Guarantor shall remit the full amount of any taxes withheld to the applicable taxing authorities in accordance
with applicable law of the relevant Taxing Jurisdiction. The Company or the applicable Guarantor shall also provide the Trustee with documentation (which may consist of copies of such documentation) reasonably satisfactory to the Trustee evidencing
the payment of taxes in respect of which the Company or such Guarantor has paid any Additional Interest. The Company or such Guarantor shall provide copies of such documentation to the Holders of the Notes or the relevant Paying Agent upon request.

 The Company and the Guarantors shall pay all stamp, issue, registration, documentary or other similar duties, if any, which may be
imposed by Mexico or any governmental entity or political subdivision therein or thereof, or any taxing authority of or in any of the foregoing, with respect to the Indenture or the issuance of the Notes. 

In the event that Additional Interest actually paid with respect to the Notes pursuant to the preceding paragraphs are based on rates of
deduction or withholding of taxes in excess of the appropriate rate applicable to the Holder of such Notes, and, as a result thereof such Holder is entitled to make a claim for a refund or credit of such excess from the authority imposing such
withholding tax, then such Holder shall, by accepting such Notes, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or credit of such excess to the Company. However, by making such assignment,
the Holder makes no representation or warranty that the Company will be entitled to receive such claim for a refund or credit and incurs no other obligation with respect thereto. 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code of 1986 (as amended) (the “Code”), as
in effect on the date of issuance of the Notes (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any
agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and
implementing such Sections of the Code. 

  
 10 

 All references herein and in the Indenture to principal, premium, if any, or interest or any
other amount payable in respect of the Notes shall be deemed to mean and include all Additional Interest, if any, payable in respect of such principal, premium, if any, or interest or any other amounts payable, unless the context otherwise requires,
and express mention of the payment of Additional Interest in any provision hereof shall not be construed as excluding reference to Additional Interest in those provisions hereof where such express mention is not made. All references herein and in
the Indenture to principal in respect of any Note shall be deemed to mean and include any Redemption Price payable in respect of such Note pursuant to any redemption right hereunder or under the Indenture (and all such references to the Stated
Maturity of the principal in respect of any Note shall be deemed to mean and include the Redemption Date with respect to any such Redemption Price), and all such references to principal, premium, if any, interest or Additional Interest shall be
deemed to mean and include any amount payable in respect of this Note pursuant to Section 1009 of the Base Indenture, and express mention of the payment of any Redemption Price or any such other amount in those provisions hereof where such
express reference is not made. 
 The Company may, at its option, redeem the Outstanding Notes upon not less than 30 nor more than 60
days’ written notice, at any time in whole but not in part, at a Redemption Price equal to the sum of (A) 100% of the principal amount of the Notes, (B) accrued and unpaid interest on the principal amount of the Notes to the Redemption
Date and (C) any Additional Interest which would otherwise be payable thereon to the Redemption Date, solely if: 
 (i) as a result of
any amendment to, or change in, the laws (or any rules or regulations thereunder) of Mexico, or any amendment to or change in an official interpretation or application of such laws, rules or regulations, which amendment to or change of such laws,
rules or regulations becomes effective on or after January 8, 2020, the Company would be obligated on the next succeeding Interest Payment Date, after taking such measures as the Company may consider reasonable to avoid this requirement, to pay
Additional Interest in excess of those attributable to a withholding tax rate of 4.9% with respect to payments of interest or amounts deemed interest under the Notes; or 

(ii) in the event that the Company or any successor of the Company (assuming the obligations of the Notes and the Indenture following a merger,
consolidation or transfer, lease or conveyance of substantially all of the Company’s assets and properties), is organized under the laws of any Taxing Jurisdiction other than Mexico (the date on which the Company or a successor thereof becomes
subject to any such Taxing Jurisdiction, the “Succession Date”), and as a result of any amendment to, or change in, the laws (or any rules or regulations thereunder) of such Taxing Jurisdiction, or any political subdivision or
taxing authority thereof or therein affecting taxation, any amendment to or change in an official interpretation or application of such laws, rules or regulations, which amendment to or change of such laws, rules or regulations becomes effective
after the Succession Date, the Company would be obligated on the next succeeding Interest Payment Date, after taking such measures as the Company may consider reasonable to avoid this requirement, to pay Additional Interest in excess of those
attributable to any withholding tax rate imposed by such Taxing Jurisdiction as of the Succession Date with respect to the Notes; 

