Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 FOURTH
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is made and entered into effective as of April 14, 2016 by and among INDEPENDENCE CONTRACT DRILLING, INC., a Delaware corporation (“ICD” and also being known as the “Administrative
Borrower”), the Required Lenders party hereto and CIT FINANCE LLC (“CIT”), as Administrative Agent and Collateral Agent. 

WITNESSETH: 
 WHEREAS,
pursuant to that certain Amended and Restated Credit Agreement dated as of November 5, 2014, by and among ICD, each of ICD’s domestic Subsidiaries identified on the signature pages thereof or becoming a “Borrower” by joinder thereto
(together with the Administrative Borrower, the “Borrowers”), the Lenders and CIT, as Administrative Agent, as amended by (i) that certain First Amendment to Amended and Restated Credit Agreement, dated March 4, 2015, (ii) that
certain Second Amendment to Amended and Restated Credit Agreement, dated April 17, 2015 and (iii) that certain Third Amendment to Amended and Restated Credit Agreement (the “Third Amendment”), dated October 20, 2015 (as so amended,
and as otherwise amended, supplemented, revised, restated or otherwise modified from time to time, the “Credit Agreement”), Borrowers obtained commitments for a revolving loan credit facility in an initial aggregate principal amount
of up to $155,000,000, which amount was subsequently reduced to $125,000,000 pursuant to the Third Amendment; and 
 WHEREAS, Borrowers have
requested certain modifications to the Credit Agreement, and Administrative Agent and the Lenders have agreed to the modification of certain provisions contained in the Credit Agreement upon the terms and conditions hereafter set forth. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein and for other good and valuable
consideration, the mutuality, receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

Section 1. Definitions. All capitalized terms not defined herein shall have the meanings given to such terms in the Credit
Agreement. 
 Section 2. Amendments to Credit Agreement. 

2.1. Effective as of the Fourth Amendment Effective Date (as defined below), the Credit Agreement is hereby amended (a) to delete the red or
green stricken text (indicated textually in the same manner as the following examples: stricken text and stricken text) and (b) to add the blue or green double-underlined text (indicated textually in the same manner
as the following examples: double-underlined text and double-underlined text), in each case, as set forth in the marked copy of
the Credit Agreement attached hereto as Exhibit A hereto and made a part hereof for all purposes. 
 2.2. Effective as of the date
hereof, Annex I is hereby amended and restated in its entirety in the form attached hereto as Annex I. 
 Section 3.
Ratification and Further Assurances. 
 3.1. Each Loan Party confirms that all of its obligations under the Loan Documents
(as amended by this Amendment) are in full force and effect and are performable in accordance with their respective terms without setoff, defense, counter-claim or claims in recoupment. 

  
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Each Loan Party further confirms that the term “Obligations”, as used in the Credit Agreement, shall include all Obligations of the Loan Parties under the Credit Agreement (as amended
by this Amendment), any promissory notes issued under the Credit Agreement and each other Loan Document. 
 3.2. Each Loan Party
acknowledges and agrees that as of the Fourth Amendment Effective Date, after giving effect to this Amendment, the outstanding balance of the Obligations in respect of principal and accrued and unpaid interest is set forth below: 

 

					
	 Advances
	  	$	61,812,898.81	  
	 Accrued and unpaid interest
	  	$	127,839.11	  
		  	 	(this does not include the wire fee of $35.00)	  
	 Accrued commitment fee under Section 2.11(a) of Credit Agreement
	  	$	11,269.35	  

 The foregoing amounts do not include any other fees, expenses or other amounts that are chargeable or otherwise reimbursable
under the Credit Agreement or the other Loan Documents.
 3.3. Each Loan Party agrees that at any time and from time to time, upon the
written request of Administrative Agent, each Loan Party will execute and deliver such further documents and do such further acts and things as Administrative Agent may reasonably request in order to effect the provisions of this Amendment. 

Section 4. No Waiver. Except as expressly set forth in this Amendment, nothing contained in this Amendment, or any other
communication between or among Administrative Agent, Lenders and any Loan Party, shall be construed as a waiver by Administrative Agent or Lenders of any covenant or provision of the Credit Agreement, the other Loan Documents, this Amendment or any
other contract or instrument between or among any Loan Party, Administrative Agent and/or Lenders, or of any similar future transaction and the failure of Administrative Agent and/or Lenders at any time or times hereafter to require strict
performance by any Loan Party of any provision thereof shall not waive, affect or diminish any right of any Agent and/or Lenders to thereafter demand strict compliance therewith. Nothing contained in this Amendment shall directly or indirectly in
any way whatsoever either: (i) impair, prejudice or otherwise adversely affect Agents’ or any Lender’s right at any time to exercise any right, privilege or remedy in connection with the Credit Agreement or any other Loan Documents,
each as amended hereby, (ii) except as expressly provided herein, amend or alter any provision of the Credit Agreement or any other Loan Documents or any other contract or instrument, or (iii) constitute any course of dealings or other
basis for altering any obligation of any Loan Party under the Credit Agreement or any other Loan Documents or any right, privilege or remedy of any Agent or any Lender under the Credit Agreement, any other Loan Documents or any other contract or
instrument. Agents and Lenders hereby reserve all rights granted under the Credit Agreement, the other Loan Documents, this Amendment and any other contract or instrument between or among any Loan Party, Agents and Lenders, each as amended
hereby. 
 Section 5. Representations and Warranties. Each Loan Party represents and warrants (both immediately before
and after giving effect to this Amendment, including any transaction to be consummated contemporaneously with the Fourth Amendment Effective Date) to Administrative Agent and Lenders the following: (i) there does not exist any Default or Event
of Default that is continuing, (ii) each Loan Party is individually, and the Loan Parties as a whole, are, Solvent, and (iii) all other representations and warranties contained in the Loan Documents (and this Amendment shall

  
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constitute a “Loan Document” for all purposes) are true and correct in all material respects (except representations and warranties which are already qualified by a materiality
standard, which representations and warranties are true and correct in all respects) on and as of the date hereof and the Fourth Amendment Effective Date as though made on and as of such date (or to the extent that such representations and
warranties relate solely to an earlier date, on and as of such earlier date), (iv) each Loan Party is in good standing under the laws of its jurisdiction of incorporation or organization, as applicable, and is qualified to do business in each other
jurisdiction in which the failure to be so qualified could reasonably be expected to result in a Material Adverse Effect, (v) no amendment, modification or other change has been made to (a) the certificate of incorporation, certificate of limited
partnership, or comparable organizational document, or (b) the bylaws, regulations, operating agreement or similar governing document of any Loan Party since the Effective Date, and (vi) except as contemplated by this Amendment, no Lender will
receive, or have the right to charge or collect, any fee, interest or other amount (beyond the reimbursement of attorneys’ fees and beyond the right to interest under the Credit Agreement as in effect on the Fourth Amendment Effective Date) as
result of its or their consent to this Amendment. 
 Section 6. Conditions to Effectiveness. The effectiveness of this
Amendment is conditioned upon the satisfaction of the following conditions precedent (the date on which the conditions have been satisfied or waived in writing by Administrative Agent being the “Fourth Amendment Effective Date”),
with any documentation set below being in form, substance and results acceptable to Administrative Agent at its sole option. The determination as to whether each condition has been satisfied shall be made by Administrative Agent. 

6.1. Each Loan Party and the Required Lenders shall have duly executed and delivered this Amendment; 

6.2. Agent shall have received each of the following documents, all of which shall be satisfactory in form and substance to Administrative
Agent (which may be consolidated into one certificate): 
 (a) certificates of incumbency and specimen signatures with
respect to each Person authorized to execute and deliver this Amendment and any other Loan Documents executed in connection herewith on behalf of each Loan Party; 

(b) a certificate evidencing the existence of and good standing of each Loan Party from the Secretary of State of its
jurisdiction of formation or organization and each other jurisdiction in which such Person is qualified to do business or in which the failure of such Person to be so qualified could reasonably be expected to result in a Material Adverse Effect; and

 (c) certified copies of all resolutions adopted and actions taken by each Loan Party to authorize the execution,
delivery, and performance of this Amendment and any other Loan Documents executed in connection herewith; 
 6.3. The Borrowers shall have
paid, and the Borrowers hereby agree to pay, to Administrative Agent, for the ratable benefit of the Lenders party to this Amendment on the date hereof, a non-refundable, fully-earned amendment fee equal to $212,500 (the “Amendment
Fee”), which fee shall be payable in cash to Administrative Agent on the date hereof, and Borrowers shall have paid, and Borrowers hereby agree to pay to Administrative Agent, all expenses (including reasonable attorneys’

  
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fees) owed to or incurred by Agents or Lenders arising in connection with the Loan Documents or this Amendment. All fees, expenses and other amounts payable hereunder shall be non-refundable and
fully earned upon Administrative Agent’s receipt of such expenses or amounts (or the making of a Loan for the payment thereof); and 

6.4. Administrative Agent shall have received such other documents and instruments as Agent or any Lender party to this Amendment may
reasonably request. 
 The Loan Parties shall be deemed to represent and warrant to Administrative Agent and Lenders that each of the
foregoing conditions have been satisfied upon the release of their respective signatures to this Amendment; provided, however, that if the other conditions precedent herein have been satisfied, Administrative Agent shall be irrevocably
authorized by each Loan Party and each Lender party to this Amendment to make at Administrative Agent’s election (and without any further deliverables being made to Administrative Agent) a Loan on behalf of Borrowers to pay any fees and
expenses contemplated above contemporaneously with the Fourth Amendment Effective Date. All fees and other amounts payable in connection with this Amendment shall be non-refundable and fully earned upon Administrative Agent’s, or such
Lender’s, as applicable, receipt of such fees or amounts (or the making of a Loan for the payment thereof. 
 Section 7.
Miscellaneous. 
 7.1. Except as expressly provided in this Amendment, (i) the Credit Agreement shall continue in full force
and effect, and (ii) the terms and conditions of the Credit Agreement are expressly incorporated herein and ratified and confirmed in all respects. This Amendment is not intended to be or to create, nor shall it be construed as, a novation or an
accord and satisfaction. From and after the Fourth Amendment Effective Date, references to the Credit Agreement in each Loan Document shall be references to the Credit Agreement as amended hereby. The Lenders party hereto hereby direct and instruct
Administrative Agent to execute and deliver this Amendment and all documents to be executed in connection herewith, and to induce Administrative Agent to execute and deliver this Amendment and the other applicable documents, each Lender ratifies and
confirms its obligations under, and the immunities and exculpatory provisions accruing to each Agent under, the terms of the Credit Agreement and the other Loan Documents and agrees that, as of the date hereof, such obligations, immunities and other
provisions are without setoff, counterclaim, defense or recoupment. This Amendment shall constitute a Loan Document. 
 7.2. Each Loan
Party hereby ratifies and confirms the Liens and security interests granted under the Loan Documents and further ratifies and agrees that such Liens and security interests secure all obligations and indebtedness now, hereafter or from time to time
made by, owing to or arising in favor of Agents or Lenders pursuant to the Loan Documents (as now, hereafter or from time to time amended). 

7.3. This Amendment constitutes the entire agreement among the parties hereto with respect to the subject matter hereof. Neither this
Amendment nor any provision hereof may be changed, waived, discharged, modified or terminated orally, but only by an instrument in writing signed by the parties required to be a party thereto pursuant to the Credit Agreement. 

7.4. This Amendment may be executed in any number of counterparts (including by facsimile or as a .pdf attachment), and by the different
parties hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement. 

  
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 7.5. If any term or provision of this Amendment is adjudicated to be invalid under applicable
laws or regulations, such provision shall be inapplicable to the extent of such invalidity without affecting the validity or enforceability of the remainder of this Amendment which shall be given effect so far as possible. 

7.6. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN THE CREDIT AGREEMENT AND SHALL BE SUBJECT TO ANY WAIVER OF JURY TRIAL (OR IF APPLICABLE, THE JUDICIAL REFEREE PROVISIONS) AND NOTICE PROVISIONS OF THE CREDIT AGREEMENT. 

7.7. This Amendment shall be binding upon and inure to the benefit of each Loan Party, Agents and Lenders and their respective successors and
assigns, except that no Loan Party shall have the right to assign any rights thereunder or any interest therein without Administrative Agent’s and the Required Lenders’ prior written consent. 

7.8. EACH LOAN PARTY HEREBY ABSOLUTELY AND UNCONDITIONALLY RELEASES AND FOREVER DISCHARGES EACH AGENT AND EACH LENDER, AND ANY AND ALL
PARTICIPANTS, PARENTS, SUBSIDIARIES, AFFILIATES, INSURERS, INDEMNITORS, PREDECESSORS, SUCCESSORS AND ASSIGNS THEREOF, IN EACH CASE, IN WHATEVER CAPACITY, TOGETHER WITH ALL OF THE PRESENT AND FORMER DIRECTORS, OFFICERS, ATTORNEYS, AGENTS AND
EMPLOYEES OF ANY OF THE FOREGOING, FROM ANY AND ALL CLAIMS, DEMANDS OR CAUSES OF ACTION OF ANY KIND, NATURE OR DESCRIPTION, WHETHER ARISING IN LAW OR EQUITY OR UPON CONTRACT OR TORT OR UNDER ANY STATE OR FEDERAL LAW OR OTHERWISE BUT ONLY TO THE
EXTENT ARISING UNDER, ON ACCOUNT OF OR IN CONNECTION WITH THE LOANS AND/OR THE LOAN DOCUMENTS, WHICH SUCH LOAN PARTY HAS HAD, NOW HAS OR HAS MADE CLAIM TO HAVE AGAINST ANY SUCH PERSON FOR OR BY REASON OF ANY ACT, OMISSION, MATTER, CAUSE OR THING
WHATSOEVER ARISING FROM THE BEGINNING OF TIME TO AND INCLUDING THE FOURTH AMENDMENT EFFECTIVE DATE, WHETHER SUCH CLAIMS, DEMANDS AND CAUSES OF ACTION ARE MATURED OR UNMATURED OR KNOWN OR UNKNOWN, INCLUDING, WITHOUT LIMITATION, ALL CLAIMS,
DEMANDS OR CAUSES OF ACTION ARISING IN WHOLE OR PART FROM THE NEGLIGENCE OR STRICT LIABILITY OF ANY AGENT, ANY LENDER OR ANY OTHER PARTY PURPORTED TO BE RELEASED HEREBY. 

The foregoing release shall apply to all unknown or unanticipated results of any events occurring prior to the time this Amendment is signed,
as well as those known or anticipated. Each Loan Party, to the extent permitted by law, expressly waives any and all rights under Section 1542 of the Civil Code of the State of California with respect to the claims released herein. Section
1542 of the Civil Code of the State of California provides as follows:
 A general release does not extend to claims which the creditor does
not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 

  
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 Each Loan Party, to the extent permitted by law, expressly waives and relinquishes all rights and
benefits afforded by said Section 1542, and any comparable state or federal law. Each Loan Party understands that the facts in respect of which the foregoing release is given may hereafter turn out to be different from the facts now known or
believed to be true. Each Loan Party hereby accepts and assumes the risk that those facts may ultimately be found to be different, and agrees that the foregoing Release shall be in all respects effective, and not subject to termination or
rescission by virtue of any such factual differences. 
 [SIGNATURES APPEAR ON FOLLOWING PAGES] 

  
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 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first written
above. 
  

			
	INDEPENDENCE CONTRACT DRILLING, INC., as a Borrower and as Administrative Borrower
		
	By:	 	/s/ Philip A. Choyce
	Name:	 	Philip A. Choyce
	Title:	 	Senior Vice President & Chief Financial Officer

  
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	CIT FINANCE LLC, individually, as
	Administrative Agent, Collateral Agent, Issuing Bank, Swingline Lender and Lender
		
	By:	 	/s/ Stewart McLeod
	Name:	 	Stewart McLeod
	Title:	 	Director

  
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	CATERPILLAR FINANCIAL SERVICES CORPORATION, as a Lender
		
	By:	 	 /s/ Adam Brown

	Name:	 	Adam Brown
	Title:	 	Credit Manager

  
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	MORGAN STANLEY BANK, N.A., as a Lender
		
	By:	 	 /s/ Kevin Newman

	Name:	 	Kevin Newman
	Title:	 	Authorized Signatory

  
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	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, as a Lender
		
	By:	 	 /s/ Roderick L. Roberts

	Name:	 	Roderick L. Roberts
	Title:	 	Vice President

  

			
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY, as a Lender
		
	By:	 	Prudential Investment Management, Inc., as investment manager
		
	By:	 	 /s/ Roderick L. Roberts

	Name:	 	Roderick L. Roberts
	Title:	 	Vice President

  
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	CAPITAL ONE BUSINESS CREDIT CORP., individually, as a Lender and as Documentation Agent
		
	By:	 	 /s/ Lawrence J. Cannariato

	Name:	 	 Lawrence J. Cannariato 

	Title:	 	 Vice President

  
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 Exhibit A to Fourth Amendment 

[Conformed Amended and Restated Credit Agreement Attached] 

  
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 Conformed Version as of the
ThirdFourth Amendment Effective Date (as defined herein) 

AMENDED AND RESTATED CREDIT AGREEMENT 

dated as of 
 November
5, 2014 
 among 

INDEPENDENCE CONTRACT DRILLING, INC., 

AND CERTAIN OF ITS SUBSIDIARIES PARTY HERETO, 

as Borrowers, 
 EACH OF
THE LENDERS PARTY HERETO, 
 CIT FINANCE LLC, 

as Administrative Agent and Collateral Agent, 

CIT FINANCE LLC, 
 as
Sole Lead Arranger, Sole Bookrunner and Syndication Agent, 
 and 

CAPITAL ONE BUSINESS CREDIT CORP., 

as Documentation Agent 
 Conformed
Amended and Restated Credit Agreement – Independence Contract Drilling 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	5	  
			
	 SECTION 1.01
	 	Defined Terms	  	 	5	  
	 SECTION 1.02
	 	Classification of Loans and Borrowings	  	 	45	  
	 SECTION 1.03
	 	Terms Generally	  	 	45	  
	 SECTION 1.04
	 	Accounting Terms; GAAP	  	 	46	  
	 SECTION 1.05
	 	Resolution of Drafting Ambiguities	  	 	46	  
	 SECTION 1.06
	 	Rounding	  	 	46	  
		
	 ARTICLE II THE CREDITS
	  	 	46	  
			
	 SECTION 2.01
	 	The Facility	  	 	46	  
	 SECTION 2.02
	 	Loans and Borrowings	  	 	49	  
	 SECTION 2.03
	 	Requests for Borrowings	  	 	50	  
	 SECTION 2.04
	 	Protective Advances	  	 	51	  
	 SECTION 2.05
	 	Swingline Loans	  	 	52	  
	 SECTION 2.06
	 	Letters of Credit	  	 	53	  
	 SECTION 2.07
	 	Funding of Borrowings	  	 	58	  
	 SECTION 2.08
	 	Interest Elections	  	 	58	  
	 SECTION 2.09
	 	Termination or Reduction of Commitments	  	 	60	  
	 SECTION 2.10
	 	Repayment of Loans; Evidence of Debt	  	 	60	  
	 SECTION 2.11
	 	Prepayment of Loans	  	 	61	  
	 SECTION 2.12
	 	Fees	  	 	63	  
	 SECTION 2.13
	 	Interest	  	 	63	  
	 SECTION 2.14
	 	Alternate Rate of Interest	  	 	64	  
	 SECTION 2.15
	 	Increased Costs	  	 	65	  
	 SECTION 2.16
	 	Break Funding Payments	  	 	65	  
	 SECTION 2.17
	 	Taxes	  	 	66	  
	 SECTION 2.18
	 	Payments Generally; Allocation of Proceeds; Sharing of Set-offs	  	 	68	  
	 SECTION 2.19
	 	Mitigation Obligations; Replacement of Lenders	  	 	69	  
	 SECTION 2.20
	 	Indemnity for Returned Payments	  	 	70	  
	 SECTION 2.21
	 	Defaulting Lenders	  	 	71	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	72	  
			
	 SECTION 3.01
	 	Organization; Powers	  	 	72	  
	 SECTION 3.02
	 	Authorization; Enforceability	  	 	73	  
	 SECTION 3.03
	 	Governmental Approvals; No Conflicts	  	 	73	  
	 SECTION 3.04
	 	Financial Condition; No Material Adverse Change	  	 	73	  
	 SECTION 3.05
	 	Intellectual Property	  	 	74	  
	 SECTION 3.06
	 	Litigation	  	 	74	  
	 SECTION 3.07
	 	Compliance with Laws	  	 	74	  
	 SECTION 3.08
	 	Investment and Holding Company Status	  	 	74	  
	 SECTION 3.09
	 	Taxes	  	 	74	  
	 SECTION 3.10
	 	ERISA	  	 	74	  
	 SECTION 3.11
	 	Disclosure	  	 	75	  

  
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 

  
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	 SECTION 3.12
	 	Material Agreements	  	 	75	  
	 SECTION 3.13
	 	Solvency	  	 	76	  
	 SECTION 3.14
	 	Capitalization and Subsidiaries	  	 	76	  
	 SECTION 3.15
	 	Common Enterprise	  	 	76	  
	 SECTION 3.16
	 	Security Interest in Collateral	  	 	77	  
	 SECTION 3.17
	 	Labor Matters	  	 	77	  
	 SECTION 3.18
	 	Affiliate Transactions	  	 	77	  
	 SECTION 3.19
	 	[Reserved]	  	 	77	  
	 SECTION 3.20
	 	Broker’s and Transaction Fees	  	 	77	  
	 SECTION 3.21
	 	Title; Real Property	  	 	78	  
	 SECTION 3.22
	 	Environment	  	 	78	  
	 SECTION 3.23
	 	Insurance	  	 	79	  
	 SECTION 3.24
	 	Deposit Accounts	  	 	79	  
	 SECTION 3.25
	 	Customer and Trade Relations	  	 	79	  
	 SECTION 3.26
	 	Patriot Act	  	 	79	  
	 SECTION 3.27
	 	Rigs	  	 	80	  
		
	 ARTICLE IV CONDITIONS
	  	 	80	  
			
	 SECTION 4.01
	 	Effective Date	  	 	80	  
	 SECTION 4.02
	 	Each Credit Event	  	 	84	  
		
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	 	85	  
			
	 SECTION 5.01
	 	Financial Statements; Borrowing Base and Other Information	  	 	85	  
	 SECTION 5.02
	 	Notices of Material Events	  	 	88	  
	 SECTION 5.03
	 	Existence; Conduct of Business	  	 	89	  
	 SECTION 5.04
	 	Payment of Obligations	  	 	89	  
	 SECTION 5.05
	 	Maintenance of Properties and Intellectual Property Rights	  	 	89	  
	 SECTION 5.06
	 	Books and Records; Inspection Rights	  	 	90	  
	 SECTION 5.07
	 	Compliance with Laws	  	 	90	  
	 SECTION 5.08
	 	Use of Proceeds and Letters of Credit	  	 	90	  
	 SECTION 5.09
	 	Insurance	  	 	91	  
	 SECTION 5.10
	 	Appraisals	  	 	91	  
	 SECTION 5.11
	 	Additional Collateral; Further Assurances	  	 	92	  
	 SECTION 5.12
	 	Cash Management	  	 	93	  
	 SECTION 5.13
	 	Environmental Matters	  	 	94	  
	 SECTION 5.14
	 	Post-Closing Obligations	  	 	94	  
	 SECTION 5.15
	 	Qualified ECP Guarantors	  	 	94	  
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	 	95	  
			
	 SECTION 6.01
	 	Indebtedness	  	 	95	  
	 SECTION 6.02
	 	Liens	  	 	97	  
	 SECTION 6.03
	 	Fundamental Changes; Asset Sales	  	 	97	  
	 SECTION 6.04
	 	Investments, Loans, Advances, Guarantees and Acquisitions	  	 	98	  
	 SECTION 6.05
	 	Swap Agreements	  	 	100	  
	 SECTION 6.06
	 	Restricted Payments	  	 	100	  
	 SECTION 6.07
	 	Transactions with Affiliates	  	 	101	  
	 SECTION 6.08
	 	Restrictive Agreements	  	 	101	  

  
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 

  
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	 SECTION 6.09
	 	Amendment of Material Documents	  	 	102	  
	 SECTION 6.10
	 	Prepayment of Indebtedness	  	 	102	  
	 SECTION 6.11
	 	Financial Covenants	  	 	102	  
	 SECTION 6.12
	 	Sale Leasebacks	  	 	104	  
	 SECTION 6.13
	 	Change of Corporate Name or Location; Change of Fiscal Year	  	 	104	  
	 SECTION 6.14
	 	Billing, Credit and Collection Policies	  	 	105	  
	 SECTION 6.15
	 	Equity Issuances	  	 	105	  
	 SECTION 6.16
	 	Hazardous Materials	  	 	105	  
	 SECTION 6.17
	 	Identification of Rig Fleet Equipment	  	 	105	  
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	 	105	  
			
	 SECTION 7.01
	 	EVENTS OF DEFAULT	  	 	105	  
	 SECTION 7.02
	 	Remedies Upon Default	  	 	108	  
	 SECTION 7.03
	 	Application of Funds	  	 	109	  
		
	 ARTICLE VIII THE AGENTS
	  	 	109	  
			
	 SECTION 8.01
	 	Appointment and Authorization	  	 	109	  
	 SECTION 8.02
	 	Delegation of Duties	  	 	110	  
	 SECTION 8.03
	 	Liability of the Agents	  	 	110	  
	 SECTION 8.04
	 	Reliance by the Agents	  	 	111	  
	 SECTION 8.05
	 	Notice of Default	  	 	111	  
	 SECTION 8.06
	 	Credit Decision	  	 	111	  
	 SECTION 8.07
	 	Indemnification	  	 	112	  
	 SECTION 8.08
	 	The Agents in Individual Capacity	  	 	112	  
	 SECTION 8.09
	 	Successor Agents	  	 	113	  
	 SECTION 8.10
	 	Collateral Matters	  	 	113	  
	 SECTION 8.11
	 	Restrictions on Actions by Lenders	  	 	116	  
	 SECTION 8.12
	 	Agency for Perfection	  	 	116	  
	 SECTION 8.13
	 	Concerning the Collateral and the Related Loan Documents	  	 	116	  
	 SECTION 8.14
	 	Reports and Financial Statements; Disclaimer by Lenders	  	 	116	  
	 SECTION 8.15
	 	Relation Among Lenders	  	 	117	  
	 SECTION 8.16
	 	Lead Arranger; Syndication Agent; Documentation Agent	  	 	117	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	117	  
			
	 SECTION 9.01
	 	Notices	  	 	117	  
	 SECTION 9.02
	 	Electronic Transmissions; Public-Side Lenders	  	 	119	  
	 SECTION 9.03
	 	Waivers; Amendments	  	 	120	  
	 SECTION 9.04
	 	Expenses; Indemnity; Damage Waiver	  	 	122	  
	 SECTION 9.05
	 	Successors and Assigns	  	 	124	  
	 SECTION 9.06
	 	Survival	  	 	128	  
	 SECTION 9.07
	 	Counterparts; Integration; Effectiveness	  	 	128	  
	 SECTION 9.08
	 	Severability	  	 	129	  
	 SECTION 9.09
	 	Right of Setoff	  	 	129	  
	 SECTION 9.10
	 	GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS	  	 	129	  
	 SECTION 9.11
	 	WAIVER OF JURY TRIAL	  	 	130	  
	 SECTION 9.12
	 	Headings	  	 	131	  

  
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 

  
 -iii- 

							
	 SECTION 9.13
	 	Confidentiality	  	 	131	  
	 SECTION 9.14
	 	Several Obligations; Nonreliance; Violation of Law	  	 	132	  
	 SECTION 9.15
	 	USA Patriot Act	  	 	132	  
	 SECTION 9.16
	 	Execution of Loan Documents	  	 	132	  
	 SECTION 9.17
	 	Interest Rate Limitation	  	 	132	  
	 SECTION 9.18
	 	Administrative Borrower; Joint and Several Liability	  	 	132	  
	 SECTION 9.19
	 	Subordination of Intercompany Indebtedness	  	 	135	  
	 SECTION 9.20
	 	Amendment and Restatement	  	 	136	  
	 SECTION 9.21
	 	Release	  	 	136	  

 ANNEXES AND SCHEDULES: 

Annex I - Commitment Schedule 
 Schedule 1.1(a) – [Reserved]

 Schedule 1.1(b) – Mortgaged Properties 
 Schedule 3.05
– Intellectual Property 
 Schedule 3.09 – Taxes 

Schedule 3.12 – Material Agreements 
 Schedule 3.14 –
Capitalization and Subsidiaries 
 Schedule 3.16 – Security Interest in Collateral 

Schedule 3.17 – Labor Matters 
 Schedule 3.18 –
Affiliate Transactions 
 Schedule 3.19 – [Reserved] 

Schedule 3.21 – Properties 
 Schedule 3.22 –
Environmental Matters 
 Schedule 3.23 - Insurance 
 Schedule
3.24 – Deposit Accounts 
 Schedule 3.27 – Rigs 

Schedule 5.14 – Post-Closing Obligations 
 Schedule 6.01
– Existing Indebtedness 
 Schedule 6.02 – Existing Liens 

Schedule 6.04 – Existing Investments 
 Schedule 6.08 –
Existing Restrictions 
 EXHIBITS: 
 Exhibit A –
Form of Assignment and Assumption 
 Exhibit B – Form of Borrowing Base Certificate 

Exhibit C – Form of Compliance Certificate 
 Exhibit D –
Form of Guarantee and Collateral Agreement 
 Exhibit E – Form of Collateral Questionnaire 

Exhibit F – Form of Borrowing Request 

  
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 

  
 -iv- 

 AMENDED AND RESTATED CREDIT AGREEMENT 

AMENDED AND RESTATED CREDIT AGREEMENT dated as of November 5, 2014 (as it may be amended, restated, or otherwise modified from time to time,
this “Agreement”), among INDEPENDENCE CONTRACT DRILLING, INC., a Delaware corporation (“ICD” and also being known as the “Administrative Borrower”), each of ICD’s domestic Subsidiaries
identified on the signature pages hereof or hereafter becoming a “Borrower” by joinder hereto (together with the Administrative Borrower, the “Borrowers”), the Lenders party hereto, CIT FINANCE LLC, as
Administrative Agent, Collateral Agent and Swingline Lender. 
 RECITALS: 

WHEREAS, capitalized terms used in these Recitals and not defined herein shall have the meanings set forth in Section 1.01 hereof; 

WHEREAS, the Borrowers, Administrative Agent, and certain Lenders are parties to that certain Credit Agreement, dated as of May 10, 2013 (as
amended prior to the Effective Date, the “Existing Credit Agreement”); 
 WHEREAS, the Borrowers have requested that the
Borrowers and certain Lenders amend and restate the Existing Credit Agreement to, among other things, (i) increase the Commitments and (ii) make such other amendments as set forth herein; and 

WHEREAS, it is the intention of the parties hereto that the loans and letters of credit outstanding under the Existing Credit Agreement prior
to the Effective Date shall continue and remain outstanding and shall not be repaid on the Effective Date but shall constitute outstanding Loans and Letters of Credit hereunder; 

NOW THEREFORE, in consideration of the mutual covenants and undertakings herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABR,” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Account” has the meaning assigned to
such term in the UCC. 
 “Account Debtor” means any Person obligated on an Account. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -5- 

 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any
Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (i) the LIBO Rate for such Interest Period multiplied by (ii) the Statutory Reserve Rate. 

“Administrative Agent” means CIT Finance LLC, in its capacity as administrative agent for the Lenders hereunder, together
with its successors and assigns. 
 “Administrative Borrower” has the meaning set forth in Section 9.18. 

“Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agents” means the
Administrative Agent and the Collateral Agent. 
 “Aggregate Commitment” means the aggregate of the Commitments of all the
Lenders, as increased pursuant to Section 2.01(c) and as reduced from time to time pursuant to the terms hereof, which Aggregate Commitment shall, as of the Fourth Amendment Effective
Date, be in the amount of $85,000,000. 
 “Aggregate
Exposure” means, at any time, the aggregate Exposure of all the Lenders. 
 “Alternate Base Rate” means, for any
day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1⁄2
of 1% and (c) the most recent Three-Month LIBO Rate plus 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change in the
Prime Rate or the Federal Funds Effective Rate, respectively. 
 “Applicable Percentage” means, with respect to any Lender,
(a) with respect to Loans, Swingline Loans, Letters of Credit or Protective Advances a percentage determined by dividing such Lender’s Commitment by the aggregate Commitment of all Lenders (if the Commitments have terminated or expired, the
Applicable Percentage shall be determined based upon the Commitments most recently in effect, giving effect to any assignments), (b) with respect the Aggregate Exposure prior to the Maturity Date, a percentage determined by dividing such
Lender’s Commitment by the aggregate Commitment of all Lenders, and (c) with respect to the Aggregate Exposure after the Maturity Date, a percentage determined by dividing such Lender’s Exposure by the Aggregate Exposure. 

“Applicable Margin” means the following percentages per annum: (a)
3.50% for ABR Loans and (b) 4.50% for Eurodollar Loans; provided that, on September 30, 2016, such percentages shall automatically increase by 0.50% to 4.00% for ABR Loans and 5.00% for
Eurodollar Loans if ICD has not consummated a Qualified Capital Stock Issuance on or prior to such date. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -6- 

 “Applicable Rate” means, for any day, 0.50% per annum. 

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in
commercial loans and similar extensions of credit and that is advised, administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or (c) an entity or an Affiliate of an entity that advises, administers or manages a Lender; and with
respect to any Lender that is an investment fund, any other investment fund that invests in loans and that is advised, administered or managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 

“Asset Disposition” means the sale, transfer, conveyance or other disposition (including, without limitation, pursuant to any
merger, consolidation or sale-leaseback transaction) by any Borrower of any asset or property of any of the Borrowers including, but not limited to, the Capital Stock of any Borrower or any Subsidiary of any Borrower. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 9.05(b)), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Authorized Officer” means, with respect to any Person, any of the principal executive officers, managing members or general
partners of such Person but, in any event, with respect to financial matters, a Financial Officer. 
 “Availability” means,
at any time, an amount equal to the lesser of (a) the Aggregate Commitment and (b) the Borrowing Base, in each case minus the Exposure of all Lenders. 

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of five (5)
Business Days prior to the Maturity Date and the date of termination of the Commitments. 
 “Available Commitment” means,
at any time, the Aggregate Commitments then in effect minus the Aggregate Exposure. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers
by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -7- 

 “Banking Services” means each and any of the following bank services provided to
any Loan Party by any Lender or any of such Lender’s Affiliates: (a) commercial credit cards, purchasing cards or other similar charge cards, (b) stored value cards and (c) treasury management services (including, without limitation, controlled
disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services). 

“Banking Services Obligations” of the Loan Parties means any and all obligations of the Loan Parties, whether absolute or
contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services. 

“Blocked Account Agreement” means an agreement, whether designated as a blocked account agreement, deposit account control
agreement, lockbox agreement or otherwise, among the Collateral Agent, a depository institution and one or more of the Loan Parties, in form and substance satisfactory to the Collateral Agent, concerning one or more deposit accounts held at such
depository institution and any related lockbox or collection P.O. boxes. 
 “Board” means the Board of Governors of the
Federal Reserve System of the United States of America. 
 “Borrower” and “Borrowers” have the respective
meanings set forth in the preamble to this Agreement. 
 “Borrowing” or “Revolving Borrowing” means any of
the following: (a) Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect, (b) a Swingline Loan, (c) an Overadvance, or (d) a Protective Advance.

 “Borrowing Base” means, at any time, the sum of (a) 85% of the Net Amount of Borrowers’ Eligible Accounts at such
time, plus (b) the product of the then applicable Eligible Completed Drilling Rig Advance Rate times the most recent appraised Forced Liquidation Value of Eligible Completed Drilling Rigs of the Borrowers,
minus (c) any Reserves. 
 “Borrowing Base Certificate” means a certificate, signed by a Financial Officer of
the Administrative Borrower, in the form of Exhibit B or another form which is acceptable to the Administrative Agent in its sole discretion. 

“Borrowing Request” means a request by the Administrative Borrower for a Revolving Borrowing in accordance with Section
2.03, in substantially the form of Exhibit F. 
 “Business Day” means any day that is not a Saturday, Sunday or
other day on which Administrative Agent or commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also
exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -8- 

 “Business Unit” means the assets constituting the business or a division or
operating unit thereof of any Person. 
 “Capital Expenditure Test Period”
has the meaning set forth in Section 6.11(e). 
 “Capital Expenditures” means, without duplication, any expenditure or
commitment to expend money for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrowers and their Subsidiaries prepared in accordance with GAAP. 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal or movable property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP,
and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Capital
Stock” means, with respect to any Person, shares of capital stock, partnership interests, membership interests, units, beneficial interests (in a trust) or other equivalent evidences of ownership in such Person, and any warrants, options or
other rights entitling the holder thereof to purchase or acquire any such equity interest. 
 “Cash Dominion Period” means,
the period (a) commencing on the day that (i) an Event of Default occurs, or (ii) Availability is less than the greater of (A) $10,000,000 and (B)
ten percent (10%) of the lesser of (x) the Borrowing Base and (y) the Aggregate Revolving Commitment Amount; and (b) continuing
through and ending on the first date after such commencement on which (i) no Event of Default is continuing and (ii) Availability has been greater than the greater of (A) $10,000,000 and
(B) ten percent (10%) of the lesser of (x) the Borrowing Base and (y) the Aggregate Revolving Commitment Amount for a period of
at least ninety (90) consecutive calendar days. 
 “CERCLA” means the United States Comprehensive Environmental Response,
Compensation, and Liability Act (42 U.S.C. §§ 9601 et seq.). 
 “Change in Control” means (a) any Persons or
group of Affiliated Persons shall acquire, directly or indirectly, Capital Stock of ICD representing 50% or more of the voting and economic power of ICD, on a fully diluted basis, if such Persons or group of Affiliated Persons did not own and
control, directly or directly, Capital Stock of ICD on the Effective Date, (b) any Persons or group of Affiliated Persons shall acquire, directly or indirectly, whether through ownership of Capital Stock, by contract, or otherwise, the power to
elect, designate or appoint a majority of the directors to serve on the board of directors of ICD, if such Persons or group of Affiliated Persons did not own and control, directly or directly, Capital Stock of ICD on the Effective Date, or (c) ICD
shall cease to own, directly or indirectly, free and clear of all Liens or other encumbrances, 100% of the outstanding Capital Stock of each other Loan Party on a fully diluted basis. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -9- 

 “Change in Law” means (a) the adoption of any law, rule or regulation after the
date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or the Issuing Bank (or, for
purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, rule, guideline or directive (whether or not having the force of law) of any
Governmental Authority made or issued after the date of this Agreement; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or
directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
or the United States or foreign regulatory authorities, in each case, shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

“Charter Document” means as to any Person, its partnership agreement, certificate of incorporation, operating agreement,
certificate of formation, membership agreement or similar constitutive document or agreement, its by-laws, and all shareholder or other equity holder agreements, voting trusts and similar arrangements to which such Person is a party or which is
applicable to its Capital Stock and all other arrangements relating to the Control of such Person. 
 “Code” means the
Internal Revenue Code of 1986, as amended from time to time. 
 “Collateral” means all “Collateral” or
“Mortgaged Property” as defined in any Collateral Document, whether such “Collateral” or “Mortgaged Property” is now existing or hereafter acquired. 

“Collateral Access Agreement” has the meaning assigned to such term in the Guarantee and Collateral Agreement. 

“Collateral Agent” means CIT Finance LLC, in its capacity as collateral agent for the Secured Parties hereunder and under the
Collateral Documents, together with its successors and assigns, including any successor Collateral Agent appointed pursuant to Section 8.09. 

“Collateral Documents” means, collectively, the Security Agreements, the Mortgages and any other security documents delivered
pursuant to this Agreement or any of the other Loan Documents to secure payment of the Obligations. 
 “Collateral
Questionnaire” means a certificate substantially in the form of Exhibit E, completed and supplemented with the schedules and attachments contemplated thereby. 

“Collection Account” has the meaning assigned to such term in Section 5.12(a). 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans and to acquire participations in
Letters of Credit, Protective Advances and Swingline Loans hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09, (b) increased from time to time pursuant to Section 2.01(c) and (c) reduced or
increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.05. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -10- 

 
The initial amount of each Lender’s Commitment is set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment,
as applicable. The aggregate amount of the Lenders’ Commitments as of the Fourth Amendment Effective Date is $85,000,000.

 “Commitment Schedule” means the Schedule attached hereto identified as such on Annex I. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.) and any successor statute, and any
rule, regulation, or order promulgated thereunder, in each case as amended from time to time. 
 “Compliance Certificate”
has the meaning assigned to such term in Section 5.01(d). 
 “Control” means the possession, directly or
indirectly, of the power either to (i) vote 10% or more of the securities having ordinary voting power for the election of directors (or Persons performing similar functions) of a Person or (ii) direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Copyright Security Agreement” means that certain Copyright Security Agreement dated as of the Original Closing Date by and
among the Loan Parties party thereto and the Collateral Agent. 
 “Decommissioned Rig” means a Rig, whether or not
operable, which the Borrowers have completely and permanently ceased operating, maintaining and marketing. 
 “Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 

“Default Excess” means, with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender’s
Applicable Percentage of the aggregate outstanding principal amount of all Loans, over the aggregate outstanding principal amount of all Loans of such Defaulting Lender. 

“Defaulting Lender” means any Lender that has at any time after the Effective Date (a) defaulted in its obligation under
this Agreement to make a Loan or to fund its participation in any Letter of Credit or Swingline Loan required to be made or funded by it hereunder within three Business Days of the date when due (unless such failure is the subject of a good faith
dispute), (b) failed to pay over to the Administrative Agent or any Lender any other amount required to be paid by it hereunder within three (3) Business Days of the date when due (unless such failure is the subject of a good faith dispute), (c)
notified the Administrative Agent or a Loan Party in writing that it does not intend to satisfy any such obligation or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or
under agreements in which it commits to extend credit generally, unless such Lender has delivered a subsequent written statement to the Administrative Agent ratifying and confirming its funding 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -11- 

 
obligations under this Agreement, (d) failed within three (3) Business Days after the request of the Administrative Agent to confirm that it will comply with the terms of this Agreement relating
to its obligations to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans, unless such Lender has delivered a subsequent written statement to the Administrative Agent ratifying and confirming its
funding obligations under this Agreement, (e) (i) been (or has a parent company that has been) determined by any Governmental Authority having regulatory authority over such Person or its assets to be insolvent, or the assets or management of which
has been taken over by any Governmental Authority, or (ii) become (or has a parent company that has become) the subject of a bankruptcy or insolvency proceeding under any federal, state, provincial or foreign bankruptcy, insolvency, reorganization,
adjustment of debt, receivership or similar law now or hereafter in effect, unless in the case of any Lender subject to this clause (e), the Borrowers, Administrative Agent, Issuing Bank and Swingline Lender shall each have determined that such
Lender intends, and has all approvals required to enable it, to continue to perform its obligations as a Lender hereunder, (f) become (or has a parent company that has become) the subject of a
Bail-in Action or (g) constitutes a Restricted Person. 
 “Departing Lender” has the meaning assigned to such term in
Section 2.19(b). 
 “Document” has the meaning assigned to such term in the Guarantee and Collateral Agreement. 

“Documentation Agent” means Capital One Business Credit Corp., in its capacity as documentation agent. 

“Dollars” or “$” refers to lawful money of the United States of America. 

“Domestic Rig” means any Rig owned by any Borrower which is located in the 48 contiguous states of the United States of
America. 
 “EBITDA” means, for any period, Net Income for such period plus (a) without duplication and to
the extent deducted in the determination of Net Income for such period, (i) Interest Expense, (ii) income tax expense net of tax refunds, (iii) depreciation and amortization expense, (iv) any non-cash charges, including, any losses attributable to
the write-down of assets or impairment of assets or intangibles (i.e., goodwill) and amortization of financing costs, (v) any non-recurring losses attributable to Asset Dispositions, including, without limitation, dispositions of Business Units or
Subsidiaries, outside the ordinary course of business, (vi) losses attributable to extra-ordinary items, (vii) any losses arising from the sale or disposition of any capital assets, (viii) non-cash income reduction adjustments derived from or
related to changes in worker’s compensation reserves, general liability reserves, deferred compensation, Capital Stock-based compensation, retirement expenses, straight line rent accrual, derivative liability with respect to Capital Stock
consisting of warrants, swap losses and changes in FAS106/158 related to income and (ix) with respect to any period occurring in the Fiscal Year ending December 31, 2016 and the Fiscal Year
ending December 31, 2017, Unabsorbed Manufacturing Costs expensed during such period not to exceed $500,000 in any Fiscal Quarter and $2,000,000 in the aggregate for any such Fiscal
Year, minus (b) without duplication and to the extent included in determining Net Income for such period, the sum of (i) any gains attributable to extraordinary items, (ii)
any gains attributable to the sale or disposition of any capital assets, (iii) 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -12- 

 
tax benefits, (iv) non-cash income increase adjustments derived from or related to changes in worker’s compensation reserves, general liability reserves, deferred compensation, Capital
Stock-based compensation, retirement expenses, straight line rent accrual, derivative liability with respect to Capital Stock consisting of warrants, swap gains and changes in FAS106/158 related to income, and write-up of assets or intangibles
(i.e., negative goodwill), (v) any non-recurring gains attributable to Asset Dispositions, including, without limitation, dispositions of Business Units or Subsidiaries, outside the ordinary course of business, and (vi) non-cash interest income, in
each case on a consolidated basis for Borrowers and their Subsidiaries for such period. For this purpose, a “non-cash charge” and a “non-cash income reduction adjustment” are those which involve no cash expenditure in the
relevant period and a “non-cash gain” and a “non-cash income increase adjustment” are those which involve no cash receipt in the relevant period. 

“EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to
the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country
which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member
Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA
Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“E-Fax” means any system used to receive or transmit faxes electronically. 

“Effective Date” means November 5, 2014. 

“Electronic Transmission” means each document, instruction, authorization, file, information and any other communication
transmitted, posted or otherwise made or communicated by e-mail, E-Fax, E-System or any other equivalent electronic service, whether owned, operated or hosted by an Agent, any of an Agent’s Related Parties or any other Person. 

“E-Signature” means the process of attaching to or logically associating with an Electronic Transmission an electronic
symbol, encryption, digital signature or process (including, without limitation, the name or an abbreviation of the name of the party transmitting the Electronic Transmission) with the intent to sign, authenticate or accept such Electronic
Transmission. 
 “E-Systems” means any electronic system, including
IntralinksTM and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent, any of its Related Parties or any other Person,
providing for access to data protected by pass codes or other security system. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -13- 

 “EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as
in effect from time to time. 
 “Eligible Accounts” means, at any time, the Accounts of any Borrower which the
Administrative Agent determines in its Permitted Discretion are eligible as the basis for the extension of Loans and Swingline Loans and the issuance of Letters of Credit hereunder, based on such considerations as the Administrative Agent in its
Permitted Discretion may from time to time deem appropriate. Without limiting the Administrative Agent’s discretion provided herein, Eligible Accounts shall not include any Account: 

(a) which is not subject to a first priority perfected security interest in favor of the Collateral Agent; 

(b) which is subject to any Lien other than (i) a Lien in favor of the Collateral Agent or (ii) a Permitted Encumbrance which is subordinate
and junior to the Lien in favor of the Collateral Agent; 
 (c) with respect to which more than 90 days have elapsed since the date of the
original invoice therefor or which is more than 60 days past the due date for payment; 
 (d) if more than 50% of the Accounts owing from an
Account Debtor obligated on such Account (or an Affiliate thereof) are ineligible hereunder; 
 (e) to the extent the inclusion of such
Account as an Eligible Account would cause the aggregate amount of Accounts owing from any Account Debtor to the Borrowers, together with the Accounts owing from such Account Debtor’s Affiliates to the Borrowers, to exceed the percentage as
determined by the Administrative Agent from time to time in its Permitted Discretion (provided that such percentage shall in no event exceed 35%) of the aggregate Eligible Accounts; 

(f) with respect to which any covenant, representation, or warranty relating to such Account contained in this Agreement or in any other Loan
Document has been breached, is inaccurate or is not true; 
 (g) which (i) does not arise from the sale of goods or performance of services
in a Borrower’s Ordinary Course of Business, (ii) is not evidenced by an invoice, or other documentation satisfactory to the Administrative Agent, which has been sent to the Account Debtor, (iii) represents a progress billing or a retainage,
(iv) is contingent upon any Borrower’s completion of any further performance, (v) represents a sale on a bill-and-hold, pre-billed, guaranteed sale, sale-and-return, sale on approval, consignment which is billed prior to actual sale to the end
user, cash-on-delivery or any other repurchase or return basis or (vi) arises from a transaction involving the lease of, the sublease of, or the grant of a right to use, by a Borrower to the Account Debtor obligated on such Account, any equipment
that is leased by a Borrower (or the predecessor in interest to a Borrower) or that is subject to a UCC Financing Statement filed against a Borrower (or the predecessor in interest to a Borrower) (other than a UCC Financing Statement filed in favor
of the Collateral Agent); 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -14- 

 (h) for which the goods giving rise to such Account have not been shipped to the Account Debtor
or for which the services giving rise to such Account have not been performed by Borrowers; 
 (i) with respect to which any check or other
instrument of payment has been returned uncollected for any reason; 
 (j) which is owed by an Account Debtor which (i) has applied for,
suffered, or consented to the appointment of any receiver, interim receiver, receiver and manager, custodian, trustee, or liquidator of its assets, (ii) has had possession of all or a material part of its property taken by any receiver, interim
receiver, receiver and manager, custodian, trustee or liquidator, (iii) has filed, or has had filed against it, any request or petition for liquidation, reorganization, arrangement, adjustment of debts, adjudication as bankrupt, winding-up, or
voluntary or involuntary case under any state, provincial or federal bankruptcy laws, (iv) to the knowledge of any Borrower, has admitted in writing its inability, or is generally unable to, pay its debts as they become due, (v) is not or has ceased
to be Solvent, or (vi) has suspended or ceased operation of its business; 
 (k) which is owed by any Account Debtor which has sold all or
substantially all of its assets; 
 (l) which is owed by an Account Debtor which (i) does not maintain its chief executive office and all
but an immaterial portion of its assets in the U.S. or (ii) is not organized under applicable law of the U.S. or any state of the U.S. unless, in either case, such Account is backed by a letter of credit or other credit support acceptable to the
Administrative Agent and which is in the possession of the Administrative Agent; 
 (m) which is owed in any currency other than Dollars;

 (n) which is owed by (i) the government (or any department, agency, public corporation, or instrumentality thereof) of any country other
than the United States of America, unless such Account is backed by a letter of credit acceptable to the Administrative Agent and which is in the possession of the Administrative Agent, or (ii) the government of the U.S. or any other Governmental
Authority, or any department, agency, public corporation, or instrumentality thereof, unless the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727 et seq. and 41 U.S.C. § 15 et seq.), and
any other steps necessary to perfect and ensure the first priority of the Lien of the Collateral Agent in such Account, have been complied with to the Administrative Agent’s satisfaction; 

(o) which arises out of a sale to, or is owed by, any Affiliate of a Loan Party or any employee, director, officer or agent of a Loan Party or
an Affiliate of a Loan Party; 
 (p) which, for any Account Debtor, exceeds a credit limit determined by the Administrative Agent of which
the Administrative Borrower has been previously notified, to the extent of such excess; 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -15- 

 (q) which is owed by an Account Debtor which is, or any Affiliate of such Account Debtor is, (i)
the holder of Indebtedness issued or incurred by any Loan Party, but only to the extent of such Indebtedness, or (ii) any Loan Party’s creditor or supplier to the extent that it has the right to offset, deduct or assert counterclaims with
respect to such Account, or such Account Debtor or such Affiliate has disputed liability with respect to such Account, or such Account Debtor or such Affiliate has made any claim with respect to any other Account due from such Account Debtor to any
Borrower, or the Account otherwise is or may become subject to any right of setoff, counterclaim, recoupment, reserve, defense or chargeback; 

(r) which is subject to any counterclaim, deduction, defense, setoff or dispute, but only to the extent of the amount of such counterclaim,
deduction, defense, setoff or dispute, unless the Administrative Agent, in its Permitted Discretion, has established an appropriate Reserve and determines to include such Account as an Eligible Account; 

(s) which is evidenced by any promissory note, chattel paper, or instrument or has been reduced to judgment; 

(t) which is owed by an Account Debtor located in any jurisdiction that requires, as a condition to access to the courts of such jurisdiction
or the right to collect accounts receivable, that a creditor qualify to transact business, file a business activities report or other report or form, or take one or more other actions, unless Borrowers have so qualified, filed such reports or forms,
or taken such actions for the then current year (and, in each case, paid any required fees or other charges), except to the extent Borrowers may qualify subsequently as a foreign entity authorized to transact business in such state or jurisdiction
and gain access to such courts and the right to collect accounts receivable, without incurring any cost or penalty viewed by the Administrative Agent in its Permitted Discretion to be material in amount, and such later qualification cures any access
to such courts to enforce payment of such Account; 
 (u) if the goods or services giving rise to such Account have not been accepted by the
Account Debtor obligated thereon or, with respect to a sales transaction, the Account otherwise does not represent a final sale; 
 (v) with
respect to which any Borrower has made any agreement with the Account Debtor obligated on such Account for any reduction thereof or deduction therefrom (but only to the extent of such reduction or deduction), except for any discounts or adjustments
given in the Borrowers’ Ordinary Course of Business and which discounts or adjustments are reflected in the calculation of the face value of each invoice related to such Account; 

(w) with respect to which any Borrower has made an agreement with the Account Debtor obligated on such Account to extend the time of payment
thereof beyond payment and due dates provided in clause (c) above; 
 (x) if the Account Debtor obligated on such Account has made a partial
payment with respect to such Account not in the Ordinary Course of Business of the Borrowers or such Account Debtor; 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -16- 

 (y) that constitutes “Unbilled WIP” as defined in the GES Settlement Agreement, arises
from an invoice listed or described on Attachment IV to the GES Settlement Agreement, or is otherwise subject to the collection and allocation arrangement contemplated by the GES Settlement Agreement; or 

(z) which the Administrative Agent determines in its Permitted Discretion may not be paid by reason of the Account Debtor’s inability to
pay. 
 In the event that an Account which was previously an Eligible Account ceases to be an Eligible Account hereunder, the Borrowers
shall notify the Administrative Agent thereof on and at the time of submission to the Administrative Agent of the next Borrowing Base Certificate. 

