Document:

EX-4.1

 Exhibit 4.1 
  

 
  

Class A-1 3.247% Asset Backed Notes 

Class A-2 4.42% Asset Backed Notes 

Class A-3 4.61% Asset Backed Notes 

Class A-4 4.85% Asset Backed Notes 

Class B 5.04% Asset Backed Notes 

Class C 5.54% Asset Backed Notes 

Class D 6.49% Asset Backed Notes 

Class N 6.93% Asset Backed Notes 

Class XS Asset Backed Notes 
  

 
 INDENTURE

 Dated as of September 8, 2022 
  

 
 CARVANA AUTO
RECEIVABLES TRUST 2022-P3 
 Issuing Entity 

CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3 

Grantor Trust 

COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION 

Indenture Trustee 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	3	 
			
	 Section 1.1
	 	Definitions	  	 	3	 
	 Section 1.2
	 	Incorporation by Reference of Trust Indenture Act	  	 	3	 
		
	 ARTICLE II THE NOTES
	  	 	3	 
			
	 Section 2.1
	 	Form	  	 	3	 
	 Section 2.2
	 	Execution, Authentication and Delivery	  	 	4	 
	 Section 2.3
	 	Temporary Notes	  	 	4	 
	 Section 2.4
	 	Registration of Notes; Registration of Transfer and Exchange of Notes	  	 	5	 
	 Section 2.5
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	7	 
	 Section 2.6
	 	Persons Deemed Noteholders	  	 	8	 
	 Section 2.7
	 	Payment of Principal and Interest	  	 	8	 
	 Section 2.8
	 	Cancellation of Notes	  	 	13	 
	 Section 2.9
	 	Release of Collateral	  	 	14	 
	 Section 2.10
	 	Book-Entry Notes	  	 	14	 
	 Section 2.11
	 	Notices to Clearing Agency	  	 	15	 
	 Section 2.12
	 	Definitive Notes	  	 	15	 
	 Section 2.13
	 	Depositor as Noteholder	  	 	15	 
	 Section 2.14
	 	Tax Treatment	  	 	15	 
	 Section 2.15
	 	Special Terms Applicable to the Class N Notes and the Class XS Notes	  	 	18	 
		
	 ARTICLE III COVENANTS
	  	 	19	 
			
	 Section 3.1
	 	Payment of Principal and Interest	  	 	19	 
	 Section 3.2
	 	Maintenance of Agency Office	  	 	19	 
	 Section 3.3
	 	Money for Payments To Be Held in Trust	  	 	19	 
	 Section 3.4
	 	Existence	  	 	21	 
	 Section 3.5
	 	Protection of Collateral; Acknowledgment of Pledge	  	 	21	 
	 Section 3.6
	 	Opinions as to Collateral	  	 	22	 
	 Section 3.7
	 	Performance of Obligations; Servicing of Receivables	  	 	22	 
	 Section 3.8
	 	Negative Covenants	  	 	24	 
	 Section 3.9
	 	Annual Statement as to Compliance	  	 	24	 

  
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	 Section 3.10
	 	Consolidation, Merger, etc., of Issuing Entity; Disposition of Issuing Entity Assets	  	 	25	 
	 Section 3.11
	 	Successor or Transferee	  	 	27	 
	 Section 3.12
	 	No Other Business	  	 	27	 
	 Section 3.13
	 	No Borrowing	  	 	27	 
	 Section 3.14
	 	Guarantees, Loans, Advances and Other Liabilities	  	 	27	 
	 Section 3.15
	 	Servicer’s Obligations	  	 	28	 
	 Section 3.16
	 	Capital Expenditures	  	 	28	 
	 Section 3.17
	 	[RESERVED]	  	 	28	 
	 Section 3.18
	 	Restricted Payments	  	 	28	 
	 Section 3.19
	 	Notice of Events of Default	  	 	28	 
	 Section 3.20
	 	Further Instruments and Acts	  	 	28	 
	 Section 3.21
	 	Indenture Trustee’s Assignment of Purchased Receivables	  	 	29	 
	 Section 3.22
	 	Representations and Warranties by the Issuing Entity and Grantor Trust to the Indenture Trustee	  	 	29	 
	 Section 3.23
	 	Original Issue Discount Reporting	  	 	29	 
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	30	 
			
	 Section 4.1
	 	Satisfaction and Discharge of Indenture	  	 	30	 
	 Section 4.2
	 	Application of Trust Money	  	 	30	 
	 Section 4.3
	 	Repayment of Monies Held by Paying Agent	  	 	31	 
	 Section 4.4
	 	Duration of Position of Indenture Trustee	  	 	31	 
		
	 ARTICLE V DEFAULT AND REMEDIES
	  	 	31	 
			
	 Section 5.1
	 	Events of Default	  	 	31	 
	 Section 5.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	33	 
	 Section 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	 	33	 
	 Section 5.4
	 	Remedies; Priorities	  	 	35	 
	 Section 5.5
	 	Optional Preservation of the Collateral	  	 	37	 
	 Section 5.6
	 	Limitation of Suits	  	 	37	 
	 Section 5.7
	 	Unconditional Rights of Noteholders To Receive Principal and Interest	  	 	38	 
	 Section 5.8
	 	Restoration of Rights and Remedies	  	 	38	 
	 Section 5.9
	 	Rights and Remedies Cumulative	  	 	38	 
	 Section 5.10
	 	Delay or Omission Not a Waiver	  	 	38	 

  
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	 Section 5.11
	 	Control by Noteholders	  	 	38	 
	 Section 5.12
	 	Waiver of Past Defaults	  	 	39	 
	 Section 5.13
	 	Undertaking for Costs	  	 	39	 
	 Section 5.14
	 	Waiver of Stay or Extension Laws	  	 	40	 
	 Section 5.15
	 	Action on Notes	  	 	40	 
	 Section 5.16
	 	Performance and Enforcement of Certain Obligations	  	 	40	 
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	 	41	 
			
	 Section 6.1
	 	Duties of Indenture Trustee	  	 	41	 
	 Section 6.2
	 	Rights of Indenture Trustee	  	 	42	 
	 Section 6.3
	 	Indenture Trustee May Own Notes	  	 	45	 
	 Section 6.4
	 	Indenture Trustee’s Disclaimer	  	 	45	 
	 Section 6.5
	 	Notice of Events of Default	  	 	45	 
	 Section 6.6
	 	Reports by Indenture Trustee	  	 	45	 
	 Section 6.7
	 	Compensation; Indemnity	  	 	45	 
	 Section 6.8
	 	Replacement of Indenture Trustee	  	 	46	 
	 Section 6.9
	 	Merger or Consolidation of Indenture Trustee	  	 	47	 
	 Section 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	47	 
	 Section 6.11
	 	Eligibility; Disqualification	  	 	49	 
	 Section 6.12
	 	Preferential Collection of Claims Against Issuing Entity	  	 	49	 
	 Section 6.13
	 	Representations and Warranties of Indenture Trustee	  	 	49	 
	 Section 6.14
	 	Indenture Trustee May Enforce Claims Without Possession of Notes	  	 	50	 
	 Section 6.15
	 	Suit for Enforcement	  	 	50	 
	 Section 6.16
	 	Rights of Noteholders to Direct Indenture Trustee	  	 	50	 
	 Section 6.17
	 	Reports by Indenture Trustee	  	 	50	 
		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	 	51	 
			
	 Section 7.1
	 	Issuing Entity To Furnish Indenture Trustee and Paying Agent Names and Addresses of Noteholders	  	 	51	 
	 Section 7.2
	 	Preservation of Information, Communications to Noteholders	  	 	51	 
	 Section 7.3
	 	Reports by the Issuing Entity and the Grantor Trust	  	 	52	 
	 Section 7.4
	 	Reports by Indenture Trustee	  	 	52	 
	 Section 7.5
	 	Noteholder Communications	  	 	53	 

  
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	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	54	 
			
	 Section 8.1
	 	Collection of Money	  	 	54	 
	 Section 8.2
	 	Designated Accounts; Payments	  	 	54	 
	 Section 8.3
	 	General Provisions Regarding Accounts	  	 	59	 
	 Section 8.4
	 	Release of Trust Estate	  	 	60	 
	 Section 8.5
	 	Opinion of Counsel	  	 	61	 
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	61	 
			
	 Section 9.1
	 	Supplemental Indentures Without Consent of Noteholders	  	 	61	 
	 Section 9.2
	 	Supplemental Indentures With Consent of Noteholders	  	 	62	 
	 Section 9.3
	 	Execution of Supplemental Indentures	  	 	64	 
	 Section 9.4
	 	Effect of Supplemental Indenture	  	 	64	 
	 Section 9.5
	 	Reference in Notes to Supplemental Indentures	  	 	64	 
	 Section 9.6
	 	Conformity with Trust Indenture Act	  	 	64	 
		
	 ARTICLE X REDEMPTION OF NOTES
	  	 	64	 
			
	 Section 10.1
	 	Redemption	  	 	64	 
	 Section 10.2
	 	Form of Redemption Notice	  	 	65	 
	 Section 10.3
	 	Notes Payable on Redemption Date	  	 	65	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	65	 
			
	 Section 11.1
	 	Compliance Certificates and Opinions, etc	  	 	65	 
	 Section 11.2
	 	Form of Documents Delivered to Indenture Trustee	  	 	67	 
	 Section 11.3
	 	Acts of Noteholders	  	 	68	 
	 Section 11.4
	 	Notices, etc., to Indenture Trustee, Grantor Trust, Issuing Entity and Rating Agencies	  	 	69	 
	 Section 11.5
	 	Notices to Noteholders; Waiver	  	 	69	 
	 Section 11.6
	 	Alternate Payment and Notice Provisions	  	 	70	 
	 Section 11.7
	 	Conflict with Trust Indenture Act	  	 	70	 
	 Section 11.8
	 	Effect of Headings and Table of Contents	  	 	70	 
	 Section 11.9
	 	Successors and Assigns	  	 	70	 
	 Section 11.10
	 	Severability of Provisions	  	 	71	 
	 Section 11.11
	 	Benefits of Indenture	  	 	71	 
	 Section 11.12
	 	Legal Holidays	  	 	71	 
	 Section 11.13
	 	Governing Law	  	 	71	 
	 Section 11.14
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	71	 

  
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	 Section 11.15
	 	Counterparts; Electronic Signature	  	 	72	 
	 Section 11.16
	 	Recording of Indenture	  	 	72	 
	 Section 11.17
	 	No Recourse	  	 	72	 
	 Section 11.18
	 	No Petition	  	 	73	 
	 Section 11.19
	 	Inspection	  	 	73	 
	 Section 11.20
	 	Subordination	  	 	74	 
	 Section 11.21
	 	Concerning the Owner Trustee	  	 	74	 
		
	 ARTICLE XII COMPLIANCE WITH REGULATION AB
	  	 	75	 
			
	 Section 12.1
	 	Information to be Provided by the Indenture Trustee	  	 	75	 
	 Section 12.2
	 	Noteholder Demand for Asset Representations Review	  	 	76	 

  

			
	EXHIBIT A	 	FORM OF CLASS A-1 / A-2 / A-3 / A-4 / B / C / D / N FIXED RATE ASSET
BACKED NOTES
	EXHIBIT B	 	FORM OF CLASS XS NOTES
	EXHIBIT C	 	SERVICING CRITERIA
	EXHIBIT D	 	FORM OF INDENTURE TRUSTEE CERTIFICATION

  

  
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Indenture 

 INDENTURE, dated as of September 8, 2022 (this “Agreement” or this
“Indenture”), among CARVANA AUTO RECEIVABLES TRUST 2022-P3, a Delaware statutory trust (the “Issuing Entity”), CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3, a Delaware statutory trust (the “Grantor Trust”), and COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as indenture trustee and not in its individual
capacity (the “Indenture Trustee”). 
 Each party agrees as follows for the benefit of the other parties and for the equal
and ratable benefit of the Secured Parties (only to the extent expressly provided herein): 
 GRANTING CLAUSE 

The Grantor Trust hereby Grants to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Secured Parties (only to the
extent expressly provided herein), all right, title and interest of the Grantor Trust in, to and under the following property, whether now owned or existing or hereafter acquired or arising: 

(a) the Third Step Transferred Property contributed to the Grantor Trust under the Receivables Contribution Agreement; 

(b) the Transaction Documents; 

(c) subject to the Transaction Documents and the Master Agency Agreement, all “accounts”, “investment property”,
“deposit accounts”, “chattel paper”, “instruments”, “general intangibles” (each such term having the meaning set forth in the UCC); and 

(d) all present and future claims, demands, causes and choses in action of the Grantor Trust 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 the foregoing, including all cash and non-cash proceeds and other property consisting of, arising from or
relating to all or any part of the foregoing (collectively, the “Grantor Trust Collateral”). 
 The Issuing Entity hereby
Grants to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Secured Parties (only to the extent expressly provided herein) the following property, whether now owned or existing or hereafter acquired or arising: 

(a) all right, title and interest of the Issuing Entity in, to and under the Grantor Trust Certificate; 

(b) all distributions on or in respect of the Grantor Trust Certificate; 

(c) all right, title and interest of the Issuing Entity in the Reserve Account, the Collection Account, the Note Distribution
Account, the Reserve Account Property, the Class N Reserve Account, until such time as the Class N Notes are no longer Outstanding, and all funds on deposit in or other investment property credited to the Collection Account and the Note
Distribution Account from time to time other than Investment Earnings; 

  
 CRVNA
2022-P3 
 Indenture 

 (d) subject to the Transaction Documents and the Master Agency Agreement,
all “accounts”, “investment property”, “deposit accounts”, “chattel paper”, “instruments” and “general intangibles” (each such term having the meaning set forth in the UCC); 

(e) all right, title and interest of the Issuing Entity in, to and under the Receivables Transfer Agreement and the
Receivables Purchase Agreement and the other Transaction Documents, including all rights of the Depositor under the Receivables Purchase Agreement assigned to the Issuing Entity pursuant to the Receivables Transfer Agreement; and 

(f) all present and future claims, demands, causes and choses in action of the Issuing Entity 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 the foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or involuntary, into cash or other
liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to
payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Issuing
Entity Collateral” and together with the Grantor Trust Collateral, the “Collateral”). 
 The Grantor Trust hereby
acknowledges and agrees to the Issuing Entity’s Grant of a security interest in the Grantor Trust Certificate. 
 The foregoing Grants
are made in trust to secure the Secured Obligations, equally and ratably without prejudice, priority or distinction, except as otherwise provided in this Indenture and the other Transaction Documents, and to secure compliance with the provisions of
this Indenture, all as provided in this Indenture. This Indenture constitutes a security agreement under the UCC. 
 The foregoing Grants
include all rights, powers and options (but none of the obligations, if any) of the Issuing Entity and the Grantor Trust under any agreement or instrument included in the Collateral, including the immediate and continuing right to claim for,
collect, receive and give receipt for principal and interest payments in respect of the Receivables included in the Collateral and all other monies payable under the Collateral, to give and receive notices and other communications, to make waivers
or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Issuing Entity or the Grantor Trust or otherwise and generally to do and receive anything that the Issuing Entity or the Grantor Trust is or may be
entitled to do or receive under or with respect to the Collateral. 
 The Indenture Trustee, as trustee on behalf of the Secured Parties and
(only to the extent expressly provided herein) the Certificateholders, acknowledges such Grants and accepts the trusts under this Indenture in accordance with the provisions of this Indenture. 

  
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 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but
not otherwise defined herein are defined in Part I and Part IV of Appendix A to the Receivables Purchase Agreement, dated as of the date hereof (the “Receivables Purchase Agreement”), among
Carvana, LLC as the seller and Carvana Receivables Depositor LLC as the purchaser. All references herein to “the Indenture” or “this Indenture” are to this Indenture as it may be amended, supplemented or modified from time to
time, the exhibits and schedules hereto and the capitalized terms used herein, which are defined in Part I of such Appendix A, and all references herein to Articles, Sections and Subsections are to Articles, Sections or Subsections of
this Indenture unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Indenture. 

Section 1.2 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Indenture Trustee. 

“obligor” on the indenture securities means the Issuing Entity and any other obligor on the indenture securities.

 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or
defined by Commission rule have the meaning assigned to them by such definitions. 
 ARTICLE II 

THE NOTES 

Section 2.1 Form. 

(a) Each Class of the Notes (other than the Class XS Notes), together with the Indenture Trustee’s certificate of
authentication, shall be substantially in the form set forth in Exhibit A and each of the Class XS Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in
Exhibit B, in each case with such appropriate insertions, omissions, substitutions and other variations as are permitted or required by this Indenture and each such Note may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof with
an appropriate reference thereto on the face of such Note. 

  
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 (b) The Notes shall be typewritten, printed, lithographed or engraved or produced by any
combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

(c) The terms of each Class of Notes as provided for in Exhibits A and B hereto are part of the terms of this Indenture.

 Section 2.2 Execution, Authentication and Delivery. 

(a) Each Note shall be dated the date of its authentication and shall be issuable as a registered Note in the minimum denomination set forth
in Part IV of Appendix A to the Receivables Purchase Agreement. 
 (b) The Notes shall be executed on behalf of the Issuing Entity by any of
its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 (c) Notes bearing the
manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that such individuals or any of them have ceased to hold such office prior to the
authentication and delivery of such Notes or did not hold such office at the date of such Notes. 
 (d) The Indenture Trustee, in exchange
for the Grant of the Issuing Entity Collateral, shall cause to be authenticated and delivered to or upon the order of the Issuing Entity (an “Authentication Order”) Notes for original issue in the aggregate principal amounts set
forth in Part IV to Appendix A of the Receivables Purchase Agreement. The aggregate principal amount of all Notes (other than the Class XS Notes) outstanding at any time may not exceed the amount set forth in Part IV to Appendix A of the
Receivables Purchase Agreement. 
 (e) No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any
purpose unless there appears on such Note a certificate of authentication substantially in the form set forth in Exhibits A and B, as applicable, executed by the Indenture Trustee by the manual signature of one of its Authorized
Officers; such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.3 Temporary Notes. 

(a) Pending the preparation of Definitive Notes, if any, the Issuing Entity may execute, and upon receipt of an Issuing Entity Order the
Indenture Trustee shall authenticate and deliver, such Temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations
as are consistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

  
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 (b) If Temporary Notes are issued, the Issuing Entity shall cause Definitive Notes to be
prepared without unreasonable delay. After the preparation of Definitive Notes, the Temporary Notes shall be exchangeable for Definitive Notes upon surrender of the Temporary Notes at the office or agency of the Issuing Entity to be maintained as
provided in Section 3.2, without charge to the related Noteholder. Upon surrender for cancellation of any one or more Temporary Notes, the Issuing Entity shall execute and the Indenture Trustee shall authenticate and
deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so delivered in exchange, the Temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive
Notes. 
 Section 2.4 Registration of Notes; Registration of Transfer and Exchange of Notes. 

(a) The Issuing Entity shall cause to be kept the Note Register, comprising separate registers for each Class of Notes, in which, subject
to such reasonable regulations as the Issuing Entity may prescribe, the Issuing Entity shall provide for the registration of the Notes and the registration of transfers and exchanges of the Notes. The Indenture Trustee shall initially be the Note
Registrar for the purpose of registering the Notes and transfers of the Notes as herein provided and shall initially be the Paying Agent. Upon any resignation of any Note Registrar or Paying Agent, the Issuing Entity shall promptly appoint a
successor to act as Note Registrar or Paying Agent or, if it elects not to make such an appointment, assume the duties of Note Registrar or Paying Agent itself. 

(b) If a Person other than the Indenture Trustee is appointed by the Issuing Entity as Note Registrar, the Issuing Entity will give the
Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register. The Indenture Trustee shall have the right to inspect the Note Register at all reasonable
times and to obtain copies thereof. The Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Authorized Officer thereof as to the names and addresses of the Noteholders and the principal
amounts and number of such Notes. Notwithstanding anything herein to the contrary, so long as Computershare Trust Company, National Association is acting as the Indenture Trustee hereunder, it shall act in the capacities of Note Registrar and Paying
Agent. 
 (c) Upon surrender for registration of transfer of any Note at the Corporate Trust Office of the Indenture Trustee or the Agency
Office of the Issuing Entity, the Issuing Entity shall execute, the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes of
the same Class in any authorized denominations, of a like aggregate principal amount. 
 (d) At the option of the Noteholder, Notes may
be exchanged for other Notes of the same Class in any authorized denominations, of a like aggregate principal amount; and upon surrender of such Notes to be exchanged at the Corporate Trust Office of the Indenture Trustee or the Agency Office
of the Issuing Entity, the Issuing Entity shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, such Notes which the Noteholder making the exchange is entitled to receive. 

  
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 (e) All Notes issued upon any registration of transfer or exchange of other Notes shall be
the valid obligations of the Issuing Entity, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

(f) Every Note presented or surrendered for registration of transfer or exchange shall (if so required by the Issuing Entity or the Indenture
Trustee) be duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee and the Note Registrar duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing,
with such signature guaranteed by a commercial bank or trust company or by a member firm of a national securities exchange, and such other documents as the Indenture Trustee or Note Registrar may require. 

(g) No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Issuing Entity or Indenture
Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Sections 2.3 or
9.5 not involving any transfer. 
 (h) By acquiring a Class A Note, Class B Note, Class C Note or Class D Note
(or any beneficial ownership therein), each purchaser and transferee shall be deemed to represent and warrant that either (i) it is not acquiring the Note (or beneficial interest therein) with the assets of a Benefit Plan Investor or other plan
that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) or (ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law. 

(i) By acquiring a Class N Note or Class XS Note (or any beneficial ownership therein), each purchaser and transferee shall be
deemed to represent and warrant that (a) it is not acquiring or holding the Note (or beneficial interest therein) with the assets of a Benefit Plan Investor, and (b) either (i) it is not acquiring or holding the Note (or beneficial
interest therein) with the assets of or on behalf of a plan that is subject to any Similar Law, or (ii) its acquisition and holding of the Note (or beneficial interest therein) will not give rise to a violation of any Similar Law. 

(j) The preceding provisions of this Section 2.4 notwithstanding, the Issuing Entity shall not be required to
transfer or make exchanges, and the Note Registrar need not register transfers or exchanges, of Notes that (i) have been selected for redemption pursuant to Article X, if applicable, or (ii) are due for repayment within fifteen
(15) calendar days of submission to the Corporate Trust Office or the Agency Office. 
 (k) Sale, pledge or transfer of a Retained Note
may be made to any Person. (i) A Person other than the Depositor or an Affiliate thereof acquiring a Retained Note or an interest therein shall be deemed to have made the representations set forth in Section 2.14; and
(ii) no sale, pledge, or transfer of a Retained Note shall be made unless (A) counsel satisfactory to the Depositor has rendered an opinion to the Depositor and the Indenture Trustee to the effect that (1) such sale, pledge or
transfer by the Depositor will not cause the Grantor Trust to fail to qualify as 

  
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a grantor trust for United States federal income tax purposes and (2) other than in the case of Class XS Notes, such Note constitutes indebtedness for United States federal income tax
purposes and (B) the Depositor shall have provided prior written approval thereof. With respect to the opinion described in clause (ii)(A)(2) in the previous sentence, if an opinion of counsel was delivered with respect to other Notes of the
same Class that were not Retained Notes regarding the characterization as indebtedness of such other Notes, then the opinion described in clause (ii)(A)(2) in the previous sentence must be delivered with respect to such Retained Note at the
same (or greater) level of comfort as such opinion regarding such other Notes. If for tax or other reasons it may be necessary to track any Retained Notes after such transfer (e.g., if the Notes have original issue discount), tracking conditions
such as requiring that such Notes have a separate CUSIP or be in definitive registered form may be required by the Depositor or the Administrator as a condition to such transfer. 

Section 2.5 Mutilated, Destroyed, Lost or Stolen Notes. 

(a) If (i) any mutilated Note is surrendered to the Indenture Trustee or the Note Registrar, or each of the Indenture Trustee and the
Issuing Entity receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the Indenture Trustee and the Issuing Entity such security or indemnity as may be required by the Issuing Entity
and the Indenture Trustee to hold the Issuing Entity and the Indenture Trustee harmless, then, in the absence of notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the
Issuing Entity shall execute and upon the Issuing Entity’s request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of a like
Class and aggregate principal amount; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) calendar days shall be due and payable, or shall have been called for
redemption, instead of issuing a replacement Note, the Issuing Entity may make payment to the Holder of such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, if applicable, without surrender thereof. 

(b) If, after the delivery of a replacement Note or payment in respect of a destroyed, lost or stolen Note pursuant to subsection(a) of this
Section 2.5, a protected purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture Trustee shall be entitled to recover
such replacement Note (or such payment) from (i) any Person to whom it was delivered, (ii) the Person taking such replacement Note from the Person to whom such replacement Note was delivered or (iii) any assignee of such Person,
except a protected purchaser, and the Issuing Entity and the Indenture Trustee 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 Issuing Entity or the
Indenture Trustee in connection therewith. 
 (c) In connection with the issuance of any replacement Note under this
Section 2.5, the Issuing Entity or the Indenture Trustee may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any
other reasonable expenses (including all fees and expenses of the Indenture Trustee) connected therewith. 

  
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 (d) Any replacement Note issued pursuant to this Section 2.5 in
replacement for any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be found at any time or be
enforced by any Person, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

(e) The provisions of this Section 2.5 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 Notes. 
 Section 2.6 Persons Deemed
Noteholders. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name any Note is registered (as
of the day of determination) as the Noteholder for the purpose of receiving payments of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuing Entity, the Indenture
Trustee nor any agent of the Issuing Entity or the Indenture Trustee shall be affected by notice to the contrary. 
 Section 2.7
Payment of Principal and Interest. 
 (a) [Reserved] 

(b) Prior to any acceleration of the Notes pursuant to Section 5.2(a), on each Distribution Date, the Paying Agent
shall, solely in accordance with the Servicer’s Certificate for such Distribution Date made available by the Servicer, apply (1) the Available Funds for such Distribution Date, (2) pursuant to
Section 8.2(b)(iv), the Reserve Account Draw Amount, if any, for that Distribution Date solely in connection with the payment of clauses (i) through (xi) below, and (3) pursuant to
Section 8.2(b)(v), the Class N Reserve Account Draw Amount, if any, (A) prior to the Final Scheduled Distribution Date for the Class N Notes solely in connection with the payment of clause (xiv) below
for that Distribution Date and (B) upon the occurrence of the Final Scheduled Distribution Date for the Class N Notes, solely in connection with the payment of clauses (xiv) and (xvi) below for that Distribution Date, to make the
following payments and deposits in the following order of priority: 
 (i) the Servicing Strip Amount for the related
Collection Period shall be used to pay the Servicer or any Successor Servicer, as applicable, the related Servicing Fee for such Distribution Date, and any Excess Servicing Strip Amount for such Distribution Date will be distributed to the
Class XS Notes; 
 (ii) pro rata, (A) to the Backup Servicer, if the Backup Servicer has replaced Bridgecrest
Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer (including any boarding fees or
other expenses payable by the Issuing Entity), provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to this clause (ii)(A) shall only be payable during the calendar year beginning on the date that the
Backup Servicer has replaced Bridgecrest Credit 

  
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Company, LLC as Servicer and will not exceed $150,000 in such calendar year, (B) to each of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Administrator, the
Collateral Custodian and the Independent Accountant any fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Administrator, the Collateral Custodian and the Independent
Accountant and all unpaid fees, expenses and indemnity amounts from prior Collection Periods, provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to this clause (ii)(B) will not exceed (1)
$125,000 in any calendar year to the Indenture Trustee and Collateral Custodian, (2) $75,000 in any calendar year to the Grantor Trust Trustee and Owner Trustee combined and (3) $9,000 in any calendar year to the Independent Accountant, (C) to
the Asset Representations Reviewer, the fees, expenses and indemnities due and owing under the Asset Representations Review Agreement, which have not been previously paid in full, up to a maximum of $175,000 in any calendar year, (D) to each
Rating Agency, annual surveillance fees not to exceed $27,750 in any calendar year and (e) $28,800 in any calendar year to the Financial Printer; 

(iii) to the Backup Servicer, the Backup Servicing Fee; 

(iv) to the Note Distribution Account, for the payment of interest on the Class A Notes, pro rata among the Class A
Notes, the Aggregate Class A Interest Distributable Amount for such Distribution Date; 
 (v) to the Note Distribution
Account, for the payment of principal on the Notes (other than the Class N Notes and the Class XS Notes) in priority specified in Section 8.2(c), the First Priority Principal Distributable Amount for such
Distribution Date; 
 (vi) to the Note Distribution Account, for the payment of interest on the Class B Notes, the
Aggregate Class B Interest Distributable Amount for such Distribution Date; 
 (vii) to the Note Distribution Account,
for the payment of principal on the Notes (other than the Class N Notes and the Class XS Notes) in the priority specified in Section 8.2(c), the Second Priority Principal Distributable Amount for such Distribution
Date; 
 (viii) to the Note Distribution Account, for the payment of interest on the Class C Notes, the Aggregate
Class C Interest Distributable Amount for such Distribution Date; 
 (ix) to the Note Distribution Account, for the
payment of principal on the Notes (other than the Class N Notes and the Class XS Notes) in the priority specified in Section 8.2(c), the Third Priority Principal Distributable Amount for such Distribution Date;

  
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 (x) to the Note Distribution Account, for the payment of interest on the
Class D Notes, the Aggregate Class D Interest Distributable Amount for such Distribution Date; 
 (xi) to the Note
Distribution Account, for the payment of principal on the Notes (other than the Class N Notes and the Class XS Notes) in the priority specified in Section 8.2(c), the Fourth Priority Principal Distributable Amount
for such Distribution Date; 
 (xii) to the Reserve Account, the amount, if any, necessary to fund the Reserve Account up to
the Specified Reserve Account Balance; 
 (xiii) to the Note Distribution Account, for the payment of principal on the Notes
(other than the Class XS Notes and the Class N Notes), the Noteholders’ Regular Principal Distributable Amount for such Distribution Date; 

(xiv) to the Note Distribution Account, for the payment of interest on the Class N Notes, the Aggregate Class N Note
Interest Distributable Amount for such Distribution Date; 
 (xv) to the Class N Reserve Account, the amount, if any,
necessary to fund the Class N Reserve Account up to the Class N Reserve Account Required Amount; 
 (xvi) to the
Note Distribution Account, for the payment of the principal of the Class N Notes; 
 (xvii) pro rata, (A) to the
extent not previously paid, to the Backup Servicer, if the Backup Servicer has replaced Bridgecrest Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer plus any unpaid transition expenses
due in respect of the transfer of servicing to the Backup Servicer that are in excess of the related cap described under clause (ii) above (including any boarding fees or other expenses payable by the Issuing Entity), (B) to the extent not
previously paid, to each of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Rating Agencies, the Administrator, the Asset Representations Reviewer, the Collateral Custodian, the Financial Printer and the Independent
Accountant any unpaid fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Rating Agencies, the Administrator, the Asset Representations Reviewer, the Collateral Custodian, the
Financial Printer and the Independent Accountant that are in excess of the related caps described under clause (ii) above, (C) to the Backup Servicer, any unpaid expenses and indemnity amounts due to the Backup Servicer and (D) to the
Servicer, any out of pocket costs and expenses due to the Servicer under the Asset Representations Review Agreement; and 

(xviii) any remaining Available Funds will be deposited in the Certificate Distribution Account and applied by the Paying
Agent under the Trust Agreement in accordance with the priorities set forth in the Trust Agreement, including distributions to the Certificateholders. 

  
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 (c) Notwithstanding the foregoing, following the occurrence and during the continuance of an
Event of Default set forth in Section 5.1(a) through (g) hereof, but prior to acceleration of the Notes in accordance with Section 5.2(a) hereof, the cap on expenses and indemnities
payable to the Owner Trustee, the Grantor Trust Trustee, the Indenture Trustee and the Collateral Custodian as set forth in Section 2.7(b)(ii)(B)(1) and (2) hereof will not apply. Following the occurrence of an
Event of Default which has resulted in an acceleration of the Notes that has not been rescinded or annulled, all Available Funds shall be applied in accordance with Section 2.7(f) hereof. 

(d) Each Class of Notes (other than the Class XS Notes) shall accrue interest during each Collection Period at the related Interest
Rate, and such interest shall be due and payable on each Distribution Date in accordance with the priorities set forth in Section 2.7(b) and Section 2.7(f). Interest on each Class of Notes
(other than the Class A-1 Notes and the Class XS Notes) shall be calculated in the manner described in Part IV to Appendix A of the Receivables Purchase Agreement. Notwithstanding any other provision
hereof, no Interest Rate may exceed the maximum rate permitted by law. 
 Subject to Section 3.1 hereof, any installment of
interest or principal, if any, payable on any Note that is punctually paid or duly provided for on the applicable Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the related
Record Date by wire transfer of immediately available funds so long as the Noteholder has provided the Indenture Trustee with the relevant account information at least five (5) Business Days prior to the related Distribution Date, and if such
Noteholder has not so provided the Indenture Trustee with such information, then by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date; provided, however, that, unless
Definitive Notes have been issued pursuant to Section 2.12 hereof, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the account designated by such nominee, and except for the final installment of principal payable with respect to such Note on a Distribution Date or on the related Final
Scheduled Distribution Date, which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. 

(e) All principal and interest payments on a Class of Notes shall be made pro rata to the Noteholders of such Class entitled
thereto. Except as otherwise provided herein, the Indenture Trustee shall, before the Distribution Date on which the Issuing Entity expects to pay the final installment of principal of and interest on any Note, notify the Holder of such Note as of
the related Record Date of such final installment. Such notice shall be mailed or transmitted electronically or otherwise made available prior to such final Distribution Date and shall specify, with respect to any Definitive Notes, that such final
installment shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. 

  
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 (f) Notwithstanding the foregoing, the unpaid principal amount of the Notes (other than the
Class XS Notes) shall be due and payable, to the extent not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Requisite Noteholders have caused the Notes to be declared immediately due and
payable in the manner provided in Section 5.2(a) hereof. Notwithstanding Section 2.7(b) hereof, on each Distribution Date following acceleration of the Notes due to an Event of Default, the Paying
Agent shall apply or cause to be applied all Available Funds, and on the first Distribution Date following acceleration of the Notes, (1) the Reserve Account Draw Amount, solely in connection with payment of clauses (i) through (xii) below
and (2) the Class N Reserve Account Draw Amount, solely in connection with payment of clauses (xiii) and (xiv) below, to make the following payments and deposits in the following order of priority: 

(i) the Servicing Strip Amount for the related Collection Period shall be used to pay the Servicer or any Successor Servicer,
as applicable, the related Servicing Fee for such Distribution Date, and any Excess Servicing Strip Amount for such Distribution Date will be distributed to the Class XS Notes; 

(ii) pro rata, (A) to the Backup Servicer, if the Backup Servicer has replaced Bridgecrest Credit Company, LLC as
servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer, (B) to each of the Indenture Trustee, the Owner
Trustee, the Grantor Trust Trustee, the Administrator, the Collateral Custodian and the Independent Accountant any unpaid fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the
Administrator, the Collateral Custodian and the Independent Accountant and all unpaid fees, expenses and indemnity amounts from the prior Collection Periods, (C) to each Rating Agency, annual surveillance fees not to exceed $27,750 in any
calendar year, (D) to the Asset Representations Reviewer, any fees, expenses and indemnity amounts due to the Asset Representations Reviewer, (E) to the Backup Servicer, any unpaid expenses and indemnity amounts due to the Backup Servicer,
(F) to the Servicer, any out of pocket costs and expenses due to the Servicer under the Asset Representations Review Agreement and (G) $28,800 in any calendar year to the Financial Printer; 

(iii) to the Backup Servicer, the Backup Servicing Fee; 

(iv) to the Holders of the Class A Notes, pro rata among the Class A Notes, the Aggregate Class A Interest
Distributable Amount for such Distribution Date; 
 (v) to the Holders of the
Class A-1 Notes in respect of principal thereof until the Outstanding Amount of the Class A-1 Notes is reduced to zero; 

(vi) to the Holders of the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes, pro-rata in respect of principal thereof until the Outstanding Amount of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes is reduced to zero; 

  
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 (vii) to the Holders of the Class B Notes, the Aggregate Class B
Interest Distributable Amount for such Distribution Date; 
 (viii) to the Holders of the Class B Notes, in respect of
principal thereof until the Outstanding Amount of the Class B Notes is reduced to zero; 
 (ix) to the Holders of the
Class C Notes, the Aggregate Class C Interest Distributable Amount for such Distribution Date; 
 (x) to the
Holders of the Class C Notes, in respect of principal thereof until the Outstanding Amount of the Class C Notes is reduced to zero; 

(xi) to the Holders of the Class D Notes, the Aggregate Class D Interest Distributable Amount for such Distribution
Date; 
 (xii) to the Holders of the Class D Notes, in respect of principal thereof until the Outstanding Amount of the
Class D Notes is reduced to zero; 
 (xiii) to the Holders of the Class N Notes, the Aggregate Class N
Interest Distributable Amount for such Distribution Date; 
 (xiv) to the Holders of the Class N Notes, in respect of
principal thereof until the Outstanding Amount of the Class N Notes is reduced to zero; and 
 (xv) any remaining
Available Funds will be deposited in the Certificate Distribution Account and applied by the Paying Agent under the Trust Agreement in accordance with the priorities set forth in the Trust Agreement, including distributions to the
Certificateholders. 
 (g) The Paying Agent hereby agrees that, with respect to any indemnification payments payable to the Grantor Trust
Trustee pursuant to Section 2.7(b) or Section 2.7(f), if a subrogee thereof pursuant to Article VI of the Grantor Trust Agreement, requests such indemnification payments to be payable to such
subrogee instead of the Grantor Trust Trustee, then the Paying Agent shall remit such indemnification payments at the direction of such subrogee. 

Section 2.8 Cancellation of Notes. All Notes surrendered for payment, redemption, exchange or registration of transfer shall, if
surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in
exchange for any Notes canceled as provided in this Section 2.8, except as expressly permitted by this Indenture. All canceled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard
retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be destroyed or returned to it; provided, however, that such Issuing Entity Order is timely and the Notes have not been
previously disposed of by the Indenture Trustee. The Indenture Trustee shall certify to the Issuing Entity upon request that surrendered Notes have been duly canceled and retained or destroyed, as the case may be. 

  
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 Section 2.9 Release of Collateral. The Indenture Trustee shall not release
property from the Lien of this Indenture other than as permitted by Sections 2.7, 3.21, 8.2, 8.4 and 11.1, and otherwise only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate,
an Opinion of Counsel (to the extent required by the TIA) and Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1). If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Indenture
Trustee’s obligations under TIA Sections 314(c) and 314(d)(1), the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order. 

Section 2.10 Book-Entry Notes. The Notes, upon original issuance, shall be issued in the form of a typewritten Note or Notes
representing the Book-Entry Notes, to be delivered to Cede & Co., as nominee of The Depository Trust Company, as the initial Clearing Agency, or its custodian, by or on behalf of the Issuing Entity, or in the case of Retained Notes, at the
Depositor’s option, as Definitive Notes delivered to the Depositor or its representative. Such Book-Entry Note or Notes shall be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and
no Note Owner shall receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until the Definitive Notes have been issued to Note Owners pursuant to
Section 2.12: 
 (a) the provisions of this Section 2.10 shall be in full force and
effect; 
 (b) the Note Registrar, the Indenture Trustee and the Paying Agent shall be entitled to deal with the Clearing Agency for all
purposes of this Indenture (including the payment of principal of and interest on such Notes and the giving of instructions or directions hereunder) as the sole Holder of such Notes and shall have no obligation to the Note Owners; 

(c) to the extent that the provisions of this Section 2.10 conflict with any other provisions of this Indenture, the
provisions of this Section 2.10 shall control; 
 (d) the rights of the Note Owners shall be exercised only
through the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency or the Clearing Agency Participants. Unless and until Definitive Notes are issued pursuant to
Section 2.12, the initial Clearing Agency shall make book-entry transfers between the Clearing Agency Participants and receive and transmit payments of principal of and interest on such Notes to such Clearing Agency
Participants, pursuant to the Note Depository Agreement; and 
 (e) whenever this Indenture requires or permits actions to be taken based
upon instructions or directions of Holders of Notes evidencing a specified percentage of the Outstanding Amount of the Controlling Class, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has
(i) received instructions to such effect from Note Owners or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes; and (ii) delivered such instructions to the
Indenture Trustee. 

  
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 Section 2.11 Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Noteholders to the Clearing Agency and shall have no other obligation to the Note Owners. 

Section 2.12 Definitive Notes. If (a) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is
no longer willing or able to properly discharge its responsibilities with respect to the Notes and the Issuing Entity is unable to locate a qualified successor, (b) the Administrator, at its option, advises the Indenture Trustee in writing that
it elects to terminate the book-entry system through the Clearing Agency, or (c) after the occurrence of an Event of Default, Note Owners representing beneficial interests aggregating at least a majority of the Outstanding Amount of the
Controlling Class advise the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and
the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by
the Clearing Agency, accompanied by registration instructions, the Issuing Entity shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuing Entity,
the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture
Trustee shall recognize the Holders of the Definitive Notes as Noteholders. The Issuing Entity represents that the Notes are of the type of debt instruments where payments under such debt instruments may be accelerated by reason of prepayments of
other obligations securing such debt instruments. 
 Section 2.13 Depositor as Noteholder. The Depositor in its individual or
any other capacity may become the owner or pledgee of Notes of any Class and may otherwise deal with the Issuing Entity or its affiliates with the same rights it would have if it were not the Depositor. 

Section 2.14 Tax Treatment. 

(a) The Depositor and the Indenture Trustee, by entering into this Indenture, and the Noteholders, by acquiring any Note or interest therein
(except a Note or interest therein acquired by the Depositor or other person considered for U.S. federal income tax purposes the issuer of such Note), (i) express their intention that the Notes qualify under applicable tax law as indebtedness
secured by the Collateral, and (ii) unless otherwise required by appropriate taxing authorities, agree to treat the Notes as indebtedness secured by the Collateral for the purpose of federal income taxes (to the extent the Notes are treated as
beneficially owned by a person other than the Issuing Entity), state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 

  
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 (b) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note
Owner, a beneficial interest in a Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the
Noteholder FATCA Information. 
 (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, agrees that the Indenture Trustee or any Paying Agent on behalf of the Issuing Entity has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of Section 2.14(b). 