  
 11 

 provided, however, that (x) no notice of redemption pursuant to clauses (i) and (ii) may be
given earlier than 90 days prior to the earliest date on which the Company would be obligated to pay such Additional Interest if a payment on the Notes were then due and (y) at the time such notice of redemption is given such obligation to pay
such Additional Interest remains in effect. 
 The Company also may, at its option, redeem the Outstanding Notes upon not less than 15 nor
more than 60 days’ written notice 
 (i) in whole at any time or in part from time to time prior to October 22, 2029 (the date that
is three months prior to the Stated Maturity of the Notes or the “Par Call Date”), at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes being redeemed and (2) the sum of the present values
of each remaining scheduled payment of principal and interest thereon through the Par Call Date as if the Notes were redeemed on the Par Call Date (exclusive of accrued and unpaid interest to the Redemption Date on the principal amount of the Notes
being redeemed on such Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate plus 15 basis points, plus, in the case of (1) and (2), accrued and unpaid interest on the principal amount of such Notes to the Redemption Date and Additional Interest thereon; or 

(ii) in whole at any time or in part from time to time, on and after the Par Call Date, at a Redemption Price equal to 100% of the Outstanding
principal amount of the Notes to be redeemed plus accrued and unpaid interest on the principal amount of the Notes being redeemed to the Redemption Date and Additional Interest thereon. 

For purposes of clause (i) above, the following terms shall have the meanings specified below: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment
Banker as having an actual or interpolated maturity comparable to the period from the Redemption Date to the Par Call Date that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of a comparable maturity to the period from the Redemption Date to the Par Call Date. 
 “Comparable
Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations quoted to an Independent Investment Banker selected by the Company for such Redemption Date, after excluding the
highest and lowest such Reference Treasury Dealer Quotations or (2) if such Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

  
 12 

 “Reference Treasury Dealer” means each of BofA Securities, Inc., Citigroup
Global Markets Inc., Goldman Sachs & Co. LLC or their respective affiliates, which are primary U.S. government securities dealers in New York City, and two other leading primary United States government securities dealers in New York City
reasonably designated by us in writing; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute
therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by an Independent Investment Banker selected by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to such Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
Redemption Date. 
 Notwithstanding the foregoing provisions in this Note or the Indenture, the Company or any of its Affiliates may at any
time purchase Notes in the open market or otherwise at any price. Any such purchased Notes shall not be resold, except in compliance with applicable requirements or exemptions under the relevant securities laws. 

On and after the Redemption Date, interest will cease to accrue on the Notes or any portion of the Notes called for redemption (unless the
Company defaults in the payment of the Redemption Price and accrued interest). On or before the Redemption Date, the Company will deposit with the Trustee money sufficient to pay the Redemption Price and (unless the Redemption Date shall be an
Interest Payment Date) accrued and unpaid interest to the Redemption Date on the Notes to be redeemed on such date and Additional Interest thereon. If less than all of the Outstanding Notes are to be redeemed, the Notes to be redeemed shall be
selected by the Trustee by such method as the Trustee shall deem fair and appropriate or in accordance with the Applicable Procedures of the Depositary. 

The Company may make any redemption or redemption notice subject to the satisfaction of conditions precedent. If such redemption or notice is
subject to the satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the Redemption Price may be delayed until such time (but no more than 60 days after the date of the notice of
redemption) as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption
Date as so delayed. In addition, the Company may provide in such notice that payment of the Redemption Price and performance of the Company’ obligations with respect to such redemption may be performed by another person. 

  
 13 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Notes at the time
Outstanding. The Indenture also contains provisions (i) permitting the Holders of a majority in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain
provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 As provided in and subject to the provisions of
the Indenture, the Holder of this Note shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously
given the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of not less than 25% in principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Notes at the time Outstanding a
direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this
Note for the enforcement of any payment of principal hereof or premium, if any, or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth (including, without limitation, the restrictions on transfer
under Sections 202 and 304 of the Base Indenture), the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office of any Transfer Agent, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Transfer Agent duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 
 The
provisions of Article Twelve of the Base Indenture shall apply to the Notes. 
 The Notes are issuable only in registered form without
coupons in denominations of U.S.$150,000 and integral multiples of U.S.$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes
of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

  
 14 

 No service charge shall be made for any such registration of transfer or exchange of this
Note, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with any registration of transfer or exchange of this Note, other than exchanges pursuant to
Section 906 or Section 1105 of the Base Indenture not involving any transfer. 
 Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee, any Agent and any other agent of the Company or of the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes (subject to Section 306 of the
Base Indenture), whether or not this Note is overdue, and neither the Company, the Trustee, any Agent nor any such other agent shall be affected by notice to the contrary. 

The Guarantors have irrevocably and unconditionally guaranteed the full and punctual payment of principal, premium, if any, interest and any
other amounts that may become due and payable by the Company in respect of the Notes and the Indenture. 
 This Note is a Global Security
and is subject to the provisions of the Indenture relating to Global Securities, including the limitations in Sections 202 and 304 of the Base Indenture on transfers and exchanges of Global Securities. 