“Eligible Assignee” means a Person that is (a) a Lender or a United States-based Affiliate of a Lender; (b) an Approved Fund;
(c) any other financial institution approved by the Administrative Agent in its Permitted Discretion and the Administrative Borrower (which approval by the Administrative Borrower shall not be unreasonably withheld, conditioned or delayed,
provided that the Administrative Borrower shall be deemed to have approved such financial institution if the Administrative Agent has not received an objection thereto in writing within five (5) Business Days after the request for such
approval), that is organized under the laws of the United States or any state or district thereof, has total assets in excess of $5,000,000,000, extends asset-based lending facilities in its ordinary course of business and whose becoming an assignee
would not constitute a prohibited transaction under any applicable law; or (d) during any Event of Default, any Person acceptable to the Administrative Agent in its Permitted Discretion. Notwithstanding the foregoing, absent the approval of the
Administrative Agent at its sole option, in no event shall any Borrower, any holder (or agent for such holder) of any Indebtedness secured by a Lien contractually subordinated to the Collateral Agent’s Lien or any of their respective
Subsidiaries or Affiliates constitute an Eligible Assignee (each a “Restricted Person”). 
 “Eligible Completed
Drilling Rigs” means, at any time, the Rig Fleet Equipment owned by any Borrower which the Administrative Agent determines in its Permitted Discretion is eligible as the basis for the extension of Loans and Swingline Loans and the issuance
of Letters of Credit hereunder, based on such considerations as the Administrative Agent may from time to time in its Permitted Discretion deem appropriate. Without limiting the Administrative Agent’s discretion provided herein, Eligible
Completed Drilling Rigs shall not include any Rig Fleet Equipment: 
 (a) if one of the Borrowers does not have good title to such Rig Fleet
Equipment or if the Borrower having title to such Rig Fleet Equipment does not have the right to subject such Rig Fleet Equipment to a Lien in favor of the Collateral Agent; 

(b) which is not subject to a first priority perfected security interest in favor of the Collateral Agent; 

(c) which is subject to any Lien other than (i) a Lien in favor of the Collateral Agent and (ii) a Permitted Encumbrance which is subordinate
and junior to the Lien in favor of the Collateral Agent; 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -17- 

 (d) which consists of a partial Rig or components or materials consisting of a Rig under
construction, or if such Rig Fleet Equipment does not otherwise constitute a fully constructed, functional and operable Rig; 
 (e) which
consists of Rig Accessories that are not connected or affixed to a Rig unless such Rig Accessories are otherwise included in the FLV Appraisal and are also agreed to be deemed eligible under this clause by the Administrative Agent at its sole
option; 
 (f) which is a vehicle or other rolling stock; 

(g) if applicable, unless the full purchase price for such Rig Fleet Equipment (including all components thereof) has been paid by a Borrower
and a true, correct and complete copy of the bill of sale for such purchase has been delivered to the Administrative Agent; 
 (h) which
does not conform to all standards imposed by any Governmental Authority which has regulatory authority over such property or the use or sale thereof; 

(i) which does not constitute a Domestic Rig or is located at a location that is not otherwise in compliance with this Agreement; 

(j) which is situated at a location not owned by one of the Borrowers, unless (i) the owner or occupier (by way of a mineral lease or
otherwise) of such location (A) has executed in favor of the Administrative Agent a Collateral Access Agreement or (B) is a customer and has entered into a contract with the Borrowers in the Ordinary Course of Business, with the form and substance
of such contract not being materially adverse to the interests of any Agent or Lender, or (ii) a Reserve for rent, charges, and other amounts due or to become due with respect to such location has been established by the Administrative Agent in its
Permitted Discretion; 
 (k) which is covered by a negotiable document of title; 

(l) which is not covered by insurance to the extent required under this Agreement and the other Loan Documents; 

(m) which is a Stacked Rig, a Newly Acquired/Completed Rig or a Decommissioned Rig; 

(n) which, as of the date of determination, constitutes a fully constructed and operable Rig that has not at any time actually commenced the
drilling of a well under a daywork drilling contract (unless such Rig has not commenced drilling because the applicable customer party to such daywork drilling contract is paying Borrower a standby rate in an amount that reasonably approximates the
expected margin Borrowers would earn under a market-rate daywork drilling contract as confirmed pursuant to documentation acceptable to Agent); 

(o) which has at any time been deployed under a daywork drilling contract but, during the ninety (90) consecutive day period immediately
preceding the date of determination has not been deployed under such a contract (unless such Rig has not been deployed because the applicable customer party to such daywork drilling contract is paying Borrower a standby rate in

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -18- 

 
an amount that reasonably approximates the expected margin Borrowers would earn under a market-rate daywork drilling contract, as confirmed pursuant to documentation acceptable to Agent) and (i)
has not been under repair or upgrade during such period or (ii) is not subject to a contract providing for its deployment during the ninety (90) day period immediately following the date of determination; 

(p) which is not operable or otherwise in good working condition (ordinary wear and tear excepted); 

(q) which is not used or held for use by the Borrowers in the Ordinary Course of Business of the Borrowers; 

(r) which is subject to any agreement that limits, conditions or restricts the Administrative Agent’s right to sell, transport or
otherwise dispose of such Rig Fleet Equipment, unless the Administrative Agent is a party to such agreement; or 
 (s) which constitutes
“fixtures” under the applicable laws of the jurisdiction in which such Rig Fleet Equipment is located. 
 In the event that any
Rig Fleet Equipment which was previously an Eligible Completed Drilling Rig (or a component thereof) ceases to be an Eligible Completed Drilling Rig (or a component thereof) hereunder, the Borrowers shall notify the Administrative Agent thereof on
and at the time of submission to the Administrative Agent of the next Borrowing Base Certificate. 
 “Eligible Completed Drilling
Rig Advance Rate” means (i) from the Effective Date through November 5, 2015, 75%, and (ii) for each period after November 5, 2015, the correlative percentage indicated below: 

 

					
	 Period
	  	Eligible
Completed
Drilling
Rig Advance
Rate	 
	 November 5, 2015 through December 31, 2015
	  	 	73.75	% 
	 January 1, 2016 through December 31,
2016
	  	 	72.50	% 
	 April 1, 2016 through June 30, 2016
	  	 	71.25	% 
	 July 1, 2016 through September 30, 2016
	  	 	70.00	% 
	 October 1, 2016 through December 31, 2016
	  	 	68.75	% 
	 January 1, 2017 through March 31, 2017
	  	 	71.25	% 
	 April 1, 2017 through June 30, 2017
	  	 	70.00	% 
	 July 1, 2017 through September 30, 2017
	  	 	68.75	% 
	 October 1, 2017 through December 31, 2017
	  	 	67.50	% 
	 January 1, 2018 through March 31, 2018
	  	 	66.25	% 
	 April 1, 2018 through June 30, 2018
	  	 	65.00	% 
	 July 1, 2018 through September 30, 2018
	  	 	63.75	% 
	 October 1, 2018 through the Maturity Date
	  	 	62.50	% 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -19- 

 “Environmental Laws” means all laws, rules, regulations, codes, ordinances,
orders, decrees, judgments, injunctions, or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the pollution or protection of the environment or the preservation or reclamation of natural
resources, including those relating to the management, release or threatened release of any Hazardous Material, or to employee health and safety matters. 

“Environmental Liabilities” means all liabilities (including costs of Remedial Actions, natural resource damages and costs
and expenses of investigation and feasibility studies) that may be imposed on, incurred by or asserted against any Loan Party as a result of, or related to, any claim, suit, action, investigation, proceeding or demand by any Person, whether based in
contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law or otherwise, arising under any Environmental Law or in connection with any environmental, health or safety condition or with any Release or
resulting from the ownership, lease, sublease or other operation or occupation of property by any Loan Party, whether on, prior to or after the Effective Date. 

“Equipment” has the meaning assigned to such term in the Guarantee and Collateral Agreement. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means any Person who, together with the Borrowers, is treated as a single employer within the meaning of
Section 414(b), (c), (m) or (o) of the Code or Section 4001(b) of ERISA). 
 “ERISA Event” means (a) any “reportable
event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan of an “accumulated

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -20- 

 
funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA
of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by any Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the
receipt by any Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by any Borrower or any of
its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from
any Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

“Eurodollar” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of Default” has the
meaning assigned to such term in Section 7.01. An Event of Default shall be deemed to be continuing unless and until that Event of Default has been duly waived as provided in Section 9.03 hereof. 

“Excess Availability” means, as of any date of determination, the amount equal to Availability as of such date
minus the aggregate amount, if any, of all trade payables of Borrowers and their Subsidiaries which remain unpaid more than ninety (90) days after the initial due dates thereof. 

“Excluded Account” means any deposit account that is (i) used solely for payment of payroll, bonuses, benefits, other
compensation and related expenses or (ii) a petty cash account opened in the Ordinary Course of Business, provided that (x) the aggregate balance on deposit at any time in all Excluded Accounts set forth in clause (i) of this definition shall
not exceed 105% of the amount to be applied for the pay period next ending and (y) the daily average balance on deposit at any time in any Excluded Account set forth in clause (ii) of this definition shall not exceed $2,500. 

“Excluded Swap Obligation” means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a
portion of the Loan Documents to which such Loan Party is party with respect to, or the grant by such Loan Party of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes unlawful under the Commodity Exchange
Act or any rule or regulation promulgated thereunder (or the application or official interpretation of any provision thereof) by virtue of such Loan Party’s failure for any reason not to constitute an “eligible contract participant”
as defined in the Commodity Exchange Act at the time any such Loan Document becomes effective with respect to such related Swap Obligation. 

“Excluded Taxes” means, with respect to any Person, (a) income or franchise taxes imposed on or measured by such
Person’s net income by the jurisdiction under the laws of which such Person is organized or in which its principal office is located or, in the case of any Lender, in 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -21- 

 
which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any other jurisdiction and (c) any United States withholding tax imposed
with respect to amounts payable to a Non-U.S. Lender to the extent that such withholding tax is in effect and is applicable to such Non-U.S. Lender (after giving effect to any treaty or other applicable basis for reduction or exemption) on the date
of this Agreement (or designates a new lending office) provided, that clause (c) above shall not include amounts that arise (i) as a result of an assignment or the designation of a new lending office made at the request of the Administrative
Borrower under Section 2.19(b), or (ii) to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrowers with respect
to such withholding tax pursuant to Section 2.17(a). 
 “Existing Credit Agreement” has the meaning set forth in the
Recitals hereto. 
 “Exposure” means, with respect to any Lender at any time, the sum of (a) the outstanding principal
amount of such Lender’s Loans plus (b) an amount equal to its Applicable Percentage of the sum of (i) the aggregate principal amount of all Protective Advances and Swingline Loans outstanding at such time, plus (ii) the aggregate amount
of Letter of Credit Obligations outstanding at such time. 
 “Extraordinary Receipts” means any Net Cash Proceeds, received
by any Loan Party or any of its Subsidiaries not in the ordinary course of business (and not consisting of proceeds described in Section 2.11(b)(ii), (iii) or (iv) hereof), including, without limitation, (i) foreign, federal, state or local
tax refunds, (ii) pension plan reversions, (iii) proceeds of insurance, (iv) judgments, proceeds of settlements or other consideration of any kind in connection with any cause of action, (v) condemnation awards (and payments in lieu thereof), (vi)
indemnity payments and (vii) any purchase price adjustment, net working capital or similar adjustment received in connection with any purchase agreement, merger agreement, contribution agreement or similar agreement. 

“Facility Increase” has the meaning assigned to such term in Section 2.01(c). 

“Facility Increase Date” has the meaning assigned to such term in Section 2.01(c). 

“Fair Market Value” means, with respect to real or immovable property of any Person, the fair market value thereof as
determined in the most recent appraisal received by the Administrative Agent in accordance with the terms hereof, which appraisal shall be performed in a manner reasonably acceptable to the Administrative Agent by an appraiser reasonably acceptable
to the Administrative Agent. 
 “FATCA” means Sections 1471 through 1474 of the Internal Revenue Code (as of the Effective
Date) and any regulations or official interpretations thereof (including any Revenue Ruling, Revenue Procedure, Notice or similar guidance issued by the Internal Revenue Service thereunder as a precondition to relief or exemption from Taxes under
such provisions), provided, however, FATCA shall also include any amendments to Section 1471 through 1474 of the Code if, as amended, FATCA provides a commercially reasonable mechanism to avoid the Tax imposed thereunder by satisfying
the information reporting and other requirements of FATCA. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -22- 

 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System on such date, as published on the next succeeding Business Day by the Federal Reserve Bank of New York,
or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three
Federal funds brokers of recognized standing selected by it. 
 “Fee Letter” means that certain fee letter between
Administrative Borrower and the Administrative Agent dated as of September 20, 2014, as it may be amended or restated from time to time. 

“Financial Officer” means, with respect to any Person, the chief financial officer, principal accounting officer, treasurer
or controller of such Person. 
 “Fiscal Quarter” means a fiscal quarter of the Borrowers and their Subsidiaries ending on
the last day of the calendar months of March, June, September and December of each calendar year. 
 “Fiscal Year” means
the fiscal year of the Borrowers and their Subsidiaries ending on December 31st of each calendar year. 

“Fixed Charge Coverage Ratio” means, the ratio, determined as of the end of each calendar month for the most-recently ended
twelve calendar month period, of (a) EBITDA for such twelve calendar month period (or other specified period), minus the sum of (x) Maintenance Capital Expenditures made during such twelve calendar months plus (y) Unfinanced Capital
Expenditures made by Borrowers during such period, to (b) Fixed Charges for such twelve calendar month period, all calculated for the Borrowers and their Subsidiaries on a consolidated basis. Notwithstanding the foregoing, for purposes of
calculating the Fixed Charge Coverage Ratio for any measurement period, such calculation shall include Unfinanced Capital Expenditures made by Borrowers during such period only to the extent such expenditures were made on or after November 1, 2015.

 “Fixed Charges” means, with reference to any period, without duplication, (i) cash Interest Expense for such period,
plus (ii) scheduled principal payments on Indebtedness required to be made during such period, plus (iii) expense for taxes paid in cash during such period, plus (iv) dividends, distributions and other Restricted Payments paid in cash during such
period, plus (v) Capital Lease Obligation payments during such period, all calculated for the Borrowers and their Subsidiaries on a consolidated basis. 

“FLV Appraisal” means an appraisal of the net forced liquidation value of all of the Borrowers’ Rig Fleet Equipment by
Hadco International, Inc., or another firm acceptable to the Administrative Agent in its Permitted Discretion, the form, scope and results of which shall be satisfactory to the Administrative Agent in its sole discretion. 

“Forced Liquidation Value” means, with respect to any of the Borrowers’ Rig Fleet Equipment, as of any date, the sum of
(i) the cash amount estimated to be recoverable in a forced 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -23- 

 
liquidation sale of such Rig Fleet Equipment, net of all associated costs and expenses of such sale, as determined by reference to the most recent appraisal obtained by the Administrative Agent
with respect to such Rig Fleet Equipment (for the avoidance of doubt, if values for particular items of Rig Fleet Equipment are not specifically itemized, then such values shall be as determined by the Administrative Agent by reference to such
appraisal) minus (ii) the net forced liquidation value reflected in such appraisal for any of such Rig Fleet Equipment sold or otherwise disposed of since the date of such appraisal (for the avoidance of doubt, if values for particular items
of Rig Fleet Equipment are not specifically itemized, then such values shall be as determined by the Administrative Agent by reference to such appraisal). 

“Fourth Amendment” means that certain Fourth Amendment to Amended and
Restated Credit Agreement, dated as of the Fourth Amendment Effective Date, among the Borrowers, the Administrative Agent, and the Lenders party thereto. 

“Fourth Amendment Effective Date” means April 14, 2016. 

“Funding Accounts” has the meaning assigned to such term in Section 4.01(c). 

“GAAP” means generally accepted accounting principles set forth in opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the
accounting profession, in each case as the same are applicable to the circumstances as of the date of determination. 

“GES” means Global Energy Services Operating, LLC. 

“GES Settlement Agreement” means that certain Settlement Agreement and Release, dated January 31, 2013, between GES and ICD.

 “GES Warrant” means the warrant held by GES or its successors or assigns to purchase 2,198,000 shares of Capital Stock
of ICD. 
 “Governmental Authority” means the government of the United States of America, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and
including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase
of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c)

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -24- 

 
to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in
the ordinary course of business. 
 “Guarantee and Collateral Agreement” means the Guarantee and Collateral Agreement dated
as of the Original Closing Date executed by the Loan Parties for the benefit of the Collateral Agent and the Secured Parties in substantially the form of Exhibit D. 

“Hazardous Material” means any substance, material or waste that is classified, regulated or otherwise characterized under
any Environmental Law as hazardous, toxic, a contaminant or a pollutant or by other words of similar meaning or regulatory effect, including petroleum or any fraction thereof, asbestos, polychlorinated biphenyls and radioactive substances. 

“ICD” has the meaning assigned to such term in the preamble to this Agreement. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with
respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to
property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts payable incurred in the ordinary course of business and not overdue by more than 60 days), (e)
all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured
thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit
and letters of guaranty, (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (j) obligations under any liquidated earn-out, (k) all Swap Obligations (and the amount of Indebtedness under any Swap
Obligation shall be deemed the Net Mark-to-Market Exposure thereunder) and (l) obligations of such Person to purchase securities or other property arising out of or in connection with the sale of the same or substantially similar securities or
property or any other Off-Balance Sheet Liability. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

“Indemnified Taxes” means taxes other than Excluded Taxes. 

“Indemnitee” has the meaning set forth in Section 9.04(b). 

“Interest Election Request” means a request by the Administrative Borrower to convert or continue a Borrowing in accordance
with Section 2.08. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
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 “Interest Expense” means, with reference to any period, the interest expense
(net of interest income) of the Borrowers and their Subsidiaries calculated on a consolidated basis for such period. 
 “Interest
Payment Date” means (a) with respect to any ABR Loan, the first day of each calendar month and the Maturity Date (or, with respect to any ABR Loan that is a Swingline Loan, such earlier day as may be required pursuant hereto), and (b) with
respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Eurodollar Borrowing of which such Loan is a part, and in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each
day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and the Maturity Date. 

“Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Administrative Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business
Day, such Interest Period shall be extended to the next succeeding Business Day, unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii)
any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last
calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such
Borrowing. 
 “Inventory” has the meaning assigned to such term in the Guarantee and Collateral Agreement. 

“Issuing Bank” has the meaning set forth in Section 2.06(a)(i). 

“Lead Arranger” means CIT Finance LLC, in its capacity as sole lead arranger and bookrunner. 

“Lenders” means the Persons listed on the Commitment Schedule and any other Person that shall have become a party hereto
pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes the Swingline Lenders and
the Issuing Bank. 
 “Letter of Credit” means standby letters of credit issued for the account of a Borrower by any Issuing
Bank for which Administrative Agent and Lenders have incurred Letter of Credit Obligations. Each “Letter of Credit” issued under the Existing Credit Agreement shall be deemed issued hereunder as of the Effective Date. 

“Letter of Credit Fee” has the meaning assigned to such term in Section 2.06(d). 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -26- 

 “Letter of Credit Guaranty” has the meaning assigned to such term in Section
2.06(a). 
 “Letter of Credit Obligations” means all outstanding obligations incurred by Administrative Agent and
Lenders at the request of any Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by any Issuing Bank or the purchase of a participation as set forth in Section
2.06 with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Administrative Agent or Lenders in respect of all outstanding Letter of Credit and, without
duplication, Letter of Credit Guarantees plus all unreimbursed amounts with respect to drawings thereon. 
 “Letter of Credit
Sublimit” has the meaning assigned to such term in Section 2.06(a). 
 “Leverage Ratio” means, as of any
date of determination, the ratio of (i) Net Funded Debt as of such date, divided by (ii) EBITDA for the trailing twelve month period ending on such date; provided that, with respect to any measurement period ending on or before
March 31, 2016, EBITDA shall be calculated for the most recently ended six (6) month period and then multiplied by 2. 

Notwithstanding the foregoing, with respect to any date of determination of the Leverage Ratio occurring on or before March 31, 2016, if a Rig
that at one time constituted an Eligible Completed Drilling becomes classified as a Decommissioned Rig during the measurement period ending on such date, then with respect to such measurement period, (i) EBITDA for such period shall be calculated on
a pro forma basis by subtracting therefrom the amount of gross margin attributable to such Decommissioned Rig, if any, for such period and (ii) Net Funded Debt for such period shall be calculated by subtracting the amount of insurance
payments, if any, reasonably expected to be received by Borrowers within the 180 day period following such date on account of any damage to or destruction of such Decommissioned Rig. 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, 

(a) the rate per annum equal to the rate determined by the Administrative Agent to be the London Interbank Offered Rate benchmark rate which
is calculated and distributed daily by the Ice Benchmark Administration Data Service (“ICE”) (or any successor thereto) for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such
Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period, or 

(b) if the rate referenced in the preceding clause (a) shall not be available, the rate per annum equal to the rate determined by the
Administrative Agent to be the offered rate which is calculated and distributed daily by ICE (or any successor thereto) as an average ICE Benchmark Administration Limited Interest Settlement Rate for deposits in Dollars (for delivery on the first
day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period, or 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
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 (c) if the rates referenced in the preceding clauses (a) and (b) are not available, the rate per
annum (rounded upward to the next 1/100th of 1%) determined by the Administrative Agent as the rate of interest at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the
Eurodollar Loan being made, continued or converted by JPMorgan Chase Bank and with a term equivalent to such Interest Period would be offered by JPMorgan Chase Bank’s London Branch (or such other major bank as is acceptable to the
Administrative Agent if JPMorgan Chase Bank is no longer offering to acquire or allow deposits in the London interbank eurodollar market) to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London
time) two (2) Business Days prior to the first day of such Interest Period. 
 “Lien” means (a) any mortgage, deed of
trust, lien, pledge, hypothecation, encumbrance, charge or security interest of any kind, including the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having
substantially the same economic effect as any of the foregoing), and (b) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Loan” or “Loans” means the loans and advances made by the Administrative Agent or Lenders pursuant to
Article II of this Agreement, including Swingline Loans, Overadvance Loans and Protective Advances. The Loans shall include the outstanding principal balance of all “Loans” under the Existing Credit Agreement as of the Effective
Date, and the Loan Parties acknowledge and agree that such outstanding principal balance equals $0. 
 “Loan Documents”
means this Agreement, any promissory notes issued pursuant to this Agreement, any Letter of Credit applications, the Collateral Documents, the Fee Letter, the Third Amendment, the Fourth
Amendment, and all other agreements, instruments, documents and certificates identified in Section 4.01 executed and delivered to, or in favor of, the Administrative Agent, Collateral Agent or any Lenders and including all other pledges, powers of
attorney, consents, assignments, contracts, notices, letter of credit agreements and all other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan Party, or any employee of any Loan Party, and delivered to the
Administrative Agent, Collateral Agent or any Lender in connection with the Agreement or the transactions contemplated thereby. Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or
schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. The Loan
Documents shall include each “Loan Document” as defined under the Existing Credit Agreement, unless such “Loan Document” shall have been specifically superseded by the terms of a Loan Document delivered pursuant to this
Agreement. 
 “Loan Parties” means each of the Borrowers, each Subsidiary party to the Guarantee and Collateral
Agreement, and each Subsidiary made a party hereto pursuant to Section 5.11. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
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 “Maintenance Capital Expenditures” mean Capital Expenditures made by the
Borrowers and their Subsidiaries to maintain their respective operations at current levels or to extend the useful life of existing fixed assets. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, liabilities (actual or contingent),
operations, condition (financial or otherwise) or prospects of Borrowers and their Subsidiaries taken as a whole or ICD, individually, (b) the ability of any Loan Party to fully and timely perform any of its obligations under the Loan Documents to
which it is a party, (c) the Collateral, or the Collateral Agent’s Liens (on behalf of itself and the Secured Parties) on the Collateral or the priority of such Liens, or (d) the rights of or benefits available to the Administrative Agent, the
Collateral Agent or the Lenders under any Loan Document. 
 “Material Agreement” the meaning assigned to such term in
Section 3.12. 
 “Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit) of any one
or more of the Borrowers and their Subsidiaries in an aggregate principal amount exceeding $1,000,000. For purposes of determining Material Indebtedness, the “obligations” of the Borrowers or any of their Subsidiaries in respect of any
Swap Agreement at any time shall be the Net Mark-to-Market Exposure that the Borrowers or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 

“Maturity Date” means November 5, 2018, or any earlier date on which the Commitments are reduced to zero or otherwise
terminated pursuant to the terms hereof. 
 “Moody’s” means Moody’s Investors Service, Inc. or if
such company shall cease to issue ratings, another nationally recognized statistical rating company selected in good faith by mutual agreement of the Administrative Agent and the Administrative Borrower. 

“Mortgaged Properties” means the real or immovable property listed on Schedule 1.1(b). 

“Mortgages” means any mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of the Collateral
Agent, for the benefit of the Collateral Agent and the Secured Parties, on real or immovable property of a Loan Party, including any amendment, modification or supplement thereto. 

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which a Borrower or any ERISA
Affiliate contributes or has any actual or contingent liability. 
 “NAIC” means The National Association of Insurance
Commissioners and any office thereof (including the Securities Valuation Office) and any successor thereto. 
 “Net Amount”
means, with respect to any Account, the face amount of such Account on the date of determination less any and all returns, rebates, discounts (which may, at the Administrative Agent’s option, be calculated on shortest terms), credits,
allowances or Taxes (including sales, excise or other taxes) at any time issued, owing, claimed by any Account Debtor, granted, outstanding or payable in connection with, or any interest accrued on the amount of, such Account at such date. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
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 “Net Cash Proceeds” means, if in connection with (a) an asset disposition, cash
proceeds net of (i) commissions, brokers’ fees, legal, accounting and professionals’ fees and other reasonable and customary transaction costs, fees and expenses properly attributable to such transaction and payable by such Loan Party in
connection therewith (in each case, paid to non-Affiliates), (ii) transfer taxes paid in connection therewith, (iii) amounts payable to holders of senior Liens on such asset (to the extent such Liens constitute Permitted Encumbrances hereunder), if
any, and (iv) cash taxes paid in connection therewith, (b) the issuance or incurrence of Indebtedness, cash proceeds net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other
customary fees and expenses actually incurred in connection therewith, (c) an equity issuance, cash proceeds net of underwriting discounts and commissions and other reasonable costs paid to non-Affiliates in connection therewith or (d) Extraordinary
Receipts, cash proceeds received net of (i) expenses related thereto payable by such Loan Party in connection therewith (in each case, paid to non-Affiliates), (ii) transfer taxes paid and (iii) cash taxes paid in connection therewith. In the case
of clause (a) above, Net Cash Proceeds shall exclude any non-cash proceeds received from any sale or other disposition of assets, but shall include such proceeds when and as converted by any Loan Party to cash or other immediately available funds.

 “Net Funded Debt” means, as of any date of determination, (a) without duplication, all Indebtedness of Borrowers and
their respective Subsidiaries on a consolidated basis for borrowed money evidenced by notes, bonds, debentures, or similar instruments and specifically including Capitalized Lease Obligations, current maturities of long-term debt, revolving credit
and short term debt extendible beyond one year at the option of the debtor, and also including, the Obligations and Indebtedness consisting of guaranties of Indebtedness of the type described in this clause (a) owing by Persons other than the
Borrowers and/or their Subsidiaries, minus (b) the lesser of Unrestricted Cash or $10,000,000.  
 “Net
Income” means, with reference to any period, the net income (or loss) of the Borrowers and their Subsidiaries calculated on a consolidated basis for such period. 

“Net Mark-to-Market Exposure” means, with respect to any Person, as of any date of determination, the excess (if any) of all
unrealized losses over all unrealized profits of such Person arising from Swap Agreement transactions. As used in this definition, “unrealized losses” means the fair market value of the cost to such Person of replacing such Swap Agreement
transactions as of the date of determination (assuming the Swap Agreement transactions were to be terminated as of that date), and “unrealized profits” means the fair market value of the gain to such Person of replacing such Swap Agreement
transactions as of the date of determination (assuming such Swap Agreement transactions were to be terminated as of that date). 

“Newly Acquired/Completed Rig” means a Rig that any Borrower acquired or completed after the date of the most recent FLV
Appraisal of Borrowers’ Rigs, that such Borrower still owns and that otherwise constitutes an Eligible Completed Drilling Rig but for such Rig not being included in the most recent FLV Appraisal of Borrowers’ Rigs. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
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 “Non-Consenting Lender” has the meaning assigned to such term in Section
9.03(e). 
 “Non-U.S. Lender” means a Lender or a Participant that is (x) organized under the laws of a jurisdiction
other than the United States of America, any State thereof or the District of Columbia or (y) organized under the laws of the United States of America, any State thereof, or the District of Columbia and whose separate existence from a Person that is
not treated as a “United States person” for purposes of Section 7701(a)(30) of the Code is disregarded for federal income tax purposes under Treasury Regulations Section 301.7701-3 or any similar provision. 

“Non-U.S. Plan” means any pension, retirement, superannuation or similar policy or arrangement sponsored, maintained or
contributed to by any Borrower in a jurisdiction other than the United States of America. 
 “Non-U.S. Subsidiary” means
any Subsidiary that is organized under the laws of a jurisdiction other than the United States of America or any State thereof or the District of Columbia. 

“Obligations” means: (a) all unpaid principal of and accrued and unpaid interest on the Loans (including interest that
accrues or that would accrue but for the filing of a bankruptcy case or similar proceeding by a Loan Party, whether or not such interest would be an allowable claim under any applicable bankruptcy or other similar proceeding, and other obligations
accruing or arising after commencement of any case under any bankruptcy or similar laws by or against any Loan Party (or that would accrue or arise but for the commencement of any such case)); (b) all Letter of Credit Obligations; (c) the
Borrowers’ liabilities to the Administrative Agent under any instrument of guaranty or indemnity, or arising under any guaranty, endorsement or undertaking which the Administrative Agent, on behalf of the Lenders, may make or issue to others
for the account of any Borrower, including any accommodations extended by the Administrative Agent with respect to applications for Letters of Credit, the Administrative Agent’s acceptance of drafts or the Administrative Agent’s
endorsement of notes or other instruments for any Borrower’s account and benefit; and (d) and all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of the Loan Parties to the Lenders or to any Lender,
the Administrative Agent, the Collateral Agent or any indemnified party arising under the Loan Documents. Obligations shall also include all Banking Services Obligations and all Swap Obligations owed by a Loan Party to one or more Lenders or their
respective Affiliates (or to an entity that was a Lender or Affiliate of a Lender at the time such arrangement was consummated), provided that, unless otherwise agreed by Administrative Agent at its sole option, no Banking Service Obligation
or Swap Obligation shall constitute an “Obligation” unless within a reasonable time after such Banking Service arrangement is implemented or Swap Agreement is executed, the Lender or Affiliate of a Lender party thereto shall have delivered
(i) written notice to the Administrative Agent stating (x) that such a transaction has been entered into and constitutes an Obligation entitled to the benefits of the Collateral Documents and (y) the maximum dollar amount of the Borrowers’
obligations thereunder (which amount may be included as a Reserve hereunder) and (ii) in the case of any Banking Service Obligation or Swap Obligation provided by an Affiliate of a Lender, such Lender Affiliate’s written designation of the
Collateral Agent as its agent for purposes of the Collateral Documents and acknowledgment of the terms set forth in Article VIII hereof. Notwithstanding anything to the contrary, the term Obligations shall not include, with respect to
any Loan Party, any Excluded Swap Obligation of such Loan Party. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
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 “Off-Balance Sheet Liability” of a Person means (a) any repurchase obligation or
liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any indebtedness, liability or obligation under any sale and leaseback transaction which is not a Capital Lease Obligation, (c) any indebtedness,
liability or obligation under any so-called “synthetic lease” transaction entered into by such Person, or (d) any indebtedness, liability or obligation arising with respect to any other transaction which is the functional equivalent of or
takes the place of borrowing but which does not constitute a liability on the balance sheets of such Person, but excluding from this clause (d) operating leases. 

“Operating Account” means the operating account of ICD held at Compass Bank, or at such other depository institution as the
Collateral Agent may consent to from time to time. 
 “Original Closing Date” means May 10, 2013. 

“Ordinary Course of Business” or “ordinary course of business” means, with respect to any Person, the
ordinary course of such Person’s business, as conducted by such Person in accordance with past practices and undertaken by such Person in good faith and not for the purpose of evading any covenant or restriction in any Loan Document. 

“Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges
or similar levies (but, for the avoidance of doubt, not including any income or withholding taxes) arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other
Loan Document. 
 “Overadvance” has the meaning assigned to such term in Section 2.01(b). 

“Overadvance Loan” means an ABR Borrowing made when an Overadvance exists or is caused by the funding thereof. 

“Participant” has the meaning assigned to such term in Section 9.05(c). 

“Participant Register” has the meaning assigned to such term in Section 9.05(c)(ii). 

“Patent Security Agreement” means that certain Patent Security Agreement dated as of the Original Closing Date by and among
the Loan Parties party thereto and the Collateral Agent. 
 “Patriot Act” means USA Patriot Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)). 
 “Payment Account” has the meaning assigned to such term in Section
5.12(a). 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
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 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in
ERISA and any successor entity performing similar functions. 
 “Permit” means, with respect to any Person, any permit,
approval, authorization, license, registration, certificate, concession, grant, franchise, variance or permission from, and any other agreement, document, undertaking, lease, indenture, mortgage, deed of trust or other instrument with, any
Governmental Authority, in each case whether or not having the force of law and applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Permitted Acquisition” means an Acquisition (as defined below) in which each of the following conditions is satisfied: 

(a) the Fixed Charge Coverage Ratio, as of the last day of the calendar month ended immediately prior to the date of consummation of such
Acquisition and after giving pro forma effect to such Acquisition, is at least 1.20 to 1.00; 
 (b) the average daily Availability for the
immediately preceding ninety (90) day period is not less than $15,000,000, and after giving effect to such Acquisition, the Borrowers shall have a minimum pro forma Availability as of the date of consummation of such Acquisition (after giving effect
to the funding of all Loans and the issuance of all Letters of Credit to be funded or issued as of such date) of not less than $15,000,000; 

(c) the Administrative Borrower has delivered to the Administrative Agent a pro forma Compliance Certificate demonstrating that, upon giving
effect to such Acquisition on a Pro Forma Basis, the Loan Parties would be in compliance with the financial covenants set forth in Section 6.11 as of the most recent fiscal period for which the Borrowers have delivered financial statements
pursuant to Section 5.01(a) or Section 5.01(c), as applicable; 
 (d) the Total Consideration paid by any Loan Party or any
Subsidiary thereof for all Acquisitions occurring in any Fiscal Year shall not exceed $10,000,000 and in the aggregate shall not exceed $25,000,000; 

(e) the maximum earnout obligation that may be paid under any circumstance may not exceed 25% of the Total Consideration for any particular
Acquisition; 
 (f) the business and assets acquired by a Loan Party in such Acquisition shall be free and clear of all Liens (other than
Permitted Encumbrances); 
 (g) the Administrative Borrower shall have delivered to the Administrative Agent historical financial
information (including income statements, balance sheets and cash flows) covering at least the three (3) most recently ended fiscal years for which financial statements have been prepared for the Persons, division or line of business to be so
acquired prior to the effective date of the acquisition or the entire financial history for such Persons, division or line of business to be so acquired, whichever period is shorter, together with such other financial information as the
Administrative Agent may request, including a quality of earnings report, in form and results acceptable to Administrative Agent, with respect to each Person or any division or line of business being acquired in connection with any proposed
acquisition; 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
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 (h) the Administrative Borrower and other applicable Loan Parties shall have delivered to the
Administrative Agent a collateral assignment of agreement with respect to the purchase agreement governing the Acquisition; 
 (i) the
Borrowers shall have obtained the prior, effective written consent or approval to such Acquisition of the board of directors or equivalent governing body of the Person being acquired or whose assets are being acquired; 

(j) the business, property and assets acquired (or the business, property and assets of the Person acquired) in such Acquisition is used or
useful in the same line of business as the Borrowers and their Subsidiaries were engaged in on the Effective Date; 
 (k) all governmental
and material third-party approvals necessary in connection with such Acquisition shall have been obtained and be in full force and effect; 

(l) if acquiring a Person, such Person becomes a wholly owned Subsidiary of a Borrower and a Loan Party; 

(m) the Administrative Agent shall be reasonably satisfied with the form and substance of the purchase or acquisition agreement executed in
connection with such Acquisition and with all other material agreements, instruments and documents implementing such Acquisition or executed in connection therewith and such Acquisition shall be consummated in accordance with the terms of such
documents and in compliance with applicable law and regulatory approvals; 
 (n) no Default or Event of Default shall have occurred and be
continuing or would result therefrom and all representations and warranties contained in this Agreement shall be true and correct in all material respects on the date of the consummation of such Acquisition; and 

(o) on or before the date of consummation of such Acquisition, the Administrative Agent shall have received (a) all documents required by the
provisions of Section 5.11 with respect to any Person purchased or formed in connection with such Acquisition and which will become a Subsidiary of a Borrower and (b) if requested by the Administrative Agent, a certificate executed by an
Authorized Officer of the Administrative Borrower certifying to the Administrative Agents and the Lenders as to the matters set forth in the foregoing clauses (a) through (o). 

For purposes of this definition, “Acquisition” means any transaction or series of related transactions for the purpose of or resulting, directly or
indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (b) the acquisition of in excess of 50% of the Capital Stock of any Person, or otherwise causing any Person to
become a Subsidiary, or (c) a merger, amalgamation or consolidation or any other combination with another Person (other than a Person that is a Subsidiary) provided that the applicable Borrower or the Subsidiary is the surviving entity. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
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 Notwithstanding the foregoing and the definition of Borrowing Base, no Accounts, Inventory, real estate or
equipment, as applicable, acquired in an Acquisition permitted hereunder shall be included in the Borrowing Base unless the Administrative Agent, in its Permitted Discretion, determines that such Accounts, Inventory, real estate or equipment, as
applicable, conform to standards of eligibility established in accordance with this Agreement through completion of such audits, evaluations and appraisals of such Accounts, Inventory, real estate or equipment as the Administrative Agent shall
reasonably require (which appraisals, evaluations and audits shall be conducted at the expense of the Borrowers and in form, scope and substance reasonably acceptable to the Administrative Agent in its Permitted Discretion). 

“Permitted Discretion” means a determination made by an Agent in the exercise of its reasonable judgment (from the
perspective of a secured asset-based lender), exercised in good faith, based upon its consideration of any factor that (a) would reasonably be expected to materially adversely affect the quantity, quality, mix or value of any material portion of the
Collateral, the enforceability or priority of the Collateral Agent’s Liens with respect to any material portion of the Collateral, or the amount that the Agents and Lenders could receive in liquidation of any material portion of the Collateral;
(b) indicates that any collateral report or financial information delivered by any Loan Party is incomplete, inaccurate or misleading in any material respect; (c) materially increases the likelihood of any proceeding under debtor relief laws
involving any Loan Party; or (d) creates or would reasonably be expected to result in a Default or Event of Default. In exercising such judgment, an Agent may consider any factors that would materially increase the credit risk of lending to
Borrowers on the security of the Collateral. 
 “Permitted Encumbrances” means: 

(a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.04 other than those arising
pursuant to ERISA; 
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens
imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 60 days or are being contested in compliance with Section 5.04; 

(c) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and
other obligations of a like nature, in each case in the ordinary course of business; 
 (d) pledges and deposits made in the ordinary course
of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; 
 (e)
judgment liens in respect of judgments that do not constitute an Event of Default under Section 7.01(j); 
 (f) easements, zoning
restrictions, rights-of-way and encumbrances on real or immovable property that do not secure any obligations for borrowed money and do not materially detract from the value of the affected property or materially interfere with the ordinary conduct
of business of a Borrower or any Subsidiary; 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
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 (g) Liens in favor of the Collateral Agent granted pursuant to any Loan Document; 

(h) the filing of financing statements or the equivalent thereof in any applicable jurisdiction solely as a precautionary measure in
connection with operating leases or consignment of goods; 
 (i) leases or subleases of assets or properties of a Loan Party, in each case
entered into in the ordinary course of such Loan Party’s business and not prohibited by this Agreement or any other Loan Document so long as such leases do not, individually or in the aggregate (i) interfere in any material respect with the
ordinary conduct or business of such Loan Party and (ii) materially impair the use or the value of the property or assets subject thereto; 

(j) Liens on assets acquired in a Permitted Acquisition securing Indebtedness permitted under Section 6.01(f), provided that
such Liens were not incurred in connection with, or in contemplation of, such acquisition and do not extend to any assets of such Loan Party other than the specific assets so acquired; 

(k) any Lien on any property or asset of any Loan Party or its Subsidiaries existing on the Effective Date and set forth in Schedule
6.02; provided that (i) such Lien shall not apply to any other property or asset of such Loan Party and (ii) such Lien shall secure only those obligations which it secures on the Effective Date and extensions, renewals and replacements
thereof that do not increase the outstanding principal amount thereof; 
 (l) Liens securing Indebtedness incurred pursuant to Section
6.01(e) to finance or refinance a Rig or the acquisition, construction or improvement of other fixed or capital assets; provided that such security interests shall not apply to any property or assets of such Loan Party or its Subsidiaries
other than the assets (and related proceeds) financed by such Indebtedness; 
 (m) Liens solely on proceeds of insurance payable by any
Person providing such insurance to any Loan Party, to secure Indebtedness owed to such Person permitted under Section 6.01(k); provided that the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and
shall be incurred only to defer the cost of, such insurance for the year in which such Indebtedness is incurred and such Indebtedness is outstanding only during such year; 

(n) (i) the rights of GES to acquire Capital Stock of ICD pursuant to the GES Warrant and (ii) the rights of officers, directors or employees
of ICD to acquire Capital Stock of ICD pursuant to employee benefit and compensation programs adopted in the Ordinary Course of Business by the governing body of ICD; and 

(o) other Liens not of a type set forth in clauses (a) through (n) above incurred in the ordinary course of business of any Loan Party so long
as neither (i) the aggregate outstanding principal amount of obligations secured thereby nor (ii) the aggregate fair market value of the assets subject thereto exceeds $500,000. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
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 The designation of a Lien as a “Permitted Lien” or “Permitted Encumbrance” shall not limit or
restrict the ability of the Administrative Agent to establish a Reserve relating thereto. 
 “Permitted Investments” means:

 (a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of
America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof; 

(b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and rated, at such date of acquisition, at
least A-1 by S&P, at least P-1 by Moody’s; 
 (c) investments in certificates of deposit, banker’s acceptances and time
deposits maturing within 270 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United
States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000; 
 (d)
fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and 

(e) money market funds that (i) have substantially all of their assets invested continuously in the types of investments listed in clauses
(a), (b), (c) and (d) above, (ii) are rated AAA by S&P, Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000. 

“Permitted Rig Financing” means Indebtedness of any Loan Party incurred to finance the acquisition, construction or
improvement of a Rig and any re-financing thereof (including with respect to Eligible Completed Drilling Rigs, Stacked Rigs or Newly Acquired/Completed Rigs financed under the Borrowing Base), in which the following conditions are satisfied: 

(a) with respect to any financing or refinancing of an Eligible Completed Drilling Rig then included in the Borrowing Base, (i) Administrative
Agent shall have received the greater of (x) all of the Net Cash Proceeds when received by Borrower in connection with any such financing or refinancing and (y) an amount equal to the Forced Liquidation Value of such Eligible Completed Drilling Rig
as set forth in the most recent FLV Appraisal, (ii) such Rig was not selected for such financing or refinancing in a manner materially adverse to the interests of Agent or Lenders, and (iii) Administrative Agent shall have received a pro
forma Borrowing Base Certificate reflecting the Borrowing Base immediately after giving effect to the removal of such Eligible Completed Drilling Rig from the Borrowing Base; 

(b) in the case of any completed Rig, the principal amount of such Indebtedness is not less than seventy percent (70%) of the net proceeds
reasonably estimated to be obtainable in a forced liquidation sale of such Rig; and 
 (c) an Authorized Officer of Borrowers shall certify
to Administrative Agent, not less than two (2) Business Days prior to the incurrence of such Indebtedness, that applicable conditions described above have been satisfied. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -37- 

 “Person” means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any
employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which any Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Prime Rate” means in respect of ABR Loans, the rate of interest per annum publicly announced from time to time by JPMorgan
Chase Bank (or its successor) as its prime rate in effect at its principal office in New York City (or if such rate is at any time not available, the prime rate so quoted by any banking institution as determined by the Administrative Agent in its
sole discretion), which rate is not intended to be the lowest rate charged by any such banking institution to its borrowers; each change in the Prime Rate shall be effective on the date such change is publicly announced as being effective. 

“Pro Forma Basis” means, for purposes of calculating any financial covenant, that any Acquisition or other applicable
transaction shall be deemed to have occurred as of the first day of the twelve (12) calendar month period most recently ended prior to the date of such transaction for which the Borrowers have delivered financial statements pursuant to Section
5.01(a) or Section 5.01(c). In connection with the foregoing, with respect to any Acquisition or such transaction, (i) income statement items attributable to the Person or property and assets acquired pursuant to an Acquisition shall
be included to the extent relating to any period applicable in such calculations to the extent (A) such items are supported by financial statements or other information reasonably satisfactory to the Administrative Agent and (B) such items are not
otherwise included in such income statement items for the Loan Parties and their Subsidiaries in accordance with GAAP or in accordance with any defined terms set forth in Section 1.01; and (ii) any Indebtedness incurred or assumed by any Loan
Party or any Subsidiary (including the Person or property and assets acquired) in connection with such transaction and any Indebtedness of the Person or property and assets acquired which is not retired in connection with such transaction (A) shall
be deemed to have been incurred as of the first day of the applicable period and (B) if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by
utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination. 

“Pro Forma Information” has the meaning assigned to such term in Section 4.01(i). 

“Properly Contested” means, with respect to any obligation of a Loan Party, (a) the obligation is subject to a bona fide
dispute regarding amount or the Loan Party’s liability to pay, (b) the obligation is being properly contested in good faith by appropriate proceedings promptly instituted and diligently pursued, (c) appropriate reserves have been established in
accordance with GAAP, (d) non-payment could not have a Material Adverse Effect, nor result in forfeiture or 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -38- 

 
sale of any assets of such Loan Party; (e) no Lien is imposed on assets of such Loan Party, unless bonded and stayed to the satisfaction of Administrative Agent; (f) if the obligation results
from entry of a judgment or other order, such judgment or order is stayed pending appeal or other judicial review; (g) and if the amount so contested (or such amount together with the amounts related to all other obligations being so contested)
exceeds $10,000,000 in the aggregate, the Loan Parties shall at all times during any such contest maintain Liquidity in an aggregate amount equal to such excess.

“Protective Advance” has the meaning assigned to such term in Section 2.04. 

“Qualified Capital Stock Issuance” means any issuance by ICD of its Capital
Stock in a public or private offering, the proceeds of which have been contributed in cash to ICD; provided that, (a) both before and after giving effect to such issuance, no Default or Event of Default exists or would result therefrom, (b) no
Change in Control results therefrom (unless otherwise agreed to in writing by Agents and the Lenders) and (c) the Net Cash Proceeds received by ICD in connection with such issuance are at least $10,000,000. 

“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding
$10,000,000 at the time the relevant guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity
Exchange Act or any regulations promulgated thereunder and can cause another Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 “Register” has the meaning set forth in Section 9.05(b). 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Release” means any release,
threatened release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Material into or through the environment. 