(d) Each Noteholder or Note Owner acknowledges and represents that it is not a member of an “expanded group” (within the meaning of
the regulations issued under Section 385 of the Code) that includes a domestic corporation (as determined for U.S. federal income tax purposes) if such domestic corporation, directly or indirectly (through one or more entities that are treated
for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns 80% or more of the capital or profits of the Issuing Entity. 

(e) Each Noteholder or Note Owner represents and agrees that (i) if it is acting as a nominee or in a similar capacity, represents and
agrees that no beneficial owner for which it is acting as a nominee owns less than the minimum denomination for such Note and (ii) it does not and will not beneficially own a Note (or any beneficial interest therein) in an amount that is less
than the minimum denomination for such Note. 
 (f) For the Class XS Notes and the Class N Notes, each Noteholder or Note Owner or
beneficial owner of such Notes represents and agrees that (i) either (A) it is not and will not become for U.S. federal income tax purposes a partnership, subchapter S corporation or grantor trust (or a disregarded entity the single owner of
which is any of the foregoing) (each such entity a “Flow-Through Entity”) or (B) if it is or becomes a Flow-Through Entity, then (1) none of the direct or indirect beneficial owners of any of the interests in such
Flow-Through Entity has or ever will have more than 50% of the value of its interest in such Flow-Through Entity attributable to the interest of such Flow-Through Entity in the Notes, other interest (direct or indirect) in the Issuing Entity, or any
interest created under this Indenture and (2) it is not and will not be a principal purpose of the arrangement involving the investment of such Flow-Through Entity in any Note to permit any partnership to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Code, and (ii) it will not transfer such Notes to a
Flow-Through Entity (other than a Flow-Through Entity described in subpart (i)(A) above). 
 (g) For the Class XS Notes and the
Class N Notes, each Noteholder or Note Owner or beneficial owner of such Notes represents and agrees that it shall not acquire or transfer any Class XS Note or Class N Note (or any interest therein) or cause any Class XS Note or
Class N Note (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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 (h) For the Class XS Notes and the Class N Notes, each Noteholder or Note Owner or
beneficial owner of such Notes represents and agrees that, as a result of its own activities separate from those of the Issuing Entity, it would not be required to treat income from the Class XS Notes or the Class N Notes as effectively
connected to a United States trade or business of a person that is not a United States person (within the meaning of Section 7701(a)(30) of the Code), and it further acknowledges that no purchaser or beneficial owner of a Class XS Note or
a Class N Note shall provide the Issuing Entity with either an IRS Form W-8ECI (or successor form) or an IRS Form W-8IMY (or successor form) to which an IRS Form W-8ECI (or successor form) is attached (either directly or as part of another form attached to such IRS Form W-8IMY). 

(i) For the Class XS Notes and the Class N Notes, each Noteholder or Note Owner or beneficial owner of such Notes represents and
agrees that if any Class XS Note or Class N Note held by such Noteholder or Note Owner is required to be treated other than as described under this Indenture, then such Noteholder or Note Owner shall agree to the designation made pursuant
to the Trust Agreement of the partnership representative (and the tax matters partner for any applicable state or local tax purposes) of any partnership in which such Noteholder or Note Owner is deemed to be a partner under Section 6223(a) of
the Code (and any corresponding provision of state law) and any applicable Treasury Regulations thereunder. 
 (j) (i) For the Class XS
Notes and the Class N Notes, each Noteholder or Note Owner or beneficial owner of such Notes shall provide to the Administrator on behalf of the Issuing Entity and the depositor any further information required by the Issuing Entity to comply
with Sections 6221 through 6241 of the Code, including Section 6226(a) of the Code (and any corresponding provision of state law), (ii) if such noteholder is not the beneficial owner of such Class XS Note or Class N Note, the
beneficial owner of such Class XS Note or Class N Note shall provide to the Administrator on behalf of the Issuing Entity and the Depositor any further information required by the Issuing Entity to comply with Sections 6221 through 6241 of
the Code, including Section 6226(a) of the Code (and any corresponding provision of state law) and, to the extent the Issuing Entity determines such appointment necessary for it to make an election under Section 6226(a) of the Code (or any
corresponding provision of state law), hereby appoints the Noteholder as its agent for purposes of receiving any notifications or information pursuant to the notice requirements under Section 6226(a)(2) of the Code (and any corresponding
provision of state law), and (iii) to the extent applicable, each Noteholder and Note Owner of such Notes shall hold the Issuing Entity and its affiliates harmless for any expenses or losses (A) resulting from a beneficial owner of a
Class XS Note or Class N Note 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 (B) that the Issuing Entity or its
affiliates may suffer that are attributable to the management or defense of an audit under Sections 6221 through 6241 of the Code (or any corresponding provision of state law) 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). 
 (k) Each Noteholder or Note Owner
or beneficial owner of a Note, represents and agrees that it will not take any action that could cause, and will not omit to take any action, which omission could cause, the Issuing Entity to become taxable as a corporation for U.S. federal income
tax purposes. 

  
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 (l) Each Noteholder or Note Owner agrees that any purported transfer of any Note or any
beneficial interest in a Note that is not made in accordance with the restrictions set forth herein will be null and void from the beginning and will not be given effect for any purpose thereunder. The Issuing Entity may sell, or direct its agent to
sell on its behalf, any Notes acquired in violation of the foregoing at the cost and risk of the purported transferee. If the transferee fails to transfer such Note or such beneficial interests in such Note within thirty (30) days after notice
of the voided transfer, then the Issuing Entity shall cause such Noteholder’s interest or Note Owner’s interest in such Note to be transferred in a commercially reasonable sale arranged by the Issuing Entity (conducted by the Issuing
Entity or an agent of the Issuing Entity in accordance with Section 9-610(b) of the UCC as applied to securities that are sold on a recognized market or that may decline speedily in value). 

(m) Upon request from the Indenture Trustee or Paying Agent, the Administrator will use commercially reasonable efforts to provide such
additional information that it may have to assist the Indenture Trustee in making any withholdings or informational reports. 

Section 2.15 Special Terms Applicable to the Class N Notes and the Class XS Notes. 

(a) The Class N Notes and the Class XS Notes have not been or will be registered under the Securities Act or the securities laws of
any other jurisdiction. Consequently, the Class N Notes and the Class XS Notes are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act, or pursuant to an effective registration
statement under the Securities Act, and satisfaction of certain other provisions specified herein. 
 (b) Except in a sale, pledge or other
transfer of the Class N Notes and the Class XS Notes to the Depositor or an Affiliate of the Depositor, pursuant to Section 2.15(a) or pursuant to an effective registration statement, no sale, pledge or other
transfer of the Class N Notes and the Class XS Notes or an interest in the Class N Notes and the Class XS Notes may be made by any person other than (i) to a person who the transferor reasonably believes is a “qualified
institutional buyer” (“QIB”) as defined in Rule 144A under the Securities Act (“Rule 144A”) and is purchasing for its own account (and not for the account of others) or as a fiduciary or agent for others (which
others also are QIBs) and is aware that the sale to it is being made in reliance on Rule 144A, or (ii) to non-U.S. Persons as defined in Regulation S who are also QIBs. 

(c) Each of the Class N Notes and the Class XS Notes shall bear a legend to the effect set forth in subsection (b) above. 

None of the Issuing Entity, the Note Registrar or the Indenture Trustee is obligated to register the Class N Notes and the Class XS Notes under the
Securities Act or the securities laws of any other jurisdiction or to take any other action not otherwise required under this Indenture, the Grantor Trust Agreement or the Trust Agreement to permit the transfer of any Class N Notes and any
Class XS Notes without registration. The Issuing Entity, at the direction of the Depositor or the Administrator, may elect to register, or cause the registration of, the Class N Notes and the Class XS Notes under the Securities Act or
the securities laws of any other jurisdiction, in which case the Issuing Entity shall deliver, or cause to be delivered, to the Indenture Trustee and the Note Registrar such Opinions of Counsel, Officer’s Certificates and other information as
determined by the Depositor as necessary to effect such registration. 

  
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 ARTICLE III 

COVENANTS 

Section 3.1 Payment of Principal and Interest. The Issuing Entity shall duly and punctually pay the principal of and interest on
the Notes in accordance with the terms of the Notes and this Indenture. On each Distribution Date and on the Redemption Date (if applicable), the Issuing Entity shall cause amounts on deposit in the Note Distribution Account to be distributed to the
Noteholders in accordance with Sections 2.7 and 8.2, less amounts properly withheld under the Code (and applicable provisions of State, local or non-U.S. tax law) by any Person
from a payment to any Noteholder of interest or principal. Any amounts so withheld shall be considered as having been paid by the Issuing Entity to such Noteholder for all purposes of this Indenture. 

Section 3.2 Maintenance of Agency Office. As long as any of the Notes remains outstanding, the Issuing Entity shall maintain in
Minneapolis, Minnesota, an office (the “Agency Office”), being an office or agency where Notes may be surrendered to the Issuing Entity for registration of transfer or exchange, and where notices and demands to or upon the Issuing
Entity in respect of the Notes and this Indenture may be served. The Issuing Entity hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuing Entity shall give prompt written notice to the
Indenture Trustee of the location, and of any change in the location, of the Agency Office. If at any time the Issuing Entity shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee and the Paying Agent with
the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee, and the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices
and demands. 
 Section 3.3 Money for Payments To Be Held in Trust. 

(a) As provided in Section 8.2(a) and Section 8.2(b), all payments of amounts due and
payable with respect to any Notes that are to be made from amounts withdrawn from the Note Distribution Account pursuant to Section 8.2(c) shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another
Paying Agent, and no amounts so withdrawn from the Note Distribution Account for payments of Notes shall be paid over to the Issuing Entity except as provided in this Section 3.3. 

(b) On or before each Distribution Date or the Redemption Date (if applicable), the Issuing Entity shall deposit or cause to be deposited in
the Note Distribution Account pursuant to Section 2.7 an aggregate sum sufficient to pay the amounts then becoming due with respect to the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto.

 (c) The Issuing Entity shall cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an
instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 3.3, that such Paying Agent
shall: 

  
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 (i) hold all sums held by it for the payment of amounts due with respect to
the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(ii) give the Indenture Trustee notice of any default by the Issuing Entity (or any other obligor upon the Notes) of which it
has actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii) at any time during
the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

(iv) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the
payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent in effect at the time of determination; and 

(v) comply with all requirements of the Code (and applicable provisions of State, local or
non-U.S. tax law) with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in
connection therewith. 
 (d) The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, by an Issuing Entity Order, direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon
which the sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

(e) Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for one year after such amount has become due and payable shall be discharged from such trust and be paid to the Issuing Entity on Issuing Entity Request; and the Holder of
such Note shall thereafter, as a general unsecured creditor, look only to the Issuing Entity for payment thereof (but only to the extent of the amounts so paid to the Issuing Entity), and all liability of the Indenture Trustee or such Paying Agent
with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such payment, may at the expense of the Issuing Entity cause to be published
once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York City, notice that such money remains unclaimed and that, after a date specified therein, which shall not be
less than thirty (30) calendar days from the date of such publication, any unclaimed balance of such money then remaining shall be paid to the Issuing Entity. The Indenture Trustee may also adopt and employ, at the expense of the Issuing
Entity, any other reasonable means of notification of such payment (including, but not limited to, mailing notice of such payment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in
monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 

  
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 Section 3.4 Existence. Each of the Issuing Entity and the Grantor Trust shall
keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuing Entity or successor Grantor Trust, as the case may be, hereunder is or becomes,
organized under the laws of any other State or of the United States of America, in which case each of the Issuing Entity and the Grantor Trust, or any successor, shall keep in full effect its existence, rights and franchises under the laws of such
other jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and
each other instrument or agreement included in the Collateral. 
 Section 3.5 Protection of Collateral; Acknowledgment of
Pledge. 
 (a) Each of the Issuing Entity and the Grantor Trust shall from time to time execute and deliver all such supplements and
amendments hereto and authorize or execute, as applicable, and prepare, deliver and file all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action necessary or
advisable to: 
 (i) maintain or preserve the Lien (and the priority thereof) of this Indenture or carry out more
effectively the purposes hereof; 
 (ii) perfect, publish notice of or protect the validity of any Grant made or to be made
by this Indenture and the priority thereof; 
 (iii) enforce the rights of the Indenture Trustee and the Noteholders in any
of the Collateral; or 
 (iv) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the
Secured Parties in such Collateral against the claims of all persons and parties, and the Issuing Entity hereby designates the Indenture Trustee its agent and
attorney-in-fact to authorize or execute any financing statement, continuation statement or other instrument required by this Section 3.5;
provided, however, that the Indenture Trustee shall not be obligated to execute or authorize such instruments except upon the written direction from the Administrator or the Issuing Entity. 

(b) The Indenture Trustee acknowledges the pledge by the Issuing Entity to the Indenture Trustee, pursuant to the Granting Clause of
this Indenture, of all of the Issuing Entity’s right, title and interest in and to (i) the Class N Reserve Account, so long as the Class N Notes remain Outstanding and (ii) the Reserve Account, so long as the Class D
Notes remain Outstanding, in order to provide for the payment to the Securityholders and the Servicer in accordance with Section 2.7 and to assure availability of the amounts maintained in the Class N Reserve Account
and the Reserve Account for the benefit of the Securityholders and the Servicer. 

  
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 (c) Each of the Issuing Entity and the Grantor Trust hereby authorizes the Indenture Trustee
to file all financing statements naming the Issuing Entity and the Grantor Trust, as applicable, as debtor that are necessary or advisable to perfect, make effective or continue the lien and security interest of this Indenture, and authorizes the
Indenture Trustee to take any such action without its signature, it being understood that the Indenture Trustee has no obligation to effect any filings of financing or continuation statements. 

Section 3.6 Opinions as to Collateral. 

(a) On the Closing Date, the Issuing Entity and the Grantor Trust shall furnish to the Indenture Trustee an Opinion of Counsel stating that,
in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the authorization, execution and filing
of any financing statements and continuation statements as are necessary to perfect and make effective the Lien of this Indenture and reciting the details of such action. 

(b) On or before April 30 (and, if such date is not a Business Day, the next succeeding Business Day) in each calendar year, beginning
April 30, 2023, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization, execution and filing of any financing statements and
continuation statements as is necessary to maintain the Lien created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the Lien created by this Indenture.
Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the authorization,
execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the Lien of this Indenture until April 30 in the following calendar year. 

Section 3.7 Performance of Obligations; Servicing of Receivables. 

(a) Neither the Issuing Entity nor the Grantor Trust shall take any action and each shall use commercially reasonable efforts not to permit
any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation,
subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as otherwise expressly provided in, or permitted by, this Indenture and the other Transaction Documents or such other
instrument or agreement. 
 (b) Either of the Issuing Entity or the Grantor Trust may contract with other Persons to assist it in performing
its duties under this Indenture, and any performance of such duties by any such person shall be deemed to be action taken by the Issuing Entity or the Grantor Trust, as applicable. Initially, the Issuing Entity has contracted with the Servicer and
the Administrator to assist the Issuing Entity in performing its duties under this Indenture, and each Noteholder acknowledges that the Administrator is acceptable to it. Each of the parties hereto acknowledges and agrees that unless otherwise
notified by an Authorized Officer of the Issuing Entity, the Administrator shall be entitled to provide notices and directions on behalf of, and otherwise act for or on behalf of, the Issuing Entity for all purposes under this Indenture, and, unless
otherwise specified herein, each such party shall be entitled to conclusively rely on any notice or direction received from an Authorized Officer of the Administrator as having been originated by the Issuing Entity. 

  
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 (c) Each of the Issuing Entity and the Grantor Trust shall punctually perform and observe
all of its obligations and agreements contained in this Indenture, the other Transaction Documents to which it is a party and in the instruments and agreements included in the Collateral, including filing or causing to be filed all UCC financing
statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction Documents to which it is a party in accordance with and within the time periods provided for herein and therein. 

(d) If the Issuing Entity or the Grantor Trust shall have actual knowledge of the occurrence of a Servicer Termination Event under the
Servicing Agreement, the Issuing Entity or the Grantor Trust, as applicable, shall promptly notify the Indenture Trustee and the Rating Agencies, and shall specify in such notice the response or action, if any, the Issuing Entity or the Grantor
Trust, as applicable, plans to take with respect of such Servicer Termination Event. 
 (e) Without derogating from the absolute nature of
the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, each of the Issuing Entity and the Grantor Trust agrees that, except as permitted by the Transaction Documents, it shall not,
without the prior written consent of the Indenture Trustee or acting at the direction of the Holders of at least a majority in Outstanding Amount of the Controlling Class, as applicable in accordance with the terms of this Indenture, (i) amend,
modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral or any of the Transaction Documents, or (ii) waive timely performance or
observance by the Servicer under the Servicing Agreement, the Depositor under the Receivables Transfer Agreement, the Collateral Custodian under the Custodial Agreement, the Administrator under the Administration Agreement or the Sponsor or the
Depositor under the Receivables Purchase Agreement, unless such amendment is made: 
 (A) to correct or amplify the
description of any property at any time subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture; 

(B) to subject additional property to the Lien of this Indenture, provided that in the case of this clause (B),
the consent of the Certificateholders shall be required; 
 (C) to add to the covenants of the Issuing Entity or the
Grantor Trust, for the benefit of the Securityholders or to surrender any right or power herein conferred upon the Issuing Entity; 

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

  
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 (E) to cure any ambiguity, to correct or supplement any provision herein or
in any Transaction Document which may be inconsistent with any other provision herein or in any supplemental indenture or in the Prospectus, the Class N Notes Confidential Offering Memorandum or the Certificate Private Placement Memorandum or
any other Transaction Document; or 
 (F) to evidence and provide for the acceptance of the appointment hereunder by a
successor or additional trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the
requirements of Article VI. 
 Section 3.8 Negative Covenants. So long as any Notes are Outstanding, neither the Issuing
Entity nor the Grantor Trust shall: 
 (a) sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuing
Entity or the Grantor Trust, except as permitted in Section 3.10(b) and except the Issuing Entity may cause the Servicer to (i) collect, liquidate, sell or otherwise dispose of Receivables (including Purchased
Receivables and Charged-Off Receivables), (ii) make cash payments out of the Designated Accounts and the Certificate Distribution Account and (iii) take other actions, in each case as permitted by the
Transaction Documents; 
 (b) claim any credit on, or make any deduction from the principal or interest payable in respect of the Notes
(other than amounts properly withheld from such payments under the Code or applicable provisions of State, local or non-U.S. tax law) or assert any claim against any present or former Noteholder by reason of
the payment of the taxes levied or assessed upon any part of the Collateral; 
 (c) voluntarily commence any insolvency, readjustment of
debt, marshaling of assets and liabilities or other proceeding, or apply for an order by a court or agency or supervisory authority for the winding-up or liquidation of its affairs or any other event specified
in Section 5.1(f); or 
 (d) either (i) permit the validity or effectiveness of this Indenture or any other
Transaction Document to be impaired, or permit the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this
Indenture except as may be expressly permitted hereby, (ii) permit any Lien (other than the Permitted Liens and the Lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof or
any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an action or omission of the related
Obligor), or (iii) permit the Lien of this Indenture not to constitute a valid first priority security interest in the Collateral (other than with respect to any such tax, mechanics’ or other lien). 

Section 3.9 Annual Statement as to Compliance. The Issuing Entity shall deliver to the Indenture Trustee on or before
April 30 (and, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning April 30, 2023, an Officer’s Certificate signed by an Authorized Officer, dated as of December 31 of the
immediately preceding year, in each case stating that: 

  
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 (a) a review of the activities of the Issuing Entity during the preceding 12-month period (or, with respect to the first such Officer’s Certificate, such period as shall have elapsed since the Closing Date) and of performance under this Indenture has been made under such Authorized
Officer’s supervision; and 
 (b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuing Entity has
fulfilled all of its obligations under this Indenture in all material respects throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such Authorized Officer and the
nature and status thereof. 
 Section 3.10 Consolidation, Merger, etc., of Issuing Entity; Disposition of Issuing Entity Assets.

 (a) The Issuing Entity shall not consolidate or merge with or into any other Person, unless: 

(i) the Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger shall be a Person
organized and existing under the laws of the United States of America, or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, the due and timely payment of the principal of and
interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or observed, all as provided herein; 

(ii) immediately after giving effect to such merger or consolidation, no Default or Event of Default shall have occurred and
be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and such
Person; 
 (iv) any action as is necessary to maintain the Lien created by this Indenture shall have been taken; and 

(v) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel
addressed to the Issuing Entity and the Indenture Trustee, each stating: 
 (A) that such consolidation or merger and such
supplemental indenture comply with this Section 3.10; 

  
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 (B) that such consolidation or merger and such supplemental indenture shall
have no material adverse tax consequence to the Issuing Entity or any Financial Party; and 
 (C) that all conditions
precedent herein provided for in this Section 3.10 have been complied with, which shall include any filing required by the Exchange Act. 

(b) Except as otherwise expressly permitted by this Indenture or the other Transaction Documents, the Issuing Entity shall not sell, convey,
exchange, transfer or otherwise dispose of any of its properties or assets, including those included in the Collateral, to any Person, unless: 

(i) the Person that acquires such properties or assets of the Issuing Entity (A) shall be a United States citizen or a
Person organized and existing under the laws of the United States of America or any State and (B) by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee: 

(1) expressly assumes the due and punctual payment of the principal of and interest on all Notes and the performance or
observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or observed, all as provided herein; 

(2) expressly agrees that all right, title and interest so sold, conveyed, exchanged, transferred or otherwise disposed of
shall be subject and subordinate to the rights of the Secured Parties; and 
 (3) unless otherwise provided in such
supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuing Entity against and from any loss, liability or expense arising under or related to this Indenture and expressly agrees that such Person (or if a group of
Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 

(ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be
continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and such Person;

 (iv) any action as is necessary to maintain the Lien created by this Indenture shall have been taken; and 

(v) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel
addressed to the Issuing Entity and the Indenture Trustee, each stating that: 

  
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 (A) such sale, conveyance, exchange, transfer or disposition and such
supplemental indenture comply with this Section 3.10; 
 (B) such sale, conveyance, exchange,
transfer or disposition and such supplemental indenture have no material adverse tax consequence to the Issuing Entity or to any Financial Parties; and 

(C) all conditions precedent herein provided for in this Section 3.10 have been complied with,
which shall include any filing required by the Exchange Act. 
 Section 3.11 Successor or Transferee. 

(a) Upon any consolidation or merger of the Issuing Entity in accordance with Section 3.10(a), the Person formed by
or surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuing Entity under this Indenture and the other Transaction Documents with the
same effect as if such Person had been named as the Issuing Entity herein. 
 (b) Upon a conveyance or transfer of substantially all the
assets and properties of the Issuing Entity pursuant to Section 3.10(b), the Issuing Entity shall be released from every covenant and agreement of this Indenture and the other Transaction Documents to be observed or
performed on the part of the Issuing Entity with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee from the Person acquiring such assets and properties stating that the Issuing Entity is to be so released,
subject to any survival provisions contained herein. 
 Section 3.12 No Other Business. The Issuing Entity shall not engage in
any business or activity other than acquiring, holding and managing the Collateral and the proceeds therefrom in the manner contemplated by the Transaction Documents, issuing the Notes and the Certificates, making payments on the Notes and the
Certificates and such other activities that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto, as set forth in Section 2.3 of the Trust Agreement. 

Section 3.13 No Borrowing. The Issuing Entity shall not issue, incur, assume, guarantee or otherwise become liable, directly or
indirectly, for any indebtedness for money borrowed other than indebtedness for money borrowed in respect of the Notes or otherwise in accordance with the Transaction Documents. 

Section 3.14 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this Indenture or the other Transaction
Documents, neither the Issuing Entity nor the Grantor Trust shall make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation
or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so)
any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

  
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 Section 3.15 Servicer’s Obligations. The Issuing Entity shall
use its best efforts to cause the Servicer to comply with its obligations under Section 2.1 of the Servicing Agreement. 

Section 3.16 Capital Expenditures. The Issuing Entity shall not make any expenditure (whether by long-term or operating lease or
otherwise) for capital assets (either real, personal or intangible property) other than the purchase of the Receivables and other property and rights from the Depositor pursuant to the Receivables Transfer Agreement. 

Section 3.17 [RESERVED]. 

Section 3.18 Restricted Payments. Except for payments of principal or interest on or redemption of the Notes, so long as any Notes
are Outstanding, the Issuing Entity shall not, directly or indirectly: 
 (a) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee, the Grantor Trust Trustee or any owner of a beneficial interest in the Issuing Entity, the Grantor Trust or otherwise, in each case with
respect to any ownership or equity interest or similar security in or of the Issuing Entity or the Grantor Trust, as applicable; 
 (b)
redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or similar security; or 
 (c) set aside or
otherwise segregate any amounts for any such purpose; provided, however, that the Issuing Entity and the Grantor Trust may make, or cause to be made, distributions to the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, the
Grantor Trust Trustee, the Backup Servicer, the Collateral Custodian, the Grantor Trust Certificateholder and the Financial Parties as permitted by, and to the extent funds are available for such purpose under, this Indenture or the other
Transaction Documents. Neither the Issuing Entity nor the Grantor Trust shall, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the other Transaction Documents. 

Section 3.19 Notice of Events of Default. The Issuing Entity agrees to give the Indenture Trustee and the Rating Agencies prompt
written notice of each Event of Default hereunder, each Servicer Termination Event, each default on the part of the Servicer of its obligations under the Servicing Agreement, each default on the part of the Depositor of its obligations under the
Receivables Transfer Agreement and each default on the part of the Seller of its obligations under the Receivables Purchase Agreement. 

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

  
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 Section 3.21 Indenture Trustee’s Assignment of Purchased
Receivables. Upon receipt of the Purchase Amount or the Liquidation Proceeds with respect to a Receivable, as the case may be, the Servicer, the Seller, the Depositor, the Issuing Entity or the Grantor Trust or the purchaser and assignee of the Charged-Off Receivable, as applicable, shall thereupon own such purchased or repurchased Receivable and all monies due thereon. Any such Receivable shall be deemed to be automatically released from the Lien of this
Indenture without any action being taken by the Indenture Trustee upon payment of the Purchase Amount or upon receipt of the Proceeds or Liquidation Proceeds, as applicable, and the Servicer, the Seller, the Depositor, the Issuing Entity or the
Grantor Trust or purchaser or assignee of the Charged-Off Receivable, as applicable, shall own such Receivable and all such security and documents, free of any further obligation to the Issuing Entity, the
Grantor Trust, the Indenture Trustee, the Noteholders or the Certificateholders with respect thereto. If in any enforcement suit or legal proceeding it is held that the Servicer or other purchaser of a Receivable may not enforce a Receivable on the
ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Indenture Trustee shall, at the Servicer’s or such other purchaser’s or assignee’s expense and written direction, as applicable, take
such steps as the Servicer or such other purchaser or assignee deems reasonably necessary to enforce the Receivable, including bringing suit in the Indenture Trustee’s name or the names of the Noteholders or, pursuant to
Section 4.4, the Certificateholders. 
 Section 3.22 Representations and Warranties by the Issuing Entity
and Grantor Trust to the Indenture Trustee. On the date hereof, each of the Issuing Entity and the Grantor Trust represents and warrants to the Indenture Trustee as follows: 

(a) Good Title. No Receivable has been sold, transferred, assigned or pledged by the Issuing Entity or the Grantor Trust, respectively,
to any Person other than the Indenture Trustee; immediately prior to the conveyance of the Receivables pursuant to this Indenture, the Grantor Trust had good and marketable title thereto, free of any Lien; and, upon execution and delivery of this
Indenture by the Issuing Entity and the Grantor Trust, the Indenture Trustee shall have a Lien on all of the right, title and interest of the Issuing Entity in, to and under the Receivables, the unpaid indebtedness evidenced thereby and the
collateral security therefor, and such right, title and interest are free of any Lien other than the Lien of this Indenture. The Issuing Entity owns 100% of the beneficial interests in the Grantor Trust. The Grantor Trust has no subsidiaries. 

(b) All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give the Indenture Trustee a first priority
perfected security interest in the Receivables shall have been made or will be made within ten (10) calendar days of the Closing Date. 

Section 3.23 Original Issue Discount Reporting. The Issuing Entity shall supply (or cause the Administrator on its behalf to
supply) to the Indenture Trustee, at the time and in the manner required by applicable Treasury Regulations, for further distribution to such persons, and to the extent, required by applicable Treasury Regulations, information with respect to any
original issue discount accruing on the Notes. 

  
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 ARTICLE IV 

SATISFACTION AND DISCHARGE 

Section 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes
except as to: (a) rights of registration of transfer and exchange; (b) substitution of mutilated, destroyed, lost or stolen Notes; (c) rights of Noteholders to receive payments of principal thereof and interest thereon;
(d) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.19 and 3.21; (e) the rights, obligations and immunities of the Indenture Trustee and the Paying Agent hereunder (including the
rights of the Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee under Sections 4.2 and 4.4); and (f) the rights of Noteholders as beneficiaries hereof with respect to the
property so deposited with the Indenture Trustee or the Paying Agent payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuing Entity, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, if: 
 (i) either: 

(A) all Notes theretofore authenticated and delivered (other than (A) Notes that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 2.5 and (B) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuing Entity and thereafter repaid to
the Issuing Entity or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or 

(B) all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and payable and the Issuing
Entity has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee (or if the Indenture Trustee is not the Paying Agent, the Paying Agent), in trust, cash or direct obligations of or obligations guaranteed by the
United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes when due on the Final Scheduled Distribution Date
for such Notes or the Redemption Date for such Notes (if such Notes have been called for redemption pursuant to Section 10.1), as the case may be; and 

(ii) the Issuing Entity has delivered to the Indenture Trustee an Officer’s Certificate of the Issuing Entity, an Opinion
of Counsel, each meeting the applicable requirements of Section 11.1(a) and each stating that all conditions precedent set forth in this Section 4.1 relating to the satisfaction and discharge of
this Indenture have been complied with. The Indenture Trustee shall provide confirmation to the Issuing Entity that it has paid to the Noteholders all interest and principal due on the Notes. 

Section 4.2 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to this Article IV shall
be held in trust and applied by the Indenture Trustee or the Paying Agent, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the
Holders of the particular Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; but such monies need not be segregated from
other funds except to the extent required herein or as required by law. 

  
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 Section 4.3 Repayment of Monies Held by Paying Agent. In connection with the
satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuing
Entity, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 

Section 4.4 Duration of Position of Indenture Trustee. Notwithstanding the earlier payment in full of all principal and interest
due to the Noteholders under the terms of the Notes and the cancellation of the Notes, the Indenture Trustee shall continue to act in the capacity as Indenture Trustee hereunder for the benefit of the Certificateholders, for purposes of compliance
with, and the Indenture Trustee shall comply with, its obligations under Section 2.7, Section 6.8 and Article VIII hereof, and Section 5.2 of the Servicing
Agreement, as appropriate, the Indenture Trustee in such capacity shall continue to have the rights, benefits and immunities set forth herein, including those in Article VI hereof. 

ARTICLE V 
 DEFAULT AND
REMEDIES 
 Section 5.1 Events of Default. For the purposes of this Indenture, “Event of Default” wherever
used herein, means any one of the following events: 
 (a) default in the payment of any interest on any Note of the Controlling
Class when the same becomes due and payable, and such default shall continue for a period of five (5) Business Days; 
 (b)
default in the payment in full of all then outstanding principal of any Class of Notes (other than the Class XS Notes) and accrued but unpaid interest due on any Class of Notes (other than the Class XS Notes) on the related Final
Scheduled Distribution Date; 
 (c) any failure by the Issuing Entity to duly observe or perform in any material respect any of its
covenants or agreements made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is specifically addressed elsewhere in this Section 5.1), which failure materially and
adversely affects the interests of the Holders of Notes, and such failure shall continue or not be cured for a grace period of sixty (60) consecutive days (or for such longer period not in excess of ninety (90) consecutive days as may be
reasonably necessary to remedy such failure; provided that such failure is capable of remedy in ninety (90) days) after receipt by the Issuing Entity of written notice by registered or certified mail by the Indenture Trustee, or by the
Holders of Notes evidencing not less than 25% of the Outstanding Amount of the Controlling Class, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; 

  
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 (d) any other representation or warranty made by the Issuing Entity having been incorrect in
any material respect as of the time made (other than a default the observance or performance of which is specifically addressed elsewhere in this Section 5.1), which failure materially and adversely affects the interests of
the Holders of Notes, and such incorrect representation shall continue or not be cured for a grace period of sixty (60) consecutive days (or for such longer period not in excess of ninety (90) consecutive days as may be reasonably
necessary to remedy such failure; provided that such failure is capable of remedy in ninety (90) days) after receipt by the Issuing Entity of written notice by registered or certified mail by the Indenture Trustee, or by the Holders of
Notes evidencing not less than 25% of the Outstanding Amount of the Controlling Class, a written notice specifying such breach of representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; 
 (e) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of
the Issuing Entity or any substantial part of the Collateral in an involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Collateral, or ordering the winding-up or liquidation of the Issuing Entity’s affairs, and
such decree or order shall remain unstayed and in effect for a period of ninety (90) consecutive days; or 
 (f) the commencement by
the Issuing Entity of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case
under any such law, or the consent by the Issuing Entity to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the
Collateral, or the making by the Issuing Entity of any general assignment for the benefit of creditors, or the failure by the Issuing Entity generally to pay its debts as such debts become due, or the taking of action by the Issuing Entity in
furtherance of any of the foregoing. 
 Notwithstanding the foregoing, (i) if any delay or failure of performance referred to in
Section 5.1(a) shall have been caused by force majeure or other similar occurrence, the five (5) Business Day grace period referred to in such clause (a) shall be extended for an additional
sixty (60) consecutive days, (ii) if any delay or failure of performance referred to in Section 5.1(b) shall have been caused by force majeure or other similar occurrence, such failure or delay shall not
constitute an Event of Default for an additional sixty (60) consecutive days, (iii) if any delay or failure of performance referred to in Section 5.1(c) above shall have been caused by force majeure or other
similar occurrence, the sixty (60) day grace period referred to in Section 5.1(c) shall be extended for an additional sixty (60) consecutive days and (iv) if any delay or failure of performance referred to in
Section 5.1(d) shall have been caused by force majeure or other similar occurrence, the sixty (60)-day grace period referred to in Section 5.1(d) shall be
extended for an additional sixty (60) consecutive days. 
 The Issuing Entity or the Grantor Trust shall deliver to the Indenture Trustee, within five
(5) Business Days after learning of the occurrence thereof, written notice in the form of an officer’s certificate of any event which with the giving of notice and the lapse of time would become an Event of Default, its status and what
action the Issuing Entity or the Grantor Trust, as applicable, is taking or proposes to take with respect thereto. 

  
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 Section 5.2 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default should occur and be continuing, the Indenture Trustee shall, at the written direction of the Holders of Notes
representing not less than a majority of the Outstanding Amount of the Controlling Class, declare all of the Notes to be immediately due and payable, by a notice in writing to the Issuing Entity (and to the Indenture Trustee if given by the
Noteholders) setting forth the Event of Default or Events of Default, and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become
immediately due and payable. 
 (b) If the Notes have been declared immediately due and payable following an Event of Default and before a
judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as hereinafter provided in this Article V, the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling
Class, by written notice to the Issuing Entity, the Grantor Trust and the Indenture Trustee, which notice shall be provided by the Indenture Trustee to each Rating Agency, may waive all Defaults set forth in the notice delivered pursuant to
Section 5.2(a) and rescind and annul such declaration of acceleration and its consequences; provided, that no such rescission and annulment shall extend to or affect any other Default or impair any right consequent
thereto; and provided further, that if the Indenture Trustee shall have proceeded to enforce any right under this Indenture and such Proceedings shall have been discontinued or abandoned because of such rescission and annulment or for
any other reason, or such Proceedings shall have been determined adversely to the Indenture Trustee, then and in every such case, the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be restored respectively to
their former positions and rights hereunder, and all rights, remedies and powers of the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall continue as though no such Proceedings had been commenced. 

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 

(a) The Issuing Entity covenants that if an Event of Default occurs and such Event of Default has not been waived pursuant to
Section 5.12 (or rescinded pursuant to Section 5.2(b)), the Issuing Entity shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the ratable benefit of the Noteholders in
accordance with their respective outstanding principal amounts, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, at the rate borne by the Notes and, to the extent payment at
such rate of interest shall be legally enforceable, upon overdue installments of interest at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
 (b) If the Issuing
Entity shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, may prosecute such Proceeding
to judgment or final decree, may enforce the same against the Issuing Entity and the Grantor Trust and may collect in the manner provided by law out of the property of the Issuing Entity or the Grantor Trust, wherever situated, the monies adjudged
or decreed to be payable. 

  
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 (c) If the Notes have been declared to be immediately due and payable following an Event of
Default, the Indenture Trustee may, as more particularly provided in Section 5.4, and shall at the direction of the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class,
proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee or Holders of such Notes shall deem most effective to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by applicable
law. 
 (d) If there shall be pending, relative to the Issuing Entity or the Grantor Trust or any Person having or claiming an ownership
interest in the Collateral, Proceedings under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or other similar law, or if a receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
sequestrator or similar official shall have been appointed for or taken possession of the Issuing Entity, the Grantor Trust or their property or such other Person, or in case of any other comparable judicial Proceedings relative to the Issuing
Entity, the Grantor Trust or other obligor upon the Notes, or to the creditors or property of the Issuing Entity, the Grantor Trust or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered,
by intervention in such Proceedings or otherwise: 
 (i) to file and prove a claim or claims for the whole amount of
principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the
Indenture Trustee and each predecessor trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor trustee, except
as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings; 
 (ii)
unless prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

(iii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute all
amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 

  
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 (iv) to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Indenture Trustee or the Holders of Notes allowed in any judicial proceedings relative to the Issuing Entity or the Grantor Trust, their creditors and their property; and any trustee,
receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee for application in accordance with the priorities set forth in the
Transaction Documents, and, if the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee,
each predecessor trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor trustee except as a result of negligence, bad faith or
willful misconduct. 
 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote
for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of
any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 (f)
All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative
thereto, and any such Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the reasonable expenses, disbursements and compensation of
the Indenture Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes in accordance with the priorities set forth in the Transaction Documents. 

(g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this
Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings. 

Section 5.4 Remedies; Priorities. 

(a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under
Section 5.2(a), the Indenture Trustee may, or at the written direction of the majority of the Holders of the Notes of the Controlling Class, shall do one or more of the following (subject to Sections 5.3 and
5.5): 
 (i) institute Proceedings in its own name and as trustee of an express trust for the collection of all
amounts then due and payable on the Notes or under this Indenture with respect thereto, whether by declaration of acceleration or otherwise, enforce any judgment obtained, and collect from the Issuing Entity and any other obligor upon such Notes
monies adjudged due; 

  
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 (ii) institute Proceedings from time to time for the complete or partial
foreclosure of this Indenture with respect to the Collateral; 
 (iii) exercise any remedies of a secured party under the UCC
and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; 

(iv) sell or otherwise liquidate the Collateral or any portion thereof or rights or interest therein, at one or more public or
private sales called and conducted in any manner permitted by law; and 
 (v) cause the Grantor Trust, by means of a written
direction, to sell or otherwise liquidate the Receivables or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; 

provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Collateral or cause the Grantor Trust to
liquidate the Receivables at the direction of the Noteholders following an Event of Default and acceleration of the Notes, unless (A)(1) the Holders of all of the aggregate Outstanding Amount of the Notes consent thereto or (2) the proceeds of
such sale or liquidation distributable to the Noteholders are sufficient to discharge in full the principal of and the accrued interest on the Notes, at the date of such sale or liquidation or (3)(I) there has been an Event of Default under
Section 5.1(a), Section 5.1(b) or Section 5.1(c) or otherwise arising from a failure to make a required payment of principal on any Notes, (II) the Indenture Trustee
determines that the Collateral will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as and when they would have become due if the Notes had not been declared due and payable, and (III) the
Indenture Trustee obtains the consent of Holders of 66 2/3% of the Outstanding Amount of the Notes, and (B) ten (10) calendar days’ prior written notice of sale or liquidation has been given to the Rating Agencies by the Depositor,
provided, however, that the Depositor shall have received such notice from the Indenture Trustee at least two (2) Business Days prior thereto. In determining such sufficiency or insufficiency with respect to clauses (A)(2)
and (A)(3)(II) above, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Collateral or the assets of the Grantor Trust, as applicable, for such purpose; provided, however, that prior to the exercise of the right to sell all or any portion of the Collateral as provided herein, the
Indenture Trustee shall provide a notice in writing to the Issuing Entity (with a copy to the Grantor Trust, the Grantor Trust Trustee, the Depositor and the Owner Trustee) (the “Event of Default Sale Notice”) of its intention to
sell all or any portion of the Collateral (the part to be sold being the “Subject Estate”), and if the Subject Estate is less than all of the Collateral, the portion of the Collateral to be sold. The Indenture Trustee shall not
consummate any sale until at least seven (7) Business Days after the Event of Default Sale Notice has been given to the Issuing Entity (with a copy to the Grantor Trust and the Depositor). 

  
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 (b) If the Indenture Trustee collects any money or property pursuant to this Article
V, it shall, or shall direct the Paying Agent to, pay out such money or property together with all Available Funds and all amounts on deposit in the Collection Account, the Note Distribution Account, the Reserve Account and the Class N
Reserve Account in accordance with, and in the order of priority set forth in, Section 2.7(f) hereof. 

Section 5.5 Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under
Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled in accordance with Section 5.2(b), the Indenture Trustee may, but need not,
elect to take and maintain possession of the Collateral and continue to apply the proceeds thereof as if there had been no declaration of acceleration; provided, however, that the Available Funds shall be applied in accordance with such declaration
of acceleration in the manner specified in Section 2.7(f). It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes and
the Indenture Trustee shall take such intent into account when determining whether or not to take and maintain possession of the Collateral. In determining whether to take and maintain possession of the Collateral, the Indenture Trustee may, but
need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 

Section 5.6 Limitation of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder unless: 
 (a) such
Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 
 (b) the Holders of not less than
25% of the Outstanding Amount of the Controlling Class have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 

(c) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to the Indenture Trustee against the costs,
expenses and liabilities to be incurred in complying with such request; 
 (d) the Indenture Trustee for sixty (60) days after its
receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 
 (e) no direction inconsistent with
such written request has been given to the Indenture Trustee during such sixty (60) day period by the Holders of a majority of the Outstanding Amount of the Controlling Class; 

it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatever by virtue of, or by availing
of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders of Notes or to enforce any right under this Indenture,
except in the manner herein provided and for the equal, ratable (on the basis of the respective aggregate amount of principal and interest, respectively, due and unpaid on the Notes held by each Noteholder) and common benefit of all holders of
Notes. For the protection and enforcement of the provisions of this Section 5.6, each and every Noteholder shall be entitled to such relief as can be given either at law or in equity. 