This Note, the Guarantees and the Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

 
  

ABBREVIATIONS 
 The following
abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

			
	TEN COM — as tenants in common	  	 UNIF GIFT MIN ACT—______________

                          
                      (Cust)

	TEN ENT — as tenants by the entireties	  	 Custodian _____________ under Uniform

                          
  (Minor)

	JT TEN — as joint tenants with right of survivorship and not as tenants in common	  	 Gifts to Minors Act ________________

                          
                  (State)

 Additional abbreviations may also be used 

though not in the above list. 

 

  
 15 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of
 increase or

decrease of
 this Global

Note
	  	 Amount of

decrease in
 Principal Amount

of this Global
 Note
	  	 Amount of

increase in
 Principal Amount

of this Global
 Note
	  	 Principal Amount

of this Global
 Note following

such decrease or
 increase
	  	 Signature of

authorized
 signatory of

Trustee or
 Security
Registrar

 Section 204. Form of Trustee’s Certificate of Authentication 

The Trustee’s certificate of authentication shall be in substantially the following form: 

This is one of the Notes referred to in the within mentioned Indenture. 

Dated: 
  

			
	The Bank of New York Mellon,
		 	as Trustee
		
	By:	 	              

		 	Authorized Signatory

 Section 205. Maintenance of Office or Agency 

If any Notes are issued in certificated and not global form, the Company shall maintain in the Borough of Manhattan, New York an office or
agency, in each case, in accordance with Section 1002 of the Base Indenture. 
 Section 206. Listing 

The Company shall use its reasonable best efforts to have the Notes admitted to listing on the New York Stock Exchange. 

ARTICLE THREE 

GUARANTEE 

Section 301. Guarantee. 

(a) The Guarantors hereby fully, jointly and severally, unconditionally and irrevocably guarantee (the “Guarantees”) to each
Holder of the Notes and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the obligations of the Company to the Holders of the Notes and the Trustee under the Notes and the
Indenture (the “Obligations”). The Guarantors further agree (to the extent permitted by 

  
 16 

 
law) that the Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it will remain bound under this Section 301 notwithstanding any
extension or renewal of any Obligation. The Guarantors hereby agree to pay, in addition to the amounts stated above, any and all expenses (including reasonable and documented counsel fees and expenses) incurred by the Trustee or the Holders of the
Notes in enforcing any rights under the Guarantee. 
 (b) Each of the Guarantors waives (i) presentation to, demand of payment from and
protest to the Company of any of the Obligations and also waives notice of protest for nonpayment and (ii) notice of any default with respect to its Obligations. To the extent permitted by law, the obligations of the Guarantors hereunder shall
not be affected by (a) the failure of the Trustee or any Holder of the Notes to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under the Indenture, the Notes or any other agreement or
otherwise; (b) any extension or renewal of the Indenture, the Notes or any other agreement; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of the Indenture, the Notes or any other agreement;
(d) the release of any security held by any Holder of the Notes or the Trustee for the Obligations; or (e) the failure of the Trustee or any Holder of the Notes to exercise any right or remedy against the Guarantors. 

(c) The Guarantors further agree that the Guarantees herein constitutes guarantees of payment when due (and not a guarantee of collection) and
waives any right to require that any resort be had by the Trustee or any Holder of the Notes to any security held for payment of the Obligations. 

(d) To the extent permitted by law, the obligations of the Guarantors hereunder shall not be subject to any reduction, limitation, impairment
or termination for any reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of the Guarantors herein shall not be discharged or impaired or otherwise
affected by the failure of the Trustee or any Holder of the Notes to assert any claim or demand or to enforce any remedy under the Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or
delay, willful or otherwise, in the performance of the Obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of the Guarantors or would otherwise
operate as a discharge of the Guarantors or any one of them as a matter of law or equity. 
 (e) The Guarantors further agree that the
Guarantees herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any of the Obligations is rescinded or must otherwise be restored by the Trustee or
any Holder of the Notes upon the bankruptcy or reorganization of the Company or otherwise. 

  
 17 

 (f) In furtherance of the foregoing and not in limitation of any other right which the
Trustee or any Holder of the Notes has at law or in equity against the Guarantors by virtue hereof, upon the failure of the Company to pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration, by
redemption or otherwise, the Guarantors hereby promise to and will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee and the Holders of the Notes an amount equal to the sum of: 

(i) the unpaid amount of such Obligations then due and owing; and 

(ii) accrued and unpaid interest on such Obligations then due and owing (but only to the extent not prohibited by law). 

(g) The Guarantors further agree that, as between itself, on the one hand, and the Holders of the Notes, on the other hand: 

(i) the maturity of the Obligations guaranteed hereby may be accelerated as provided in the Indenture for the purposes of the
Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby; and 

(ii) in the event of any such declaration of acceleration of such Obligations, such Obligations (whether or not due and
payable) shall forthwith become due and payable by the Guarantors for the purposes of the Guarantee. 
 Section 302. No
Subrogation. Each Guarantor agrees that it shall not be entitled to any right of subrogation in respect of any Obligations until payment in full of all Obligations and any obligations to which the Obligations are subordinated. If any amount
shall be paid to the Guarantors on account of such subrogation rights at any time when all of the Obligations and any obligations to which the Obligations are subordinated shall not have been paid in full, such amount shall be held by the Guarantors
in trust for the Trustee and the Holders of the Notes, segregated from other funds of the Guarantors, and shall, forthwith upon receipt by the Guarantors, be turned over to the Trustee in the exact form received by the Guarantors (duly endorsed by
the Guarantors to the Trustee, if required), to be applied against the Obligations or obligations to which the Obligations are subordinated. 