“Remedial Action” means all actions required to (a) clean up, remove, treat or in any other way address any Hazardous
Material in the indoor or outdoor environment, (b) prevent or minimize any Release so that a Hazardous Material does not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment or (c) perform
pre-remedial studies and investigations and post-remedial monitoring and care with respect to any Hazardous Material. 
 “Rent
Reserves” means, as to any leased location where Collateral is stored in any Waiver State with respect to which the Collateral Agent has not received a satisfactory Collateral Access Agreement, such amount as the Administrative Agent may
determine in its Permitted Discretion. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -39- 

 “Report” means reports prepared in good faith by an Agent or another Person
showing the results of appraisals, field examinations or audits pertaining to the Borrowers’ assets from information furnished by or on behalf of the Borrowers, after an Agent has exercised its rights of inspection pursuant to this Agreement,
which Reports may be distributed to the Lenders by the applicable Agent. 
 “Required Lenders” means, at any time, Lenders
holding at least sixty percent (60%) of the aggregate outstanding Commitments at such time or, if the Lenders have no Commitments outstanding, then Lenders holding at least sixty percent (60%) of the Aggregate Exposure of the Lenders at such time;
provided that (i) to the extent that any Lender is a Defaulting Lender, such Defaulting Lender and all of its Commitments and Aggregate Exposure shall be excluded for purposes of determining Required Lenders and (ii) if there are two (2) or
more Lenders then party to this Agreement, then “Required Lenders” must include at least two (2) such Lenders (with Lenders who are Affiliates of one another being considered as one Lender for purposes of this clause (ii)). 

“Reserves” means (i) any and all reserves which the Administrative Agent deems necessary, in its Permitted Discretion, to
from time to time establish against the gross amounts of Eligible Accounts and Eligible Completed Drilling Rigs (including, without limitation, reserves for consignee’s, warehousemen’s and bailee’s charges at locations for which no
Collateral Access Agreement is in effect, to the extent property at such locations is included in the Borrowing Base; reserves for dilution of Accounts; reserves for contingent liabilities of any Borrower; reserves for uninsured losses of any
Borrower and reserves for taxes, fees, assessments, and other governmental charges), (i) Rent Reserves, and (iii) any and all reserves for Swap Obligations of a Loan Party and outstanding
credit card balances constituting Banking Services Obligations of a Loan Party which any Lender to whom Swap Obligations or such Banking Services Obligations, as applicable, are owing
directs the Administrative Agent to establish, or which the Administrative Agent deems necessary in its Permitted Discretion to establish, from time to time against the gross amounts of Eligible Accounts and Eligible Completed Drilling Rigs. 

“Restricted Payment” means (a) any dividend or other distribution (whether in cash, securities or other property) with
respect to any Capital Stock of any Borrower or any Subsidiary, (b) any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such Capital Stock of any Borrower or any Subsidiary or any option, warrant or other right to acquire any such Capital Stock in any Borrower or any Subsidiary, and (c) any management, consulting, monitoring,
advisory or similar fee paid by a Loan Party to any of its Affiliates. 
 “Rig(s)” means all land-based drilling and
workover rigs owned by a Borrower, together with all Rig Accessories that are installed on or affixed to such Rig. 
 “Rig
Accessories” means pumps, drilling equipment, machinery, equipment, forklifts, bulldozers and other parts necessary or useful for the drilling operation of any Rig that is owned by a Borrower. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -40- 

 “Rig Fleet Equipment” means the Borrowers’ Rigs, partial Rigs and to the
extent acceptable to the Administrative Agent at its sole option, yard inventory and other related equipment (as categorized in the FLV Appraisal). 

“Rig Utilization Ratio” means, for any consecutive six-month period (or, for purposes of Section 2.01(c), three-month
period) ending as of the last day of the most recently ended calendar month, the ratio (expressed as a percentage), the numerator of which is (a) the aggregate sum of the total days each of the Borrowers’ Rigs (including Stacked Rigs, but
excluding Decommissioned Rigs and Rigs that have not at any time been included in the Borrowing Base) operated under a drilling contract and earned a rate during such period (whether a day rate, standby rate, moving rate or mobilization rate), and
the denominator of which is (b) the product of the total number of Rigs owned by the Borrowers (including Stacked Rigs, but excluding Decommissioned Rigs and Rigs that have not at any time been included in the Borrowing Base) and the number of days
in such period. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies,
Inc. or if such company shall cease to issue ratings, another nationally recognized statistical rating company selected in good faith by mutual agreement of the Administrative Agent and the Administrative Borrower. 

“Sanctions” has the meaning assigned to such term in Section 3.26. 

“Secured Parties” means, collectively, (i) the Agents, (ii) the Lenders, (iii) any Issuing Bank, (iv) any Person indemnified
under the Loan Documents and (v) any Lender or an Affiliate of any Lender with respect to any Banking Services Obligation or Swap Obligation that constitutes an Obligation. 

“Security Agreements” means the Guarantee and Collateral Agreement, the Patent Security Agreement, the Trademark Security
Agreement, the Copyright Security Agreement and any other pledge or security agreement entered into, on or after the date of this Agreement by any Loan Party (in connection with this Agreement or any other Loan Document), as the same may be amended,
restated or otherwise modified from time to time. 
 “Settlement” has the meaning assigned to such term in Section
2.05(c). 
 “Settlement Date” has the meaning assigned to such term in Section 2.05(c). 

“Solvent” means, as to any Person, that such Person satisfies the requirements set forth in Section 3.13(a)(i) through
(iv) of this Agreement. 
 “Specified Rig Upgrade” means the
upgrade of the mud-pump system of any Rig (other than a Decommissioned Rig) by the Borrowers pursuant to which the mud-pump system of such Rig is upgraded to a 7,500 P.S.I. fluid pump or a 3rd mud
pump is added to such Rig; provided that, (a) such upgrade is made by Borrowers in connection with (i) the mobilization of a Rig (other than a Decommissioned Rig) that is not currently operating under a drilling contract and earning a rate or (ii)
obtaining a new drilling contract or extending an existing drilling contract on a Rig that is currently operating under a drilling contract and (b) Borrowers’ obtain Administrative Agent’s written consent prior to making such upgrade.

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -41- 

 “Stacked Rig” means, at any time, any Rig (other than a Decommissioned Rig) that
is currently being marketed, whether or not operable, but which is stored and has no crew. 
 “Statutory Reserve Rate”
means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental
reserves) expressed as a decimal established by the Board with respect to the Adjusted LIBO Rate, for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall
include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute Eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the
ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more
subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” means any
subsidiary of any Borrower or a Loan Party, as applicable. 
 “Swap Agreement” means any agreement with respect to any
swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or
measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by
current or former directors, officers, employees or consultants of any Borrower or any Subsidiary shall be a Swap Agreement. 

“Swap Obligations” of a Person means any and all obligations of such Person, whether absolute or contingent and howsoever and
whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap Agreements, and (b) any and all cancellations, buy backs, reversals,
terminations or assignments of any Swap Agreement transaction. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -42- 

 “Swingline Lender” means CIT Finance LLC, in its capacity as lender of the
Swingline Loans hereunder. 
 “Swingline Loan” has the meaning assigned to such term in Section 2.05. 

“Syndication Agent” means CIT Finance LLC, in its capacity as syndication agent. 

“Tax,” “tax” or “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority, together with any interest, penalties or additions to tax imposed thereon or with respect thereto. 

“Third Amendment” means that certain Third Amendment to Amended and Restated Credit Agreement, dated as of the Third
Amendment Effective Date, among the Borrowers, the Administrative Agent, and the Lenders party thereto. 
 “Third Amendment
Effective Date” means October 20, 2015. 
 “Three-Month LIBO Rate” means, for any day, (i) the rate per annum
equal to the rate determined by the Administrative Agent to be the offered rate which is calculated and distributed daily by ICE (or any successor thereto) as an average ICE Benchmark Administration Limited Interest Settlement Rate for deposits in
Dollars (for delivery on the first day of such Interest Period) with a term equivalent to three months, determined as of approximately 11:00 a.m. (London time) on such day (or if such day is not a Business Day, the immediately preceding Business
Day), or (ii) if the rate referenced in the preceding clause (i) shall not be available, the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate on such other page or other service that displays an
average ICE Benchmark Administration Limited Interest Settlement Rate (or an average of the successor rate) for deposits in Dollars (for delivery on such day) with a term equivalent to three months, determined as of approximately 11:00 a.m. (London
time) on such day (or if such day is not a Business Day, the immediately preceding Business Day), or (iii) if the rates referenced in the preceding clauses (i) and (ii) are not available, the rate per annum (rounded upward to the next 1/100th of 1%) determined by the Administrative Agent as the rate of interest at which deposits in Dollars for delivery on such day in same day funds in the approximate amount of the Eurodollar Loan being
made, continued or converted by JPMorgan Chase Bank and with a term equivalent to three months would be offered by JPMorgan Chase Bank’s London Branch (or such other major bank as is acceptable to the Administrative Agent if JPMorgan Chase Bank
is no longer offering to acquire or allow deposits in the London interbank eurodollar market) to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) on such day (or if such day is not a
Business Day, the immediately preceding Business Day). 
 “Total Consideration” means, with respect to any Acquisition, all
cash and non-cash consideration, including the amount of Indebtedness assumed by the buyer and the amount of Indebtedness evidenced by notes issued by the buyer to the seller, the maximum amount payable in connection with any deferred purchase price
obligation (including any earn-out obligation) and the value of any Capital Stock of any Loan Party issued to the seller in connection with such Acquisition. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -43- 

 “Trademark Security Agreement” means that certain Trademark Security Agreement
dated as of the Original Closing Date by and among the Loan Parties party thereto and the Collateral Agent. 

“Transactions” means the execution, delivery and performance by the Borrowers of this Agreement and the other Loan Documents,
the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 

“Transfer” has the meaning assigned to such term in Section 2.04(b). 

“Transfer Date” has the meaning assigned to such term in Section 2.04(b). 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Adjusted Rate or the Alternate Base Rate. 
 “UCC” means the
Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws of which are required to be applied in connection with the issue of perfection of security interests. 

“Unabsorbed Manufacturing Costs” means any costs or expenses incurred by the Borrowers that are of type that were
historically capitalized by ICD in accordance with GAAP upon the commencement of continuous Rig construction activities, but which are, as of any date of determination in the Fiscal Year ending December 31,
2016 or December 31, 2017 expensed by ICD in accordance with GAAP as a result of construction activities being suspended or intermittent. 

“Unfinanced Capital Expenditures” means any Capital Expenditure, to the extent not financed through the incurrence of
Indebtedness otherwise expressly permitted under Section 6.01 (other than the Loans) or by the issuance by ICD of Capital Stock not required to be applied to a prepayment pursuant to Section 2.11(b)(iii). Notwithstanding the
foregoing, for purposes of calculating the Fixed Charge Coverage Ratio (and not for any other purpose), Unfinanced Capital Expenditures shall exclude expenditures (i) associated with purchase orders in connection with the construction of the Rig
identified by the Borrowers as Rig 217 (Rig 103 conversion) in an aggregate amount not to exceed $3,000,000; (ii) associated with the purchase from Omron Oilfield & Marine, Inc. of variable frequency drives, driller cabins and a mast in an
aggregate amount not to exceed $2,800,000 and (iii) associated with the construction of the Rig identified by the Borrowers as Rig 218 (Rig 101 conversion) in an aggregate amount not to exceed $2,500,000 (provided that such amount may be
increased to an aggregate amount up to $6,000,000 upon the Administrative Agent’s receipt and approval of a daywork drilling contract with respect to such Rig, in form and substance satisfactory to the Administrative Agent). 

“Unrestricted Cash” means, as of any date, the aggregate of the Borrowers’ cash deposits that are not subject to a Lien
or other restriction (other than the Lien in favor of the Administrative Agent) and are held in an account with Administrative Agent or in account subject to a Blocked Account Agreement. For the avoidance of doubt, Unrestricted Cash shall not
include any cash or cash equivalents specifically cash-collateralizing any Letter of Credit Obligations. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -44- 

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

“U.S. Subsidiary” means each Subsidiary which is not a Non-U.S. Subsidiary; “U.S. Subsidiaries” means all
such Subsidiaries. 
 “Waiver States” means Delaware, Kentucky, Pennsylvania, and Washington (collectively, the
“Base States”) and any other state designated by the Administrative Agent in writing to the Borrowers from time to time that the Administrative Agent reasonably believes presents issues in respect of landlord Liens on Collateral
similar to the issues presented in any of the Base States as of the Effective Date; provided that neither of Georgia or South Carolina will be deemed to be a Waiver State unless there has been a change in the substantive laws of such state
based on legislation or court decisions subsequent to the Effective Date, such that following such change in law, the Administrative Agent reasonably believes such state presents issues in respect of landlord Liens on Collateral similar to the
issues presented as of the Effective Date in any of the Base States. 
 “Withdrawal Liability” means liability to a
Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In
Legislation Schedule. 
 SECTION 1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be
classified and referred to by Type (e.g., a “Eurodollar Loan” or “Revolving Eurodollar Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing” or
“Revolving Eurodollar Borrowing”). 
 SECTION 1.03 Terms Generally. The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein) unless the context requires otherwise, (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns unless the context
requires otherwise, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to
have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
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 SECTION 1.04 Accounting Terms; GAAP. Except as otherwise expressly provided herein, all
terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Administrative Borrower notifies the Administrative Agent that the Administrative Borrower requests an
amendment to any provision hereof to eliminate the effect of any change occurring after the Effective Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Administrative Borrower
that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then until such notice shall have been
withdrawn or such provision amended in accordance herewith (i) such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective and (ii) the Borrowers shall include with the
financial statements and other financial information and calculations required to be delivered to the Administrative Agent and Lenders hereunder a reconciliation of such financial statements, information and calculations before and after giving
effect to such change in GAAP. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrowers and their Subsidiaries
shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded. Except as otherwise expressly provided herein, a breach of a
financial covenant contained in Section 6.11 shall be deemed to have occurred as of the last day of any specified measurement period, regardless of when the financial statements reflecting such breaches are delivered to the Administrative
Agent. 
 SECTION 1.05 Resolution of Drafting Ambiguities. The Borrowers acknowledge and agree that they were represented by counsel
in connection with the execution and delivery of the Loans Documents, that each Loan Party and its counsel reviewed and participated in the preparation and negotiation of the Loan Documents and that any rule of construction to the effect that
ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Loan Documents. 
 SECTION 1.06
Rounding. Any financial ratios required to be maintained or tested by the Borrowers pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the
number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 

ARTICLE II 

THE CREDITS 

SECTION 2.01 The Facility. 

(a) Loans. Subject to the terms and conditions set forth herein, each Lender severally (and not jointly) agrees to make Loans in
Dollars to the Borrowers at any time and from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Exposure exceeding such Lender’s Commitment or (ii) Availability being
less than zero. Within the foregoing limits and subject to the terms and conditions set forth herein, the 

  
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Borrowers may borrow, prepay and reborrow Loans. On the Effective Date, the Loans held by Lenders shall be reallocated among the Lenders in accordance with their respective Commitments, and
in furtherance of the foregoing, the Lenders shall, through Agent, make such adjustments among themselves as shall be necessary, in each case, so that after giving effect to such adjustments, each Lender on the Effective Date shall hold a portion of
the Loans equal to its Applicable Percentage of the aggregate Commitments. 
 (b) Overadvances. If at any time Availability is less
than zero (an “Overadvance”), such deficiency shall be payable by Borrowers on demand by the Administrative Agent. All Overadvances shall constitute Obligations secured by the Collateral and entitled to all benefits of the Loan
Documents. Unless its authority has been revoked in writing by Required Lenders, the Administrative Agent may require Lenders to honor requests for Overadvance Loans and to forbear from requiring Borrowers to cure an Overadvance, as long as (i) the
Overadvance does not continue for more than thirty (30) consecutive days (and no Overadvance may exist for at least twenty consecutive days thereafter before further Overadvance Loans are required), (ii) the Overadvance does not exceed five percent
(5%) of the Aggregate Commitment and (iii) the Overadvance, together with any Protective Advances made pursuant to Section 2.04(a)(i) and (ii), does not exceed ten percent (10%) of the Aggregate Commitment. Overadvance Loans may
be made even if the conditions precedent set forth in Section 4.02 have not been satisfied. In no event shall Overadvance Loans be required that would cause the Aggregate Exposure to exceed the Aggregate Commitments. Any funding of
an Overadvance Loan or sufferance of an Overadvance shall not constitute a waiver by the Administrative Agent or Lenders of the Event of Default caused thereby. In no event shall any Borrower or other Loan Party be deemed a beneficiary of this
Section 2.01(b) nor authorized to enforce any of its terms. 
 (c) Uncommitted Facility Increase. 

(i) The Administrative Borrower may, after the Effective Date, deliver to the Administrative Agent a request (an “Increase
Request”) to increase the aggregate Commitments (any such increase being a “Facility Increase”), provided that (A) no more than two (2) Facility Increases shall be consummated pursuant to this Section 2.01(c)
and the aggregate amount of all Facility Increases shall not exceed $25,000,000, (B) no Facilities Increase shall be effective later than one (1) year prior to the Maturity Date; (C) no Facility Increase shall be effective earlier than twenty (20)
Business Days after the delivery of the Increase Request to the Administrative Agent; (D) the Rig Utilization Ratio, measured for the three-month period ending as of the last day of the most recently ended calendar month prior to delivery of the
Increase Request, shall not be less than 80%; (E) both before and after giving effect to any such Facilities Increase, no Default or Event of Default shall have occurred and be continuing; (F) the average daily Availability for the immediately
preceding ninety (90) day period is at least $15,000,000 and the Borrowers’ Availability after giving effect to such increase is at least $35,000,000; (G) any incremental Commitments provided pursuant to this Section 2.01(c) (the
“Incremental Commitments”) shall have a termination date no earlier than the termination of the Availability Period for the existing Commitments; (H) if the Initial Yield applicable to any Incremental Commitments exceeds by more
than 0.50% per annum the sum of the Applicable Margin then in effect for Eurodollar Loans plus one fourth of the Up-Front Fees paid in respect of the existing Commitments (the “Existing Yield”), then the Applicable Margin of the
existing Loans shall 

  
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increase by an amount equal to the difference between the Initial Yield and the Existing Yield; (I) Administrative Borrower has delivered to the Administrative Agent a pro forma Compliance
Certificate demonstrating that, upon giving effect to such Facility Increase on a Pro Forma Basis, the Loan Parties would be in compliance with the financial covenants set forth in Section 6.11 as of the most recent fiscal period for which
the Borrowers have delivered financial statements pursuant to Section 5.01(a) or Section 5.01(c), as applicable and (J) upon the Administrative Agent’s written request (which may be made at its sole option), the financial
covenants set forth in Section 6.11 shall be amended so as to reset such financial covenants at levels satisfactory to the Administrative Agent in light of the then financial plan and forecast for Borrowers as delivered pursuant to Section
5.01(f), which financial plan and forecast shall be updated at the Administrative Agent’s request if the most recently delivered financial plan and forecast does not reflect the occurrence the proposed Facility Increase (provided
that for the avoidance of doubt, (x) the Administrative Agent shall not be required in any event to consent to any amendment to such financial covenants, including any amendment that would make such financial covenants less restrictive, and (y) any
such amendment to make such financial covenants less restrictive shall require the consent of the Required Lenders at their sole option); and (K) any collateral securing any such Incremental Commitments shall also secure all other Obligations on a
pari passu basis. Nothing in this Agreement shall be construed to obligate any Agent or any Lender to participate in or arrange for any Facility Increase. 

(ii) The Administrative Agent shall promptly notify each Lender of the proposed Facility Increase and of the proposed terms and conditions
therefor agreed between the Administrative Borrower and the Administrative Agent. Each such Lender may, at its sole option, commit to participate in such Facility Increase by forwarding its commitment thereto to the Administrative Agent in form and
substance satisfactory to the Administrative Agent. In consultation with the Administrative Borrower, the Administrative Agent shall allocate the commitments to be made as part of the Facility Increase to the Lenders from which it has received
commitments. If the Administrative Agent does not receive sufficient commitments from existing Lenders to effectuate the Facility Increase, it may at its election allocate unsubscribed amounts to any other Person who would constitute an Eligible
Assignee, and absent such allocation, such Facility Increase shall not become effective. 
 (iii) Each Facility Increase shall become
effective on a date agreed by the Borrowers and the Administrative Agent (a “Facility Increase Date”), subject to the satisfaction of the conditions precedent set forth in Section 4.02. 

(iv) On the Facility Increase Date for any Facility Increase applicable to the Commitments, each Lender or Person participating in such
Facility Increase (each, a “Participating Lender” and collectively, the “Participating Lenders”) shall purchase from each existing Lender an undivided interest in the outstanding Loans so as to ensure that, on the
Facility Increase Date after giving effect to such Facility Increase, each Lender holds its Pro Rata Share in the Commitments and the Loans outstanding on such Facility Increase Date. 

(v) Each Facility Increase shall be evidenced by an amendment or supplement to this Agreement executed by the Borrowers (and consented to by
all other Loan Parties), the Administrative Agent and the Participating Lenders. Unless otherwise agreed by the 

  
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Loan Parties, all Lenders (including the Participating Lenders) and the Administrative Agent, the Commitments made to consummate a Facility Increase shall be subject to the pricing, interest
rate, fee and amortization provisions of this Agreement then applicable to the Commitments. Upon closing of a Facility Increase, new Participating Lenders shall be deemed to be Lenders, and the Commitments made pursuant to a Facility Increase
shall for all purposes be deemed to be Commitments hereunder.
 (vi) For purposes of this Section, the following terms shall have the
meanings specified below: 
 (A) “Initial Yield” shall mean, with respect to any Incremental Commitment, the amount (as
determined by the Administrative Agent) equal to the sum of (i) the margin above the Adjusted LIBO Rate on such Incremental Commitment (including as margin the effect of any floor applicable to the Adjusted LIBO Rate on the date of the calculation),
plus (ii) (x) the amount of any Up-Front Fees on such Incremental Commitments (including any fee or discount received by the Lenders in connection with the initial extension thereof), divided by (y) the lesser of (1) the Weighted Average Life
to Maturity of such Incremental Commitments, and (2) four. 
 (B) “Up-Front Fees” shall mean the amount of any fees or
discounts received by the Lenders in connection with the making of Loans or extensions of credit, expressed as a percentage of such Loan or extension of credit. For the avoidance of doubt, “Up-Front Fees” shall not include any arrangement
fee paid to the Lead Arranger. 
 (C) “Weighted Average Life to Maturity” shall mean, when applied to any Indebtedness at
any date, the number of years obtained by dividing (i) the sum of the products obtained by multiplying (x) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at
final maturity, in respect thereof, by (y) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (ii) the then outstanding principal amount of such Indebtedness. 

SECTION 2.02 Loans and Borrowings. 

(a) Each Loan shall be made as part of a Borrowing consisting of Loans of the same Type made by the Lenders ratably in accordance with their
respective Commitments. Any Protective Advance shall be made in accordance with the procedures set forth in Section 2.04. 
 (b)
Subject to Section 2.13, each Borrowing shall be denominated in Dollars and comprised entirely of ABR Loans or Eurodollar Loans as the applicable Borrower may request in accordance herewith. Each Swingline Loan shall be denominated in
Dollars and shall be an ABR Loan. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the
obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement. 

  
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 (c) With regard to Eurodollar Borrowings: at the commencement of each Interest Period for any
Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $1,000,000. ABR Revolving Borrowings may be in any amount. Borrowings of more than one Type may be
outstanding at the same time; provided that there shall not at any time be more than a total of five (5) Eurodollar Revolving Borrowings outstanding. 

(d) Notwithstanding any other provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to convert or continue,
any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 SECTION 2.03 Requests for
Borrowings. To request a Borrowing, the Administrative Borrower shall notify the Administrative Agent of such request by telephone (or, if permitted by Administrative Agent, by request posted to Administrative Agent’s StuckyNET system) (a)
in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the day
of the proposed Borrowing. Each such telephonic (or posted) Borrowing Request shall be irrevocable and the Administrative Borrower agrees to promptly confirm any such telephonic request by hand delivery, facsimile or Electronic Transmission to the
Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Administrative Borrower. Each such Borrowing Request shall specify the following information in compliance with Sections 2.01
and 2.02: 
 (i) the aggregate amount of the requested Borrowing, which amount shall be based upon and consistent with the
then-current cash needs of the Borrower to be specifically set forth in the Borrowing Request; 
 (ii) the date of such Borrowing, which
shall be a Business Day; 
 (iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the
definition of the term “Interest Period”; 
 (v) in the case of a Revolving Borrowing, the Availability (after giving effect to
such Borrowing); and 
 (vi) if not a conversion or continuance, the Borrower to whom the proceeds from such Borrowing are to be disbursed.

 If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is
specified with respect to any requested Eurodollar Borrowing, then the Borrowers shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

  
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 SECTION 2.04 Protective Advances. 

(a) Subject to the limitations set forth below, the Administrative Agent is authorized by the Borrowers and the Lenders, from time to time in
the Administrative Agent’s sole discretion (but shall have absolutely no obligation to), to make Loans to the Borrowers, on behalf of all Lenders, which the Administrative Agent, in its Permitted Discretion, deems necessary or desirable (i) to
preserve or protect the Collateral or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations or (iii) to pay any other amount chargeable to or required to be paid by the
Borrowers pursuant to the terms of this Agreement, including payments of principal, interest, fees, premiums, reimbursable expenses (including costs, fees and expenses as described in Section 9.04) and other sums payable under the Loan
Documents (any of such Loans are herein referred to as “Protective Advances”); provided that no Protective Advance shall cause the Aggregate Exposure to exceed the aggregate amount of the Commitments then in effect;
provided further that, the aggregate amount of Protective Advances outstanding at any time pursuant to clauses (i) and (ii) above, together with the aggregate amount of all Overadvance Loans made pursuant to Section 2.01(b),
shall not exceed ten percent (10%) of the Aggregate Commitment. Protective Advances may be made even if the conditions precedent set forth in Section 4.02 have not been satisfied. The Protective Advances shall be secured by the Liens in
favor of the Collateral Agent in and to the Collateral and shall constitute Obligations hereunder. All Protective Advances shall be ABR Borrowings. The Administrative Agent’s authorization to make Protective Advances may be revoked at any time
by the Required Lenders. Any such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s receipt thereof. At any time that there is sufficient Availability and the conditions precedent set forth
in Section 4.02 have been satisfied, the Administrative Agent may request the Lenders to make a Loan to repay a Protective Advance. At any other time the Administrative Agent may require the Lenders to fund their risk participations
described in Section 2.04(b). 
 (b) Upon the making of a Protective Advance by the Administrative Agent (whether before or after the
occurrence of a Default or an Event of Default), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the Administrative Agent without recourse or warranty, an undivided
interest and participation in such Protective Advance in proportion to its Applicable Percentage of the aggregate Commitments. Each Lender shall transfer (a “Transfer”) the amount of such Lender’s Applicable Percentage of the
outstanding principal amount of the applicable Protective Advance with respect to such purchased interest and participation promptly when requested to the Administrative Agent, to such account of the Administrative Agent as the Administrative Agent
may designate, but in any case not later than 3:00 p.m., New York City time, on the Business Day notified (if notice is provided by the Administrative Agent prior to 12:00 p.m. New York City time, and otherwise on the immediately following Business
Day (the “Transfer Date”). Transfers may occur during the existence of a Default or an Event of Default and whether or not the applicable conditions precedent set forth in Section 4.02 have then been satisfied. Such
amounts transferred to the Administrative Agent shall be applied against the amount of the Protective 

  
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Advance and, together with Lender’s Applicable Percentage of such Protective Advance, shall constitute Loans of such Lenders, respectively. If any such amount is not transferred to the
Administrative Agent by any Lender on such Transfer Date, the Administrative Agent shall be entitled to recover such amount on demand from such Lender together with interest thereon as specified in Section 2.07. From and after the date, if
any, on which any Lender is required to fund, and funds, its participation in any Protective Advance purchased hereunder, the Administrative Agent shall promptly distribute to such Lender, such Lender’s Applicable Percentage of all payments of
principal and interest and all proceeds of Collateral received by the Administrative Agent in respect of such Protective Advance. 
 SECTION
2.05 Swingline Loans. 
 (a) The Administrative Agent, the Swingline Lender and the Lenders agree that in order to facilitate the
administration of this Agreement and the other Loan Documents, promptly after the Administrative Borrower requests an ABR Borrowing, the Swingline Lender may elect, in its sole discretion, to have the terms of this Section 2.05(a) apply to
such Borrowing Request by advancing, on behalf of the Lenders and in the amount requested, same day funds to the Borrowers on the applicable Borrowing date to the Funding Account (each such Loan made solely by the Swingline Lender pursuant to this
Section 2.05(a) is referred to in this Agreement as a “Swingline Loan”), with settlement among them as to the Swingline Loans to take place on a periodic basis as set forth in Section 2.05(c). Each Swingline Loan
shall be subject to all the terms and conditions applicable to other ABR Loans funded by the Lenders, except that all payments thereon shall be payable to the Swingline Lender solely for its own account. The aggregate amount of Swingline Loans
outstanding at any time shall not exceed $10,000,000. The Swingline Lender shall not make any Swingline Loan if the requested Swingline Loan exceeds Availability (after giving effect to such Swingline Loan). Swingline Loans may not be made
if the Swingline Lender has been notified by the Administrative Agent or the Required Lenders that a Default exists and that Swingline Loans may not be made. All Swingline Loans shall be ABR Borrowings. 

(b) Upon the making of a Swingline Loan (whether before or after the occurrence of a Default or an Event of Default and regardless of whether
a Settlement has been requested with respect to such Swingline Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the Swingline Lender or the Administrative Agent,
as the case may be, without recourse or warranty, an undivided interest and participation in such Swingline Loan in proportion to its Applicable Percentage of the aggregate Commitments. The Swingline Lender or the Administrative Agent may, at any
time, require the Lenders to fund their participations. From and after the date, if any, on which any Lender is required to fund, and funds, its participation in any Swingline Loan purchased hereunder, the Administrative Agent shall promptly
distribute to such Lender, such Lender’s Applicable Percentage of all payments of principal and interest and all proceeds of Collateral received by the Administrative Agent in respect of such Swingline Loan. 

(c) The Administrative Agent, on behalf of the Swingline Lender, shall request settlement (a “Settlement”) with the Lenders
on at least a weekly basis or on any date that the Administrative Agent elects, by notifying the Lenders of such requested Settlement by facsimile, telephone or Electronic Transmission no later than 12:00 p.m., New York City time on the date of

  
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such requested Settlement (the “Settlement Date”). Each Lender (other than the Swingline Lender, in the case of the Swingline Loans) shall transfer the amount of such
Lender’s Applicable Percentage of the outstanding principal amount of the applicable Swingline Loan with respect to which Settlement is requested to the Administrative Agent, to such account of the Administrative Agent as the Administrative
Agent may designate, not later than 3:00 p.m., New York City time, on such Settlement Date. Settlements may occur during the existence of a Default or an Event of Default and whether or not the applicable conditions precedent set forth in
Section 4.02 have then been satisfied. Such amounts transferred to the Administrative Agent shall be applied against the amounts of the Swingline Lender’s Swingline Loans and, together with Swingline Lender’s Applicable
Percentage of such Swingline Loan, shall constitute Loans of such Lenders, respectively. If any such amount is not transferred to the Administrative Agent by any Lender on such Settlement Date, the Swingline Lender shall be entitled to recover such
amount on demand from such Lender together with interest thereon as specified in Section 2.07. 
 SECTION 2.06 Letters of
Credit. 
 (a) Issuance. 

(i) Subject to the terms and conditions of this Agreement, the Administrative Agent and Lenders agree to incur, from time to time prior to
the Maturity Date, upon the request of the Administrative Borrower and for a Borrower’s account, Letter of Credit Obligations by causing Letters of Credit to be issued by (i) Administrative Agent (or an Affiliate thereof), (ii) a Lender (or an
Affiliate thereof) selected by or acceptable to the Administrative Agent or (iii) a bank or other legally authorized Person selected by or acceptable to the Administrative Agent in its sole discretion and guaranteed by the Administrative Agent (or
an Affiliate thereof) (a “Letter of Credit Guaranty”) (each of (i) through (iii), an “Issuing Bank”). The aggregate amount of all such Letter of Credit Obligations shall not at any time exceed the lesser of (A) Six
Million Dollars ($6,000,000) (the “Letter of Credit Sublimit”) and (B) Availability. No such Letter of Credit shall have an expiry date that is more than one year following the date of issuance thereof, unless otherwise determined
by Administrative Agent in its sole discretion (including with respect to customary evergreen provisions), and neither Administrative Agent nor Lenders shall be under any obligation to incur Letter of Credit Obligations in respect of, or purchase
risk participations in, any Letter of Credit having an expiry date that is later than the Maturity Date (though, for the avoidance of doubt, such obligation shall in any event extend to a Letter of Credit that includes a customary evergreen
provision that could cause such expiry date to potentially extend beyond the Maturity Date). 
 (b) Advances Automatic;
Participations. 
 (i) In the event that the Administrative Agent or any Issuing Bank shall make any payment on or pursuant to any
Letter of Credit Obligation, such payment shall then be deemed automatically to constitute a Loan under Section 2.01 of this Agreement regardless of whether a Default or an Event of Default has occurred and is continuing and notwithstanding
the Borrowers’ failure to satisfy the conditions precedent set forth in Section 4.02, and each Lender shall be obligated to pay its Applicable Percentage thereof in accordance with this Agreement. The failure of any Lender to make
available to the Administrative Agent or Issuing Bank for 

  
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Administrative Agent’s or Issuing Bank’s own account its Applicable Percentage of any such Loan or payment by Administrative Agent under or in respect of a Letter of Credit shall not
relieve any other Lender of its obligation hereunder to make available to Administrative Agent or Issuing Bank its Applicable Percentage thereof, but no Lender shall be responsible for the failure of any other Lender to make available such other
Lender’s Applicable Percentage of any such payment. 
 (ii) If it shall be illegal or unlawful for any Borrower to incur Loans as
contemplated by Section 2.06(b)(i) because of an Event of Default described in Section 7.01(g), Section 7.01(h), Section 7.01(i) or otherwise, if it shall be illegal or unlawful for any Lender to be deemed to have assumed
a ratable share of the reimbursement obligations owed to an Issuing Bank, or if the Issuing Bank is a Lender, then (i) immediately and without further action whatsoever, each Lender shall be deemed to have irrevocably and unconditionally purchased
from Administrative Agent (or such Issuing Bank, as the case may be) an undivided interest and participation equal to such Lender’s Applicable Percentage (based on the Commitments) of the Letter of Credit Obligations in respect of all Letters
of Credit then outstanding and (ii) thereafter, immediately upon issuance of any Letter of Credit, each Lender shall be deemed to have irrevocably and unconditionally purchased from Administrative Agent (or such Issuing Bank, as the case may be) an
undivided interest and participation in such Lender’s Applicable Percentage (based on the Commitments) of the Letter of Credit Obligations with respect to such Letter of Credit on the date of such issuance. Each Lender shall fund its
participation in all payments or disbursements made under the Letters of Credit in the same manner as provided in this Agreement with respect to Loans. 

(c) Cash Collateral. 

(i) If the Borrowers are required to provide cash collateral for any Letter of Credit Obligations pursuant to this Agreement prior to the
Maturity Date, the Borrowers will pay to Administrative Agent for the ratable benefit of itself and Lenders cash or cash equivalents acceptable to Administrative Agent (“Cash Equivalents”) in an amount equal to 105% of the maximum
amount then available to be drawn under each applicable Letter of Credit outstanding. Such funds or Cash Equivalents shall be held by Administrative Agent in a cash collateral account (the “Cash Collateral Account”) maintained at a
bank or financial institution acceptable to Administrative Agent. The Cash Collateral Account shall be in the name of Administrative Borrower and shall be pledged to, and subject to the control of, Administrative Agent, for the benefit of
Administrative Agent and Lenders, in a manner satisfactory to Administrative Agent. Borrowers hereby pledge and grant to Administrative Agent, on behalf of itself and the Lenders, a security interest in all such funds and Cash Equivalents held in
the Cash Collateral Account from time to time and all proceeds thereof, as security for the payment of all amounts due in respect of the Letter of Credit Obligations and other Obligations, whether or not then due. This Agreement, including, without
limitation, this Section 2.06, shall constitute a security agreement under applicable law. 
 (ii) If any Letter of Credit
Obligations, whether or not then due and payable, shall for any reason be outstanding on the Maturity Date, Borrowers shall either (a) provide cash collateral therefore in the manner described above, (b) cause all such Letters of Credit and
guaranties thereof, if any, to be canceled and returned, or (c) deliver a stand-by letter (or 

  
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letters) of credit in guarantee of such Letter of Credit Obligations, which stand-by letter (or letters) of credit shall be of like tenor and duration (plus thirty (30) additional days) as, and
in an amount equal to 105% of the aggregate maximum amount then available to be drawn under, the Letters of Credit to which such outstanding Letter of Credit Obligations relate and shall be issued by a Person, and shall be subject to such terms and
conditions, as are be satisfactory to Administrative Agent in its sole discretion.
 (iii) From time to time after funds are deposited in
the Cash Collateral Account by the Borrowers, whether before or after the Maturity Date, Administrative Agent may apply such funds or Cash Equivalents then held in the Cash Collateral Account to the payment of any amounts, and in such order as
Administrative Agent may elect, as shall be or shall become due and payable by the Borrowers to Administrative Agent and Lenders with respect to such Letter of Credit Obligations of the Borrowers and, upon the satisfaction in full of all Letter of
Credit Obligations of the Borrowers, to any other Obligations then due and payable. 
 (iv) Neither any Borrower nor any Person claiming on
behalf of or through any Borrower shall have any right to withdraw any of the funds or Cash Equivalents held in the Cash Collateral Account, except that upon the termination of all Letter of Credit Obligations and the payment of all amounts payable
by the Borrowers to Administrative Agent and Lenders in respect thereof, any funds remaining in the Cash Collateral Account shall be applied to other Obligations then due and owing and upon payment in full of such Obligations any remaining amount
shall be paid to the Borrowers or as otherwise required by law. Interest earned on deposits in the Cash Collateral Account shall be held as additional Collateral for the Obligations. 

(d) Fees and Expenses. Each Borrower agrees to pay to Administrative Agent for the benefit of Lenders, as compensation to such Lenders
for Letter of Credit Obligations incurred hereunder, (i) all costs and expenses incurred by Administrative Agent or any Lender on account of such Letter of Credit Obligations, and (ii) for each month during which any Letter of Credit Obligation
shall remain outstanding, a fee (the “Letter of Credit Fee”) in an amount equal to the Applicable Margin from time to time in effect (subject to adjustment pursuant to Section 2.13(d) of this Agreement) for Revolving
Eurodollar Loans multiplied by the maximum amount available from time to time to be drawn under the applicable Letter of Credit. In addition, Borrower shall pay to any Issuing Bank, on demand, such fees (including all per annum fees), charges
and expenses of such Issuing Bank in respect of the issuance, negotiation, acceptance, amendment, transfer and payment of such Letter of Credit or otherwise payable pursuant to the application and related documentation under which such Letter of
Credit is issued. 
 (e) Request for Incurrence of Letter of Credit Obligations. Borrowers shall give Administrative Agent at least
five (5) Business Days’ prior written notice requesting the incurrence of any Letter of Credit Obligation. The notice shall be accompanied by the form of the Letter of Credit (which shall be acceptable to the Issuing Bank) and an application
therefor completed to the satisfaction of the Issuing Bank. 
 (f) Obligation Absolute. The obligation of the Borrowers to
reimburse Administrative Agent and Lenders for payments made with respect to any Letter of Credit Obligation shall be absolute, unconditional and irrevocable, without necessity of presentment, 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -55- 

 
demand, protest or other formalities, and the obligations of each Lender to make payments to Administrative Agent or the Issuing Bank, as applicable, with respect to Letters of Credit shall be
unconditional and irrevocable. Such obligations of the Borrowers and Lenders shall be paid strictly in accordance with the terms hereof under all circumstances including the following: 

(i) any lack of validity or enforceability of any Letter of Credit or this Agreement or the other Loan Documents or any other agreement; 

(ii) the existence of any claim, setoff, defense or other right that any Borrower or any of its Affiliates or any Lender may at any time have
against a beneficiary or any transferee of any Letter of Credit (or any Persons or entities for whom any such transferee may be acting), Administrative Agent, any Lender, or any other Person, whether in connection with this Agreement, the Letter of
Credit, the transactions contemplated herein or therein or any unrelated transaction (including any underlying transaction between Borrower or any of its Affiliates and the beneficiary for which the Letter of Credit was procured); 

(iii) any draft, demand, certificate or any other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 
 (iv) payment by the Administrative Agent
(except as otherwise expressly provided in paragraph (g)(ii)(c) below) or any Issuing Bank under any Letter of Credit or guaranty thereof against presentation of a demand, draft or certificate or other document that does not comply with the terms of
such Letter of Credit or such guaranty; 
 (v) any other circumstance or event whatsoever, that is similar to any of the foregoing; or 

(vi) the fact that a Default or an Event of Default has occurred and is continuing. 

(g) Indemnification; Nature of Lenders’ Duties. 

(i) In addition to amounts payable as elsewhere provided in this Agreement, each Borrower hereby agrees to pay and to protect, indemnify, and
save harmless Administrative Agent, each Issuing Bank and each Lender from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable attorneys’ fees and allocated costs of internal
counsel) that the Administrative Agent, Issuing Bank or any Lender may incur or be subject to as a consequence, direct or indirect, of (A) the issuance of any Letter of Credit or guaranty thereof, or (B) the failure of the Administrative Agent or
any Lender seeking indemnification or of any Issuing Bank to honor a demand for payment under any Letter of Credit or guaranty thereof as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto
government or Governmental Authority, in each case other than to the extent as a result of the gross negligence or willful misconduct of the Administrative Agent, Issuing Bank or such Lender (as finally determined by a court of competent
jurisdiction). 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -56- 

 (ii) As between the Administrative Agent, the Issuing Bank and any Lender, on one hand, and the
Borrowers, the Borrowers assume all risks of the acts and omissions of, or misuse of any Letter of Credit by beneficiaries of any Letter of Credit. In furtherance and not in limitation of the foregoing, to the fullest extent permitted by law none of
the Administrative Agent, the Issuing Bank or any Lender shall be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document issued by any party in connection with the application for an issuance of
any Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or
assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, that may prove to be invalid or ineffective for any reason; (C) failure of the beneficiary of any Letter of Credit to comply fully with
conditions required in order to demand payment under such Letter of Credit; provided, that in the case of any payment by Administrative Agent or Issuing Bank under any Letter of Credit (or guaranty thereof), Administrative Agent or Issuing
Bank shall be liable to the extent such payment was made solely as a result of its gross negligence or willful misconduct (as finally determined by a court of competent jurisdiction) in determining that the demand for payment under such Letter of
Credit or guaranty thereof complies on its face with any applicable requirements for a demand for payment under such Letter of Credit or guaranty thereof; (D) errors, omissions, interruptions or delays in transmission or delivery of any messages, by
mail, cable, telegraph, telex or otherwise, whether or not they may be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a payment under any
Letter of Credit or guaranty thereof or of the proceeds thereof; (G) the credit of the proceeds of any drawing under any Letter of Credit or guaranty thereof; and (H) any consequences arising from causes beyond the control of Administrative Agent,
Issuing Bank or any Lender. None of the above shall affect, impair, or prevent the vesting of any of Administrative Agent’s, Issuing Bank’s or any Lender’s rights or powers hereunder or under this Agreement. 

(iii) Nothing contained herein shall be deemed to limit or to expand any waivers, covenants, or indemnities made by the any Borrower in favor
of any Issuing Bank in any letter of credit application, reimbursement agreement or similar document, instrument or agreement between such Borrower and such Issuing Bank. 

(h) Subrogation Rights; Letter of Credit Guaranty. 

(i) Upon any payments made by Administrative Agent to an Issuing Bank under a Letter of Credit Guaranty, the Administrative Agent, for the
benefit of the Lenders, shall acquire by subrogation, any rights, remedies, duties or obligations granted to or undertaken by the applicable Borrower to the Issuing Bank in any application for Letter of Credit, any standing agreement relating to
Letters of Credit or otherwise, all of which shall be deemed to have been granted to Administrative Agent, for the benefit of the Lenders, and apply in all respects to the Administrative Agent and shall be in addition to any rights, remedies, duties
or obligations contained herein. 
 (ii) Each Borrower hereby authorizes and directs any Issuing Bank which is not a Lender hereunder to
deliver to the Administrative Agent all instruments, documents, 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -57- 

 
and other writings and property received by such Issuing Bank pursuant to such Letter of Credit and to accept and rely upon the Administrative Agent’s instructions with respect to all
matters arising in connection with such Letter of Credit and the related application. 
 (iii) Any and all charges, commissions, fees, and
costs incurred by the Administrative Agent relating to Letters of Credit issued by an Issuing Bank which is not a Lender hereunder in reliance on a Letter of Credit Guaranty shall be Letter of Credit Obligations for purposes of this Agreement and
immediately shall be reimbursable by Borrowers to Administrative Agent. 
 SECTION 2.07 Funding of Borrowings. 

(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds
by 2:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in Section 2.05. The
Administrative Agent will promptly make the proceeds of each such Loan available to the relevant Borrowers in like funds at the account of such Borrowers designated by the Administrative Borrower in the Borrowing Request; provided that a
Protective Advance may be retained by the Administrative Agent. 
 (b) Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on
such date in accordance with Section 2.07(a) and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender is a Defaulting Lender, then the Lender and the Borrowers severally
agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the
Administrative Agent, at (i) in the case of any Lender, the Federal Funds Effective Rate or (ii) in the case of the Borrowers, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount
shall constitute such Lender’s Loan included in such Borrowing. 
 SECTION 2.08 Interest Elections. 

(a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing,
shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrowers may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect
Interest Periods therefor, all as provided in this Section 2.08. The Borrowers may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the
Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section 2.08 shall not apply to Swingline Borrowings or Protective Advances, which may not be
converted or continued. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -58- 

 (b) To make an election pursuant to this Section 2.08, the Administrative Borrower shall
notify the Administrative Agent of such election by telephone (or, if permitted by Administrative Agent, by request posted to Administrative Agent’s StuckeyNet system) by the time that a Borrowing Request would be required under Section
2.03 if the Borrowers were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic (or posted) Interest Election Request shall be irrevocable and
shall be confirmed promptly by hand delivery, facsimile or Electronic Transmission to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Administrative Borrower. 

(c) Each telephonic (or posted) and written Interest Election Request shall specify the following information in compliance with Section
2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to
different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 

(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

(iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 

(iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period.” 
 If any such Interest Election Request requests a
Eurodollar Borrowing but does not specify an Interest Period, then the Borrowers shall be deemed to have selected an Interest Period of one month’s duration. 

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each affected Lender of the details
thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Administrative Borrower fails to deliver a timely
Interest Election Request with respect to a Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall
be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if a Default has occurred and is continuing and the Administrative Agent or the Required Lenders so notifies the Administrative Borrower or if an Event of Default
has occurred and is continuing, then, so long as such Default or Event of Default is continuing (i) Administrative Borrower may not elect a Eurodollar Borrowing in any Borrowing Request, (ii) no outstanding Revolving Borrowing may be converted to or
continued as a Eurodollar Borrowing and (iii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -59- 

 SECTION 2.09 Termination or Reduction of Commitments. 

(a) Unless previously terminated in accordance with the terms of this Agreement, the Commitments shall automatically terminate on the Maturity
Date. 
 (b) The Borrowers may at any time terminate the Commitments upon (i) the payment in full of all outstanding Loans, together with
accrued and unpaid interest thereon, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Administrative Agent of a cash deposit or standby
letter(s) of credit as required by Section 2.06(c)), (iii) the payment in full of the accrued and unpaid fees, including any payments required under Section 2.16, and (iv) the payment in full of all reimbursable expenses and other
Obligations together with accrued and unpaid interest thereon. 
 (c) The Borrowers may from time to time reduce the Commitments;
provided that (i) each reduction of the aggregate Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000 and (ii) the Borrowers shall not reduce the Commitments if, (a) after giving effect to
any concurrent prepayment of the Loans in accordance with Section 2.10, the Aggregate Exposure would trigger a mandatory prepayment, or an obligation to deliver cash collateral, or both, under Section 2.11(b)(i) or (b) after giving
effect to such reduction, the Aggregate Commitment shall be less than $30,000,000. 
 (d) The Administrative Borrower shall notify the
Administrative Agent of any election to terminate or reduce the Commitments under Sections 2.09(a), (b) or (c) at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such
election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the affected Lenders of the contents thereof. Each notice delivered by the Administrative Borrower pursuant to this
Section 2.09(d) shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Administrative Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, debt
instruments or financing transactions, in which case such notice may be revoked by the Administrative Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or
reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 

SECTION 2.10 Repayment of Loans; Evidence of Debt. 

(a) Each of the Borrowers hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid
principal amount of each Loan on the Maturity Date. Each of the Borrowers hereby unconditionally promises to pay to the Administrative Agent the then unpaid amount of each Protective Advance on the earlier of the Maturity Date and demand by the
Administrative Agent. 
 (b) Unless an Event of Default is continuing, on each Business Day during a Cash Dominion Period (or at any other
time when the Collection Account shall have a positive balance), at or before 12:00 noon, New York City time, the Administrative Agent shall apply all immediately available funds credited to the Collection Account first, to prepay any
Protective Advances that may be outstanding, pro rata, second, to prepay any Swingline Loans that may be outstanding, pro rata, and third, to prepay the Loans made by Lenders, pro rata. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -60- 

 (c) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrowers to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(d) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and
the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder, and (iii) the amount of any sum received by the Administrative Agent
hereunder for the account of the Lenders and each Lender’s share thereof. 
 (e) The entries made in the accounts maintained pursuant
to Section 2.10(d) shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error
therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement. 

(f) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, each of the applicable Borrowers shall
prepare, execute and deliver to such Lender a promissory note payable to such Lender or its registered assigns and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at
all times (including after assignment pursuant to Section 9.05) be represented by one or more promissory notes in such form payable to the payee named therein or its registered assigns except to the extent that any such Lender subsequently
returns any such promissory note for cancellation and requests that such Loans once again be evidenced as described in Sections 2.10(c) and (d). 

SECTION 2.11 Prepayment of Loans. 

(a) Voluntary Prepayments. The Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole
or in part, subject to prior notice in accordance with Section 2.11(d) and the payment of the amounts required under Section 2.16. 

(b) Mandatory Prepayments. 