  
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 If the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more
groups of Holders of Notes, each representing less than a majority of the Outstanding Amount of the Controlling Class, the Indenture Trustee shall follow the request of the group of Holders of Notes representing the highest percentage of Outstanding
Amount of the Controlling Class, notwithstanding any other provisions of this Indenture. 
 Section 5.7 Unconditional Rights of
Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such
Note on or after the respective due dates thereof expressed in such Note or in this Indenture in accordance with the terms thereof, and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the
consent of such Holder. 
 Section 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has
instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every
such case the Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally to their respective former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 Section 5.9 Rights and
Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law,
be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 5.10 Delay or Omission Not a Waiver. No delay or
omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the
Noteholders, as the case may be. 
 Section 5.11 Control by Noteholders. The Holders of Notes evidencing not less than a
majority of the Outstanding Amount of the Controlling Class shall have the right to direct in writing the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or
exercising any trust or power conferred on the Indenture Trustee; provided, however, that: 

  
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 (a) such direction shall not be in conflict with any rule of law or with this Indenture;

 (b) subject to the express terms of Section 5.4, any direction to the Indenture Trustee to sell or liquidate
the Collateral or cause the Grantor Trust to sell or liquidate the Receivables shall be by the Holders of Notes representing not less than 100% of the Outstanding Amount of the Notes; 

(c) if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the
Collateral pursuant to Section 5.5, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Collateral or cause the Grantor
Trust to sell or liquidate the Receivables shall be of no force and effect; and 
 (d) the Indenture Trustee may take any other action
deemed proper by the Indenture Trustee that is not inconsistent with such direction; provided, however, that, subject to Section 6.1, the Indenture Trustee need not take any action that it determines might
cause it to incur any liability (a) with respect to which the Indenture Trustee shall have reasonable grounds to believe that adequate indemnity against such liability is not assured to it and (b) which might materially adversely affect
the rights of any Noteholders not consenting to such action. 
 Section 5.12 Waiver of Past Defaults. 

(a) Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2, the
Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Controlling Class may waive any past Default or Event of Default and its consequences except a Default (i) in the payment of principal of or interest on
any of the Notes or (ii) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note (other than the Class XS Notes). In the case of any such waiver, the Issuing Entity,
the Grantor Trust, the Indenture Trustee and the Noteholders shall be restored to their respective former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

(b) Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of
Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereto. 
 Section 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such
Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any Proceeding for the enforcement of any right or remedy under this Indenture, or in any Proceeding against the Indenture Trustee for
any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of such Proceeding, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such Proceeding, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.13
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 (a) any Proceeding instituted by the Indenture Trustee; 

(b) any Proceeding instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Controlling Class; or 
 (c) any Proceeding instituted by any Noteholder for the enforcement of the payment of
principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

Section 5.14 Waiver of Stay or Extension Laws. Each of the Issuing Entity and the Grantor Trust covenants (to the extent that it
may lawfully do so) that it shall not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the
covenants or the performance of this Indenture. Each of the Issuing Entity and the Grantor Trust (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder,
delay or impede the execution of any power herein granted to the Indenture Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture
shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired
by the recovery of any judgment by the Indenture Trustee against the Issuing Entity or the Grantor Trust or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the assets of the Issuing Entity or the
Grantor Trust. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b). 

Section 5.16 Performance and Enforcement of Certain Obligations. 

(a) Promptly following a request from the Indenture Trustee to do so and at the Issuing Entity’s expense, each of the Issuing Entity and
the Grantor Trust agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor of its obligations to the Issuing Entity or the Grantor Trust under or in
connection with the Trust Agreement, the Servicer of its obligations to the Issuing Entity or the Grantor Trust under or in connection with the Servicing Agreement, by the Seller of its obligations under or in connection with the
Receivables Purchase Agreement, by the Depositor of its limited repurchase obligations under or in connection with the Receivables Transfer Agreement, in each case in accordance with the terms thereof, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuing Entity and the Grantor Trust under or in connection with the Servicing Agreement, the Trust Agreement, the Receivables Purchase Agreement and the Receivables Transfer Agreement to the extent
and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller, the Depositor or the Servicer and the institution of legal or administrative actions or proceedings to compel or secure
performance by the Seller, the Depositor or the Servicer of their respective obligations under the Receivables Purchase Agreement, the Receivables Transfer Agreement and the Servicing Agreement, as applicable. 

  
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 (b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and,
at the written direction of the Holders of the majority of the Outstanding Amount of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuing Entity or the Grantor Trust against the Servicer under
or in connection with the Servicing Agreement, against the Seller under or in connection with the Receivables Purchase Agreement and against the Depositor under or in connection with the Receivables Transfer Agreement, including the right or power
to take any action to compel or secure performance or observance by the Servicer, the Seller or the Depositor of each of their obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or
waiver under the Servicing Agreement, the Receivables Purchase Agreement or the Receivables Transfer Agreement and any right of the Issuing Entity or the Grantor Trust to take such action shall be suspended. 

ARTICLE VI 
 THE
INDENTURE TRUSTEE 
 Section 6.1 Duties of Indenture Trustee. 

(a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or any other Transaction Document against the Indenture Trustee; and 

(ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture or the other Transaction Documents; provided, however, that
the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

  
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 (c) The Indenture Trustee may not be relieved from liability for its own negligent action,
its own negligent failure to act or its own willful misconduct, or its own bad faith, except that: 
 (i) this
Section 6.1(c) does not limit the effect of Section 6.1(b); 
 (ii) the
Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to any provision of this Indenture or any other Transaction Document. 
 (d) The
Indenture Trustee shall not be liable for interest on any money received by it except as set forth in the Transaction Documents and as the Indenture Trustee may agree in writing with the Issuing Entity. 

(e) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of
this Indenture, the Servicing Agreement or the Trust Agreement. 
 (f) No provision of this Indenture or any other Transaction Document
(including after the occurrence of an Event of Default) shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(g) Every provision of this Indenture and each other Transaction Document relating to the Indenture Trustee shall be subject to the provisions
of this Section 6.1 and to the provisions of the TIA. 
 (h) The Indenture Trustee shall have no liability or
responsibility for the acts or omissions of the Issuing Entity, the Servicer, the Backup Servicer, the Depositor, the Sponsor, the Grantor Trust, any other party to any of the Transaction Documents, including as a result of any other party’s
failure to comply with Regulation RR. 
 (i) In no event shall the Indenture Trustee be liable for any damages in the nature of special,
indirect or consequential damages, however styled, including lost profits. 
 Section 6.2 Rights of Indenture Trustee. 

(a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the
proper Person. The Indenture Trustee need not investigate any fact or matter stated in the document. The Indenture Trustee need not investigate or re-calculate, certify or verify any information, statement,
representation or warranty or any fact or matter stated in any such document and may conclusively rely as to the truth, content and accuracy of the statements and correctness of the opinions expressed therein. 

  
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 (b) Except as otherwise set forth in Section 7.5 of this Indenture
and Section 3.2 of the Receivables Transfer Agreement, before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel (at the cost of the party requesting the Indenture Trustee
to act or refrain from acting). The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 

(c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or Affiliates or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with
due care by it hereunder. 
 (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it
believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

(e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture or any other Transaction Document, unless such Holders shall have offered to the Indenture Trustee security or indemnity satisfactory to the Indenture Trustee against the costs, expenses
and liabilities which might be incurred by it in compliance with such request or direction. 
 (g) The Indenture Trustee shall not be bound
to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document unless requested in writing to do so by a majority of the Controlling Class; provided, however, that if the Indenture Trustee determines that payment within a reasonable time of such costs, expenses and losses or liabilities
is not reasonably assured to it, the Indenture Trustee may require indemnity or security satisfactory to it from the Noteholders requesting such an investigation, against such costs, expenses and losses or liabilities as a condition to proceeding
with such investigation. 
 (h) The Indenture Trustee shall not be charged with knowledge of any event or information, including any default
or Event of Default or Servicer Termination Event, or be required to act upon any event or information, including any default or Event of Default or Servicer Termination Event (including the sending of any notice), unless a Responsible Officer of
the Indenture Trustee actually knows of or receives written notice of such event or information and shall have no duty to take any action to determine whether any default, or Event of Default or Servicer Termination Event or event has occurred.
Absent a Responsible Officer actually knowing of or receiving written notice in accordance with this Section, the Indenture Trustee may conclusively assume that no such event, default or Event of Default or Servicer Termination Event has occurred.
Publicly available information does not constitute actual or constructive knowledge or notice to the Indenture Trustee. 

  
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 (i) The Indenture Trustee shall not be imputed with the knowledge of, or information
possessed or obtained by, the Collateral Custodian and knowledge of the Collateral Custodian shall not be attributed or imputed to the Indenture Trustee, or any affiliate, line of business or other division of Computershare Trust Company, National
Association (and vice versa). 
 (j) Any delays in or failure by the Indenture Trustee in the performance of any obligations hereunder shall
be excused if and to the extent caused by any force majeure event. 
 (k) Notwithstanding anything to the contrary in this Indenture or any
other Transaction Document, the Indenture Trustee shall not be required to any action that is not in accordance with Applicable Laws. 
 (l)
The right of the Indenture Trustee to perform any permissive or discretionary act enumerated in this Indenture or any related document shall not be construed as a duty. 

(m) The Indenture Trustee is not required to ensure that the Issuing Entity’s security interest in the Trust Estate is valid or
enforceable, or to monitor status of a lien or performance of the Trust Estate. 
 (n) The Indenture Trustee shall have no duty to see to,
or be responsible for the correctness or accuracy of, any recording, filing or depositing of this Indenture or any agreement referred to herein, or any financing statement or continuation statement evidencing a security interest, or to see to the
maintenance of any such recording or filing or depositing or to any rerecording, refilling or re-depositing of any thereof. 

(o) The parties hereto acknowledge that in accordance with laws, regulations and executive orders of the United States or any state or
political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of terrorist activities and money laundering, including without limitation the USA Patriot Act (Pub. L. 107-56) and regulations promulgated by the Office of Foreign Assets Control (collectively, “AML Law”), the Indenture Trustee is required to obtain, verify, and record information relating to
individuals and entities that establish a business relationship or open an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such identifying information and documentation as the Indenture
Trustee may request in writing from time to time in order to enable the Indenture Trustee to comply with all applicable requirements of AML Law. 

(p) The rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including its right to be indemnified, are
extended to, and shall be enforceable by, Computershare Trust Company, National Association, in each of its capacities hereunder, including its capacity under Section 4.4 hereof, and in connection with the performance of
any of its duties or obligations under any of the Transaction Documents. 

  
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 (q) For the avoidance of doubt, the Indenture Trustee shall not be responsible for
determining whether any breach of representations or warranty has occurred, or whether such breach constitutes a material breach, or the enforcement of any repurchase obligation. 

Section 6.3 Indenture Trustee May Own Notes. The Indenture Trustee in its individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Issuing Entity, the Servicer or any of their respective Affiliates with the same rights it would have if it were not Indenture Trustee; provided, however, that the Indenture Trustee
shall comply with Sections 6.10 and 6.11. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. 

Section 6.4 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of any Transaction Document, including this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds from the Notes, it shall not have any responsibility to
monitor or cause the Issuing Entity to comply with Regulation RR and it shall not be responsible for any statement of the Issuing Entity or the Grantor Trust in the Indenture or in any document issued in connection with the sale of the Notes or in
the Notes other than the Indenture Trustee’s certificate of authentication. 
 Section 6.5 Notice of Events of Default. If
an Event of Default occurs and is continuing and a Responsible Officer of the Indenture Trustee has actual knowledge or has received written notice thereof, the Indenture Trustee shall mail to each Noteholder notice of the Event of Default within
ten (10) calendar days after it is known to a Responsible Officer of the Indenture Trustee. Except in the case of an Event of Default in payment of principal of or interest on any Note, the Indenture Trustee may withhold the notice if and so
long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders. 

Section 6.6 Reports by Indenture Trustee. The Indenture Trustee shall deliver to each Noteholder the documents and information set
forth in Article VII and, in addition, all such information with respect to the Notes as may be required to enable such Holder to prepare its federal and State income tax returns. 

Section 6.7 Compensation; Indemnity. 

(a) The Issuing Entity shall pay to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuing Entity shall reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services; provided, however, that the Issuing
Entity need not reimburse the Indenture Trustee for any expense incurred through the Indenture Trustee’s willful misconduct, negligence, or bad faith. Such expenses shall include the reasonable compensation and expenses, disbursements and
advances of the Indenture Trustee’s agents, external counsel, accountants and experts. The Issuing Entity shall indemnify the Indenture Trustee for, and hold it and its officers, directors, employees, representatives and agents, harmless
against, any and all loss, liability or expense (including reasonable attorneys’ fees and 

  
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expenses and court costs, and any loss or expense incurred in connection with a successful defense, in whole or in part, of any claim that the Indenture Trustee breached its standard of care or
any enforcement (including any successful action, claim or suit brought) by the Indenture Trustee of any indemnification of the Issuing Entity) incurred by it in connection with the administration of this trust and the performance of its duties
hereunder or under any other Transaction Document; provided, however, that the Issuing Entity need not indemnify the Indenture Trustee for, or hold it harmless against, any such loss, liability or expense incurred through the Indenture
Trustee’s willful misconduct, negligence, or bad faith. The Indenture Trustee shall notify the Issuing Entity and the Administrator promptly of any claim for which it may seek indemnity. Any failure by the Indenture Trustee to so notify the
Issuing Entity and the Administrator shall not, however, relieve the Issuing Entity of its obligations hereunder. The Administrator, on behalf of the Issuing Entity, shall defend any such claim. The Indenture Trustee may have separate counsel in
connection with the defense of any such claim, and the Issuing Entity, shall pay the fees and expenses of such counsel. 
 (b) The Issuing
Entity’s payment obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the discharge or assignment of this Indenture and the resignation or removal of any party. When the Indenture Trustee
incurs expenses after the occurrence of a Default specified in Section 5.1(e) or Section 5.1(f) with respect to the Issuing Entity or the Grantor Trust, the expenses are intended to constitute
expenses of administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or similar law. 

Section 6.8 Replacement of Indenture Trustee. 

(a) The Indenture Trustee may at any time give notice of its intent to resign by so notifying the Issuing Entity; provided,
however, that no such resignation shall become effective and the Indenture Trustee shall not resign prior to the time set forth in Section 6.8(c). The Holders of a majority in Outstanding Amount of the Controlling
Class may remove the Indenture Trustee by so notifying the Indenture Trustee upon at least thirty (30) calendar days prior written notice and may appoint a successor Indenture Trustee. Such resignation or removal shall become effective in
accordance with Section 6.8(c). The Issuing Entity shall remove the Indenture Trustee if: 
 (i)
the Indenture Trustee fails to comply with Section 6.11; 
 (ii) a Bankruptcy Event occurs with
respect to the Indenture Trustee; 
 (iii) a receiver or other public officer takes charge of the Indenture Trustee or its
property; or 
 (iv) the Indenture Trustee otherwise becomes incapable of acting. 

(b) If the Indenture Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of the Indenture Trustee
for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuing Entity shall promptly appoint and designate a successor Indenture Trustee. 

  
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 (c) A successor Indenture Trustee shall deliver a written acceptance of its appointment and
designation to the retiring Indenture Trustee and the other parties to this Indenture. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall deliver a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture
Trustee to the successor Indenture Trustee. 
 (d) If a successor Indenture Trustee does not take office within sixty (60) calendar
days after the Indenture Trustee gives notice of its intent to resign or is removed, the retiring Trustee, the Issuing Entity or the Holders of a majority of the Outstanding Amount of the Controlling Class may petition any court of competent
jurisdiction for the appointment and designation of a successor Indenture Trustee (at the expense of the Issuing Entity). 
 (e) If the
Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

Section 6.9 Merger or Consolidation of Indenture Trustee. 

(a) Any Person into which the Indenture Trustee may be merged or with which it may be consolidated, or any Person resulting from any merger or
consolidation to which the Indenture Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Indenture Trustee, shall be the successor of the Indenture Trustee under this Indenture;
provided, however, that such Person shall be eligible under the provisions of Section 6.11, without the execution or filing of any instrument or any further act on the part of any of the parties to this
Indenture, anything in this Indenture to the contrary notwithstanding. 
 (b) If at the time such successor or successors by merger or
consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication
of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to the Indenture Trustee. In all such cases such certificate of authentication shall have the same full force as is provided anywhere in the Notes or herein with respect to the certificate of
authentication of the Indenture Trustee. 
 Section 6.10 Appointment of Co-Indenture Trustee
or Separate Indenture Trustee. 
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting
any legal requirement of any jurisdiction in which any part of the Collateral or any Financed Vehicle may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons
to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Collateral, and to vest in such Person or Persons, in such
capacity and for the benefit of the Noteholders, such title to the 

  
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Collateral, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the Indenture Trustee
may consider necessary or desirable. No co-trustee or separate indenture trustee hereunder shall be required to meet the terms of eligibility as a successor indenture trustee under
Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate indenture trustee shall be required under Section 6.8. 

(b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act
subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed
upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee
or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be
performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 

(ii) no trustee (including the Indenture Trustee, separate trustees and co-trustees)
hereunder shall be personally liable by reason of any act, omission or appointment of any other trustee (including separate trustees and co-trustees) hereunder; and 

(iii) the Indenture Trustee 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 Indenture Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or
co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred,
shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including
every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 

(d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name.
If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture
Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

  
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 Section 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all
times satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and (unless waived by the Rating
Agencies) it shall have a long term unsecured debt rating that falls within an investment grade category by any nationally recognized rating agency then providing such rating for the Indenture Trustee. The Indenture Trustee shall comply with TIA
§ Section 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or
indentures under which other securities of the Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 

Section 6.12 Preferential Collection of Claims Against Issuing Entity. The Indenture Trustee shall comply with TIA § 311(a),
excluding any creditor relationship listed in TIA § 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 

Section 6.13 Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants as of the Closing
Date that: 
 (a) the Indenture Trustee (i) is a national banking association duly organized, validly existing and in good standing
under the laws of the United States of America and (ii) satisfies the eligibility criteria set forth in Section 6.11; 

(b) the Indenture Trustee has full power, authority and legal right to execute, deliver and perform this Indenture, and has taken all
necessary action to authorize the execution, delivery and performance by it of this Indenture; 
 (c) the execution, delivery and
performance by the Indenture Trustee of this Indenture (i) shall not violate any provision of any law or regulation governing the banking and trust powers of the Indenture Trustee or any order, writ, judgment or decree of any court, arbitrator,
or governmental authority applicable to the Indenture Trustee or any of its assets, (ii) shall not violate any provision of the corporate charter or by-laws of the Indenture Trustee, or (iii) shall
not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any Lien on any properties included in the Collateral pursuant to the provisions of any mortgage,
indenture, contract, agreement or other undertaking to which it is a party, which violation, default or Lien could reasonably be expected to have a materially adverse effect on the Indenture Trustee’s performance or ability to perform its
duties under this Indenture or on the transactions contemplated in this Indenture; 
 (d) the execution, delivery and performance by the
Indenture Trustee of this Indenture shall not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental authority or agency
regulating the banking and corporate trust activities of the Indenture Trustee; and 

  
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 (e) this Indenture has been duly executed and delivered by the Indenture Trustee and
constitutes the legal, valid and binding agreement of the Indenture Trustee, enforceable in accordance with its terms. 
 Section 6.14
Indenture Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes or the
production thereof in any proceeding relating thereto, and any such proceeding instituted by the Indenture Trustee shall be brought in its own name as Indenture Trustee. Any recovery of judgment shall, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel, be for the ratable benefit of the Noteholders and (only to the extent expressly provided herein) the Certificateholders in respect of
which such judgment has been obtained. 
 Section 6.15 Suit for Enforcement. If an Event of Default shall occur and be
continuing, the Indenture Trustee may, subject to the provisions of Section 6.1, proceed to protect and enforce its rights and the rights of the Noteholders under this Indenture by Proceedings whether for the specific
performance of any covenant or agreement contained in this Indenture or in aid of the execution of any power granted in this Indenture or for the enforcement of any other legal, equitable or other remedy as the Indenture Trustee, being directed by
the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Controlling Class shall deem most effectual to protect and enforce any of the rights of the Indenture Trustee or the Noteholders. 

Section 6.16 Rights of Noteholders to Direct Indenture Trustee. Holders of Notes evidencing not less than a majority of the
Outstanding Amount of the Controlling Class shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee or exercising any trust or power conferred on the Indenture
Trustee; provided, however, that subject to Section 6.1, the Indenture Trustee shall have the right to decline to follow any such direction if the Indenture Trustee determines that the action so directed may
not lawfully be taken, or if the Indenture Trustee in good faith shall, by a Responsible Officer, determine that the proceedings so directed would be illegal or subject it to personal liability or be unduly prejudicial to the rights of Noteholders
not parties to such direction; and provided, further, that nothing in this Indenture shall impair the right of the Indenture Trustee to take any action deemed proper by the Indenture Trustee and which is not inconsistent with such
direction by the Noteholders. 
 Section 6.17 Reports by Indenture Trustee. 

(a) The Indenture Trustee shall: 

(i) deliver to the Depositor, the Administrator (on behalf of the Issuing Entity and the Grantor Trust) and the Servicer a
report of its assessment of compliance with the Servicing Criteria set forth in Exhibit C, including disclosure of any material instance of non-compliance identified by the Indenture
Trustee, as required by Rule 13a-18 and Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB under the Securities Act; 

  
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 (ii) cause a firm of registered public accountants that is qualified
and independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver to the Depositor, the Administrator (on behalf
of the Issuing Entity and the Grantor Trust) and the Servicer an attestation report that satisfies the requirements of Rule 13a-18 or
Rule 15d-18 under the Exchange Act, as applicable, on the assessment of compliance with Servicing Criteria with respect to the prior calendar year for inclusion in the Issuing Entity’s 10-K filing; such attestation report shall be in accordance with Rule 1-02(a)(3) and
Rule 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and 

(iii) deliver to the Depositor and any other Person that will be responsible for signing the certification (a “Sarbanes
Certification”) required by Rule 13a-14(d) and Rule 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002) on behalf of the Issuing Entity or the Depositor with respect to this securitization transaction a certification substantially in the form attached hereto as Exhibit D or such form as mutually agreed upon by the Depositor
and the Indenture Trustee; the Indenture Trustee acknowledges that the parties identified in this clause (iii) may rely on the certification provided by the Indenture Trustee pursuant to such clause in signing a Sarbanes
Certification and filing such with the Commission. 
 (b) The reports referred to in Section 6.17(a) shall be delivered on
or before March 15 of each year that a 10-K filing is required to be filed by the Issuing Entity, beginning March 15, 2023 (and if such date is not a Business Day, the next succeeding
Business Day), unless the Issuing Entity is not required to file periodic reports under the Exchange Act or any other law, in which case such reports may be delivered on or before April 30 of each calendar year, beginning April 30, 2023.

 ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

Section 7.1 Issuing Entity To Furnish Indenture Trustee and Paying Agent Names and Addresses of Noteholders. The Issuing Entity
shall furnish or cause to be furnished to the Indenture Trustee and the Paying Agent (a) not more than five (5) calendar days before each Distribution Date a list, in such form as the Indenture Trustee or the Paying Agent may reasonably
require, of the names and addresses of the Holders of Notes as of the close of business on the related Record Date, and (b) at such other times as the Indenture Trustee or Paying Agent may request in writing, within thirty (30) calendar
days after receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more than ten (10) calendar days prior to the time such list is furnished; provided, however, that so long as the
Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished. 

Section 7.2 Preservation of Information, Communications to Noteholders. 

(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The
Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished. 

  
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 (b) Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with
respect to their rights under this Indenture or under the Notes. 
 (c) The Issuing Entity, the Indenture Trustee and the Note Registrar
shall have the protection of TIA § 312(c). 
 Section 7.3 Reports by the Issuing Entity and the Grantor Trust. 

(a) The Issuing Entity and the Grantor Trust, respectively, shall file with the Indenture Trustee: (i) within fifteen (15) calendar
days after the Issuing Entity is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to
time by rules and regulations prescribe) which the Issuing Entity may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or Item 1122 of Regulation AB; (ii) file with the Indenture Trustee and the
Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuing Entity and the Grantor Trust, as applicable, with the
conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA
§ 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations
prescribed from time to time by the Commission. 
 (b) Unless the Issuing Entity or the Grantor Trust otherwise determines, the fiscal year
of the Issuing Entity and the Grantor Trust, respectively, shall end on December 31 of such year. 
 Section 7.4 Reports by
Indenture Trustee. 
 (a) If required by TIA § 313(a), within sixty (60) calendar days after each January 15, beginning
with January 15, 2023, the Indenture Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA §
313(b). A copy of any report delivered pursuant to this Section 7.4(a) shall, at the time of its mailing to Noteholders, be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. 

(b) On or prior to each Distribution Date the Indenture Trustee shall deliver or make available on its website a copy of the statement for the
related Collection Period or Periods applicable to such Distribution Date as required pursuant to Section 2.8(a) of the Servicing Agreement. 

  
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 Section 7.5 Noteholder Communications. 

(a) Noteholder Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner
(if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notice to
the Indenture Trustee. In the event that a Verified Note Owner communicates with the Indenture Trustee, the Indenture Trustee shall provide a copy of the supporting evidence provided to the Indenture Trustee to the Administrator. The Indenture
Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Verified Note Owner, other than requests, demands or directions relating to obligations of the Indenture Trustee in connection with an
Asset Representations Review Notice explicitly set forth in Section 12.2, a Repurchase Request made by a Noteholder pursuant to Section 3.2 of the Receivables Purchase Agreement or in connection with a dispute resolution
pursuant to Section 3.2 of the Receivables Transfer Agreement, unless the Noteholder or Verified Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the fees and expenses
that it may incur in complying with the request, demand or direction. In connection with an unresolved Repurchase Request pursuant to Section 3.2 of the Receivables Transfer Agreement, the Indenture Trustee, at the direction of the Administrator,
shall notify the Requesting Party at the end of the 180-day period if a Repurchase Request remains unresolved. 

(b) Communications between Noteholders. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes
are represented by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Transaction Documents may send a request to the Administrator,
on behalf of the Issuing Entity, at abs-transactions@carvana.com to include information regarding the communication in a Form 10-D to be filed by the Issuing Entity with
the Commission. Each request must include (i) the name of the requesting Noteholder or Verified Note Owner, (ii) the method by which other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (iii) in
the case of a Note Owner, evidence of and a certification from that Person that it is a Verified Note Owner. A Noteholder or Note Owner, as applicable, that delivers a request under this Section 7.5(b) will be deemed to have
certified to the Administrator that its request to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of rights under this Indenture or the other Transaction Documents, and will not be used for
other purposes. The Administrator will include in the Form 10-D filed with the Commission for the Collection Period in which the request was received (A) a statement that the Administrator has received a
request from a Noteholder or Note Owner, as applicable, that is interested in communicating with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Transaction Documents, (B) the
name of the requesting Noteholder or Note Owner, (C) the date the request was received, (D) a statement that the Noteholder is interested in communicating with other Noteholders about the possible exercise of rights under the Transaction Documents
and (E) a description of the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that such requesting Noteholder or Note Owner will pay any costs associated with communicating with other Noteholders or Note Owners, and none of the Seller, the Servicer, the Depositor, the
Issuing Entity, the Administrator, the Indenture Trustee or the Owner Trustee will be responsible for such costs. 

  
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 ARTICLE VIII 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

Section 8.1 Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or
delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The
Indenture Trustee or any Paying Agent shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any
agreement or instrument that is part of the Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action
shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 

Section 8.2 Designated Accounts; Payments. 

(a) Establishment of Other Accounts. 

(i) The Indenture Trustee shall establish with the Account Holder the Reserve Account, the Collection Account and the Note
Distribution Account, each in the name of the Indenture Trustee for the benefit of the Noteholders and, solely in the case of the Collection Account and the Reserve Account, the Certificateholders. The Indenture Trustee shall establish with the
Account Holder the Class N Reserve Account in the name of the Indenture Trustee for the benefit of the Class N Noteholders. 

(ii) The Collection Account, the Note Distribution Account, the Reserve Account and the Class N Reserve Account shall be
Eligible Deposit Accounts initially established with Wells Fargo Bank, National Association, as the Account Holder. Funds deposited in each of the Designated Accounts (including amounts, if any, which the Servicer is required to remit daily to the
Collection Account) shall be invested in the Investment Fund. Such investments shall, in each case, mature or, if such Eligible Investment does not mature, be liquidated as set forth in the definition of “Eligible Investments”;
provided that neither the Administrator nor the Indenture Trustee shall have the power or right to change or alter the particular Eligible Investments identified in the definition of “Investment Fund” with respect to which such
funds are invested; and provided further that the Administrator shall provide written notice to the Indenture Trustee, promptly upon any investment in each of the Designated Accounts ceasing to be an Eligible Investment, and such
notification shall include an instruction to the Indenture Trustee to withdraw the funds from the ineligible investment and to deposit such funds into the applicable Eligible Investment set forth in the definition of “Investment
Fund.” The Administrator shall have no power or right whatsoever to change or alter any of the initial specifications set forth in the definition of “Investment Fund”; provided
that if the Account Holder ceases to be an Eligible Institution (such occurrence, an “Account Status Event”) the Administrator shall (A) provide written notice within thirty
(30) calendar days of knowledge of such Account Status Event to the Indenture Trustee and any Account Holder and shall include the proposed Account Holder information in such notice, (B) open any

  
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necessary accounts at such proposed Account Holder within sixty (60) calendar days of knowledge of such Account Status Event, and (C) provide written notice to the Indenture Trustee and
any Account Holder instructing the Account Holder to transfer the Designated Accounts to another Account Holder that is an Eligible Institution; and provided further that should the Account Holder inform the Administrator or the
Indenture Trustee that no further investments may be made with respect to a specific Eligible Investment, then any additional funds shall be invested by that same Account Holder in an Eligible Investment in accordance with the definition of
“Investment Fund.” Investments in Eligible Investments shall be made in the name of the Indenture Trustee or its nominee, and such investments shall not be sold or disposed of prior to their maturity, notwithstanding anything to the
contrary provided in this Indenture. Investment Earnings on funds deposited in the Reserve Account, the Class N Reserve Account and the Collection Account shall be payable to the Depositor. Each Account Holder holding a Designated Account as
provided in this Section 8.2(a), shall be a “securities intermediary.” If an Account Holder shall be a Person other than the Indenture Trustee, and if the Indenture Trustee is not the customer or entitlement
holder with respect to the Designated Accounts, the Administrator shall obtain the express agreement of such Person to the obligations of the Account Holder set forth in this Section 8.2. 

(iii) With respect to the Designated Account Property, the Indenture Trustee, as customer or entitlement holder with respect to
each Designated Account, as applicable, agrees, by its acceptance hereof, that: 
 (A) The Designated Accounts are accounts
to which Financial Assets will be credited. 
 (B) All securities or other property underlying any Financial Assets credited
to the Designated Accounts shall be registered in the name of the Account Holder or the securities intermediary, indorsed to the Account Holder or the securities intermediary or in blank or credited to another securities account maintained in the
name of the Account Holder or the securities intermediary and in no case will any Financial Asset credited to any of the Designated Accounts be registered in the name of the Issuing Entity, the Servicer or the Seller, payable to the order of the
Issuing Entity, the Servicer or the Seller or specially indorsed to the Issuing Entity, the Servicer or the Seller except to the extent the foregoing have been specially indorsed to the Account Holder or in blank. 

(C) All property delivered to the Account Holder pursuant to this Indenture or the Indenture will be promptly credited to the
appropriate Designated Account. 
 (D) Each item of property (whether investments, investment property, Financial Asset,
security, instrument or cash) credited to a Designated Account shall be treated as a “Financial Asset” within the meaning of Section 8-102(a)(9) of the New York UCC. 

  
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 (E) If at any time the Account Holder shall receive any entitlement order
from the Indenture Trustee directing transfer or redemption of any Financial Asset relating to the Designated Accounts, the Account Holder shall comply with such entitlement order without further consent by the Grantor Trust, the Issuing Entity, the
Servicer, the Seller or any other Person. 
 (F) The Designated Accounts shall be governed by the laws of the State of New
York, regardless of any provision in any other agreement. For purposes of the UCC, New York shall be deemed to be the Account Holder’s jurisdiction and the Designated Accounts (as well as the Securities Entitlements related thereto) shall be
governed by the laws of the State of New York. The laws of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention with respect to each “account agreement” (within the meaning of the Hague
Securities Convention) of each Designated Account. The Account Holder shall have at the time of entry of each such account agreement and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities
Convention) in the United States of America which satisfies the criteria provided in Article 4(1)(a) or (b) of the Hague Securities Convention. 

(G) The Account Holder has not entered into, and until the termination of this Indenture will not enter into, any agreement
with any other person relating to the Designated Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8)
of the New York UCC) of such other person and the Account Holder has not entered into, and until the termination of this Indenture will not enter into, any agreement with the Issuing Entity, the Seller, the Servicer or the Indenture Trustee
purporting to limit or condition the obligation of the Account Holder to comply with entitlement orders as set forth in Section 8.2(a)(iii)(E). 

(H) Except for the claims and interest of the Indenture Trustee and of the Issuing Entity in the Designated Accounts, the
Account Holder knows of no claim to, or interest in, the Designated Accounts or in any Financial Asset credited thereto. If any other Person asserts any Lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of
attachment, execution or similar process) against the Designated Accounts or in any Financial Asset carried therein, the Account Holder will promptly notify the Indenture Trustee, the Servicer and the Issuing Entity thereof. 

(I) The Account Holder will make available electronically, copies of all statements, confirmations and other correspondence
concerning the Designated Accounts and any Designated Account Property simultaneously to each of the Servicer and the Indenture Trustee. 

(J) Any Designated Account Property that constitutes Physical Property shall be delivered to the Indenture Trustee and shall be
held, pending maturity or disposition, solely by the Indenture Trustee, or by an Account Holder acting solely for the Indenture Trustee, as collateral agent. 

  
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 (iv) The Indenture Trustee shall possess all right, title and interest in
and to all funds on deposit from time to time in the Designated Accounts and in all proceeds thereof. The Designated Accounts shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Securityholders and the
Issuing Entity (as specified herein). 
 (v) The Administrator shall not direct the Indenture Trustee to make any investment
of any funds or to sell any investment held in any of the Designated Accounts unless the security interest granted and perfected in such account shall continue to be perfected in such investment or the proceeds of such sale, in either case without
any further action by any Person. 
 (vi) Except as otherwise provided herein, the Indenture Trustee, the Owner Trustee, the
Grantor Trust Trustee, the Account Holder and each other institution with whom a Designated Account is maintained waives any right of set-off, counterclaim, security interest or bankers’ lien to which it
might otherwise be entitled in its individual capacity. 
 (b) Application of Collections; Additional Deposits.  

(i) On or before the Closing Date, the Seller or the Depositor shall deposit the Reserve Account Initial Deposit into the
Reserve Account from the net proceeds of the sale of the Notes. 
 (ii) On or before the Closing Date, the Depositor shall
deposit the Class N Reserve Account Initial Deposit into the Class N Reserve Account from the net proceeds of the sale of the Notes. 

(iii) The Servicer, the Depositor or the Seller, as the case may be, shall deposit or cause to be deposited in the Collection
Account the aggregate Purchase Amount with respect to Purchased Receivables and the Servicer shall deposit therein all amounts to be paid under Section 6.1 of the Servicing Agreement. Except for those deposits to be made by Servicer under
Section 6.1 of the Servicing Agreement, all such deposits shall be made, in immediately available funds, on the Business Day preceding the Determination Date. With respect to deposits to be made by Servicer under Section 6.1 of the
Servicing Agreement, such deposits shall be made, in immediately available funds, on the Business Day preceding the Distribution Date. 

(iv) On each Distribution Date, the Indenture Trustee shall transfer from the Reserve Account and deposit in the Note
Distribution Account before 12:00 p.m. (New York time) the Reserve Account Draw Amount (if any) for that Distribution Date in accordance with the Servicer’s Certificate. 

(v) On each Distribution Date, the Indenture Trustee shall transfer from the Class N Reserve Account and deposit in the
Note Distribution Account before 12:00 p.m. (New York time) the Class N Reserve Account Draw Amount (if any) for that Distribution Date in accordance with the Servicer’s Certificate. 

  
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 (vi) On each Distribution Date, the Indenture Trustee shall transfer from
the Collection Account to the Servicer, in immediately available funds, an amount equal to the Supplemental Servicing Fees and Liquidation Expenses (as set forth on the Servicer’s Certificate) (and any unpaid Supplemental Servicing Fees and
Liquidation Expenses from prior periods) during the related Collection Period in accordance with the Servicer’s Certificate. 

(vii) On any Distribution Date that the amount on deposit in the Reserve Account together with Available Funds is sufficient to
pay all amounts due pursuant to Section 2.7(b)(i) through (xi) and the aggregate outstanding principal amount of the Class A Notes, Class B Notes, Class C Notes and the Class D Notes then
such amount will be used to repay all such outstanding classes of Notes in full on such Distribution Date. 
 (c) Distributions. On
each Distribution Date, in accordance with the Servicer’s Certificate, the Indenture Trustee shall cause to be distributed to the Noteholders all amounts on deposit in the Note Distribution Account (subject to the Depositor’s rights to
Investment Earnings pursuant to Section 8.2(a)(ii) hereof) in the following order of priority and in the amounts determined as described below: 

(i) On each Distribution Date, the amount deposited in the Note Distribution Account in respect of interest on the Notes shall
be applied in the following order of priority, to the extent of remaining funds after all earlier priorities have been satisfied, and any amount so applied shall be paid on such Distribution Date to the holders of Notes of each applicable Class:

 (A) the Aggregate Class A Interest Distributable Amount shall be paid to the holders of the Class A Notes; 

(B) the Aggregate Class B Interest Distributable Amount shall be paid to the holders of the Class B Notes; 

(C) the Aggregate Class C Interest Distributable Amount shall be paid to the holders of the Class C Notes; 

(D) the Aggregate Class D Interest Distributable Amount shall be paid to the holders of the Class D Notes; and 

(E) the Aggregate Class N Interest Distributable Amount shall be paid to the holders of the Class N Notes; 

provided however, if there are not sufficient funds to so pay the entire amount specified in any of the foregoing priorities for a particular
Class of Notes, then the amount available for such Class of Notes shall be paid to the Holders thereof ratably on the basis of the total amount of accrued and unpaid interest owing to each such Holder. 

  
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 (ii) The amount deposited in the Note Distribution Account pursuant to
Section 2.7(b)(v), (vii), (ix), (xi) and (xiii) as applicable, shall be applied to each Class of Notes in the following amounts and in the following order of priority and any amount so
applied shall be paid on such Distribution Date to the Holders of such Class of Notes: 
 (1) to the Class A-1 Notes, until the Outstanding Amount of the Class A-1 Notes is reduced to zero; 

(2) to the Class A-2 Notes, until the Outstanding Amount of the Class A-2 Notes is reduced to zero; 
 (3) to the
Class A-3 Notes, until the Outstanding Amount of the Class A-3 Notes is reduced to zero; 

(4) to the Class A-4 Notes, until the Outstanding Amount of the Class A-4 Notes is reduced to zero; 
 (5) to the Class B Notes, until the
Outstanding Amount of the Class B Notes is reduced to zero; 
 (6) to the Class C Notes, until the Outstanding
Amount of the Class C Notes is reduced to zero; 
 (7) to the Class D Notes, until the Outstanding Amount of the
Class D Notes is reduced to zero. 
 (iii) The amount deposited in the Note Distribution Account pursuant to
Section 2.7(b)(xvi) shall be applied to the Class N Notes, until the Outstanding Amount of the Class N Notes is reduced to zero. 

Section 8.3 General Provisions Regarding Accounts. 

(a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Designated Accounts
shall be invested in Eligible Investments upon Issuing Entity Order. Absent such direction, the funds shall remain uninvested. All such investments shall mature or be liquidated no later than the Business Day preceding the next Distribution Date.
All income or other gain (net of losses and investment expenses) from investments of monies deposited in the Collection Account, the Reserve Account or the Class N Reserve Account shall be withdrawn (or caused to be withdrawn) by the Indenture
Trustee from such accounts and distributed as provided herein to the Depositor. Each of the Issuing Entity and the Administrator acknowledges that upon its written request and at no additional cost, it has the right to receive notification after the
completion of each purchase and sale of Eligible Investments or the Indenture Trustee’s receipt of a broker’s confirmation. Each of the Issuing Entity and the Administrator agrees that such notifications shall not be provided by the
Indenture Trustee hereunder, and the Indenture Trustee shall make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity. No statement need be made available for any account if no
activity has occurred in such account during such period. 
 (b) Subject to Section 6.1(c), the Indenture Trustee
shall not in any way be held liable by reason of any insufficiency in any of the Designated Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s failure to make
payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

  
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 (c) If (i) the Issuing Entity shall have failed to give investment directions for any
funds on deposit in the Designated Accounts to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Issuing Entity and the Indenture Trustee) on any Business Day; or (ii) a Default or Event of
Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2, or, if such Notes shall have been declared due and payable
following an Event of Default, but amounts collected or receivable from the Collateral are being applied in accordance with Section 5.5 as if there had not been such a declaration; then in each case, funds in the Designated
Accounts shall remain uninvested. 
 Section 8.4 Release of Trust Estate. 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when
required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are consistent with
the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any monies. 
 (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due to the Indenture Trustee pursuant to Section 6.7 have been paid and the Grantor Trust has been dissolved, release any remaining portion of the Collateral that secured the Notes from the Lien of
this Indenture and release to the Issuing Entity, the Grantor Trust or any other Person entitled thereto any funds then on deposit in the Designated Accounts, including distribution of the funds in the Reserve Account, less Investment Earnings, to
the Certificate Distribution Account (for further distribution to the Certificateholders). The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this Section 8.4(b) only upon receipt by it
of an Issuing Entity Request, an Officer’s Certificate, an Opinion of Counsel addressed to the Indenture Trustee and (if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the
applicable requirements of Section 11.1. 
 (c) The Indenture Trustee shall, at such time as there are no Class N Notes
Outstanding and all sums due to the Indenture Trustee in connection with, and reasonably attributable (as determined by the Administrator) to, such Class N Notes pursuant to Section 6.7 have been paid, release any
remaining portion of the Collateral that secured the Class N Notes from the Lien of this Indenture and release to the Depositor any funds then on deposit in the Class N Reserve Account, including Investment Earnings. The Indenture Trustee
shall release such property from the Lien of this Indenture pursuant to this Section 8.4(c) only upon receipt by it of an Issuing Entity Request and an Officer’s Certificate certifying that all conditions precedent to
such release have been satisfied. 