Section 303. Limitation on Liability, Release and Discharge. 

(a) The obligations of the Guarantors hereunder will be limited to the maximum amount as will, after giving effect to all other contingent and
fixed liabilities of the Guarantors and after giving effect to any collections from or payments made by or on behalf of the Guarantors in respect of the obligations under the Guarantee, result in the obligations of the Guarantors under the
Guarantees not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 
 (b) Concurrently with the discharge
of the Notes under Section 401 of the Base Indenture, the defeasance of the Notes under Section 1202 of the Base Indenture, the “covenant defeasance” of the Notes under Section 1203 of the Base Indenture or the redemption in
full of the Notes under Article Eleven of the Base Indenture, the Guarantors shall be released from all of their obligations under their Guarantees under this Article Three. 

  
 18 

 ARTICLE FOUR 

SUCCESSORS 

Section 401. Consolidations and Mergers of the Guarantors. 

None of the Guarantors shall consolidate with or merge into any other Person or, directly or indirectly, transfer, convey, sell, lease or
otherwise dispose of all or substantially all of its assets and properties and shall not permit any Person to consolidate with or merge into any of the Guarantors unless: (i) either (a) in the case of a merger or consolidation, the Company or
any Guarantor is the surviving entity, or (b) the Person formed by such consolidation or merger or the Person which acquires by transfer, conveyance, sale, lease or other disposition of all or substantially all of the assets and properties of
the Company or the Guarantors (if the Company or any Guarantor is not the surviving entity (the “Successor Guarantor”) shall expressly assume by an indenture supplemental hereto or to the Base Indenture all obligations of the
Company or Guarantors under the Notes, the Base Indenture and this Eighth Supplemental Indenture, including, without limitation, the due and punctual payment of the principal of and premium, if any, and interest on all the Notes and all other
amounts payable pursuant to the Base Indenture and this Eighth Supplemental Indenture; (ii) immediately after giving effect to such transaction, no Event of Default, or an event or condition which, after the giving of notice or lapse of time,
or both, would become an Event of Default, with respect to the Notes shall have occurred and be continuing; and (iii) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such
transaction and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent in the Base Indenture and this Eighth Supplemental Indenture
provided for relating to such transaction have been complied with. 
 Section 402. Rights and Duties of Successor
Guarantors.  
 In case of any consolidation or merger, or conveyance or transfer of the assets of any of the Guarantors as
an entirety or virtually as an entirety in accordance with Section 401 of this Eighth Supplemental Indenture, the Successor Guarantor shall succeed to and be substituted for the Guarantor, with the same effect as if it had been named herein as
the Guarantor, and the predecessor Guarantor shall be relieved of any further obligation with respect to the Notes under the Indenture. 

ARTICLE FIVE 

ADDITIONAL INTEREST 

Section 501. Additional Interest.  

The provisions of Section 1008 of the Base Indenture, and solely with respect to the Notes, as amended by the terms and conditions set
forth in this Eighth Supplemental Indenture (including the form of Note), shall apply to the Notes. 

  
 19 

 ARTICLE SIX 

COVENANTS 

Section 601. Limitation on Liens. This Section 601 shall replace Section 1006 of the Base Indenture in its
entirety with respect to the Notes only (and, for avoidance of doubt, not with respect to any other series of Securities issued pursuant to the Base Indenture on or prior to the date hereof), as follows: 

“The Company shall not, and shall not allow any of its Significant Subsidiaries to, create, incur, issue or assume any Liens on their
respective property to secure debt for borrowed money where such debt secured by such liens would exceed an aggregate amount equal to the greater of (i) U.S.$1 billion and (ii) 20% of Consolidated Tangible Assets less, in each case, the
aggregate amount of Attributable Debt of the Company and its Significant Subsidiaries in respect of Sale and Leaseback Transactions then outstanding pursuant to Section 1007(a) unless the Company secures the Notes equally with, or prior to the
debt for borrowed money secured by such Liens; provided, however, that nothing contained in this Section 1006 shall prevent or restrict debt for borrowed money secured by: 

(a) Liens on property acquired and existing on the date the property was acquired or arising after such acquisition pursuant to contractual
commitments entered into prior to such acquisition and not in contemplation of such acquisition; 
 (b) Liens on any property securing debt
incurred or assumed for the purpose of financing its purchase price or the cost of its construction, improvement or repair; provided that such Lien attaches to the property within 12 months of its acquisition or the completion of its construction,
improvement or repair and does not attach to any other property; 
 (c) Liens existing on any property of any subsidiary of the Company prior
to the time that the subsidiary became a subsidiary of the Company or liens arising after that time under contractual commitments entered into prior to and not in contemplation of that event; 