(i) The Borrowers shall immediately repay, or provide cash collateral for, the Loans, and/or Swingline Loans if at any time Availability is
less than zero, to the extent required to cause Availability to be not less than zero. 
 (ii) Immediately upon receipt by any Loan Party
of the Net Cash Proceeds of any asset disposition (other than sales of Inventory or obsolete or worn out property in the ordinary course of business and issuances of Capital Stock which are addressed in clause (b)(iii) below), the Borrowers, shall
prepay the Obligations, in an amount equal to 100% of such Net Cash Proceeds as set forth in Section 2.11(c). 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -61- 

 (iii) If (A) at any time during the continuance of an Event of Default, any Borrower issues
Capital Stock (other than Capital Stock issued to another Loan Party), (B) any Loan Party issues Indebtedness (other than Indebtedness permitted by Sections 6.01(a) through (k)) or (C) if any Loan Party receives any dividend or
distribution from a Person other than a Loan Party, then the Borrowers shall prepay the Obligations in an amount equal to 100% of the Net Cash Proceeds of such issuance or the amount of such dividend or distribution no later than the Business Day
following the date of receipt of such Net Cash Proceeds or such dividend or distribution as set forth in Section 2.11(c). 
 (iv)
Immediately upon receipt by any Loan Party of any Extraordinary Receipts, the Borrowers shall prepay the Obligations in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection with such Extraordinary Receipts as set
forth in Section 2.11(c). Any insurance or condemnation proceeds to be applied to the Obligations in accordance with Section 5.09 shall be applied as set forth in Section 2.11(c). If the precise amount of insurance or
condemnation proceeds allocable to Inventory as compared to Equipment, fixtures and real or immovable property is not otherwise determined, the allocation and application of those proceeds shall be determined by the Administrative Agent, in its
Permitted Discretion. 
 (v) Without in any way limiting the foregoing, immediately upon receipt by any Loan Party of proceeds of any sale
of any Collateral, the Borrowers shall cause such Loan Party to deliver such proceeds to the Administrative Agent, or deposit such proceeds in a deposit account subject to a control agreement acceptable to the Administrative Agent. Nothing in this
Section 2.11(b) shall be construed to constitute the Administrative Agent’s or any Lender’s consent to any transaction that is not permitted by other provisions of this Agreement or the other Loan Documents. 

(c) All such amounts required to be prepaid by the Borrowers pursuant to Sections 2.11(b)(ii), (iii), and (iv) shall be
applied as provided in Section 2.10(b). 
 (d) The Administrative Borrower shall notify the Administrative Agent (and, in the case of
prepayment of a Swingline Loan, the applicable Swingline Lender) by telephone (confirmed by facsimile or Electronic Transmission) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New
York City time, three (3) Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Borrowing (other than a Swingline Loan), not later than 11:00 a.m., New York City time, one (1) Business Day before the date of
prepayment and (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount
of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of
prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the applicable Lenders of
the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment
of a Revolving Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -62- 

 SECTION 2.12 Fees. 

(a) The Borrowers agree to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at the
Applicable Rate per annum on the average daily amount of the Available Commitment during the period from and including the Effective Date to but excluding the date on which such Lenders’ Commitments terminate. Accrued commitment fees shall be
payable in arrears on the first calendar day following each calendar quarter and on the date on which the Commitments terminate, commencing on the first such date to occur after the Effective Date. All commitment fees in respect of Commitments shall
be payable in Dollars and shall be computed on the basis of the actual number of days elapsed in a year of 360 days. 
 (b) The Borrowers
agree to pay the fees due and payable pursuant to the Fee Letter and fees payable in the amounts and at the times separately agreed upon between the Borrowers, the Lead Arranger and the Administrative Agent. 

(c) In consideration of the issuance of any Letter of Credit pursuant to Section 2.06 hereof, the Borrower agrees to pay (i) to the
Administrative Agent, for the ratable benefit of the Lenders, the Letter of Credit Fee and (ii) to the Administrative Agent or Issuing Bank, as applicable, all other fees, expenses and amounts payable under Sections 2.06(d) or
(h). All Letter of Credit Guaranty Fees shall be due and payable monthly on the first day of each month. 
 (d) All fees payable
hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders
entitled thereto. Fees paid shall not be refundable under any circumstances. 
 SECTION 2.13 Interest. 

(a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable
Margin. 
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in
effect for such Borrowing plus the Applicable Margin. 
 (c) Each Protective Advance shall bear interest at the sum of the Alternate Base
Rate plus the Applicable Margin plus 2%. 
 (d) Notwithstanding the foregoing, so long as an Event of Default has occurred and is continuing
under Section 7.01(g) or (h) or so long as any other Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders elect, at their option, by notice to the Administrative Borrower (which notice
may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.03 requiring the consent of “each 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -63- 

 
Lender affected thereby” for reductions in interest rates), the outstanding principal amount of all Loans and, to the extent permitted by applicable law, any interest payments thereon not
paid when due and any fees and other amounts then due and payable hereunder, shall, commencing upon the occurrence of such Event of Default, notwithstanding, if applicable, when such election is made, bear interest (including post-petition interest
in any proceeding under the Bankruptcy Code or other applicable bankruptcy laws) payable upon demand by the Administrative Agent at a rate that is 2% per annum in excess of the interest rate otherwise payable under this Agreement with respect to the
applicable Loans (or, in the case of any such fees and other amounts, at a rate which is 2% per annum in excess of the interest rate otherwise payable under this Agreement for ABR Loans). 

(e) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, upon termination of the Commitments
and on the Maturity Date; provided that (i) interest accrued pursuant to Section 2.13(d) shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end
of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current
Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
 (f) All interest and
Letter of Credit Fees hereunder shall be computed on the basis of a year of 360 days, and shall be payable for the actual number of days elapsed. The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative
Agent, and such determination shall be conclusive absent manifest error. 
 SECTION 2.14 Alternate Rate of Interest. If prior to the
commencement of any Interest Period for a Eurodollar Borrowing: 
 (a) the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 

(b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest
Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making, continuing, converting to or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Administrative Borrower and the Lenders by telephone or facsimile as promptly as practicable
thereafter and, until the Administrative Agent notifies the Administrative Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing
to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing. 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -64- 

 SECTION 2.15 Increased Costs. 

(a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, liquidity requirement, compulsory loan, deposit insurance or similar
requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 

(ii) impose on any Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such
Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making, continuing, converting to or maintaining any
Eurodollar Loan (or of maintaining its obligation to make any such Loan), then the Borrowers will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered as set
forth on a statement delivered to the Borrowers by such Lender. 
 (b) If any Lender determines that any Change in Law regarding capital or
liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to
a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to
capital or liquidity adequacy), then from time to time the Borrowers will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered as set forth on a
statement delivered to the Borrowers by such Lender. 
 (c) A certificate of a Lender setting forth the amount or amounts necessary to
compensate such Lender or its holding company, as specified in Sections 2.15(a) or (b) shall be delivered to the Administrative Borrower and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount
shown as due on any such certificate within ten (10) days after receipt thereof. 
 (d) Failure or delay on the part of any Lender to demand
compensation pursuant to this Section 2.15 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender pursuant to this Section for any
increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the Administrative Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim
compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive
effect thereof. 
 SECTION 2.16 Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other
than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(d) and is revoked in 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
 #37466145 

  
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accordance therewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Administrative Borrower
pursuant to Section 2.19 or 9.03(e), then, in any such event, the Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to
any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate
that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been
the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits
of a comparable amount and period from other banks in the Eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.16 shall be delivered to the
Administrative Borrower and shall be conclusive absent manifest error. The applicable Borrowers shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

SECTION 2.17 Taxes. 
 (a)
Any and all payments by or on account of any obligation of any Borrower or any other Loan Party under this Agreement or any other Loan Document shall be made free and clear of and without deduction for any Taxes other than deductions on account of
Taxes that are required by law; provided that (i) if any Borrowers or the Administrative Agent shall be required to deduct any Indemnified Taxes from such payments, such Borrowers shall increase the sum payable by an amount equal to the sum
of (x) the amount deducted in respect of such Indemnified Taxes and (y) all Taxes applicable to additional sums payable under this Section 2.17(a), (ii) such Borrowers and/or the Administrative Agent shall make only such deductions required
by law, and (iii) such Borrowers and/or the Administrative Agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b) In addition, each Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

(c) Each Borrower shall indemnify the Administrative Agent, and each Lender, within ten (10) days after written demand therefor, for the full
amount of any Indemnified Taxes and any other Taxes, in each case, paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of such Borrower or any other Loan Party
under this Agreement or any other Loan Document (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17) and any reasonable expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Such indemnification shall be made on an after-Tax basis, such that the payment of the indemnification shall be increased by an
amount equal to the sum of (x) the amount deducted in respect of such Indemnified Taxes, (y) all Taxes applicable to additional sums payable under this Section 2.17(c) and (z) all reasonable expenses of the Administrative Agent or Lender.

  
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 (d) As soon as practicable after any payment of either any Indemnified Taxes or any other Taxes
by any Borrower to a Governmental Authority, the Administrative Borrower shall deliver to the Administrative Agent (i) if reasonably available, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, (ii) a copy of the return reporting such payment or (iii) other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(e) Any Lender that is legally entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the
relevant Borrowers are located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Administrative Borrower (with a copy to the Administrative Agent), on or prior to the date on
which such Lender becomes a party to this Agreement (and on or before the date that any such documentation described below expires or becomes obsolete and after the occurrence of any event requiring a change to such documentation), such properly
completed and executed documentation prescribed by applicable law or reasonably requested by such Borrowers as will permit such payments to be made without withholding or at a reduced rate of withholding. Without limiting the foregoing, each
Non-U.S. Lender shall comply with any certification, documentation, information or other reporting necessary to establish relief or an exemption from withholding under FATCA and shall provide any other documentation reasonably requested by Loan
Party or Administrative Agent sufficient for the Loan Party and Administrative Agent to comply with their obligations under FATCA and to determine that such Non-U.S. Lender has complied with such applicable reporting requirements. However, a Lender
will only be required to comply with the provisions of this paragraph (i) as long as such Lender is legally entitled to do so and (ii) if compliance with the provisions of this paragraph does not materially impact, in the sole discretion of such
Lender, such Lender’s commercial position. 
 (f) If the Administrative Agent or a Lender determines, in its sole discretion, that it
has received a refund, whether in the form of a payment, credit or offset (but only to the extent such credit or offset is actually utilized), of any Indemnified Taxes as to which it has been indemnified by any Borrowers or with respect to which any
Borrowers have paid additional amounts pursuant to Section 2.17(a) and no Event of Default is then continuing, it shall pay over such refund to such Borrowers (but only to the extent of indemnity payments made, or additional amounts paid, by
such Borrowers under this Section 2.17 with respect to the Indemnified Taxes giving rise to such refund), net of all out-of-pocket expenses and Taxes of the Administrative Agent or such Lender and without interest (other than any interest
paid, credited or allowed as an offset, by the relevant Governmental Authority with respect to such refund, which interest shall be paid to such Borrowers); provided, that such Borrowers, upon the request of the Administrative Agent or such
Lender, agree to repay the amount paid over to such Borrowers (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such
Lender is required to repay such refund to such Governmental Authority. Nothing in this Section 2.17 shall be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information which
it deems confidential) to the Borrowers or any other Person. Notwithstanding anything to the contrary in this paragraph (f), in no event will the Administrative Agent or any Lender be required to pay any amount to Borrowers pursuant to this
paragraph (f) the payment of which would place the Administrative Agent or such Lender in a less favorable net after-Tax position than the Administrative Agent or such Lender would have been in if the indemnification payments or additional amounts
giving rise to such refund had never been paid. 

  
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 SECTION 2.18 Payments Generally; Allocation of Proceeds; Sharing of Set-offs. 

(a) The Borrowers shall make each payment required to be made by them hereunder (whether of principal, interest or fees or of amounts payable
under Sections 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set off or counterclaim. Any amounts received after such time on any
date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its
offices at 11 West 42nd St., New York, New York 10036 except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to
Sections 2.15, 2.16, 2.17 and 9.04 shall be made directly to the Persons entitled thereto and payments pursuant to the other Loan Documents shall be made to the Persons specified therein. The Administrative Agent and
the Collateral Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business
Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in
Dollars. Checks and cash or other immediately available funds from collections of items of payment and proceeds of any Collateral shall be applied in whole or in part against the Obligations, on the first Business Day following the day
of receipt by the Administrative Agent, subject to actual collection. 
 (b) Notwithstanding anything to the contrary contained in this
Agreement, unless so directed by the Administrative Borrower, or unless a Default or an Event of Default is in existence, neither the Administrative Agent nor any Lender shall apply any payment which it receives to any Eurodollar Loan, except (a) on
the expiration date of the Interest Period applicable to any such Eurodollar Loan, or (b) in the event, and only to the extent, that there are no outstanding ABR Loans and, in any event, the applicable Borrowers shall pay the break funding payment
required in accordance with Section 2.16. 
 (c) At the election of the Administrative Agent, all payments of principal, interest,
fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees and expenses pursuant to Section 9.04), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made
hereunder whether made following a request by the Administrative Borrower pursuant to Section 2.03 or a deemed request as provided in this Section 2.18 or may be deducted from any deposit account of the applicable Borrowers under the
control of the Administrative Agent pursuant to a Blocked Account Agreement or other control agreement in form and substance satisfactory to the Administrative Agent. The Borrowers hereby irrevocably authorize (i) the Administrative Agent to make a
Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents and agree that all such amounts charged shall constitute Loans (including Swingline Loans
and Protective Advances) and that all such Borrowings shall be deemed to have been requested pursuant to Sections 2.03, 2.04 or 2.05, 

  
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as applicable, and (ii) the Administrative Agent to charge any deposit account of the Borrowers maintained with the Administrative Agent for each payment of principal, interest and fees as it
becomes due hereunder or any other amount due under the Loan Documents. 
 (d) If any Lender shall, by exercising any right of set off or
counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the
proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be
shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this subsection shall not be construed to apply to any payment made by the
Borrowers pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to
the Borrowers or any Subsidiary or Affiliate thereof (as to which the provisions of this subsection shall apply). The Borrowers consent to the foregoing and agree, to the extent they may effectively do so under applicable law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrowers rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrowers in the
amount of such participation. 
 (e) Unless the Administrative Agent shall have received notice from the Administrative Borrower prior to
the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the applicable Borrowers have made
such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the applicable Borrowers have not in
fact made such payment, then each of such Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank with interest thereon,
for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation. 
 (f) If any Lender shall fail to make any payment required to be made by
it pursuant to Section 2.04(b), 2.05, 2.06(b), 2.07, 2.18(e) or 8.07, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter
received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under any such Section until all such unsatisfied obligations are fully paid. 

SECTION 2.19 Mitigation Obligations; Replacement of Lenders. If any Lender requests compensation under Section 2.15, or if the
Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then: 

  
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 (a) such Lender shall use reasonable efforts to designate a different lending office for funding
or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Sections 2.15 or 2.17, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender (and the Borrowers hereby agree
to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment); and 
 (b) the
Borrowers may, at their sole expense and effort, require such Lender or any Defaulting Lender (such Lender or Defaulting Lender herein, a “Departing Lender”), upon notice from the Administrative Borrower to the Departing Lender and
the Administrative Agent, to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.05), all its interests, rights and obligations under this Agreement to an Eligible Assignee that
shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrowers shall have received the prior written consent of the Administrative Agent and the Issuing Bank, which
consent shall not unreasonably be withheld, (ii) the Departing Lender shall have received payment of an amount equal to the outstanding principal of its Loans and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable
to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the applicable Borrowers (in the case of all other amounts), and (iii) in the case of any such assignment resulting from a claim for
compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. A Departing Lender shall not be required to make any such
assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. 

SECTION 2.20 Indemnity for Returned Payments. If after receipt of any payment which is applied to the payment of all or any part
of the Obligations, the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to
be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason, then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full
force as if such payment or proceeds had not been received by the Administrative Agent or such Lender and the Borrowers shall be liable to pay to the Administrative Agent and the Lenders, and each Borrower hereby indemnifies the Administrative Agent
and the Lenders and holds the Administrative Agent and the Lenders harmless for the amount of such payment or proceeds surrendered. The provisions of this Section 2.20 shall be and remain effective notwithstanding any contrary action
which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds, and any such contrary action so taken shall be without prejudice to the Administrative Agent’s and the Lenders’
rights under this Agreement and shall be deemed to have been conditioned upon such payment or application of proceeds having become final and irrevocable. The provisions of this Section 2.20 shall survive the termination of this Agreement.

  
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 Conformed Amended and
Restated Credit Agreement – Independence Contract Drilling 
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 SECTION 2.21 Defaulting Lenders . In the event that any Lender becomes a Defaulting
Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
 (a) such Defaulting Lender’s
Commitment and outstanding Loans shall be excluded for purposes of calculating the fee payable to Lenders in respect of Section 2.12(a), and such Defaulting Lender shall not be entitled to receive any fee pursuant to Section 2.12(a)
with respect to such Defaulting Lender’s Commitment or Loans. 
 (b) the Commitments and Loans of such Defaulting Lender shall not be
included in determining whether all Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 9.03), provided that any waiver, amendment or
modification requiring the consent of each affected Lender which affects such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender. 

(c) in the event a Defaulting Lender has defaulted on its obligation to fund any Loan, or purchase any participation pursuant to Section
2.05(b) or Section 2.06(b) hereof, until such time as the Default Excess with respect to such Defaulting Lender has been reduced to zero, any prepayments or repayments on account of the Loans or participations purchased pursuant to
Section 2.05(b) or Section 2.06(b) shall be applied to the Loans and funded participations of other Lenders as if such Defaulting Lender had no Loans or funded participations outstanding. 

(d) If any Swingline Loans or Letter of Credit Obligations are outstanding at the time a Lender becomes a Defaulting Lender then: 

(i) all or any part of such Swingline Loans and Letter of Credit Obligations shall be reallocated among the non-defaulting Lenders in
accordance with their respective Applicable Percentage of the total Commitment provided that no Lender’s Exposure shall exceed its Commitment; 

(ii) if the reallocation described in paragraph (i) above cannot, or can only partially, be effected, the Borrowers shall within one Business
Day following notice by the Administrative Agent (A) first, prepay the amount of the Swingline Loans equal to Defaulting Lender’s Applicable Percentage thereof after giving effect to any partial reallocation pursuant to paragraph (i) above and
(B) second, cash collateralize such Defaulting Lender’s Applicable Percentage of Letter of Credit Obligations (after giving effect to any partial reallocation pursuant to paragraph (i) above) in accordance with the procedures set forth in
Section 2.06(c) and for so long as any such Letter of Credit Obligations are outstanding; 
 (iii) if the Borrowers cash
collateralize any portion of such Defaulting Lender’s Applicable Percentage of Letter of Credit Obligations pursuant to this Section 2.21(d), the Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to
Section 2.06(d) with respect to the portion of such Defaulting Lender’s Applicable Percentage of Letter of Credit Obligations which have been cash collateralized (and the Defaulting Lender shall not be entitled to receive any such fees);

  
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 (iv) if the Defaulting Lender’s Applicable Percentage of Letter of Credit Obligations are
reallocated pursuant to this Section 2.21, then the letter of credit fees payable to the non-defaulting Lenders pursuant to Section 2.06(d) shall be adjusted accordingly; and 

(v) if any Defaulting Lender’s Applicable Percentage of Letter of Credit Liabilities is not cash collateralized or reallocated pursuant
to this Section 2.21(d), then without prejudice to any rights or remedies of the Issuing Bank hereunder, all letter of credit fees payable under Section 2.06(d) with respect to such Defaulting Lender’s Applicable Percentage of
Letter of Credit Obligations shall be payable to the Issuing Bank. 
 (e) So long as any Lender is a Defaulting Lender, the Swingline Lender
shall not be required to fund any Swingline Loan and no Issuing Bank shall be required to issue, extend or increase any Letter of Credit unless it is reasonably satisfied that the related exposure will be 100% covered by the Commitments of the
non-defaulting Lenders and/or cash collateral will be provided by the Borrowers in accordance with Section 2.06(c), and participating interests in any such newly issued, extended or increased Letter of Credit or newly made Swingline Loan
shall be allocated among non-defaulting Lenders in a manner consistent with Section 2.21(d)(i) (and Defaulting Lenders shall not participate therein). 

(f) In the event that the Administrative Agent, the Issuing Bank and the Swingline Lender each agrees that a Defaulting Lender has adequately
remedied all matters which caused such Lender to become a Defaulting Lender, then the Applicable Percentages of Swingline Loans and Letter of Credit Obligations of the Lenders shall be readjusted to reflect the inclusion of such Lender’s
Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) or participations in the Loans as the Administrative Agent shall determine may be necessary in order for such Lender to
hold such Loans or participations in accordance with its Applicable Percentage. 
 (g)
TheSubject to Section 9.22, the rights and remedies with respect to a Defaulting Lender under this Section 2.21 are in addition to any other rights and remedies
which the Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender, as applicable, may have against such Defaulting Lender. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

The Borrowers represent and warrant to the Administrative Agent, the Lenders and the Issuing Bank that: 

SECTION 3.01 Organization; Powers. Each of the Loan Parties and each of its Subsidiaries is duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to own its properties and to carry on its business as now conducted and, except where the failure to so qualify could not reasonably be
expected to have a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

  
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 SECTION 3.02 Authorization; Enforceability. The Transactions are within each Loan
Party’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action. The Loan Documents to which each Loan Party is a party have been duly executed and delivered by such Loan Party and
constitute a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and
subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 SECTION 3.03
Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in
full force and effect and except any filings of the Mortgages or any of the foregoing which are immaterial in nature and except for filings necessary to perfect Liens created under the Loan Documents, as contemplated by Section 3.16, (b) will
not violate any applicable law or regulation or the charter, by-laws or other organizational documents of any Loan Party or its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any material
indenture, agreement or other instrument binding upon any Loan Party or its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by any Loan Party or its Subsidiaries and (d) will not result in the
creation or imposition of any Lien on any asset of any Loan Party or its Subsidiaries except Liens created under the Loan Documents. 

SECTION 3.04 Financial Condition; No Material Adverse Change. 

(a) The Pro Forma Information (including the notes thereto), copies of which have heretofore been furnished to each Lender, has been prepared
giving effect (as if such events had occurred on such date) to (i) consummation of the Transactions, (ii) the Loans and other extensions of credit hereunder to be made on the Effective Date and the use of proceeds thereof and (iii) the payment of
fees and expenses in connection with the foregoing. The Pro Forma Information has been prepared based on good faith estimates and assumptions believed to be reasonable at the time made, it being recognized by the Lenders that such information
as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such the financial plan and forecast may differ materially from the projected results. 

(b) ICD has heretofore furnished to the Lenders (i) audited combined balance sheets of ICD as of each of the Fiscal Years ending in December
31, 2012 and December 31, 2013 and the notes thereto and the related combined statements of operations, shareholders’ equity and cash flows of ICD for the Fiscal Years then ended and (ii) unaudited combined balance sheets of ICD as of the
Fiscal Quarter ending June 30, 2014 and the related combined statements of operations, shareholders’ equity and cash flows of ICD for the Fiscal Quarter then ended (subject to non-cash income adjustments related to derivative liability with
respect to Capital Stock of ICD consisting of warrants, tax liability and other items agreed to by the Administrative Agent). Such financial statements present fairly, in all material respects, the financial position and results of

  
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operations and cash flows of ICD as of such dates and for such periods in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes in the case of the
statements referred to in clauses (ii) and (iii) above. 
 (c) Since December 31, 2013 there has been no change in the business, assets,
operations, prospects or condition, financial or otherwise, of the Loan Parties and their Subsidiaries, taken as a whole, which could reasonably be expected to have a Material Adverse Effect. 

SECTION 3.05 Intellectual Property. Each Loan Party and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames,
copyrights, patents and other intellectual property necessary to the current and future anticipated conduct of the Loan Parties’ and their Subsidiaries’ business, a correct and complete list of which, as of the
ThirdFourth Amendment Effective Date and after giving effect to the consummation of the Transactions, is set forth on Schedule 3.05, and the use thereof by the Loan
Parties and their Subsidiaries does not infringe in any material respect upon the rights of any other Person, and the Loan Parties either (i) own the entire right, title and interest thereto or (ii) hold such interest pursuant to a valid, subsisting
and enforceable license. 
 SECTION 3.06 Litigation. There are no actions, suits, proceedings or investigations by or before any
arbitrator or Governmental Authority pending against or, to the knowledge of any Loan Party, threatened against or affecting any Loan Party or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and
that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement, any other Loan Document or the Transactions.

SECTION 3.07 Compliance with Laws. Each Loan Party and each of its Subsidiaries is in compliance with all laws, regulations and
orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is
continuing. 
 SECTION 3.08 Investment and Holding Company Status. No Loan Party nor any of its Subsidiaries is, nor is controlled by
a company that is, an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 

SECTION 3.09 Taxes. Except as disclosed on Schedule 3.09, each Loan Party and its Subsidiaries has timely filed or caused
to be filed all federal and other material Tax returns and reports required to have been filed by it and has paid or caused to be paid all Taxes required to have been paid by it, except (x) Taxes that are being Properly Contested and (y) other Taxes
not exceeding $250,000 in the aggregate the non-payment of which, in the aggregate, is not reasonably expected to have a Material Adverse Effect. Except as disclosed on Schedule 3.09, no Tax liens have been filed and no material claims
have been asserted in writing with respect to any such Taxes. 
 SECTION 3.10 ERISA. 

  
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 (a) No ERISA Event has occurred or is reasonably expected to occur that, when taken together with
all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the
assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by an amount that could reasonably be expected to result in a
Material Adverse Effect the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting
Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $250,000 the fair market value of the assets of all such underfunded Plans. 

(b) No Non-U.S. Plan has incurred any unfunded liability which could reasonably be expected to give rise to a Material Adverse Effect. 

(c) Except as required by applicable law, or which could not reasonably be expected to give rise to a Material Adverse Effect, neither the
Borrowers nor any Subsidiary thereof maintains, sponsors or contributes to any plan, policy or arrangement that provides medical benefits to retirees or their beneficiaries. 

SECTION 3.11 Disclosure. Each Loan Party and its Subsidiaries have disclosed to the Administrative Agent and the Lenders all
agreements, instruments and corporate or other restrictions to which they are subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the
reports, financial statements, certificates or other information furnished by or on behalf of the Borrowers to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or
supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided that, with respect to projected financial information, the Borrowers represent only that such projected statements are based on good faith estimates and assumptions believed to be reasonable at the time made. 

SECTION 3.12 Material Agreements. 

(a) As of the Original Closing Date, each Loan Party has provided to Administrative Agent or its counsel, on behalf of Lenders, accurate and
complete copies (or summaries) of all of the following agreements or documents to which it is subject (the “Material Agreements”) and each of which is listed in Schedule 3.12: (i) supply agreements and purchase agreements not
terminable by such Loan Party within sixty (60) days following written notice issued by such Loan Party and involving transactions in excess of $250,000 per annum; (ii) leases of equipment having a remaining term of one year or longer and requiring
aggregate rental and other payments in excess of $250,000 per annum; (iii) licenses and permits held by the Loan Parties, the absence of which could be reasonably likely to have a Material Adverse Effect; (iv) instruments and documents
evidencing any Indebtedness of such Loan Party in excess of $250,000 and any Lien granted by such Loan Party with respect thereto; (v) instruments and agreements 

  
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evidencing the issuance of any equity securities, warrants, rights or options to purchase equity securities of such Loan Party; (vi) its daywork drilling contracts and (vii) any other agreement
to which a Loan Party is a party in interest the absence of which could be reasonably likely to have a Material Adverse Effect. 
 (b)
Except as disclosed in Schedule 3.12, no material breach or material default (or event or condition, which after notice or lapse of time, or both, would constitute a material breach or material default) has occurred under (i) any material
contract to which any Borrower is a party or (ii) any instrument or agreement governing Material Indebtedness. 
 SECTION 3.13
Solvency. 
 (a) Immediately after the consummation of the Transactions and immediately following the making of each Borrowing and
the issuance of each Letter of Credit, if any, and after giving effect to the application of the proceeds of such Borrowing or such issuance of a Letter of Credit, with respect to any Loan Party, (i) the fair value of the assets of each Loan Party,
at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable value of the property of each Loan Party will be greater than the amount that will be required to pay the probable
liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) each Loan Party will be able to pay its debts and liabilities, subordinated, contingent or
otherwise, as such debts and liabilities become absolute and matured; and (iv) each Loan Party will not have unreasonably small capital with which to conduct the businesses in which it is engaged as such businesses are now conducted and are proposed
to be conducted after the ThirdFourth Amendment Effective Date. 

(b) No Loan Party intends to, or will permit any of its Subsidiaries to, and believes that it or any of its Subsidiaries will, incur debts
beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such Subsidiary and the timing of the amounts of cash to be payable on or in respect of its Indebtedness or the
Indebtedness of any such Subsidiary. 
 SECTION 3.14 Capitalization and Subsidiaries. As of the
ThirdFourth Amendment Effective Date and after giving effect to the consummation of the Transactions, Schedule 3.14 sets forth (a) a correct and complete list of the
name and relationship to ICD of each and all of ICD’s Subsidiaries, (b) a true and complete listing of each class of each Loan Party’s authorized Capital Stock, of which all of such issued shares are validly issued, outstanding, fully paid
and non-assessable, and (c) the type of entity of each Loan Party and each of its Subsidiaries. All of the issued and outstanding Capital Stock owned by any Loan Party has been (to the extent such concepts are relevant with respect to such ownership
interests) duly authorized and issued and is fully paid and non-assessable. 
 SECTION 3.15 Common Enterprise. The successful
operation and condition of each of the Loan Parties is dependent on the continued successful performance of the functions of the group of the Loan Parties as a whole and the successful operation of each of the Loan Parties is dependent on the
successful performance and operation of each other Loan Party. Each Loan Party expects to derive benefit (and its board of directors or other governing body has determined 

  
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that it may reasonably be expected to derive benefit), directly or indirectly, from (i) successful operations of each of the other Loan Parties, and (ii) the credit extended by the Lenders to the
Borrowers hereunder, both in their separate capacities and as members of the group of companies. Each Loan Party has determined that execution, delivery, and performance of this Agreement and any other Loan Documents to be executed by such Loan
Party is within its purpose, will be of direct and indirect benefit to such Loan Party, and is in its best interest. 
 SECTION 3.16
Security Interest in Collateral. The provisions of this Agreement and the other Loan Documents create legal and valid Liens on all the Collateral in favor of the Collateral Agent, for the benefit of the Collateral Agent and the Secured
Parties, and the filing, recording or registering of financing statements or analogous documents under other applicable personal property security laws in the jurisdictions listed on Schedule 3.16, and the recording of the Mortgages in the
offices listed on Schedule 3.16, the filing of the Patent Security Agreement and Trademark Security Agreement with the U.S. Patent and Trademark Office and the filing of the Copyright Security Agreement with the United States Copyright
Office, all of which filings were made on the Original Closing Date, constitute perfected and continuing Liens on the Collateral, securing the Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over
all other Liens on the Collateral except for (a) Permitted Encumbrances, to the extent any such Permitted Encumbrances would have priority over the Liens in favor of the Collateral Agent pursuant to any applicable law, and (b) Liens perfected only
by possession (including possession of any certificate of title) to the extent the Collateral Agent has not obtained or does not maintain possession of such Collateral. 

SECTION 3.17 Labor Matters. As of the ThirdFourth
Amendment Effective Date and after giving effect to the consummation of the Transactions (a) except as set forth on Schedule 3.17, there is no collective bargaining agreement or other material labor contract covering employees of any Loan
Party or any of its Subsidiaries, (b) no union or other labor organization is seeking to organize, or to be recognized as, a collective bargaining unit of employees of any Loan Party or any of its Subsidiaries or for any similar purpose, and (c)
there is no pending or (to the best of the Borrowers’ knowledge) threatened, strike, work stoppage, material unfair labor practice claim, or other material labor dispute against or affecting any Loan Party or any of its Subsidiaries or
employees. 
 SECTION 3.18 Affiliate Transactions. Except for customary board of director’s fees payable to
BorrowerBorrowers’s board members (other than a member who is also a controlling shareholder) in the Ordinary Course of Business or as set forth on
Schedule 3.18, as of the ThirdFourth Amendment Effective Date and after giving effect to the consummation of the Transactions, there are no existing or proposed
agreements, arrangements, understandings, or transactions between any Loan Party and any Affiliates (other than Subsidiaries) of any Loan Party or any members of their respective immediate families. 

SECTION 3.19 [Reserved].

SECTION 3.20 Broker’s and Transaction Fees. No Loan Party has any obligation to any Person in respect of any
finder’s, broker’s or investment banker’s fees in connection with the Transactions. 

  
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 SECTION 3.21 Title; Real Property. Each Loan Party has good and marketable title to, or
valid leasehold interests in, all real or immovable property and good title to all personal or movable property, in each case that is purported to be owned or leased by it, including those reflected on the most recent financial statements delivered
by the Loan Parties or purported to have been acquired by any Loan Party after the date of such financial statements (except as sold or otherwise disposed of since such date as permitted by this Agreement), and none of such properties and assets is
subject to any Lien, except Liens permitted under Section 6.02. The Loan Parties have received all requisite deeds, assignments, waivers, consents, non-disturbance and recognition or similar agreements, bills of sale and other documents in
respect of, and have duly effected all recordings, filings and other actions necessary to establish, protect and perfect, the Loan Parties’ right, title and interest in and to all such property that is included in the Borrowing Base. 

(a) Set forth on Schedule 3.21 is a complete and accurate list of all real or immovable property owned, leased, licensed or otherwise
used in the operations of the business of each Loan Party and showing the current street address (including, where applicable, county, state and other relevant jurisdictions), record owner (if owned) or leasehold interest holder and, (if leased)
lessee or other user thereof. Each of such leases and subleases is valid and enforceable in accordance with its terms (except as such enforceability may be subject to or limited by bankruptcy, insolvency, reorganization or other similar laws) and is
in full force and effect, and to each Loan Party’s knowledge, no default by any party to any material lease or material sublease exists. 

(b) Except as set forth on Schedule 3.21 as of the
ThirdFourth Amendment Effective Date, no Loan Party owns or holds, or is obligated under, subject to or a party to, any lease, option, right of first refusal or other right
(contractual or otherwise) to purchase, acquire, sell, assign, dispose of or lease any Mortgaged Property or any material real or immovable property of such Loan Party. 

SECTION 3.22 Environmental. Except as set forth on Schedule 3.22: 

(a) The operations of each Loan Party are and have been for the past four years in compliance with all applicable Environmental Laws, other
than (i) any past non-compliance for which there are no remaining obligations or liabilities, and (ii) non-compliances that, in the aggregate, would not have a reasonable likelihood of resulting in a Material Adverse Effect. 

(b) No Lien in favor of any Governmental Authority securing, in whole or in part, Environmental Liabilities is attached to any property of any
Loan Party and, to the knowledge of any Loan Party, no facts, circumstances or conditions exist that could reasonably be expected to result in any such Lien attaching to any such property. 

(c) No Loan Party has caused or suffered to occur a Release of Hazardous Materials on, at, in, under, above, to, or from any real or immovable
property of any Loan Party and each such real or immovable property is free of contamination by any Hazardous Materials except for such Release or contamination that could not reasonably be expected to result, in the aggregate, in a Material Adverse
Effect. 

  
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 (d) No Loan Party, or to its knowledge, any corporate predecessor, (i) is or has been engaged in
operations, or (ii) knows of any facts, circumstances or conditions, including receipt of any information request or notice of potential responsibility under CERCLA or similar Environmental Laws, that, in the aggregate, would have a reasonable
likelihood of resulting in Environmental Liabilities, except as could not reasonably be expected to result, in the aggregate, in a Material Adverse Effect. 

(e) Each Loan Party has made available to the Administrative Agent copies of the environmental reports, reviews and audits and other documents
pertaining to actual or potential Environmental Liabilities set forth on Schedule 3.22. 
 SECTION 3.23
Insurance. Schedule 3.23 sets forth a description of all insurance maintained by or on behalf of the Loan Parties as of the ThirdFourth Amendment
Effective Date. Each insurance policy listed in Schedule 3.23 is in full force and effect as of the ThirdFourth Amendment Effective Date and all premiums in respect
thereof that are due and payable as of the ThirdFourth Amendment Effective Date have been paid. 

SECTION 3.24 Deposit Accounts. Schedule 3.24 lists all banks and other financial institutions at which any Loan Party or
any of its Subsidiaries maintains deposit or other accounts as of the ThirdFourth Amendment Effective Date, including any Payment Accounts, and such Schedule correctly
identifies the name of each depository, the name in which the account is held, a description of the purpose of the account and the complete account number therefor. 

SECTION 3.25 Customer and Trade Relations. As of the
ThirdFourth Amendment Effective Date, there exists no actual or, to the knowledge of any Loan Party, threatened termination or cancellation of, or any material adverse
modification or change in the business relationship of any Loan Party or any of its Subsidiaries with any customer or group of customers whose purchases during the preceding twelve (12) months caused them to be ranked among the ten largest customers
of such Loan Party or Subsidiary; or the business relationship of any Loan Party or any of its Subsidiaries with any supplier material to its operations. 

SECTION 3.26 Patriot Act. Each Loan Party is in compliance, in all material respects, with the (i) the Trading with the Enemy Act,
as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (ii) the Uniting And
Strengthening America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism (USA Patriot Act of 2001). No part of the proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental
official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the
United States Foreign Corrupt Practices Act of 1977, as amended. Without limiting the foregoing, each Loan Party represents and warrants that neither it nor any of its Subsidiaries nor any director, officer, or employee thereof, nor, to
the Borrowersuch Loan Party’s knowledge, any, agent, affiliate or representative of the
Borrowersuch Loan Party, is an individual or entity that is, or is owned or controlled by a Person that is: (i) the subject of any sanctions administered or enforced by the U.S.
Department of Treasury’s Office of Foreign Assets Control, the United 

  
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Nations Security Council, the European Union or Her Majesty’s Treasury (collectively, “Sanctions”), nor (ii) located, organized or resident in a country or territory that is
the subject of Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, Libya, North Korea, Sudan and Syria). Further, each Loan Party represents and warrants that it will not, directly or indirectly, use the proceeds of the Loans in the
offering, or to lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: (i) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at
the time of such funding or facilitation, is the subject of Sanctions; or (ii) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor,
investor or otherwise). 
 SECTION 3.27 Rigs. Set forth in Schedule 3.27 hereto is a complete record of all Rigs owned by each
Borrower as of the ThirdFourth Amendment Effective Date including (on a Rig-by-Rig basis): (a) identification of the rig number of each Rig and the owner thereof, (b)
identification of the location of each Rig (by county and state), (c) a notation of whether or not the Rig is operating under a drilling contract at a customer’s working job site and (d) whether such Rig is covered or required to be covered by
a certificate of title and the state of issuance thereof. The Administrative Agent shall at all times have access, to the extent any Borrower has the power to grant the Administrative Agent such access, to the Rigs located on such property, and
unless otherwise agreed to by the Administrative Agent, the Administrative Agent shall have the right to enter on such property and to remove such Rigs therefrom without interference from, or imposition of any Lien on, such Rig by any owner,
landlord, tenant or other Person with an interest in such property. Each Rig (i) constitutes goods which are movable, of a type normally used in more than one jurisdiction and not designed to be permanently used in any one location; and (ii) is not
a fixture under the laws of any jurisdiction in which any such Rig is located. Each Rig is neither a “motor vehicle” nor property of the type such that the perfection of a Lien with respect to such Rig would be governed by a
certificate-of-title statute and would not be governed exclusively by the UCC. Each Borrower has delivered to the Administrative Agent true, correct and complete copies of its model turnkey contract and its daywork drilling contracts. Each Borrower
represents and warrants that such contracts are not and will not constitute chattel paper or instruments. 
 ARTICLE IV 

CONDITIONS 
 SECTION
4.01 Effective Date. The obligations of the Lenders to make the initial Loans and the obligation of the Issuing Bank to provide or assist the Borrowers in obtaining initial Letters of Credit hereunder shall become effective on the date on
which, in addition to the satisfaction of the conditions precedent set forth in Section 4.02, each of the following conditions is satisfied (or waived in accordance with Section 9.03), unless the satisfaction of such item is postponed
pursuant to Section 5.14: 
 (a) Executed Loan Documents. This Agreement, the Collateral Documents and the other Loan
Documents shall have been duly executed by each Loan Party that is to be a party thereto and shall be in full force and effect on the Effective Date. The Collateral Agent on behalf of the Secured Parties shall, upon the filing of the applicable
documentation, have a security interest in the Collateral of the type and priority described in each Collateral Document; 

  
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 (b) Certified Organizational Documents, Etc. The Administrative Agent shall have
received each of the following documents, all of which shall be reasonably satisfactory in form and substance to the Administrative Agent: 

(i) certified copies of the certificate of incorporation, certificate of limited partnership, or comparable organizational document of each
Loan Party, with all amendments, if any, certified by the appropriate Governmental Authority, and the bylaws, regulations, operating agreement or similar governing document of each Loan Party, in each case certified by the corporate secretary,
general partner or comparable authorized representative of such Loan Party, as being true and correct and in effect on the Effective Date; 

(ii) certificates of incumbency and specimen signatures with respect to each Person authorized to execute and deliver this Agreement and the
other Loan Documents on behalf of each Loan Party and each other Person executing any document, certificate or instrument to be delivered in connection with this Agreement and the other Loan Documents and, in the case of each Borrower, to request
Borrowings and the issuance of Letters of Credit; 
 (iii) a certificate evidencing the existence of and good standing of each Loan Party
from the Secretary of State of its jurisdiction of organization and each other jurisdiction in which such Person is qualified to do business or in which the failure of such Person to be so qualified would result in a Material Adverse Effect; and

 (iv) copies of all resolutions adopted and actions taken by each Loan Party to authorize the execution, delivery, and performance of
this Agreement, the other Loan Documents, and the Borrowings and the issuance of Letters of Credit, as applicable, in each case, certified by the corporate secretary, general partner or comparable authorized representative of such Loan Party, as
being in effect on the Effective Date; 
 (c) Certificates. The Administrative Agent shall have received each of the following
documents, all of which shall be reasonably satisfactory in form and substance to the Administrative Agent: 
 (i) a certificate of each
Loan Party dated the Effective Date and signed by a Financial Officer: 
 (A) stating that all of the representations and warranties made
or deemed to be made under the Loan Documents are true and correct as of the Effective Date (or if made with respect to another date, as of such other date); 

(B) stating that no Default or Event of Default exists at the time of and immediately after giving effect to the Borrowings and/or issuances
of Letters of Credit on the Effective Date; 
 (C) specifying the account of the Borrowers to which the Administrative Agent is authorized
to transfer the proceeds of the Loans; 

  
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 (ii) a certificate from the chief financial officer of each Loan Party dated the Effective Date,
certifying that such Loan Party, after giving effect to the consummation of the Transactions occurring on the Effective Date, is Solvent; 

(iii) a Borrowing Base Certificate effective as of the Business Day preceding the day such initial Loans are to be funded or any such Letter
of Credit is to be issued; and 
 (iv) a certificate setting forth the deposit accounts of the Borrowers (the “Funding
Accounts”) to which the Administrative Agent is authorized by the Borrowers to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement; 

(d) Letter of Credit Deliverables. With respect to any Letter of Credit to be issued on the Effective Date, all documentation
required by Section 2.06, duly executed; 
 (e) Opinion of Counsel. Signed opinion of counsel for the Loan Parties
addressed to the Agents and the Lenders and dated the Effective Date, opining as to such matters in connection with this Agreement, the Collateral Documents, the other Loan Documents and the Transactions as the Agents may reasonably request, such
opinion to be in a form, scope, and substance reasonably satisfactory to the Agents and their counsel; 
 (f) Collateral
Questionnaire. The Collateral Agent shall have received a Collateral Questionnaire with respect to the Loan Parties dated the Effective Date and duly executed by an Authorized Officer of the Loan Parties, and shall have received the results
of a search of the Uniform Commercial Code filings (or equivalent filings) made with respect to the Loan Parties in the states (or other jurisdictions) of formation or other jurisdictions as reasonably requested by the Administrative Agent, together
with copies of the financing statements (or similar documents) disclosed by such search, and accompanied by evidence reasonably satisfactory to the Collateral Agent that the Liens indicated in any such financing statement (or similar document) would
be permitted under Section 6.02 or have been or will be contemporaneously released or terminated; 
 (g) Financial Statements.

 (i) The Administrative Agent and Lenders shall have received and be reasonably satisfied with the form of monthly pro forma consolidated
profit and loss statements, balance sheets and cash flow projections (including detailed capital expenditures) for the first full year after the Effective Date for the Borrowers and their Subsidiaries, and on an annual basis thereafter for the next
two years (the “Pro Forma Information”), and such Pro Forma Information, taken as a whole, shall not be inconsistent in a material and adverse manner with any pro forma information or projections delivered to the Administrative
Agent and Lenders prior to the Effective Date. The Pro Forma Information shall have been prepared based upon good faith estimates and assumptions believed by management of the Borrowers to be reasonable at the time made and shall contain adequate
text explaining the significant assumptions on which they were based; 

  
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 (ii) The Administrative Agent and Lenders shall have received the financial statements and
reports referred to in Section 3.04(b) and such financial statements and reports shall not be materially inconsistent with the financial statements and reports previously provided to the Administrative Agent and Lenders prior to the Effective
Date. The Administrative Agent shall be satisfied that no Material Adverse Effect has occurred since December 31, 2013; 
 (h) Capital
Structure, Management and Capitalization. The capital structure and shareholder, management or similar agreements with respect to the Borrowers and their Subsidiaries, and all documentation relating to the contributions of their direct and
indirect equity holders, shall be satisfactory to the Administrative Agent; 
 (i) Use of Proceeds. The Administrative Agent
shall have received a breakdown of all uses of proceeds of any Loans to be made on the Effective Date, including fees and expenses, and approved to its satisfaction that such Loan proceeds will be used in conformity with Section 5.08; 

(j) Availability. Upon making the initial Loans (including such Loans made to finance the fees, costs, and expenses then payable
under this Agreement and the other Loan Documents) and issuing any Letters of Credit on the date of making the initial Loans, Availability shall not be less than $75,000,000. 

(k) Discharge of Liens. The Agents shall have received evidence that all Liens (other than Permitted Encumbrances) affecting the
assets of the Loan Parties have been or will be discharged on or before the Effective Date; 
 (l) Possessory Collateral. The
Collateral Agent shall have received all possessory collateral required pursuant to the Collateral Documents, duly endorsed in a manner satisfactory to the Collateral Agent indicating the Collateral Agent’s security interest therein; 

(m) Landlord Waivers and Consents. The Borrowers shall have used commercially reasonable efforts to cause to be delivered to the
Collateral Agent landlord waivers and consents, each in a form reasonably satisfactory to the Collateral Agent, from all landlords at all properties leased by any Loan Party; 

(n) No Other Indebtedness. Immediately after giving effect to the Transactions and the other transactions contemplated hereby, no
Loan Party shall have any outstanding Indebtedness other than (a) Indebtedness outstanding under the Loan Documents and (b) Indebtedness permitted by Section 6.01; 

(o) Fees and Expenses. The Borrowers shall have paid all fees and expenses of the Agents incurred in connection with any of the
Loan Documents and the transactions contemplated thereby in each case to the extent invoiced; 
 (p) USA PATRIOT Act. The Lenders
shall have received all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act; 

  
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 (q) Governmental and Third Party Approvals. All governmental and third party
approvals necessary in connection with this Agreement and the other Loan Documents shall have been obtained and be in full force and effect, and all waiting periods shall have expired without any action being taken or threatened by any authority
that would restrain or otherwise impose adverse conditions on this Agreement or the other Loan Documents; and 
 (r) The Agents shall have
received such other documents and instruments as the Agents or any Lender may reasonably request. 
 The acceptance by the Borrowers of any Loans made or
Letters of Credit issued on the Effective Date shall be deemed to be a representation and warranty made by the Borrowers to the effect that all of the conditions precedent to the making of such Loans or the issuance of such Letters of Credit have
been satisfied (other than such conditions that are subject to the satisfaction of the Lenders or Agents), with the same effect as delivery to the Agents and the Lenders of a certificate signed by an Authorized Officer of the Borrowers, dated the
Effective Date, to such effect. Execution and delivery to the Administrative Agent by a Lender of a counterpart of this Agreement shall be deemed confirmation by such Lender that (i) all conditions precedent in this Section 4.01 have
been fulfilled to the satisfaction of such Lender, (ii) the decision of such Lender to execute and deliver to the Administrative Agent an executed counterpart of this Agreement was made by such Lender independently and without reliance on an Agent
or any other Lender as to the satisfaction of any condition precedent set forth in this Section 4.01, and (iii) all documents sent to such Lender for approval, consent, or satisfaction were acceptable to such Lender. 

SECTION 4.02 Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and the issuance of any
Letter of Credit (including any extension or renewal thereof or amendment thereto), in each case is subject to the satisfaction of the following conditions: 

(a) The representations and warranties of the Loan Parties set forth in this Agreement or any other Loan Document shall be true and correct in
all material respects on and as of the date of such Borrowing or issuance, as the case may be, except (i) to the extent that any such representation or warranty specifically refers to an earlier date, in which case they shall be true and correct in
all material respects as of such earlier date, (ii) that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects and (iii) that for purposes of
this Section 4.02, the representations and warranties contained in Section 3.04(b) shall be deemed to refer to the most recent financial statements delivered pursuant to Sections 5.01(a) and (c). 

(b) At the time of and immediately after giving effect to such Borrowing or issuance, no Default or Event of Default shall have occurred and
be continuing. 
 (c) After giving effect to any Revolving Borrowing or issuance, Availability is not less than zero. 

(d) In the case of any such Borrowing, the Administrative Agent shall have received a Borrowing Request pursuant to Section 2.03 and,
in the case of any such Letter of Credit, the Administrative Agent and Issuing Bank shall have received all documentation pursuant to Section 2.06(e). 