  
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 Section 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least
seven (7) calendar days’ notice when requested by the Issuing Entity or the Grantor Trust to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that
all conditions precedent to the taking of such action have been complied with and such action shall not materially and adversely impair the security for the Secured Obligations or the rights of the Secured Parties in contravention of the provisions
of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Collateral. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy
and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 
 ARTICLE IX

 SUPPLEMENTAL INDENTURES 

Section 9.1 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Noteholders or any other Person, the Issuing Entity, the Grantor Trust and, when authorized by an Issuing
Entity Order, the Indenture Trustee at any time and from time to time, may enter into one or more indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this
Indenture or for the purposes of modifying in any manner the rights of the Noteholders under this Indenture subject to satisfaction of the following conditions: 

(i) the Issuing Entity delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect that such
supplemental indenture will not materially and adversely affect the interests of the Noteholders or the Unaffiliated Certificateholders; 

(ii) the Rating Agency Condition is satisfied with respect to such amendment and the Issuing Entity notifies the Indenture Trustee in writing
that the Rating Agency Condition is satisfied with respect to such amendment; or 
 (iii) to cure any ambiguity, correct or supplement any
provision in this Indenture that may be defective or inconsistent with any other provision in this Indenture or any other Transaction Document or with any description thereof in the Prospectus, the Class N Notes Confidential Offering Memorandum
or the Certificate Private Placement Memorandum, or add to the covenants, restrictions or obligations of the Indenture Trustee. 
 (b) The
Issuing Entity and the Grantor Trust and, when authorized by an Issuing Entity Order, the Indenture Trustee, may, also without the consent of any of the Noteholders but with prior written notice by the Issuing Entity to the Rating Agencies, at any
time and from time to time enter into one or more indentures supplemental hereto (i) for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this Indenture or modifying in any manner the
rights of the Noteholders under this Indenture in any manner that shall not, as evidenced by an Opinion of Counsel, materially and adversely affect the interests of any Noteholder or (ii) if the Rating Agency Condition is satisfied with respect
to such supplemental indenture and the Depositor or the Administrator notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such supplemental indenture. 

  
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 (c) Notwithstanding anything to the contrary herein, prior to the execution of any
supplement to this Indenture, an Opinion of Counsel shall be delivered to the effect that any amendment pursuant to this Section 9.1 would not cause either of the Issuing Entity or the Grantor Trust to fail to qualify as a
grantor trust for United States federal income tax purposes. 
 (d) The Owner Trustee and the Grantor Trust Trustee may, but shall not be
obligated to, enter into any such supplemental indenture that affects the Owner Trustee’s or the Grantor Trust Trustee’s rights, duties, immunities, indemnities or liabilities under this Indenture. No amendment which adversely affects the
rights, duties, indemnities, immunities or liabilities of the Owner Trustee or the Grantor Trust Trustee under this Indenture shall be effective without its prior written consent. 

(e) Notwithstanding anything in this Indenture to the contrary, no supplemental indenture shall be effective without the prior written consent
of the Asset Representations Reviewer if the supplemental indenture would adversely modify the amount or timing of distributions to be made to the Asset Representations Reviewer under this Indenture. The Indenture Trustee shall have no
responsibility for determining whether any supplemental indenture would adversely modify the amount or timing of distributions to be made to the Asset Representations Reviewer under this Indenture. 

Section 9.2 Supplemental Indentures With Consent of Noteholders. 

(a) The Issuing Entity and the Grantor Trust may and, when authorized by an Issuing Entity Order, the Indenture Trustee, also may, with ten
(10) Business Days prior written notice by the Issuing Entity to each of the Rating Agencies, and with the consent of the Holders of not less than a majority of the Outstanding Amount of the Controlling Class, by Act of such Holders delivered
to the Issuing Entity, the Grantor Trust and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this
Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note adversely affected
thereby: 
 (i) change the due date of any installment of principal of or interest on any Note, or reduce the principal
amount thereof, the interest rate applicable thereto (it being understood that a waiver of any Event of Default by the Requisite Noteholders will not in and of itself be deemed to have any of the foregoing effects), or the Redemption Price with
respect thereto, change any place of payment where, or the coin or currency in which, any Note or any interest thereon is payable, or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the
application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 

  
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 (ii) reduce the percentage of the Outstanding Amount of the Controlling
Class, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and
their consequences as provided for in this Indenture; 
 (iii) modify or alter the provisions of the proviso to the
definition of the term “Outstanding”; 
 (iv) reduce the percentage of the Outstanding Amount of the Notes
required to direct the Indenture Trustee to sell or liquidate the Collateral pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the principal amount of and accrued but unpaid interest on the
Outstanding Notes; 
 (v) modify any provision of this Section 9.2 to decrease the required minimum
percentage necessary to approve any amendments to any provisions of this Indenture or any of the Transaction Documents; or 

(vi) permit the creation of any Lien ranking prior to or on a parity with the Lien of this Indenture with respect to any part
of the Collateral or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any property at any time subject thereto or deprive the Holder of any Note of the security afforded by the Lien of this Indenture.

 (b) The Indenture Trustee may rely on an Officer’s Certificate and/or an Opinion of Counsel in determining whether or not any Notes
would be affected (such that the consent of each Noteholder would be required) by any supplemental indenture proposed pursuant to this Section 9.2 and any such determination shall be binding upon the Holders of all Notes,
whether authenticated and delivered thereunder before or after the date upon which such supplemental indenture becomes effective. 
 (c) It
shall be sufficient if an Act of Noteholders approves the substance, but not the form, of any proposed supplemental indenture. 
 (d)
Promptly after the execution by the Issuing Entity and the Indenture Trustee of any supplemental indenture pursuant to this Section 9.2, the Indenture Trustee shall deliver to the Noteholders a copy of such supplemental
indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

(e) Notwithstanding anything to the contrary herein, prior to the execution of any supplement to this Indenture, an Opinion of Counsel shall
be delivered to the Owner Trustee and the Grantor Trust Trustee to the effect that any amendment pursuant to this Section 9.2 would not cause either of the Issuing Entity or the Grantor Trust to fail to qualify as a grantor
trust for United States federal income tax purposes. 

  
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 Section 9.3 Execution of Supplemental Indentures. In executing, or permitting
the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections
6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and an Officer’s Certificate stating that all
conditions precedent to the execution and delivery of such supplemental indenture have been satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own
rights, duties, liabilities or immunities under this Indenture or otherwise. 
 Section 9.4 Effect of Supplemental Indenture.
Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuing Entity, the Grantor Trust and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject
in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 9.5 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Issuing Entity as to any matter provided for in such supplemental indenture. If the Issuing
Entity, the Grantor Trust or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture may be prepared and executed by the
Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes of the same Class. 

Section 9.6 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed
pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

ARTICLE X 
 REDEMPTION OF
NOTES 
 Section 10.1 Redemption. The Notes (other than the Class XS Notes) are subject to redemption in whole, but not
in part, upon the exercise by the Servicer of its option to purchase the Receivables pursuant to Section 6.1 of the Servicing Agreement. The date on which such redemption shall occur is the Distribution Date following the Optional Purchase Date
identified by Servicer in its notice of exercise of such purchase option (the “Redemption Date”). The purchase price for the Notes (other than the Class XS Notes) shall be equal to the applicable Redemption Price. After receipt
of such notice from the Servicer pursuant to Section 6.1 of the Servicing Agreement, the Issuing Entity shall furnish the Rating Agencies notice of such redemption. If the Notes (other than the Class XS Notes) are to be redeemed pursuant
to this Section 10.1, the Servicer or the Issuing Entity shall furnish notice thereof to the Indenture Trustee 

  
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not later than ten (10) calendar days prior to the Redemption Date and the Indenture Trustee (based on such notice) shall withdraw from the Collection Account and deposit into the Note
Distribution Account, on the Redemption Date, the aggregate Redemption Price of the Notes (other than the Class XS Notes), whereupon all such Notes (other than the Class XS Notes) shall be due and payable on the Redemption Date. 

Section 10.2 Form of Redemption Notice. Notice of redemption of the Notes (other than the Class XS Notes) under
Section 10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted promptly following receipt of notice from the Issuing Entity or the Servicer pursuant to
Section 10.1, but not later than five (5) calendar days prior to the applicable Redemption Date to each Noteholder of record at such Noteholder’s address or facsimile number appearing in the Note Register (or
otherwise communicate such notice of redemption electronically to the Noteholders). 
 (a) All notices of redemption shall state: 

(i) the Redemption Date; 

(ii) the applicable Redemption Price; and 

(iii) the place where Notes (other than the Class XS Notes) are to be surrendered for payment of the Redemption Price
(which shall be the office or agency of the Issuing Entity to be maintained as provided in Section 3.2). 
 (b)
Notice of redemption of the Notes (other than the Class XS Notes) shall be given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice of redemption, or any defect therein, to any Holder of any
Note shall not impair or affect the validity of the redemption of any other Note. 
 Section 10.3 Notes Payable on Redemption
Date. The Notes (other than the Class XS Notes) to be redeemed shall, following notice of redemption as required by Section 10.2, on the Redemption Date cease to be Outstanding for purposes of this Indenture and
shall thereafter represent only the right to receive the applicable Redemption Price and (unless the Issuing Entity shall default in the payment of such Redemption Price) no interest shall accrue on such Redemption Price for any period after the
date to which accrued interest is calculated for purposes of calculating such Redemption Price. 
 ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Compliance Certificates and Opinions, etc. 

(a) Upon any application or request by the Issuing Entity or the Grantor Trust to the Indenture Trustee to take any action under any provision
of this Indenture that requires an application or request hereunder, the Issuing Entity shall, if requested by the Indenture Trustee, furnish to the Indenture Trustee: (i) an Officer’s Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with; (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if

  
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any, have been complied with; and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this
Section 11.1, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need
be furnished. Every certificate or opinion delivered with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(A) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or
condition and the definitions herein relating thereto; 
 (B) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(C) a statement that, in the judgment of each such signatory, such signatory has made such examination or investigation as is
necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(D) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 

(b) Periodic Officer’s Certificates. 

(i) Prior to the deposit with the Indenture Trustee of any Collateral or other property or securities that is to be made the
basis for the release of any property or securities subject to the Lien of this Indenture, the Issuing Entity shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within ninety (90) calendar days of such deposit) to the Issuing Entity of the Collateral or other
property or securities to be so deposited. 
 (ii) Whenever the Issuing Entity is required to furnish to the Indenture
Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in Section 11.1(b)(i), the Issuing Entity shall also deliver to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value to the Issuing Entity of the property or securities to be so deposited and of all other such securities made on the basis of any such withdrawal or release since the commencement of the then
current fiscal year of the Issuing Entity, as set forth in the certificates delivered pursuant to Section 11.1(b)(i) and this Section 11.1(b)(ii), is 10% or more of the Outstanding Amount of the
Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuing Entity as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of
the Outstanding Amount of the Notes. 

  
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 (iii) Other than with respect to the release of any Purchased Receivables,
whenever any property or securities are to be released from the Lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such
certificate as to the fair value (within ninety (90) calendar days of such release) of the property or securities proposed to be released and stating that in the opinion of such Person the proposed release will not impair the security under
this Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuing Entity is required to furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the matters described in Section 11.1(b)(iii), the Issuing Entity shall also furnish to the Indenture Trustee
an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property, other than Purchased Receivables or Receivables valued at their Principal Balance of the Receivables, or securities released
from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by Section 11.1 (b)(iii) and this Section 11.1(b)(iv), equals 10%
or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or
less than one percent of the then Outstanding Amount of the Notes. 
 (v) Notwithstanding
Section 2.9 or any other provision of this Section 11.1, the Issuing Entity or the Grantor Trust, as applicable, may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to
the extent permitted or required by the Transaction Documents, (B) make cash payments out of the Designated Accounts and the Certificate Distribution Account as and to the extent permitted or required by the Transaction Documents and
(C) take any other action not inconsistent with the TIA. 
 Section 11.2 Form of Documents Delivered to Indenture Trustee.

 (a) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and
one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

(b) Any certificate or opinion of an Authorized Officer of the Issuing Entity may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that any certificate, opinion or representation with respect to the matters upon which his certificate or
opinion is based is erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the
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Entity, the Grantor Trust or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Sponsor, the Depositor, the Issuing
Entity, the Grantor Trust or the Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

(c) Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 (d) Whenever in this Indenture,
in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity’s
compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such
document shall in such case be conditions precedent to the right of the Issuing Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture
Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 

Section 11.3 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders or a Class of Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise
expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuing Entity and the Grantor Trust. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee, the Grantor Trust and the Issuing Entity, if made in the manner provided in
this Section 11.3. 
 (b) The fact and date of the execution by any person of any such instrument or writing may
be proved in any manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register.

 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes (or any one or more
Predecessor Notes) shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee, the Grantor Trust or the
Issuing Entity in reliance thereon, whether or not notation of such action is made upon such Note. 

  
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 Section 11.4 Notices, etc., to Indenture Trustee, Grantor Trust, Issuing Entity and
Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction,
notice, instruction, consent, waiver, Act of Noteholders or other document is to be made upon, given or furnished to or filed with: 
 (a)
the Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office; 

(b) the Grantor Trust Trustee by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and
either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested to the Grantor Trust Trustee at the address specified in Part III of Appendix A to the
Receivables Purchase Agreement; 
 (c) to the Owner Trustee at the Corporate Trust Office of the Owner Trustee; 

(d) the Grantor Trust by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and either
sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested to the Grantor Trust and the Grantor Trust Trustee each at the address specified in Part III of Appendix
A to the Receivables Purchase Agreement; or 
 (e) the Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient for
every purpose hereunder if in writing and either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested to the Issuing Entity and the Owner Trustee each at the
address specified in Part III of Appendix A to the Receivables Purchase Agreement. 
 The Issuing Entity and the Grantor Trust shall
promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. The Indenture Trustee shall likewise promptly transmit any notice received by it from the Noteholders to the Issuing Entity and the Grantor Trust. 

Notices required to be given to the Rating Agencies by the Issuing Entity and the Indenture Trustee or the Owner Trustee shall be delivered as
specified in Part III of Appendix A to the Receivables Purchase Agreement. 
 Section 11.5 Notices to Noteholders; Waiver. 

(a) Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if it is in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Person’s address as it appears on the Note Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. If notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such
notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given regardless of whether such notice is in fact actually received. 

  
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 (b) Where this Indenture provides for notice in any manner, such notice may be waived in
writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be
a condition precedent to the validity of any action taken in reliance upon such a waiver. 
 (c) In case, by reason of the suspension of
regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event of Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner
of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 (d)
Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute an Event of Default. 

(e) In the case of Book-Entry Notes, if the Note Depository allows for delivery of notice and other communications by electronic means, mail
shall mean such electronic means, unless otherwise required by law. 
 Section 11.6 Alternate Payment and Notice Provisions.
Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuing Entity may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent
to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuing Entity shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall cause payments to
be made and notices to be given in accordance with such agreements. 
 Section 11.7 Conflict with Trust Indenture Act. If any
provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

The provisions of TIA §§ 310 through 317 that impose duties on any person (including the provisions automatically deemed included
herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

Section 11.8 Effect of Headings and Table of Contents. The headings herein are for purposes of references only and shall not
otherwise affect the meaning or interpretation of any provision hereof. 
 Section 11.9 Successors and Assigns. 

(a) All covenants and agreements in this Indenture and the Notes by the Issuing Entity and the Grantor Trust shall bind its successors and
assigns, whether so expressed or not. 

  
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 (b) All covenants and agreements of the Indenture Trustee in this Indenture shall bind its
successors and assigns, whether so expressed or not. 
 Section 11.10 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Indenture or the Notes shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Indenture and the Notes and shall in no way affect the validity or enforceability of the other provisions of this Indenture and the Notes. 

Section 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, and to the extent expressly provided herein, the Noteholders, the Certificateholders, the Owner Trustee, the Grantor Trust Trustee, any other party secured hereunder and any other Person
with an ownership interest in any part of the Trust Estate, each of which shall be considered to be a third party beneficiary hereof. The Asset Representations Reviewer shall be a third-party beneficiary to this Indenture, but only to the extent
that it has any rights specified herein. Except as otherwise provided in this Indenture, no other Person will have any right or obligation hereunder. 

Section 11.12 Legal Holidays. If the date on which any payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and except as otherwise provided in
the Transaction Documents, no interest shall accrue for the period from and after any such nominal date. 
 Section 11.13 Governing
Law. THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS INDENTURE SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 
 Section 11.14 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto
hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any Proceeding relating to this Indenture or any
documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of
America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such Proceeding may be brought
and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

  
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 (c) agrees that service of process in any such Proceeding may be effected by mailing a copy
thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Indenture; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law,waives all right of trial by jury in any
Proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder. 

Section 11.15 Counterparts; Electronic Signature. This Indenture may be executed in multiple counterparts. Each counterpart will
be an original and all counterparts will together be one document. Delivery of an executed counterpart of this Indenture by email or facsimile shall be effective as delivery of a manually executed counterpart of this Indenture. This Indenture shall
be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (a) an original manual signature, (b) a faxed, scanned, or photocopied manual signature, or
(c) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including
any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all
purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or
photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be
used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings; provided, however, that any documentation with respect to
transfer of the Notes or other securities presented to the Indenture Trustee or any transfer agent must contain original documents with manually executed signatures. 

Section 11.16 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such
recording is to be effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the
enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 
 Section 11.17 No Recourse. No
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Grantor Trust, Grantor Trust Trustee, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against: 

  
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 (a) the Indenture Trustee, the Grantor Trust Trustee or the Owner Trustee or in their
individual capacities; 
 (b) the Depositor or any other owner of a beneficial interest in the Issuing Entity; or 

(c) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee or the Grantor
Trust Trustee in their individual capacities, the Depositor or any other holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in their individual capacities (or any of their successors or assigns), except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations
in their individual capacities) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles VI, VII and VIII of the Trust Agreement. For all purposes of this Indenture, in the performance of any duties or obligations of the Grantor Trust hereunder, the Grantor Trust Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Articles VI, VII and VIII of the Grantor Trust Agreement. 
 Section 11.18 No Petition.
The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note (or interest therein) issued hereunder, hereby covenant and agree that they shall not, prior to the date which is one year and one day
after the termination of this Indenture, acquiesce, petition or otherwise invoke or cause the Depositor, the Grantor Trust or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a
case against the Depositor, the Grantor Trust or the Issuing Entity under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Depositor, the Grantor Trust or the Issuing Entity or any substantial part of the property of such entity, or ordering the winding up or liquidation of the affairs of the Depositor, the Grantor Trust or the Issuing Entity under any federal or State
bankruptcy or insolvency proceeding. 
 Section 11.19 Inspection. The Issuing Entity agrees that, on reasonable prior notice, it
shall permit any representative of the Indenture Trustee, during the Issuing Entity’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuing Entity, to make copies and extracts therefrom,
to cause such books to be audited by Independent certified public accountants, and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s officers, employees and Independent certified public accountants,
all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law to a court of
competent jurisdiction pursuant to a subpoena or valid court order or to its regulators and any authorized governmental agency in connection with any audit or regulatory examination (and all reasonable applications for confidential treatment are
unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

  
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 Section 11.20 Subordination. Each Noteholder by accepting a Note (or any
interest therein) acknowledges that such Person’s Note (or interest therein) represents an obligation of the Issuing Entity only and does not represent interests in or obligations of the Grantor Trust, the Depositor, the Servicer, the
Administrator, the Owner Trustee, the Indenture Trustee, the Grantor Trust Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or
contemplated in the Transaction Documents. Each Noteholder by the acceptance of a Note (or beneficial interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of any amounts with respect to
the Notes, each Noteholder shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Grantor Trust Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the
event that any of the covenants above of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a
Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (a) its claim against any such other assets shall be, and hereby is, subject
and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (b) the covenant set forth in the
preceding clause (a) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

Section 11.21 Concerning the Owner Trustee. It is expressly understood and agreed by the parties hereto that (a) this
Indenture is executed and delivered by BNY Mellon Trust of Delaware (“BNY Delaware”), not individually or personally but solely as Owner Trustee of the Issuing Entity and Grantor Trust Trustee of the Grantor Trust, in the exercise
of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity or Grantor Trust, as applicable, is made and intended not as personal
representations, undertakings and agreements by BNY Delaware but is made and intended for the purpose of binding only the Issuing Entity or Grantor Trust, as applicable, (c) nothing herein contained shall be construed as creating any liability
on BNY Delaware, individually or personally, to perform any covenant either expressed or implied contained herein of the Issuing Entity or the Grantor Trust, respectively, as applicable, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under the parties hereto, (d) BNY Delaware has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuing Entity or Grantor Trust,
as applicable, in this Indenture and (e) under no circumstances shall BNY Delaware be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or Grantor Trust, as applicable, or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity or Grantor Trust, as applicable, under this Indenture. 

  
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 ARTICLE XII 

COMPLIANCE WITH REGULATION AB 

Section 12.1 Information to be Provided by the Indenture Trustee. 

(a) Except to the extent disclosed by the Indenture Trustee in subsection (b) below, the Indenture Trustee shall (i) on or before the
fifth Business Day of each month, notify the Depositor, in writing, of any Form 10-D Disclosure Item of which a Responsible Officer of the Indenture Trustee has actual knowledge together with a description of
any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Depositor; provided, however, that the Indenture Trustee shall not be required to provide such information in the
event that there has been no change to the information previously provided by the Indenture Trustee to Depositor, and (ii) as promptly as practicable following notice to or actual knowledge by a Responsible Officer of the Indenture Trustee of
any changes to such information, provide to the Depositor, in writing, such updated information. 
 (b) The Indenture Trustee shall, as
promptly as practicable following written notice to, or actual knowledge of, a Responsible Officer of the Indenture Trustee of any changes to any information regarding the Indenture Trustee as is required for the purpose of compliance with Item
1117, of Regulation AB, provide to the Depositor, in writing, such updated information. 
 (c) The Indenture Trustee shall notify the
Depositor in writing on or before March 15 (or, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March 15, 2023, of any Form 10-D Disclosure Item of
which a Responsible Officer of the Indenture Trustee has actual knowledge together with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Depositor;
provided, however, that the Indenture Trustee shall not be required to provide such information in the event that there has been no change to the information previously provided by the Indenture Trustee to Depositor. 

(d) The Indenture Trustee shall notify the Depositor in writing on or before March 15 (or, if such date is not a Business Day, the next
succeeding Business Day) of each year, beginning with March 15, 2023, of any affiliation between the Indenture Trustee and any of the following parties to this securitization transaction, as such parties are identified to the Indenture Trustee
by the Depositor in writing in advance of this securitization transaction: 
 (i) the Depositor; 

(ii) Carvana, LLC, as sponsor; 

(iii) the Issuing Entity; 

(iv) the Grantor Trust; 

(v) the Owner Trustee; 

(vi) the Grantor Trust Trustee; 

(vii) the Servicer; 

(viii) the Backup Servicer; 

(ix) the Asset Representations Reviewer; 

  
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 (x) the Collateral Custodian; and 

(xi) any other material transaction party. 

(e) In connection with the parties listed in clauses (i) through (xi) above, the Indenture Trustee shall include a
description of whether there is, and if so, the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be
obtained in an arm’s length transaction with an unrelated third party, apart from this securitization transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the
asset backed securities issued in this securitization transaction. 
 (f) The Indenture Trustee shall provide the Depositor with
notification, as soon as practicable and in any event within five (5) Business Days, of all demands delivered in writing to a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Receivable pursuant to any
Transaction Document. Subject to this Section 12.1, the Indenture Trustee shall have no obligation to take any other action with respect to any demand. In no event shall the Indenture Trustee have (i) any
responsibility or liability in connection with any filing 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 12.1. 

Section 12.2 Noteholder Demand for Asset Representations Review. 

(a) If the Delinquency Percentage for any Distribution Date meets or exceeds the Delinquency Trigger, a Noteholder (if the Notes are
represented by Definitive Notes) or a Verified Note Owner (if the Notes are represented by Book-Entry Notes), may make a demand on the Indenture Trustee to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the
Asset Representations Reviewer to conduct an Asset Representations Review under the Asset Representations Review Agreement. If Noteholders and Note Owners that collectively hold Notes evidencing at least 5.0% of the aggregate Outstanding Amount of
the Notes (other than the Class N Notes) as of the date of filing the Form 10-D that disclosed that the Delinquency Percentage for the related Distribution Date meets or exceeds the Delinquency Trigger
demand a vote within ninety (90) calendar days of the filing of such Form 10-D, the Indenture Trustee will promptly request a vote of the Noteholders and Note Owners as described in
Section 12.2(b) below; provided, that for the purpose of determining the holders of the Notes Outstanding, any Notes held by the Sponsor or any of its Affiliates shall not be included in such calculation. 

(b) Upon the direction of the Requisite Noteholders or Note Owners set forth in Section 12.2 (a), the Indenture
Trustee shall conduct a vote of all Noteholders in accordance with the Indenture Trustee’s standard vote solicitation process and shall cause a vote to be conducted in accordance with applicable Depository Trust Company procedures of all
Noteholders and Note Owners. The Indenture Trustee shall provide to the Depositor, to the extent available from the Depository Trust Company, if applicable, the voting instructions and procedures applicable to the Noteholders and Note Owners to be
included in the Form 10-D filed by the Issuing Entity with the Commission. Such Form 10-D will also include a statement that sufficient Noteholders are requesting a full
Noteholder vote to commence an Asset Representations Review and will describe 

  
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the applicable voting deadline. Each Noteholder that elects to vote shall vote on the issue of whether or not the Asset Representations Reviewer should be directed to conduct an Asset
Representations Review. The vote will remain open until the 150th day after the filing of the Form 10-D reporting that the Delinquency Percentage for the related Distribution Date meets or exceeds the
Delinquency Trigger. 
 (c) In the event that a Verified Note Owner exercises its right to vote such Note Owner’s beneficial interest,
the Indenture Trustee shall provide a copy of the supporting evidence provided to the Indenture Trustee to the Issuing Entity. 
 (d) If
Noteholders holding at least 5.0% of the aggregate Outstanding Amount of the Notes (other than the Class N Notes) participate in such vote, and Noteholders representing a majority of the Outstanding Amount of such Notes vote for an Asset
Representations Review, the Indenture Trustee will promptly send an Asset Representations Review Notice to the Asset Representations Reviewer, the Issuing Entity and the Servicer at the address specified in Part III of Appendix A to the Receivables
Purchase Agreement notifying the Asset Representations Reviewer that the Noteholders have requested the Asset Representations Review. 
 (e)
The Indenture Trustee shall reasonably cooperate with the Asset Representations Reviewer in the event an Asset Representations Review is commenced pursuant to this Section 12.2 and shall provide the Asset Representations
Reviewer with any documents or other information in its possession and requested by the Asset Representations Reviewer in connection with the Asset Representations Review. The Indenture Trustee shall have no obligation to obtain missing information
from any other party or source. 
 (f) For the avoidance of doubt, the Indenture Trustee shall not be required to (i) give notice to
Noteholders that or determine whether the Delinquency Percentage for any Distribution Date meets or exceeds the Delinquency Trigger or (ii) determine which assets are subject to an Asset Representations Review by the Asset Representations
Reviewer. 
 [REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the Issuing Entity, the Grantor Trust and the Indenture Trustee have
caused this Indenture to be duly executed by their respective officers, thereunto duly authorized, as of the day and year first above written. 
  

			
	CARVANA AUTO RECEIVABLES TRUST 2022-P3
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ JoAnn C. DiOssi

	Name:	 	JoAnn C. DiOssi
	Title:	 	Vice President
	
	CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Grantor Trust Trustee
		
	By:	 	 /s/ JoAnn C. DiOssi

	Name:	 	JoAnn C. DiOssi
	Title:	 	Vice President
	
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 /s/ Jeanine C. Casey

	Name:	 	Jeanine C. Casey
	Title:	 	Vice President

  

  
 [Signature Page to
Indenture] 
 CRVNA 2022-P3 

Indenture 

 EXHIBIT A 

FORM OF CLASS A-1 / A-2 / B / C / D / N ASSET BACKED NOTES 

 

			
	[REGISTERED][RULE 144A][REGULATION S]	  	Up to $[___]

 NO. R- 
 CUSIP NO. ________ 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING
ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 [[SOLELY FOR THE CLASS N NOTES][FOR U.S. FEDERAL INCOME TAX
PURPOSES, THIS NOTE BEARS ORIGINAL ISSUE DISCOUNT. INFORMATION INCLUDING THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE, AND THE YIELD TO MATURITY WILL BE MADE AVAILABLE TO HOLDERS UPON REQUEST TO THE ADMINISTRATOR. 

THIS RULE 144A GLOBAL NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS RULE 144A GLOBAL NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS RULE 144A GLOBAL NOTE (OR SUCH
INTEREST) IF, OTHER THAN THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND
IS ACQUIRING THIS RULE 144A GLOBAL NOTE (OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS). 

  
 Exhibit A-1 

CRVNA 2022-P3 

Indenture 

 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS RULE 144A GLOBAL NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY
PERSON UNLESS EITHER (i) SUCH SALE IS MADE TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO WHOM NOTICE IS GIVEN THAT THE SALE,
PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON (WHO IS ALSO A QUALIFIED INSTITUTIONAL
BUYER) IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OF THE SECURITIES ACT WHO IS ALSO A QUALIFIED INSTITUTIONAL BUYER AND THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO THE INDENTURE OR (iv) SUCH SALE, PLEDGE OR OTHER
TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE IN THE EVENT THE NOTES ARE DEFINITIVE NOTES (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR
AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND
(B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE SPONSOR, THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY, THE INDENTURE TRUSTEE, THE GRANTOR TRUST TRUSTEE OR THE
OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT.] 
 [THIS
REGULATION S GLOBAL NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY
FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS REGULATION S GLOBAL NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS REGULATION S GLOBAL NOTE (OR SUCH INTEREST) IS DEEMED TO REPRESENT TO THE DEPOSITOR, THE INDENTURE TRUSTEE, AND THE OWNER TRUSTEE
THAT IT IS A NON-U.S. PERSON (AS DEFINED IN REGULATION S) WHO IS ALSO A QUALIFIED INSTITUTIONAL BUYER AND ACQUIRED THE NOTE OUTSIDE OF THE UNITED STATES IN ACCORDANCE WITH REGULATION S. 

NO SALE, PLEDGE OR OTHER TRANSFER OF THIS REGULATION S GLOBAL NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR
OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A
FIDUCIARY OR 

  
 Exhibit A-2 

CRVNA 2022-P3 

Indenture 

 
AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(ii) SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE OF THE UNITED STATES TO A NON-U.S. PERSON (WHO IS ALSO A QUALIFIED INSTITUTIONAL BUYER) IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OF
THE SECURITIES ACT AND THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO TERMS OF THE INDENTURE, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, IN WHICH CASE IN THE EVENT THE NOTES ARE DEFINITIVE NOTES (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE, THE INDENTURE TRUSTEE, AND THE
DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH
SHALL NOT BE AT THE EXPENSE OF THE SPONSOR, THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY, THE INDENTURE TRUSTEE, THE GRANTOR TRUST TRUSTEE OR THE OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE
EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT.] 
 [SOLELY FOR THE CLASS A,
CLASS B, CLASS C AND CLASS D NOTES] [EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF THIS NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL
INTEREST IN THIS NOTE, SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE (OR BENEFICIAL INTEREST THEREIN) WITH THE ASSETS OF (A) AN “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 THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), (C) AN ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR (D) A PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY
SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) THE ACQUISITION AND HOLDING OF THE NOTE (OR BENEFICIAL INTEREST THEREIN) SHALL NOT GIVE RISE TO A NON-EXEMPT
EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW.] 
 [SOLELY FOR THE CLASS N
NOTES] EACH CLASS N NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE OR A BENEFICIAL INTEREST THEREIN, WILL BE DEEMED TO REPRESENT AND WARRANT THAT (I) IT IS NOT ACQUIRING OR HOLDING THE NOTE (OR BENEFICIAL INTEREST THEREIN) WITH THE
ASSETS OF OR ON BEHALF OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED 

  
 Exhibit A-3 

CRVNA 2022-P3 

Indenture 

 
(“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”), OR (C) AN ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF U.S. DEPARTMENT OF LABOR REGULATION CODIFIED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR ACCOUNT, AND (II) EITHER (A) IT IS NOT ACQUIRING OR HOLDING THE NOTE (OR
BENEFICIAL INTEREST THEREIN) WITH THE ASSETS OF OR ON BEHALF OF A PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B) THE ACQUISITION AND HOLDING
OF THE NOTE (OR BENEFICIAL INTEREST THEREIN) WILL NOT GIVE RISE TO A VIOLATION OF ANY SIMILAR LAW. 
 EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE
OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE OWNER TRUSTEE, THE NOTE REGISTRAR OR THE
INDENTURE TRUSTEE ON THE NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE, THE NOTE REGISTRAR OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES,
(ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE, THE NOTE REGISTRAR OR THE OWNER TRUSTEE IN THEIR
INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE, THE NOTE REGISTRAR OR THE INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE, THE NOTE REGISTRAR OR THE OWNER TRUSTEE IN THEIR
INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT THAT ANY SUCH PARTNER, OWNER OR BENEFICIARY SHALL BE FULLY LIABLE, TO THE EXTENT PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL
CONTRIBUTION OR FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH ENTITY. 
 EACH NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A NOTE OR, IN THE CASE
OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE
WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE
DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, 

  
 Exhibit A-4 

CRVNA 2022-P3 

Indenture 

 
SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE PROPERTY OF EITHER OF THEM, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS
OF THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 
 EACH NOTEHOLDER BY ACCEPTING A NOTE (OR ANY
INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S NOTE (OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE SPONSOR, THE DEPOSITOR, THE SERVICER, THE
ADMINISTRATOR, THE OWNER TRUSTEE, THE NOTE REGISTRAR, THE INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR
CONTEMPLATED IN THE TRANSACTION DOCUMENTS. EACH NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO
THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE SPONSOR, THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE NOTE REGISTRAR, THE INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT
THAT ANY OF THE FOREGOING COVENANTS OF EACH NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A
NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE ISSUING ENTITY, EACH NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT
AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN
THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE. 

EACH NOTEHOLDER OR NOTE OWNER (EXCEPT A NOTEHOLDER WHICH IS CONSIDERED FOR U.S. FEDERAL INCOME TAX PURPOSES THE ISSUER OF THE NOTE (OR IS DISREGARDED AS AN
ENTITY SEPARATE FROM SUCH ISSUER)), BY ACCEPTANCE OF A NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE, EXPRESSES ITS INTENTION THAT THIS NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND,
UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE NOTES AS INDEBTEDNESS SECURED BY THE COLLATERAL FOR THE PURPOSE OF U.S. FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES, AND ANY OTHER TAXES IMPOSED
UPON, MEASURED BY OR BASED UPON GROSS RECEIPTS OR GROSS OR NET INCOME. 

  
 Exhibit A-5 

CRVNA 2022-P3 

Indenture 

 [SOLELY FOR THE CLASS B AND CLASS C NOTES] FOR U.S. FEDERAL
INCOME TAX PURPOSES, THIS NOTE BEARS ORIGINAL ISSUE DISCOUNT. INFORMATION INCLUDING THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE, AND THE YIELD TO MATURITY WILL BE MADE AVAILABLE TO HOLDERS UPON REQUEST TO THE ADMINISTRATOR.

 NO TRANSFER (OR PURPORTED TRANSFER) OF ALL OR ANY PART OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) SHALL BE EFFECTIVE UNLESS, PRIOR TO AND AS A
CONDITION TO EACH SUCH TRANSFER, THE PROSPECTIVE TRANSFEREE (INCLUDING THE INITIAL BENEFICIAL OWNER AS THE INITIAL TRANSFEREE) AND ANY SUBSEQUENT TRANSFEREE REPRESENTS AND WARRANTS, IN WRITING TO THE INDENTURE TRUSTEE, THE DEPOSITOR AND ANY OF THEIR
RESPECTIVE SUCCESSORS AND ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE
FOREGOING) (EACH SUCH ENTITY A “FLOW-THROUGH ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER
WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE NOTES, OTHER INTEREST (DIRECT OR INDIRECT) IN THE ISSUING ENTITY, OR ANY INTEREST CREATED UNDER THE
INDENTURE AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE, AND (B) IT DOES NOT AND WILL NOT BENEFICIALLY OWN A NOTE (OR
ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE, ANY TRANSFER OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS WILL BE DEEMED NULL AND VOID AB
INITIO. IF AT ANY TIME, THE ISSUING ENTITY DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE OR BENEFICIAL INTEREST IN SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE ISSUING ENTITY AND
THE INDENTURE TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS NOTE OR SUCH INTEREST IN SUCH NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUING ENTITY.]1 
 [Insert additional legends, as applicable] 

 

	1 	 To be included for the Class N Notes. 

  
 Exhibit A-6 

CRVNA 2022-P3 

Indenture 

 CARVANA AUTO RECEIVABLES TRUST 2022-P3 

CLASS [__] [__]% ASSET BACKED NOTES 
 CARVANA
AUTO RECEIVABLES TRUST 2022-P3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to
pay to Cede & Co., or registered assigns, the principal sum of up to [________] DOLLARS ($[_________]) or such lesser outstanding amount as may be payable in accordance with the Indenture dated as of September 8, 2022 (such indenture,
as amended or supplemented, is herein called the “Indenture”), among the Issuing Entity, Carvana Auto Receivables Grantor Trust 2022-P3 (the “Grantor Trust”), and Computershare Trust
Company, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a
fraction, the numerator of which is the initial principal amount hereof and the denominator of which is the aggregate initial principal amount for this Class of Note by (ii) the aggregate amount, if any, payable on such Distribution Date
from the Note Distribution Account in respect of principal on this Class of Note pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
[___] (the “Final Scheduled Distribution Date”) unless this Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date [, provided further,
however, that the aggregate principal sum of the Regulation S Global Note and the Rule 144A Global Note shall not exceed the principal sum of [___]]. The Issuing Entity shall pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding
Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on this Note shall accrue from and including the Closing Date and shall be payable on each Distribution Date in an amount
equal to the Note Class Interest Distributable Amount for such Distribution Date for this Note. Interest shall be computed on the basis of [Solely for the Class A-1 Notes][the actual number of days
elapsed during the period for which interest is payable and a 360-day year] [For the Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes, Class D Notes and Class N Notes] [a 360-day year of twelve
30-day months (or, in the case of the initial Distribution Date, from and including the Closing Date, a 15-day period)]. Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture. All interest payments on this Class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such Class entitled thereto. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender
for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile signature, this
Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

  
 Exhibit A-7 

CRVNA 2022-P3 

Indenture 

 This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class [__]
[__]% Asset Backed Notes (herein called this “Note”), issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of
the Issuing Entity, the Indenture Trustee and the Noteholders. This Class of Note is one of several duly authorized Classes of Notes of the Issuing Entity issued pursuant to the Indenture (collectively, as to all Notes of all such Classes, the
“Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of this Note by virtue of acceptance hereof assents and by which such
Holder is bound. All capitalized terms used and not otherwise defined in this Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 

The Notes issued pursuant to the Indenture are and shall be equally and ratably secured by the Collateral pledged as security therefor as provided in the
Indenture. 
 [SOLELY FOR THE CLASS A, CLASS B,
CLASS C AND CLASS D NOTES] [Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, shall be deemed to
represent and warrant that either (i) it is not acquiring the Note (or beneficial interest therein) with the assets of (a) an “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 the provisions of Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (c)
an entity or account whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or account or (d) a plan that is subject to any law that is substantially similar to Title I of ERISA or
Section 4975 of the Code (“Similar Law”) or (ii) the acquisition and holding of the Note (or beneficial interest therein) shall not give rise to a non-exempt exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law]. 
 [SOLELY FOR THE
CLASS N NOTES] [Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, will be deemed to represent and warrant that (I) it is not acquiring or holding the Note (or
beneficial interest therein) with the assets of or on behalf of (A) an “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
the provisions of Title I of ERISA, (B) a “plan” as defined in and subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or (C) an entity or account whose underlying assets include
“plan assets” (within the meaning of U.S. Department of Labor Regulation codified at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA) by reason of investment by an
employee benefit plan or plan in such entity or account and (II) either (A) it is not acquiring or holding the Note (or beneficial interest therein) with the assets of or on behalf of a plan that is subject to any law that is substantially
similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”), or (B) the acquisition and holding of the Note (or beneficial interest therein) shall not give rise to a violation of any Similar Law.] 

Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Grantor Trust, the Grantor Trust 

  
 Exhibit A-8 

CRVNA 2022-P3 

Indenture 

 
Trustee, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture
Trustee, the Owner Trustee or the Grantor Trust Trustee in their individual capacities, (ii) the Depositor or any other owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee in their individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, covenants and agrees that by
accepting the benefits of the Indenture such Noteholder or Note Owner shall not, prior to the date which is one year and one day after the termination of the Indenture, acquiesce, petition or otherwise invoke or cause the Depositor, the Grantor
Trust or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor, the Grantor Trust or the Issuing Entity under any federal or State bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor, the Grantor Trust or the Issuing Entity or any substantial part of the property of either of them,
or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 

Each Noteholder or holder of an interest in this Note, by acceptance of this Note or such interest therein, agrees to provide to the Indenture Trustee, any
Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an interest in this
Note, by acceptance of this Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or holder of an interest in this Note that fails to comply with the requirements of the preceding sentence. 