(d) Liens on any property securing debt owed by a subsidiary of the Company to the Company or to another of its subsidiaries; 

(e) Liens existing on the date the Notes are issued; 

(f) Liens resulting from the deposit of funds or evidence of debt in trust for the purpose of defeasing the Company’s debt or the debt of
any of the Company’s subsidiaries; 
 (g) any (i) Liens for taxes, assessments and other governmental charges and
(ii) attachment or judgment Liens, in each case, the payment of which is being contested in good faith by appropriate proceedings for which such reserves or other appropriate provision, if any, as may be required by IFRS shall have been made;

 (h) Liens on accounts receivable, inventory or bottles and cases to secure working capital or revolving credit debt incurred in the
ordinary course of business; and 

  
 20 

 (i) Liens arising out of the refinancing, extension, renewal or refunding of any debt
described above, provided that the aggregate principal amount of such debt is not increased and such lien does not extend to any additional property. 
 For
purposes of this Section 1006, the giving of a guarantee which is secured by a Lien on any property, and the creation of a Lien on any property to secure debt for borrowed money which existed prior to the creation of such Lien, shall be deemed
to involve the creation of secured debt for borrowed money in an amount equal to the principal amount guaranteed or secured by such Lien; but the amount of debt for borrowed money secured by Liens on properties shall be computed without cumulating
the underlying debt for borrowed money with any guarantee thereof or Lien securing the same.” 
 Section 602. Limitation on
Sales and Leasebacks. This Section 602 shall replace Section 1007 of the Base Indenture in its entirety with respect to the Notes only (and, for avoidance of doubt, not with respect to any other series of Securities issued
pursuant to the Base Indenture on or prior to the date hereof), as follows: 
 “The Company shall not, and shall not permit any Significant Subsidiary
to, enter into any Sale and Leaseback Transaction without in any such case effectively providing that the Securities (together with, if the Company shall so determine, any other Indebtedness of the Company or any Significant Subsidiary then existing
or thereafter created) shall be secured equally and ratably with or prior to such Sale and Leaseback Transaction, so long as such Sale and Leaseback Transaction shall be outstanding, unless, after giving effect thereto: 

(a) the aggregate amount of Attributable Debt of the Company and its Significant Subsidiaries pursuant to this Section 1007(a) would not
exceed an aggregate amount equal to the greater of (1) U.S.$1 billion or (2) 20% of the Company’s Consolidated Tangible Assets less, in each case, the aggregate principal amount of all Indebtedness then outstanding of the Company and
its Significant Subsidiaries secured by any Lien on any property pursuant to Section 1006 (without giving effect to clauses (a) through (i) thereof); or 

(b) the Company or one of its Subsidiaries, within 12 months of the Sale and Leaseback Transaction, retire debt not owed to the Company or any
of its subsidiaries that is not subordinated to the Notes or invest in equipment, plant facilities or other fixed assets used in the operations of the Company or any of the Company’s Subsidiaries, in an aggregate amount equal to the greater of
(1) the net proceeds of the sale or transfer of the property or other assets that are the subject of the Sale and Leaseback Transaction and (2) the fair market value of the property leased. 

Notwithstanding the foregoing, the Company and/or its Significant Subsidiaries may enter into Sale and Leaseback Transactions that solely
refinance, extend, renew or refund Sale and Leaseback Transactions permitted under Sections 1007(a) and (b) and the restriction described in the first paragraph of this Section 1007 shall not apply to such Sale and Leaseback
Transactions.” 

  
 21 

 ARTICLE SEVEN 

EVENTS OF DEFAULT 

Section 701. Events of Default 

This Article Seven shall replace Section 501 of the Base Indenture in its entirety with respect to the Notes only (and, for avoidance of
doubt, not with respect to any other series of Securities issued pursuant to the Base Indenture on or prior to the date hereof). 
 “SECTION 501.
Events of Default. 
 “Event of Default,” wherever used herein with respect to the Securities, means any one of the
following events (whatever the reason for such Event of Default and whether it 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): 
 (1) default in the payment of the principal (including any Redemption Price and any Additional
Interest) of or premium, if any, on any Security at its Maturity; or 
 (2) default in the payment of any interest (including any Additional
Interest) on any Security when it becomes due and payable, and continuance of such default for a period of 30 days; or 
 (3) default in the
performance, or breach, of any covenant of the Company in this Indenture (other than a covenant a default in whose performance or whose breach is elsewhere in this Section 501 specifically dealt with), and continuance of such default or breach
for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee at the written request of Holders of at least 25% in principal amount of the Outstanding Securities or to the Company and the Trustee
by the Holders of at least 25% in principal amount of the Outstanding Securities a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(4) a default or defaults under any bond, debenture, note or other evidence of Indebtedness of the Company or any Significant Subsidiary,
whether such Indebtedness now exists or shall hereafter be created; provided that such default or defaults, individually or in the aggregate, (A) shall constitute a failure to pay the principal at maturity of Indebtedness in an amount in excess
of U.S.$150,000,000 (or the equivalent thereof in other currencies) or (B) shall have resulted in Indebtedness with an aggregate principal amount in excess of U.S.$ 150,000,000 (or the equivalent thereof in other currencies) (or any portion
thereof having an aggregate principal amount in excess of U.S.150,000,000 or such equivalent thereof) becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable; or 