  
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 Each such Borrowing or issuance shall be deemed to constitute a representation and warranty by the Borrowers on
the date thereof as to the matters specified in Sections 4.02(a), (b), (c), and (d). 
 ARTICLE V 

AFFIRMATIVE COVENANTS 

Until the Commitments have expired or been terminated, the principal of and interest on each Loan and all other Obligations (other than
contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) shall have been paid in full and no Letter of Credit remains outstanding (unless cash collateralized in accordance with this Agreement), the
Borrowers jointly and severally covenant and agree with the Administrative Agent, the Collateral Agent and the Lenders that: 
 SECTION 5.01
Financial Statements; Borrowing Base and Other Information. The Borrowers will furnish to the Administrative Agent: 
 (a) within
ninety (90) days after the end of each fiscal year of ICD its audited consolidated and unaudited consolidating balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, together
with unaudited business segment reporting to the extent required by GAAP and the Securities and Exchange Commission, setting forth in each case in comparative form the figures for the previous fiscal year, which in the case of such consolidated
financial statements shall be reported on by independent public accountants of recognized national standing (without a “going concern” qualification, paragraph of emphasis or explanatory note or any like qualification, explanation or
exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of ICD and its
consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, accompanied by any management letter prepared by said accountants; 

(b) within 45 days after the end of each of the first three Fiscal Quarters of ICD, its consolidated and consolidating balance sheet and
related statements of operations, stockholders’ equity and cash flows as of the end of and for such Fiscal Quarter and the then elapsed portion of the fiscal year, together with unaudited business segment reporting to the extent required by
GAAP and the Securities and Exchange Commission, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified
by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of ICD and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject
to normal year-end audit adjustments and the absence of footnotes; 
 (c) within fifteen (15) Business Days after the end of each fiscal
month of ICD, its unaudited consolidated and consolidating balance sheet and related statements of operations and cash flows as of the end of and for such fiscal month and the then elapsed portion of the fiscal

  
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year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all
certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of ICD and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied,
subject to normal quarterly and year-end audit adjustments and the absence of footnotes; 
 (d) concurrently with any delivery of financial
statements under clauses (a) and (c) above, a certificate of a Financial Officer of the Administrative Borrower in substantially the form of Exhibit C (each such certificate being a “Compliance Certificate”) (i) certifying as
to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with
Section 6.11, and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 which affects the financial statements accompanying
such certificate and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate. If a quarterly adjustment reflected in the financial statements delivered under clause (b)
would render a previously delivered Compliance Certificate inaccurate or misleading, then concurrently with the delivery of financial statements under clause (b) above, the Administrative Borrower shall also deliver a Compliance Certificate; 

(e) concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that reported on such
financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default (which certificate may be limited to the extent required by accounting rules or guidelines); 

(f) not less than thirty (30) days prior to the end of each fiscal year, a copy of the financial plan and forecast (including a projected
consolidated and consolidating balance sheet, income statement and funds flow statement) of the Borrowers and their Subsidiaries for each month of the immediately succeeding fiscal year of ICD in form reasonably satisfactory to the Administrative
Agent; 
 (g) as soon as available but in any event within ten (10) days of the end of each calendar month and at such other times as may be
requested by the Administrative Agent, in each case as of the period then ended, a Borrowing Base Certificate and supporting information in connection therewith; 

(h) as soon as available but in any event within ten (10) days of the end of each calendar month and at such other times as may be requested
by the Administrative Agent, in each case as of the period then ended; 
 (i) a detailed aging of the Borrowers’ Accounts (1)
including all invoices aged by invoice date and (2) reconciled to the Borrowing Base Certificate delivered as of such date prepared in a manner reasonably acceptable to the Administrative Agent, together with a summary specifying the name, address,
and balance due for each Account Debtor; 

  
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 (ii) a Rig status report (indicating, among other details customarily required, a breakdown with
respect to each Rig by customer, location, daily contract rate and expected contract duration); 
 (iii) a worksheet of calculations
prepared by the Borrowers to determine Eligible Accounts and Eligible Completed Drilling Rigs, such worksheets detailing the Accounts and Rig Fleet Equipment excluded from Eligible Accounts and Eligible Completed Drilling Rigs and the reason for
such exclusion; 
 (iv) a reconciliation of the loan balance per the Borrowers’ general ledger to the loan balance under this
Agreement; and 
 (v) a schedule detailing the obligations of each Borrower and each of the Borrowers’ Subsidiaries in respect of any
Swap Agreement (for purposes of this subsection, the obligations of any Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Borrower or
such Subsidiary would be required to pay if such Swap Agreement were terminated at such time); 
 (i) promptly upon the request of the
Administrative Agent: 
 (i) copies of invoices in connection with the invoices issued by the Borrowers in connection with any Accounts,
credit memos, shipping and delivery documents, and other information related thereto; 
 (ii) copies of purchase orders, invoices, and
shipping and delivery documents in connection with any Rigs purchased by any Loan Party; and 
 (iii) a schedule detailing the balance of
all intercompany accounts of the Loan Parties; 
 (j) as soon as possible and in any event within twenty (20) days of filing thereof, copies
of all tax returns filed by any Loan Party with the Internal Revenue Service; 
 (k) as soon as possible and in any event within two-hundred
and seventy days after the close of the fiscal year of ICD, a statement of the unfunded liabilities of each Plan, certified as correct by an actuary enrolled under ERISA; 

(l) the Borrowers will furnish to the Agents each year at the time of delivery of the annual financial statements with respect to the
preceding Fiscal Year pursuant to paragraph (a) above a certificate of an Authorized Officer updating the information required pursuant to the Collateral Questionnaire or confirming that there has been no change in such information since the
Effective Date or the date of the most recent certificate delivered pursuant to this paragraph (m). 
 (m) promptly after the same become
publicly available, copies of all periodic and other reports, proxy statements and other materials filed by any Borrower or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the
functions of said Commission, or with any national securities exchange, or distributed by any Borrower to its shareholders generally, as the case may be; and 

  
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 (n) promptly following any request therefor, such other information regarding the operations,
business affairs and financial condition of any Borrower or any Subsidiary, or compliance with the terms of this Agreement as the Administrative Agent or any Lender may reasonably request. 

Notwithstanding anything to the contrary herein, other than with respect to non-cash income adjustments related to derivative liability with
respect to Capital Stock of ICD consisting of warrants, all financial statements delivered hereunder shall be prepared, and all financial covenants set forth in Section 6.11, shall be calculated without giving effect to any election under
Statement of Financial Accounting Standards 159 (or any similar accounting principle) permitting a Person to value its financial liabilities at the fair value thereof. 

SECTION 5.02 Notices of Material Events. The Borrowers will furnish to the Administrative Agent prompt written notice of the following:

 (a) the occurrence of any Default or Event of Default; 

(b) the assertion by the holder of any Indebtedness of any Loan Party in excess of $1,000,000 that any default exists with respect thereto or
that any Loan Party is not in compliance therewith; 
 (c) receipt of any notice of any governmental investigation or any litigation
commenced or threatened against any Loan Party that: (i) seeks damages in excess of $250,000; or (ii) seeks injunctive relief, alleges criminal misconduct or the violation of any law by any Loan Party or involves any product recall, in each case
which, if adversely determined, could reasonably be expected to have a Material Adverse Effect; 
 (d) any Lien (other than Permitted
Encumbrances) securing a claim or claims made or asserted against any of the Collateral; 
 (e) commencement of any proceedings contesting
any tax, fee, assessment, or other governmental charge in excess of $1,000,000; 
 (f) the opening of any new deposit account by any Loan
Party with any bank or other financial institution; 
 (g) any loss, damage, or destruction to the Collateral in the amount of $1,000,000 or
more, whether or not covered by insurance; 
 (h) the discharge by any Loan Party of its present independent accountants or any withdrawal
or resignation by such accountants; 

  
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 (i) any and all default notices sent or received under or with respect to (i) any leased location
or (ii) public warehouse where Collateral included in the Borrowing Base is located (which shall be delivered within two (2) Business Days after receipt thereof); 

(j) the occurrence of any ERISA Event or underfunding of any Non-U.S. Plan that, alone or together with any other ERISA Events that have
occurred, could reasonably be expected to result in a liability for the Loan Parties and their Subsidiaries greater than $1,000,000; 
 (k)
(i) the occurrence of unpermitted Releases of Hazardous Material of which any Loan Party is aware, (ii) the receipt by any Loan Party of any notice of violation of or potential liability or similar notice under, or the existence of any condition
that could reasonably be expected to result in violations of or liabilities under, any Environmental Law or (iii) the commencement of, or any material change to, any action, investigation, suit, proceeding, claim, demand, dispute alleging a
violation of or liability under any Environmental Law, that, for each of clauses (i), (ii) and (iii) (and, in the case of clause (iii), if adversely determined), in the aggregate for each such clause, could reasonably be expected to result in
Environmental Liabilities in excess of $1,000,000; 
 (l) other than Rig Fleet Equipment damaged under normal working conditions and as a
result, repaired or out for repair in the Ordinary Course of Business, the occurrence of any damage, destruction, decommissioning or sale of any Rig Fleet Equipment with a replacement value of $1,000,000 or greater; and 

(m) any development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 

Each notice delivered under this Section 5.02 shall be accompanied by a statement of a Financial Officer or other Authorized Officer of
the Administrative Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 5.03 Existence; Conduct of Business. Each Borrower will, and will cause each other Loan Party and its Subsidiaries to, (a)
do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business, and maintain all requisite
authority to conduct its business in each jurisdiction in which its business is conducted, provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03 and (b) carry
on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted. 

SECTION 5.04 Payment of Obligations. Each Borrower will, and will cause each other Loan Party and its Subsidiaries to, pay or
discharge when due all Material Indebtedness and all other material liabilities and obligations, including taxes, except where the validity or amount thereof is being Properly Contested. 

SECTION 5.05 Maintenance of Properties and Intellectual Property Rights. Each Borrower will, and will cause each other Loan Party
and its Subsidiaries to, (a) keep and maintain 

  
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all property material to the conduct of its business in good working order and condition sufficient and advisable for the ordinary operations of such Loan Party, and (b) obtain and maintain in
effect at all times all material franchises, governmental authorizations, intellectual property rights, licenses and permits, which are necessary for it to own its property or conduct its business as conducted on the date of this Agreement. 

SECTION 5.06 Books and Records; Inspection Rights. Each Borrower will, and will cause each other Loan Party and its Subsidiaries to,
keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities in conformity with GAAP and all requirements of law. Each Borrower will, and
will cause each other Loan Party and its Subsidiaries to, permit any representatives or independent contractors designated by the Agents, upon reasonable prior notice, at the expense of the Borrowers, to visit and inspect its properties, to inspect
and verify the Collateral, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested;
provided that, Borrowers’ obligation to reimburse Agents for such inspections and verifications shall be limited to twice per calendar year so long as no Default or Event of Default exists and Availability exceeds $15,000,000. The
Borrowers acknowledge, and upon the request of the Administrative Agent will cause each other Loan Party to acknowledge, that the Agents, after exercising their right of inspection, may prepare and distribute to the Lenders certain Reports
pertaining to the Loan Parties’ assets for internal use by the Agents and the Lenders. 
 SECTION 5.07 Compliance with Laws.
Each Borrower will, and will cause each other Loan Party and its Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.08 Use of Proceeds and Letters of
Credit. The proceeds of the Loans will be used only (i) to pay fees and expenses in connection with the Transactions, (ii) finance the ongoing in-house fabrication of new drilling rigs and for contract drilling operations and (iii) for working
capital needs and general corporate purposes of the Borrowers and the other Loan Parties, including Permitted Acquisitions. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a
violation of any of the Regulations of the Board, including Regulations T, U and X or any other regulations of the Board or a violation of the Securities and Exchange Act of 1934, in each case as in effect on the date of the making of such Loan and
such use of proceeds. Letters of Credit will be issued only to support the working capital needs and general corporate purposes of the Borrowers and the other Loan Parties. Without limiting the foregoing, each Loan Party agrees that it
will not, directly or indirectly, use the proceeds of the Loans in offering, or to lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: (i) to fund or facilitate any activities or
business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions or would result in violation of the United States Foreign Corrupt Practices Act of 1977, as amended; or (ii)
in any other manner that will result in a violation of Sanctions or the United States Foreign Corrupt Practices Act of 1977, as amended by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or
otherwise). 

  
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 SECTION 5.09 Insurance. Each Borrower will, and will cause each other Loan Party and each
subsidiary of a Loan Party to, maintain with financially sound and reputable carriers against: (i) loss or damage by fire and loss in transit; (ii) theft, burglary, pilferage, larceny, embezzlement, and other criminal activities; (iii) business
interruption; (iv) general liability; and (v) and such other hazards, liabilities or risks, as is customary in the business of such Person. All such insurance shall be in amounts, cover such assets and be under policies reasonably acceptable to the
Agents. All policies covering the casualty of the Collateral are to be made payable to the Collateral Agent for the benefit of the Secured Parties, as its interests may appear, in case of loss, under a standard non-contributory “lender” or
“secured party” clause and are to contain such other provisions as the Collateral Agent may reasonably require to fully protect the Secured Parties’ interest in the Collateral and to any payments to be made under such policies. All
certificates of insurance are to be delivered to the Agents. In addition, each Borrower will provide loss payable and additional insured endorsements in favor of the Agents. Such endorsements shall provide for not less than thirty (30) days’
prior written notice to the Agents of the exercise of any right of cancellation and that any loss payable thereunder shall be payable notwithstanding any act or negligence of any Loan Party or any Secured Party which might, absent such agreement,
result in a forfeiture of all or a part of such insurance payment. The Borrowers will not, and will not permit any other Loan Party and its Subsidiaries to, use or permit any property to be used in any manner which would be reasonably likely to
render inapplicable any insurance coverage. The Borrowers will cause any insurance or condemnation proceeds received by any Loan Party to be immediately forwarded to the Collateral Agent and the Collateral Agent shall remit such proceeds to the
Administrative Agent to be applied to the reduction of the Obligations in accordance with Section 2.10(b). Original policies or certificates thereof reasonably satisfactory to the Agents evidencing such insurance shall be delivered to
the Agents at least 30 days prior to the expiration of the existing or preceding policies. For the avoidance of doubt, if any portion of the Collateral is located in an area identified by the Federal Emergency Management Agency as an area
having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968 (or any amendment or successor act thereto) for which the applicable Loan Party is eligible, then such Loan Party will
maintain with a financially sound and reputable insurer, flood insurance in an amount sufficient to comply with applicable rules and regulations promulgated pursuant to such Act. 

SECTION 5.10 Appraisals. At any time that the Administrative Agent or Collateral Agent requests (and in any event, no less frequently
than oncetwice per calendar year with respect to any Rig that has not been appraised pursuant to an FLV Appraisal completed within the immediately preceding
sixfour (64) month period), each Borrower will, and will cause each other Loan Party to, at the
sole expense of the Loan Parties, provide the Agents with appraisals or updates thereof of Rigs for which appraisals have not been performed in the immediately preceding
sixfour (4) month period from an appraiser selected and engaged by the Agents, and prepared on a basis satisfactory to the Agents, such appraisals and updates to include,
without limitation, information required by applicable law and regulations; provided, however, if no Default or Event of Default shall have occurred and be continuing and Availability at all times exceeds
$15,000,000,, only twothree
(23) such appraisals or updates (and two (2) of such 

  
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appraisals may, at the option of the Agents, be conducted on a desk-top basis) per calendar year shall be conducted at Borrowers’
expense; provided, further, that either Agent may require appraisals or updates more frequently at its own expense (and Borrowers shall cooperate in the completion of such appraisals and updates). Any access required to complete
any appraisal made pursuant to this Section 5.10 shall not constitute an “inspection” for purposes of Section 5.06. 

SECTION 5.11 Additional Collateral; Further Assurances. 

(a) The Borrowers will, unless the Required Lenders otherwise consent, cause each subsidiary of any Loan Party (excluding any Non-U.S.
Subsidiary) formed or acquired after the date of this Agreement in accordance with the terms of this Agreement to become a Borrower by executing this Agreement through a joinder agreement in form and substance reasonably satisfactory to the
Administrative Agent. Upon execution and delivery thereof, each such Person (i) shall automatically become a Loan Party hereunder and thereupon shall have all of the rights, benefits, duties, and obligations in such capacity under the Loan
Documents, and (ii) will grant Liens to the Collateral Agent, for the benefit of the Collateral Agent and the Secured Parties, in any property of such Loan Party which constitutes Collateral. 

(b) Each Borrower will, and will cause each other Loan Party to cause (i) 100% of the issued and outstanding Capital Stock of each of its
Subsidiaries (other than its Non-U.S. Subsidiaries) to be subject at all times to a first priority, perfected Lien (subject to Permitted Encumbrances) in favor of the Collateral Agent pursuant to the terms and conditions of the Loan Documents or
other security documents as the Collateral Agent shall reasonably request, and (ii) 65% of the issued and outstanding Capital Stock entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding
Capital Stock not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each Non-U.S. Subsidiary directly owned by any Borrower or any Subsidiary to be subject at all times to a first priority, perfected Lien (subject to
Permitted Encumbrances) in favor of the Collateral Agent pursuant to the terms and conditions of the Loan Documents or other security documents as the Collateral Agent shall reasonably request; provided that if, as a result of a change in
applicable law after the Effective Date, a pledge of a greater percentage than 65% of the issued and outstanding Capital Stock entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) could not reasonably be expected to cause (1)
undistributed earnings of such Non-U.S. Subsidiary (as determined for federal income tax purposes) to be treated as a deemed dividend to such Non-U.S. Subsidiary’s domestic parent or (2) other material adverse tax consequences, then the
Borrowers will take steps to cause such greater percentage to be subject to a first priority, perfected Lien (subject to Permitted Encumbrances) in favor of the Collateral Agent. 

(c) Without limiting the foregoing, each Borrower will, and will cause each other Loan Party and each subsidiary of a Loan Party which is
required to become a Loan Party pursuant to the terms of this Agreement to, execute and deliver, or cause to be executed and delivered, to the Agents such documents and agreements, and will take or cause to be taken such actions as any Agent may,
from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents, including but not limited to all items of the type required by Section 4.01 (as applicable). 

  
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 (d) If any Loan Party proposes to acquire a fee ownership interest in real property after the
date of this Agreement (to the extent such acquisition is permitted hereunder), if an Event of Default is continuing or if Availability is ever less than $6,000,000, each Borrower will, and will cause each other Loan Party to, provide to the
Collateral Agent (upon the Administrative Agent’s request, which request may be made at the Administrative Agent’s sole option) a mortgage or deed of trust granting the Collateral Agent a first priority Lien on its real property, together
with environmental audits, mortgage title insurance commitment, real property survey, local counsel opinion(s), and, if required by the Collateral Agent, supplemental casualty insurance and flood insurance, and such other documents, instruments or
agreements reasonably requested by the Collateral Agent, in each case, in form and substance reasonably satisfactory to the Collateral Agent. 

SECTION 5.12 Cash Management. 

(a) Each Loan Party shall (i) instruct all Account Debtors of such Loan Party to remit all payments in respect of any Account on which such
Account Debtor is obligated to a “P.O. Box” or “Lockbox Address” associated with a deposit account subject to a Blocked Account Agreement (each, a “Payment Account”), which remittances shall be collected by the
depository institution at which such “P.O. Box” or “Lockbox Address” is maintained and deposited in such Payment Account, and (ii) except with respect to Excluded Accounts, cause each deposit account held by such Loan Party
(including, without limitation, each Payment Account) to become subject to a Blocked Account Agreement pursuant to which (without limiting the terms thereof) the Collateral Agent may, during a Cash Dominion Period, exercise full dominion over such
account and sweep all funds on deposit therein to an account designated by the Collateral Agent (the “Collection Account”), with such sweep instructions to be irrevocable unless otherwise agreed to by the Collateral Agent. Without
limiting the foregoing, all amounts received by a Borrower or any of its Subsidiaries in respect of any deposit account (or by the depository institution at which such account is held), in addition to all other cash received from any other source,
shall upon receipt be deposited into a Blocked Account. Each Loan Party agrees that it will not cause or permit proceeds of any deposit accounts to be directed to any account other than the Collection Account; provided that, so long as a Cash
Dominion Period is not in effect, the Loan Parties may redirect proceeds of deposit accounts from the Collection Account to another Blocked Account by providing the Administrative Agent and the applicable depository bank with five (5) Business
Days’ prior written notice. 
 (b) All collected amounts received in the Collection Account shall be distributed and applied on a daily
basis in accordance with Section 2.10(b), except as an Agent may otherwise be directed by binding order issued by a court of competent jurisdiction. 

(c) If any cash or cash equivalents owned by any Loan Party (other than (i) de minimis cash or cash equivalents from time to time
inadvertently misapplied by any Loan Party, (ii) any funds which are held by any Borrower and any of their respective Subsidiaries on behalf of any customer in the ordinary course of business and (iii) any funds which are held by any Borrower and
any of their respective Subsidiaries in an Excluded Account in the Ordinary Course of Business) are deposited to any account, or held or invested in any manner, otherwise than in a deposit account subject to a Blocked Account Agreement in compliance
with Section 5.12(a), then 

  
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the Collateral Agent shall be entitled to require the applicable Loan Party to close such account and have all funds therein transferred to an account subject to a Blocked Account Agreement in
compliance with Section 5.12(a), and to cause all future deposits to be made to such account. 
 (d) The Collection Account shall at
all times be under the sole dominion and control of the Collateral Agent. Each Loan Party hereby acknowledges and agrees that (x) such Loan Party has no right of withdrawal from the Collection Account, (y) the funds on deposit in the Collection
Account shall at all times continue to be collateral security for all of the obligations of the Loan Parties hereunder and under the other Loan Documents, and (z) the funds on deposit in the Collection Account shall be applied as provided in this
Agreement. In the event that, notwithstanding the provisions of this Section 5.12, any Loan Party receives or otherwise has dominion and control of any proceeds or collections required to be transferred to the Collection Account, such
proceeds and collections shall be held in trust by such Loan Party for the Collateral Agent, shall not be commingled with any of such Loan Party’s other funds or deposited in any account of such Loan Party and shall promptly be deposited into
the Collection Account or dealt with in such other fashion as such Loan Party may be instructed by the Collateral Agent. 
 SECTION 5.13
Environmental Matters. The Borrowers shall promptly notify the Lenders of any Release that triggers reporting obligations under any applicable Environmental Laws, if such Release has or could reasonably be expected to result in a
Material Adverse Effect. In the event of such a Release, at the request of the Administrative Agent, the Borrowers, at their own expense, shall provide to the Lenders within ninety (90) days after the Release an environmental site assessment
report of the property(ies) where such a Release has taken place or that has otherwise been impacted by the Release, by an environmental consulting firm chosen by the Borrowers and reasonably acceptable to the Administrative Agent, addressing the
Release, the proposed cleanup, response or remedy and the associated cost. Not limiting the generality of the immediately preceding two sentences, if the Administrative Agent determines that a material environmental risk exists, the
Administrative Agent may independently retain an environmental consulting firm to conduct an environmental site assessment of the property(ies) and the Borrowers hereby grant, and agree to cause any Subsidiary that owns such property(ies) to grant,
access to the property(ties) upon reasonable notice to the Administrative Borrower, subject to the rights of tenants, during normal business hours, provided, however, that no testing, sampling or other invasive investigation shall be
performed as part of such environmental site assessment. 
 SECTION 5.14 Post-Closing Obligations. The Loan Parties shall comply
with each requirement set forth on Schedule 5.14 on or before the date referred to therein (or within such longer period as Administrative Agent may agree at its sole option) with respect to such requirement. 

SECTION 5.15 Qualified ECP Guarantors. Each Qualified ECP Guarantor hereby jointly and severally, absolutely, unconditionally and
irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Agreement in respect of Swap Obligations (provided, however, that each
Qualified ECP Guarantor shall only be liable under this Section 5.15 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 5.15 or otherwise under this Agreement, as
it relates to such other Loan Party, voidable under 

  
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applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in
full force and effect until each Loan and all other Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) have been paid in full and all Commitments and Letters of Credit have
been terminated. Each Qualified ECP Guarantor intends that this Section constitute, and this Section shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 ARTICLE VI 

NEGATIVE COVENANTS 

Until the Commitments have expired or been terminated, the principal of and interest on each Loan and all other Obligations (other than
contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) have been paid in full and no Letter of Credit shall remain outstanding, the Borrowers jointly and severally covenant and agree with the
Administrative Agent, the Collateral Agent and the Lenders that: 
 SECTION 6.01 Indebtedness. The Borrowers will not, and will not
permit any other Loan Party or its Subsidiaries to, create, incur or suffer to exist any Indebtedness, except: 
 (a) the Obligations; 

(b) Indebtedness existing on the Effective Date and set forth on Schedule 6.01 and extensions, renewals and replacements of any such
Indebtedness in accordance with clause (g) hereof; 
 (c) Indebtedness of any Loan Party (other than ICD) to any other Loan Party or a
Non-U.S. Subsidiary in an aggregate principal amount not to exceed $250,000 at any time outstanding, provided that: 
 (i) the
applicable Loan Parties and Non-U.S. Subsidiaries shall have executed on the Effective Date a demand note to evidence any such intercompany Indebtedness owing at any time by any applicable Loan Party to another applicable Loan Party or Non-U.S.
Subsidiary, which demand notes shall be in form and substance reasonably satisfactory to the Administrative Agent and shall be pledged and delivered to the Collateral Agent pursuant to the Security Agreement as additional collateral security for the
Obligations; 
 (ii) each Loan Party shall record all intercompany transactions on its books and records in a manner reasonably
satisfactory to the Administrative Agent; and 
 (iii) the obligations of the Loan Parties under any such Intercompany Notes shall be
subordinated to the Obligations hereunder in accordance with Section 9.19; 
 (d) Guarantees by a Loan Party of Indebtedness of any
other Loan Party (other than ICD) if the primary obligation is expressly permitted elsewhere in this Section 6.01; 

  
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 (e) Indebtedness of any Loan Party incurred pursuant to a Permitted Rig Financing or to finance
the acquisition, construction or improvement of any other fixed or capital assets, including Capital Lease Obligations; provided that, (w) the financial covenants (and related definitions) set forth in any Indebtedness permitted
pursuant to this clause (e) shall not be more restrictive to the Borrowers than the financial covenants set forth in Section 6.11 hereof, (x) the aggregate principal amount of Indebtedness permitted by this clause (e) shall not exceed
$20,000,000 at any time outstanding, (y) at the time of incurrence of such Indebtedness, no Default or Event of Default has occurred and is continuing or would be caused thereby and (z) such Indebtedness does not exceed the cost of acquiring,
constructing or improving the Rig (other than in the case of a Rig that was included in the Borrowing Base immediately before the completion of a Permitted Rig Financing with respect to such Rig) or other fixed or capital asset; 

(f) any Indebtedness assumed in connection with a Permitted Acquisition, provided that such Indebtedness was existing at the time of
the Permitted Acquisition, was not incurred in contemplation of or in connection with such Permitted Acquisition and will not become secured by a Lien on any Collateral that was owned by a Loan Party immediately before giving effect to the Permitted
Acquisition; 
 (g) Indebtedness which represents an extension, refinancing, or renewal of any of the Indebtedness described in clauses (b),
(f) and (m) hereof; provided that, (i) the principal amount or interest rate of such Indebtedness is not increased, (ii) any Liens securing such Indebtedness are not extended to any additional property of any Loan Party, (iii) such extension,
refinancing or renewal does not result in a shortening of the average weighted maturity of the Indebtedness so extended, refinanced or renewed, (iv) the terms of any such extension, refinancing, or renewal are not less favorable to the obligor
thereunder than the original terms of such Indebtedness and (v) if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the terms and conditions of the refinancing, renewal, or
extension Indebtedness must include subordination terms and conditions that are at least as favorable to the Administrative Agent and the Lenders as those that were applicable to the refinanced, renewed, or extended Indebtedness; 

(h) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds or other cash management services in the ordinary course of business; provided that such Indebtedness is extinguished within five (5) Business Days of its incurrence; 

(i) Indebtedness in respect of deposits or advances received in the ordinary course of business in connection with the sale of goods and
services; 
 (j) Swap Obligations to the extent permitted under Section 6.05; 

(k) Indebtedness incurred to finance insurance premiums relating to insurance requirements under Section 5.09 and directors’ and
officers’ liability insurance; provided that the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the year in which such Indebtedness is
incurred and such Indebtedness is outstanding only during such year; 

  
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 (l) [reserved]; and 

(m) other unsecured Indebtedness so long as (i) the aggregate principal amount for all such unsecured Indebtedness does not exceed $10,000,000
at any one time outstanding, (ii) such Indebtedness is otherwise on terms and conditions (including all economic terms) satisfactory to Administrative Agent, (iii) after giving effect to the incurrence of such Indebtedness, Borrowers shall be in
compliance on a pro forma basis with the financial covenants set forth in Section 6.11 hereof and (iv) no Default or Event of Default shall have occurred and be continuing or would be reasonably expected to result therefrom. 

SECTION 6.02 Liens. The Borrowers will not, and will not permit any other Loan Party or its Subsidiaries to, create, incur, assume or
permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except Permitted
Encumbrances. Notwithstanding the foregoing, none of the Liens permitted pursuant to this Section 6.02 (other than any Lien junior to the Lien of the Collateral Agent described in clauses (a), (b), (c), (d), (e), (f), (h), (i) or (k) of
the definition of Permitted Encumbrances (but only to the extent not yet due), clauses (l) or (m) of the definition of Permitted Encumbrances (to the extent securing obligations that are not overdue and a Reserve has been implemented for the related
obligations), or clause (g) of the definition of Permitted Encumbrances) may at any time attach to any Loan Party’s (1) Accounts, (2) Rig Fleet Equipment and (3) owned real property interests. 

SECTION 6.03 Fundamental Changes; Asset Sales. 

(a) The Borrowers will not, and will not permit any other Loan Party or its Subsidiaries to, merge into or consolidate with any other Person,
or permit any other Person to merge into or consolidate with it or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing and all
representations and warranties contained in this Agreement shall be true and correct in all material respects (i) any Borrower may merge into any other Borrower, provided that in the event the Administrative Borrower is party to such merger
it shall be the surviving entity, and (ii) any Loan Party (other than ICD or any Borrower) may merge into (1) any Borrower in a transaction in which the Borrower is the surviving entity or (2) any other Loan Party (other than ICD or any Borrower);
provided that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04. 

(b) The Borrowers will not, and will not permit any other Loan Party to, sell, transfer, lease or otherwise dispose of (in one transaction or
in a series of transactions) any of its assets, or all or substantially all of the stock of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), except that: 

(i) any Loan Party may sell, transfer, lease or otherwise dispose of (1) its assets to any Loan Party, if at the time thereof and immediately
after giving effect thereto no Event of Default shall have occurred and be continuing and all representations and warranties contained in this Agreement shall be true and correct in all material respects, (2) Inventory in the ordinary course of
business, (3) equipment (other than equipment that is then included in the 

  
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Borrowing Base unless no Event of Default would exist following such disposition) that is obsolete or no longer useful in its business (including equipment that is lost, destroyed or damaged
during drilling operations); provided that (x) the Administrative Borrower shall provide prompt written notice to the Administrative Agent of any equipment with a book value greater than $1,000,000 that is sold, transferred, leased or
otherwise disposed of, (y) immediately before such sale, transfer, lease or other disposal, such equipment shall not constitute Eligible Completed Drilling Rigs and (z) such Loan Party complies with the mandatory prepayment provisions in Section
2.11, and (4) other assets having a book value not exceeding $500,000 in the aggregate in any fiscal year, if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing; 

(ii) ICD may issue its Capital Stock or rights to such to GES pursuant to the exercise of the GES Warrant; 

(iii) subject to Section 2.11(b)(iii), ICD may issue its Capital Stock for cash proceeds; 

(iv) ICD may issue its Capital Stock in connection with employee benefit and compensation programs adopted in the Ordinary Course of Business
by the governing body of ICD; and 
 (v) in addition to the foregoing, if, at the time thereof and immediately after giving effect thereto,
no Event of Default shall have occurred and be continuing nor would reasonably be expected to result, any Loan Party may sell, transfer, lease or otherwise dispose of its assets (other than Capital Stock in a Subsidiary or Eligible Completed
Drilling Rigs); provided that (1) not less than 80% of the consideration for such sale, transfer, lease or disposal is paid in cash, (2) such Loan Party receives fair value for the assets so sold, transferred, leased or otherwise disposed of,
(3) the aggregate book value of all assets sold, transferred or otherwise disposed of in reliance upon this clause (b)(iv) during any Fiscal Year shall not exceed One Million Dollars ($1,000,000) and (4) if the assets which are the subject of such
sale, transfer, lease or disposal exceed $250,000, the Fixed Charge Coverage Ratio, as of the last day of the calendar month ended immediately prior to the date of such sale, transfer, lease or disposal and after giving pro forma effect to
such sale, transfer, lease or disposal, is at least 1.0 to 1.0. The Net Cash Proceeds of any sale or disposition permitted pursuant to this Section 6.03(b) (other than pursuant to clause (i)(2) of this Section 6.03(b)) shall be
delivered to the Administrative Agent as required by Sections 2.11(b) and (c) and applied to the Obligations as set forth therein. 

(c) The Borrowers will not, and will not permit any other Loan Party or its Subsidiaries to, engage in any business other than businesses of
the type conducted by the Borrowers and their Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto. 

SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions. The Borrowers will not, and will not permit any other Loan
Party or its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger or amalgamation with any Person that was not a Loan Party and a wholly owned Subsidiary prior to such merger or amalgamation) any capital stock, evidences of
indebtedness or other securities (including any option, warrant or other right to 

  
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acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other
Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (whether through purchase of assets, merger, amalgamation or otherwise), except: 

(a) Permitted Investments, subject to control agreements in favor of the Collateral Agent for the benefit of the Secured Parties in form and
substance satisfactory to Agents or otherwise subject to a perfected security interest in favor of the Collateral Agent for the benefit of the Secured Parties in a manner satisfactory to the Agents; 

(b) investments in existence on the date of this Agreement and described in Schedule 6.04; 

(c) (i) investments made by any Loan Party in the Capital Stock of any wholly-owned Subsidiary which is a Loan Party, and (ii) investments
made by any Subsidiary which is not a Loan Party in the Capital Stock of any Subsidiary which is a Loan Party; 
 (d) investments made by
any Loan Party in the Capital Stock of any wholly-owned Subsidiary which is not a Loan Party, provided that the aggregate amount of all investments made under this clause (d) shall not exceed $250,000; 

(e) loans or advances made by a Loan Party to any other Loan Party (other than ICD) permitted by Section 6.01; 

(f) Guarantees constituting Indebtedness permitted by Section 6.01; 

(g) loans or advances made by a Loan Party to its employees on an arms-length basis in the ordinary course of business consistent with past
practices for travel and entertainment expenses, relocation costs and similar purposes up to a maximum of $15,000 to any employee and up to a maximum of $50,000 in the aggregate at any one time outstanding; 

(h) notes payable, or stock or other securities issued by Account Debtors to a Loan Party in connection with the bankruptcy or reorganization
of Account Debtors or in settlement or delinquent obligations of Account Debtors in the ordinary course of business and consistent with past practice; 

(i) advances in the form of (x) a pre-payment of expenses, so long as such expenses are being paid in accordance with customary trade terms of
such Loan Party or (y) a pre-payment or down payment on the acquisition of equipment or inventory in the Ordinary Course of Business, provided that the aggregate amount of pre-payments or down payments made to or deposited with any Person
pursuant to clause (y) above shall not exceed at any time $5,000,000 unless approved in writing by Administrative Agent at its sole option; 

(j) non-cash consideration received in connection with the sale, transfer, lease or disposal of any asset in compliance with Section
6.03(b)(i) in an aggregate amount not exceeding $500,000 in any Fiscal Year; 

  
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 (k) Swap Agreements otherwise permitted under Section 6.05; 

(l) Permitted Acquisitions and Capital Expenditures permitted hereunder; provided, however, that prior to commencing the
construction of, contracting for the construction (including labor and materials) of, or acquiring materials related to the construction of, a Rig that is not owned by a Borrower as of the Effective Date, Borrowers shall obtain the approval of their
respective board of directors or equivalent governing body for the commencement of such construction, execution of such contracts and acquisition of such materials; 

(m) investments occurring as a result of Restricted Payments made under Section 6.06(c) or (d); and 

(n) additional investments not to exceed $1,000,000 in the aggregate outstanding at any one time, provided that on the date any such
investment is made (i) no Default or an Event of Default has occurred and is continuing or would result therefrom and (ii) the average daily Availability for the immediately preceding ninety (90) day period is at least $15,000,000 and the
Borrowers’ Availability after giving effect to such investment is at least $15,000,000. 
 SECTION 6.05 Swap Agreements.
Borrowers will not, and will not permit any other Loan Party or its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which any Loan Party or its Subsidiaries has actual exposure
(other than those in respect of Capital Stock of any Loan Party or its Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap or collar interest rates with respect to any interest-bearing liability of the Loan Party or its
Subsidiaries or to exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing investment of the Loan Party or its Subsidiaries. 

SECTION 6.06 Restricted Payments. Borrowers will not, and will not permit any other Loan Party or any Subsidiary of any Loan Party to,
declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except: 
 (a) any Loan Party may declare and pay
dividends with respect to its Capital Stock payable solely in additional shares of its common stock, 
 (b) Loan Parties (other than ICD)
and wholly-owned Subsidiaries of Loan Parties may declare and pay dividends with respect to their Capital Stock to any Loan Party or any wholly-owned subsidiary of a Loan Party, 

(c) so long as no Default or Event of Default shave have occurred and be continuing, ICD may redeem or repurchase Capital Stock issued by ICD
(or outstanding options to acquire Capital Stock issued by ICD) held by any of its stockholders upon the death, disability or termination of employment of any such stockholder or in connection with the payment of withholding or similar Taxes owing
by an employee in connection with the exercise of an option to purchase of or the vesting of restricted shares of Capital Stock issued by ICD, provided that the aggregate of all such redemptions and repurchases shall not exceed $500,000 in
the aggregate after the Effective Date, 

  
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 (d) ICD may redeem or repurchase fractional shares (or cash payments in lieu of the issuance of
fractional shares) of Capital Stock issued by ICD in connection with stock issuances, stock splits or stock dividends of such Capital Stock; provided that the aggregate of all such redemptions, repurchases and cash payments in lieu shall not
exceed $10,000 in the aggregate in any Fiscal Year, 
 (e) ICD may issue its Capital Stock to GES pursuant to the exercise of the GES
Warrant, and 
 (f) any Loan Party may make payments in accordance with the agreements listed on Schedule 3.18 so long as no such
payment shall cause the occurrence of a Default or an Event of Default under this Agreement. 
 SECTION 6.07 Transactions with
Affiliates. The Borrowers will not, and will not permit any other Loan Party or its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise
engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Loan Party or its Subsidiaries than could be obtained on an arm’s-length
basis from unrelated third parties, (b) transactions between or among a Loan Party and another Loan Party that is a wholly owned Subsidiary of a Loan Party not involving any other Affiliate, (c) any Restricted Payment permitted by Section
6.06 and (d) the transactions set forth in the agreements listed in Section 3.18 so long as such transactions, individually or in the aggregate, will not cause the occurrence of a Default or an Event of Default and would not reasonably be
expected to cause a Default or an Event of Default. 
 SECTION 6.08 Restrictive Agreements. Borrowers will not, and will not permit
any other Loan Party or its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of such Loan Party or any of its
Subsidiaries to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary of a Loan Party to pay dividends or other distributions with respect to any shares of its Capital Stock or to make or
repay loans or advances to the Borrowers or any other Subsidiary of any Borrower or to Guarantee Indebtedness of the Borrowers or any other Subsidiary of any Borrower; provided that (i) the foregoing shall not apply to restrictions and
conditions imposed by law or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions existing on the Effective Date identified on Schedule 6.08 (but shall apply to any extension or renewal of, or any amendment or
modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided
such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured
Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, and (v) clause (a) of the foregoing shall not apply to customary provisions in leases restricting the
assignment thereof. 

  
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 SECTION 6.09 Amendment of Material Documents. Borrowers will not, and will not permit
any Loan Party or its Subsidiaries to, amend, modify or waive any of its rights or obligations under (a) a its Charter Documents, (b) its form of customer contract in any material manner (provided that any amendment, modification or waiver of
the following kind shall, without limitation, be deemed to be material: any amendment, modification or waiver that (i) affects the assignability of such contract to any Borrower’s lenders and financing sources, (ii) provides any Person any Lien
in respect of any Rig or its proceeds, (iii) affects the ability of the Administrative Agent to remove any Rig from the jobsite location in connection with the exercise of remedies under the Loan Documents or (iv) would reasonably be expected to
have an adverse effect on the Lenders or any Agent), (c) any other Material Agreement, or (d) any Material Indebtedness, in each case to the extent that such amendment, modification or waiver would reasonably likely have a Material Adverse Effect.

 SECTION 6.10 Prepayment of Indebtedness. Borrowers will not, and will not permit any Loan Party or its Affiliates to,
directly or indirectly, purchase, redeem, defease or prepay any principal of, premium, if any, interest or other amount payable in respect of any Indebtedness prior to its scheduled maturity, other than (a) the Obligations; (b) Indebtedness secured
by a Permitted Encumbrance if the asset securing such Indebtedness has been sold or otherwise disposed of in accordance with Section 6.03; (c) Indebtedness permitted by Section 6.01 so long as (i) with respect to any such Indebtedness
that is contractually subordinated to the Loans or other Obligations, the terms of the agreement or agreements governing such subordination permit such purchase, redemption, defeasance or prepayment; and (ii) no Default or Event of Default has
occurred and is continuing or would result from such purchase, redemption, defeasance or prepayment. 
 SECTION 6.11 Financial
Covenants. 
 (a) [Reserved]. 

(b) Fixed Charge Coverage Ratio. Borrowers will not permit the Fixed Charge Coverage Ratio as of the last day of any calendar
month to be less than 1.10 to 1.00. 

  
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 (c) Rig Utilization Ratio. The Borrowers will maintain a Rig Utilization Ratio,
measured for the six-month period ending as of the last day of each calendar month, beginning with the calendar month ended January 31, 2015, of no less than the correlative percentage indicated: 

 

					
	 Calendar Month
	  	Rig Utilization Ratio	 
	 January 31, 2015
	  	 	60	% 
	 February 28, 2015
	  			
	 March 31, 2015
	  			
	 April 30, 2015
	  			
	 May 31, 2015
	  			
	 June 30, 2015
	  			
	 July 31, 2015
	  			
	 August 31, 2015
	  			
	 September 30, 2015
	  			
	 October 31, 2015
	  			
	 November 30, 2015
	  			
	 December 31, 2015
	  			
	 January 31, 2016
	  	 	60	% 
	 February 29, 2016
	  			
	 March 31, 2016
	  			
	 April 30, 2016
	  			
	 May 31, 2016
	  			
	 June 30, 2016
	  			
	 July 31, 2016
	  			
	 August 31, 2016
	  			
	 September 30, 2016
	  			
	 October 31, 2016
	  			
	 November 30, 2016
	  			
	 December 31, 2016
	  			
	 January 31, 2017
	  	 	7060	% 
	 February 28, 2017
	  			
	 March 31, 2017
	  			
	 April 30, 2017
	  			
	 May 31, 2017
	  			
	 June 30, 2017
	  			
	 July 31, 2017
	  	 	70	% 
	 August 31, 2017
	  			
	 September 30, 2017
	  			
	 October 31, 2017
	  			
	 November 30, 2017
	  			
	 December 31, 2017
	  			
	 January 31, 2018, and on the last day of each calendar month thereafter
	  	 	75	% 

  
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 (d) Maximum Leverage Ratio. The Borrowers and their Subsidiaries will not permit the
Leverage Ratio as of the last day of any Fiscal Quarter to exceed the correlative ratio indicated: 
  

			
	 Fiscal Quarter
	  	Leverage Ratio
	 September 30, 2015
	  	4.00 to 1.00
	 December 31, 2015
	  	3.75 to 1.00
	 March 31, 2016
	  	3.75 to 1.00
	 June 30, 2016
	  	4.00 to 1.00
	 September 30, 2016
	  	4.25 to 1.00
	 December 31, 2016
	  	4.50 to 10.00
	 March 31, 2017
	  	4.004.50 to 1.00
	 June 30, 2017
	  	4.50 to 1.00
	 September 30, 2017
	  	4.00 to 1.00
	 June 30,December 31,
2017, and on the last day of each fiscal quarter thereafter
	  	3.00 to 1.00

 (e)
Capital Expenditures. For the period from the Fourth Amendment Effective Date until the date that the Administrative Borrower has delivered to the Administrative Agent financial statements
pursuant to Section 5.01(a) or Section 5.01(c), as applicable, and a Compliance Certificate pursuant to Section 5.01(d) demonstrating that Borrowers maintain a Rig Utilization Ratio of not less than 80% for any consecutive six-month period and
three-month period ending as of the last day of the most recently ended calendar month (the “Capital Expenditure Test Period”), the Borrowers will not, and will not permit any
Loan Party to contract for, purchase or make any expenditure or commitments for Capital Expenditures that, in the aggregate (after giving effect to all such Capital Expenditures during the same Fiscal Year during the Capital Expenditure Test Period)
exceed $10,000,000 per Fiscal Year; provided that, such amount shall be increased by an amount equal to 50% of all Net Cash Proceeds in excess of $20,000,000 received from ICD in connection with a Qualified Capital Stock Issuance. Notwithstanding
the foregoing, for purposes of computing Capital Expenditures for this Section 6.11(e) (and not for any other purpose), Capital Expenditures shall exclude up to $1,500,000 per Rig for Specified Rig Upgrades. 

SECTION 6.12 Sale Leasebacks. Borrowers will not, and will not permit any Loan Party or its Subsidiaries to, engage in any sale
leaseback, synthetic lease or similar transaction involving any of its assets. 
 SECTION 6.13 Change of Corporate Name or Location;
Change of Fiscal Year. Borrowers will not, and will not permit any Loan Party to, (a) change its name as it appears in official filings in the state of its incorporation or other organization, (b) change its chief executive office, principal
place of business, corporate offices or warehouses or locations at which Collateral is held or stored, or the location of its records concerning the Collateral, (c) change the type of entity that it is, (d) change its organization identification
number, if any, issued by its state of incorporation or other organization, or (e) change its state of incorporation or organization, in each case without at least thirty (30) days prior written notice to the Agents and after Collateral Agent’s

  
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written acknowledgment (which shall not be unreasonably withheld or delayed) that any reasonable action requested by Collateral Agent in connection therewith, including to continue the perfection
of any Liens in favor of Collateral Agent, on behalf of Lenders, in any Collateral, has been completed or taken, and provided, that any such new location shall be in the continental United States. No Loan Party shall change its Fiscal
Year. 
 SECTION 6.14 Billing, Credit and Collection Policies. Borrowers will not, and will not permit any Loan Party or its
Subsidiaries to, make any change in their respective billing, credit and collection policies, which change would, based upon the facts and circumstances in existence at such time, change in any material respect the assumptions underlying the
definition of “Eligible Accounts” or reasonably be expected to materially adversely affect the collectability, credit quality or characteristics of the Accounts, or the ability of the Borrowers to perform their obligations, or the ability
of the Collateral Agent to exercise any of its rights and remedies, hereunder or under any other Loan Document. 
 SECTION 6.15 Equity
Issuances. Borrowers will not, and will not permit any Loan Party or its Subsidiaries to, issue any preferred stock or other Capital Stock which requires the payment of dividends or mandatory redemptions or other distributions, except for
preferred stock where (a) all dividends in respect of which are to be paid in additional shares of such preferred stock, in lieu of cash or (b) all payments in respect of which are not due and payable until after the Maturity Date. 

SECTION 6.16 Hazardous Materials. No Loan Party or its Subsidiaries shall cause or suffer to exist any release of any Hazardous
Material on, at, in, under, above, to or from any real or immovable property owned, leased, subleased or otherwise operated or occupied by any Loan Party or its Subsidiaries that would violate any Environmental Law, form the basis for any
Environmental Liabilities or otherwise adversely affect the value or marketability of any real or immovable property owned, leased, subleased or otherwise operated or occupied by any Loan Party or any other property, other than such releases,
violations, Environmental Liabilities and effects that would not, in the aggregate, have a Material Adverse Effect. 
 SECTION 6.17
Identification of Rig Fleet Equipment. The Borrowers will not permit any Rig to fail to be numbered with identifying numbers as set forth on Schedule 3.27 or fail to be conspicuously and permanently marked as property of a
Borrower. The Borrowers will not change the identifying number of any Rig without prior written notice to the Administrative Agent. 

ARTICLE VII 
 EVENTS
OF DEFAULT 
 SECTION 7.01 EVENTS OF DEFAULT. Any of the following shall constitute an “Event of Default”:

 (a) the Borrowers shall fail to pay any principal of any Loan or reimbursement obligation in respect of any Letter of Credit when and as
the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

  
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 (b) the Borrowers shall fail to pay any interest on any Loan or any fee or other amount (other
than such amount referred to in clause (a) above) payable under this Agreement, within three Business Days after the same shall become due and payable; 

(c) any representation or warranty made or deemed made by or on behalf of any Loan Party or any Subsidiary of any Loan Party in or in
connection with this Agreement or any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any
Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been false or misleading in any material respect when made or deemed made; 

(d) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.01, 5.02(a),
5.03 (with respect to a Loan Party’s existence), 5.08 or 5.09 or in Article VI; 
 (e) any Loan Party shall
fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clauses (a) through (d) above) or in any other Loan Document, and such failure shall continue unremedied for a period of (i)
five (5) days if such breach relates to terms or provisions set forth in Article V of this Agreement (other than those provisions in Article V specified in clause (d) above) or (ii) thirty (30) days if such breach relates to any other
term or provision of this Agreement or any other Loan Document; 
 (f) (i) any Loan Party or any Subsidiary shall fail to make any payment
(whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable (after giving effect to the expiration of any grace or cure period set forth therein), or (ii) any
event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice) the holder or holders of any such Material Indebtedness or any trustee
or agent on its or their behalf to cause any such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (f)(ii) shall not
apply to secured Material Indebtedness that becomes due solely as a result of the voluntary sale or transfer of the property or assets securing such Material Indebtedness; 

(g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other
relief in respect of a Loan Party or any of its Subsidiaries or either of its debts, or of a substantial part of its assets, under any federal, state, provincial or foreign bankruptcy, insolvency, reorganization, adjustment of debt, receivership or
similar law now or hereafter in effect or (ii) the appointment of a receiver, receiver and manager, interim receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or any of its Subsidiaries or for a
substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed or unstayed for sixty (60) consecutive days or an order or decree approving or ordering any of the foregoing shall be entered; 

  
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 (h) any Loan Party or any of its Subsidiaries shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, reorganization or other relief under any federal, state, provincial or foreign bankruptcy, insolvency, reorganization, adjustment of debt, receivership or similar law now or hereafter in effect, (ii) consent to
the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (g) above, (iii) apply for or consent to the appointment of a receiver, receiver and manager, interim receiver, trustee,
custodian, sequestrator, conservator or similar official for such Loan Party or any such Subsidiary or for a substantial part of either of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such
proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

(i) any Loan Party or any of its Subsidiaries shall become unable, admit in writing its inability or fail generally to pay its debts as they
become due or any Loan Party shall dissolve or commence any dissolution proceeding; 
 (j) (i) one or more judgments for the payment of
money in an aggregate amount in excess of $1,000,000 shall be rendered against any Loan Party or any of its Subsidiaries and the same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be
effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Loan Party or any of its Subsidiaries to enforce any such judgment or (ii) any Loan Party or any of its Subsidiaries shall fail
within thirty (30) days to discharge one or more non-monetary judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgments or orders, in any such case, are not stayed on
appeal or otherwise being Properly Contested; 
 (k) (i) a Lien shall have arisen, or in the reasonable opinion of the Required Lenders, may
reasonably be expected to arise, under the terms of ERISA or the Code with respect to any Plan, or (ii) an ERISA Event or unfunded liability arising under a Non-U.S. Plan shall have occurred that, in the opinion of the Required Lenders, when taken
together with all other ERISA Events and unfunded Non-U.S. Plan liabilities that have occurred, could reasonably be expected to result in a Material Adverse Effect; 

(l) a Change in Control shall occur; 

(m) any Collateral Document shall for any reason fail to create a valid and perfected first priority security interest in any Collateral
purported to be covered thereby, except as permitted by the terms of any Collateral Document or this Agreement, or any Collateral Document shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert the
invalidity or unenforceability of any Collateral Document, or any Loan Party shall fail to comply with any of the terms or provisions of any Collateral Document; 

(n) any material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms (or
any Loan Party shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction based on any such assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not
valid, binding and enforceable in accordance with its terms); or 
 (o) (i) an uninsured loss occurs with respect to any portion of the
Collateral, which loss would reasonably be expected to have a Material Adverse Effect or (ii) any other event or change shall occur that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect; 

  
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 then, and in every such event (other than an event with respect to any Borrower described in clause (g) or (h) of
this Section 7.01), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Administrative Borrower, take any or all of the following
actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, (ii) declare the Obligations then outstanding to be due and payable in whole, and thereupon the principal of the
Loans and Obligations so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or
other notice of any kind (including, without limitation, without notice of intent to accelerate and without notice of acceleration), all of which are hereby waived by the Borrowers, and/or (iii) require the Loan Parties to furnish cash collateral in
an amount equal to 105% of the aggregate face amount of all outstanding Letters of Credit Obligations to be held and applied in accordance with Section 2.06(c). In case of any event with respect to any Borrower described in clause (g) or
(h) of this Section 7.01, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder including
the obligation to furnish cash collateral with respect to all Letter of Credit Obligations as aforesaid, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by
the Borrowers. 
 SECTION 7.02 Remedies Upon Default. In case any one or more of the Events of Default shall have occurred and be
continuing, and whether or not the maturity of the Obligations shall have been accelerated pursuant hereto, the Agents may (and at the direction of the Required Lenders, shall) proceed to protect and enforce their rights and remedies under this
Agreement or any of the other Loan Documents by suit in equity, action at law or other appropriate proceeding, whether for the specific performance of any covenant or agreement contained in this Agreement and the other Loan Documents or any
instrument pursuant to which the Obligations are evidenced, and, if such amount shall have become due, by declaration or otherwise, proceed to enforce the payment thereof or any other legal or equitable right of the Loan Parties. No remedy herein or
in any Loan Document is intended to be exclusive of any other remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or any
other provision of law. 