[Each Noteholder or Note Owner or beneficial owner of an interest in this Note, by acceptance of such Note or such interest therein, agrees that
(A) either (I) it is not and shall not become for U.S. federal income tax purposes a partnership, subchapter S corporation or grantor trust (or a disregarded entity the single owner of which is any of the foregoing) (each such entity a
“Flow-Through Entity”) or (II) if it is or becomes a Flow-Through Entity, then (x) none of the direct or indirect beneficial owners of any of the interests in such Flow-Through Entity has or ever shall have more than 50% of the
value of its interest in such Flow-Through Entity attributable to the interest of such Flow-Through Entity in the Notes, other interest (direct or indirect) in the Issuing Entity, or any interest created under the Indenture and (y) it is not
and shall not be a principal purpose of the arrangement involving the investment of such Flow-Through Entity in any Note to permit any partnership to satisfy the 100 partner limitation of
Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Code, and (B) it shall not transfer such Notes to
a Flow-Through Entity (other than a Flow-Through Entity described in subpart (A)(II) above).] 

  
 Exhibit A-9 

CRVNA 2022-P3 

Indenture 

 [SOLELY FOR THE CLASS N NOTES] [Each Noteholder or Note Owner or beneficial owner of an
interest in this Note, by acceptance of such Note or interest therein, represents and agrees that it shall not acquire or transfer such Note (or any interest therein) or cause such Note (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. 
 Each Noteholder or Note Owner or beneficial owner of an interest in
this Note, by acceptance of such Note or interest therein, represents and agrees that, as a result of its own activities separate from those of the Issuing Entity, it would not be required to treat income from such Note as effectively connected to a
United States trade or business of a person that is not a United States person (within the meaning of Section 7701(a)(30) of the Code), and it further acknowledges that no purchaser or beneficial owner of such Note shall provide the Issuing
Entity with either an IRS Form W-8ECI (or successor form) or an IRS Form W-8IMY (or successor form) to which an IRS Form W-8ECI
(or successor form) is attached (either directly or as part of another form attached to such IRS Form W-8IMY). 

Each Noteholder or Note Owner or beneficial owner of an interest in this Note, by acceptance of such Note or interest therein, represents and agrees that if
such Note is required to be treated other than as described under the Indenture, then such Noteholder or Note Owner shall agree to the designation made pursuant to the Trust Agreement of the partnership representative (and the tax matters partner
for any applicable state or local tax purposes) of any partnership in which such Noteholder or Note Owner is deemed to be a partner under Section 6223(a) of the Code (and any corresponding provision of state law) and any applicable Treasury
Regulations thereunder. 
 (A) Each Noteholder or Note Owner or beneficial owner of an interest in this Note, by acceptance of such Note or interest
therein, represents and agrees that it shall provide to the Administrator on behalf of the Issuing Entity and the depositor any further information required by the Issuing Entity to comply with Sections 6221 through 6241 of the Code, including
Section 6226(a) of the Code (and any corresponding provision of state law), (B) if such noteholder is not the beneficial owner of such Note, the beneficial owner of such Note shall provide to the Administrator on behalf of the Issuing Entity
and the Depositor any further information required by the Issuing Entity to comply with Sections 6221 through 6241 of the Code, including Section 6226(a) of the Code (and any corresponding provision of state law) and, to the extent the Issuing
Entity determines such appointment necessary for it to make an election under Section 6226(a) of the Code (or any corresponding provision of state law), hereby appoints the Noteholder as its agent for purposes of receiving any notifications or
information pursuant to the notice requirements under Section 6226(a)(2) of the Code (and any corresponding provision of state law) and (C) to the extent applicable, each Noteholder and Note Owner of such Notes shall hold the Issuing
Entity and its affiliates harmless for any expenses or losses (i) resulting from a beneficial owner of such Note 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) that the Issuing Entity or its affiliates may suffer that are attributable to the management or defense of an audit under Sections 6221 through 6241 of the Code (or any corresponding provision of
state law) 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).] 

  
 Exhibit A-10 

CRVNA 2022-P3 

Indenture 

 Each Noteholder by accepting this Note (or any interest therein) acknowledges that such Person’s Note
(or interest therein) represents an obligation of the Issuing Entity only and does not represent interests in or obligations of the Grantor Trust, the Depositor, the Servicer, the Administrator, the Owner Trustee, the Grantor Trust Trustee, the
Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Transaction Documents. Each Noteholder by the
acceptance of this Note (or beneficial interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of any amounts with respect to this Class of Notes, it shall have no claim against any of
the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Grantor Trust Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is
prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of
the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other
Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a
“subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 Except a Noteholder which is
considered for federal income tax purposes the issuer of this Note (or is disregarded as an entity separate from such issuer), each Noteholder, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, expresses
its intention that this Note qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat this Note as indebtedness secured by the Collateral for the
purpose of federal income taxes (to the extent this Class of Notes are treated as beneficially owned by a person other than the Issuing Entity or its affiliates), state and local income and franchise taxes, and any other taxes imposed upon,
measured by or based upon gross or net income. 
 Prior to the due presentment for registration of transfer of this Note, the Issuing Entity, the Indenture
Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for
all purposes, whether or not this Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class. The Indenture also contains
provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of all the Holders of this Class of Notes, 

  
 Exhibit A-11 

CRVNA 2022-P3 

Indenture 

 
to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders
of Notes representing a majority of the Outstanding Amount of the Controlling Class or the Holder of this Note (or any one or more Predecessor Notes) 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 hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of the Noteholders. 
 The term “Issuing Entity” as used in this Note includes
any successor to the Issuing Entity under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or
consolidate with or into another person, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are
issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS NOTE AND THE
INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION
5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS INDENTURE SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, neither the Depositor, the Servicer, the Indenture
Trustee, the Grantor Trust Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications
contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of the Issuing Entity. The Holder of this Note
by the acceptance hereof agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in
this Note. 

  
 Exhibit A-12 

CRVNA 2022-P3 

Indenture 

 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name
appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to herein or be valid or obligatory for any purpose. 

  
 Exhibit A-13 

CRVNA 2022-P3 

Indenture 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in facsimile, by
its Authorized Officer. 
 Dated: ___________, 2022 
  

			
	CARVANA AUTO RECEIVABLES TRUST 2022-P3
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exhibit A-14 

CRVNA 2022-P3 

Indenture 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designed above and referred to in the within-mentioned Indenture. 

 

			
	Computershare Trust Company, National Association, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exhibit A-15 

CRVNA 2022-P3 

Indenture 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 
  

			
	  
	 	

 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 
  
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________________, as attorney, to transfer said Note
on the books kept for registration thereof, with full power of substitution in the premises. 
  

							
	Dated:____________________	 		 		 	 2

				
		 		 		 	Signature Guaranteed:
				
	  
	 		 		 	  

  

	2	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  
 Exhibit A-16 

CRVNA 2022-P3 

Indenture 

 EXHIBIT B 

FORM OF CLASS XS NOTES 
  

			
	[REGISTERED][RULE 144A][REGULATION S]	  	Up to $[___]

 NO. R- 
 CUSIP NO. ________ 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING
ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE AMOUNTS DUE ON THIS NOTE PAYABLE AS SET FORTH HEREIN, ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE
AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 [[THIS RULE 144A GLOBAL CLASS XS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS RULE 144A GLOBAL CLASS XS
NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS RULE 144A GLOBAL CLASS XS NOTE (OR SUCH INTEREST) IF, OTHER THAN THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT IS A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL CLASS XS NOTE (OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT
FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS). 
 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS RULE 144A GLOBAL CLASS XS NOTE (OR INTEREST
THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE IS MADE TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO
WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN 

  
 Exhibit B-1 

CRVNA 2022-P3 

Indenture 

 
RELIANCE ON RULE 144A, (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON (WHO IS ALSO A QUALIFIED
INSTITUTIONAL BUYER) IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OF THE SECURITIES ACT AND THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO THE INDENTURE OR (iv) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN
A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE IN THE EVENT THE NOTES ARE DEFINITIVE NOTES (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE
CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL
REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE SPONSOR, THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY, THE INDENTURE TRUSTEE, THE GRANTOR TRUST TRUSTEE OR THE OWNER TRUSTEE) SATISFACTORY TO THE
DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT.] 
 [THIS REGULATION S GLOBAL CLASS XS NOTE HAS
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS
ACCEPTANCE OF THIS REGULATION S GLOBAL CLASS XS NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS REGULATION S GLOBAL CLASS XS NOTE (OR SUCH INTEREST) IS DEEMED TO REPRESENT TO THE DEPOSITOR, THE INDENTURE TRUSTEE, AND THE OWNER TRUSTEE THAT IT IS A NON-U.S. PERSON (AS DEFINED IN REGULATION S) WHO ACQUIRED THE NOTE OUTSIDE OF THE UNITED STATES IN ACCORDANCE WITH REGULATION S. 

NO SALE, PLEDGE OR OTHER TRANSFER OF THIS REGULATION S GLOBAL CLASS XS NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE,
PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR
AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (ii) SUCH SALE, PLEDGE OR OTHER
TRANSFER OCCURS OUTSIDE OF THE UNITED STATES TO A NON-U.S. PERSON WHO IS ALSO A QUALIFIED INSTITUTIONAL BUYER IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OF THE SECURITIES ACT AND THAT PERSON
DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO TERMS OF THE INDENTURE, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE IN THE
EVENT THE NOTES ARE DEFINITIVE 

  
 Exhibit B-2 

CRVNA 2022-P3 

Indenture 

 
NOTES (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE, THE INDENTURE TRUSTEE, AND THE DEPOSITOR IN
WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT
THE EXPENSE OF THE SPONSOR, THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY, THE INDENTURE TRUSTEE, THE GRANTOR TRUST TRUSTEE OR THE OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH
TRANSFER WILL NOT VIOLATE THE SECURITIES ACT.] 
 EACH CLASS XS NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE OR A BENEFICIAL INTEREST THEREIN, WILL BE
DEEMED TO REPRESENT AND WARRANT THAT (I) IT IS NOT ACQUIRING OR HOLDING THE NOTE (OR BENEFICIAL INTEREST THEREIN) WITH THE ASSETS OF OR ON BEHALF OF (A) AN “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 THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), OR (C) AN ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF U.S. DEPARTMENT OF LABOR REGULATION CODIFIED AT
29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR ACCOUNT, AND (II) EITHER (A) IT IS
NOT ACQUIRING OR HOLDING THE NOTE (OR BENEFICIAL INTEREST THEREIN) WITH THE ASSETS OF OR ON BEHALF OF A PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR
(B) THE ACQUISITION AND HOLDING OF THE NOTE (OR BENEFICIAL INTEREST THEREIN) WILL NOT GIVE RISE TO A VIOLATION OF ANY SIMILAR LAW. 
 EACH CLASS XS
NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS XS NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING
ENTITY, THE OWNER TRUSTEE, THE NOTE REGISTRAR OR THE INDENTURE TRUSTEE ON THE CLASS XS NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE, THE NOTE REGISTRAR OR
THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE,
THE NOTE REGISTRAR OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE, THE NOTE REGISTRAR OR THE INDENTURE TRUSTEE OR OF ANY

  
 Exhibit B-3 

CRVNA 2022-P3 

Indenture 

 
SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE, THE NOTE REGISTRAR OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT THAT ANY SUCH
PARTNER, OWNER OR BENEFICIARY SHALL BE FULLY LIABLE, TO THE EXTENT PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH ENTITY. 

EACH CLASS XS NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS XS NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE, ACKNOWLEDGES AND
AGREES THAT THE ONLY SOURCE OF PAYMENT ON SUCH CLASS XS NOTES WILL BE THE RELATED EXCESS SERVICING STRIP AMOUNT, IF ANY, PAYABLE PURSUANT TO THE TRANSACTION DOCUMENTS. 

EACH CLASS XS NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS XS NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS XS NOTE,
COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH CLASS XS NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE ISSUING ENTITY,
ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY
FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE PROPERTY OF
EITHER OF THEM, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 

EACH CLASS XS NOTEHOLDER BY ACCEPTING A CLASS XS NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S CLASS XS NOTE (OR INTEREST THEREIN)
REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE SPONSOR, THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE NOTE REGISTRAR, THE INDENTURE TRUSTEE OR ANY
AFFILIATE THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE TRANSACTION DOCUMENTS. EACH CLASS XS NOTEHOLDER BY THE ACCEPTANCE OF A
NOTE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE SPONSOR, THE DEPOSITOR, THE
SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE NOTE REGISTRAR, THE INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE 

  
 Exhibit B-4 

CRVNA 2022-P3 

Indenture 

 
FOREGOING COVENANTS OF EACH CLASS XS NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH CLASS XS NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER
AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A CLASS XS NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE ISSUING ENTITY, EACH CLASS XS NOTEHOLDER AGREES THAT
(I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL
AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE. 

EACH CLASS XS NOTEHOLDER OR NOTE OWNER (EXCEPT A CLASS XS NOTEHOLDER WHICH IS CONSIDERED FOR U.S. FEDERAL INCOME TAX PURPOSES THE ISSUER OF THE NOTE (OR IS
DISREGARDED AS AN ENTITY SEPARATE FROM SUCH ISSUER)), BY ACCEPTANCE OF A CLASS XS NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS XS NOTE, EXPRESSES ITS INTENTION THAT THIS CLASS XS NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS
INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CLASS XS NOTES AS INDEBTEDNESS SECURED BY THE COLLATERAL FOR THE PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND
FRANCHISE TAXES, AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS RECEIPTS OR GROSS OR NET INCOME. 
 NO TRANSFER (OR PURPORTED TRANSFER)
OF ALL OR ANY PART OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) SHALL BE EFFECTIVE UNLESS, PRIOR TO AND AS A CONDITION TO EACH SUCH TRANSFER, THE PROSPECTIVE TRANSFEREE (INCLUDING THE INITIAL BENEFICIAL OWNER AS THE INITIAL TRANSFEREE) AND ANY
SUBSEQUENT TRANSFEREE REPRESENTS AND WARRANTS, IN WRITING TO THE INDENTURE TRUSTEE, THE DEPOSITOR AND ANY OF THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A
PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE FOREGOING) (EACH SUCH ENTITY A “FLOW-THROUGH ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN
(X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH
FLOW-THROUGH ENTITY IN THE NOTES, OTHER INTEREST (DIRECT OR INDIRECT) IN THE ISSUING ENTITY, OR ANY INTEREST CREATED UNDER THE INDENTURE AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH
FLOW-THROUGH ENTITY IN ANY NOTE TO PERMIT ANY PARTNERSHIP TO 

  
 Exhibit B-5 

CRVNA 2022-P3 

Indenture 

 
SATISFY THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A
PUBLICLY TRADED PARTNERSHIP UNDER THE CODE, AND (B) IT DOES NOT AND WILL NOT BENEFICIALLY OWN A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE, ANY TRANSFER OF A NOTE (OR ANY
BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS WILL BE DEEMED NULL AND VOID AB INITIO. IF AT ANY TIME, THE ISSUING ENTITY DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE OR BENEFICIAL INTEREST IN SUCH NOTE
WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE ISSUING ENTITY AND THE INDENTURE TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS NOTE OR SUCH INTEREST IN SUCH NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH
INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUING ENTITY.] 
 [Insert additional legends, as applicable] 

  
 Exhibit B-6 

CRVNA 2022-P3 

Indenture 

 CARVANA AUTO RECEIVABLES TRUST 2022-P3 

CLASS XS NOTES 
 CARVANA AUTO RECEIVABLES TRUST 2022-P3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or
registered assigns, payable in accordance with the Indenture dated as of September 8, 2022 (such indenture, as amended or supplemented, is herein called the “Indenture”), among the Issuing Entity, Carvana Auto Receivables Grantor
Trust 2022-P3 (the “Grantor Trust”), and Computershare Trust Company, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor trustee under
the Indenture), on each Distribution Date, in an amount equal to the Excess Servicing Strip Amount, if any, payable on such Distribution Date from the Note Distribution Account in respect of this Class XS Note pursuant to Sections 2.7, 3.1 and
8.2(c) of the Indenture; provided, however, that the aggregate amount payable on each Distribution Date on the Regulation S Global Note and the Rule 144A Global Note shall not exceed the Excess Servicing Strip Amount, if any, payable on such
Distribution Date from the Note Distribution Account in respect of the Class XS Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture. Such amounts payable on this Note shall be paid in the manner specified in the Indenture. All
payments on this Class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such Class entitled thereto. 
 The amounts
due on this Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender for payment of public and private debts. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile signature, this
Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 
 This Note is one of a duly authorized issue of
Notes of the Issuing Entity, designated as its Class XS Notes (herein called this “Class XS Note”), issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. This Class XS Note is one of several duly authorized Classes of Notes of the Issuing Entity issued pursuant to the Indenture
(collectively, as to all Notes of all such Classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of this
Class XS Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class XS Note that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture. 
 The Notes issued pursuant to the Indenture are and shall be equally and ratably secured by the Collateral pledged as
security therefor as provided in the Indenture. 
 Each Class XS Noteholder or Note Owner, by acceptance of a Class XS Note or, in the case of a
Note Owner, a beneficial interest in a Class XS Note, shall be deemed to represent and warrant that (i) it is not acquiring or holding the Note (or beneficial interest therein) with the assets of or on behalf of (a) an “employee
benefit plan” as defined in Section 3(3) of the Employee Retirement 

  
 Exhibit B-7 

CRVNA 2022-P3 

Indenture 

 
Income Security Act of 1974, as amended (“ERISA”), that is subject to the provisions of Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975
of the Internal Revenue Code of 1986, as amended (the “Code”), or (c) an entity or account whose underlying assets include “plan assets” (within the meaning of U.S. Department of Labor Regulation codified at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA) by reason of investment by an employee benefit plan or plan in such entity or account, and (ii) either (a) it is not
acquiring or holding the Note (or beneficial interest therein) with the assets of or on behalf of a plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) or
(b) the acquisition and holding of the Note (or beneficial interest therein) shall not give rise to a violation of any Similar Law. 
 Each Noteholder
or Note Owner, by acceptance of a Class XS Note or, in the case of a Note Owner, a beneficial interest in a Class XS Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the
Issuing Entity, the Grantor Trust, the Grantor Trust Trustee, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture
Trustee, the Owner Trustee or the Grantor Trust Trustee in their individual capacities, (ii) the Depositor or any other owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee in their individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by acceptance of a Class XS Note or, in the case of a Note Owner, a beneficial interest in a Class XS Note, covenants
and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner shall not, prior to the date which is one year and one day after the termination of the Indenture, acquiesce, petition or otherwise invoke or cause the
Depositor, the Grantor Trust or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor, the Grantor Trust or the Issuing Entity under any federal or
State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor, the Grantor Trust or the Issuing Entity or any substantial part of the property
of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 

Each Noteholder or holder of an interest in a Class XS Note, by acceptance of such Class XS Note or such interest therein, agrees to provide to the
Indenture Trustee, any Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder
of an interest in a Class XS Note, by acceptance of a Class XS Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any
corresponding gross-up) payable to a 

  
 Exhibit B-8 

CRVNA 2022-P3 

Indenture 

 Noteholder or holder of an interest in a Class XS Note that fails to comply with the requirements of
the preceding sentence. 
 Each Noteholder or Note Owner or beneficial owner of a Class XS Note, by acceptance of such a Class XS Note or such
interest therein, agrees that (A) either (I) it is not and shall not become for U.S. federal income tax purposes a partnership, subchapter S corporation or grantor trust (or a disregarded entity the single owner of which is any of the
foregoing) (each such entity a “Flow-Through Entity”) or (II) if it is or becomes a Flow-Through Entity, then (x) none of the direct or indirect beneficial owners of any of the interests in such Flow-Through Entity has or ever
shall have more than 50% of the value of its interest in such Flow-Through Entity attributable to the interest of such Flow-Through Entity in the Notes, other interest (direct or indirect) in the Issuing Entity, or any interest created under the
Indenture and (y) it is not and shall not be a principal purpose of the arrangement involving the investment of such Flow-Through Entity in any Note to permit any partnership to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Code, and (B) it shall not transfer such Notes to a
Flow-Through Entity (other than a Flow-Through Entity described in subpart (A)(II) above). 
 Each Noteholder or Note Owner or beneficial owner of an
interest in a Class XS Note, by acceptance of such Class XS Note or interest therein, represents and agrees that it shall not acquire or transfer such Class XS Note (or any interest therein) or cause such Class XS Note (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. 

Each Noteholder or Note Owner or beneficial owner of an interest in a Class XS Note, by acceptance of such Class XS Note or interest therein,
represents and agrees that, as a result of its own activities separate from those of the Issuing Entity, it would not be required to treat income from such Class XS Note as effectively connected to a United States trade or business of a person
that is not a United States person (within the meaning of Section 7701(a)(30) of the Code), and it further acknowledges that no purchaser or beneficial owner of such Class XS Note shall provide the Issuing Entity with either an IRS Form W-8ECI (or successor form) or an IRS Form W-8IMY (or successor form) to which an IRS Form W-8ECI (or successor form) is attached
(either directly or as part of another form attached to such IRS Form W-8IMY). 
 Each Noteholder or Note Owner or
beneficial owner of an interest in a Class XS Note, by acceptance of such Class XS Note or interest therein, represents and agrees that if such Class XS Note is required to be treated other than as described under the Indenture, then
such Noteholder or Note Owner shall agree to the designation made pursuant to the Trust Agreement of the partnership representative (and the tax matters partner for any applicable state or local tax purposes) of any partnership in which such
Noteholder or Note Owner is deemed to be a partner under Section 6223(a) of the Code (and any corresponding provision of state law) and any applicable Treasury Regulations thereunder. 

  
 Exhibit B-9 

CRVNA 2022-P3 

Indenture 

 (A) Each Noteholder or Note Owner or beneficial owner of an interest in a Class XS Note, by acceptance
of such Class XS Note or interest therein, represents and agrees that it shall provide to the Administrator on behalf of the Issuing Entity and the depositor any further information required by the Issuing Entity to comply with
Sections 6221 through 6241 of the Code, including Section 6226(a) of the Code (and any corresponding provision of state law), (B) if such Noteholder is not the beneficial owner of such Class XS Note, the beneficial owner of such
Class XS Note shall provide to the Administrator on behalf of the Issuing Entity and the Depositor any further information required by the Issuing Entity to comply with Sections 6221 through 6241 of the Code, including Section 6226(a)
of the Code (and any corresponding provision of state law) and, to the extent the Issuing Entity determines such appointment necessary for it to make an election under Section 6226(a) of the Code (or any corresponding provision of state law),
hereby appoints the Noteholder as its agent for purposes of receiving any notifications or information pursuant to the notice requirements under Section 6226(a)(2) of the Code (and any corresponding provision of state law) and (C) to the
extent applicable, each Noteholder and Note Owner of such Class XS Notes shall hold the Issuing Entity and its affiliates harmless for any expenses or losses (i) resulting from a beneficial owner of such Class XS Note 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) that the Issuing Entity or its affiliates may suffer that are attributable to the
management or defense of an audit under Sections 6221 through 6241 of the Code (or any corresponding provision of state law) 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). 
 Each Noteholder by accepting a Class XS Note (or any interest therein) acknowledges that
such Person’s Class XS Note (or interest therein) represents an obligation of the Issuing Entity only and does not represent interests in or obligations of the Grantor Trust, the Depositor, the Servicer, the Administrator, the Owner
Trustee, the Grantor Trust Trustee, the Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the
Transaction Documents. Each Noteholder by the acceptance of a Class XS Note (or beneficial interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of any amounts with respect to the
Class XS Notes, it shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Grantor Trust Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event
that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a
Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject
and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in
the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

Except a Class XS Noteholder which is considered for U.S. federal income tax purposes the issuer of this Note (or is disregarded as an entity separate
from such issuer), each Noteholder, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in a Class XS Note, expresses its intention that this Class XS Note qualifies under applicable tax law as indebtedness
secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat this Class XS Note as indebtedness secured by the Collateral for the purpose of federal income taxes (to the extent the Class XS
Notes are treated as beneficially owned by a person other than the Issuing Entity or its affiliates), state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 

  
 Exhibit B-10 

CRVNA 2022-P3 

Indenture 

 Prior to the due presentment for registration of transfer of this Class XS Note, the Issuing Entity,
the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Class XS Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Class XS Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class. The Indenture also contains
provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of all the Holders of the Class XS Notes, to waive compliance by the Issuing Entity with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class or the Holder of
this Class XS Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class XS Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class XS Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of the Noteholders. 
 The term “Issuing Entity” as used in this Class XS Note includes any successor to the Issuing Entity under the
Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate with or into another person, subject to
the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS INDENTURE SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Exhibit B-11 

CRVNA 2022-P3 

Indenture 

 No reference herein to the Indenture and no provision of this Class XS Note or of the Indenture shall
alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the amounts due on this Class XS Note at the times, place and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, neither the Depositor, the Servicer, the Indenture
Trustee, the Grantor Trust Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of amounts on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this
Class XS Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the Excess Servicing Strip Amount. The Holder of this
Class XS Note by the acceptance hereof agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the Excess Servicing Strip Amount for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Class XS Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class XS Note shall not be entitled to any benefit under the Indenture referred to herein or be valid or obligatory for any purpose. 

  
 Exhibit B-12 

CRVNA 2022-P3 

Indenture 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
in facsimile, by its Authorized Officer. 
 Dated: ___________, 2022 
  

			
	CARVANA AUTO RECEIVABLES TRUST 2022-P3
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By:	 	      

	Name:	 	
	Title:	 	

  
 Exhibit B-13 

CRVNA 2022-P3 

Indenture 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designed above and referred to in the within-mentioned Indenture. 

 

			
	Computershare Trust Company, National Association, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	      

	Name:	 	
	Title:	 	

  
 Exhibit B-14 

CRVNA 2022-P3 

Indenture 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 

 
 FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto 
  
  

 
  

(name and address of assignee) 
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________________, as attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

 

							
	Dated:____________________	  		  	                                      
                          3 	  	
				
		  		  	        Signature Guaranteed:	  	
				
	                                      
              	  		  	                                      
                          	  	

  
  

	3	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  
 Exhibit B-15 

CRVNA 2022-P3 

Indenture 

 EXHIBIT C 

SERVICING CRITERIA TO BE ADDRESSED IN 

INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE 

The assessment of compliance to be delivered by the Indenture Trustee shall address, at a minimum, the criteria identified as below as “Applicable
Servicing Criteria”: 
  

					
	 Reference
	  	 Criteria
	  	CTC
(IT)
		  	General Servicing Considerations	  	
			
	1122(d)(1)(i)	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	X
			
	1122(d)(1)(ii)	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	  	
			
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  	
			
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	  	
			
	1122(d)(1)(v)	  	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	  	
			
		  	Cash Collection and Administration	  	
			
	1122(d)(2)(i)	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction
agreements.	  	
			
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	X
			
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	  	
			
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	  	X
			
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to
a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	X

  
 Exhibit C-1 

CRVNA 2022-P3 

Indenture 

					
	 Reference
	  	 Criteria
	  	CTC
(IT)
			
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	
			
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations: (A) are mathematically
accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and approved by someone other than the person who prepared
the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements.	  	X
			
		  	Investor Remittances and Reporting	  	
			
	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in
accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by
its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the servicer.	  	
			
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	X
			
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.	  	X
			
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	X
			
		  	Pool Asset Administration	  	
			
	1122(d)(4)(i)	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	  	
			
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements.	  	
			
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	

  
 Exhibit C-2 

CRVNA 2022-P3 

Indenture 

					
	 Reference
	  	 Criteria
	  	CTC
(IT)
			
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer’s obligor records maintained no more than two business days after receipt, or such
other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	  	
			
	1122(d)(4)(v)	  	The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with
the transaction agreements and related pool asset documents.	  	
			
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or
other requirements established by the transaction agreements.	  	
			
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g.,
illness or unemployment).	  	
			
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related receivables documents.	  	
			
	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool assets documents, on at least an annual basis, or such other period specified
in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full
repayment of the related pool asset, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support
has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	  	

  
 Exhibit C-3 

CRVNA 2022-P3 

Indenture 

					
	 Reference
	  	 Criteria
	  	CTC
(IT)
			
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	

  
 Exhibit C-4 

CRVNA 2022-P3 

Indenture 

 EXHIBIT D 

FORM OF INDENTURE TRUSTEE CERTIFICATION 
  

	RE:	 CARVANA AUTO RECEIVABLES TRUST 2022-P3 

Computershare Trust Company, National Association, not in its individual capacity but solely as indenture trustee (the “Indenture
Trustee”), certifies to Carvana Receivables Depositor LLC (the “Depositor”) and Carvana Auto Receivables Trust 2022-P3 (the “Issuing Entity”), and their respective
officers, with the knowledge and intent that they will rely upon this certification, that: 
  

	 	(i)	 It has reviewed the report on assessment of the Indenture Trustee’s compliance provided in accordance with
Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), and the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under
the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”) that were delivered by the Indenture Trustee to the Depositor pursuant to the Indenture, dated as of September 8, 2022, by and among the Indenture
Trustee the Depositor and the Issuing Entity (collectively, the “Indenture Trustee Information”); 

  

	 	(ii)	 To the best of its knowledge, the Servicing Assessment, taken as a whole, does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Indenture Trustee
Information; 

  

	 	(iii)	 To the best of its knowledge, all of the Indenture Trustee Information required to be provided by the Indenture
Trustee under the Indenture has been provided to the Depositor and the Issuing Entity; and 

  

	 	(iv)	 To the best of its knowledge, except as disclosed in the Servicing Assessment or the Attestation Report, the
Indenture Trustee has fulfilled its obligations under the Indenture pursuant to its terms in all material respects. 

  

			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	      

	Name:	 	
	Title:	 	

 Date: _________________________ 

  
 Exhibit D 

CRVNA 2022-P3 

IndentureEX-10.1

 Exhibit 10.1 
  

 
  

RECEIVABLES PURCHASE AGREEMENT 

CARVANA, LLC, 
 as Seller 

and 
 CARVANA RECEIVABLES
DEPOSITOR LLC, 
 as Purchaser 
  

 
 Dated as of
September 8, 2022 
  
  

 
  

 

							
		
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 Section 1.1
	 	Definitions; Rules of Construction	  	 	2	 
		
	 ARTICLE II CONVEYANCE OF RECEIVABLES
	  	 	2	 
			
	 Section 2.1
	 	Conveyance of Receivables	  	 	2	 
			
	 Section 2.2
	 	Intent of the Parties	  	 	4	 
		
	 ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	4	 
			
	 Section 3.1
	 	Representations and Warranties of the Seller	  	 	4	 
			
	 Section 3.2
	 	Dispute Resolution	  	 	8	 
			
	 Section 3.3
	 	Representations and Warranties of the Purchaser	  	 	11	 
			
	 Section 3.4
	 	Covenants of the Seller	  	 	12	 
		
	 ARTICLE IV MISCELLANEOUS PROVISIONS
	  	 	13	 
			
	 Section 4.1
	 	Amendment	  	 	13	 
			
	 Section 4.2
	 	Protection of Right, Title and Interest in and to Receivables	  	 	14	 
			
	 Section 4.3
	 	Governing Law	  	 	15	 
			
	 Section 4.4
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	15	 
			
	 Section 4.5
	 	Notices	  	 	16	 
			
	 Section 4.6
	 	Severability of Provisions	  	 	16	 
			
	 Section 4.7
	 	Closing; Assignment; Conveyance of Receivables and First Step Transferred Property to the Issuing Entity	  	 	16	 
			
	 Section 4.8
	 	Cumulative Remedies	  	 	16	 
			
	 Section 4.9
	 	Waivers	  	 	16	 
			
	 Section 4.10
	 	Counterparts; Electronic Signatures	  	 	17	 
			
	 Section 4.11
	 	Third-Party Beneficiaries	  	 	17	 
			
	 Section 4.12
	 	Entire Agreement	  	 	17	 
			
	 Section 4.13
	 	Headings	  	 	17	 
			
	 Section 4.14
	 	Indemnification	  	 	17	 
			
	 Section 4.15
	 	Survival	  	 	18	 
			
	 Section 4.16
	 	Nonpetition Covenant	  	 	18	 

  
 CRVNA 2022-P3 

Receivables Purchase Agreement 
 i

			
	EXHIBIT A	  	FORM OF FIRST STEP RECEIVABLES ASSIGNMENT PURSUANT TO RECEIVABLES PURCHASE AGREEMENT
		
	EXHIBIT B	  	RECEIVABLES REPRESENTATIONS AND WARRANTIES

  

  
 CRVNA 2022-P3 

Receivables Purchase Agreement 
 ii

 RECEIVABLES PURCHASE AGREEMENT 

This RECEIVABLES PURCHASE AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this
“Agreement”), dated as of September 8, 2022, is by and between Carvana, LLC, an Arizona limited liability company (“Carvana”), as the seller (the “Seller”), and Carvana Receivables Depositor
LLC, a Delaware limited liability company (in such capacity, the “Purchaser”). 
 AGREEMENTS 

WHEREAS, the Purchaser desires to purchase automobile retail installment contracts and related rights owned by the Seller pursuant to this
Agreement; 
 WHEREAS, the Seller is willing to sell such contracts and related rights to the Purchaser pursuant to this Agreement; 

WHEREAS, the Purchaser intends to sell or otherwise transfer such contracts and related rights, or interests therein, to Carvana Auto
Receivables Trust 2022-P3, a Delaware statutory trust (the “Issuing Entity”), pursuant to the Receivables Transfer Agreement, dated as of the date hereof (as amended, restated, supplemented or
otherwise modified from time to time, the “Receivables Transfer Agreement”), between the Issuing Entity and the Purchaser, as depositor; 

WHEREAS, the Issuing Entity intends to contribute or otherwise transfer such contracts and related rights, or interests therein, to Carvana
Auto Receivables Grantor Trust 2022-P3, a Delaware statutory trust (the “Grantor Trust”), pursuant to the Receivables Contribution Agreement, dated as of the date hereof (as amended, restated,
supplemented or otherwise modified from time to time, the “Receivables Contribution Agreement”), between the Issuing Entity and the Grantor Trust, in exchange for the Grantor Trust Certificate; 

WHEREAS, the Grantor Trust intends to pledge such contracts and related rights to Computershare Trust Company, National Association, as
indenture trustee (the “Indenture Trustee”), and the Issuing Entity will issue notes backed by the Grantor Trust Certificate pursuant to the Indenture, dated as of the date hereof (as amended, modified or supplemented from time to
time, the “Indenture”), among the Issuing Entity, the Grantor Trust and the Indenture Trustee; and 
 WHEREAS, Bridgecrest
Credit Company, LLC, an Arizona limited liability company (the “Servicer”), is willing to service such contracts in accordance with the terms of the Servicing Agreement, dated as of the date hereof, among the Issuing Entity, the
Grantor Trust, the Backup Servicer and the Servicer. 
 NOW, THEREFORE, in consideration of the mutual agreements and subject to the terms
and conditions herein contained, each party agrees as follows for the benefit of the other party: 

  
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 ARTICLE I 

DEFINITIONS 
 Section 1.1
Definitions; Rules of Construction. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Part I and Part IV of Appendix A to this Agreement.
All references herein to “the Agreement” or “this Agreement” are to this Receivables Purchase Agreement as it may be amended, supplemented or modified from time to time, the exhibits and schedules hereto and the capitalized terms
used herein, which are defined in Part I of such Appendix A, and all references herein to Articles, Sections and Subsections are to Articles, Sections or Subsections of this Agreement unless otherwise specified. The rules of construction set forth
in Part II of such Appendix A shall be applicable to this Agreement. 
 ARTICLE II 

CONVEYANCE OF RECEIVABLES 

Section 2.1 Conveyance of Receivables. 

(a) On the Closing Date, the Seller hereby agrees to sell, transfer, assign, set over and otherwise convey to the Purchaser and the Purchaser
hereby agrees to purchase from the Seller, without recourse, all right, title and interest of the Seller in, to and under the following property, whether now existing or hereafter created or acquired (all of the property described in this
Section 2.1(a) being collectively referred to herein as the “First Step Transferred Property”): 

(i) the Receivables and all instruments and all monies due or to become due or received by any Person in payment of any of the foregoing on
or after the Cutoff Date; 
 (ii) the Financed Vehicles securing such Receivables (including any such Financed Vehicles that have been
repossessed), any document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each Financed Vehicle; 

(iii) the Receivable Files and the Servicer Files related to such Receivables; 

(iv) all rights to payment under all Insurance Policies with respect to the Financed Vehicles or the Obligors, including any monies collected
from whatever source in connection with any default of an Obligor or with respect to any such Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy; 

(v) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or arrangements of
whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise; 

(vi) all rights to payment under all service contracts and other contracts and agreements associated with such Receivables; 

  
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 (vii) all Liquidation Proceeds related to any such Receivable received on or after the
Cutoff Date; 
 (viii) subject to the Transaction Documents and the Master Agency Agreement, all deposit accounts, monies, deposits, funds,
accounts and instruments relating to the foregoing (excluding payments or recoveries in respect of the Receivables received prior to the Cutoff Date); 

(ix) the proceeds of any and all of the foregoing; and 

(x) all present and future claims, demands, causes of action and choses in action in respect of any of 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. 

(b) In connection with the purchase and sale of the First Step Transferred Property hereunder, the Seller agrees, at its own expense,
(i) to annotate and indicate on its books and records (including any computer files) that the Receivables were sold and transferred to the Purchaser pursuant to this Agreement, (ii) to deliver to the Purchaser (or its designee) all
Collections on the Receivables, if any, received on or after the Cutoff Date, and (iii) to deliver to the Purchaser an assignment substantially in the form (or in such other form as shall be mutually acceptable to the Seller and the Purchaser)
attached hereto as Exhibit A (the “First Step Receivables Assignment”). 
 (c) In consideration
of the sale of the Receivables from the Seller to the Purchaser as provided herein, the Purchaser shall pay to the Seller an amount equal to the Receivables Purchase Price. A portion of the Receivables Purchase Price shall be paid to the Seller in
immediately available funds and the balance of such purchase price shall be paid through the transfer of approximately five percent of the Notes and Certificates retained for risk retention purposes and any other Retained Notes. 

(d) The Purchaser hereby directs the Seller to transfer all Electronic Contracts included in the First Step Transferred Property directly to
the Grantor Trust, as assignee under the Receivables Contribution Agreement of the Issuing Entity, who is the assignee of the Purchaser under the Receivables Transfer Agreement. 

  
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 Section 2.2 Intent of the Parties. 

It is the intention of the parties that each conveyance hereunder of the Receivables and the other First Step Transferred Property from the
Seller to the Purchaser as provided in Section 2.1 be, and be construed as, an absolute sale, without recourse, of the Receivables and other First Step Transferred Property by the Seller to the Purchaser. Furthermore, no
such conveyance is intended to be a pledge of the First Step Transferred Property by the Seller to the Purchaser to secure a debt or other obligation of the Seller. If, however, notwithstanding the intention of the parties, the conveyance provided
for in Section 2.1 is determined, for any reason, not to be an absolute sale, then the parties intend that this Agreement shall be deemed to be a “security agreement” within the meaning of Article 9 of the
UCC and the Seller hereby grants to the Purchaser a “security interest” within the meaning of Article 9 of the UCC in all of the Seller’s right, title and interest in and to the First Step Transferred Property, now existing and
hereafter created or acquired, to secure a loan in an amount equal to the Receivables Purchase Price and each of the Seller’s other payment obligations under this Agreement. 

ARTICLE III 
 REPRESENTATIONS,
WARRANTIES AND COVENANTS 
 Section 3.1 Representations and Warranties of the Seller. 

(a) General Representations and Warranties. The Seller makes the following representations and warranties to the Purchaser as of the
date of this Agreement, which shall survive the delivery of the First Step Transferred Property, and on which representations and warranties the Purchaser shall rely in acquiring the First Step Transferred Property. 

(i) Organization and Good Standing. The Seller has been duly organized, and is validly existing as a limited liability company, in
good standing under the laws of the state of its formation, with all requisite limited liability company power and authority to own or lease its properties and conduct its business as such business is presently conducted, and the Seller had at all
relevant times, and now has the power, authority and legal right to acquire, own and sell the Receivables and other First Step Transferred Property. 

(ii) Due Qualification. The Seller is duly qualified to do business and is in good standing under the laws of each jurisdiction, and
has obtained all necessary licenses and approvals in all jurisdictions, in which the ownership or lease of its property or the conduct of its business requires such qualifications, licenses or approvals (including, as applicable, the origination,
purchase, sale, pledge and servicing of the Receivables) except where the failure to so qualify or obtain such license or approval could not reasonably be expected to result in a Material Adverse Effect. 

(iii) Power and Authority; Due Authorization. The Seller (A) has the power and authority to (1) execute and deliver this
Agreement and the other Transaction Documents to which it is a party, (2) carry out the terms of the Transaction Documents to which it is a party and (3) sell the First Step Transferred Property on the terms and conditions herein provided
and (B) has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the sale of the First Step Transferred Property on the terms and
conditions herein and therein provided. 

  
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 (iv) Valid Sale, Binding Obligation. This Agreement, when duly executed and
delivered by the Purchaser, and the First Step Receivables Assignment constitute a valid sale, transfer and assignment of the applicable Receivables and other First Step Transferred Property to the Purchaser, enforceable against creditors of and
purchasers from the Seller; and this Agreement, when duly executed and delivered by the Purchaser, and the First Step Receivables Assignment constitute a legal, valid and binding obligation of the Seller enforceable in accordance with its terms,
except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of
whether such enforceability is considered in a proceeding in equity or at law. 
 (v) No Violation. The consummation of the
transactions contemplated by this Agreement and the other Transaction Documents to which the Seller is a party and the fulfillment of the terms hereof and thereof will not (A) conflict with, result in any 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 Seller’s certificate of formation, limited liability company agreement or other constituent documents or any Contractual Obligation of the
Seller, (B) result in the creation or imposition of any Lien upon any of the Seller’s properties, other than Liens permitted or created pursuant to the Transaction Documents or (C) violate any Applicable Law; in each case, except
where such failure to comply could not reasonably be expected to have a Material Adverse Effect with respect to the Seller. 
 (vi) No
Proceedings. There are no proceedings or investigations pending or, to the knowledge of the Seller, threatened against the Seller, before any Governmental Authority (A) asserting the invalidity of this Agreement or any other Transaction
Document to which the Seller is a party, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document to which the Seller is a party or (C) seeking any determination or
ruling that would reasonably be expected to have a Material Adverse Effect with respect to the Seller. 
 (vii) No Consents. All
approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Governmental Authority required for the due execution, delivery and performance by the Seller of this Agreement and any other Transaction Document to
which the Seller is a party have been obtained. 
 (viii) Value Given. The Purchaser shall have given reasonably equivalent value to
the Seller in consideration for the transfer by the Seller to the Purchaser of each of the Receivables and the related First Step Transferred Property under this Agreement. 