(5) a final judgment is rendered against the Company or any of its Significant Subsidiaries in an aggregate amount in excess of
U.S.$100,000,000 (or its equivalent in other currencies) that is not discharged or bonded in full within 90 days, for 10 days after the Company receives a notice of this default (sent by the Trustee at the written request of Holders of not less than
25% in principal amount of the Securities to the Company or by the Holders of at least 25% in principal amount of the Securities to the Company and the Trustee); or 

  
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 (6) the entry by a court having jurisdiction in the premises of (A) a decree or order
for relief in respect of the Company or any Significant Subsidiary in an involuntary case or proceeding under any applicable bankruptcy, insolvency, suspension of payments, concurso mercantil, reorganization or other similar law, or
(B) a decree or order adjudging the Company or any Significant Subsidiary a bankrupt or insolvent, or suspending payments, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect
of the Company or any Significant Subsidiary under any applicable law, or appointing a custodian, receiver, liquidator, assignee, trustee, síndico, conciliador, sequestrator or other similar official of the Company or any
Significant Subsidiary or of any substantial part of the property of the Company or any Significant Subsidiary, or ordering the winding up or liquidation of the affairs of the Company or any Significant Subsidiary, and the continuance of any such
decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 
 (7) the
commencement by the Company or any Significant Subsidiary of a voluntary case or proceeding under any applicable bankruptcy, insolvency, concurso mercantil, reorganization or other similar law or of any other case or proceeding
to be adjudicated a bankrupt or insolvent, or the consent by the Company or any Significant Subsidiary to the entry of a decree or order for relief in respect of the Company or any Significant Subsidiary in an involuntary case or proceeding under
any applicable bankruptcy, insolvency, suspension of payments, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Company or any Significant Subsidiary of the Company, or the
filing by the Company or any Significant Subsidiary of a petition or answer or consent seeking reorganization or relief under any applicable law or the consent by the Company or any Significant Subsidiary to the filing of such petition or to the
appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, síndico, conciliador, sequestrator or similar official of the Company or any Significant Subsidiary or of any
substantial part of the property of the Company or any Significant Subsidiary, or the making by the Company or any Significant Subsidiary of an assignment for the benefit of creditors, or the admission by the Company or any Significant Subsidiary in
writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company or any Significant Subsidiary in furtherance of any such action (evidenced by the adoption of a corporate resolution in favor of
any such actions or an action of any of the officers of the Company or such Significant Subsidiary that similarly binds the Company or such Significant Subsidiary, as the case may be).” 

  
 23 

 ARTICLE EIGHT 

OPTIONAL REDEMPTION 

Section 801. Optional Redemption by the Company 

The Notes may be redeemed at the option of the Company on the terms and conditions set forth in the form of Note as set forth in
Section 203(b) of this Eighth Supplemental Indenture and in accordance with Article Eleven of the Base Indenture. 
 ARTICLE NINE

 DEFEASANCE 

Section 901. Defeasance 

The Company may, at its option, elect to terminate (1) all of the Company’s or the Guarantors obligations with respect to the Notes
(“legal defeasance”), except for certain obligations, including those regarding any trust established for defeasance and obligations set forth under Article Twelve of the Base Indenture relating to the transfer and exchange of the
Notes, the replacement of mutilated, destroyed, lost or stolen Notes, the maintenance of agencies with respect to the Notes and the rights, powers, trusts, duties, immunities and indemnities and other provisions in respect of the Trustee or
(2) the Company’s or Guarantor’s obligations under certain covenants in the Indenture, so that any failure to comply with such obligations will not constitute an Event of Default (“covenant defeasance”) in respect of
the Notes. In order to exercise either legal defeasance or covenant defeasance, the Company must irrevocably deposit with the Trustee U.S. dollars or such other currency in which the Notes are denominated (the “securities
currency”), government obligations of the United States or a government, governmental agency or central bank of the country whose currency is the securities currency, or any combination thereof, in such amounts as will be sufficient, in the
opinion of a nationally recognized firm of independent public accountants delivered to the trustee, to pay the principal, premium, if any, and interest (including Additional Interest) in respect of the Notes then Outstanding on the Maturity date of
the Notes, and comply with the other conditions set forth on Section 1204 of the Base Indenture, including, without limitation, the delivery of Opinions of Counsel as to specified tax and other matters set forth in Section 1204 of the Base
Indenture. 
 If the Company elects either legal defeasance or covenant defeasance with respect to the Notes, the Company may so elect it
with respect to all of the Notes upon compliance with the conditions set forth in the preceding paragraph. 
 ARTICLE TEN 