  
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 SECTION 7.03 Application of Funds.After (i) an Event of Default has occurred and is
continuing and (ii) the exercise of remedies provided for in this Article VII (or after the Loans have automatically become immediately due and payable and the Letter of Credit Obligations have automatically been required to be cash
collateralized as set forth in Section 7.01), any amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order: 

first, to pay or prepay any fees, indemnities, expense reimbursements or other Obligations then due to the Administrative Agent and the
Collateral Agent in their capacities as such, 
 second, to pay or prepay all amounts then due and payable to the Administrative
Agent on account of Protective Advances, 
 third, to pay or prepay all amounts then owed to the Swingline Lender on account of
Swingline Loans, 
 fourth, to ratably pay or prepay all amounts owed to the Issuing Bank(s) on account of Letter of Credit
Obligations, 
 fifth, to ratably pay or prepay all interest and fees owed on account of the Loans, 

sixth, to ratably pay or prepay all principal amounts of the Loans then outstanding, 

seventh, to provide cash collateral for any outstanding Letters of Credit, 

eighth, to ratably pay any other expense reimbursements or other Obligations then due and payable to the Lenders (other than with
respect to Banking Services Obligations and Swap Obligations), and 
 ninth, to ratably pay off any amounts owing by the Borrowers
with respect to Banking Services Obligations and Swap Obligations. 
 The Administrative Agent and the Lenders shall have the continuing and
exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Obligations owing to the Administrative Agent and Lenders. All amounts owing under this Agreement in respect of such Obligations including
fees, interest, default interest, interest on interest, expense reimbursements and indemnities, shall be payable in accordance with the foregoing waterfall provisions irrespective of whether a claim in respect of such amounts is allowed or allowable
in any insolvency proceeding. Administrative Agent’s calculation of the allocation of amounts under the foregoing clauses shall be conclusive and binding upon Secured Parties absent manifest error. 

Notwithstanding the foregoing, Banking Services Obligations and Swap Obligations shall be excluded from the application described above or any
other application of proceeds set forth in the Loan Documents, if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the provider of the same.

 ARTICLE VIII 

THE AGENTS 
 SECTION
8.01 Appointment and Authorization. Each Lender hereby designates and appoints each of the Agents as its agent under this Agreement and the other Loan Documents and each Lender hereby irrevocably authorizes each Agent to take such action
on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and 

  
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perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Each Agent
agrees to act as such on the express conditions contained in this Article VIII. The provisions of this Article VIII are solely for the benefit of the Agents and the Lenders and the Borrowers shall have no rights as a third party
beneficiary of any of the provisions contained herein. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document, the Agents shall not have any duties or responsibilities, except those
expressly set forth herein, nor shall the Agents have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations, or liabilities shall be read into this Agreement or
any other Loan Document or otherwise exist against the Agents. Without limiting the generality of the foregoing sentence, the use of the term “agents” in this Agreement with reference to the Agents is not intended to connote any fiduciary
or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between
independent contracting parties. Except as expressly otherwise provided in this Agreement, each Agent shall have and may use its sole discretion with respect to exercising or refraining from exercising any discretionary rights or taking or
refraining from taking any actions which such Agent is expressly entitled to take or assert under this Agreement and the other Loan Documents, including (a) the determination of the applicability of ineligibility criteria and other determinations
with respect to the calculation of the Borrowing Base, (b) the making of Protective Advances pursuant to Section 2.04, and (c) the exercise of remedies pursuant to Article VII, and any action so taken or not taken shall be deemed
consented to by the Lenders. 
 SECTION 8.02 Delegation of Duties. Each Agent may execute any of its duties under this Agreement or
any other Loan Document by or through agents, employees, attorneys-in-fact or through its Related Parties and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Neither Agent shall be responsible for the
negligence or misconduct of any agent, employee, attorney-in-fact or Related Party that it selects as long as such selection was made without gross negligence or willful misconduct. 

SECTION 8.03 Liability of the Agents. None of the Agents or any of their respective Related Parties shall be liable for any action
taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby, and each Loan Party and Secured Party hereby waives and agrees not to assert any right, claim
or cause of action based thereon, except to the extent of liabilities resulting primarily from its own gross negligence or willful misconduct in connection with its duties expressly set forth herein, as finally determined in a non-appealable
decision of a court of competent jurisdiction. Without limiting the foregoing, none of the Agents or any of their respective Related Parties shall be: (i) responsible to any other Secured Party for the due execution, validity, genuineness,
effectiveness, sufficiency, or enforceability of, or for any recital, statement, warranty or representation in, this Agreement, any other Loan Document or any related agreement, document or order; (ii) required to ascertain or to make any inquiry
concerning the performance or observance by any Loan Party of any of the terms, conditions, covenants, or agreements of this Agreement or any of the Loan Documents; (iii) responsible to any other Secured Party for the state or condition of any
properties of the Loan Parties constituting Collateral 

  
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for the Obligations or any information contained in the books or records of the Loan Parties; (iv) responsible to any other Secured Party for the validity, enforceability, collectability,
effectiveness or genuineness of this Agreement or any other Loan Document or any other certificate, document or instrument furnished in connection therewith; or (v) responsible to any other Secured Party for the validity, priority or perfection of
any Lien securing or purporting to secure the Obligations or for the value or sufficiency of any of the Collateral. 
 SECTION 8.04
Reliance by the Agents. Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, Electronic Transmission, telegram, facsimile, telex, or
telephone message, statement, or other document or conversation believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person or Persons, and upon advice and statements of legal counsel (including, without
limitation, counsel to any Borrower), independent accountants and other experts selected by such Agent. Each Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it
shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred
by it by reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent
of the Required Lenders (or all Lenders if so required by Section 9.03) and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders. 

SECTION 8.05 Notice of Default. Neither Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of
Default, unless such Agent shall have received written notice from a Lender or a Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” The Administrative
Agent will notify the Lenders of its receipt of any such notice. The Agents shall take such action with respect to such Default or Event of Default as may be requested by the Required Lenders in accordance with Section 7.01; provided,
however, that unless and until an Agent has received any such request, such Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem
advisable. 
 SECTION 8.06 Credit Decision. Each Lender acknowledges that none of the Agents or any of their respective Related
Parties has made any representation or warranty to it, and that no act by an Agent hereinafter taken, including any review of the affairs of the Borrowers and their Affiliates, shall be deemed to constitute any representation or warranty by such
Agent or Related Parties to any Lender. Each Lender represents to the Agents that it has, independently and without reliance upon any Agent or Related Party and based on such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, prospects, operations, property, financial and other condition, and creditworthiness of the Borrowers and their Affiliates, and all applicable bank regulatory laws relating to the transactions
contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrowers. Each Lender also represents that it will, independently and without reliance upon any Agent or Related Party and based on such
documents and information as it shall deem appropriate 

  
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at the time, continue to make its own credit analysis, appraisals, and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations
as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition, and creditworthiness of the Borrowers. Except for notices, reports, and other documents expressly herein required to be
furnished to the Lenders by an Agent, neither Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition, or
creditworthiness of any Borrower which may come into the possession of any of such Agent or its Related Parties. 
 SECTION 8.07
Indemnification. Whether or not the transactions contemplated hereby are consummated, each Lender agrees to severally (and not jointly) indemnify each Agent (to the extent not reimbursed by the Loan Parties and without limiting the
obligations of the Loan Parties hereunder), ratably according to its Applicable Percentages of the Aggregate Exposure, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against any Agent in any way relating to or arising out of this Agreement or any other Loan Document or any action taken or omitted to be taken by any
Agent in connection therewith; provided, that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s
gross negligence or willful misconduct as determined by a final judgment of a court of competent jurisdiction. If any indemnity furnished to an Agent or any other such Person for any purpose shall, in the opinion of such Agent, be insufficient or
become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished. Without limiting the foregoing, each Lender agrees severally (and not jointly)
to reimburse each Agent promptly upon demand, ratably according to its Applicable Percentage of the Aggregate Exposure, for any out-of-pocket expenses (including reasonable counsel fees) incurred by such Agent in connection with the preparation,
execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and each other Loan
Document, to the extent that such Agent is not reimbursed for such expenses by the Loans Parties. The obligations of the Lenders under this Section 8.07 are subject to Section 9.14 (which shall apply mutatis mutandis to
the Lenders’ obligations under this Section 8.07(c)). The undertaking in this Section shall survive the payment of all Obligations hereunder and the resignation of any Agent. 

SECTION 8.08 The Agents in Individual Capacity. The financial institutions serving as Administrative Agent or Collateral Agent and
their respective Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with
any Borrower and its Affiliates as though they were not Agents hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, such financial institutions or their respective Affiliates may
receive information regarding any Borrower or its Affiliates (including information that may be subject to confidentiality obligations in favor of any such Borrower or such Affiliate) and acknowledge that neither such Agent nor such financial
institution shall be under any obligation to provide such 

  
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information to the Lenders. With respect to its Loans and participations in Letters of Credit and Swingline Loans hereunder, such financial institutions shall have the same rights and powers
under this Agreement as any other Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” include such financial institutions in their individual capacities. 

SECTION 8.09 Successor Agents. 

(a) Any Agent may resign at any time by giving written notice thereof to the Lenders and the Administrative Borrower. Upon any such
resignation, the Required Lenders shall have the right to appoint a successor Agent. If no successor agent shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Agent
gives notice of resignation, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent which shall be any Lender or a commercial bank organized under the laws of the United States of America or any political subdivision
thereof which has combined capital and reserves in excess of $250,000,000. Upon the acceptance of any appointment as an Agent hereunder, such successor agent shall thereupon succeed to and become vested with all the rights, powers, privileges,
duties and obligations of the retiring Agent and the term “Administrative Agent,” “Collateral Agent,” or “Agents,” as the case may be, shall mean such successor agent, and the retiring Agent shall be discharged from its
duties and obligations under the Loan Documents. After any retiring Agent’s resignation hereunder, the provisions of this Article VIII shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it
while it was acting as an Agent. Any resignation by CIT Finance LLC as Administrative Agent pursuant to this Section 8.09(a) shall also constitute its resignation as the Collateral Agent, as a Swingline Lender and as the Issuing Bank,
unless otherwise specifically stated in writing by CIT Finance LLC at its sole option. 
 (b) If within forty-five (45) days after written
notice is given of the retiring Agent’s resignation under this Section 8.09 no successor Agent shall have been appointed and shall have accepted such appointment, then on such 45th day
(or such later date as such retiring Agent may in its sole discretion notify the Lenders and the Administrative Borrower) (i) the retiring Agent’s resignation shall become effective, (ii) the retiring Agent shall thereupon be discharged from
its duties and obligations under the Loan Documents and (iii) the Required Lenders shall thereafter perform all duties of the retiring Agent under the Loan Documents until such time, if any, as the Required Lenders appoint a successor Agent as
provided above. After any retiring Agent’s resignation hereunder as Agent shall have become effective, the provisions of this Article VIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an
Agent under this Agreement. 
 SECTION 8.10 Collateral Matters. 

(a) The Lenders hereby irrevocably authorize the Collateral Agent, at its option and in its sole discretion, to release any Lien upon any
Collateral and to terminate any guarantee (i) upon the termination of the Commitments and payment and satisfaction in full of all Loans and reimbursement obligations in respect of Letters of Credit, and the termination of all outstanding Letters of
Credit (whether or not any of such obligations are due) and all other Obligations (other 

  
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than contingent indemnification and expense reimbursement obligations for which no claim has been made); (ii) constituting property being sold or disposed of (or being encumbered pursuant to
clause (l) of the Permitted Encumbrance definition) if the Loan Party disposing of such property certifies to the Collateral Agent that the sale or disposition (or encumbrance) is made in compliance with Section 6.03 (or if applicable, a
Permitted Encumbrance permitted under said clause (l)) (and the Collateral Agent may rely conclusively on any such certification without further inquiry); (iii) constituting property in which no Loan Party owned any interest at the time the Lien was
granted or at any time thereafter; (iv) constituting property leased to a Loan Party under a lease which has expired or been terminated in a transaction permitted under this Agreement; or (v) pursuant to Section 8.10(b). Except as
provided above, the Collateral Agent will not release any of its Liens without the prior written authorization of the Lenders (as required by Section 9.03); provided that the Collateral Agent may, in its discretion, release the
Collateral Agent’s Liens on Collateral valued in the aggregate not in excess of $250,000 during each Fiscal Year without the prior written authorization of any Lender. Upon request by the Collateral Agent or the Borrowers at any time, the
Lenders will confirm in writing the Collateral Agent’s authority to release any Collateral Agent’s Liens upon particular types or items of Collateral pursuant to this Section 8.10. 

(b) In the event that any Loan Party conveys, sells, leases, assigns, transfers or otherwise disposes of all or any portion of any of the
Capital Stock or assets of a Loan Party to a person that is not (and is not required to become) a Loan Party, in each case in a transaction not prohibited by Section 6.03 and so long no Event of Default is then continuing or would
result therefrom, the Collateral Agent shall promptly (and the Lenders hereby authorize the Collateral Agent to) take such action and execute any such documents as may be reasonably requested by the Administrative Borrower and at the Administrative
Borrower’s expense to release, share or subordinate any Liens created by any Loan Document in respect of such assets or Capital Stock, and, in the case of a disposition of the Capital Stock of any Subsidiary that is a Loan Party in a
transaction not prohibited by Section 6.03 and as a result of which such Subsidiary would cease to be a Loan Party, thus terminating such Subsidiary’s Guaranty obligation under the Guarantee and Collateral Agreement (other than with
respect to obligations that expressly survive a termination); provided, however, that (i) the Collateral Agent shall not be required to execute any such document on terms which, in the Collateral Agent’s reasonable opinion, would
expose the Collateral Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect, or impair the Obligations
or any Liens (other than those expressly being released) upon (or obligations of the Borrowers in respect of) all interests retained by the Borrowers, including the proceeds of any sale, all of which shall continue to constitute part of the
Collateral. In addition, the Collateral Agent agrees to take such actions as are reasonably requested by the Administrative Borrower and at the Administrative Borrower’s expense to terminate the Liens and security interests created by the Loan
Documents when all the Obligations (other than in respect of contingent indemnification and expense reimbursement obligations for which no claim has been made) are paid in full and all Letters of Credit and Commitments are terminated, and upon
receipt by the Administrative Agent, for the benefit of Agents and Lenders, of liability releases from the Loan Parties in form and substance satisfactory to the Administrative Agent. Any representation, warranty or covenant contained in any Loan
Document relating to any such Capital Stock, asset or Subsidiary of the Administrative Borrower shall no longer be deemed to be 

  
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made once such Capital Stock or asset is so conveyed, sold, leased, assigned, transferred or disposed of. Upon any release or termination in connection with the foregoing, the Collateral Agent
shall (and is hereby authorized by the Lenders to) execute such documents as may reasonably requested by the Administrative Borrower to evidence the release of the Collateral Agent’s Liens upon such Collateral all without recourse or warranty.
Notwithstanding the foregoing or the payment in full of the Obligations, Collateral Agent shall not be required to terminate its Liens in the Collateral unless, with respect to any loss or damage Agents may incur as a result of dishonored checks or
other items of payment received by Agents from any Borrower or any Account Debtor and applied to the Obligations, Agents shall, at their option, (i) have received a written agreement satisfactory to Agents, executed by Administrative Borrower and by
any Person whose loans or other advances to Borrowers are used in whole or in part to satisfy the Obligations, indemnifying the Agents and each Lender from any such loss or damage or (ii) have retained cash Collateral or other Collateral for such
period of time as the Agents, in their reasonable discretion, may deem necessary to protect the Agent and each Lender from any such loss or damage. 

(c) The Collateral Agent shall have no obligation whatsoever to any of the Lenders to assure that the Collateral exists or is owned by any
Loan Party or is cared for, protected, or insured or has been encumbered, or that the Collateral Agent’s Liens have been properly or sufficiently or lawfully created, perfected, protected, or enforced or are entitled to any particular priority,
or to exercise at all or in any particular manner or under any duty of care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities, and powers granted or available to the Collateral Agent pursuant to any of the Loan
Documents, it being understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, the Collateral Agent may act in any manner it may deem appropriate, in its sole discretion, given the Collateral
Agent’s own interest in the Collateral and its capacity as one of the Lenders, and that the Collateral Agent shall have no other duty or liability whatsoever to any Lender as to any of the foregoing. 

(d) In the event of a foreclosure by any Agent on any of the Collateral pursuant to a public or private sale or any court ordered sale of the
Collateral, such Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale and such Agent, as agent for and representative of Lenders (but not any Lender or Lenders in its or their respective individual capacities
unless the Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale, to use and apply any
of the Obligations as a credit on account of the purchase price for any Collateral payable by such Agent at such sale. 
 (e)
Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively
in, and all actions and proceedings in connection with such enforcement shall be instituted and maintained exclusively by, the applicable Agent (or its agents or designees) in accordance with the Loan Documents for the benefit of the applicable
Secured Parties; provided that the foregoing shall not prohibit (i) any Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as such Agent) hereunder and under the other Loan
Documents, (ii) each of the Issuing Bank and the Swingline Lender from exercising the rights and remedies that 

  
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inure to its benefit (solely in its capacity as such) hereunder and under the other Loan Documents, (iii) any Lender or Participant from exercising setoff rights in accordance with Section
9.09, (iv) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Bankruptcy Code or other debtor relief law or (v) any Lender from
exercising any express right or remedy of such Lender under the Loan Documents where an Agent does not have the power and authority under the Loan Documents to act on behalf of such Lender; and provided, further, that if at any time
there is no Person acting as the Administrative Agent or the Collateral Agent hereunder and under the other Loan Documents, then (A) the Required Lenders shall have the rights otherwise ascribed to the applicable Agent pursuant to Section
8.10 and (B) in addition to the matters set forth in Section 8.10, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. Prior to the initial
commencement of the exercise of the Collateral Agent’s secured creditor remedies as to the Rigs, the Collateral Agent shall endeavor to consult with the Lenders regarding the nature of the secured remedies it proposes to commence,
provided that nothing in this sentence shall (i) confer any right or remedy in favor of any Loan Party or (ii) confer any consent or blocking right in respect of the exercise, the manner of exercise or any other aspect related to such
remedies. 
 SECTION 8.11 Restrictions on Actions by Lenders. Each of the Lenders agrees that it shall not, unless specifically
requested to do so by the Administrative Agent or unless acting as part of the Required Lenders, take or cause to be taken any action to enforce its rights under this Agreement or against any Loan Party, including the commencement of any legal or
equitable proceedings, to foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral. 
 SECTION 8.12
Agency for Perfection. Each Lender hereby appoints each other Lender as agent for the purpose of perfecting the Lenders’ security interest in assets which, in accordance with Article 9 of the UCC can be perfected only by
possession. Should any Lender (other than the Collateral Agent) obtain possession of any such Collateral, such Lender shall notify the Collateral Agent thereof, and, promptly upon the Collateral Agent’s request therefor shall deliver such
Collateral to the Collateral Agent or otherwise deal with such Collateral in accordance with the Collateral Agent’s instructions. 

SECTION 8.13 Concerning the Collateral and the Related Loan Documents. Each Lender agrees that any action taken by an Agent or the
Required Lenders, as applicable, in accordance with the terms of this Agreement or the other Loan Documents, and the exercise by an Agent or the Required Lenders, as applicable, of their respective powers set forth therein or herein, together with
such other powers that are reasonably incidental thereto, shall be binding upon all of the Lenders. 
 SECTION 8.14 Reports and Financial
Statements; Disclaimer by Lenders. By signing this Agreement, each Lender: 
 (a) is deemed to have requested that the Agents
furnish such Lender, promptly after it becomes available, (i) a copy of all financial statements to be delivered by the Borrowers hereunder, (ii) a copy of any notice of Default or Event of Default received by such Agent and (iii) a copy of each
Report; 

  
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 (b) expressly agrees and acknowledges that no Agent (i) makes any representation or warranty as
to the accuracy of any Report, or (ii) shall be liable for any information contained in any Report; 
 (c) expressly agrees and acknowledges
that the Reports are not comprehensive audits or examinations, that the Agent or other party performing any audit or examination will inspect only specific information regarding the Borrowers and will rely significantly upon the Borrowers’
books and records, as well as on representations of the Borrowers’ personnel; 
 (d) agrees to keep all Reports confidential in
accordance with Section 9.13; and 
 (e) without limiting the generality of any other indemnification provision contained in this
Agreement, agrees: (i) to hold the Agents and any such other Person or Lender preparing a Report harmless from any action the indemnifying Lender may take or conclusion the indemnifying Lender may reach or draw from any Report in connection with any
loans or other credit accommodations that the indemnifying Lender has made or may make to the Borrowers, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a loan or loans of the Borrowers; and (ii) to
pay and protect, and indemnify, defend, and hold the Agents and any such other Person or Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including reasonable costs
of counsel) incurred by the Agents and any such other Lender preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender. 

SECTION 8.15 Relation Among Lenders. The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or
omissions of, or (except as otherwise set forth herein in case of the Agents) be authorized to act for, any other Lender. 
 SECTION 8.16
Lead Arranger; Syndication Agent; Documentation Agent. None of the Lead Arranger, Syndication Agent or the Documentation Agent shall have any duties, liabilities, right, power or responsibilities hereunder in its capacity as such. 

ARTICLE IX 

MISCELLANEOUS 

SECTION 9.01 Notices.

(a) Except in the case of notices and other communications expressly permitted to be given by telephone or Electronic Transmission (and
subject to Section 9.01(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile, as follows:

 (i) if to any Loan Party, to the Administrative Borrower at: 

Independence Contract Drilling, Inc. 

11601 N. Galayda Drive 

Houston, Texas 77086 

Attention: Philip A. Choyce 

Facsimile No: (281) 605-5034 

E-mail: pchoyce@icdrilling.com 

  
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 (ii) if to the Administrative Agent, Collateral Agent or the Swingline Lender, to: 

c/o CIT Finance LLC 
 11 West
42nd St., 12th Floor 
 New York, New York 10036 

Attention: Regional Credit Manager 

Facsimile No: (212) 771-6023 

E-mail: John.Feeley@cit.com 

with a copy to: 
 CIT Finance
LLC 
 11 West 42nd St., 12th Floor 

New York, New York 10036 

Attention: Law Department – Commercial & Industrial 

Facsimile No: (212) 771-9520 

E-mail: Fred.Avila@cit.com 

with an additional copy to (for informational purposes only): 

Holland & Knight LLP 
 200
Crescent Court, Suite 1600 
 Dallas, Texas 75201 

Attention: Eric W. Kimball 

Facsimile No.: (214) 964-9501 

E-mail: Eric.Kimball@hklaw.com 

(iii) if to any other Lender, to it at its address or facsimile number or e-mail address set forth in its Administrative Questionnaire. 

Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties
hereto. 
 (b) All such notices and other communications (i) sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received, or (ii) sent by facsimile shall be deemed to have been given when sent, provided that if not given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next Business Day for the recipient, or (iii) sent by Electronic Transmission shall be deemed to have been given (x) if delivered by posting to an E-System or 

  
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other Intranet or extranet-based website, prior to 5:00 p.m., New York City time, on the date of such posting and (y) if delivered by any other Electronic Transmission, prior to 5:00 p.m., New
York City time, on the date of transmission thereof. 
 SECTION 9.02 Electronic Transmissions; Public-Side Lenders. 

(a) Authorization. Each Agent and its Related Parties is authorized to transmit, post or otherwise make or communicate, in its
sole discretion (but shall not be required to do so), Electronic Transmissions in connection with any Loan Document and the transactions contemplated therein; provided, however, that no notice to any Loan Party shall be made by posting
to an Internet or extranet-based site or other equivalent service but may be made by e-mail or E-Fax. Each Borrower and each Secured Party hereby acknowledges and agrees that the use of Electronic Transmissions is not necessarily secure and
that there are risks associated with such use, including, without limitation, risks of interception, disclosure and abuse and each indicates it assumes and accepts such risks by hereby authorizing each Agent and its Related Parties to transmit
Electronic Transmissions. 
 (b) Signatures. No Electronic Transmission shall be denied legal effect merely because it is made
electronically. Electronic Transmissions that are not readily capable of bearing either a signature or a reproduction of a signature may be signed, and shall be deemed signed, by attaching to, or logically associating with such Electronic
Transmission, an E-Signature, upon which each Secured Party and Loan Party may rely and assume the authenticity thereof. Each Electronic Transmission containing a signature, a reproduction of a signature or an E-Signature shall, for all intents and
purposes, have the same effect and weight as a signed paper original. Each E-Signature shall be deemed sufficient to satisfy any requirement for a “signature” and each Electronic Transmission shall be deemed sufficient to satisfy any
requirement for a “writing”, in each case including pursuant to any Loan Document, the UCC, the Federal Uniform Electronic Transactions Act, the Electronic Signatures in Global and National Commerce Act and any substantive or procedural
law governing such subject matter. Each party or beneficiary hereto agrees not to contest the validity or enforceability of an Electronic Transmission or E-Signature under the provisions of any applicable law requiring certain documents to be in
writing or signed; provided, however, that nothing herein shall limit such party’s or beneficiary’s right to contest whether an Electronic Transmission or E-Signature has been altered after transmission. 

(c) Separate Agreements. All uses of an E-System shall be governed by and subject to, in addition to this Section 9.02,
separate terms and conditions posted or referenced in such E-System and related agreements, documents or other instruments executed by Secured Parties and Loan Parties in connection with such use. Notwithstanding the foregoing, if the
confidentiality restrictions posted or referenced in such E-System conflict with the confidentiality restrictions set forth in this Agreement, then the confidentiality restrictions of this Agreement shall govern and control. 

(d) Limitation of Liability. All E-Systems and Electronic Transmissions shall be provided “as is” and “as
available.” No Agent or any of their Related Parties warrants the accuracy, adequacy or completeness of any E-Systems or Electronic Transmission and disclaims all liability for errors or omissions therein. No warranty of any kind is made by any
Agent or any 

  
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of its Related Parties in connection with any E-Systems or Electronic Communication, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party
rights or freedom from viruses or other code defects. Each Borrower and each Secured Party (other than the Administrative Agent) agrees that no Agent have any responsibility for maintaining or providing any equipment, software, services or any
testing required in connection with all Electronic Transmissions or otherwise required for any E-System. 
 (e) Public-Side Lenders.
Each Borrower hereby acknowledge that certain of the Lenders may be “public-side” Lenders (i.e., Lenders who do not wish to receive material non-public information with respect to the Loan Parties or their securities) (each, a
“Public Lender”). The Borrowers agree to clearly and conspicuously designate as “PUBLIC” all materials that the Loan Parties intend to be made available to Public Lenders. By designating such materials as
“PUBLIC”, the Borrowers authorize such materials to be made available to a portion of any E-System designated “Public Investor” (or equivalent designation), which is intended to contain only information that (x) prior to any
public offering of securities by ICD or any other Loan Party, is of a type that would be contained in a customary offering circular for an offering of debt securities made in reliance on Rule 144A under the Securities Act or (y) following any public
offering of securities by ICD or any other Loan Party, is either publicly available or not material information (though it may be sensitive and proprietary) with respect to parent or any Loan Party or its securities for purposes of United States
Federal and State securities laws. 
 SECTION 9.03 Waivers; Amendments. 

(a) No failure or delay by any Agent, the Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan
Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by Section 9.03(b), and then
such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a
waiver of Event of Default, regardless of whether any Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Event of Default at the time. 

(b) Neither this Agreement nor any other Loan Document (other than the Fee Letter) nor any provision hereof or thereof may be waived, amended
or modified except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrowers and (x) the Required Lenders or (y) the Administrative Agent, with the consent of the Required Lenders, or (ii) in
the case of any other Loan Document (other than the Fee Letter), pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, with the consent of the Required
Lenders; provided that no such agreement shall: 
 (i) increase the Commitment of any Lender without the written consent of such
Lender; 

  
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 (ii) reduce or forgive the principal amount of any Loan owing to any Lender or reduce the rate
of interest thereon, or reduce or forgive any interest or fees payable hereunder to any Lender, without the written consent of such Lender; 

(iii) postpone the maturity of any Loan owing to any Lender, or any scheduled date of payment of the principal amount of any Loan owing to
any Lender, or any date for the payment of any interest, fees or other Obligations payable hereunder to any Lender, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment of any
Lender, without the written consent of such Lender; 
 (iv) increase the sum of aggregate Commitments to an amount in excess of
$125,000,000,85,000,000, except with the consent of each Lender or except as contemplated under Section 2.01(c); 

(v) change Section 2.10(b), Section 2.11(c) or Section 7.03 in a manner that would alter the manner in which payments
are shared, without the written consent of each Lender affected thereby; 
 (vi) increase the advance rates or modify the definition of
“Borrowing Base” or any component definition directly used in such definition if such increase or modification would increase Availability, in each case without the written consent of each Lender, provided that the foregoing shall
not limit the discretion of the Administrative Agent to establish, change or eliminate Reserves (provided further that to make any financial covenants less restrictive, the consent of the Required Lenders shall be required); 

(vii) change any of the provisions of this Section 9.03(b) or the definition of “Required Lenders” or any other provision of
any Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender; 

(viii) except as provided in Section 8.10 or in any Collateral Document, release all or substantially all of the Collateral, without
the written consent of each Lender; 
 (ix) affect the rights or duties of the Administrative Agent, the Collateral Agent, the Issuing Bank
or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the Collateral Agent, the Issuing Bank or the Swingline Lender, as the case may be; or 

(x) contractually subordinate any of the Liens granted to the Collateral Agent without the consent of each Lender, provided,
however, this subparagraph (ix) shall not apply to a subordination of the Liens granted to the Collateral Agent if such subordination arises pursuant to the granting of liens or superpriority claims pursuant to Section 364 of Title 11 of the
United States Code (the “Bankruptcy Code”) or any other provision of the Bankruptcy Code. 
 (c) Notwithstanding the
foregoing, neither the consent of the Required Lenders nor the consent of any affected Lender shall be required for any amendment or supplement to this Agreement entered into pursuant to or in connection with Section 2.01(c) (except that to
make financial covenants less restrictive, the consent of the Required Lenders shall be required). 

  
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 (d) The Administrative Agent may (i) amend the Commitment Schedule to reflect assignments entered
into pursuant to Section 9.05, (ii) with consent of the Borrowers only, amend, modify or supplement this Agreement to cure any ambiguity, omission, defect or inconsistency, so long as such amendment, modification or supplement does not
adversely affect the rights of any Lender, and (iii) waive payment of the fee required under Section 9.05(b)(ii)(C). 
 (e) If, in
connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each Lender affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is
not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then, so long as the Administrative Agent is not a Non-Consenting Lender, the Borrowers may elect to
replace all, but not less than all, Non-Consenting Lenders as Lenders party to this Agreement, provided that, concurrently with such replacement, (i) one or more Eligible Assignees shall agree, as of such date, to purchase for cash the Loans
and other Obligations due to the Non-Consenting Lenders pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lenders to be terminated as of such
date and to comply with the requirements of Section 9.05(b), and (ii) the Borrowers shall pay to each such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid
to such Non-Consenting Lender by the Borrowers hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal
to the payment which would have been due to such Lender on the day of such replacement under Section 2.16 had the Loans and Obligations of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender. 

SECTION 9.04 Expenses; Indemnity; Damage Waiver. 

(a) Expenses. (i) The Borrowers shall pay all reasonable, documented out-of-pocket expenses incurred by the Agents and their
respective Affiliates, including the reasonable fees, charges and disbursements of counsel for the Agents, in connection with the syndication as of the Effective Date or pursuant to Section 2.01(c) and distribution (including, without
limitation, via the internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation and administration of the Loan Documents or any amendments, modifications or waivers of the provisions of the Loan
Documents (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) the Borrowers shall pay all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or
extension of any Letter of Credit or any demand for payment thereunder, and (iii) the Borrowers shall pay all out-of-pocket expenses incurred by any Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of any
advisors, consultants, accountants or counsel for the Agents, the Issuing Bank or any Lender, in connection with the enforcement, collection or protection of its rights in connection with the Loan Documents, including its rights under this
Section 9.04, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred in connection with 

  
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any sale or other realization upon the Collateral or during any workout, restructuring, negotiations or a solvency or bankruptcy proceedings in respect of such Loans or Letters of
Credit. Expenses being reimbursed by the Borrowers under this Section 9.04(a) include, without limiting the generality of the foregoing, costs and expenses incurred in connection with: 

(i) subject to the limitations set forth in Section 5.10, appraisals of all or any portion of the Collateral (including travel,
lodging, meals and other out-of-pocket expenses of the appraisers); 
 (ii) subject to the limitations set forth in Section 5.06,
field examinations and the preparation of Reports at either the Collateral Agent’s then customary charge (such charge is currently $1,000 per day (or portion thereof) for each Person employed by the Collateral Agent (who may be an
employee of Collateral Agent) with respect to each field examination) or at the fee charged by a third party retained by the Collateral Agent, plus in each case travel, lodging, meals and other out of pocket expenses; 

(iii) lien searches; 
 (iv)
taxes, fees and other charges for recording any Mortgages, filing financing statements and continuations, and other actions to perfect, protect, and continue the Collateral Agent’s Liens; 

(v) sums paid or incurred to take any action required of any Loan Party under the Loan Documents that such Loan Party fails to pay or take;
and 
 (vi) costs and expenses of forwarding loan proceeds, collecting checks and other items of payment, and establishing and maintaining
the accounts and lock boxes, and costs and expenses of preserving and protecting the Collateral. 
 All of the foregoing costs and expenses may be charged
to the Borrowers as Loans or to another deposit account, all as described in Section 2.18(c). 
 (b) Indemnities. The
Borrowers shall indemnify the Administrative Agent, the Collateral Agent, the Lead Arranger, the Documentation Agent, the Syndication Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person
being called an “Indemnitee”) against, and hold each Indemnitee harmless from, on an after-Tax basis, any and all losses, claims, damages, penalties, liabilities and related expenses, including the reasonable fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of the Loan Documents or any agreement or instrument contemplated
thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom
(including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) the handling of the
Funding Accounts, Collection Account, any account subject to a Blocked Account Agreement and Collateral of Borrowers as herein provided, (iv) the Agent, Issuing Bank or Lender 

  
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relying on any instructions of the Administrative Borrower, (v) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrowers or any
of their Subsidiaries, or any Environmental Liability related in any way to the Borrowers or any of their Subsidiaries, or (vi) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based
on contract, tort or any other theory and regardless of whether any Indemnitee or any Loan Party is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
penalties, liabilities or related expenses are finally determined by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee in a final nonappealable order or judgment. 

(c) No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from the use by unintended recipients of any
information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby;
provided, however, that the foregoing shall not, and shall not be deemed to, release any Person from liability arising under this Agreement (if any) resulting from such Person’s failure to comply with Section 9.13 hereof.
The relationship between any Loan Party, on the one hand, and the Lenders, the Issuing Bank and the Agents, on the other hand, shall be solely that of debtor and creditor. None of the Agents, the Issuing Bank or any Lender (i) shall have any
fiduciary responsibilities to any Loan Party, or (ii) undertakes any responsibility to any Loan Party to review or inform such Loan Party of any matter in connection with any phase of any Loan Party’s business or operations. To the extent
permitted by applicable law, no Loan Party shall assert, and each hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

(d) All amounts due under this Section shall be payable promptly after written demand therefor. 

(e) In no event shall any Indemnitee be liable on any theory of liability for any special, indirect, consequential or punitive damages
(including any loss of profits, business or anticipated savings). 
 SECTION 9.05 Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that (i) the Borrowers may not assign or otherwise transfer any of their rights or obligations hereunder without the prior written consent
of each Lender (and any attempted assignment or transfer by the Borrowers without such consent shall be null and void), and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this
Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person 

  
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(other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), Participants (to the extent
provided in Section 9.05(c)) and, to the extent expressly contemplated hereby, the Related Parties of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement. 
 (b) (i) Subject to the conditions set forth in Section 9.05(b)(ii), any Lender may assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it). 

(ii) Assignments shall be subject to the following conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate or Approved Fund of a Lender or an assignment of the entire remaining
amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to
the Administrative Agent) shall not be less than $5,000,000 in the case of assignments of Commitments, unless each of the Administrative Borrower and the Administrative Agent otherwise consent (such consent of Administrative Borrower not to be
unreasonably withheld, conditioned or delayed), provided that no such consent of the Administrative Borrower shall be required if an Event of Default has occurred and is continuing, provided further that the Administrative
Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; 

(B) after giving effect to any partial assignment of a Lender’s Commitment, the assignor’s Commitment shall not be less than
$5,000,000; 
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500 payable to the Administrative Agent (unless waived by the Administrative Agent at its sole option); and 

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(iii) Subject to acceptance and recording thereof pursuant to Section 9.05(b)(iv), from and after the effective date specified in each
Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights
and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.04). Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this Section 9.05 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section
9.05(c). 

  
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 (iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the
Borrowers, shall maintain at one of its offices in the United States a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount
of and interest owing on, the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrowers, the Agents, the Issuing Bank and the
Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as the absolute owner of any Obligations held by such Person, as included in the Register, for all purposes of this Agreement, notwithstanding notice
to the contrary. The Register shall be available for inspection by the Administrative Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in Section 9.05(b), if applicable and any written consent to such assignment required by
Section 9.05(b), the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make
any payment required to be made by it pursuant to Sections 2.04, 2.05, 2.06, 2.07(b), 2.18(e) or 8.07, the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record
the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the
Register as provided in this paragraph. 
 (c) (i) Any Lender may, without the consent of any Person a party to this Agreement (other than
as is required under the definition of “Eligible Assignee”), sell participations to one or more banks or other entities who would otherwise constitute Eligible Assignees (a “Participant”) in all or a portion of such
Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations, and (C) the Borrowers, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in clauses (i) through (iii) of the first proviso to Section 9.03(b) that affects such Participant. Subject to Section 9.05(c)(ii), the Borrowers agree that each Participant shall be entitled to
the benefits of Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 9.05(b). To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 9.09 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(d) as though it were a Lender. 

  
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 (ii) A Participant shall not be entitled to receive any greater payment under Sections
2.15 or 2.17 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Administrative
Borrower’s prior written consent. A Participant that would be a Non-U.S. Lender if it were a Lender shall not be entitled to the benefits of Section 2.17 unless the Administrative Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 2.17(e) as though it were a Lender. 

(iii) Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a
register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participation
Register”) in a manner that shall cause the Loans to be considered to be in “registered form” for purposes of Section 163(f) of the Code; provided that no Lender shall have any obligation to disclose all or any portion of
the Participation Register to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is registered under Section 5f.103-1(c) of the U.S. Federal Income Tax
Regulations, or as reasonably requested by the Borrowers in order to comply with their respective reporting and withholding obligations under FATCA. The entries in the Participation Register shall be conclusive absent manifest error, and such Lender
shall treat each Person whose name is recorded in the Participation Register as the owner of such participation for all purposes of this Agreement. 

(d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender or an Affiliate of such Lender, including, without limitation, any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 9.05 shall not apply to any such pledge or assignment of a
security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(e) Securitization. In addition to any other assignment permitted pursuant to this Section, Loan Parties hereby acknowledge that (x)
the Lenders, their Affiliates and Approved Funds (“Lender Parties”) may sell or securitize the Loans (a “Securitization”) through the pledge of the Loans as collateral security for loans to a Lender Party or the
assignment or issuance of direct or indirect interests in the Loans (such as, for instance, collateralized loan obligations), and (y) such Securitization may be rated by a rating agency. The Loan Parties shall reasonably cooperate with the Lender
Parties to effect the Securitization including, without limitation, by (a) amending this Agreement and the other Loan Documents, and executing such additional documents, as reasonably requested by the Lenders in connection with the Securitization;
provided that (i) any such amendment or additional documentation does not impose material additional costs on Borrower and (ii) any such amendment or additional documentation does not materially adversely affect the rights, or materially increase
the obligations, of Borrower under the Loan 

  
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Documents or change or affect in a manner adverse to Borrower the financial terms of the Loans, (b) providing such information as may be reasonably requested by the Lenders or rating agencies in
connection with the rating of the Loans or the Securitization, and (c) providing a certificate (i) agreeing to indemnify the Lender Parties, or any party providing credit support or otherwise participating in the Securitization, including any
investors in a securitization entity (collectively, the “Securitization Parties”) for any losses, claims, damages or liabilities (the “Securitization Liabilities”) to which the Lender Parties or such Securitization
Parties may become subject insofar as the Securitization Liabilities arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any Loan Document or in any writing delivered by or on behalf of
any Loan Party to the Lender Partiers in connection with any Loan Document or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein, or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading, and such indemnity shall survive any transfer by the Lenders or their successors or assigns of the Loans, and (ii) agreeing to reimburse the Lender Parties
and the other Securitization Parties for any legal or other expenses reasonably incurred by such Persons in connection with defending the Securitization Liabilities. 

SECTION 9.06 Survival. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents
and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery
of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender
may have had notice or knowledge of any Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any
Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15,
2.16, 2.17 and 9.04 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of
the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 
 SECTION 9.07 Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a
single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and
supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agents and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
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 SECTION 9.08 Severability. Any provision of any Loan Document held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions
thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 9.09 Right of Setoff. In addition to any rights and remedies of the Lenders provided by law, if an Event of Default exists
or the Loans have been accelerated, each Lender and each of its Affiliates is authorized at any time and from time to time, without prior notice to the Borrowers, any such notice being waived by the Borrowers to the fullest extent permitted by law,
to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other indebtedness at any time owing by, such Lender or Affiliate to or for the credit or the account of any Borrower
against any and all Obligations owing to such Lender, now or hereafter existing, irrespective of whether or not the Administrative Agent or such Lender shall have made demand under this Agreement or any Loan Document and although such Obligations
may be contingent or unmatured. Each Lender agrees promptly to notify the Borrowers and the Administrative Agent after any such set-off and application made by such Lender or any Affiliate; provided, however, that the failure to
give such notice shall not affect the validity of such set-off and application. NOTWITHSTANDING THE FOREGOING, NO LENDER OR AFFILIATE THEREOF SHALL EXERCISE ANY RIGHT OF SET OFF, BANKER’S LIEN, OR THE LIKE AGAINST ANY DEPOSIT ACCOUNT OR
PROPERTY OF ANY BORROWER HELD OR MAINTAINED BY SUCH LENDER WITHOUT THE PRIOR WRITTEN CONSENT OF THE ADMINISTRATIVE AGENT. 
 SECTION 9.10
GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS. 
 (a) THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS
CHOICE OF LAW PROVISION) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH LETTER OF CREDIT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OR RULES DESIGNATED IN SUCH LETTER OF
CREDIT, OR IF NO SUCH LAWS OR RULES ARE DESIGNATED, THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS MOST RECENTLY PUBLISHED AND IN EFFECT, ON THE DATE SUCH LETTER OF CREDIT WAS ISSUED, BY THE INTERNATIONAL CHAMBER OF COMMERCE (THE
“UNIFORM CUSTOMS”) AND, AS TO MATTERS NOT GOVERNED BY THE UNIFORM CUSTOMS, THE LAWS OF THE STATE OF NEW YORK. 
 (b) EACH
OF THE LOAN PARTIES AND SECURED PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK

  
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BOROUGH OF MANHATTAN IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF
THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY AGENT, ISSUING BANK OR LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION. 
 (c) EACH OF THE LOAN PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND
EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION
9.10(B). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION
9.01. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

SECTION 9.11 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  
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 SECTION 9.12 Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.13 Confidentiality. 

(a) Each Borrower acknowledges that (i) from time to time financial advisory, investment banking and other services may be offered or provided
to it (in connection with this Agreement or otherwise) by each Lender or by one or more subsidiaries of such Lender and (ii) information delivered to each Lender by the Loan Parties may be provided to each such subsidiary and affiliate, it being
understood that any such subsidiary or affiliate receiving such information shall be bound by the provisions of Section 9.13(b) as if it were a Lender under this Agreement. 

(b) Each of the Administrative Agent, the Issuing Bank and the Lenders severally agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees, advisors, managers and agents, including accountants, legal counsel and other advisors (it being understood that the Persons
to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested or required by any regulatory authority or by the NAIC, (iii) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to
this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) to any nationally recognized rating agency or service (including Moody’s Investor Services, Inc., Standard and Poor’s Ratings Group and
Fitch Ratings Ltd.) that requires access to information about a Lender’s (or a potential Lender’s) investment portfolio in connection with ratings to be issued with respect to such Lender (or potential Lender) or with respect to an
Approved Fund, (vii) subject to an agreement containing provisions substantially similar to those set forth in this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement, (B) any investor or prospective investor in an Approved Fund and any trustee, collateral manager, servicer, noteholder or secured party in an Approved Fund or (C) any actual or prospective counterparty (or its advisors) to any
swap or derivative transaction relating to the Loan Parties and their obligations, (vii) with the consent of the Administrative Borrower, or (ix) to the extent such Information (A) becomes publicly available other than as a result of a breach of
this Section, or (B) becomes available to any Agent, Issuing Bank or Lender on a non-confidential basis from a source other than the Borrowers. For the purposes of this Section 9.13, “Information” means all information received from
the Borrowers relating to the Borrowers or their business, other than any such information that is available to any Agent, Issuing Bank or Lender on a non-confidential basis prior to disclosure by the Borrowers. Any Person required to maintain the
confidentiality of Information as provided in this Section 9.13 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such
Person would accord to its own confidential information. Notwithstanding the foregoing, any Agent or Lender may issue and disseminate to the public general information describing this credit facility, including the names and addresses of the
Borrowers and a general description of the Borrowers’ businesses, and may (so long as the 

  
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Administrative Borrower has previously reviewed and approved the form of such advertisement or promotional materials) use Borrowers’ names in published advertising and other promotional
materials. The obligations of the Administrative Agent, the Issuing Bank and the Lenders under this Section 9.13 shall terminate upon the termination of the Commitments and the payment and satisfaction in full of all Loans and Letter of
Credit Obligations. 
 SECTION 9.14 Several Obligations; Nonreliance; Violation of Law. The respective obligations of the
Lenders hereunder are several and not joint and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. Each Lender hereby represents that
it is not relying on or looking to any margin stock for the repayment of the Borrowings provided for herein. Anything contained in this Agreement to the contrary notwithstanding, neither the Issuing Bank nor any Lender shall be obligated to
extend credit to the Borrowers in violation of any limitation or prohibition provided by any applicable statute or regulation. 
 SECTION
9.15 USA Patriot Act. Each Lender that is subject to the requirements of the Patriot Act hereby notifies the Borrowers that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that
identifies the Borrowers, which information includes the names and addresses of the Borrowers and other information that will allow such Lender to identify the Borrowers in accordance with the Patriot Act. 

SECTION 9.16 Execution of Loan Documents. The Lenders hereby empower and authorize the Administrative Agent and Collateral Agent,
on behalf of the Lenders, to execute and deliver to the Loan Parties the other Loan Documents and all related agreements, certificates, documents, or instruments as shall be necessary or appropriate to effect the purposes of the Loan Documents. 

SECTION 9.17 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to
any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”)
which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect
thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section 9.17 shall be cumulated
and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to
the date of repayment, shall have been received by such Lender. 
 SECTION 9.18 Administrative Borrower; Joint and Several Liability.