(b) Representations and Warranties Regarding each Receivable. As of the Closing Date or such other date specified in Exhibit B,
the representations and warranties in Exhibit B hereto are true and correct with respect to each Receivable assigned by the Seller to the Purchaser hereunder and under the First Step Receivables Assignment. Such representations and warranties
will survive the conveyance of the First Step Transferred Property to the Purchaser pursuant to this Agreement, the sale of the Second Step Transferred Property to the Issuing Entity pursuant to the Receivables Transfer Agreement, the conveyance of
the Third Step Transferred Property to the Grantor Trust pursuant to the Receivables Contribution Agreement and the Grant of the Third Step Transferred Property and other collateral by the Grantor Trust to the Indenture Trustee pursuant to the
Indenture. The Seller hereby agrees that the Issuing Entity shall have the right to enforce any and all rights under this Agreement assigned to the Issuing 

  
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Entity under the Receivables Transfer Agreement, including the right to cause the Seller to repurchase any Receivable with respect to which it is in breach of any of its representations and
warranties set forth in Exhibit B, directly against the Seller as though the Issuing Entity were a party to this Agreement, and the Issuing Entity shall not be obligated to exercise any such rights indirectly through the Depositor. 

(c) Representations and Warranties Regarding the First Step Transferred Property. The Seller makes the following representations and
warranties to the Purchaser regarding the First Step Transferred Property as of the Closing Date, which shall survive the sale, transfer and assignment of the Receivables, and on which representations and warranties the Purchaser shall rely in
acquiring the First Step Transferred Property. 
 (i) Schedule of Receivables. As of the Cutoff Date, the information set forth in
the Schedule of Receivables with respect to each Receivable is true and correct in all material respects. 
 (ii) Selection
Procedures. No procedures believed by the Seller to be adverse to the interests of the Purchaser or the Holders of the Securities were utilized by the Seller in identifying or selecting Receivables to be acquired from the Seller under this
Agreement. 
 (iii) Good Title. 

(A) Immediately prior to the conveyance of each Receivable and the related First Step Transferred Property to the Purchaser
pursuant to this Agreement and the First Step Receivables Assignment, the Seller had good and marketable title thereto, free and clear of all Liens except for Permitted Liens and those Liens that will be released simultaneously with the conveyance
hereunder. No effective financing statement or other instrument similar in effect covering any portion of the First Step Transferred Property shall, on or after the Closing Date be on file in any recording office except such as may be filed in favor
of (1) the Purchaser in accordance with this Agreement, (2) the Issuing Entity in accordance with the Receivables Transfer Agreement, (3) the Grantor Trust in connection with the Receivables Contribution Agreement or (4) the
Indenture Trustee in connection with the Indenture. 
 (B) Upon the conveyance of such Receivable and the other related
First Step Transferred Property to the Purchaser pursuant to this Agreement and the First Step Receivables Assignment, the Purchaser will be the sole owner of, and have good, indefeasible and marketable title to such Receivable and other related
First Step Transferred Property, free and clear of any Lien (other than Liens created hereunder and Permitted Liens and those Liens that will be released simultaneously with the conveyance hereunder); and, to the extent the related Obligor has a
contractual right to return the Financed Vehicle to the Seller for repurchase, the applicable repurchase period has expired. As of the date hereof, each Receivable and the related Financed Vehicle is free and clear of any Lien of any Person (other
than Liens created hereunder and Permitted Liens or those Liens that will be released simultaneously with the conveyance hereunder) and is in compliance with all Applicable Laws. 

  
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 (iv) All Filings Made. With respect to the sale and assignment of the First Step
Transferred Property to the Purchaser, the Seller has taken all steps reasonably necessary to ensure that such sale and assignment has been perfected under the relevant UCC. With respect to the First Step Transferred Property, the Seller has taken
all steps necessary to ensure that all filings (including UCC filings) necessary in any jurisdiction to give the Indenture Trustee a first priority perfected security interest in the First Step Transferred Property have been made. 

(v) Lawful Assignment. Each such Receivable was not originated in, and is not subject to the laws of, any jurisdiction under which the
transfer of such Receivable under the Transaction Documents shall be unlawful, void or voidable. Such Receivable is assignable without notice to or the consent of the related Obligor. 

(d) Repurchase of Receivables. In the event of: 

(i) a breach of any representation or warranty set forth in Exhibit B hereof with respect to any Receivable, that materially and
adversely affects the interests of the Noteholders or the Certificateholders taken as a whole (a “Repurchase Event”), unless the breach shall have been cured within thirty (30) days following (A) discovery of the breach by
the Seller or receipt of notice of such breach by the Seller from the Purchaser, the Issuing Entity or the Grantor Trust (which notice shall provide sufficient detail so as to allow the Seller to reasonably investigate the alleged breach), or
(B) in the case of the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee, a Responsible Officer of such trustee has actual knowledge or receives written notice of a breach of such representation or warranty, then 

(ii) the Seller shall repurchase such Receivable from the Grantor Trust (if the Grantor Trust is then the owner of such Receivable) by
remitting to the Collection Account an amount equal to the Purchase Amount of each such Receivable on or before the Payment Date following the end of the Collection Period which includes the 30th day after the date the Seller becomes aware or was
notified of such breach, without further notice from the Purchaser hereunder. Any such breach shall be deemed not to materially and adversely affect the interests of the Noteholders or the Certificateholders taken as a whole, if such breach does not
affect the ability of the Purchaser (or its assignee) to receive and retain timely payment in full on such Receivable. Upon the occurrence of a Repurchase Event with respect to a Receivable for which the Purchaser is the owner, the Seller agrees to
repurchase such Receivable from the Purchaser for an amount and upon the same terms as the Seller would be obligated to repurchase such Receivable from the Grantor Trust if the Grantor Trust was then the owner thereof, and upon payment of such
amount, the Seller shall have such rights with respect to such Receivable as if the Seller had purchased such Receivable from the Grantor Trust as the owner thereof. It is understood and agreed that the obligation of the Seller to repurchase any
Receivable as to which a Repurchase Event has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole and exclusive remedy (other than any indemnities available pursuant to Section 4.14)
available to the Purchaser, the Issuing Entity, the Grantor Trust, the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee and the Financial Parties for the breach of any representation or warranty set forth in Exhibit B hereof
with respect to such Receivable. 

  
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 (e) Upon receipt by the then-current owner of the related Receivable of the applicable
Purchase Amount, the applicable Receivable and any and all related First Step Transferred Property shall be automatically and immediately assigned and re-conveyed by the Purchaser (or its applicable assign, as
the case may be) to the Seller. 
 (f) Upon discovery by the Seller or by the Purchaser of a breach of any of the representations and
warranties set forth in Section 3.1(a), Section 3.1(c) and Exhibit B (other than with respect to Receivables that have been repurchased in accordance with the terms of this Agreement) the
party discovering such breach shall give prompt written notice to the other party. 
 Section 3.2 Dispute Resolution.  

(a) General. If any Requesting Party makes a Repurchase Request, provided that with respect to a Repurchase Request from a
Noteholder or Note Owner, such Repurchase Request shall initially be provided to the Indenture Trustee and the Repurchase Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of
the Seller’s receipt thereof, the Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration. If a Requesting
Party provides notice of a referral of a Repurchase Request to an ADR Proceeding, the Seller shall have 30 days to respond to such notice and, if a party, shall submit to the ADR Proceeding requested. Each notice shall be given in writing to the
other parties and shall specifically identify the Receivable(s) to be repurchased and specify the representations and warranties allegedly breached. The notice shall also identify the alleged loss related to the Receivable(s) and the material
adverse effect on the Requesting Party; provided, that general allegations relating to the Receivable(s) will not be a sufficient description for purposes of such notice. Each ADR Proceeding shall take place in Phoenix, Arizona or such other
location as agreed to by the parties. 
 (b) ADR Proceeding. Each ADR Proceeding, including the occurrence of such ADR Proceeding,
the nature and amount of any relief sought or granted and the results of any discovery taken in such ADR Proceeding, shall be kept strictly confidential by each of the Seller and the Requesting Party, except as necessary in connection with
statements provided pursuant to Section 2.8 of the Servicing Agreement, in connection with a judicial challenge to or enforcement of an award, or as otherwise required by law. 

(c) Mediation. If the Requesting Party chooses to refer the Repurchase Request to Mediation, the following provisions shall apply: 

(i) The Seller and the Requesting Party shall agree on a neutral mediator within 15 days of the acknowledgement of the notice set forth in
Section 3.2(a); provided that the mediator shall satisfy each of the following conditions: 
 (A)
the mediator shall be selected from a list of neutral mediators maintained by AAA; 
 (B) the mediator shall be an attorney
admitted to practice law in the State of New York; and 

  
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 (C) the mediator shall be an attorney specializing in commercial litigation
with at least fifteen (15) years of experience; 
 provided, however, that if the Seller and the Requesting Party do not agree on a
mediator, a mediator shall be selected by AAA in accordance with AAA Rules for appointment of a mediator. 
 (ii) The Mediation shall
commence no later than fifteen (15) Business Days following selection of a mediator, and shall conclude within thirty (30) days of the start of Mediation. 

(iii) The Seller and the Requesting Party shall mutually agree upon the allocation of the expenses incurred in connection with the Mediation;
provided, however, that if the Seller and the Requesting Party do not agree on the allocation of expenses, the expenses shall be determined in accordance with AAA Rules. 

(iv) If the Seller and the Requesting Party fail to agree at the completion of the Mediation, the Requesting Party may submit the Repurchase
Request to Arbitration in accordance with Section 3.2(d) or may seek adjudication of the Repurchase Request in court. 

(d) Arbitration. If the Requesting Party refers the Repurchase Request to Arbitration, the following provisions shall apply: 

(i) The Seller shall provide a notice of the commencement of such Arbitration and instructions for other Noteholders or Note Owners to
participate in such Arbitration to the Servicer for inclusion in the statement to securityholders set forth in Section 2.8 of the Servicing Agreement. 

(ii) The Repurchase Request shall be referred to a panel of three (3) arbitrators (the “Panel”) to be selected as
follows: 
 (A) the Requesting Party shall appoint one (1) arbitrator to the panel within five (5) Business Days
of providing notice of its selection of Arbitration; 
 (B) the Seller shall appoint one arbitrator to the panel within
five (5) Business Days of the Requesting Party providing notice of its selection of Arbitration; and 
 (C) the
arbitrators selected pursuant to clauses (A) and (B) will select a third arbitrator within five (5) Business Days of the appointment of the second arbitrator; 

provided that each arbitrator shall satisfy each of the following conditions: (1) the arbitrator shall be selected from a
list of neutral arbitrators maintained by the AAA; (2) the arbitrator shall be an attorney admitted to practice law in the State of New York; and (3) the arbitrator shall be an attorney specializing in commercial litigation with at least
fifteen (15) years of experience. 

  
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 (iii) The following procedural time limits shall apply to the Arbitration: 

(A) the arbitrators shall have the ability to schedule, hear and determine any motions, including discovery motions,
according to New York law, and shall do so at the motion of any party to the Arbitration; 
 (B) discovery shall be
completed within thirty (30) days of appointment of the third arbitrator; 
 (C) the evidentiary hearing on the merits
shall commence no later than sixty (60) days following the appointment of the third arbitrator, and shall proceed for no more than ten (10) consecutive Business Days with equal time allotted to each side for the presentation of direct
evidence and cross examination; and 
 (D) the Panel shall render its decision on the Repurchase Request within ninety
(90) days of the selection of the panel. 
 provided that in each case, the Panel may modify such time limits if, based on the
facts and circumstances of the particular dispute, good cause exists, there is an unavoidable delay or with the consent of all of the parties. 

(iv) The following limitations on the Arbitration proceeding shall apply: 

(A) each party shall be limited to two (2) witness depositions not to exceed five (5) hours; 

(B) each party shall be limited to two (2) interrogatories; 

(C) each party shall be limited to one (1) document request; and 

(D) each party shall be limited to one (1) request for admissions; 

provided that in each case, the Panel may modify such discovery limitations if, based on the facts and circumstances of the
particular dispute, good cause exists, there is an unavoidable delay or with the consent of all of the parties. 
 (v) Any briefs submitted
in the Arbitration shall be no more than ten (10) pages each and shall be limited to (A) initial statements of the case, (B) discovery motions and (C) a pre-hearing brief. 

(vi) The Panel shall decide the Repurchase Request in accordance with this Agreement, including the provisions set forth in
Sections 4.3 and 4.4. 
 (vii) The Panel shall not be permitted to award punitive or special damages. 

  
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 (viii) The Panel shall determine the allocation of the expenses of the Arbitration between
the Seller and the Requesting Party. 
 (ix) Once the Panel makes a decision with respect to a Receivable, such decision shall be binding
on the Interested Parties as to such Receivable, and such Receivable may not be subject to an additional ADR Proceeding or court adjudication. 

(e) Additional Considerations. For the avoidance of doubt, the restrictions on any action of the Indenture Trustee due to the Indenture
Trustee’s reliance on an Officer’s Certificate, an Opinion of Counsel or the failure of any Noteholder or Verified Note Owner to provide reasonable security pursuant to Sections 6.2(b) and 7.5 of the Indenture shall not apply to this
Section 3.2. For the avoidance of doubt, nothing in this Section 3.2 shall be binding on the Owner Trustee or the Grantor Trust Trustee or require the Owner Trustee or the Grantor Trust Trustee to
participate in the ADR Proceeding. 
 Section 3.3 Representations and Warranties of the Purchaser. 

(a) The Purchaser makes the following representations and warranties to the Seller as of the date of this Agreement, and on which
representations and warranties the Seller shall rely in selling the Receivables. 
 (i) Organization and Good Standing. The
Purchaser has been duly organized, and is validly existing as a limited liability company and in good standing under the laws of the state of its formation, with all requisite limited liability company power and authority to own or lease its
properties and to conduct its business as such business is presently conducted and to enter into and perform its obligations pursuant to this Agreement. 

(ii) Due Qualification. The Purchaser is duly qualified to do business and is in good standing under the laws of each jurisdiction,
and has obtained all necessary licenses and approvals in all jurisdictions, in which the ownership or lease of its property or the conduct of its business requires such qualifications, licenses or approvals (including, as applicable, the
origination, purchase, sale, pledge and servicing of the Receivables) except where the failure to so qualify or obtain such license or approval could not reasonably be expected to result in a Material Adverse Effect. 

(iii) Power and Authority; Due Authorization. The Purchaser (A) has the power and authority to (1) execute and deliver this
Agreement and the other Transaction Documents to which it is a party and (2) carry out the terms of this Agreement and the other Transaction Documents to which it is a party and (B) has duly authorized by all necessary action on its part
the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. 
 (iv) Binding
Obligation. This Agreement constitutes a legal, valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship,
insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

  
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 (v) No Violation. The consummation of the transactions contemplated by this
Agreement and the fulfillment of the terms hereof will not (A) conflict with, result in any 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 Purchaser’s
certificate of formation or by-laws, limited liability company agreement, trust agreement or other constituent documents or any Contractual Obligation of the Purchaser, (B) result in the creation or
imposition of any Lien upon any of the Purchaser’s properties, other than Liens permitted or created pursuant to the Transaction Documents, or (C) violate any Applicable Law, in each case, except where such failure to comply could not
reasonably be expected to have a Material Adverse Effect with respect to the Purchaser. 
 (vi) No Proceedings. There are no
proceedings or investigations pending or, to the knowledge of the Purchaser, threatened against the Purchaser, before any Governmental Authority (A) asserting the invalidity of this Agreement, (B) seeking to prevent the consummation of any
of the transactions contemplated by this Agreement, (C) challenging the enforceability of a material portion of the Receivables or (D) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect
with respect to the Purchaser. 
 (vii) No Consents. All approvals, authorizations, consents, orders or other actions of any Person
or of any Governmental Authority (if any) required for the due execution, delivery and performance by the Purchaser of this Agreement have been obtained. 

(b) Upon discovery by the Seller or by the Purchaser of a breach of any of the representations and warranties set forth in
Section 3.3(a), the party discovering such breach shall give prompt written notice to the other party. 

Section 3.4 Covenants of the Seller. The Seller hereby covenants as to the Receivables the Seller has sold to the Purchaser hereby
that: 
 (a) Delivery of Payments; Pre-Closing Collections. The Seller shall within two
(2) Business Days after the Closing Date, transfer all Collections received by it on or after the Cutoff Date with respect to any Receivable or related First Step Transferred Property to, or at the direction of, the Purchaser (or the Issuing
Entity or the Grantor Trust). The Seller shall inform the Servicer to deposit all amounts due in respect of the First Step Transferred Property to or at the direction of the Purchaser (or the Issuing Entity or the Grantor Trust). 

(b) Keeping of Records and Books of Account. The Seller will maintain and implement administrative and operating procedures (including
an ability to re-create records evidencing Receivables in the event of loss of access to the E-Vault System of the Contracts maintained therein), and keep and maintain
all documents, books, records and other information, reasonably necessary or advisable for the collection of all Receivables and other First Step Transferred Property. 

  
 CRVNA 2022-P3 

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 (c) Security Interests. The Seller will not sell, pledge, assign or transfer to any
other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on any portion of the Receivables or other First Step Transferred Property, whether now existing or hereafter transferred hereunder, or any
interest therein, and the Seller will not sell, pledge, assign or suffer to exist any Lien on its interest, if any, hereunder. The Seller will promptly notify the Purchaser of the existence of any Lien (other than Permitted Liens) on any portion of
the Receivables or other First Step Transferred Property and the Seller shall defend the right, title and interest of the Purchaser (and the permitted assignees) in, to and under such Receivables and other First Step Transferred Property, against
all claims of third parties; provided, however, that nothing in this subsection shall prevent or be deemed to prohibit the Seller from suffering to exist Permitted Liens upon any portion of the First Step Transferred Property. 

ARTICLE IV 
 MISCELLANEOUS
PROVISIONS 
 Section 4.1 Amendment. 

(a) Any term or provision of this Agreement may be amended, waived, supplemented or modified by the Seller and the Purchaser without the
consent of any of the Issuing Entity, the Grantor Trust, the Administrator, the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Noteholders, the Certificateholders or any other Person subject to the satisfaction of one of the
following conditions: 
 (i) the Seller or the Purchaser delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture
Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders or the Unaffiliated Certificateholders; 

(ii) the Rating Agency Condition is satisfied with respect to such amendment and the Seller or the Purchaser notifies the Indenture Trustee
in writing that the Rating Agency Condition is satisfied with respect to such amendment; or 
 (iii) to cure any ambiguity, correct or
supplement any provision in this Agreement that may be defective or inconsistent with any other provision in this Agreement or any other Transaction Document or with any description thereof in the Prospectus, the Class N Notes Confidential
Offering Memorandum or the Certificate Private Placement Memorandum, or add to the covenants, restrictions or obligations of the Seller or the Purchaser. 

(b) This Agreement may also be amended, waived, supplemented or modified from time to time by the parties hereto with the consent of the
Requisite Noteholders as of the close of business on the preceding Distribution Date, or if no Notes (other than the Class XS Notes) are Outstanding, the Majority Certificateholders (which consent, whether given pursuant to this
Section 4.1(b) or pursuant to any other provision of this Agreement, shall be conclusive and binding on such Person and on all future holders of such Notes or Certificates and of any Notes or Certificates issued upon the
transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon any Notes or Certificates) for the purpose of adding any provisions to, or changing in any manner, or eliminating any of the provisions
of this Agreement, or of modifying in any manner the rights of the Noteholders or the Certificateholders. 

  
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 (c) It will not be necessary for the consent of Noteholders or Certificateholders pursuant
to Section 4.1(b) to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents
of Noteholders and Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture Trustee and
Owner Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (d) Prior to the
execution of any amendment or consent pursuant to Section 4.1(b), the Seller shall provide written notification of the substance of such amendment or consent to each Rating Agency; and promptly after the execution of any
such amendment, the Seller shall furnish a copy of such amendment to each Rating Agency, the Grantor Trust Trustee, the Owner Trustee and the Indenture Trustee; provided, that no amendment pursuant to this
Section 4.1 shall be effective which materially and adversely affects the rights, privileges, indemnities, protections or duties of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee without the prior
written consent of such Person. 
 (e) Notwithstanding anything to the contrary herein, prior to the execution of any amendment to this
Agreement, an Opinion of Counsel shall be delivered to the Grantor Trust Trustee and the Owner Trustee to the effect that such amendment would not cause the Issuing Entity or the Grantor Trust to fail to qualify as a grantor trust for United States
federal income tax purposes. 
 Section 4.2 Protection of Right, Title and Interest in and to Receivables. 

(a) Financing Statements. The Seller, at its expense, shall cause all financing statements and continuation statements, amendments,
assignments and any other necessary documents and notices, covering or evidencing the Purchaser’s right, title and interest in and to the Receivables and other First Step Transferred Property to be promptly recorded, registered and filed, and
at all times to be kept recorded, registered and filed, and take such other action, all in such manner and in such places as may be required by law, fully to preserve and protect the right, title and interest of the Purchaser hereunder in and to all
of the Receivables and such other First Step Transferred Property. The Seller shall deliver to the Purchaser file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following
such recording, registration or filing. The Purchaser shall cooperate fully with the Seller in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this subsection. 

(b) Name Change. The Seller shall not change its State of organization or its name, identity or entity structure in any manner that
would, could or might make any financing statement or continuation statement filed by the Seller, Purchaser or Purchaser’s assigns seriously misleading within the meaning of the UCC, unless it shall give the Purchaser written notice thereof at
least five (5) Business Days prior to such change. 

  
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 (c) Executive Office; Maintenance of Offices. The Seller shall give the Purchaser
written notice at least ten (10) Business Days prior to any relocation of its principal executive office if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed
financing or continuation statement or of any new financing statement. The Seller shall at all times maintain each office from which it originates Receivables and its principal executive office within the United States of America. 

(d) New Debtor. In the event that the Seller shall change the jurisdiction in which it is formed or otherwise enter into any
transaction which would result in a “new debtor” (as defined in the UCC) succeeding to the obligations of the Seller hereunder, the Seller shall comply fully with the obligations of Section 4.2(a). 

(e) Computer Records. The Seller shall maintain its computer systems relating to contract record keeping so that, from and after the
time of sale of any Receivable under this Agreement, the Seller’s master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Purchaser (or assignees). 

Section 4.3 Governing Law. THIS AGREEMENT AND THE FIRST STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 4.4 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally:

 (a) submits for itself and its property in any Proceeding relating to this Agreement or any documents executed and delivered in
connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New
York and appellate courts from any thereof; 
 (b) consents that any such Proceeding may be brought and maintained in such courts and waives
any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 4.5 of this Agreement; 

  
 CRVNA 2022-P3 

Receivables Purchase Agreement 
 15

 (d) agrees that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable
law, waives all right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

Section 4.5 Notices. All demands, notices and communications upon or to the Seller or the Purchaser under this Agreement shall be
delivered as specified in Part III of Appendix A. 
 Section 4.6 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or
terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

Section 4.7 Closing; Assignment; Conveyance of Receivables and First Step Transferred Property to the Issuing Entity. The transfer
of the Receivables contemplated by this Agreement shall take place at Carvana Headquarters, on the date hereof. This Agreement may not be assigned by the Purchaser or the Seller except as contemplated by this Section 4.7. The Seller
acknowledges that the Purchaser (or any permitted assign) may, pursuant to certain agreements, assign and convey the Receivables and the other First Step Transferred Property, together with its rights under this Agreement, to the Issuing Entity
under the Receivables Transfer Agreement and the Second Step Receivables Assignment (as defined in the Receivables Transfer Agreement) and that the Issuing Entity may make further assignments, conveyances and pledges of such rights and assets to
other Persons pursuant to the Indenture and the Receivables Contribution Agreement and that the Grantor Trust may make further assignments, conveyances and pledges pursuant to the Receivables Contribution Agreement and the Indenture. The Seller
acknowledges and consents to such assignments and pledges and waives any further notice thereof. Additionally, the Seller acknowledges that the Grantor Trust may assign the representations and warrants set forth in Section 3.1(b) to any
Third-Party Purchaser with respect to the sale of Charged-Off Receivables pursuant to a Forward Commitment Transfer. 

Section 4.8 Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 Section 4.9 Waivers. No failure or delay on the part of the Seller, the Purchaser, the Issuing Entity, the Grantor Trust, the
Noteholders, the Certificateholders, or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any
such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on any party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No
waiver or approval by any party hereto under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or
dissimilar waiver or approval thereafter to be granted hereunder. 

  
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Receivables Purchase Agreement 
 16

 Section 4.10 Counterparts; Electronic Signatures. This Agreement
may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document. Delivery of an executed counterpart of this Agreement by email or facsimile shall be effective as delivery of a
manually executed counterpart of this Agreement. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (a) an original manual
signature, (b) a faxed, scanned, or photocopied manual signature, or (c) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic
Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or
photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon,
and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity
thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings. 

Section 4.11 Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto, the
Issuing Entity, the Grantor Trust, the Owner Trustee, the Grantor Trust Trustee and the Indenture Trustee and, to the extent expressly referenced herein, shall inure to the benefit of the Noteholders and the Certificateholders, who shall be
considered to be a third party beneficiary hereof (including beneficiaries of the representations and warranties set forth in Section 3.1(b)). Except as otherwise provided in this Agreement, no other Person will have any right or obligation
hereunder. 
 Section 4.12 Entire Agreement. The Transaction Documents contain a final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There
are no unwritten agreements among the parties. 
 Section 4.13 Headings. The article and section headings hereof have been
inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement. 

Section 4.14 Indemnification. The Seller shall indemnify and hold harmless the Purchaser, the Issuing Entity, the Owner Trustee,
the Grantor Trust, the Grantor Trust Trustee and their respective agents and assignees (each, an “Indemnified Person”) from and against any loss, liability, expense (including reasonable and documented out of pocket external
attorneys’ fees and costs) or damage suffered or sustained by reason of third party claims which may be asserted against or incurred by the Purchaser or any of the permitted assignees (collectively, “Losses”) as a result of
(a) the failure of a Receivable to be originated in compliance in all material respects with all requirements of Applicable Law, and (b) breach of the Seller’s representations and warranties contained herein and any failure by the
Seller to comply with its 

  
 CRVNA 2022-P3 

Receivables Purchase Agreement 
 17

 
obligations under Section 4.2 or Section 3.3(c); provided that the Seller’s repurchase obligation for a breach of representations and warranties set forth in Exhibit B
hereof is the sole remedy therefor, except with respect to matters set forth in clause (a) above. Notwithstanding the foregoing, such indemnity shall not be available to an Indemnified Person to the extent that such Losses (i) have
resulted from the gross negligence, bad faith, fraud or willful misconduct of such Indemnified Person or (ii) arise primarily due to the deterioration in the credit quality or market value of the Receivables, Financed Vehicles or other First
Step Transferred Property (or the underlying Obligors thereunder) or otherwise constituting credit recourse for the failure of an Obligor to pay any amount owing with respect to any First Step Transferred Property. 

Section 4.15 Survival. All representations, warranties, covenants, indemnities and other provisions made by the Seller herein or
in connection herewith shall be considered to have been relied upon by the Purchaser and shall survive the execution and delivery of this Agreement. The terms of Section 4.14 shall survive the termination of this Agreement.

 Section 4.16 Nonpetition Covenant. Notwithstanding any prior termination of this Agreement, the Seller shall not, prior to
the date which is one (1) year and one (1) day after the final distribution with respect to the Notes (other than the Class XS Notes) to the Note Distribution Account or, with respect to the Certificates, to the Certificateholders or
the Certificate Distribution Account, acquiesce, petition or otherwise invoke or cause the Purchaser, the Issuing Entity or the Grantor Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining a
case against the Purchaser, the Issuing Entity or the Grantor Trust under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Purchaser, the Issuing Entity or the Grantor Trust or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of Purchaser, the Issuing Entity or the Grantor Trust under any federal or State
bankruptcy or insolvency proceeding. This Section 4.16 shall survive the termination of this Agreement. 
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 CRVNA 2022-P3 

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 18

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

			
	
	CARVANA, LLC,
	as Seller
		
	By:	 	 /s/ Paul W. Breaux

	Name:	 	Paul W. Breaux
	Title:	 	Vice President, Secretary
	
	CARVANA RECEIVABLES DEPOSITOR LLC, as Purchaser
		
	By:	 	 /s/ Paul W. Breaux

	Name:	 	Paul W. Breaux
	Title:	 	Vice President, Secretary

  
 CRVNA 2022-P3 

Receivables Purchase Agreement 
 S-1

 EXHIBIT A 

FORM OF 
 FIRST STEP
RECEIVABLES ASSIGNMENT 
 PURSUANT TO RECEIVABLES PURCHASE AGREEMENT 

On September 8, 2022 for value received, in accordance with the Receivables Purchase Agreement, dated as of September 8, 2022 (as
amended, modified or supplemented from time to time, the “Receivables Purchase Agreement”), between Carvana, LLC, an Arizona limited liability company (the “Seller”), and Carvana Receivables Depositor LLC, a
Delaware limited liability company (the “Purchaser”), the Seller does hereby sell, assign, transfer, set over and otherwise convey unto the Purchaser, without recourse, all of the Seller’s right, title and interest in, to and
under the following property, whether now existing or hereafter created or acquired: 
 (i) the Receivables and all
instruments and all monies due or to become due or received by any Person in payment of any of the foregoing on or after the Cutoff Date; 

(ii) the Financed Vehicles securing such Receivables (including any such Financed Vehicles that have been repossessed), any
document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each Financed Vehicle; 

(iii) the Receivable Files and the Servicer Files related to such Receivables; 

(iv) all rights to payment under all Insurance Policies with respect to the Financed Vehicles or the Obligors, including any
monies collected from whatever source in connection with any default of an Obligor or with respect to any such Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy; 

(v) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or
arrangements of whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise; 

(vi) all rights to payment under all service contracts and other contracts and agreements associated with such Receivables;

 (vii) all Liquidation Proceeds related to any such Receivable received on or after the Cutoff Date; 

(viii) subject to the Transaction Documents and the Master Agency Agreement, all deposit accounts, monies, deposits, funds,
accounts and instruments relating to the foregoing (excluding payments or recoveries in respect of the Receivables received prior to the Cutoff Date); 

  
 CRVNA 2022-P3 

Receivables Purchase Agreement 
 Ex.
A-1 

 (ix) the proceeds of any and all of the foregoing; and 

(x) all present and future claims, demands, causes of action and choses in action in respect of any of 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. 

It is the intention of the Seller and the Purchaser that the transfer and assignment of Receivables contemplated by the Receivables Purchase
Agreement and this First Step Receivables Assignment shall constitute an absolute and irrevocable sale of the First Step Transferred Property from the Seller to the Purchaser so that the beneficial interest in and title to the Receivables and the
other related First Step Transferred Property shall not be part of the Seller’s estate in the event of the filing of a petition for insolvency, receivership or conservatorship by or against the Seller or placement into receivership or
conservatorship of the Seller under any relevant bankruptcy, insolvency, receivership or conservatorship law. 
 The foregoing transfer and
assignment of the First Step Transferred Property contemplated by the Receivables Purchase Agreement and this First Step Receivables Assignment does not constitute and is not intended to result in any assumption by the Purchaser of any obligation of
the Seller, the Servicer or any other Person to the Obligors, insurers or any other Person in connection with the Receivables or the other related First Step Transferred Property, including any insurance policies or any agreement or instrument
relating to any of them. 
 THIS FIRST STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN §§ 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)).

 This First Step Receivables Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the
undersigned contained in the Receivables Purchase Agreement and is to be governed by the Receivables Purchase Agreement. 
 Capitalized
terms used herein and not otherwise defined herein shall have the meaning assigned to them in the Receivables Purchase Agreement. 

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 CRVNA 2022-P3 

Receivables Purchase Agreement 
 Ex.
A-2 

 IN WITNESS WHEREOF, the undersigned has caused this First Step Receivables Assignment to be
duly executed as of the day and year first written above. 
  

			
	CARVANA, LLC,
	as Seller
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 CRVNA 2022-P3 

Receivables Purchase Agreement 
 Ex.
A-3 

 SCHEDULE A TO THE FIRST STEP RECEIVABLES ASSIGNMENT 

FIRST STEP SCHEDULE OF RECEIVABLES 

The First Step Schedule of Receivables is 

on file at the offices of: 
  

	 	1.	 The Indenture Trustee 

 

	 	2.	 The Servicer 

  

	 	3.	 The Seller 

  

	 	4.	 The Purchaser 

  

	 	5.	 The Issuing Entity 

  

	 	6.	 The Grantor Trust 

  
 CRVNA 2022-P3 

Receivables Purchase Agreement 
 Ex.
A-4 

 EXHIBIT B 

RECEIVABLES REPRESENTATIONS AND WARRANTIES 

The Seller makes the following representations and warranties as to each Receivable: 

 

	 	(a)	 Characteristics of Receivables. As of the Cut-Off Date (or such
other date as may be specifically set forth below), such Receivable: 

  

	 	(1)	 was originated by the Seller in the United States of America for the retail sale of a Financed Vehicle;

  

	 	(2)	 was executed or electronically authenticated by the parties thereto; 

 

	 	(3)	 contains customary and enforceable provisions such that the rights and remedies of the holder thereof are
adequate for realization against the Financed Vehicle; 

  

	 	(4)	 provided, at origination, for level scheduled monthly payments that fully amortize the amount financed over the
original term (except that the first or last payment may be smaller or greater than the level payments); 

  

	 	(5)	 is secured by a Financed Vehicle that has not been repossessed; 

 

	 	(6)	 is a Simple Interest Receivable; 

 

	 	(7)	 as of the Cutoff Date, was not considered a Delinquent Receivable for more than 30 days; 

 

	 	(8)	 has an original term of not greater than 78 monthly payments; 

 

	 	(9)	 has a Deal Score equal to or greater than 50 at the time of origination; 

 

	 	(10)	 has an Obligor with a FICO score equal to or greater than 570 at the time of origination; and

  

	 	(11)	 has a fixed Annual Percentage Rate of not more than 28%. 

 

	 	(b)	 Compliance with Law. Such Receivable complied at the time it was originated in all material respects
with all requirements of applicable federal, state and local laws and regulations thereunder, except where the failure to comply (i) was remediated or cured in all material respects prior to the Cut-Off
Date or (ii) would not render such Receivable unenforceable or create liability for the Purchaser or the Issuing Entity, as assignee of such Receivable. 

  
 CRVNA 2022-P3 

Receivables Purchase Agreement 

Ex. B-1 

	 	(c)	 Binding Obligation. Such Receivable constitutes the legal, valid and binding obligation of the related
Obligor, enforceable in all material respects by the holder thereof in accordance with its terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, affecting
the enforcement of creditors’ rights generally, any state or federal consumer protection laws or regulations and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity) and
(ii) as such Receivable may be modified by the application of the Servicemembers Civil Relief Act, as amended, or other similar federal or state law to the extent applicable to the related Obligor. 

 

	 	(d)	 No Government Obligor. Such Receivable is not due from the United States of America or any State or from
any agency, department or instrumentality of the United States of America or any State. 

  

	 	(e)	 Security Interest in Financed Vehicle. As of the Closing Date, is secured by a first priority perfected
security interest in favor of the Seller in the related Financed Vehicle, or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in favor of the Seller in
the Financed Vehicle, which security interest has been validly assigned by the Seller to the Purchaser. 

  

	 	(f)	 Receivables in Force. The Receivable has not been satisfied, subordinated or rescinded, nor do the
records of the Servicer indicate that the related Financed Vehicle been released from the Lien granted by the related Receivable in whole or in part. 

  

	 	(g)	 No Defenses. The records of the Servicer do not reflect any material fact which have not been remediated
or cured which would constitute a basis for any right of recession, offset, claim, counterclaim or defense with respect to such Receivable or the same being asserted or threatened with respect to such Receivable. 

 

	 	(h)	 No Waiver. The records of the Servicer did not disclose that any provision of the related Contract has
been waived, amended or rewritten nor have any amounts due and owing thereunder deferred or waived (except waivers, amendments, rewrites, deferrals or waivers in accordance with the Customary Servicing Practices as disclosed in the records of the
Servicer). 

  

	 	(i)	 Insurance. The Receivable requires that the Obligor thereunder obtain physical damage insurance covering
the related Financed Vehicle. 

  

	 	(j)	 No Bankruptcies. The records of the Servicer did not reflect that the related Obligor on such Receivable
being currently the subject of a verified bankruptcy proceeding. 

  

	 	(k)	 Chattel Paper. Such Receivable constitutes any of “chattel paper,” an “account,” an
“instrument” or a “general intangible” as defined in the UCC. 

  

	 	(l)	 One Authoritative Copy or Original. Such Receivable is evidenced by a single Authoritative Copy.

  
 CRVNA 2022-P3 

Receivables Purchase Agreement 

Ex. B-2 

	 	(m)	 Prepayment. Such Receivable provides that a prepayment by the related Obligor will fully pay the
principal balance and accrued interest through the date of prepayment based on such Receivable’s Annual Percentage Rate. 

  

	 	(n)	 Origination Date. The Receivable was originated at least eight days prior to the Cutoff Date.

  
 CRVNA 2022-P3 

Receivables Purchase Agreement 

Ex. B-3 

 APPENDIX A 

PART I - DEFINITIONS 

“AAA” means the American Arbitration Association. 

“AAA Rules” means the AAA’s Commercial Arbitration Rules and Mediation Procedures in effect as of the date of the
commencement of the ADR Proceeding. 
 “Account Holder” means a bank or trust company that is an Eligible Institution that
holds one or more of the Designated Accounts. The initial Account Holder shall be Wells Fargo Bank, National Association. 

“Acknowledgment and Agreement” means that certain Acknowledgement and Agreement to the Master Agency Agreement, dated as of
the Closing Date. 
 “Act” has the meaning specified in Section 11.3 of the Indenture. 

“Actual Loss Amount” means, with respect to an Indemnified Receivable: 

(a) if the Servicer has extended the date for final payment by the Obligor of such Receivable beyond the last day of the
Collection Period immediately preceding the latest Final Scheduled Distribution Date, then an amount equal to the outstanding Principal Balance as of the fifth Business Day preceding the latest Final Scheduled Distribution Date, and the related
“Actual Loss Calculation Date” shall be the fifth Business Day preceding the latest Final Scheduled Distribution Date; 

(b) if the Servicer has reduced the APR with respect to such Receivable other than as permitted by
Section 2.2 of the Servicing Agreement, then an amount equal to the amount of the anticipated aggregate reduction in interest payments attributable to reduction of the APR over the term of such Receivable, and the related
“Actual Loss Calculation Date” shall be the last day of the Collection Period during which the Servicer made such reduction; 

(c) if the Servicer has reduced the APR with respect to such Receivable other than as permitted by
Section 2.2 of the Servicing Agreement, then an amount equal to the greater of (i) zero and (ii) the excess of the Indemnified Receivable Amount for such Receivable over the sum of all Collections (including
Liquidation Proceeds and Actual Loss Amounts previously paid by the Servicer with respect to such Receivable) received on such Receivable from and after the last day of the Collection Period ending immediately prior to the date of such reduction by
the Servicer through the earliest date that (1) such Receivable is paid in full, (2) all related Liquidation Proceeds expected to be received, if any, are received and (3) the last day of the Collection Period immediately preceding
the latest Final Scheduled Distribution Date, and the related “Actual Loss Calculation Date” shall be the last day of the earliest Collection Period during which such Receivable is paid in full, all related Liquidation Proceeds expected to
be received, if any, are received and the last day of the Collection Period immediately preceding the latest Final Scheduled Distribution Date; 

  
 A-1 

 (d) if the Servicer has reduced the Principal Balance with respect to such
Receivable other than as permitted by Section 2.2 of the Servicing Agreement, then an amount equal to such reduction, and the related “Actual Loss Calculation Date” shall be the last day of the Collection Period
during which the Servicer made such reduction; 
 (e) if the Servicer has reduced the Principal Balance with respect to such
Receivable other than as permitted by Section 2.2 of the Servicing Agreement, then an amount equal to the greater of (i) zero and (ii) the excess of the Indemnified Receivable Amount for such Receivable over the
sum of all Collections (including Liquidation Proceeds and Actual Loss Amounts previously paid by the Servicer with respect to such Receivable) received on such Receivable from and after the last day of the Collection Period ending immediately prior
to the date of such reduction by the Servicer through the earliest date that (1) such Receivable is paid in full, (2) all related Liquidation Proceeds expected to be received, if any, are received and (3) the last day of the
Collection Period immediately preceding the latest Final Scheduled Distribution Date, and the related “Actual Loss Calculation Date” shall be the last day of the earliest Collection Period during which such Receivable is paid in full, all
related Liquidation Proceeds expected to be received, if any, are received and the last day of the Collection Period immediately preceding the latest Final Scheduled Distribution Date; and 

(f) if the Servicer has breached Section 2.5 of the Servicing Agreement with respect to such
Receivable and such breach materially and adversely affects the interests of the Grantor Trust, the Issuing Entity, the Certificateholders, the Indenture Trustee or the Noteholders, then an amount equal to the greater of (i) zero and
(ii) the excess of the Indemnified Receivable Amount for such Receivable over the sum of all Collections (including Liquidation Proceeds and Actual Loss Amounts previously paid by the Servicer with respect to such Receivable) received on such
Receivable from and after the last day of the Collection Period ending immediately prior to the date of such breach by the Servicer through the earliest date that (1) such Receivable is paid in full, (2) all related Liquidation Proceeds
expected to be received, if any, are received and (3) the last day of the Collection Period immediately preceding the latest Final Scheduled Distribution Date, and the related “Actual Loss Calculation Date” shall be the last day of
the earliest Collection Period during which such Receivable is paid in full, all related Liquidation Proceeds expected to be received, if any, are received and the last day of the Collection Period immediately preceding the latest Final Scheduled
Distribution Date. 
 “Actual Loss Calculation Date” means with respect to any Indemnified Receivable shall have the
applicable meaning set forth in the definition of Actual Loss Amount. 
 “Administration Agreement” means that certain
Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuing Entity, the Grantor Trust and the Indenture Trustee. 

“Administrator” means Carvana, LLC, an Arizona limited liability company, or any successor thereto in such capacity. 