SUPPLEMENTAL INDENTURES 

Section 1001. Supplemental Indentures without Consent of Holders 

Section 901 of the Base Indenture, and solely with respect to the Notes (and, for avoidance of doubt, not with respect to any other series of Securities
issued pursuant to the Base Indenture on or prior to the date hereof), is hereby amended by replacing in its entirety item (12) and adding item (13) as follows: 

  
 24 

 “12) to cure any ambiguity, to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein, or to make any clarifications or changes that do not adversely affect the right of the Holders of Securities of any series in any material respect; and 

“(13) to conform the provisions of this Indenture, any supplemental indenture relating to the Notes and the Notes to the “Description
of Debt Securities” and “Description of Debt Guaranties” in the Base Prospectus or the “Description of Notes” in the Prospectus Supplement.” 

ARTICLE ELEVEN 

MISCELLANEOUS PROVISIONS 

Section 1101. Consent to Service; Jurisdiction 

Each party hereto agrees that any legal suit, action or proceeding arising out of or relating to this Eighth Supplemental Indenture, the Base
Indenture, the Notes, or the Guarantees may be instituted in any federal or state court in the Borough of Manhattan, The City of New York, New York and in the courts of its own corporate domicile, in respect of actions brought against each such
party as a defendant, and each waives any objection which it may now or hereafter have to the laying of the venue of any such legal suit, action or proceeding, waives any immunity from jurisdiction or to service of process in respect of any such
suit, action or proceeding, waives any right to any jurisdiction to which it may be entitled on account of place of residence, domicile or any other reason and irrevocably submits to the jurisdiction of any such court in any such suit, action or
proceeding. Each of the Company and each of the Guarantors hereby designates and appoints CT Corporation System, 28 Liberty Street, New York, NY 10005, as its authorized agent upon which process may be served in any legal suit, action or proceeding
arising out of or relating to this Eighth Supplemental Indenture, the Base Indenture, the Notes, or the Guarantees which may be instituted in any federal or state court in the Borough of Manhattan, The City of New York, New York, and
agrees that service of process upon such agent shall be deemed in every respect effective service of process upon the Company and/or the Guarantors, as applicable, in any such suit, action or proceeding and further designates its domicile, the
domicile of CT Corporation System specified above and any domicile CT Corporation System may have in the future as its domicile to receive any notice hereunder (including service of process). If for any reason CT Corporation System (or any successor
agent for this purpose) shall cease to act as agent for service of process as provided above, each of the Company and the Guarantors will promptly appoint a successor agent for this purpose reasonably acceptable to the Trustee. The Company and the
Guarantors agree to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect. 

  
 25 

 Section 1102. Governing Law; Waiver of Jury Trial 

(a) THIS EIGHTH SUPPLEMENTAL INDENTURE, THE BASE INDENTURE, THE NOTES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 (b) EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS EIGHTH SUPPLEMENTAL INDENTURE, THE NOTES, THE GUARANTEES OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 Section 1103. Currency Indemnity 

This Section 1103 replaces Section 1009 of the Base Indenture and applies only to the Notes. 

The Company and the Guarantors, jointly and severally, will indemnify the Trustee and any Holder of Notes against any loss incurred by the
Trustee or such Holder as a result of any judgment for any amount due under the Base Indenture, this Eighth Supplemental Indenture, the Guarantees and the Notes being expressed and paid in a currency other than in U.S. dollar. The Company’s
Obligations and the Obligations of the Guarantors under the Base Indenture, this Eighth Supplemental Indenture, the Guarantees and the Notes will be discharged only to the extent that the Trustee or the relevant Holder is able to purchase U.S.
dollar with any other currency paid to the Trustee or that Holder in accordance with any judgment or otherwise. If the Trustee or the Holder cannot purchase U.S. dollar in the amount originally to be paid, the Company and the Guarantors agree to pay
the difference. The Holder, however, agrees that, if the amount of U.S. dollar purchased exceeds the amount originally to be paid to such Holder, the Holder will reimburse the excess to the Company or the Guarantors, as the case may be. The Holder
will not be obligated to make this reimbursement if the Company or the Guarantors are in default of their Obligations under the Base Indenture, this Eighth Supplemental Indenture, the Guarantees and the Notes. 

Section 1104. Separability of Invalid Provisions 

In case any one or more of the provisions contained in this Eighth Supplemental Indenture, the Base Indenture, the Notes or the Guarantees
should be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions contained in this Eighth Supplemental Indenture, and to the extent and only to the extent that any such
provision is invalid, illegal or unenforceable, this Eighth Supplemental Indenture shall be construed as if such provision had never been contained herein. 