 (a) Each Borrower hereby irrevocably appoints Independence Contract Drilling, Inc. as the borrowing agent and attorney-in-fact for all
Borrowers (the “Administrative Borrower”) which appointment shall remain in full force and effect unless and until the Administrative Agent shall have received prior written notice signed by each Borrower that such

  
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appointment has been revoked and that another Borrower has been appointed Administrative Borrower. Each Borrower hereby irrevocably appoints and authorizes the Administrative Borrower (i) to
provide the Agents, Issuing Bank and Lenders with all notices with respect to Borrowings and Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and (ii) to take such action as the
Administrative Borrower deems appropriate on its behalf to obtain Borrowings and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement. It is understood that the
handling of the Funding Accounts, Collection Account, any account subject to a Blocked Account Agreement and Collateral of Borrowers in a combined fashion, as more fully set forth herein, is done solely as an accommodation to Borrowers in order to
utilize the collective borrowing powers of Borrowers in the most efficient and economical manner and at their request, and that no Agent, Issuing Bank or Lender shall incur any liability to any Borrower as a result hereof. Each Borrower expects
to derive benefit, directly or indirectly, from the handling of the Funding Accounts, Collection Account, any account subject to a Blocked Account Agreement and the Collateral in a combined fashion since the successful operation of each Borrower is
dependent on the continued successful performance of the integrated group. To induce the Agents, Issuing Bank and Lenders to do so, and in consideration thereof, each Borrower hereby jointly and severally agrees to indemnify each Agent, Issuing
Bank and Lender and hold it harmless against any and all liability, expense, loss or claim of damage or injury, made against such Lender by any Borrower or by any third party whosoever, arising from or incurred by reason of (a) the handling of the
Funding Accounts, Collection Account, any account subject to a Blocked Account Agreement and Collateral of Borrowers as herein provided, (b) such Agent, Issuing Bank or Lender relying on any instructions of the Administrative Borrower, or (c) any
other action taken by the Agent, Issuing Bank or Lenders hereunder or under the other Loan Documents, except that Borrowers will have no liability under this Section 9.18 with respect to any liability that has been finally determined by a
court of competent jurisdiction to have resulted solely from the gross negligence or willful misconduct of such indemnified party. 
 (b)
Unless otherwise specifically provided herein, all references to “Borrower” or “Borrowers” herein shall refer to and include each of the Borrowers separately and all representations contained herein shall be deemed to be
separately made by each of them, and each of the covenants, agreements and obligations set forth herein shall be deemed to be the joint and several covenants, agreements and obligations of them. Any notice, request, consent, report or other
information or agreement delivered to any Agent or Lender by the Borrowers shall be deemed to be ratified by, consented to and also delivered by the other Borrowers. Each Borrower recognizes and agrees that each covenant and agreement of
“Borrower” or “Borrowers” under this Agreement and the other Loan Documents shall create a joint and several obligation of the Borrowers, which may be enforced against Borrowers, jointly or against each of the Borrowers
separately. 
 (c) All Loans to the Borrowers, upon funding, shall be deemed to be jointly funded to and received by the
Borrowers. Each Borrower jointly and severally agrees to pay, and shall be jointly and severally liable under this Agreement for, all Obligations of the Borrowers, regardless of the manner or amount in which proceeds of such Loans are used,
allocated, shared, or disbursed by or among the Borrowers themselves, or the manner in which an Agent and/or any Lender accounts for such Loans or other extensions of credit on its books and records. Each

  
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Borrower shall be liable for all amounts due to an Agent and/or any Lender under this Agreement, regardless of which Borrower actually receives Loans or other extensions of credit hereunder or
the amount of such Loans and extensions of credit received or the manner in which such Agent and/or such Lender accounts for such Loans or other extensions of credit on its books and records. Each Borrower’s Obligations with respect to Loans
and other extensions of credit made to it, and such Borrower’s Obligations arising as a result of the joint and several liability of such Borrower hereunder, with respect to Loans made to the other Borrowers hereunder, shall be separate and
distinct obligations, but all such Obligations of the Borrowers shall be primary obligations of such Borrower. The Borrowers acknowledge and expressly agree with the Agents, the Issuing Bank and each Lender that the joint and several liability of
each Borrower is required solely as a condition to, and is given solely as inducement for and in consideration of, credit or accommodations extended or to be extended under the Loan Documents to any or all of the other Borrowers. Each
Borrower’s obligations under this Agreement and as an obligor under the Collateral Documents shall be separate and distinct obligations. Upon any Event of Default, the Agents may proceed directly and at once, without notice, against any
Borrower to collect and recover the full amount, or any portion of the Obligations, without first proceeding against any other Borrower or any other Person, or against any security or collateral for the Obligations. Each Borrower consents and agrees
that the Agents shall be under no obligation to marshal any assets in favor of any Borrower or against or in payment of any or all of the Obligations. 

(d) With respect to any Borrower’s Obligations arising as a result of the joint and several liability of the Borrowers hereunder with
respect to Loans or other extensions of credit made to any of the other Borrowers hereunder, such Borrower waives, until the Obligations shall have been indefeasibly paid in full, the Commitments and this Agreement shall have been terminated, any
right to enforce any right of subrogation or any remedy which an Agent and/or any Lender now has or may hereafter have against any other Borrower, any endorser or any guarantor of all or any part of the Obligations, and any benefit of, and any right
to participate in, any security or collateral given to an Agent and/or any Lender to secure payment of the Obligations or any other liability of any Borrower to an Agent and/or any Lender. 

(e) Subject to Section 9.18(d), to the extent that any Borrower shall be required to pay a portion of the Obligations which shall
exceed the amount of Loans other extensions of credit received by such Borrower and all interest, costs, fees and expenses attributable to such Loans or other extensions of credit, then such Borrower shall be reimbursed by the other Borrowers for
the amount of such excess. This Section 9.18(e) is intended only to define the relative rights of Borrowers, and nothing set forth in this Section 9.18(e) is intended or shall impair the obligations of each Borrower, jointly and
severally, to pay to Administrative Agent, the Issuing Bank and Lenders the Obligations as and when the same shall become due and payable in accordance with the terms hereof. Notwithstanding anything to the contrary set forth in this Section
9.18(e) or any other provisions of this Agreement, it is the intent of the parties hereto that the liability incurred by each Borrower in respect of the Obligations of the other Borrowers (and any Lien granted by each Borrower to secure such
Obligations), not constitute a fraudulent conveyance or fraudulent transfer under the provisions of any applicable law of any state or other governmental unit (“Fraudulent Conveyance”). Consequently, each Borrower, each Agent, the
Issuing Bank and each Lender hereby agree that if a court of competent jurisdiction determines that the incurrence of liability by any Borrower in respect of the Obligations of any other Borrower 

  
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(or any Liens granted by such Borrower to secure such Obligations) would, but for the application of this sentence, constitute a Fraudulent Conveyance, such liability (and such Liens) shall be
valid and enforceable only to the maximum extent that would not cause the same to constitute a Fraudulent Conveyance, and this Agreement and the other Loan Documents shall automatically be deemed to have been amended accordingly, nunc pro tunc. 

(f) Each Borrower’s obligation to pay and perform the Obligations shall be absolute, unconditional and irrevocable, and shall be paid and
performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of this Agreement, or any term or provision therein, as to any other
Borrower, or (ii) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, any
Borrower’s obligations hereunder. 
 SECTION 9.19 Subordination of Intercompany Indebtedness. Each Borrower hereby agrees that
any Indebtedness (along with any Lien, whether now or hereafter arising, purporting to secure such Indebtedness) of any other Borrower or Loan Party now or hereafter owing to such Borrower, whether heretofore, now or hereafter created (the
“Borrower Subordinated Debt”), is hereby subordinated to all of the Obligations and that, except as permitted under Section 6.10, the Borrower Subordinated Debt shall not be paid in whole or in part until the Obligations have
been paid in full and this Agreement is terminated and of no further force or effect. No Borrower shall accept any payment of or on account of any Borrower Subordinated Debt at any time in contravention of the foregoing. Each payment on the Borrower
Subordinated Debt received in violation of any of the provisions hereof shall be deemed to have been received by such Borrower as trustee for the Secured Parties and shall be paid over to the Administrative Agent immediately on account of the
Obligations, but without otherwise affecting in any manner such Borrower’s liability hereunder. Each Borrower agrees to file all claims against the Borrower or Loan Party from whom the Borrower Subordinated Debt is owing in any bankruptcy or
other proceeding in which the filing of claims is required by law in respect of any Borrower Subordinated Debt, and the Administrative Agent shall be entitled to all of such Borrower’s rights thereunder. If for any reason a Borrower fails to
file such claim at least ten (10) Business Days prior to the last date on which such claim should be filed, such Borrower hereby irrevocably appoints the Administrative Agent as its true and lawful attorney-in-fact, and the Administrative Agent is
hereby authorized to act as attorney-in-fact in such Borrower’s name to file such claim or, in the Administrative Agent’s discretion, to assign such claim to and cause proof of claim to be filed in the name of the Administrative Agent or
its nominee. In all such cases, whether in administration, bankruptcy or otherwise, the Person or Persons authorized to pay such claim shall pay to the Administrative Agent the full amount payable on the claim in the proceeding, and, to the full
extent necessary for that purpose, each Borrower hereby assigns to the Administrative Agent all of such Borrower’s rights to any payments or distributions to which such Borrower otherwise would be entitled. If the amount so paid is greater than
such Borrower’s liability hereunder, the Administrative Agent shall pay the excess amount to the party entitled thereto. In addition, each Borrower hereby irrevocably appoints the Administrative Agent as its attorney-in-fact to exercise all of
such Borrower’s voting rights in connection with any bankruptcy proceeding or any plan for the reorganization of the Borrower or Loan Party from whom the Borrower Subordinated Debt is owing. 

  
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 SECTION 9.20 Amendment and Restatement. This Agreement amends and restates in its entirety
the Existing Credit Agreement. This Agreement and the other Loan Documents govern the present relationship among the Loan Parties, Administrative Agent, the Lenders and the other Persons a signatory hereto. This Agreement, however, is in no way
intended, nor shall it be construed, to affect, replace, impair or extinguish the creation, attachment, perfection or priority of the security interests in, and other Liens on, the Collateral, which security interests and other Liens each of the
Loan Parties, by this Agreement, acknowledges, reaffirms and confirms to Administrative Agent and the Lenders. In addition, except as otherwise provided herein, all monetary obligations and liabilities and indebtedness of any Loan Party created or
existing under, pursuant to, or as a result of, the Existing Credit Agreement (the “Existing Credit Agreement Obligations”) shall continue in existence within the definition of “Obligations” under this Agreement, which
obligations, liabilities and indebtedness the Loan Parties, by this Agreement, acknowledge, reaffirm, confirm and assume. The Loan Parties agree that any outstanding commitment to make advances or otherwise extend credit or credit support to any
Loan Party and each other obligation of any Person (other than a Loan Party) which is a party to the Existing Credit Agreement are hereby terminated. The Loan Parties represent and warrant that none of them have assigned or otherwise transferred any
rights arising under the Existing Credit Agreement. In order to induce Administrative Agent and the Lenders to enter into this Agreement on the Effective Date, each Borrower hereby represents, warrants and covenants to Administrative Agent and the
Lenders that it has determined that each Borrower will benefit specifically and materially from the amendment and restatement of the Existing Credit Agreement pursuant to this Agreement on the Effective Date and that each Borrower requested and
bargained for the structure and terms of and security for the Loans contemplated by this Agreement on the Effective Date. Amounts in respect of interest, fees and other amounts payable to or for the account of Administrative Agent, Swingline Lender,
Issuing Bank and Lenders shall be calculated (i) in accordance with the provisions of the Existing Credit Agreement with respect to any period (or a portion of any period) ending prior to the Effective Date (and such amounts shall be payable to the
applicable Persons a party to the Existing Credit Agreement in accordance with the Existing Credit Agreement) and (ii) in accordance with the provisions of this Agreement with respect to any period (or a portion of any period) commencing on or after
the Effective Date. On the Effective Date, each Lender shall settle with Administrative Agent so that, after giving effect to such settlement, each Lender holds its pro rata share of the outstanding Loans and of all participation interests in all
Swingline Loans and Letters of Credit. 
 SECTION 9.21 Release. TO THE EXTENT NOT PROHIBITED BY LAW, EACH LOAN PARTY HEREBY
VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER WAIVES AND DISCHARGES ADMINISTRATIVE AGENT, EACH LENDER, EACH OTHER PERSON A PARTY TO THE EXISTING CREDIT AGREEMENT IN ITS INDIVIDUAL CAPACITY AND ANY REPRESENTATIVE CAPACITY, AND EACH OF THEIR
RESPECTIVE CURRENT AND FORMER DIRECTORS, OFFICERS, AGENTS, AND EMPLOYEES, AND EACH OF THEIR RESPECTIVE PREDECESSORS, SUCCESSORS, HEIRS, AND ASSIGNS (INDIVIDUALLY AND COLLECTIVELY, THE “RELEASED PARTIES”) FROM ALL POSSIBLE
CLAIMS, COUNTERCLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES AND LIABILITIES WHATSOEVER, WHETHER KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT OR

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -136- 

 
CONDITIONAL, OR AT LAW OR IN EQUITY, IN ANY CASE ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE EFFECTIVE DATE THAT ANY OF THE LOAN PARTIES MAY NOW HAVE AGAINST THE RELEASED PARTIES (OR ANY OF
THEM), IF ANY, RELATING TO THE EXISTING CREDIT AGREEMENT OR THE NEGOTIATION, EXECUTION AND DELIVERY OF THIS AGREEMENT (INCLUDING, WITHOUT LIMITATION, ANY TERM SHEET OR COMMITMENT LETTER DISCUSSED WITH RESPECT TO THIS AGREEMENT), IRRESPECTIVE OF
WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL
RATE APPLICABLE. EACH OF THE LOAN PARTIES WAIVES THE BENEFITS OF ANY LAW, WHICH MAY PROVIDE IN SUBSTANCE: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN ITS FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH IF KNOWN BY IT MUST HAVE MATERIALLY AFFECTED ITS SETTLEMENT WITH THE DEBTOR.” EACH OF THE LOAN PARTIES UNDERSTANDS THAT THE FACTS WHICH IT BELIEVES TO BE TRUE AT THE TIME OF MAKING THE RELEASE PROVIDED FOR HEREIN MAY LATER
TURN OUT TO BE DIFFERENT THAN IT NOW BELIEVES, AND THAT INFORMATION WHICH IS NOT NOW KNOWN OR SUSPECTED MAY LATER BE DISCOVERED. TO THE EXTENT NOT PROHIBITED BY LAW, EACH OF THE LOAN PARTIES ACCEPTS THIS POSSIBILITY, AND EACH OF THEM ASSUMES THE
RISK OF THE FACTS TURNING OUT TO BE DIFFERENT AND NEW INFORMATION BEING DISCOVERED; AND EACH OF THEM FURTHER AGREES THAT THE RELEASE PROVIDED FOR HEREIN SHALL IN ALL RESPECTS CONTINUE TO BE EFFECTIVE AND NOT SUBJECT TO TERMINATION OR RESCISSION
BECAUSE OF ANY DIFFERENCE IN SUCH FACTS OR ANY NEW INFORMATION. NOTWITHSTANDING THE FOREGOING, THE OBLIGATIONS AND LIABILITIES OF ANY RELEASED PARTY ARISING UNDER THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS FROM AND AFTER THE EFFECTIVE DATE SHALL
NOT BE RELEASED PURSUANT TO THIS SECTION 9.21. 
 SECTION 9.22
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan
Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any
Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -137- 

(b) the effects of any
Bail-in Action on any such liability, including, if applicable: 
 (i)
a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all,
or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

(iii) the variation of
the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

[Signature Pages Follow] 

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #37466145 

  
 -138- 

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

			
	INDEPENDENCE CONTRACT DRILLING, INC., individually, as a Borrower and as Administrative Borrower
		
	By:	 	  

	Name:	 	Philip A. Choyce
	Title:	 	Senior Vice President & Chief Financial
		 	Officer

  
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #33621191 

 
			
	CIT FINANCE LLC, individually, as
	Administrative Agent, Collateral Agent,
	Swingline Lender and Lender
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 
 #33621191 

 
			
	CIT FINANCE LLC, individually, as Issuing Bank
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 

 
			
	CAPITAL ONE BUSINESS CREDIT CORP.,
	individually, as a Lender and as Documentation Agent
		
	By:	 	  

	Name:	 	Lawrence J. Cannariato
	Title:	 	Vice President

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 

 
			
	CATERPILLAR FINANCIAL SERVICES
	CORPORATION, individually, as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 

 
			
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, individually, as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 

 
					
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY, individually, as a Lender
		
	By:	 	 Prudential Investment Management, Inc.,

as investment manager

			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 

 
			
	MORGAN STANLEY BANK, N.A., individually, as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exhibit A to
FirstFourth Amendment 
 Conformed Amended and Restated
Credit Agreement – Independence Contract Drilling 

 Annex I to Fourth Amendment 

COMMITMENT SCHEDULE 
  

					
	 Lender
	  	Commitments	 
	 CIT Finance LLC
	  	$	21,935,483.86	  
	 Caterpillar Financial Services Corporation
	  	$	19,193,548.39	  
	 Capital One Business Credit Corp.
	  	$	16,451,612.91	  
	 The Prudential Insurance Company of America
	  	$	11,883,548.39	  
	 The Prudential Retirement Insurance and Annuity Company
	  	$	4,568,064.51	  
	 Morgan Stanley Bank, N.A.
	  	$	10,967,741.94	  
		  	  
	  
	 
	 Total
	  	$	85,000,000.00	  
		  	  
	  
	 

  
 Independence Contract Drilling
– Fourth Amendment to 
 Amended and Restated Credit Agreement 

#40108325EX-4.1

 Exhibit 4.1 

CARMAX AUTO OWNER TRUST 2016-2, 

as Issuer, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Indenture Trustee 
  

 
 INDENTURE 

Dated as of April 1, 2016 
  

 
 $230,000,000
0.65000% Class A-1 Asset-backed Notes 
 $194,000,000 1.24% Class A-2a Asset-backed Notes 

$194,000,000 LIBOR + 0.47% Class A-2b Asset-backed Notes 

$365,000,000 1.52% Class A-3 Asset-backed Notes 

$113,900,000 1.68% Class A-4 Asset-backed Notes 

$28,200,000 2.16% Class B Asset-backed Notes 

$31,700,000 2.56% Class C Asset-backed Notes 

$18,200,000 3.25% Class D Asset-backed Notes 

 CROSS REFERENCE TABLE (1) 

 

					
	    TIA
Section
	  	 	 	 Indenture

Section  

	310	  	(a)(1)	 	Section 6.11
		  	(a)(2)	 	Section 6.11
		  	(a)(3)	 	Section 6.10
		  	(a)(4)	 	N.A.
		  	(a)(5)	 	Section 6.11
		  	(b)	 	Section 6.8; Section 6.11
		  	(c)	 	N.A.
	311	  	(a)	 	Section 6.12
		  	(b)	 	Section 6.12
		  	(c)	 	N.A.
	312	  	(a)	 	Section 7.1
		  	(b)	 	Section 7.2
		  	(c)	 	Section 7.2
	313	  	(a)	 	Section 7.4
		  	(b)(1)	 	Section 7.4
		  	(b)(2)	 	Section 7.4; Section 11.5
		  	(c)	 	Section 7.4
		  	(d)	 	Section 7.3
	314	  	(a)	 	Section 7.3
		  	(b)	 	Section 11.15
		  	(c)(1)	 	Section 11.1
		  	(c)(2)	 	Section 11.1
		  	(c)(3)	 	Section 11.1
		  	(d)	 	Section 11.1
		  	(e)	 	Section 11.1
		  	(f)	 	Section 11.1
	315	  	(a)	 	Section 6.1
		  	(b)	 	Section 6.5; Section 11.5
		  	(c)	 	Section 6.1
		  	(d)	 	Section 6.1
		  	(e)	 	Section 5.13
	316	  	(a)(last sentence)	 	Section 1.1
		  	(a)(1)(A)	 	Section 5.11
		  	(a)(1)(B)	 	Section 5.12
		  	(a)(2)	 	N.A.
		  	(b)	 	Section 5.7
		  	(c)	 	N.A.
	317	  	(a)(1)	 	Section 5.3
		  	(a)(2)	 	Section 5.3
		  	(b)	 	Section 3.3
	318	  	(a)	 	Section 11.7

  

  
 i 

	(1)	Note: This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture. 

	(2)	N.A. means Not Applicable. 

  
 ii 

 TABLE OF CONTENTS 

 

							
		 	ARTICLE I	  			
		 	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 Section 1.1
	 	Definitions	  	 	2	  
	 Section 1.2
	 	Incorporation by Reference of Trust Indenture Act	  	 	2	  
	 Section 1.3
	 	Rules of Construction	  	 	2	  
			
		 	ARTICLE II	  			
		 	THE NOTES	  			
			
	 Section 2.1
	 	Form	  	 	4	  
	 Section 2.2
	 	Execution, Authentication and Delivery	  	 	4	  
	 Section 2.3
	 	Temporary Notes	  	 	5	  
	 Section 2.4
	 	Tax Treatment	  	 	5	  
	 Section 2.5
	 	Registration; Registration of Transfer and Exchange	  	 	6	  
	 Section 2.6
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	7	  
	 Section 2.7
	 	Persons Deemed Owners	  	 	8	  
	 Section 2.8
	 	Payments	  	 	8	  
	 Section 2.9
	 	Cancellation	  	 	13	  
	 Section 2.10
	 	Release of Collateral	  	 	14	  
	 Section 2.11
	 	Book-Entry Notes	  	 	14	  
	 Section 2.12
	 	Notices to Clearing Agency	  	 	15	  
	 Section 2.13
	 	Definitive Notes	  	 	15	  
	 Section 2.14
	 	Authenticating Agents	  	 	15	  
	 Section 2.15
	 	Calculation Agent	  	 	16	  
			
		 	ARTICLE III	  			
		 	COVENANTS	  			
			
	 Section 3.1
	 	Payment of Principal and Interest	  	 	17	  
	 Section 3.2
	 	Maintenance of Office or Agency	  	 	17	  
	 Section 3.3
	 	Money for Payments To Be Held in Trust	  	 	17	  
	 Section 3.4
	 	Existence	  	 	18	  
	 Section 3.5
	 	Protection of Trust Estate	  	 	19	  
	 Section 3.6
	 	Opinions as to Trust Estate	  	 	19	  
	 Section 3.7
	 	Performance of Obligations; Servicing of Receivables	  	 	20	  
	 Section 3.8
	 	Negative Covenants	  	 	22	  
	 Section 3.9
	 	Annual Statement as to Compliance	  	 	23	  
	 Section 3.10
	 	Issuer May Consolidate, etc., Only on Certain Terms	  	 	23	  
	 Section 3.11
	 	Successor or Transferee	  	 	25	  
	 Section 3.12
	 	No Other Business	  	 	25	  
	 Section 3.13
	 	No Borrowing	  	 	25	  
	 Section 3.14
	 	Servicer’s Obligations	  	 	25	  
	 Section 3.15
	 	Guarantees, Loans, Advances and Other Liabilities	  	 	25	  
	 Section 3.16
	 	Capital Expenditures	  	 	26	  

  
 iii 

							
	 Section 3.17
	 	Restricted Payments	  	 	26	  
	 Section 3.18
	 	Notice of Events of Default	  	 	26	  
	 Section 3.19
	 	Removal of Administrator	  	 	26	  
	 Section 3.20
	 	Further Instruments and Acts	  	 	26	  
	 Section 3.21
	 	Sales Finance Company Licenses	  	 	26	  
	 Section 3.22
	 	Representations and Warranties by the Issuer to the Indenture Trustee	  	 	26	  
			
		 	ARTICLE IV	  			
		 	SATISFACTION AND DISCHARGE	  			
			
	 Section 4.1
	 	Satisfaction and Discharge of Indenture	  	 	27	  
	 Section 4.2
	 	Satisfaction, Discharge and Defeasance of the Notes	  	 	28	  
	 Section 4.3
	 	Application of Trust Money	  	 	29	  
	 Section 4.4
	 	Repayment of Monies Held by Paying Agent	  	 	29	  
			
		 	ARTICLE V	  			
		 	REMEDIES	  			
			
	 Section 5.1
	 	Events of Default	  	 	29	  
	 Section 5.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	31	  
	 Section 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	 	31	  
	 Section 5.4
	 	Remedies; Priorities	  	 	33	  
	 Section 5.5
	 	Optional Preservation of the Receivables	  	 	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	  
	 Section 5.11
	 	Control by Noteholders of the Controlling Class	  	 	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	  			
			
	 Section 6.1
	 	Duties of Indenture Trustee	  	 	41	  
	 Section 6.2
	 	Rights of Indenture Trustee	  	 	43	  
	 Section 6.3
	 	Individual Rights of Indenture Trustee	  	 	44	  
	 Section 6.4
	 	Indenture Trustee’s Disclaimer	  	 	44	  
	 Section 6.5
	 	Notice of Defaults	  	 	44	  
	 Section 6.6
	 	Reports by Indenture Trustee to Holders	  	 	44	  

  
 iv 

							
	 Section 6.7
	 	Compensation and Indemnity	  	 	45	  
	 Section 6.8
	 	Replacement of Indenture Trustee	  	 	45	  
	 Section 6.9
	 	Successor Indenture Trustee by Merger	  	 	46	  
	 Section 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	47	  
	 Section 6.11
	 	Eligibility; Disqualification	  	 	48	  
	 Section 6.12
	 	Preferential Collection of Claims Against Issuer	  	 	49	  
	 Section 6.13
	 	Communications Regarding Demands to Purchase Receivables	  	 	49	  
			
		 	ARTICLE VII	  			
		 	NOTEHOLDERS’ LISTS AND REPORTS; ASSET REPRESENTATIONS REVIEW	  			
			
	 Section 7.1
	 	Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders	  	 	49	  
	 Section 7.2
	 	Preservation of Information; Communications to Noteholders	  	 	49	  
	 Section 7.3
	 	Reports by Issuer	  	 	50	  
	 Section 7.4
	 	Reports by Indenture Trustee	  	 	50	  
	 Section 7.5
	 	Noteholder Communications	  	 	51	  
	 Section 7.6
	 	Asset Representations Review	  	 	52	  
			
		 	ARTICLE VIII	  			
		 	ACCOUNTS, DISBURSEMENTS AND RELEASES	  			
			
	 Section 8.1
	 	Collection of Money	  	 	53	  
	 Section 8.2
	 	Trust Accounts	  	 	53	  
	 Section 8.3
	 	General Provisions Regarding Accounts	  	 	54	  
	 Section 8.4
	 	Release of Trust Estate	  	 	54	  
	 Section 8.5
	 	Opinion of Counsel	  	 	55	  
			
		 	ARTICLE IX	  			
		 	SUPPLEMENTAL INDENTURES	  			
			
	 Section 9.1
	 	Supplemental Indentures Without Consent of Noteholders	  	 	55	  
	 Section 9.2
	 	Supplemental Indentures with Consent of Noteholders	  	 	56	  
	 Section 9.3
	 	Execution of Supplemental Indentures	  	 	57	  
	 Section 9.4
	 	Effect of Supplemental Indenture	  	 	58	  
	 Section 9.5
	 	Conformity with Trust Indenture Act	  	 	58	  
	 Section 9.6
	 	Reference in Notes to Supplemental Indentures	  	 	58	  
			
		 	ARTICLE X	  			
		 	REDEMPTION OF NOTES	  			
			
	 Section 10.1
	 	Redemption	  	 	58	  
	 Section 10.2
	 	Form of Redemption Notice	  	 	59	  
	 Section 10.3
	 	Notes Payable on Redemption Date	  	 	59	  

  
 v 

							
			
		 	ARTICLE XI	  			
		 	MISCELLANEOUS	  			
			
	 Section 11.1
	 	Compliance Certificates and Opinions, etc	  	 	60	  
	 Section 11.2
	 	Form of Documents Delivered to Indenture Trustee	  	 	61	  
	 Section 11.3
	 	Acts of Noteholders	  	 	62	  
	 Section 11.4
	 	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	  	 	63	  
	 Section 11.5
	 	Notices to Noteholders; Waiver	  	 	64	  
	 Section 11.6
	 	Alternate Payment and Notice Provisions	  	 	64	  
	 Section 11.7
	 	Conflict with Trust Indenture Act	  	 	64	  
	 Section 11.8
	 	Effect of Headings and Table of Contents	  	 	65	  
	 Section 11.9
	 	Successors and Assigns	  	 	65	  
	 Section 11.10
	 	Severability	  	 	65	  
	 Section 11.11
	 	Benefits of Indenture	  	 	65	  
	 Section 11.12
	 	Legal Holiday	  	 	65	  
	 Section 11.13
	 	GOVERNING LAW	  	 	65	  
	 Section 11.14
	 	Counterparts	  	 	66	  
	 Section 11.15
	 	Recording of Indenture	  	 	66	  
	 Section 11.16
	 	Trust Obligation	  	 	66	  
	 Section 11.17
	 	No Petition	  	 	66	  
	 Section 11.18
	 	Inspection	  	 	66	  
	 Section 11.19
	 	Third-Party Beneficiaries	  	 	67	  
	 Section 11.20
	 	Limitation on Recourse to CarMax Funding	  	 	67	  
	 Section 11.21
	 	Legal Fees Associated with Indemnification	  	 	67	  

 APPENDICES 
  

			
	APPENDIX A	  	Additional Representations and Warranties
	  
 EXHIBITS

 

	EXHIBIT A-1	  	Form of Class A-1 Note
	EXHIBIT A-2a	  	Form of Class A-2a Note
	EXHIBIT A-2b	  	Form of Class A-2b Note
	EXHIBIT A-3	  	Form of Class A-3 Note
	EXHIBIT A-4	  	Form of Class A-4 Note
	EXHIBIT B	  	Form of Class B Note
	EXHIBIT C	  	Form of Class C Note
	EXHIBIT D	  	Form of Class D Note
	EXHIBIT E	  	Form of Opinion of Counsel

  
 vi 

 INDENTURE, dated as of April 1, 2016 (as amended, supplemented or otherwise modified and in
effect from time to time, this “Indenture”), between CARMAX AUTO OWNER TRUST 2016-2, a Delaware statutory trust (the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its
individual capacity but solely as indenture trustee (in such capacity, the “Indenture Trustee”). 
 Each party agrees as
follows for the benefit of the other party and for the equal and ratable benefit of the holders of the Issuer’s 0.65000% Class A-1 Asset-backed Notes (the “Class A-1 Notes”), 1.24% Class A-2a Asset-backed Notes (the
“Class A-2a Notes”), LIBOR + 0.47% Class A-2b Asset-backed Notes (the “Class A-2b Notes”), 1.52% Class A-3 Asset-backed Notes (the “Class A-3 Notes”), 1.68% Class A-4
Asset-backed Notes (the “Class A-4 Notes” and, collectively with the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes and the Class A-3 Notes, the “Class A Notes”), 2.16% Class B
Asset-backed Notes (the “Class B Notes”), 2.56% Class C Asset-backed Notes (the “Class C Notes”) and 3.25% Class D Asset-backed Notes (the “Class D Notes” and, collectively with the
Class A Notes, the Class B Notes and the Class C Notes, the “Notes”): 
 GRANTING CLAUSE 

The Issuer hereby Grants to the Indenture Trustee on the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes, all
of the Issuer’s right, title and interest in, to and under, whether now owned or existing or hereafter acquired or arising (i) the Receivables; (ii) all amounts received on or in respect of the Receivables after the Cutoff Date;
(iii) the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and any other interest of the Issuer in such Financed Vehicles; (iv) all proceeds from claims on or refunds of premiums with respect
to any physical damage, theft, GAP, credit life or credit disability insurance policies relating to the Financed Vehicles or the Obligors; (v) the Receivable Files; (vi) the Collection Account, the Note Payment Account and the Reserve
Account and all amounts, securities, financial assets, investments and other property deposited in or credited to any of the foregoing and all proceeds thereof; (vii) all rights of the Depositor under the Receivables Purchase Agreement,
including the right to require the Seller to repurchase Receivables from the Depositor; (viii) all rights of the Issuer under the Sale and Servicing Agreement, including the right to require the Servicer to purchase Receivables from the Issuer;
(ix) the right to realize upon any property (including the right to receive future Liquidation Proceeds) that shall have secured a Receivable and have been repossessed by or on behalf of the Issuer; and (x) all present and future claims,
demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the
conversion thereof, voluntary or involuntary, into cash or other liquid property; all accounts, general intangibles, chattel paper, instruments, documents, money, investment property, deposit accounts, letters of credit, letter-of-credit rights,
insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations; and all other property which at any time constitutes all or part of or is included in the proceeds of any of the foregoing
(collectively, the “Collateral”). 
 The foregoing Grant is made in trust to secure the payment of principal of and
interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. 

 The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes, acknowledges
such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Holders of the Notes
may be adequately and effectively protected. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in
Appendix A to the Sale and Servicing Agreement, dated as of the date hereof, among the Issuer, CarMax Auto Funding LLC, as depositor, and CarMax Business Services, LLC, as servicer, as amended, supplemented or otherwise modified and in effect
from time to time. 
 Section 1.2 Incorporation by Reference of Trust Indenture Act. 

(a) Whenever this Indenture refers to a provision of the TIA, that provision is incorporated by reference in and made a part of this
Indenture. The following TIA terms used in this Indenture have the following meanings: 
  

	 	(i)	“Indenture securities” shall mean the Notes. 

  

	 	(ii)	“Indenture security holder” shall mean a Noteholder. 

  

	 	(iii)	“Indenture to be qualified” shall mean this Indenture. 

  

	 	(iv)	“Indenture trustee” or “Institutional trustee” shall mean the Indenture Trustee. 

  

	 	(v)	“Obligor on the indenture securities” shall mean the Issuer and any other obligor on the Notes. 

  

	 	(vi)	All other TIA terms used in this Indenture that are defined in the TIA, defined by TIA reference to another statute or defined by Commission rule have the respective meanings assigned to them by such definitions.

 Section 1.3 Rules of Construction. 

(a) Unless the context otherwise requires: 
  

	 	(i)	a term has the meaning assigned to it; 

  
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	 	(ii)	an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect from time to time; 

 

	 	(iii)	to the extent that the definitions of accounting terms in this Indenture or in any certificate or other document delivered in connection herewith are inconsistent with the meanings of such terms under generally accepted
accounting principles, the definitions contained in this Indenture or in such certificate or other document shall control; 

  

	 	(iv)	“or” is not exclusive; 

  

	 	(v)	“including” means “including without limitation”; 

  

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

  

	 	(vii)	all terms defined in this Indenture shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein; 

 

	 	(viii)	any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified
or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; 

  

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

  

	 	(x)	Article, Section, subsection, clause, subclause and Exhibit references contained in this Indenture are references to Articles, Sections, subsections, clauses, subclauses and Exhibits in or to this Indenture unless
otherwise specified; 

  

	 	(xi)	the term “proceeds” shall have the meaning set forth in the Relevant UCC (unless otherwise defined herein); and 

  

	 	(xii)	the words “hereof”, “herein” and “hereunder” and words of similar import when used in this Indenture shall refer to this Indenture as a whole and not to any particular provision of this
Indenture. 

  
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 ARTICLE II 

THE NOTES 
 Section 2.1
Form. 
 (a) The Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the
Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes, together with the Indenture Trustee’s certificates of authentication, shall be substantially in the form set forth in Exhibit A-1, Exhibit A-2a, Exhibit
A-2b, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit C and Exhibit D, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution thereof. Any portion of the text of any Note may be set
forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 
 (b) The Definitive Notes shall be
typewritten, printed, lithographed or engraved, or produced by any combination of these methods (with or without steel engraved borders), all as determined by the Authorized Officers of the Issuer executing such Notes, as evidenced by their
execution of such Notes. 
 (c) Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A-1,
Exhibit A-2a, Exhibit A-2b, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit C and Exhibit D are part of the terms of this Indenture and are incorporated herein by reference. 

Section 2.2 Execution, Authentication and Delivery. 

(a) The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signatures of any such Authorized Officer of
the Issuer on the Notes may be manual or facsimile. 
 (b) Notes bearing the manual or facsimile signature of individuals who were at any
time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding whether any such individuals have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices on such date of
authentication or date of delivery. 
 (c) The Indenture Trustee shall, upon Issuer Order, authenticate and deliver the Class A-1 Notes
for original issue in an aggregate principal amount of $230,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $194,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of
$194,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $365,000,000, the Class A-4 Notes for original issue in an aggregate principal amount of $113,900,000, the Class B Notes for original issue in an
aggregate principal amount of $28,200,000, the Class C Notes for original issue in an aggregate principal amount of $31,700,000 and the Class D Notes for original issue in an aggregate principal amount of $18,200,000. The aggregate principal amounts
of Class A-1 Notes, Class A-2a Notes, Class A-2b Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes outstanding at any time may not exceed those respective amounts except as provided in
Section 2.6. 

  
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 (d) Each Note shall be dated the date of its authentication. The Notes shall be issuable as
registered Notes in minimum denominations of $5,000 and in integral multiples of $1,000 in excess thereof. 
 (e) No Note shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature
of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.3 Temporary Notes. 

(a) Pending the preparation of Definitive Notes pursuant to Section 2.13, the Issuer may execute, and upon receipt of an Issuer Order the
Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not
inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

(b) If temporary Notes are issued pursuant to Section 2.3(a), the Issuer shall cause Definitive Notes to be prepared without unreasonable
delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Note Registrar to be maintained as provided in Section 3.2,
without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor, a like principal amount of Definitive Notes of
authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

Section 2.4 Tax Treatment. 

(a) The Issuer has entered into this Indenture, and the Notes shall be issued, with the intention that, for federal, State and local income
and franchise tax purposes, the Notes shall qualify as indebtedness of the Issuer secured by the Trust Estate. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an
interest in the applicable Book-Entry Note), agree to treat the Notes as indebtedness of the Issuer for federal, State and local income and franchise tax purposes. 

(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 Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. 

  
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 (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 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 2.4(b). 
 Section 2.5 Registration; Registration of Transfer and
Exchange. 
 (a) The Indenture Trustee initially shall be the registrar (the “Note Registrar”) for the purpose of
registering Notes and transfers of Notes as herein provided. The Note Registrar shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Note Registrar shall
provide for the registration of Notes and the registration of transfers of Notes. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note
Registrar. 
 (b) If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, (i) the Issuer shall give
the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, or any change in the location, of the Note Register, (ii) the Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof and (iii) the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Holders
of the Notes and the principal amounts and number of such Notes. 
 (c) Upon surrender for registration of transfer of any Note at the
office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401 or 8A-401, as applicable, of the Relevant UCC are met, the Issuer shall execute, and the Indenture Trustee shall authenticate
and deliver to the Noteholder making such surrender, in the name of the designated transferee or transferees, one or more new Notes of the same Class in any authorized denomination, of a like aggregate principal amount. The Indenture Trustee may
rely upon the Administrator with respect to the determination of whether the requirements of Section 8-401 or 8A-401, as applicable, of the Relevant UCC are met. 

(d) At the option of the Noteholder, Notes may be exchanged for other Notes of the same Class in any authorized denominations, of a like
aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 or 8A-401, as applicable, of the Relevant UCC are met,
the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver to the Noteholder making such exchange, the Notes which such Noteholder is entitled to receive. The Indenture Trustee may rely upon the Administrator with respect to
the determination of whether the requirements of Section 8-401 or 8A-401, as applicable, of the Relevant UCC are met. 
 (e) All Notes
issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer
or exchange. 

  
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 (f) All Notes presented or surrendered for registration of transfer or exchange shall be duly
endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an
“eligible guarantor institution” meeting the requirements of the Note Registrar. 
 (g) No service charge shall be made to a
Holder for any registration of transfer or exchange of Notes, but the Indenture Trustee may require payment by such Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of
transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or Section 9.6 not involving any transfer. 
 (h) The
Issuer shall not be required to make, and the Note Registrar need not register, transfers or exchanges of Notes selected for redemption or Notes with respect to which the due date for any payment will occur within fifteen (15) days. 

(i) Each Person who initially acquires a Note (or an interest therein) or to whom a Note (or an interest therein) is transferred will be
deemed to have represented and warranted, by its acceptance of the Note (or an interest therein), that either (a) it is not acquiring the Note (or an interest therein) with the plan assets of any (i) “employee benefit plan” (as
defined in Section 3(3) of ERISA) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Code, including individual retirement accounts and Keogh plans, that is subject to the
provisions of Section 4975 of the Code, or (iii) employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of the Note (or an interest therein) will not
constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

(j) Any purported transfer of a Note not in accordance with this Section 2.5 shall be null and void and shall not be given effect for any
purpose whatsoever. 
 Section 2.6 Mutilated, Destroyed, Lost or Stolen Notes. 

(a) If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of
the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the
Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a “protected purchaser” (as defined in the Relevant UCC), and provided that the requirements of Section 8-405 or 8A-405, as applicable, of the
Relevant UCC are met, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) days of the Indenture Trustee’s receipt of evidence to its satisfaction

  
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of such destruction, loss or theft shall be due and payable, or shall have been called for redemption in whole pursuant to Section 10.1, instead of issuing a replacement Note of the same
Class, the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. The Indenture Trustee may conclusively rely upon the Administrator with respect to the determination of
whether the requirements of Section 8-405 or 8A-405, as applicable, of the Relevant UCC are met. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a
“protected purchaser” (as defined in the Relevant UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such
replacement Note (or such payment) from the Person to whom such replacement Note was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a
“protected purchaser” (as defined in the Relevant UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in
connection therewith. 
 (b) Upon the issuance of any replacement Note under this Section 2.6, the Issuer may require the payment by
the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with such issuance and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) related
thereto. 
 (c) Every replacement Note issued pursuant to this Section 2.6 in replacement of any mutilated, destroyed, lost or stolen
Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Notes duly issued hereunder. 
 (d) The provisions of this Section 2.6 are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 2.7 Persons Deemed Owners. Prior to due presentation of a Note for registration of transfer, the Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee may, subject to Section 2.6, treat the Person in whose name such Note is registered in the Note Register (as of the day of determination) as the owner of such Note for the purpose of
receiving payments of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note shall be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be
affected by any notice to the contrary. 
 Section 2.8 Payments. 

(a) Prior to any acceleration of the Notes pursuant to Section 5.2, on each Distribution Date, upon receipt of written instructions from
the Servicer pursuant to Section 4.6(d) of the Sale and Servicing Agreement, the Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall apply the Available Funds for such Distribution Date to make the
following payments and deposits in the following order of priority: 
  

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

  
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	 	(ii)	pro rata: (a) if the Indenture Trustee has become the Servicer pursuant to Section 8.2 of the Sale and Servicing Agreement, to the Indenture Trustee, (I) any amounts due in connection with indemnification
of the Indenture Trustee as Successor Servicer and not paid pursuant to Section 7.2 of the Sale and Servicing Agreement and (II) any unpaid Transition Costs due to the Indenture Trustee as Successor Servicer in connection with such transfer of
servicing and not paid pursuant to Section 8.2(b) of the Sale and Servicing Agreement; provided, however, that total payments pursuant to subclauses (a)(I) and (a)(II) of this clause (ii) shall not exceed $175,000 in the
aggregate; and (b) to the Asset Representations Reviewer, any unpaid fees and expenses for the related Collection Period plus any overdue fees and expenses for prior Collection Periods plus any unpaid indemnity amounts due to the
Asset Representations Reviewer; provided, however, that total payments pursuant to subclause (b) of this clause (ii) shall not exceed $175,000 per year; 

 

	 	(iii)	to the Note Payment Account, for payment of interest on each Class of the Class A Notes, the Total Note Interest for each Class of the Class A Notes for such Distribution Date; 

 

	 	(iv)	to the Note Payment Account, for payment of principal of the Notes in the priority set forth in Section 2.8(d), the Priority Principal Distributable Amount, if any, for such Distribution Date; 

 

	 	(v)	to the Note Payment Account, for payment of interest on the Class B Notes, the Total Note Interest for the Class B Notes for such Distribution Date; 

 

	 	(vi)	to the Note Payment Account, for payment of principal of the Notes in the priority set forth in Section 2.8(d), the Secondary Principal Distributable Amount, if any, for such Distribution Date; 

 

	 	(vii)	to the Note Payment Account, for payment of interest on the Class C Notes, the Total Note Interest for the Class C Notes for such Distribution Date; 

 

	 	(viii)	to the Note Payment Account, for payment of principal of the Notes in the priority set forth in Section 2.8(d), the Tertiary Principal Distributable Amount, if any, for such Distribution Date; 

  
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	 	(ix)	to the Note Payment Account, for payment of interest on the Class D Notes, the Total Note Interest for the Class D Notes for such Distribution Date; 

 

	 	(x)	to the Note Payment Account, for payment of principal of the Notes in the priority set forth in Section 2.8(d), the Quaternary Principal Distributable Amount, if any, for such Distribution Date; 

 

	 	(xi)	to the Reserve Account, the Reserve Account Deficiency, if any, for such Distribution Date; 

  

	 	(xii)	to the Note Payment Account, for payment of principal of the Notes in the priority set forth in Section 2.8(d), the Regular Principal Distributable Amount, if any, for such Distribution Date; 

 

	 	(xiii)	pro rata: (a) if the Indenture Trustee or any other Successor Servicer has become the Servicer pursuant to Section 8.2 of the Sale and Servicing Agreement, to the Indenture Trustee or such other Successor
Servicer, as applicable, any Transition Costs due to the Indenture Trustee in connection with such transfer of servicing and not paid pursuant to Section 8.2(b) of the Sale and Servicing Agreement that are in excess of the cap described in
clause (ii)(a) above plus any Transition Costs due to such other Successor Servicer in connection with such transfer of servicing and not paid pursuant to Section 8.2(b) of the Sale and Servicing Agreement plus the Additional
Servicing Fee, if any, for the preceding Collection Period; and (b) to the Asset Representations Reviewer, any unpaid fees, expenses and indemnity amounts due to the Asset Representations Reviewer that are in excess of the related cap described
under clause (ii)(b) above; 

  

	 	(xiv)	to the Indenture Trustee, any amounts due in connection with indemnification of the Indenture Trustee if it has become the Successor Servicer and not paid pursuant to Section 7.2 of the Sale and Servicing Agreement
that are in excess of the cap described in clause (ii)(a) above; and 

  

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

(b) Notwithstanding any other provision of this Section 2.8 and except as provided in Section 5.5, following the occurrence and
during the continuation of an Event of Default which has resulted in an acceleration of the Notes, the Indenture Trustee shall apply all Available Funds pursuant to Section 5.4(b). 

  
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 (c) If the amount on deposit in the Note Payment Account (including any portion of the Reserve
Account Draw Amount) on any Distribution Date is less than the amount described in clause(iii) above for such Distribution Date, the Indenture Trustee shall pay the available amount to the Holders of each Class of Class A Notes pro rata based
on the Total Note Interest payable to such Class on such Distribution Date. 
 (d) The principal of each Note shall be payable in
installments on each Distribution Date in an aggregate amount (unless the Notes have been declared immediately due and payable following an Event of Default) for all Classes of Notes equal to the sum of the Priority Principal Distributable Amount,
the Secondary Principal Distributable Amount, the Tertiary Principal Distributable Amount, the Quaternary Principal Distributable Amount and the Regular Principal Distributable Amount, in each case for such Distribution Date. On each Distribution
Date (unless the Notes have been declared immediately due and payable following an Event of Default), upon receipt of instructions from the Servicer pursuant to Section 4.6(d) of the Sale and Servicing Agreement, the Indenture Trustee (or, if
the Indenture Trustee is not the Paying Agent, the Paying Agent) shall apply or cause to be applied the amount on deposit in the Note Payment Account on such Distribution Date in respect of the Priority Principal Distributable Amount, the Secondary
Principal Distributable Amount, the Tertiary Principal Distributable Amount, the Quaternary Principal Distributable Amount and the Regular Principal Distributable Amount, in each case for such Distribution Date, to make the following payments in the
following order of priority: 
  

	 	(i)	to the Class A-1 Noteholders until the principal amount of the Class A-1 Notes has been paid in full; 

  

	 	(ii)	to the Class A-2a Noteholders and the Class A-2b Noteholders, ratably, until the principal amount of the Class A-2a Notes and the Class A-2b Notes has been paid in full; 

 

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

  

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

  

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

  

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

  

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

  
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 (e) The unpaid principal amount of the Class A-1 Notes, to the extent not previously paid,
shall be due and payable on the Class A-1 Final Distribution Date, the principal amount of the Class A-2a Notes, to the extent not previously paid, shall be due and payable on the Class A-2a Final Distribution Date, the principal
amount of the Class A-2b Notes, to the extent not previously paid, shall be due and payable on the Class A-2b Final Distribution Date, the principal amount of the Class A-3 Notes, to the extent not previously paid, shall be due and
payable on the Class A-3 Final Distribution Date, the principal amount of the Class A-4 Notes, to the extent not previously paid, shall be due and payable on the Class A-4 Final Distribution Date, the principal amount of the
Class B Notes, to the extent not previously paid, shall be due and payable on the Class B Final Distribution Date, the principal amount of the Class C Notes, to the extent not previously paid, shall be due and payable on the Class C Final
Distribution Date and the principal amount of the Class D Notes, to the extent not previously paid, shall be due and payable on the Class D Final Distribution Date. 

(f) The Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes, the
Class B Notes, the Class C Notes and the Class D Notes shall accrue interest during each Accrual Period at the Class A-1 Rate, the Class A-2a Rate, the Class A-2b Rate, the Class A-3 Rate, the Class A-4 Rate, the Class
B Rate, the Class C Rate and the Class D Rate, respectively, and such interest shall be due and payable on each Distribution Date. Interest on the Class A-1 Notes and the Class A-2b Notes shall be calculated on the basis of the actual
number of days elapsed and a 360-day year. Interest on the Class A-2a Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes shall be calculated on the basis of a 360-day year of
twelve 30-day months. Subject to Section 3.1, any installment of interest or principal, if any, payable on any Note that is punctually paid or duly provided for on the applicable Distribution Date shall be paid to the Person in whose name such
Note (or one or more Predecessor Notes) is registered on the related Record Date by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date or by wire transfer in immediately
available funds to the account designated in writing to the Indenture Trustee by such Person at least five Business Days prior to the related Record Date; provided, however, that, unless Definitive Notes have been issued pursuant to
Section 2.13, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment shall be made by wire transfer in immediately available funds to
the account designated by such Person, and except for the final installment of principal payable with respect to such Note on a Distribution Date or on the related Class Final Distribution Date (and except for the Redemption Price for any Note
called for redemption in whole pursuant to Section 10.1(a) or Section 10.2(b)), which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. The
Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall pay all Total Note Interest for any Distribution Date to the Holders of the Notes on the related Record Date even if a portion of such Total Note
Interest relates to an earlier Distribution Date. 
 (g) All principal and interest payments on each Class of Notes shall be made pro
rata to the Holders of such Class. The Indenture Trustee shall, before the Distribution Date on which the Issuer expects to pay the final installment of principal of and interest on any Note, notify the Holder of such Note as of the related
Record Date of such final installment. Such notice shall be mailed or transmitted by facsimile and shall specify that such final installment 

  
 12 

 
shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in
connection with redemption of Notes shall be mailed to Noteholders as provided in Section 10.2. 
 (h) Notwithstanding the foregoing,
the unpaid principal amount of the Notes shall be due and payable, to the extent not previously paid, on the date on which the Notes have been declared immediately due and payable following an Event of Default. On each Distribution Date following
acceleration of the Notes, upon receipt of instructions from the Servicer pursuant to Section 4.6(d) of the Sale and Servicing Agreement, the Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall apply
or cause to be applied the amount on deposit in the Note Payment Account on such Distribution Date in respect of principal together with all Excess Collections, if any, to make the following payments in the following order of priority: 

 

	 	(i)	to the Class A-1 Noteholders until the principal amount of the Class A-1 Notes has been paid in full; 

  

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

  

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

  

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

  

	 	(v)	to the Class D Noteholders until the principal amount of the Class D Notes has been paid in full. 

(i) The Indenture Trustee (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall transfer amounts from the Reserve
Account and deposit amounts transferred from the Reserve Account, in each case at the written direction of the Servicer and on behalf of the Noteholders, in accordance with the Sale and Servicing Agreement. 

Section 2.9 Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption in whole pursuant to
Section 10.1(a) or Section 10.2(b) shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The Issuer may at any time deliver to
the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes
shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as expressly permitted by this Indenture. All canceled Notes may be held or disposed of by the Indenture Trustee in accordance with
its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it, provided that such Issuer Order is timely and the Notes have not been previously disposed
of by the Indenture Trustee. 