“ADR Proceeding” means either an Arbitration or a Mediation. 

  
 A-2 

 “Affiliate” means, with respect to any specified Person, any other Person
controlling, controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agency Office” has the meaning specified in Section 3.2 of the Indenture. 

“Aggregate Class A Interest Distributable Amount” means, with respect to any Distribution Date, the sum
of (i) the aggregate of the Note Class Interest Distributable Amount for each Class of the Class A Notes for such Distribution Date and (ii) the Class A Interest Carryover Shortfall as of the close of the preceding
Distribution Date. 
 “Aggregate Class B Interest Distributable Amount” means, with respect to any
Distribution Date, the sum of (i) the Note Class Interest Distributable Amount for the Class B Notes for such Distribution Date and (ii) the Class B Interest Carryover Shortfall as of the close of the preceding
Distribution Date. 
 “Aggregate Class C Interest Distributable Amount” means, with respect to any
Distribution Date, the sum of (i) the Note Class Interest Distributable Amount for the Class C Notes for such Distribution Date and (ii) the Class C Interest Carryover Shortfall as of the close of the preceding
Distribution Date. 
 “Aggregate Class D Interest Distributable Amount” means, with respect to any
Distribution Date, the sum of (i) the Note Class Interest Distributable Amount for the Class D Notes for such Distribution Date and (ii) the Class D Interest Carryover Shortfall as of the close of the preceding
Distribution Date. 
 “Aggregate Class N Interest Distributable Amount” means, with respect to any
Distribution Date, the sum of (i) the Note Class Interest Distributable Amount for the Class N Notes for such Distribution Date and (ii) the Class N Interest Carryover Shortfall as of the close of the preceding
Distribution Date. 
 “Aggregate Note Principal Amount” means, with respect to the close of a Distribution Date, the sum
of the aggregate outstanding principal amount for all Classes of Notes. 
 “Aggregate Noteholders’ Interest Distributable
Amount” means, with respect to any Distribution Date, the sum of (i) the Aggregate Class A Interest Distributable Amount for such Distribution Date, (ii) the Aggregate Class B Interest Distributable Amount for
such Distribution Date, (iii) the Aggregate Class C Interest Distributable Amount for such Distribution Date, (iv) the Aggregate Class D Interest Distributable Amount for such Distribution Date, and (v) the Aggregate
Class N Interest Distributable Amount for such Distribution Date. 
 “Aggregate Noteholders’ Principal Distributable
Amount” means, with respect to any Distribution Date, the sum of (i) the Noteholders’ Regular Principal Distributable Amount for such Distribution Date and (ii) the Aggregate Noteholders’ Priority Principal
Distributable Amount for such Distribution Date. 

  
 A-3 

 “Aggregate Noteholders’ Priority Principal Distributable Amount”
means, with respect to any Distribution Date, the sum of (i) the First Priority Principal Distributable Amount, (ii) the Second Priority Principal Distributable Amount, (iii) the Third Priority Principal Distributable Amount
and (iv) the Fourth Priority Principal Distributable Amount, each as of such Distribution Date. 
 “Annual Percentage
Rate” or “APR” means, with respect to a Receivable, the rate per annum of finance charges stated in such Receivable as the “annual percentage rate” (within the meaning of the Federal
Truth-in-Lending Act). 
 “Applicable Law”
means, for any Person, all existing and future applicable laws, rules, regulations (including proposed, temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and
interpretations by any Governmental Authority (including usury laws, the Federal Truth-in-Lending Act, Regulation Z and Regulation B of the Consumer Financial Protection
Bureau, the Securities Act and the Exchange Act), and applicable judgments, decrees, injunctions, writs, orders or line action of any court, arbitrator or other administrative, judicial or quasi-judicial tribunal or agency of competent jurisdiction.

 “Appointment Effective Date” has the meaning specified in Section 2(a) of the Backup Servicing
Agreement. 
 “Arbitration” means a binding arbitration proceeding with AAA conducted pursuant to the rules set forth in
the AAA Rules. 
 “Asset Representations Review” means a review by the Asset Representations Reviewer as specified in the
Asset Representations Review Agreement of all Delinquent Receivables that have been Delinquent Receivables for more than 60 days as of the last day of the preceding Collection Period to determine whether such Delinquent Receivables satisfy the
representations and warranties set forth in Exhibit B of the Receivables Purchase Agreement, each as of the Closing Date or such other date as specified in Exhibit B of the Receivables Purchase Agreement. 

“Asset Representations Review Agreement” means the Asset Representations Review Agreement, dated as of the Closing Date,
among the Issuing Entity, the Grantor Trust, the Servicer, the Administrator and the Asset Representations Reviewer. 
 “Asset
Representations Review Notice” means the notice from the Indenture Trustee to the Asset Representations Reviewer, the Issuing Entity, the Administrator and the Servicer pursuant to Section 12.2(d) of the Indenture
notifying the Asset Representations Reviewer that the Noteholders have requested an Assets Representations Review. 
 “Asset
Representations Reviewer” means Clayton Fixed Income Services LLC, as Asset Representations Reviewer, and its successors (including any successor Asset Representations Reviewer named under the Asset Representations Review Agreement). 

“Authentication Order” has the meaning specified in Section 2.2(d) of the Indenture. 

  
 A-4 

 “Authoritative Copy” means, with respect to any Electronic Contract, a copy
of such Contract that is unique, identifiable and, except as otherwise provided in Section 9-105 of the UCC, unalterable, and is marked “original” or has no watermark or other marking that would
indicate that it is a “copy” or “duplicate” or not an original or not an “authoritative” copy.  

“Authorized Officer” means any officer, including any president, vice president, assistant vice president, treasurer,
assistant treasurer, secretary, assistant secretary or corporate trust officer or any other officer performing functions similar to those performed by such officers. 

“Available Funds” means, with respect to any Distribution Date, an amount equal to (a) the Collections for the related
Collection Period and all proceeds from the sale or other disposition of the Grantor Trust Collateral relating to the exercise by the Servicer (or its designee) of its clean-up call redemption option pursuant
to Section 6.1 of the Servicing Agreement but excluding (i) any proceeds received from the sale of a Charged-Off Receivable to a
Charged-Off Receivable Purchaser while the Grantor Trust has repurchase obligations to such Charged-Off Receivable Purchaser with respect to such Charged-Off Receivable, (ii) Supplemental Servicing Fees and (iii) Investment Earnings on any concentration account, the Collection Account, the Reserve Account and the Class N Reserve Account,
minus (b) Liquidation Expenses for that Distribution Date and the related Collection Period. 
 “Backup
Servicer” means Vervent Inc., or its successor and assigns under the Backup Servicing Agreement. 
 “Backup Servicing
Agreement” means that certain Backup Servicing Agreement, dated as of the Closing Date, among the Backup Servicer, the Servicer, the Grantor Trust and the Issuing Entity. 

“Backup Servicing Fee” means the fee payable by the Issuing Entity to the Backup Servicer as described in Part IV to this
Appendix A. 
 “Bankruptcy Code” means The United States Bankruptcy Code (Title 11 of the United States Code). 

“Bankruptcy Event” means, with respect to any Person, (i) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of such Person in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of such Person, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of
sixty (60) consecutive days or (ii) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the
entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of such Person,
or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

  
 A-5 

 “Benefit Plan Investor” means any of (i) an “employee benefit
plan” as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA, (ii) a “plan” as defined in and subject to Section 4975 of the Code, or (iii) any entity or account whose underlying
assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or account. 
 “Bid
Percentage” means 40% for Charged-Off Receivables for which the related Obligor is subject to a bankruptcy proceeding and for which the underlying vehicle has not yet been repossessed, sold, or
declared a total loss; 1% for Charged-Off Receivables for which the underlying vehicle has been repossessed, sold and for which Liquidation Proceeds have been received; 80% for all other Charged-Off Receivables. 
 “Book-Entry Certificates” means a beneficial interest in the
Certificates, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 3.2 of the Trust Agreement. 

“Book-Entry Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book
entries by a Clearing Agency as described in Section 2.10 of the Indenture. 
 “Business Day”
means any day other than a Saturday, a Sunday or any other day on which banking institutions are not required or authorized to be closed in Wilmington, Delaware, New York, New York, Minneapolis, Minnesota, the State of Arizona or the State in which
the executive offices of the Servicer is located; provided that, when used in the context of a Distribution Date, Business Day means any day other than (i) a Saturday or Sunday or (ii) a day on which the Federal
Reserve Bank of New York is closed. 
 “Carvana Group Notes” means the Notes held by the Depositor or an Affiliate of the
Depositor. 
 “Carvana Headquarters” means 1930 W. Rio Salado Parkway Tempe, AZ 85281. 

“Certificate” means a Certificate executed by the Issuing Entity and authenticated by the Owner Trustee in substantially the
form set forth in Exhibit A to the Trust Agreement. 
 “Certificate Depository” means the depository from time to time
selected by the Administrator on behalf of the Issuing Entity in whose name the Book-Entry Certificates are registered while Book-Entry Certificates are outstanding. Unless otherwise directed by the Administrator, the first Certificate Depository
upon the issuance of Book-Entry Certificates shall be Cede & Co., the nominee of the initial Clearing Agency.  

“Certificate Depository Agreement” means the letter, dated on or before Closing Date, by the Issuing Entity to The Depository
Trust Company, as the initial Clearing Agency relating to the Book-Entry Certificates, as the same may be amended and supplemented from time to time.  

“Certificate Distribution Account” means the account, if applicable, designated as such, established and maintained pursuant
to Section 5.1(a) of the Trust Agreement.  

  
 A-6 

 “Certificate of Title” means, with respect to a Financed Vehicle,
(i) the original certificate of title relating thereto, or copies of correspondence to the applicable Registrar of Titles, and all enclosures thereto, for issuance of the original certificate of title or (ii) if the applicable Registrar of
Titles issues a letter or other form of evidence of lien in lieu of a certificate of title (including electronic titling), either notification of an electronic recordation, by either a Title Intermediary or the applicable Registrar of Titles, or the
original lien entry letter or form or copies of correspondence to such applicable Registrar of Titles, and all enclosures thereto, for issuance of the original lien entry letter or form, which, in either case, shall name the related Obligor as the
owner of such Financed Vehicle and the Servicer (or any subservicer, identified in writing to the Collateral Custodian by the Servicer), GFC Lending LLC, DT Credit Company LLC or Administrator as secured party. 

“Certificate of Trust” means the certificate of trust of the Issuing Entity filed for the Issuing Entity pursuant to
Section 3810(a) of the Statutory Trust Act. 
 “Certificate Owner” means the owner of an interest in a Certificate.

 “Certificate Private Placement Memorandum” means the Certificate Confidential Private Placement Memorandum of the
Issuing Entity, dated as of August 30, 2022. 
 “Certificate Register” means the register of Certificates specified in
Section 3.4 of the Trust Agreement. 
 “Certificate Registrar” means the registrar at any time of
the Certificate Register, appointed pursuant to Section 3.4(a) of the Trust Agreement. 

“Certificateholders” means any Holder of a Certificate. 

“Charged-Off Receivable” means a Receivable which has been charged off by the
Servicer at the earlier of (a) the date notice of intent to sell a repossessed vehicle expires or (b) the end of the calendar month in which more than 10% of a Scheduled Payment is 120 days or more past due from the scheduled due date for
such payment. 
 “Charged-Off Receivable Purchaser” means a purchaser of a Charged-Off Receivable as contemplated by Section 2.3 of the Servicing Agreement. 

“Charged-Off Receivable Schedule” means the schedule describing the Charged-Off Receivables being sold to a Third-Party Purchaser, including the computer disk or tape describing such Charged-Off Receivables for collections and due diligence
purposes which shall include all relevant information on the Charged-Off Receivables and the related Obligors. 

“Class” means a class of Notes, which may be the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes, the
Class D Notes, the Class N Notes or the Class XS Notes. 
 “Class A Interest Carryover
Shortfall” means, with respect to any Distribution Date, as of the close of business on such Distribution Date, the excess of (i) the Aggregate Class A Interest Distributable Amount for such Distribution Date over
(ii) the amount that was actually deposited in the Note Distribution Account on such Distribution Date in respect of interest for the Class A Notes pursuant to Section 2.7(b) of the Indenture (or paid to the
Class A Notes in respect of interest on such Distribution Date pursuant to Section 2.7(e) of the Indenture). 

  
 A-7 

 “Class A Notes” means, collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes. 
 “Class A-1 Notes” means the Class A-1 Notes issued pursuant to the Indenture and described in Part IV to this Appendix A. 

“Class A-2 Notes” means the
Class A-2 Notes issued pursuant to the Indenture and described in Part IV to this Appendix A. 

“Class A-3 Notes” means the
Class A-3 Notes issued pursuant to the Indenture and described in Part IV to this Appendix A. 

“Class A-4 Notes” means the
Class A-4 Notes issued pursuant to the Indenture and described in Part IV to this Appendix A. 

“Class B Interest Carryover Shortfall” means, with respect to any Distribution Date, as of the close of
business on such Distribution Date, the excess of (i) the Aggregate Class B Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually deposited in the Note Distribution Account on such
Distribution Date in respect of interest for the Class B Notes pursuant to Section 2.7(b) of the Indenture (or paid to the Class B Notes in respect of interest on such Distribution Date pursuant to
Section 2.7(e) of the Indenture). 
 “Class B Notes” means the Class B
Notes issued pursuant to the Indenture and described in Part IV to this Appendix A. 
 “Class C Interest
Carryover Shortfall” means, with respect to any Distribution Date, as of the close of business on such Distribution Date, the excess of (i) the Aggregate Class C Interest Distributable Amount for such Distribution Date over
(ii) the amount that was actually deposited in the Note Distribution Account on such Distribution Date in respect of interest for the Class C Notes pursuant to Section 2.7(b) of the Indenture (or paid to the
Class C Notes in respect of interest on such Distribution Date pursuant to Section 2.7(e) of the Indenture). 

“Class C Notes” means the Class C Notes issued pursuant to the Indenture and described in Part IV to
this Appendix A. 
 “Class D Interest Carryover Shortfall” means, with respect to any Distribution Date,
as of the close of business on such Distribution Date, the excess of (i) the Aggregate Class D Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually deposited in the Note Distribution
Account on such Distribution Date in respect of interest for the Class D Notes pursuant to Section 2.7(b) of the Indenture (or paid to the Class D Notes in respect of interest on such Distribution Date pursuant to
Section 2.7(e) of the Indenture). 
 “Class D Notes” means the Class D
Notes issued pursuant to the Indenture and described in Part IV to this Appendix A. 

  
 A-8 

 “Class N Note Interest Carryover Shortfall” means, with
respect to any Distribution Date, as of the close of business on such Distribution Date, the excess of (i) the Aggregate Class N Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually
deposited in the Note Distribution Account on such Distribution Date in respect of interest for the Class N Notes pursuant to Section 2.7(b) of the Indenture (or paid to the Class N Notes in respect of interest on
such Distribution Date pursuant to Section 2.7(e) of the Indenture). 
 “Class N Note
Principal Amount” means the Class N note principal amount set forth in Part IV to this Appendix A. 

“Class N Notes” means the Class N Notes issued pursuant to the Indenture and described in Part IV to
this Appendix A. 
 “Class N Notes Confidential Offering Memorandum” means the Confidential Offering
Memorandum of the Issuing Entity with respect to the Class N Notes, dated as of August 30, 2022. 
 “Class N
Reserve Account” means the account designated as such, established and maintained pursuant to Section 8.2(a) of the Indenture. 

“Class N Reserve Account Draw Amount” means (A) on any distribution date prior to the Final Scheduled
Distribution Date for the Class N Notes, the amount, if any, by which the amount due pursuant to Section 2.7(b)(xiv) of the Indenture for such Distribution Date exceeds the Available Funds for such Distribution Date;
(B) on the Final Scheduled Distribution Date for the Class N Notes, the difference between Available Funds remaining after payment of clauses (i) through (xvi) of Section 2.7(b) of the Indenture and the
outstanding principal amount of the Class N Notes, plus accrued and unpaid interest thereon. If no Class N Notes are Outstanding, any amounts on deposit in the Class N Reserve Account shall be released to the Depositor pursuant
Section 8.4(c) of the Indenture. 
 “Class N Reserve Account Initial Deposit
Amount” means an amount equal to at least the amount set forth in Part IV to this Appendix A. 

“Class N Reserve Account Required Amount” means the amount set forth in Part IV to this Appendix A. 

“Class XS Notes” means the Class XS Notes issued pursuant to the Indenture and described in Part IV
to this Appendix A. 
 “Clearing Agency” means an organization registered as a “clearing agency” pursuant
to Section 17A of the Exchange Act. The initial Clearing Agency shall be The Depository Trust Company. 
 “Clearing Agency
Participant” means a securities broker, dealer, bank, trust company, clearing corporation or other financial institution or other Person for whom from time to time a Clearing Agency effects book entry transfers and pledges of securities
deposited with the Clearing Agency. 
 “Closing Date” means September 8, 2022. 

  
 A-9 

 “Code” means the Internal Revenue Code of 1986, as amended from time to
time, and the Treasury Regulations promulgated thereunder.  
 “Collateral” means the Issuing Entity Collateral and
the Grantor Trust Collateral. 
 “Collateral Custodian” means Computershare Trust Company, National Association, as
Collateral Custodian, or another collateral custodian named from time to time in the Collateral Custodian Agreement. 
 “Collateral
Custodian Agreement” means the Collateral Custodian Agreement, dated as of the Closing Date, among the Collateral Custodian, the Servicer, the Issuing Entity, the Grantor Trust, the Indenture Trustee and the Administrator. 

“Collection Account” means the account designated as such, established and maintained pursuant to
Section 8.2(a) of the Indenture. 
 “Collection Period” means, with respect to a Distribution
Date, the calendar month preceding the month in which such Distribution Date occurs; provided, however, that with respect to the first Distribution Date, the Collection Period will be the period from and including the Cutoff Date to
the end of the calendar month preceding such Distribution Date. 
 “Collections” means all cash collections and other cash
proceeds of the Receivables and Collateral, including all payments of principal, Interest Collections, Supplemental Servicing Fees, Liquidation Proceeds, any amounts received in connection with any repurchase of any Receivable by the Seller under
the Receivables Purchase Agreement, the Depositor under the Receivables Transfer Agreement, the Issuing Entity under the Receivables Contribution Agreement and any amounts received from the Servicer in connection with any indemnification payments
under Section 3.3(a) of the Servicing Agreement for breaches of certain covenants and any funds received by the Issuing Entity, the Depositor or the Servicer from the Receivables and Collateral received during any
Collection Period. 
 “Commission” means the U.S. Securities and Exchange Commission. 

“Contract” means any fully-executed retail installment sale contract, direct purchase money loan or conditional sale contract
for a Financed Vehicle under which an extension of credit is made in the ordinary course of business of the Sponsor and which is secured by the related Financed Vehicle. 

“Contractual Obligation” means, with respect to any Person, any provision of any securities issued by such Person or any
indenture, mortgage, deed of trust or material contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or is subject. 

“Controlling Class” means, (a) so long as the Class A Notes are outstanding, the Class A Notes (voting
together as a single Class), (b) if the Class A Notes are no longer outstanding but the Class B Notes are outstanding, the Class B Notes, (c) if the Class A Notes and the Class B Notes are no longer outstanding but
the Class C Notes are outstanding, the Class C Notes and (d) if the Class A Notes, the Class B Notes and the Class C Notes are no longer outstanding but the Class D Notes are outstanding, the Class D Notes.
Only after all of the Notes (other than the Class XS Notes and the Class N Notes) are no longer outstanding will the Certificates have any of the rights that the controlling class has. The Class XS Notes and the Class N Notes
will never be the Controlling Class. 

  
 A-10 

 “Corporate Trust Office” means, with respect to (a) the Indenture
Trustee and the Collateral Custodian, the principal office of such entity at which at any particular time its corporate trust business shall be administered, which office at the Closing Date is located at 600 S. 4th Street, MAC N9300-070, Minneapolis, MN 55415, Attention: Corporate Trust Services – Asset-Backed Administration; and (b) with respect to the Owner Trustee, the principal office of the Owner Trustee at which at any
particular time its corporate trust business shall be administered, which office at the Closing Date is located at 301 Bellevue Parkway, 3rd Floor, Wilmington, DE 19809, Attention: Corporate Trust Administration or at such other address as the
Indenture Trustee, Collateral Custodian or Owner Trustee may designate from time to time by notice to the Certificateholders and the Depositor or the principal corporate trust office of any successor Indenture Trustee, Collateral Custodian or Owner
Trustee (the address of which the successor will notify the Noteholders, the Certificateholders and the Depositor). 
 “Credit
Policy” means the credit underwriting policy of the Sponsor, as amended, modified, restated, replaced or otherwise supplemented from time to time. 

“Customary Servicing Practices” means the customary servicing practices of the Servicer with respect to all comparable motor
vehicle receivables that the Servicer services for itself or others, as such practices may be changed from time to time. 
 “Cutoff
Date” means August 20, 2022. 
 “Deal Score” means a proprietary scoring model of the Seller for internal and
external reporting and portfolio monitoring purposes that produces scores that range from 0 to 100, with higher scores indicating lower expected risk of negative loan performance. 

“Debt” means the obligations, expressed in terms of Unpaid Charge-Off Balances as
identified in the Charged-Off Receivable Schedule. Nothing in this definition shall be deemed to imply that such debts are not legally enforceable as a result of the expiration of applicable statute of
limitations or other enforcement or collection restrictions affecting creditors’ rights generally. 
 “Default” means
any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 
 “Definitive
Certificates” means the Certificates issued in the form of definitive certificates pursuant to Section 3.2(a) or Section 3.12 of the Trust Agreement. 

“Definitive Notes” means the Notes issued in the form of definitive notes pursuant to Section 2.12
of the Indenture. 
 “Delinquency Percentage” means for each Distribution Date and the related Collection Period, the ratio
(expressed as a percentage) of (i) the aggregate Principal Balance of all Delinquent Receivables held by the Issuing Entity that are more than 60 consecutive days delinquent to (ii) the aggregate Principal Balance of the Receivables, in each
case, as of the last day of the related Collection Period. 

  
 A-11 

 “Delinquency Trigger” has the meaning specified in Part IV to this Appendix
A. 
 “Delinquent Receivable” means a Receivable with respect to which payment in excess of 10% of a Scheduled Payment has
not been received by the payment due date as of the end of the monthly period. 
 “Deliver” means, (a) with respect to
a document in a Receivable File other than an Electronic Contract or an electronic Certificate of Title, to deliver physical possession of such Tangible Contract or other document via reputable overnight delivery service, (b) with respect to an
Electronic Contract, to direct the transfer such Electronic Contract to the Vault Partition and (c) with respect to electronic Certificates of Title, to cause the applicable Title Intermediary to provide the Collateral Custodian with full
electronic access to view such electronic Certificates of Title on the records of the Title Intermediary. The terms “Delivery” and “Delivered” shall have corollary meanings. 

“Depositor” means Carvana Receivables Depositor LLC, a Delaware limited liability company, and its successors and assigns.
 
 “Depository Account” means those “depository” accounts initially established and maintained by the
Servicer or an Affiliate thereof pursuant to Section 3.1 of the Servicing Agreement and the Master Agency Agreement, or any successor accounts in the name of and maintained by the Servicer, its Affiliate or any Successor
Servicer. 
 “Depository Account Bank” means the national banking association or other depository institution at which a
Depository Account is maintained. 
 “Designated Account Property” means the Designated Accounts, all cash, investments,
Financial Assets, securities and investment property held from time to time in any Designated Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities or otherwise), including the Reserve
Account Initial Deposit and the Class N Reserve Account Initial Deposit, and all proceeds of the foregoing but excluding all Investment Earnings thereon. 

“Designated Accounts” means, collectively, the Collection Account, the Note Distribution Account, the Reserve Account and the
Class N Reserve Account. 
 “Determination Date” means the second (2nd) Business Day prior to any Distribution Date.

 “Distribution Date” has the meaning specified in Part IV to this Appendix A. 

“Document Receipt” means the Document Receipt substantially in the form attached hereto as Exhibit B to the Collateral
Custodian Agreement executed by the Collateral Custodian and delivered to the Administrator, the Indenture Trustee and the Servicer. 

  
 A-12 

 “E-Vault Access Agreement” means
the agreement between Wells Fargo Bank, National Association and the E-Vault Provider governing the access of the Collateral Custodian to the E-Vault System and the
maintenance of the Vault Partition, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “E-Vault Provider” means eOriginal, Inc. 

“E-Vault System” means the “eOriginal, Inc. Authoritative Copy System”
maintained by the E-Vault Provider. 
 “Electronic Contract” means a Contract that
constitutes “electronic chattel paper” under and as defined in Section 9-102(a)(31) of the UCC. 

“Electronic Means” means the following communications methods: e-mail, facsimile
transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Owner Trustee or Grantor Trust Trustee, or another method or system specified by the Owner Trustee or Grantor
Trust Trustee as available for use in connection with its services in the Trust Agreement or Grantor Trust Agreement. 
 “Eligible
Deposit Account” means either (a) a segregated trust account established with an Eligible Institution or (b) a segregated deposit account established with an Eligible Institution. 

“Eligible Institution” means either (a) the corporate trust department of the Indenture Trustee, the Grantor Trust
Trustee or the Owner Trustee, as applicable, or (b) a depository institution organized under the laws of the United States of America or any State (or any domestic branch of a foreign bank), (i) which has either (A) a long-term unsecured
debt rating of “AA” or better by S&P, or such other rating that is acceptable to each Rating Agency or (B) a short-term unsecured debt rating or certificate of deposit rating of
“A-1” by S&P, or such other rating that is acceptable to each Rating Agency and (ii) whose deposits are insured by the FDIC. 

“Eligible Investments” means book-entry securities, negotiable instruments or securities represented by instruments in bearer
or registered form which evidence: 
 (i) direct obligations of, and obligations fully guaranteed as to timely payment of
principal and interest by, the United States of America; 
 (ii) demand deposits, time deposits or certificates of deposit of
any depository institution or trust company; provided, however, that at the time of the investment or contractual commitment to invest therein, the commercial paper or other short-term unsecured debt obligations (other than such
obligations the rating of which is based on the credit of a Person other than such depository institution or trust company; provided that such Person has a credit rating from each of the Rating Agencies in the highest investment grade
category for short-term unsecured debt obligations or certificates of deposit granted thereby) thereof shall have a credit rating from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations or
certificates of deposit granted thereby; 

  
 A-13 

 (iii) commercial paper having, at the time of the investment or contractual
commitment to invest therein, a rating from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations or certificates of deposit granted thereby; 

(iv) investments in money market funds having a rating from each of the applicable Rating Agencies in the highest investment
grade category or money market or common trust funds having a rating from each of the applicable Rating Agencies in the highest investment grade category for short-term unsecured debt obligations or certificates of deposit granted thereby (including
funds for which the Indenture Trustee or the Owner Trustee or any of their respective affiliates is investment manager or advisor, so long as such fund shall have such rating); 

(v) bankers’ acceptances issued by any depository institution or trust company referred to in clause
(ii) above; 
 (vi) repurchase obligations with respect to any security that is a direct obligation of, or fully
guaranteed by, the United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with (i) a depository institution
or trust company (acting as principal) described in clause (ii) or (ii) a depository institution or trust company (A) the deposits of which are insured by FDIC or (B) the counterparty for which has a rating from each of the
Rating Agencies in the highest investment grade category for short-term unsecured debt obligations, the collateral for which is held by a custodial bank for the benefit of the Trust or the Indenture Trustee, is marked to market daily and is
maintained in an amount that exceeds the amount of such repurchase obligation, and which is required to be liquidated immediately upon the amount of such collateral being less than the amount of such repurchase obligation (unless the counterparty
immediately satisfies the repurchase obligation upon being notified of such shortfall); and 
 (vii) commercial paper master
notes having, at the time of the investment or contractual commitment to invest therein, a rating from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations; 

in each case, maturing or if such Eligible Investment does not mature, being liquidated not later than the Business Day immediately preceding
the next Distribution Date. If KBRA is rating the Notes but has failed to provide a rating for a specified investment, then an equivalent required deposit rating may be obtained from another nationally recognized rating agency. Any such Eligible
Investments may be purchased by or through the Indenture Trustee or its Affiliates. 
 “Entitlement Holder” has the meaning
given such term in Section 8-102(a)(7) of the New York UCC. 
 “ERISA” means
the Employee Retirement Income Security Act of 1974, as amended. 
 “Event of Default” means an event described in
Section 5.1 of the Indenture.  

  
 A-14 

 “Excess Servicing Strip Amount” means, with respect to any Distribution
Date, an amount equal to the Servicing Strip Amount less the Servicing Fee. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended.  
 “Exported” means, with respect to a Contract, shall mean the Collateral Custodian has
decommissioned the related electronic chattel paper and the Authoritative Copy of such Contract is printed out pursuant to a “Paper Out”TM within the meaning specified in the System
Description. “Export” and “Exporting” shall have corollary meanings. 
 “FATCA” means
Sections 1471 through 1474 of the Code (or any amended or successor version thereof) and any current or future regulations or official interpretations thereof. 

“FATCA Withholding Tax” means any withholding or deduction pursuant to an agreement described in Section 1471(b) of the
Code or otherwise imposed pursuant to FATCA. 
 “FDIC” means the Federal Deposit Insurance Corporation or any successor
agency. 
 “Final Scheduled Distribution Date” means, with respect to a Class of Notes, the Distribution Date in the
month and year set forth in Part IV to this Appendix A. The Class XS Notes do not have a Final Scheduled Distribution Date. 

“Financed Vehicle” means, with respect to a Receivable, any used automobile, light-duty truck, minivan or sport utility
vehicle, together with all accessions thereto, securing the related Obligor’s indebtedness thereunder. 
 “Financial
Asset” has the meaning given such term in Article 8 of the New York UCC. As used herein, the Financial Asset “related to” a Security Entitlement is the Financial Asset in which the Entitlement Holder holding such Security
Entitlement has the rights and property interest specified in Article 8 of the New York UCC. 
 “Financial Parties” means,
collectively, the Noteholders and the Certificateholders. 
 “Financial Printer” means Donnelley Financial Solutions, Inc.,
or any successor financial printer retained on behalf of the Issuing Entity by the Administrator in its sole discretion. 
 “First
Priority Principal Distributable Amount” means, with respect to any Distribution Date, an amount equal to the excess, if any, of (a) the aggregate outstanding principal amount of the Class A Notes as of, for the first Distribution
Date, the Closing Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes on such preceding Distribution Date) over (b) the Pool Balance as of
the close of business on the last day of the related Collection Period; provided, however, that the First Priority Principal Distributable Amount for each Distribution Date on and after the Final Scheduled Distribution Date for any
Class of Class A Notes shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the outstanding principal amount of the Class A Notes of such Class as of the day preceding such
Distribution Date. 

  
 A-15 

 “First Step Receivables Assignment” has the meaning specified in
Section 2.1 of the Receivables Purchase Agreement. 
 “First Step Transferred Property” has the
meaning specified in Section 2.1 of the Receivables Purchase Agreement. 
 “Form 10-D Disclosure Item” means, with respect to any Person, (a) any legal Proceedings pending against such Person or of which any property of such Person is then subject, or (b) any Proceedings known
to be contemplated by governmental authorities against such Person or of which any property of such Person would be subject, in each case that would be material to the Noteholders. 

“Formation Documents” means, (a) with respect to the Issuing Entity, the Certificate of Trust and the Trust Agreement,
(b) with respect to the Grantor Trust, the Grantor Trust Certificate of Trust and the Grantor Trust Agreement, and (c) with respect to the Depositor, the certificate of formation of the Depositor filed in Delaware, dated as of
January 4, 2019 and the amended and restated limited liability company agreement of the Depositor, dated as of March 27, 2019, made by the Sponsor, as member. 

“Forward Commitment Transfer” means any agreement creating a commitment by the Grantor Trust or the Issuing Entity to sell Charged-Off Receivables from time to time in the future to a Third-Party Purchaser. 
 “Fourth
Priority Principal Distributable Amount” means, with respect to any Distribution Date, an amount, not less than zero, equal to the difference between (a) the excess, if any, of (i) the aggregate outstanding principal amount of the
Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes as of, for the first Distribution Date, the Closing Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to
any principal payments made on the Notes on such preceding Distribution Date) over (ii) the Pool Balance as of the close of business on the last day of the related Collection Period, and (b) the sum of (i) the First Priority
Principal Distributable Amount, if any, with respect to such Distribution Date, (ii) the Second Priority Principal Distributable Amount, if any, with respect to such Distribution Date, and (iii) the Third Priority Principal Distributable
Amount, if any, with respect to such Distribution Date; provided, however, that the Fourth Priority Principal Distributable Amount for each Distribution Date on and after the Final Scheduled Distribution Date for the Class D Notes shall
equal the greater of (A) the amount otherwise calculated pursuant to this definition and (B) the outstanding principal amount of the Class D Notes as of the day preceding such Distribution Date. 

“GLB Act” means the Gramm-Leach-Bliley Act, 15 U.S.C. Section 6801 et seq. 

“Governmental Authority” means, with respect to any Person, any nation or government, any State or other political
subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person. 

  
 A-16 

 “Grant” means to mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create and grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the
Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim, collect, receive and give receipt
for principal and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring
Proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. Other forms of the verb “to Grant” shall
have correlative meanings. 
 “Grantor Trust” means Carvana Auto Receivables Grantor Trust
2022-P3, a statutory trust formed under the laws of the State of Delaware. 
 “Grantor Trust
Agreement” means the Amended and Restated Trust Agreement, dated as of the Closing Date, between the Issuing Entity and the Grantor Trust Trustee. 

“Grantor Trust Certificate” means the Grantor Trust Certificate executed by the Grantor Trust and authenticated by the
Grantor Trust Trustee in substantially the form set forth in Exhibit A to the Grantor Trust Agreement and evidencing a 100% undivided beneficial interest in the Grantor Trust. 

“Grantor Trust Certificate of Trust” means the certificate of trust of the Grantor Trust filed for the Grantor Trust pursuant
to Section 3810(a) of the Statutory Trust Act. 
 “Grantor Trust Certificate Register” means the register of Grantor
Trust Certificates specified in Section 3.4(a) of the Grantor Trust Agreement. 
 “Grantor Trust
Certificate Registrar” means the registrar at any time of the Grantor Trust Certificate Register, appointed pursuant to Section 3.4(a) of the Grantor Trust Agreement.  

“Grantor Trust Certificateholder” means the Holder of a Grantor Trust Certificate. 

“Grantor Trust Collateral” has the meaning specified in the Granting Clause of the Indenture.  

“Grantor Trust Paying Agent” means, with respect to the Grantor Trust Agreement, any paying agent or co-paying agent appointed pursuant to Section 3.9 of the Grantor Trust Agreement. 

“Grantor Trust Trustee” means BNY Mellon Trust of Delaware, acting not in its individual capacity, but solely as trustee for
the Grantor Trust. 
 “Holder” means the Person in whose name a Note or Certificate is registered on the Note Register or
the Certificate Register, as applicable.  
 “Indemnified Receivable” means a Receivable for which the Servicer is
obligated to indemnify for an Actual Loss Amount pursuant to Section 2.6 of the Servicing Agreement. 

“Indemnified Receivable Amount” means, with respect to any Receivable that has become an Indemnified Receivable, the
Principal Balance and accrued interest as of the last day of the Collection Period immediately preceding the Collection Period during which such Receivable first became an Indemnified Receivable. 

  
 A-17 

 “Indenture” means the Indenture, dated as of the Closing Date, among the
Issuing Entity, the Grantor Trust and the Indenture Trustee. 
 “Indenture Trustee” means Computershare Trust Company,
National Association, not in its individual capacity but solely as trustee under the Indenture, or any successor trustee under the Indenture. 

“Independent” means, when used with respect to any specified Person, that the Person (a) is in fact independent of the
Issuing Entity, any other obligor upon the Notes, the Depositor and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Issuing Entity, any such other
obligor, the Depositor or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuing Entity, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter,
underwriter, trustee, partner, director or person performing similar functions but may provide services to the Issuing Entity, the Depositor or any Affiliate. 

“Independent Accountant” means PricewaterhouseCoopers LLC, or any successor independent accountant appointed by the
Administrator in its sole discretion under the Administration Agreement. 
 “Independent Certificate” means a certificate
or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1 of the Indenture, made by an Independent appraiser or other
expert appointed by an Issuing Entity Order and approved by the Indenture Trustee in the exercise of reasonable care, and stating that the signer has read the definition of “Independent” in the Indenture and that the signer is Independent
within the meaning thereof. 
 “Indirect Participant” means a securities broker, dealer, bank, trust company or other
Person that clears through or maintains a custodial relationship with a Clearing Agency Participant, either directly or indirectly. 

“Initial Pool Balance” has the meaning set forth in Part IV to this Appendix A. 

“Initial Servicer” means Bridgecrest Credit Company, LLC. 

“Insurance Policy” means, with respect to any Receivable, (a) an insurance policy covering physical damage to or loss of
the related Financed Vehicle or (b) any lender’s single interest, credit life, disability, hospitalization and similar insurance policies with respect to the related Obligor.  

“Insurance Proceeds” means any amounts payable or any payments made under any Insurance Policy.  

“Interest Collections” means all amounts received in respect of any interest, or other similar charges on a Receivable
(excluding late fees, extension fees, insufficient funds fees and other administrative fees and expenses), from or on behalf of Obligors that are to be deposited into the Collection Account. 

  
 A-18 

 “Interest Rate” means, with respect to each Class of Notes (other than
the Class XS Notes), the per annum rate set forth in Part IV to this Appendix A. The Class XS Notes do not have an Interest Rate. 

“Investment Earnings” means investment earnings on funds deposited in the Designated Accounts, net of losses and investment
expenses. The Servicer is entitled to receive all Investment Earnings on the funds in its concentration accounts prior to remittance of the Collections to the Collection Account. The Depositor is entitled to receive all Investment Earnings on
the funds in the Collection Account, the Reserve Account and the Class N Reserve Account. 
 “Investment Fund” means
Goldman Sachs Financial Square Government Fund for so long as Goldman Sachs Financial Square Government Fund is an Eligible Investment. If Goldman Sachs Financial Square Government Fund ceases to be an Eligible Investment, the funds deposited
in each of the Designated Accounts shall second be held in Allspring Government Money Market Fund for so long as Allspring Government Money Market Fund is an Eligible Investment. If Allspring Government Money Market Fund ceases to be an
Eligible Investment, the funds deposited in each of the Designated Accounts shall third be held in Allspring Treasury Plus Money Market Fund for so long as Allspring Treasury Plus Money Market Fund is an Eligible Investment. If Allspring
Treasury Plus Money Market Fund ceases to be an Eligible Investment, the funds deposited in each of the Designated Accounts shall be invested at the written direction of the Administrator in a money market mutual fund that is an Eligible
Investment and has a principal investment strategy and an investment objective that are each substantially identical to Goldman Sachs Financial Square Government Fund. The Administrator shall deliver written instructions to the Indenture Trustee
with respect to any change to be made in connection with the Investment Funds in which the funds are to be invested. 
 “Issuing
Entity” means Carvana Auto Receivables Trust 2022-P3, a Delaware statutory trust created by the Certificate of Trust and described in the Trust Agreement.  

“Issuing Entity Collateral” has the meaning specified in the Granting Clause of the Indenture. 

“Issuing Entity Order” means a written order signed in the name of the Issuing Entity by any one of its Authorized Officers
and delivered to the Indenture Trustee. 
 “Issuing Entity Request” means a written request signed in the name of the
Issuing Entity by any one of its Authorized Officers and delivered to the Indenture Trustee. 
 “KBRA” means Kroll Bond
Rating Agency, LLC, or any successor to the business thereof. 
 “Lien” means any mortgage, lien, pledge, charge, adverse
claim, security interest or encumbrance of any kind other than tax liens, mechanics’ liens and any liens that attach by operation of law. 

  
 A-19 

 “Liquidation Expenses” mean, for any
Charged-Off Receivable and the related Financed Vehicle, the reasonable out-of-pocket expenses (exclusive of overhead) incurred
by the Servicer with respect to the collection, repossession, enforcement, disposition and liquidation of a Receivable. 

“Liquidation Proceeds” means, for any Collection Period and any Charged-Off
Receivable, the amount (which shall not be less than zero) received by the Servicer and deposited into the Collection Account after a Receivable becomes a Charged-Off Receivable, in connection with the
attempted realization of the full amounts due or to become due under such Receivable, whether from the sale or other disposition of the related Financed Vehicle, the proceeds of repossession or any collection effort, the proceeds of recourse or
similar payments payable under the related Receivable, receipt of Insurance Proceeds or otherwise, net of Liquidation Expenses and any amounts required by law to be remitted to the related Obligor. 

“Majority Certificateholders” means Certificateholders holding in the aggregate more than 50% of the Voting Interests. 

“Master Agency Agreement” means the Amended and Restated Master Depository Accounts and Post Office Boxes and Agency
Agreement, dated as of December 16, 2005, among Bridgecrest Credit Company, LLC, Bridgecrest Acceptance Corporation, DriveTime Car Sales, Inc., The Royal Bank of Scotland
(successor-in-interest to Greenwich Capital Financial Products, Inc.), Computershare Trust Company, National Association (as successor in interest to Wells Fargo Bank,
National Association), Wilmington Trust Company, in its capacity of owner trustee of certain “Current Trusts” identified therein, and such other persons or entities that became a party to the Agreement pursuant to the terms thereof
pursuant to any applicable acknowledgment and agreement, as amended by that Amendment No. 1 to Amended and Restated Master Depository Accounts and Post Office Boxes and Agency Agreement dated as of March 14, 2018 and as further amended,
restated, modified or supplemented from time to time. 
 “Material Adverse Effect” means, with respect to any Person and to
any event or circumstance, a material adverse effect on (a) the business, financial condition, operations or properties of such Person, (b) the validity or enforceability against such Person of any Transaction Document, (c) the
ability of such Person to perform its obligations under any Transaction Document to which it is a party or (d) the rights and remedies, taken as a whole, of the Indenture Trustee under any Transaction Document. 