  
 26 

 Section 1105. Execution in Counterparts 

This Eighth Supplemental Indenture may be simultaneously executed and delivered in any number of counterparts, each of which when so executed
and delivered shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 

Section 1106. Certain Matters 

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Eighth Supplemental
Indenture, the Base Indenture, the Notes, the Guarantees or for or in respect of the recitals contained herein, all of which are made solely by the Company and the Guarantors. 

[Signature pages follow] 

  
 27 

 IN WITNESS WHEREOF, the parties hereto have caused this Eighth Supplemental Indenture to be
duly executed on their respective behalves, all as of the day and year first written above. 
  

			
	COCA-COLA FEMSA, S.A.B. DE C.V.
		
	By	 	 /s/ José Castro Godard

		 	Name: José Castro Godard
		 	Title:   Attorney-in-fact
		
	By	 	 /s/ Marlene Fernanda Castillo Jiménez

		 	Name: Marlene Fernanda Castillo Jiménez
		 	Title:   Attorney-in-fact

  
 28 

									
	PROPIMEX, S. DE R.L. DE C.V.	 		  	CONTROLADORA INTERAMERICANA DE BEBIDAS, S. DE R.L. DE C.V. 
					
	By	 	     /s/ Gerardo Cruz Celaya
	 		  	By	  	     /s/ Gerardo Cruz Celaya

		 	Name: Gerardo Cruz Celaya	 		  		  	Name: Gerardo Cruz Celaya
		 	Title:   Attorney-in-fact	 		  		  	Title:   Attorney-in-fact
					
	By	 	     /s/ Marlene Fernanda Castillo Jiménez
	 		  	By	  	     /s/ Marlene Fernanda Castillo Jiménez

		 	Name: Marlene Fernanda Castillo Jiménez	 		  		  	Name: Marlene Fernanda Castillo Jiménez
		 	Title:   Attorney-in-fact	 		  		  	Title:   Attorney-in-fact
			
	COMERCIALIZADORA LA PUREZA DE BEBIDAS, S. DE R.L. DE C.V. 	 		  	DISTRIBUIDORA Y MANUFACTURERA DEL VALLE DE MÉXICO, S. DE R.L. DE C.V. 
					
	By	 	     /s/ Gerardo Cruz Celaya
	 		  	By	  	     /s/ Gerardo Cruz Celaya

		 	Name: Gerardo Cruz Celaya	 		  		  	Name: Gerardo Cruz Celaya
		 	Title:   Attorney-in-fact	 		  		  	Title:   Attorney-in-fact
					
	By	 	     /s/ Marlene Fernanda Castillo Jiménez
	 		  	By	  	     /s/ Marlene Fernanda Castillo Jiménez

		 	Name: Marlene Fernanda Castillo Jiménez	 		  		  	Name: Marlene Fernanda Castillo Jiménez
		 	Title:   Attorney-in-fact	 		  		  	Title:   Attorney-in-fact
			
	GRUPO EMBOTELLADOR CIMSA, S. DE R.L. DE C.V. 	 		  	YOLI DE ACAPULCO, S. DE R.L. DE C.V. 
					
	By	 	     /s/ Gerardo Cruz Celaya
	 		  	By	  	     /s/ Gerardo Cruz Celaya

		 	Name: Gerardo Cruz Celaya	 		  		  	Name: Gerardo Cruz Celaya
		 	Title:   Attorney-in-fact	 		  		  	Title:   Attorney-in-fact
					
	By	 	     /s/ Marlene Fernanda Castillo Jiménez
	 		  	By	  	     /s/ Marlene Fernanda Castillo Jiménez

		 	Name: Marlene Fernanda Castillo Jiménez	 		  		  	Name: Marlene Fernanda Castillo Jiménez
		 	Title:   Attorney-in-fact	 		  		  	Title:   Attorney-in-fact
				
	REFRESCOS VICTORIA DEL CENTRO, S. DE R.L. DE C.V. 	 		  		  	
					
	By	 	     /s/ Gerardo Cruz Celaya
	 		  		  	
		 	Name: Gerardo Cruz Celaya	 		  		  	
		 	Title:   Attorney-in-fact	 		  		  	
					
	By	 	     /s/ Marlene Fernanda Castillo Jiménez
	 		  		  	
		 	Name: Marlene Fernanda Castillo Jiménez	 		  		  	
		 	Title:   Attorney-in-fact	 		  		  	

  
 29 

 
			
	THE BANK OF NEW YORK MELLON,
		 	as Trustee, Security Registrar,
		 	Principal Paying Agent and Transfer
		 	Agent
		
	By:	 	 /s/ Latoya S. Elvin

		 	Name:  Latoya S. Elvin
		 	Title:    Vice President

  

  
 30

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