“Mediation” means a non-binding mediation or arbitration proceeding with AAA
conducted pursuant to the rules set forth in the AAA Rules. 
 “New York UCC” means the UCC in effect on the Closing Date
in the State of New York and as may be amended from time to time. 
 “Note Class Interest Distributable
Amount” means, with respect to any Class of Notes (other than the Class XS Notes) and any Distribution Date, the product of (a) the outstanding principal amount of such Class of Notes as of the close of the preceding
Distribution Date (or, in the case of the first Distribution Date, the outstanding principal balance of such Class of Notes on the Closing Date) and (b)(i) in the case of the Notes, other than the
Class A-1 Notes, one-twelfth 

  
 A-20 

 
of the Interest Rate for such Class (or, in the case of the first Distribution Date, as set forth in Part IV to this Appendix A) and (ii) in the case of the
Class A-1 Notes, the product of the Interest Rate for such Class of Notes for such Distribution Date and a fraction, the numerator of which is the number of days elapsed from and including the prior
Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date), to but excluding that Distribution Date and the denominator of which is 360. 

“Note Depository” means the depository from time to time selected by the Indenture Trustee on behalf of the Issuing Entity in
whose name the Notes are registered prior to the issue of Definitive Notes. The first Note Depository shall be Cede & Co., the nominee of the initial Clearing Agency. 

“Note Depository Agreement” means the letter, dated on or prior to the Closing Date, by the Issuing Entity to The Depository
Trust Company, as the initial Clearing Agency relating to the Notes. 
 “Note Distribution Account” means the account
designated as such, established and maintained pursuant to Section 8.2(a) of the Indenture. 
 “Note
Owner” means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency
(directly as a Clearing Agency Participant or as an Indirect Participant, in each case in accordance with the rules of such Clearing Agency). 

“Note Register” means, with respect to any Class of Notes, the register of such Notes specified in
Section 2.4 of the Indenture. 
 “Note Registrar” means the registrar at any time of the Note
Register, appointed pursuant to Section 2.4 of the Indenture. 
 “Noteholder FATCA Information”
means, with respect to any Noteholder or Note Owner, information sufficient to eliminate the imposition of, or determine the amount of, U.S. withholding tax under FATCA. 

“Noteholder Tax Identification Information” means, with respect to any Noteholder or Note Owner, properly completed and
signed tax certifications (generally, in the case of U.S. Federal Income Tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a “United States Person” within the meaning
of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a “United States Person” within the meaning of
Section 7701(a)(30) of the Code). 
 “Noteholders” means Holders of record of the Notes pursuant to the Indenture and,
with respect to any Class of Notes, holders of record of such Class of Notes pursuant to the Indenture. 

“Noteholders’ Regular Principal Distributable Amount” means, with respect to the Notes (other than the Class N
Notes), for any Distribution Date, the lesser of: 

  
 A-21 

	 	(i)	 the Aggregate Note Principal Amount (other than the Class N Notes) as of the close of the immediately
preceding Distribution Date reduced by the Aggregate Noteholders’ Priority Principal Distributable Amount, if any, with respect to such Distribution Date; and 

 

	 	(ii)	 the remainder, if any, of: 

 

	 	(A)	 the excess of the (A) sum of the Aggregate Note Principal Amount (other than the Class N Notes) as of
the day preceding such Distribution Date and the Overcollateralization Target Amount for such Distribution Date over (B) the Pool Balance as of the close of business on the last day of the related Collection Period, minus

  

	 	(B)	 the Aggregate Noteholders’ Priority Principal Distributable Amount, if any, with respect to such
Distribution Date. 

 “Notes” means the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes, the
Class D Notes, the Class N Notes and the Class XS Notes. 
 “Obligor” means each Person obligated to make
payments on or pursuant to a Contract, including any guarantor thereof. 
 “Officer’s Certificate” means, with respect
to any Person, a certificate signed by any officer of such Person. 
 “Opinion of Counsel” means, with respect to any
Person, a written opinion of counsel, who may, except as otherwise expressly provided, be an employee of the Depositor, the Administrator or the Servicer, and who is reasonably acceptable to the Indenture Trustee, the Owner Trustee or the Rating
Agencies, as applicable. 
 “Optional Purchase Balance” means the product of (a) the Initial Pool Balance as of the
Cutoff Date; and (b) 2%. 
 “Optional Purchase Date” means the date on which the Servicer exercises its optional purchase
right pursuant to Section 6.1 of the Servicing Agreement. 
 “Outstanding” means, with respect to
the Notes, as of the date of determination, all Notes theretofore authenticated and delivered under the Indenture except: 
  

	 	(i)	 Notes theretofore cancelled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation;

  

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

  
 A-22 

	 	(iii)	 Notes in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to the
Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser; 

provided, however, that in determining whether the Holders of the requisite Outstanding Amount of the Notes or of the
Controlling Class have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Transaction Document, Notes both legally and beneficially owned by the Issuing Entity, any other obligor upon the
Notes, any Certificateholder or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Notes that the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Indenture Trustee the pledgor’s right so to act with respect to such Notes and that the pledgee is not the Issuing Entity, any other obligor upon the Notes, the Depositor or any Affiliate of any of the
foregoing Persons. 
 “Outstanding Amount” means the aggregate principal amount of all Notes, or a Class of Notes, as
applicable, Outstanding at the date of determination. 
 “Overcollateralization Target Amount” means, as of any
Distribution Date, an amount set forth in Part IV to this Appendix A. 
 “Owner of Record” has the meaning specified in the
System Description. 
 “Owner Trust Estate” means all right, title and interest of the Issuing Entity in and to any and all
assets, including the property and rights assigned to the Issuing Entity pursuant to the Receivables Transfer Agreement. 
 “Owner
Trustee” means BNY Mellon Trust of Delaware, acting not in its individual capacity, but solely as trustee for the Issuing Entity.  

“Party” means, with respect to each Transaction Document, each Person that is a party to such Transaction Document, and its
permitted successors and assigns. 
 “Paying Agent” means, with respect to the Indenture, the Indenture Trustee or any
other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is authorized by the Issuing Entity to make the payments to and distributions from the Collection
Account, the Reserve Account, the Class N Reserve Account and the Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuing Entity. With respect to the Trust Agreement, any paying agent or co-paying agent appointed pursuant to Section 3.9 of the Trust Agreement that is authorized by the Owner Trustee to make distributions from the Certificate Distribution Account on behalf of
the Issuing Entity. The initial Paying Agent under the Trust Agreement shall be Computershare Trust Company, National Association. 

  
 A-23 

 “Percentage Interest” means, with respect to a Certificate, the individual
percentage interest of such Certificate, which shall be specified on the face thereof and which shall represent the percentage of certain distributions of the Issuing Entity beneficially owned by such Certificateholder. The sum of the Percentage
Interests for all of the Certificates shall be 100%. 
 “Permitted Liens” means any of (a) Liens created pursuant to
this Agreement or any other Transaction Document, (b) with respect to each Designated Account, a Lien in favor of the Indenture Trustee, as applicable, (c) tax liens, mechanics’ liens and other Liens that arise by operation of law, in
each case on any of the Financed Vehicles and arising solely as a result of an action or omission of the related Obligor or (d) the Lien noted on the Certificate of Title related to a Financed Vehicle in favor of the Servicer, a Subservicer,
GFC Lending LLC, DT Credit Company LLC or Administrator. 
 “Permitted Modification” has the meaning specified in
Section 1.1 of the Servicing Agreement. 
 “Person” means any legal person, including individual,
partnership, corporation, limited liability company, joint stock company, trust, unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof) or other entity. 

“Physical Property” means (a) bankers’ acceptances, commercial paper, negotiable certificates of deposit and other
obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the New York UCC and are susceptible of physical delivery and (b) Security Certificates. 

“Pool Balance” means, as of the last day of any Collection Period, the sum of the Principal Balances of the
Receivables as of such last day; provided, however, that if the Receivables are purchased in connection with a clean-up call option or are sold or otherwise liquidated by the Indenture Trustee
following an Event of Default pursuant to Section 5.4(a) of the Indenture, the Pool Balance shall be deemed to be zero as of the last day of the Collection Period during which such purchase, sale or other liquidation
occurs. 
 “Pool Factor” means, with respect to any Class of Notes and any Distribution Date (other than the
Class XS Notes), an amount expressed to the second decimal place and computed by the Servicer which is equal to the Note Principal Amount for such Class as of the close of such Distribution Date divided by the initial Note Principal Amount
for such Class. 
 “Post-Office Box” means a box at a United States Post Office where a person or business can have mail
delivered. 
 “Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a
portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 of the Indenture in lieu of a mutilated, lost, destroyed or
stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Preliminary
Prospectus” means the Preliminary Prospectus of the Issuing Entity, dated as of August 24, 2022. 

  
 A-24 

 “Principal Balance” means, with respect to any Receivable as of any date of
determination, the outstanding principal balance of such Receivable as of such day; provided that as of the date on which a Receivable becomes a Charged-Off Receivable, the Principal Balance of such
Receivable shall be zero. 
 “Proceeding” means any suit in equity, action at law or other judicial or administrative
proceeding. 
 “Prospectus” means the Final Prospectus of the Issuing Entity, dated as of August 30, 2022. 

“protected purchaser” has the meaning given such term in Section 8-303 of the
applicable UCC, and provided that the requirements of Section 8-405 of the applicable UCC are met. 

“Purchase Amount” means, with respect to a Distribution Date and to (a) a Purchased Receivable (other than a Receivable
purchased pursuant to Section 6.1 of the Servicing Agreement, which shall be purchased at the price set forth in such section), purchased on or prior to last day of the related Collection Period a payment equal to the
Principal Balance and accrued interest as of the last day of the related Collection Period and (b) an Indemnified Receivable, a payment equal to the Actual Loss Amount. 

“Purchase Price” means, with respect to a Charged-Off Receivable, the Unpaid Charge-Off Balance set forth in the related Charged-Off Receivable Schedule multiplied by the applicable Bid Percentage. 

“Purchased Receivable” means a Receivable purchased or repurchased, as applicable, as of the close of business on the last
day of a Collection Period by (a) the Seller pursuant to Section 3.1(d) of the Receivables Purchase Agreement or (b) the Servicer pursuant to Section 6.1 of the Servicing Agreement. 

“Purchaser” means Carvana Receivables Depositor LLC, in its capacity as Purchaser under the Receivables Purchase Agreement,
and any successor or assignee thereof under the Receivables Purchase Agreement. 
 “Rating Agencies” means, as of any date,
the nationally recognized statistical rating organizations requested by the Depositor to provide ratings on the Notes which are rating the Notes on such date. 

“Rating Agency Condition” means, with respect to any action, the condition that (a) each Rating Agency shall have been
given at least ten (10) Business Days prior written notice of that action and (b) none of the Sponsor, the Depositor, the Issuing Entity or the Indenture Trustee shall have received notice from any Rating Agency that such action shall
result in a downgrade or withdrawal of the then current rating of the Notes. Each entity listed above shall inform the other entities listed above of whether or not it has received notice from the Rating Agencies prior to the taking of the actions
at issue. 
 “Receivable” means a Contract that is included in any Schedule of Receivables and all rights to receive all
payments of all amounts due and payable thereunder (excluding amounts comprising Supplemental Servicing Fees) and performance of all other obligations by the Obligor thereunder; provided that once the Indenture Trustee has released its security
interest in a Receivable and the related Contract in accordance with the terms of the Indenture, such Receivable shall no longer be a Receivable hereunder.  

  
 A-25 

 “Receivable File” means, with respect to each Receivable and the related
Contract, the original Contract and the Certificate of Title or evidence that such Certificate of Title has been applied for. For the avoidance of doubt, an Authoritative Copy of an electronic document shall constitute an original.  

“Receivables Contribution Agreement” means the Receivables Contribution Agreement, dated as of the Closing Date, between the
Issuing Entity and the Grantor Trust. 
 “Receivables Purchase Agreement” means the Receivables Purchase Agreement, dated
as of the Closing Date, between the Sponsor and the Depositor. 
 “Receivables Purchase Price” means, with respect to the
Receivables transferred on the Closing Date, the amount set forth in Part IV to this Appendix A. 
 “Receivables Transfer
Agreement” means the Receivables Transfer Agreement, dated as of the Closing Date, between the Depositor and the Issuing Entity. 

“Record Date” means, (i) with respect to the Notes and with respect to any Distribution Date, the close of business on
the Business Day immediately preceding such Distribution Date, or if Definitive Notes are issued for any Class of Notes, with respect to such Class of Notes the last day of the preceding Collection Period and (ii) with respect to the
Book-Entry Certificates and with respect to any Distribution Date, the close of business on the Business Day immediately preceding such Distribution Date, or if Definitive Certificates are issued, the last day of the preceding Collection Period.

 “Redemption Date” has the meaning specified in Section 10.1 of the Indenture. 

“Redemption Price” means, with respect to the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes, the
Class D Notes and the Class N Notes, the unpaid principal amount of such Class A-1 Notes, Class A-2 Notes,
Class A-3 Notes, the Class A-4 Notes, Class B Notes, Class C Notes, Class D Notes or Class N Notes, plus accrued and unpaid interest
thereon. With respect to the Class XS Notes, any Excess Servicing Strip Amount due and payable as of such date. 
 “Registrar
of Titles” means, with respect to any State, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon. 

“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting releases (Asset-Backed Securities,
Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57, 184
(September 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

  
 A-26 

 “Regulation RR” means Regulation RR, 17 C.F.R. §246.1, et seq. 

“Repurchase Event” has the meaning specified in Section 3.1(d) of the Receivables Purchase
Agreement. 
 “Repurchase Request” means a request to repurchase a Receivable pursuant to
Section 3.2 of the Receivables Purchase Agreement. 
 “Requesting Party” means the party that
provided the Repurchase Request pursuant to the Receivables Purchase Agreement. 
 “Required Payment Amount” means the sum
of items (i) through (xiii) set forth in Section 2.7(b) of the Indenture. 
 “Requisite
Noteholders” means Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Controlling Class. 

“Reserve Account” means the account designated as such, established and maintained pursuant to
Section 8.2(a) of the Indenture. 
 “Reserve Account Amount” means, for any Distribution Date,
the amount on deposit in and available for withdrawal from the Reserve Account on such Distribution Date (after giving effect to all deposits to and withdrawals from the Reserve Account on the preceding Distribution Date, or, in the case of the
initial Distribution Date, the Closing Date), excluding all interest and other income (net of losses and investment expenses) earned on such amount during the preceding Collection Period. 

“Reserve Account Draw Amount” means, for any Distribution Date, prior to the acceleration of the Notes due to an Event of
Default, the lesser of (a) the amount, if any, by which the Required Payment Amount for such Distribution Date exceeds the Available Funds for such Distribution Date and (b) the Reserve Account Amount for such Distribution Date (before
giving effect to any deposits to or withdrawals from the Reserve Account on such Distribution Date). For any Distribution Date immediately after the acceleration of the Notes due to an Event of Default, the Reserve Account Amount for such
Distribution Date (before giving effect to any withdrawals from the Reserve Account on such Distribution Date). 
 “Reserve Account
Initial Deposit” means an amount equal to at least the amount set forth in Part IV to this Appendix A. 
 “Reserve Account
Property” means (a) the Reserve Account and all proceeds thereof (other than the Investment Earnings thereon) including all cash, investments, investment property and other amounts held from time to time in the Reserve Account (whether
in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or otherwise) and (b) the Reserve Account Initial Deposit and all proceeds thereof (other than the Investment Earnings
thereon). 

  
 A-27 

 “Responsible Officer” means, with respect to (a) the Indenture Trustee
or the Collateral Custodian, any officer within the corporate trust office of the Indenture Trustee or Collateral Custodian, as applicable, with direct responsibility for the administration of the Transaction Documents, and also, with respect to a
particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, (b) the Servicer, the President, any Vice President, Assistant Vice President,
Secretary, Assistant Secretary or any other officer or assistant officer of such Person, in each case customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and (c) the Owner Trustee or the Grantor Trust Trustee, any officer within the Corporate Trust Office of
the Owner Trustee or the Grantor Trust Trustee with direct responsibility for the administration of the Trust Agreement or the Grantor Trust Agreement, as applicable, and also, with respect to a particular matter, any other officer to whom such
matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “Retained
Certificates” means the Certificates initially retained by a Person who holds 80% or more of the Certificates or a Person treated as the same Person as such Person for U.S. federal income tax purposes. 

“Retained Notes” means the Notes initially retained by a Certificateholder who beneficially owns 80% or more of the
Certificates or a Person treated as the same Person as such Certificateholder (if any) for U.S. federal income tax purposes. 

“Review Receivable” has the meaning specified in Section 1.02 of the Asset Representations Review
Agreement. 
 “S&P” means S&P Global Ratings, or any successor to the business thereof. 

“Schedule of Receivables” means the schedule of Receivables attached to each receivables assignment. 

“Scheduled Payment” means, for any Collection Period for any Receivable, each regularly scheduled payment required to be made
by the related Obligor in accordance with the terms of the related Contract. 
 “Second Priority Principal Distributable
Amount” means, with respect to any Distribution Date, an amount, not less than zero, equal to the difference between (a) the excess, if any, of (i) the aggregate outstanding principal amount of the Class A Notes and the
Class B Notes as of, for the first Distribution Date, the Closing Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes and the Class B
Notes on such preceding Distribution Date) over (ii) the Pool Balance as of the close of business on the last day of the related Collection Period, and (b) the First Priority Principal Distributable Amount, if any, with respect to such
Distribution Date; provided, however, that the Second Priority Principal Distributable Amount for each Distribution Date on and after the Final Scheduled Distribution Date for the Class B Notes shall equal the greater of (A) the amount
otherwise calculated pursuant to this definition and (B) the outstanding principal amount of the Class B Notes as of the day preceding such Distribution Date. 

  
 A-28 

 “Second Step Receivables Assignment” has the meaning specified in
Section 2.1 of the Receivables Transfer Agreement. 
 “Second Step Transferred Property” has the
meaning specified in Section 2.1(a) of the Receivables Transfer Agreement. 
 “Secured
Obligations” means Obligations of the Issuing Entity and the Grantor Trust under the Transaction Documents. 
 “Secured
Parties” means each Noteholder. 
 “Securities” means the Notes and the Certificates. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Security Certificate” has the meaning given such term in Section 8-102(a)(16)
of the New York UCC. 
 “Security Entitlement” has the meaning given such term in
Section 8-102(a)(17) of the New York UCC. 
 “Securityholder” means a Holder
of a Note or a Certificate. 
 “Seller” means Carvana, LLC, in its capacity as Seller under the Receivables Purchase
Agreement, and any successor or assignee thereof under the Receivables Purchase Agreement. 
 “Servicer” means Bridgecrest
Credit Company, LLC, in its capacity as servicer pursuant to the Servicing Agreement, or any Successor Servicer. 
 “Servicer
File” means a complete and legible copy (but not the original) of each of the following documents (but only to the extent applicable to such Receivable and held in tangible paper or electronic form by the Servicer): 

 

	 	(i)	 all instruments modifying the terms and conditions of the Receivable or the related Contract;

  

	 	(ii)	 the related Contract, the related security agreement and any amendments thereto; provided,
however, that the Servicer shall deliver any original amendments to such Contract to the Collateral Custodian immediately following execution thereof; 

  

	 	(iii)	 the Certificate of Title with a lien notation or an application therefor (to the extent applicable State law
permits or requires the Servicer to hold the Certificate of Title); 

  

	 	(iv)	 the Obligor’s retail purchase agreement and an indication of down payment, if applicable;

  
 A-29 

	 	(v)	 any ancillary product contract associated with the Financed Vehicle, but only to the extent that the purchase
price of such contract (or any portion thereof) comprises a portion of the amount financed under the related Contract; and 

  

	 	(vi)	 such other documents as the Servicer may reasonably determine in order to accomplish its duties under the
Servicing Agreement. 

 “Servicer Termination Event” means any one or more of the following that shall
have occurred and be continuing: 
  

	 	(i)	 any failure by the Servicer to deposit in the Collection Account any payment required to be so delivered by the
Servicer under the terms of the Servicing Agreement, which failure continues unremedied for five (5) Business Days after discovery thereof by a Responsible Officer of the Servicer or receipt by a Responsible Officer of the Servicer of written
notice thereof from the Indenture Trustee or the Requisite Noteholders (or, if no Notes are Outstanding, from the Majority Certificateholders); 

  

	 	(ii)	 any failure by the Servicer to duly observe or perform in any material respect any other of its covenants or
agreements in the Servicing Agreement, which failure materially and adversely affects the rights of the Issuing Entity, the Noteholders or the Certificateholders, and which continues unremedied for sixty (60) consecutive days after discovery
thereof by a Responsible Officer of the Servicer or receipt by a Responsible Officer of the Servicer of written notice thereof from the Indenture Trustee or the Requisite Noteholders (or, if no Notes (other than the Class XS Notes) are
Outstanding, from the Majority Certificateholders); 

  

	 	(iii)	 any representation or warranty made by the Servicer in the Servicing Agreement or any other Transaction
Document will prove to have been incorrect or false in any respect when made which breach materially and adversely affects the rights of the Issuing Entity, the Noteholders or the Certificateholders, and such breach continues unremedied for sixty
(60) consecutive days after discovery thereof by a Responsible Officer of the Servicer or receipt by a Responsible Officer of the Servicer of written notice thereof from the Indenture Trustee or the Requisite Noteholders (or, if no Notes are
Outstanding, from the Majority Certificateholders); and 

  

	 	(iv)	 the Servicer suffers a Bankruptcy Event; 

provided, that (A) any delay or failure of performance referred to in clause (i) above shall have been caused by force
majeure or other similar occurrence, the 5 Business Day grace period referred to in such clause (ii) shall be extended for an additional 10 calendar days and (B) if any delay or failure of performance referred to in clauses
(ii) or (iii) above shall have been caused by force majeure or other similar occurrence, the 60 day grace period referred to in such clause shall be extended for an additional 30 calendar days. The existence or occurrence of any
“material instance of noncompliance” (within the meaning of Item 1122 of Regulation AB) shall not create any presumption that any event in clauses (i) or (ii) above has occurred. 

  
 A-30 

 “Servicer’s Certificate” means a certificate completed and executed by
a Responsible Officer of the Servicer, substantially in the form of Exhibit A to the Servicing Agreement. 
 “Servicing
Agreement” means the Servicing Agreement, dated as of the Closing Date, among the Issuing Entity, the Grantor Trust, the Backup Servicer, the Indenture Trustee and the Servicer. 

“Servicing Assumption Date” has the meaning specified in Section 5.1(b) of the Servicing Agreement.

 “Servicing Fee” means, for any Distribution Date, an amount as described in Section 2.7 of the
Servicing Agreement. 
 “Servicing Fee Rate” means the per annum rate as defined in Section 1.1
of the Servicing Agreement. 
 “Servicing Rate” means the rate as defined in Section 1.1 of the
Servicing Agreement. 
 “Servicing Strip Amount” means, for any Distribution Date, an amount as described in Part IV to
this Appendix A. 
 “Severely Distressed Receivable” has the meaning specified in Section 1.1 of
the Servicing Agreement. 
 “Simple Interest Method” means the method of allocating a fixed level payment on a Simple
Interest Receivable to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid Principal Balance applicable to such Receivable
multiplied by the period of time elapsed (expressed as a fraction of a calendar year) since the preceding payment of interest was made. 

“Simple Interest Receivable” means any Receivable under which the portion of each monthly payment allocable to earned
interest and the portion allocable to the Principal Balance is determined in accordance with the Simple Interest Method. For purposes hereof, all payments with respect to a Simple Interest Receivable shall be allocated to principal and interest in
accordance with the Simple Interest Method. 
 “Specified Reserve Account Balance” means, for any Distribution Date, the
amount set forth in Part IV to this Appendix A. 
 “Sponsor” means Carvana, LLC, an Arizona limited liability company, and
its successor and assigns. 
 “State” means any state of the United States of America or the District of Columbia. 

 “Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as the same
may be amended from time to time.  

  
 A-31 

 “Subservicer” means a subservicer appointed by the Servicer as contemplated
by the Servicing Agreement for the servicing and administration of the Receivables.  
 “Successor Servicer” means
any Person appointed (and who accepts such appointment) to succeed the Servicer in the performance of the duties and obligations of the Servicer under the Servicing Agreement. 

“Successor Servicing Fee Rate (Backup Servicer)” means the per annum rate as specified in Section 1.1 of the Servicing
Agreement. 
 “Supplemental Servicing Fees” means, with respect to a Distribution Date, all late fees, insufficient funds
fees and other administrative fees and expenses or similar charges allowed by Applicable Law with respect to Receivables, collected (from whatever source) on the Receivables. 

“System Description” has the meaning specified in Section 1.1 of the Collateral Custodian
Agreement. 
 “Tangible Contract” means a Contract that constitutes “tangible chattel paper” under and as defined
in Section 9-102(a)(79) of the UCC. 
 “Temporary Notes” means the Notes
specified in Section 2.3 of the Indenture. 
 “Third Party Bill Payment Service” means any
provider of payment or processing services or other platform that the Servicer uses in accordance with its Customary Servicing Practices (including electronic and web-based payment processing systems and
services) to facilitate payments by Obligors. 
 “Third Priority Principal Distributable Amount” means, with respect to any
Distribution Date, an amount, not less than zero, equal to the difference between (a) the excess, if any, of (i) the aggregate outstanding principal amount of the Class A Notes, the Class B Notes and the Class C Notes as of,
for the first Distribution Date, the Closing Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes, the Class B Notes and the Class C
Notes on such preceding Distribution Date) over (ii) the Pool Balance as of the close of business on the last day of the related Collection Period, and (b) the sum of (i) the First Priority Principal Distributable Amount, if
any, with respect to such Distribution Date and (ii) the Second Priority Principal Distributable Amount, if any, with respect to such Distribution Date; provided, however, that the Third Priority Principal Distributable Amount for each
Distribution Date on and after the Final Scheduled Distribution Date for the Class C Notes shall equal the greater of (A) the amount otherwise calculated pursuant to this definition and (B) the outstanding principal amount of the
Class C Notes as of the day preceding such Distribution Date. 
 “Third-Party Purchaser” means any Person who is not
the Servicer, the Sponsor or the Depositor, an Affiliate of the Servicer, the Sponsor or the Depositor or any of their respective officers, directors, employees, agents or representatives. 

“Third Step Receivables Assignment” has the meaning specified in Section 2.1(b) of the Receivables
Contribution Agreement. 

  
 A-32 

 “Third Step Transferred Property” has the meaning specified in
Section 2.1(a) of the Receivables Contribution Agreement. 
 “Title Intermediary” means
Dealertrack, its affiliate VINTek or another title administration service provider approved in writing by the Issuing Entity or the Administrator.  

“Title Lien Nominee” means Carvana, LLC, GFC Lending LLC or DT Credit Company LLC (or any other name provided by the
Sponsor). 
 “Transaction Documents” means the Receivables Purchase Agreement, the Receivables Transfer Agreement, the
Receivables Contribution Agreement, the Indenture, the Trust Agreement, the Grantor Trust Agreement, the Administration Agreement, the Servicing Agreement, the Backup Servicing Agreement, the Collateral Custodian Agreement, the Asset Representations
Review Agreement and any other document, certificate, opinion, agreement or writing the execution of which is necessary or incidental to carrying out the transactions contemplated by this Agreement or any of the other foregoing documents. 

“Treasury Regulations” means the regulations, including proposed or temporary regulations, promulgated under the Code.
References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

“Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the Closing Date, between the Depositor and the
Owner Trustee and acknowledged by the Certificate Registrar and the Paying Agent. 
 “Trust Indenture Act” or
“TIA” means the Trust Indenture Act of 1939 as in force as of the Closing Date, unless otherwise specifically provided. 

“U.S.” or “United States” means the United States of America. 

“UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction from time to time. 

“Unaffiliated Certificateholder” means any Certificateholder other than the Depositor or an Affiliate of the Depositor. 

“Unaffiliated Grantor Trust Certificateholder” means any Grantor Trust Certificateholder other than the Depositor or an
Affiliate of the Depositor. 
 “Uncertificated Security” has the meaning given such term
Section 8-102(a)(18) of the New York UCC. 
 “Undertaking Letter” means the
letter is substantially the form set forth in Exhibit B of the Trust Agreement. 

  
 A-33 

 “Unenforceable Receivable” means a Debt that is or may be legally
unenforceable or uncollectible for any of the following reasons: (i) any Obligor has been released of liability for their respective Debt by a court of competent jurisdiction or by Servicer (including the filing of a Form 1099-C); (ii) any Obligor has been discharged in bankruptcy without any reaffirmation of the Debt by the Obligor; (iii) any Obligor is deceased; (iv) any Obligor has filed for protection under the United
States Bankruptcy Code; (v) the Debt was created by an act of fraud, forgery or identity theft; (vi) the Receivable is the subject of, or an Obligor has filed, a pending lawsuit or other judicial, quasi-judicial or administrative
proceeding regarding the Receivable; (vii) an unresolved written dispute relating to the validity or enforceability of an Receivable that was received by Servicer; (viii) the Receivable has been fully satisfied by means of a settlement or
compromise arrangement between Obligor and Servicer or its agent; or (ix) the Receivable is a duplicate record of another Receivable sold in a Forward Commitment Transfer. 

“Unpaid Charge-Off Balance” means, as to any
Charged-Off Receivable, at the time of the transfer to a Third-Party Purchaser, the Principal Balance of such Receivable (without giving effect to the proviso in the definition of “Principal
Balance”) plus any accrued and unpaid interest, fees or other costs and charges incurred by or assessed to the Obligor. 

“Unrelated Amounts” means (a) amounts deposited by the Servicer into the Collection Account but later determined by the
Servicer to be mistaken or returned deposits or postings, (b) amounts deposited by the Servicer into the Collection Account as Collections but which were later determined by the Servicer to not constitute Collections with respect to the
Receivables and (c) amounts received by the Servicer with respect to a Receivable that the Servicer is prohibited from depositing into the Collection Account or otherwise remitting to the Grantor Trust by law or court order, the direction of a
regulatory authority or regulatory guidance. 
 “Vault Partition” means the segregated vault partition of the E-Vault System established in the name of the Grantor Trust. 
 “Verified Note Owner”
means a Note Owner that has provided the Indenture Trustee, as applicable, with each of (a) a written certification that it is a beneficial owner of a specified Outstanding Amount of the Notes and (b) a trade confirmation, an account
statement, a letter from a broker or dealer or other similar document showing that such Note Owner is a beneficial owner of such Outstanding Amount of the Notes. 

“Voting Interests” means the voting interests in the Certificates, the aggregate strength of which shall be based on the
percentage interests in the Issuing Entity represented thereby. 

  
 A-34 

 PART II-RULES OF CONSTRUCTION 

(a) Accounting Terms. As used in this Appendix or the Transaction Documents, accounting terms which are not defined,
and accounting terms partly defined, herein or therein shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Appendix or the Transaction
Documents are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Appendix or the Transaction Documents will control. 

(b) “Hereof,” etc. The words “hereof,” “herein” and “hereunder” and words of
similar import when used in this Appendix or any Transaction Document will refer to this Appendix or such Transaction Document as a whole and not to any particular provision of this Appendix or such Transaction Document; and Section, Schedule and
Exhibit references contained in this Appendix or any Transaction Document are references to Sections, Schedules and Exhibits in or to this Appendix or such Transaction Document unless otherwise specified. The word “or” is not exclusive.

 (c) Reference to Distribution Dates. With respect to any Distribution Date, the “related Collection
Period,” and the “related Record Date,” will mean the Collection Period and Record Date, respectively, immediately preceding such Distribution Date, and the relationships among Collection Periods and Record Dates will be correlative
to the foregoing relationships. 
 (d) Number and Gender. Each defined term used in this Appendix or the Transaction
Documents has a comparable meaning when used in its plural or singular form. Each gender-specific term used in this Appendix or the Transaction Documents has a comparable meaning whether used in a masculine, feminine or gender-neutral form. 

(e) Including. Whenever the term “including” (whether or not that term is followed by the phrase “but not
limited to” or “without limitation” or words of similar effect) is used in this Appendix or the Transaction Documents in connection with a listing of items within a particular classification, that listing will be interpreted to be
illustrative only and will not be interpreted as a limitation on, or exclusive listing of, the items within that classification. 

(f) Reference to a Class of Notes. Unless otherwise specified, references to a Class of Notes
includes all the tranches included in such Class of Notes. 
 (g) Notices to Rating Agencies. If Carvana is no
longer the Administrator, any successor Administrator shall provide any required Rating Agency notices to the Depositor, who shall promptly provide such notice to the Rating Agencies. 

(h) Amendments. Any agreement or instrument defined or referred to in the Transaction Documents or in any instrument or
certificate delivered in connection herewith shall mean such agreement or instrument as from time to time amended, modified or supplemented and includes references to all attachments thereto and instruments incorporated therein. 

  
 A-35 

 (i) Controlling Class. After all Classes of Notes (other than the
Class N Notes and the Class XS Notes) are no longer Outstanding, any references to the Controlling Class of Notes shall instead refer to the Majority Certificateholders. 

(j) Days. When providing the number of days as used in this Appendix or the Transaction Documents, days shall mean
consecutive or calendar days unless specified as Business Days. 
 (k) Class XS Notes. Any references with respect to
principal or interest payments shall not apply to the Class XS Notes. 

  
 A-36 

 PART III-NOTICES AND PROCEDURES 

All requests, demands, directions, consents, waivers, notices, authorizations and communications provided or permitted under any Transaction Document to be
made upon, given or furnished to or filed with the Depositor, the Servicer, the Administrator, the Backup Servicer, the Indenture Trustee, the Issuing Entity, the Owner Trustee, the Grantor Trust Trustee, the Collateral Custodian, the Asset
Representation Reviewer, the Seller or the Sponsor shall be in writing, personally delivered, sent by facsimile or email, in each case with a copy to follow via first class mail or mailed by certified mail-return receipt requested, and shall be
deemed to have been duly given upon receipt: 
 (l) in the case of the Depositor, at the following address: 

Carvana Receivables Depositor LLC 

1930 W. Rio Salado Pkwy 

Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: abs-transactions@carvana.com 

with a copy to: 

Carvana, LLC 

1930 W. Rio Salado Pkwy 

Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: abs-transactions@carvana.com 

(m) in the case of the Seller, the Administrator or the Sponsor, at the following address: 

Carvana, LLC 

1930 W. Rio Salado Pkwy 

Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: abs-transactions@carvana.com 

(n) in the case of the Issuing Entity or the Owner Trustee, to the Owner Trustee at its Corporate Trust Office, 

with a copy to: 

Carvana Auto Receivables Trust 2022-P3 

c/o Carvana, LLC 

1930 W. Rio Salado Pkwy 

Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: abs-transactions@carvana.com 

  
 A-37 

 (o) in the case of the Grantor Trust or the Grantor Trust Trustee, to the
Grantor Trust Trustee at its Corporate Trust Office, 
 with a copy to: 

Carvana Auto Receivables Grantor Trust 2022-P3 

c/o Carvana, LLC 

1930 W. Rio Salado Pkwy 

Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: abs-transactions@carvana.com 

(p) in the case of the Indenture Trustee, the Paying Agent, the Certificate Registrar and the Collateral Custodian, at the
following address: 
 Computershare Trust Company, National Association 

600 S 4th Street 

MAC N9300-070 

Minneapolis, MN 55415 

Attention: Corporate Trust Services — Asset-Backed Administration 

Telephone: (612) 667-8058 

With copies of notices and Delivery of Receivable Files to: 

Computershare Trust Company, National Association 

ABS Custody Vault 

1055 10th Avenue SE 

MAC N9401-011 

Minneapolis, MN 55414 

Attention: Corporate Trust Services — Asset-Backed Securities Vault 

Telephone: (612) 667-8058 

Email: abs.custody.vault@wellsfargo.com 

(q) in the case of the Servicer, at the following address: 

Bridgecrest Credit Company, LLC 

7300 E Hampton Avenue 

Mesa, AZ, 85209 

Attention: Secretary 

Email: legal@drivetime.com 

(r) in the case of the Asset Representations Reviewer, at the following address: 

Clayton Fixed Income Services LLC 

  
 A-38 

 2638 South Falkenburg Road 

Riverview, FL 33578 

Attention: SVP 

Email: ARRNotices@clayton.com 

with a copy to: 

Clayton Fixed Income Services LLC 

720 S. Colorado Blvd., Suite 200 

Glendale, CO 80246 

Attention: Legal Department 

Email: ARRNotices@clayton.com 

(s) in the case of the Backup Servicer, at the following address: 

Vervent Inc. 

10182 Telesis Court, Suite 300 

San Diego, CA 92121 

Attention: General Counsel 

Telephone: (858) 568-7684 

Email: dgamble@vervent.com 

The Issuing Entity shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee and the Indenture Trustee
shall likewise promptly transmit any notice received by it from the Noteholders to the Issuing Entity. 
 Where any Transaction Document
provides for notice to Noteholders or Certificateholders of any condition or event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if it is in writing and mailed, first-class, postage prepaid to each Noteholder
or Certificateholder affected by such condition or event, at such Person’s address as it appears on the Note Register or Certificate Register, as applicable, not later than the latest date, and not earlier than the earliest date, prescribed in
such Transaction Document for the giving of such notice. If notice to Noteholders or Certificateholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholders or
Certificateholders shall affect the sufficiency of such notice with respect to other Noteholders or Certificateholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given regardless of
whether such notice is in fact actually received. 

  
 A-39 

 PART IV -CERTAIN TERMS 

Certain Terms of the Notes 
  

																																					
	 	  	Class A-1
Notes	 	 	Class A-2
Notes	 	 	Class A-3
Notes	 	 	Class A-4
Notes	 	 	Class B
Notes	 	 	Class C
Notes	 	 	Class D
Notes	 	 	Class N
Notes	 	 	Class XS
Notes	 
	 Principal Amount(1)
	  	 	$41,000,000	 	 	 	$125,380,000	 	 	 	$125,380,000	 	 	 	$38,930,000	 	 	 	$11,280,000	 	 	 	$11,290,000	 	 	 	$10,740,000	 	 	 	$3,315,000	 	 	 	N/A(4)	 
	 Interest Rate
	  	 	3.247%	 	 	 	4.42%	 	 	 	4.61%	 	 	 	4.85%	 	 	 	5.04%	 	 	 	5.54%	 	 	 	6.49%	 	 	 	6.93%	 	 	 	N/A	 
	 Interest Accrual(2)
	  	 	Actual/360	 	 	 	30/360	 	 	 	30/360	 	 	 	30/360	 	 	 	30/360	 	 	 	30/360	 	 	 	30/360	 	 	 	30/360	 	 	 	N/A	 
	 Payment Frequency(3)
	  	 	Monthly	 	 	 	Monthly	 	 	 	Monthly	 	 	 	Monthly	 	 	 	Monthly	 	 	 	Monthly	 	 	 	Monthly	 	 	 	Monthly	 	 	 	Monthly	 
	 Final Scheduled Distribution Date

(Distribution Date In/On)
	  	 
	September
2023	 
 	 	 
	December
2025	 
 	 	 
	November
2027	 
 	 	 	June 2028	 	 	 	October 2028	 	 	 
	November
2028	 
 	 	 
	September
2029	 
 	 	 
	September
2029	 
 	 	 	N/A	 
	 Minimum Denominations

(Integral Multiples)
	  	$
 ($
	1,000
 1,000
	 
 ) 
	 	$
 ($
	1,000
 1,000
	 
 ) 
	 	$
 ($
	1,000
 1,000
	 
 ) 
	 	$
 ($
	1,000
 1,000
	 
 ) 
	 	$
 ($
	1,000
 1,000
	 
 ) 
	 	$
 ($
	1,000
 1,000
	 
 ) 
	 	$
 ($
	1,000
 1,000
	 
 ) 
	 	$
 ($
	150,000
 1,000
	 
 ) 
	 	$
 ($
	25,000,000
 1
	 
 ) 

  

	(1)	 The aggregate principal amount of all Notes (other than the Class XS Notes) outstanding at any time may
not exceed $364,000,000. 

	(2)	 Interest shall be computed on the Notes (other than the Class A-1
Notes) on the basis of a 360-day year of twelve 30-day months. In the case of the first Distribution Date for the Notes (other than the
Class A-1 Notes), 32 divided by 360, which will be multiplied by the Interest Rate to determine interest for the first Distribution Date. Interest will accrue on the
Class A-1 Notes on the basis of the actual days elapsed during the period for which interest is payable and a 360-day year. 

	(3)	 The Issuing Entity will pay interest and principal on the Notes on the 10th day of each month, or, if such day
is not a Business Day, the next Business Day (each, a “Distribution Date”), starting on October 11, 2022. 

	(4)	 The Class XS Notes will have a notional balance equal to the Pool Balance as of the first day of the
related Collection Period or, in the case of the initial Distribution Date, a notional balance equal to the Initial Pool Balance (in each case, rounded down to the nearest whole dollar). 

Certain Fees 
 Backup Servicing
Fee: The fee payable by the Issuing Entity to the Backup Servicer in the amount of $2,750 per month plus reasonable expenses as set forth in the Backup Servicing Agreement, or, in the case of the initial Distribution Date, in the amount of
$3,758.33 plus reasonable expenses as set forth in the Backup Servicing Agreement. 
 Servicing Strip Amount: For any Distribution
Date, an amount equal to the product of (i) 1.00% of the Pool Balance as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Pool Balance as of the Cutoff Date) times (ii) a fraction equal to
1/12 (or, in the case of the first Distribution Date, 41/360). 
 Certain Other Terms 

“Class N Note Principal Amount” means, as of the Closing Date, $3,315,000. 

“Class N Reserve Account Initial Deposit” means an amount equal to $1,092,000. 

“Class N Reserve Account Required Amount” means and amount equal to $1,092,000. 

“Delinquency Trigger” means, with respect to each Collection Period set forth below, a “Delinquency Trigger” shall
occur in the event the Delinquency Percentage is greater than or equal to the Delinquency Trigger set forth below: 

  
 A-40 

					
	 Collection Period
	  	Delinquency Trigger	 
	 1 to 12
	  	 	2.00	% 
	 13 to 24
	  	 	2.50	% 
	 25 to 36
	  	 	3.50	% 
	 37 to 48
	  	 	4.00	% 
	 49 and After
	  	 	4.50	% 

 “Initial Pool Balance” means, as of the Closing Date, $364,000,000.77. 

“Overcollateralization Target Amount” means, as of any Distribution Date, 1.35% of the Initial Pool Balance. 

“Receivables Purchase Price” means an amount equal to $385,757,576.36. 

“Reserve Account Initial Deposit” means an amount equal to $1,820,000. 

“Specified Reserve Account Balance” means an amount equal to at least $1,820,000. 

  
 A-41

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