  
 13 

 Section 2.10 Release of Collateral. Subject to Section 11.1 and the terms of the
Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request (which shall include delivery instructions and other relevant information) accompanied by an Issuer’s
Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent
Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Indenture Trustee’s obligations under TIA Sections 314(c) and 314(d)(1), the Indenture Trustee shall release property from the lien of
this Indenture in accordance with the conditions and procedures set forth in such exemptive order. 
 Section 2.11 Book-Entry
Notes. The Notes, upon original issuance, shall be issued in the form of typewritten Notes representing Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. The
Book-Entry Notes shall be such Notes registered initially or from time to time on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner thereof shall receive a definitive Note
representing such Note Owner’s interest in such Note, except as provided in Section 2.13. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to such Note Owners pursuant to
Section 2.13: 
  

	 	(i)	the provisions of this Section 2.11 shall be in full force and effect; 

  

	 	(ii)	the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of
instructions or directions hereunder) as the sole Holder of the Notes, and shall have no obligation to the Note Owners; 

  

	 	(iii)	to the extent that the provisions of this Section 2.11 conflict with any other provisions of this Indenture, the provisions of this Section 2.11 shall control; 

 

	 	(iv)	the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency
Participants pursuant to the Note Depository Agreement; unless and until Definitive Notes are issued pursuant to Section 2.13, the initial Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and
transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and 

  
 14 

	 	(v)	whenever this Indenture requires or permits actions to be taken based upon written instructions or directions of Holders of Notes (or Holders of Notes of any Class thereof, including the Controlling Class) evidencing a
specified percentage of the principal amount of the Notes or any Class of Notes Outstanding, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or
Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes or such Class of Notes and has delivered such instructions to the Indenture Trustee. 

Section 2.12 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this
Indenture, unless and until Definitive Notes shall have been issued to such Note Owners pursuant to Section 2.13, the Indenture Trustee shall give all such notices and communications specified herein to be given to Holders of the Notes to the
Clearing Agency, and shall have no obligation to such Note Owners. 
 Section 2.13 Definitive Notes. If (i) the
Administrator or the Servicer advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and the Indenture Trustee or the
Administrator is unable to locate a qualified successor or (ii) after the occurrence of an Event of Default or an Event of Servicing Termination, Note Owners of the Book-Entry Notes representing beneficial interests aggregating not less than
51% of the principal amount of such Notes advise the Indenture Trustee and the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of such Note Owners, then the
Clearing Agency shall notify all Note Owners and the Indenture Trustee in writing of the occurrence of such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the
typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer, at its own expense, shall execute and deliver the Definitive Notes to the Indenture Trustee and the Indenture Trustee
shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively
rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 

Section 2.14 Authenticating Agents. 

(a) The Indenture Trustee may appoint one or more Persons (each, an “Authenticating Agent”) with power to act on its behalf
and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Section 2.2, Section 2.3, Section 2.5 and Section 2.6, as fully to all intents and purposes as though each
such Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section 2.14 shall be deemed to be
the authentication of Notes “by the Indenture Trustee”. 

  
 15 

 (b) Any entity into which any Authenticating Agent may be merged or converted or with which it
may be consolidated, or any entity resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of any Authenticating
Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any document or any further act on the part of the parties hereto or such Authenticating Agent or such successor entity. 

(c) Any Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and the Owner Trustee.
The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Owner Trustee. Upon receiving such notice of resignation or upon such a termination,
the Indenture Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Owner Trustee. 

(d) The Administrator agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services. The provisions of
Section 2.9 and Section 6.4 shall be applicable to any Authenticating Agent. 
 Section 2.15 Calculation Agent. 

(a) The Issuer hereby agrees that, for so long as any of the Class A-2b Notes remain Outstanding, the Issuer will at all times cause
there to be an agent appointed to calculate LIBOR in respect of each Accrual Period (the “Calculation Agent”), which agent shall (i) be a financial institution, subject to supervision or examination by federal or state authority,
(ii) have a rating of at least “BBB+” by Standard & Poor’s and “BBB+” by Fitch (if rated by Fitch), (iii) have an office within the United States and (iv) be engaged generally in transactions in U.S.
Eurodollar deposits in the international Eurodollar market. 
 (b) The Issuer hereby appoints the Indenture Trustee as Calculation Agent for
purposes of determining LIBOR on each LIBOR Determination Date for each Accrual Period. 
 (c) The Calculation Agent may be removed by the
Issuer at any time. If the Calculation Agent is unable or unwilling to act as such, is removed by the Issuer or fails to determine LIBOR for any Accrual Period, the Issuer will promptly appoint a replacement Calculation Agent. The Calculation Agent
may not resign its duties without a successor having been duly appointed. 
 (d) The Calculation Agent shall, as soon as possible after
11:00 a.m. (London time) on each LIBOR Determination Date, but in no event later than 11:00 a.m. (London time) on the Business Day immediately following each LIBOR Determination Date, calculate LIBOR for the related Accrual Period and will
communicate such rate to the Issuer, the Servicer and the Indenture Trustee (if the Indenture Trustee is not acting as Calculation Agent). 

  
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 ARTICLE III 

COVENANTS 
 Section 3.1
Payment of Principal and Interest. The Issuer shall duly and punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. Amounts properly withheld under the Code by any
Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 

Section 3.2 Maintenance of Office or Agency. The Note Registrar shall maintain in the Borough of Manhattan, The City of New York,
an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Note Registrar in respect of the Notes and this Indenture may be served. The Note Registrar shall give prompt
written notice to the Issuer, the Depositor and the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If, at any time, the Issuer and the Note Registrar shall fail to maintain any such office or
agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive
all such surrenders, notices and demands. 
 Section 3.3 Money for Payments To Be Held in Trust. 

(a) As provided in Section 8.2, all payments of amounts due and payable with respect to the Notes that are to be made from amounts
withdrawn from the applicable Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the applicable Trust Accounts shall be paid over to the Issuer, except as
provided in this Section 3.3. 
 (b) On or before each Distribution Date and Redemption Date, the Issuer shall deposit or cause to be
deposited in the Note Payment Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless the Paying Agent is the Indenture
Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act. 
 (c) The Issuer shall cause each Paying Agent
other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the
provisions of this Section 3.3, that such Paying Agent shall: 
  

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

  

	 	(ii)	give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes;

  
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	 	(iii)	at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

 

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

  

	 	(v)	comply with all requirements of the Code and any State or local tax law with respect to the withholding from any payments made by it on the Notes of any applicable withholding taxes imposed thereon and with respect to
any applicable reporting requirements in connection therewith. 

 (d) The Issuer may at any time, for the purpose of obtaining
the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the
same trusts as those upon which such sums were held by such Paying Agent, and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 

(e) Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for two (2) years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request, and the Holder of such
Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to such
trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and direction of the Issuer cause to be published once, in a
newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining shall be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Issuer, any other
reasonable means of notification of such repayment (including mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption in whole pursuant to Section 10.1 or whose right to or interest
in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent at the last address of record for each such Holder). 

Section 3.4 Existence. The Issuer shall keep in full effect its existence, rights and franchises as a statutory trust under the
laws of the State of Delaware (unless it becomes, or any 

  
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successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States, in which case the Issuer shall keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this
Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 
 Section 3.5 Protection
of Trust Estate. 
 (a) The Issuer shall from time to time authorize, execute and deliver all such supplements and amendments hereto and
all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action, necessary or advisable to: 
  

	 	(i)	maintain or preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof; 

 

	 	(ii)	perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 

  

	 	(iii)	enforce any of the Collateral; or 

  

	 	(iv)	preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in the Trust Estate against the claims of all Persons. 

(b) The Issuer hereby authorizes the Indenture Trustee to file any financing statement or continuation statement required pursuant to this
Section 3.5 and designates the Indenture Trustee as its agent and attorney-in-fact to execute any other instrument required to be executed pursuant to this Section 3.5. The Issuer further hereby authorizes the Indenture Trustee to file any
financing statement and amendments thereto that indicate the Collateral (A) as all assets of the Issuer, all personal property of the Issuer or words of similar effect, regardless of whether any particular asset included in the Collateral falls
within the scope of Article 9 of the Relevant UCC, or (B) as being of an equal or lesser scope or with greater detail. If the Indenture Trustee prepares or files any such financing statement, continuation statement or amendment thereto, the
Indenture Trustee’s responsibility with respect to such financing statement, continuation statement or amendment shall be subject to the provisions of Sections 6.1 and 6.4 hereof. 

Section 3.6 Opinions as to Trust Estate. 

(a) On the Closing Date, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel substantially in the form attached as Exhibit
E. 
 (b) On or before March 31 of each year (commencing with the year 2017), the Issuer shall deliver to the Depositor and 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 

  
 19 

 
recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization and filing of any
financing statements and continuation statements as is necessary to maintain the lien and security interest created by this Indenture and reciting the details of such action or stating that, in the opinion of such counsel, no such action is
necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the
authorization and filing of any financing statements and continuation statements that shall, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until March 31 in the following year. 

Section 3.7 Performance of Obligations; Servicing of Receivables. 

(a) The Issuer shall not take any action and shall use its best efforts not to permit any action to be taken by others that would release any
Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture and the other Transaction Documents. 

(b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties
by a Person identified to the Indenture Trustee in an Issuer’s Certificate shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its
duties under this Indenture. 
 (c) The Issuer shall punctually perform and observe all of its obligations and agreements contained in this
Indenture, the other Transaction Documents and the instruments and agreements included in the Trust Estate, including filing or causing to be filed all financing statements and continuation statements required to be filed under the Relevant UCC by
the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 

(d) If the Issuer shall have knowledge of the occurrence of an Event of Servicing Termination, the Issuer shall promptly notify the Depositor,
the Indenture Trustee, the Rating Agencies and the Administrator in writing of such event and shall specify in such notice the action, if any, the Issuer is taking in respect of such default. If an Event of Servicing Termination shall arise from the
failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure. 

(e) As promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant to
Section 8.1 of the Sale and Servicing Agreement, the Issuer may (subject to the rights of the Indenture Trustee to direct such appointment pursuant to Section 8.2 of the Sale and Servicing Agreement) appoint a successor servicer (the
“Successor Servicer”), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee. In the event that a Successor 

  
 20 

 
Servicer has not been appointed or has not accepted its appointment at the time when the Servicer ceases to act as Servicer, the Indenture Trustee, without further action, shall be the successor
to the Servicer in all respects in accordance with Section 8.2 of the Sale and Servicing Agreement. The Indenture Trustee may resign as the Servicer by giving written notice of such resignation to the Issuer and in such event shall be released
from such duties and obligations, such release not to be effective until the date a new servicer enters into a servicing agreement with the Issuer as provided below. Upon delivery of any such notice to the Issuer, the Issuer shall obtain a new
servicer as the Successor Servicer under the Sale and Servicing Agreement. Any Successor Servicer (other than the Indenture Trustee) shall (i) be an established financial institution having a net worth of not less than $50,000,000 and whose
regular business includes the servicing of motor vehicle installment sale contracts and (ii) enter into a servicing agreement with the Issuer having substantially the same provisions as the provisions of the Sale and Servicing Agreement
applicable to the Servicer. If, within thirty (30) days after the delivery of the notice referred to above, the Issuer shall not have obtained such a new servicer, the Indenture Trustee may appoint, or may petition a court of competent
jurisdiction to appoint, a Successor Servicer. In connection with any such appointment, the Indenture Trustee may make such arrangements for the compensation of such successor as it and such successor shall agree, subject to the limitations set
forth below and in the Sale and Servicing Agreement, and, in accordance with Section 8.2 of the Sale and Servicing Agreement, the Issuer shall enter into an agreement with such successor for the servicing of the Receivables (such agreement to
be in form and substance satisfactory to the Indenture Trustee). If the Indenture Trustee shall succeed to the Servicer’s duties as servicer of the Receivables as provided herein, it shall do so in its individual capacity and not in its
capacity as Indenture Trustee and, accordingly, the provisions of Article VI shall be inapplicable to the Indenture Trustee in its duties as the successor to the Servicer and the servicing of the Receivables. In case the Indenture Trustee shall
become successor to the Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall be entitled to appoint as Servicer any one of its Affiliates; provided, however, that the Indenture Trustee, in its capacity as the
Servicer, shall be fully liable for the actions and omissions of such Affiliate in such capacity as Successor Servicer. Notwithstanding any other provisions of this Indenture to the contrary, in no event shall the Indenture Trustee be liable for any
servicing fee or for any differential in the amount of the servicing fee paid under the Sale and Servicing Agreement and the amount necessary to induce any Successor Servicer to act as Successor Servicer under the Sale and Servicing Agreement. 

(f) Upon any termination of the Servicer’s rights and powers pursuant to Section 8.1 of the Sale and Servicing Agreement, the Issuer
shall promptly notify the Depositor, the Indenture Trustee, the Administrator and the Rating Agencies in writing of such termination. Upon any appointment of a Successor Servicer by the Issuer, the Issuer shall promptly notify the Depositor, the
Indenture Trustee, the Administrator and the Rating Agencies in writing of such appointment, specifying in such notice the name and address of such Successor Servicer. 

(g) The Issuer shall not waive timely performance by the Depositor, the Seller or the Servicer of their respective obligations under the
Transaction Documents if such waiver would reasonably be expected to materially adversely affect the interests of the Noteholders. 

  
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 Section 3.8 Negative Covenants. 

(a) If any Notes are Outstanding, the Issuer shall not: 
  

	 	(i)	except as expressly permitted by this Indenture, the Trust Agreement, the Receivables Purchase Agreement or the Sale and Servicing Agreement, sell, transfer, exchange or otherwise dispose of any of the properties or
assets of the Issuer, including those included in the Trust Estate, unless directed to do so in writing by the Indenture Trustee; 

  

	 	(ii)	claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code or applicable State law) or assert any
claim against any present or former Noteholder by reason of the payment of taxes levied or assessed upon the Issuer; 

  

	 	(iii)	dissolve or liquidate in whole or in part; 

  

	 	(iv)	(A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released
from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (B) permit any lien (including any lien arising in connection with any tax imposed under HB3), charge, excise, claim,
security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than
tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any of the Financed Vehicles and arising solely as a result of an action or omission of the related Obligor) or (C) permit the lien of this
Indenture not to constitute a valid and perfected first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate; 

 

	 	(v)	engage in any activities other than financing, acquiring, owning, pledging and managing the Receivables as contemplated by the Receivables Purchase Agreement, the Trust Agreement, the Sale and Servicing Agreement and
this Indenture and activities incidental to such activities; or 

  

	 	(vi)	incur, assume or guarantee any indebtedness other than the indebtedness evidenced by the Notes or indebtedness otherwise permitted by the Receivables Purchase Agreement, the Trust Agreement, the Sale and Servicing
Agreement or this Indenture. 

  
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 Section 3.9 Annual Statement as to Compliance. 

(a) On or before May 31 of each year (commencing with the year 2017), the Issuer shall deliver to the Depositor and the Indenture Trustee
an Issuer’s Certificate stating, as to the Authorized Officer signing such Issuer’s Certificate, that: 
  

	 	(i)	a review of the activities of the Issuer during the preceding Trust Fiscal Year (or, in the case of the Issuer’s Certificate to be delivered in the year 2017, during the period beginning on the Closing Date and
ending on the last day of February 2017) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 

  

	 	(ii)	to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied in all material respects with all conditions and covenants under this Indenture throughout such preceding Trust
Fiscal Year (or, in the case of the Issuer’s Certificate to be delivered in the year 2017, during the period beginning on the Closing Date and ending on the last day of February 2017) or, if there has been a default in its compliance with any
such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof. 

Section 3.10 Issuer May Consolidate, etc., Only on Certain Terms. 

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

 

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

  

	 	(ii)	immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 

  

	 	(iii)	the Rating Agency Condition shall have been satisfied with respect to such transaction; 

  
 23 

	 	(iv)	the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to the
Issuer, any Noteholder or any Certificateholder; 

  

	 	(v)	any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and 

  

	 	(vi)	the Issuer shall have delivered to the Indenture Trustee an Issuer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article III
and that all conditions precedent provided for in this Indenture relating to such transaction have been complied with (including any filing required by the Exchange Act). 

(b) Other than as specifically contemplated by the Transaction Documents, the Issuer shall not convey or transfer any of its properties or
assets, including those included in the Trust Estate, to any other Person, unless: 
  

	 	(i)	the Person that acquires by conveyance or transfer the properties or assets of the Issuer the conveyance or transfer of which is hereby restricted (A) shall be a United States citizen or a Person organized and
existing under the laws of the United States or any State, (B) shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual
payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) shall expressly agree
by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of the Holders of the Notes, (D) unless otherwise provided in such supplemental indenture,
shall expressly agree to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) shall expressly agree by means of such supplemental
indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 

 

	 	(ii)	immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 

  
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	 	(iii)	the Rating Agency Condition shall have been satisfied with respect to such transaction; 

  

	 	(iv)	the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee and the Depositor) to the effect that such transaction will not have any material adverse tax
consequence to the Issuer, any Noteholder or any Certificateholder; 

  

	 	(v)	any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and 

  

	 	(vi)	the Issuer shall have delivered to the Indenture Trustee and the Depositor an Issuer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with
this Article III and that all conditions precedent provided for in this Indenture relating to such transaction have been complied with (including any filing required by the Exchange Act). 

Section 3.11 Successor or Transferee. 

(a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such
consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein. 

(b) Upon any conveyance or transfer of all the properties and assets of the Issuer in accordance with Section 3.10(b), CarMax Auto Owner
Trust 2016-2 shall be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee and the
Depositor stating that CarMax Auto Owner Trust 2016-2 is to be so released. 
 Section 3.12 No Other Business. The Issuer shall
not engage in any business other than financing, acquiring, owning and pledging the Receivables in the manner contemplated by this Indenture and the other Transaction Documents, issuing the Notes pursuant to the terms hereof and the Certificate
pursuant to the terms of the Trust Agreement and activities incidental thereto. 
 Section 3.13 No Borrowing. The Issuer shall
not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Notes. 

Section 3.14 Servicer’s Obligations. The Issuer shall cause the Servicer to comply with the Sale and Servicing Agreement.

 Section 3.15 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this Indenture and the other
Transaction Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having 

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

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

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

Section 3.22 Representations and Warranties by the Issuer to the Indenture Trustee. The Issuer hereby represents and warrants to
the Indenture Trustee that the representations and warranties regarding creation, perfection and priority of security interests in the Receivables, which are attached to this Indenture as Appendix A, are true and correct to the extent they are
applicable. 

  
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 ARTICLE IV 

SATISFACTION AND DISCHARGE 

Section 4.1 Satisfaction and Discharge of Indenture. 

(a) This Indenture shall cease to be of further effect with respect to the Notes, except as to (i) rights of registration of transfer and
exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Section 3.3, Section 3.4, Section 3.5,
Section 3.8, Section 3.10, Section 3.12, Section 3.13, Section 3.16 and Section 3.17, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee
under Section 6.7 and the obligations of the Indenture Trustee under Section 4.3) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of
them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when either: 

 

	 	(i)	all Notes of all Classes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.6 and
(ii) Notes for whose payment money has theretofore been irrevocably deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been
delivered to the Indenture Trustee for cancellation; or 

  

	 	(ii)	(A) all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and payable and the Issuer has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee
(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 (which will mature prior to the date needed), in an amount sufficient to pay and
discharge the entire indebtedness on such Notes when due on the applicable Class Final Distribution Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.1(a)), as the case may be; and 

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

  
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 Section 4.2 Satisfaction, Discharge and Defeasance of the Notes. 

(a) Upon satisfaction of the conditions set forth in Section 4.2(b) below, the Issuer shall be deemed to have paid and discharged the
entire indebtedness on all the Notes Outstanding, and the provisions of this Indenture, as it relates to such Notes, shall no longer be in effect (and the Indenture Trustee, at the expense of the Issuer, shall execute proper instruments
acknowledging the same), except as to: 
  

	 	(i)	the rights of the Noteholders to receive, from the trust funds described in Section 4.2(b)(i), payment of the principal of and interest on the Notes Outstanding at maturity of such principal or interest;

  

	 	(ii)	the obligations of the Issuer with respect to the Notes under Section 2.5, Section 2.6, Section 3.2 and Section 3.3; 

 

	 	(iii)	the obligations of the Issuer to the Indenture Trustee under Section 6.7; and 

  

	 	(iv)	the rights, powers, trusts and immunities of the Indenture Trustee hereunder and the duties of the Indenture Trustee hereunder. 

(b) The satisfaction, discharge and defeasance of the Notes pursuant to Section 4.2(a) is subject to the satisfaction of all of the
following conditions: 
  

	 	(i)	the Issuer has deposited or caused to be deposited irrevocably (except as provided in Section 4.4) with the Indenture Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to,
the benefit of the Holders of the Notes, which, through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day prior to the due date of any payment referred to below, money in an
amount sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Indenture Trustee, to pay and discharge the entire indebtedness on the Notes
Outstanding, for principal thereof and interest thereon to the date of such deposit (in the case of Notes that have become due and payable) or to the maturity of such principal and interest, as the case may be; 

 

	 	(ii)	such deposit will not result in a breach or violation of, or constitute an event of default under, any Transaction Document or other agreement or instrument to which the Issuer is bound; 

 

	 	(iii)	no Event of Default has occurred and is continuing on the date of such deposit or on the ninety-first (91st) day after such date; 

  
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	 	(iv)	the Issuer has delivered to the Depositor and the Indenture Trustee an Opinion of Counsel to the effect that the satisfaction, discharge and defeasance of the Notes pursuant to this Section 4.2 will not cause any
Noteholder to be treated as having sold or exchanged any of its Notes for purposes of Section 1001 of the Code; and 

  

	 	(v)	the Issuer has delivered to the Depositor and the Indenture Trustee an Issuer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to the
defeasance contemplated by this Section 4.2 have been complied with. 

 Section 4.3 Application of Trust
Money. All monies deposited with the Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by the Indenture Trustee, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly
or through any Paying Agent, to the Holders of the Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest, but such monies need
not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law. 

Section 4.4 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with
respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and
applied according to Section 3.3, and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 

ARTICLE V 
 REMEDIES 

Section 5.1 Events of Default. 

(a) “Event of Default” means the occurrence of any one of the following events (whatever the reason for such event and
whether such event shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

 

	 	(i)	default in the payment of any interest on any Note of the Controlling Class when the same becomes due and payable and such default shall continue for a period of five (5) or more Business Days; 

 

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

  

	 	(iii)	 material default in the observance or performance of any covenant or agreement of the Issuer made in this
Indenture (other than a covenant or agreement a default in the observance or performance 

  
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of which is specifically dealt with elsewhere in this Section 5.1), and such default shall continue or not be cured for a period of sixty (60) days after there shall have been given, by
registered or certified mail, to the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the Depositor and the Indenture Trustee by the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class, a
written notice specifying such default and requiring it to be remedied and stating that such notice is a notice of Default hereunder; 

  

	 	(iv)	any representation or warranty of the Issuer made in this Indenture or in any certificate delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when
the same shall have been made, and the circumstance or condition in respect of which such representation or warranty was incorrect shall not have been eliminated or otherwise cured for a period of thirty (30) days after there shall have been
given, by registered or certified mail, to the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the Depositor and to the Indenture Trustee by the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling
Class, a written notice specifying such incorrect representation or warranty and requiring it to be remedied and stating that such notice is a notice of Default hereunder; 

 

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

 

	 	(vi)	the commencement by the Issuer of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the entry of an order for
relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial
part of the Trust Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of any action by the Issuer in furtherance
of any of the foregoing. 

  
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 (b) The Issuer shall deliver to the Indenture Trustee and the Depositor, within five
(5) days after the occurrence of any event that, with notice or the lapse of time or both, would become an Event of Default under clause (iii) or (iv), written notice of such Default in the form of an Issuer’s Certificate, the status
of such Default and what action the Issuer is taking or proposes to take with respect to such Default. 
 Section 5.2 Acceleration
of Maturity; Rescission and Annulment. 
 (a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee or the
Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class may, upon prior written notice to the Administrator (who shall promptly forward such notice to each Rating Agency), declare the Notes to be immediately due
and payable by written notice to the Issuer (and to the Indenture Trustee if given by Noteholders), the Depositor and the Servicer, and upon any such declaration the unpaid principal amount of the Notes, together with accrued and unpaid interest
thereon through the date of acceleration, shall become immediately due and payable. 
 (b) If the Notes have been declared immediately due
and payable following an Event of Default, before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as hereinafter provided in this Article V, the Holders of Notes evidencing not less than 51% of the Note
Balance of the Controlling Class, by written notice to the Issuer, the Depositor, the Indenture Trustee and the Administrator (who shall promptly forward such notice to each Rating Agency), may rescind and annul such declaration of acceleration and
its consequences if: 
  

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

  

	 	(ii)	all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12. 

(c) No such rescission shall affect any subsequent default or impair any right consequent thereto. 

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

(a) If (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues
for a period of five (5) Business Days, or (ii) default is made in the payment of the principal of any Note when the same becomes due and payable, the Issuer shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for
the benefit of the Holders of the Notes, the amount then due and payable on the Notes for principal and interest, with interest upon the overdue principal at the applicable Note Rate and, to the extent payment at such rate of interest shall be
legally enforceable, upon overdue 

  
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installments of interest at the applicable Note Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and other amounts due and owing to the Indenture Trustee pursuant to Section 6.7. 

(b) If the Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an
express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or any other obligor upon the Notes and collect in
the manner provided by law out of the property of the Issuer or such other obligor, wherever situated, the monies adjudged or decreed to be payable. 

(c) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may, as more particularly provided in
Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

 (d) If there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership
interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or other similar law, or if a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or if there shall be pending any other comparable judicial Proceedings relative to the
Issuer or any other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

 

	 	(i)	to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have
the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents and attorneys, and all other amounts due and owing to the Indenture
Trustee pursuant to Section 6.7) and of the Noteholders allowed in such Proceedings; 

  

	 	(ii)	unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

  
 32 

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

  

	 	(iv)	to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the
Issuer, its creditors and its property; 

  

	 	(v)	and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of the Noteholders to make payments to the Indenture Trustee and, in the event that the
Indenture Trustee shall consent to the making of payments directly to the Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee and each predecessor Indenture
Trustee, and their respective agents and attorneys, and all other amounts due and owing to the Indenture Trustee pursuant to Section 6.7. 

(e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such
proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 (f) All rights of action and of
asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action
or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes. 

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

Section 5.4 Remedies; Priorities. 

(a) If the Notes have been declared immediately due and payable following an Event of Default, the Indenture Trustee may, or at the written
direction of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class shall, take one or more of the following actions as so directed (subject to Section 5.5): 

 

	 	(i)	institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise,
enforce any judgment obtained, and collect from the Issuer and any other obligor upon the Notes monies adjudged due; 

  
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	 	(ii)	institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate; 

  

	 	(iii)	exercise any remedies of a secured party under the Relevant UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

 

	 	(iv)	sell the Trust Estate or any portion thereof or rights or interest therein at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture
Trustee may not sell or otherwise liquidate the Trust Estate at the direction of the Holders following an Event of Default, other than an Event of Default described in Section 5.1 (i) or (ii), unless (A) the Holders of 100% of the
Note Balance consent thereto, (B) the proceeds of such sale or liquidation will be sufficient to pay in full the Note Balance and all accrued but unpaid interest on the Outstanding Notes or (C) the Indenture Trustee determines that the
Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared immediately due and payable, and the Indenture Trustee obtains the
consent of the Holders of Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling Class. In determining such sufficiency or insufficiency with respect to clauses (B) and (C) above, the Indenture Trustee may, but need
not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 

(b) Notwithstanding the provisions of Section 2.8 or Section 8.2, if the Indenture Trustee collects any money or property pursuant
to this Section 5.4 and the Notes have been accelerated, it (or, if the Indenture Trustee is not the Paying Agent, the Paying Agent) shall pay out such money or property (and other amounts, including all amounts held on deposit in the Reserve
Account) in the following order of priority: 
  

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

  
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	 	(ii)	second, on a pro rata basis: (A) if the Indenture Trustee has become the Servicer pursuant to Section 8.2 of the Sale and Servicing Agreement, any amounts due in connection with indemnification of the
Indenture Trustee as Successor Servicer and not paid pursuant to Section 7.2 of the Sale and Servicing Agreement plus any Transition Costs due in connection with such transfer of servicing and not paid pursuant to Section 8.2(b) of the
Sale and Servicing Agreement; (B) to the Indenture Trustee, all amounts due to the Indenture Trustee as compensation pursuant to Section 6.7 not previously paid by the Administrator, and to the Owner Trustee, all amounts due to the Owner
Trustee pursuant to Sections 8.1 and 8.2 of the Trust Agreement not previously paid by the Servicer; and (C) to the Asset Representations Reviewer, all amounts due to the Asset Representations Reviewer pursuant to the Asset Representations
Review Agreement not previously paid by the Servicer; 

  

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

  

	 	(iv)	fourth, if an Event of Default described in Section 5.1 (i), (ii), (v) or (vi) has occurred, in the following order of priority: 

 

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

  

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

  

	 	(C)	to the Class B Noteholders, the Total Note Interest for the Class B Notes; 

  

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

  

	 	(E)	to the Class C Noteholders, the Total Note Interest for the Class C Notes; 

  

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

  
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	 	(G)	to the Class D Noteholders, the Total Note Interest for the Class D Notes; 

  

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

  

	 	(v)	fifth, if an Event of Default described in Section 5.1 (iii) or (iv) has occurred, in the following order of priority: 

 

	 	(A)	to the Class B Noteholders, the Total Note Interest for the Class B Notes; 

  

	 	(B)	to the Class C Noteholders, the Total Note Interest for the Class C Notes; 

  

	 	(C)	to the Class D Noteholders, the Total Note Interest for the Class D Notes; 

  

	 	(D)	to the Class A-1 Noteholders until the principal amount of the Class A-1 Notes has been paid in full; 

  

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

  

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

  

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

  

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

  

	 	(vi)	sixth, if the Indenture Trustee or any other Successor Servicer has become the Servicer pursuant to Section 8.2 of the Sale and Servicing Agreement, to such Successor Servicer, any Additional Servicing Fee, if any,
for the preceding Collection Period; and 

  

	 	(vii)	seventh, to the Certificateholders, any remaining amounts. 

 (c) Prior to an acceleration of
the Notes following an Event of Default, if the Indenture Trustee collects any money or property pursuant to this Article V, such amounts shall be deposited in the Collection Account and distributed in accordance with Section 2.8 and
Section 8.2. 

  
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 (d) The Indenture Trustee may fix a record date and payment date for any payment to Noteholders
pursuant to this Section 5.4. At least five (5) days before such record date, the Indenture Trustee on behalf of the Issuer shall mail to each Noteholder a notice that states the record date, the payment date and the amount to be paid.

 Section 5.5 Optional Preservation of the Receivables. If the Notes have been declared immediately due and payable following
an Event of Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate and apply proceeds as if there had been no declaration of
acceleration; provided, however, that the Available Funds shall be applied in accordance with such declaration of acceleration in the manner specified in Section 4.6(d) of the Sale and Servicing Agreement. It is the desire of the parties hereto
and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the
Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 
 Section 5.6 Limitation of
Suits. 
 (a) No Holder of any Note shall have any right to institute any Proceeding with respect to this Indenture or for the
appointment of a receiver or trustee, or for any other remedy hereunder, except in accordance with Section 2.4(d) of the Sale and Servicing Agreement, unless: 
  

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

  

	 	(ii)	the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its
own name as Indenture Trustee hereunder; 

  

	 	(iii)	such Holder or Holders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request; 

 

	 	(iv)	the Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 

 

	 	(v)	no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class.

  
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 (b) It is understood and intended that no one or more Holders of Notes shall have any right in
any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders of Notes or
to enforce any right under this Indenture, except in the manner herein provided. 
 (c) In the event the Indenture Trustee shall receive
conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each evidencing less than 51% of the Note Balance of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action, if
any, shall be taken, notwithstanding any other provisions of this Indenture. 
 Section 5.7 Unconditional Rights of Noteholders to
Receive Principal and Interest. Notwithstanding any other provisions of this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note
on the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the
consent of such Holder. 
 Section 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has
instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or such Noteholder, then and in every such
case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 Section 5.9 Rights and Remedies
Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 5.10 Delay or Omission Not a Waiver. No delay or
omission of the Indenture Trustee or any Noteholder to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or any
acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or the Noteholders, as
the case may be. 
 Section 5.11 Control by Noteholders of the Controlling Class. 

(a) The Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class shall have the right to direct the time,
method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, however, that: 

 

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

  
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	 	(ii)	subject to the express terms of Section 5.4, any written direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the Holders of Notes evidencing not less than 100% of the Note Balance;

  

	 	(iii)	if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such section, then any written direction to the Indenture Trustee by the
Holders of Notes evidencing less than 100% of the Note Balance to sell or liquidate the Trust Estate shall be of no force and effect; and 

  

	 	(iv)	the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction. 

(b) Notwithstanding the rights of Noteholders set forth in this Section 5.11, subject to Section 6.1, the Indenture Trustee need not
take any action that it reasonably believes might involve it in costs, expenses and liabilities for which it will not be adequately indemnified or might materially adversely affect the rights of any Noteholders not consenting to such action. 

Section 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, may, on behalf of all Noteholders, waive any past Default or Event of Default and its consequences except a Default or Event of Default
(i) in the payment of principal of or interest on any of the Notes or (ii) in respect of a covenant or provision hereof that cannot be amended, supplemented or modified without the consent of all the Noteholders. Upon any such waiver, the
Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereto. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred,
for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

Section 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such Holder’s
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered
or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, 

  
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including reasonable attorney’s fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided,
however, that the provisions of this Section 5.13 shall not apply to (i) any suit instituted by the Indenture Trustee, (ii) any suit instituted by any Noteholder or group of Noteholders, in each case holding Notes evidencing in the
aggregate more than 10% of the Note Balance (or, in the case of any suit which is instituted by the Controlling Class, more than 10% of the Note Balance of the Controlling Class) or (iii) any suit instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

Section 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it shall not
at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture, and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 Section 5.15 Action
on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither
the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon
any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b). 

Section 5.16 Performance and Enforcement of Certain Obligations. 

(a) Promptly following a request from the Indenture Trustee to do so, and at the Administrator’s expense (or, if the Indenture Trustee is
then acting as the Administrator, at the expense of CarMax), the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor and the Servicer of their respective
obligations to the Issuer under or in connection with the Sale and Servicing Agreement or by the Seller of its obligations under or in connection with the Receivables Purchase Agreement, and to exercise any and all rights, remedies, powers and
privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Depositor
or the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Depositor and the Servicer of their respective obligations thereunder. 

(b) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may, and at the direction (which direction shall be in
writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling Class shall (subject to Section 6.2(f)), exercise all

  
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rights, remedies, powers, privileges and claims of the Issuer against the Depositor or the Servicer under or in connection with the Sale and Servicing Agreement or against the Seller under or in
connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Depositor or the Servicer, as the case may be, of its obligations to the Issuer thereunder and
to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall be suspended. 

(c) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer agrees to take all
such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller of its obligations to the Depositor under or in connection with the Receivables Purchase Agreement in accordance with the terms
thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Receivables Purchase Agreement to the extent and in the manner directed by the Indenture Trustee, including
the transmission of notices of default on the part of the Depositor thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller of its obligations under the Receivables Purchase
Agreement. 
 (d) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may, and at the direction (which
direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling Class shall (subject to Section 6.2(f)), exercise all
rights, remedies, powers, privileges and claims of the Depositor against the Seller under or in connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the
Seller of its obligations to the Depositor thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Receivables Purchase Agreement, and any right of the Depositor to take such action shall be suspended.

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

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

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

	 	(i)	the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the
Indenture Trustee, and any discretion, permissive right or privilege shall not be deemed to be or otherwise construed as a duty or obligation; and 

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

 (c) The Indenture Trustee may not be relieved from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
  

	 	(i)	this paragraph does not limit the effect of paragraph (b) of this Section 6.1; 

  

	 	(ii)	the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts;

  

	 	(iii)	the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.11; and 

 

	 	(iv)	the Indenture Trustee shall not be liable for special, consequential, or indirect damages (including, among other things, lost profits). 

(d) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing
with the Issuer. 
 (e) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required
by law or the terms of this Indenture or the Sale and Servicing Agreement. 
 (f) No provision of this Indenture shall require the Indenture
Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers hereunder if the Indenture Trustee shall have reasonable grounds to
believe that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured or provided to it. 
 (g)
Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section 6.1 and the TIA. 

  
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 (h) The Indenture Trustee shall not be charged with knowledge of any Event of Default or of any
other event unless either (i) a Responsible Officer shall have actual knowledge of such Event of Default or other event or (ii) written notice of such Event of Default or other event shall have been given to the Indenture Trustee in
accordance with the provisions of this Indenture. 
 (i) The Indenture Trustee shall be required to carry out its duties as specified in
Sections 4.1, 4.7, 4.9, 7.4(c), 8.1, 8.2, 8.3(a), 8.4, 10.12 and 10.14 of the Sale and Servicing Agreement. In furtherance of the foregoing, Sections 4.1, 4.7, 4.9, 7.4(c), 8.1, 8.2, 8.3(a), 8.4, 10.12 and 10.14 of the Sale and Servicing Agreement
are hereby incorporated by reference into this Indenture to the extent that they refer to obligations of the Indenture Trustee. 
 (j)
Subject to Sections 6.1(a) and (c), in no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its
control, including, without limitation, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities; it being understood that
the Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 6.2 Rights of Indenture Trustee. 

(a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the
proper Person. 
 (b) Before the Indenture Trustee acts or refrains from acting, it may request and shall be entitled to receive an
Issuer’s Certificate or an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Issuer’s Certificate or Opinion of Counsel unless it is proved that the
Indenture Trustee was negligent in such reliance. 
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent,
attorney, custodian or nominee appointed with due care by it hereunder. 
 (d) The Indenture Trustee shall not be liable for any action it
takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that such action or omission by the Indenture Trustee does not constitute willful misconduct, negligence or bad
faith. 
 (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. 

  
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 (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction. 
 (g) The Indenture Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Indenture Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Issuer, personally or by agent or attorney. 
 Section 6.3 Individual Rights of Indenture Trustee. The
Indenture Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note
Registrar, co-registrar or co-paying agent hereunder may do the same with like rights. 
 Section 6.4 Indenture Trustee’s
Disclaimer. The Indenture Trustee (i) shall not be responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes, (ii) shall not be accountable for the Issuer’s use of the proceeds
from the Notes or responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication and
(iii) shall not be responsible for the acts or omissions of any other party, including the Servicer, Seller and Depositor, and may assume each other party’s performance of its obligations under the Trust Agreement, the Receivables Purchase
Agreement and the Sale and Servicing Agreement absent written notice or actual knowledge of a Responsible Officer to the contrary. 

Section 6.5 Notice of Defaults. If a Default occurs and is continuing and if it is known to a Responsible Officer of the Indenture
Trustee, the Indenture Trustee shall mail to each Noteholder and the Administrator notice of such Default within ninety (90) days after it occurs. Except in the case of a Default in payment of principal of or interest on any Note (including
payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests
of Noteholders. 
 Section 6.6 Reports by Indenture Trustee to Holders. The Indenture Trustee shall deliver, within a reasonable
period of time after the end of each calendar year, to each Person who at any time during such calendar year was a Noteholder, such information furnished to the Indenture Trustee as may be required to enable such Person to prepare its federal and
State income tax returns. 

  
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 Section 6.7 Compensation and Indemnity. 

(a) The Administrator, on behalf of the Issuer, shall pay to the Indenture Trustee from time to time reasonable compensation for its services.
The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Administrator, on behalf of the Issuer, shall reimburse the Indenture Trustee for all expenses, advances and
disbursements reasonably incurred or made by it, including costs of collection, in addition to the compensation for its services; provided, however, that the Administrator need not reimburse the Indenture Trustee for any expense incurred through the
Indenture Trustee’s willful misconduct, negligence, or bad faith. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The
Administrator, on behalf of the Issuer, shall indemnify the Indenture Trustee for, and hold it and its officers, directors, employees, representatives and agents, harmless against, any and all loss, liability or expense (including reasonable
attorneys’ fees and expenses) incurred by it in connection with the administration of this trust and the performance of its duties hereunder; provided, however, that the Administrator need not indemnify the Indenture Trustee for, or hold it
harmless against, any such loss, liability or expense incurred through the Indenture Trustee’s willful misconduct, negligence, or bad faith. The Indenture Trustee shall notify the Issuer and the Administrator promptly of any claim for which it
may seek indemnity. Any failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not, however, relieve the Administrator of its obligations hereunder. The Administrator, on behalf of the Issuer, shall defend any such
claim. The Indenture Trustee may have separate counsel in connection with the defense of any such claim, and the Administrator, on behalf of the Issuer, shall pay the fees and expenses of such counsel. If the Indenture Trustee is then acting as
Administrator, all payment obligations to the Indenture Trustee pursuant to this Section 6.7 shall be paid by CarMax. 
 (b) The
payment obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the resignation or removal of the Indenture Trustee and the discharge of this Indenture. 

(c) When the Indenture Trustee incurs fees or expenses after the occurrence of a Default specified in Section 5.1(a)(v) or
Section 5.1(a)(vi) with respect to the Issuer, such fees and expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or similar
law. 
 Section 6.8 Replacement of Indenture Trustee. 

(a) No resignation or removal of the Indenture Trustee, and no appointment of a successor Indenture Trustee, shall become effective until the
acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8. The Indenture Trustee may resign at any time by providing the Issuer, the Administrator, the Depositor and the Noteholders with at least 60 days’
advance written notice. The Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class may remove the Indenture Trustee without cause by notifying the Indenture Trustee (with a copy to the Issuer, the Administrator,
the Depositor and the Rating Agencies) of such removal and, following such removal, may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 

 

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

  
 45 

	 	(ii)	the Indenture Trustee is adjudged to be bankrupt or insolvent; 

  

	 	(iii)	a receiver or other public officer takes charge of the Indenture Trustee or its property; or 

  

	 	(iv)	the Indenture Trustee otherwise becomes incapable of acting. 

 (b) If the Indenture Trustee
resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Administrator shall promptly appoint a successor
Indenture Trustee. 
 (c) Any successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture
Trustee, the Issuer, the Administrator and the Depositor. Upon delivery of such written acceptance, the resignation or removal of the retiring Indenture Trustee shall become effective and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture
Trustee to the successor Indenture Trustee. 
 (d) If a successor Indenture Trustee does not take office within sixty (60) days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class may petition any court of competent jurisdiction for
the appointment of a successor Indenture Trustee. If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee. 
 (e) Notwithstanding the replacement of the Indenture Trustee pursuant to this Section 6.8, the
Administrator’s obligations under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee. 

Section 6.9 Successor Indenture Trustee by Merger. 

(a) If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or
assets to another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Indenture Trustee; provided, however, that such corporation
or banking association must be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Rating Agencies, the Administrator and the Depositor with prior written notice of any such transaction. 

(b) If at the time such successor or successors by consolidation, merger or conversion to the Indenture Trustee shall succeed to the trusts
created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture 

  
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Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated, and in case at that time any of the Notes shall not have been
authenticated, any such successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor trustee or in the name of the successor to the Indenture Trustee. In all such cases such certificates shall have the full
force which the Notes or this Indenture provide that the certificate of the Indenture Trustee shall have. 
 Section 6.10
Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 
 (a) Notwithstanding any other provisions of this Indenture, at
any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver an instrument to appoint one or
more Persons to act as a co-trustee or co-trustees, jointly with the Indenture Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of
the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No
co-trustee or separate trustee under this Indenture shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice of the appointment of any co-trustee or separate 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 shall not be authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular
act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion
thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 

 

	 	(ii)	no trustee under this Indenture shall be personally liable by reason of any act or omission of any other trustee under this Indenture; and 

 

	 	(iii)	the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 

  
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 (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have
been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each
separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided
therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Each such instrument shall
be filed with the Indenture Trustee. 
 (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee its agent or
attorney-in-fact with full power and authority, to the extent permitted by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting,
resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

Section 6.11 Eligibility; Disqualification. 

(a) The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a). The Indenture Trustee or its parent shall
have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long-term debt rating acceptable to each of the Rating Agencies. The Indenture Trustee shall comply
with TIA Section 310(b). 
 (b) Within 90 days after ascertaining the occurrence of an Event of Default which shall not have been cured
or waived, unless authorized by the Commission, the Indenture Trustee shall resign with respect to the Class A Notes, the Class B Notes, the Class C Notes or the Class D Notes in accordance with Section 6.8, and the Issuer shall appoint a
successor Indenture Trustee for one or more of such Classes, as applicable, so that there will be separate Indenture Trustees for the Class A Notes, the Class B Notes, the Class C Notes or the Class D Notes. In the event the Indenture Trustee
fails to comply with the terms of the preceding sentence, the Indenture Trustee shall comply with clauses (ii) and (iii) of TIA Section 310(b). 

(c) In the case of the appointment pursuant to this Section 6.11 of a successor Indenture Trustee with respect to any Class of Notes, the
Issuer, the retiring Indenture Trustee and the successor Indenture Trustee with respect to such Class of Notes shall execute and deliver an indenture supplemental hereto wherein each successor Indenture Trustee shall accept such appointment and
which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, the successor Indenture Trustee all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to
the Notes of the Class to which the appointment of such successor Indenture Trustee relates, (ii) if the retiring Indenture Trustee is not retiring with respect to all Classes of Notes, shall contain such provisions as shall be deemed necessary
or desirable to confirm that all rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of each Class as to which the retiring Indenture Trustee is not retiring shall continue to be vested in the Indenture
Trustee and (iii) shall add to or 

  
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change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Indenture Trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such Indenture Trustees co-trustees of the same trust and that each such Indenture Trustee shall be a trustee of a trust or trusts hereunder separate and apart from
any trust or trusts hereunder administered by any other such Indenture Trustee; and upon the removal of the retiring Indenture Trustee shall become effective to the extent provided herein. 

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

Section 6.13 Communications Regarding Demands to Purchase Receivables. The Indenture Trustee agrees to cooperate in good faith
with any reasonable request by the Depositor for information which is required in order to enable the Depositor to comply with the provisions of Items 1104(e) and 1121(c) of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates to the
Indenture Trustee or to the Indenture Trustee’s obligations under this Agreement. The Indenture Trustee shall provide the Depositor with notification, as soon as practicable and in any event within five (5) Business Days, of (i) all
demands communicated to the Indenture Trustee for the repurchase or replacement of any Receivable and (ii) all requests by Verified Note Owners to communicate with other Noteholders regarding the exercise of remedies pursuant to the Transaction
Documents. 
 ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS; ASSET REPRESENTATIONS REVIEW 

Section 7.1 Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders. If and so long as the Indenture Trustee is not
the Note Registrar, the Issuer shall furnish or cause to be furnished to the Indenture Trustee (i) not more than five (5) days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and
addresses of the Holders of Notes as of such Record Date and (ii) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after receipt by the Issuer of any such request, a list of similar form and
content as of a date not more than ten (10) days prior to the time such list is furnished; provided, however, that, with respect to Notes issued as Book-Entry Notes, no such list shall be required to be furnished. 

Section 7.2 Preservation of Information; Communications to Noteholders. 

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

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

(a) The Issuer shall: 
  

	 	(i)	file with the Indenture Trustee, within fifteen (15) days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

  

	 	(ii)	file with the Indenture Trustee and the Commission in accordance with the rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to
compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

  

	 	(iii)	supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by
the Issuer pursuant to clauses (i) and (ii) of this Section (a) and by the rules and regulations prescribed from time to time by the Commission. 

(b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall correspond to the Trust Fiscal Year. 

Section 7.4 Reports by Indenture Trustee. 

(a) If required by TIA Section 313(a), within sixty (60) days after each March 31, beginning with March 31, 2017, the
Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee shall also comply with TIA Section 313(b). 

(b) The Indenture Trustee shall file with the Commission and each stock exchange, if any, on which the Notes are listed a copy of each report
mailed to Noteholders pursuant to this Indenture. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

  
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 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 Note Owner communicates with the Indenture Trustee, the Indenture Trustee shall determine whether such Note Owner is a Verified Note Owner and shall provide a copy of the supporting evidence provided to the
Indenture Trustee to the Issuing Entity. 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 an
Asset Representations Review Notice under Section 7.6, 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. 
 (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 Servicer, on behalf of the Issuer, at CMX_Corp_Fin_Dept@carmax.com to include information regarding the communication in a Form 10-D to be filed by the Issuer with the Commission. Each
request must include (i) the name of the requesting Noteholder or 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 Verified Note Owner, as applicable, that delivers a request under this Section 7.5(b) will be deemed to have certified to the Issuer
and the Servicer 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 Issuer will promptly deliver any such request to the Servicer. On receipt of such a request, the Servicer will include in the Form 10-D filed by the Issuer with the Commission for the Collection Period in which the request was received
(A) a statement that the Servicer 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 and (D) 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 Issuer, the Administrator, the Indenture Trustee or the Owner Trustee will be responsible for
such costs. 

  
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 Section 7.6 Asset Representations Review. 

(a) If a Delinquency Trigger Event occurs, 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. If Noteholders and Note Owners of 5% or more of the aggregate principal amount of all Notes Outstanding demand a vote within 90 days of the filing of the Servicer’s Certificate indicating that the Delinquency Trigger Event has occurred,
the Indenture Trustee will promptly request a vote of the Noteholders and Note Owners as described in Section 7.6(b) below; provided, that for the purpose of determining the holders of the Notes Outstanding, any Notes held by CarMax 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 7.6(a), the Indenture Trustee shall conduct a vote of all Noteholders, and shall cause the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.) to conduct a vote of all Note Owners. The Indenture
Trustee shall provide to the Servicer the voting instructions and procedures applicable to the Noteholders and Note Owners to be included in the Form 10-D filed by the Issuer with the Commission. Each Noteholder or Note Owner that elects to vote
shall vote whether or not the Asset Representations Reviewer should be directed to conduct an Asset Representations Review. Noteholders or Note Owners shall be permitted to vote for 150 days after the filing of the Servicer’s Certificate
indicating that the Delinquency Trigger Event has occurred. 
 (c) In the event that a Note Owner exercises its right to vote such Note
Owner’s beneficial interest, the Indenture Trustee shall determine whether such Note Owner is a Verified Note Owner and shall provide a copy of the supporting evidence provided to the Indenture Trustee to the Issuing Entity. 

(d) If (i) a majority of the Noteholders and Note Owners voting pursuant to Section 7.6(b) vote to cause the Asset Representations
Reviewer to conduct an Asset Representations Review and (ii) the holders of 5% or more of the aggregate principal amount of Outstanding Notes cast a vote, the Indenture Trustee shall provide a notice to the Issuer (the “Asset
Representations Review Notice”), which shall promptly provide such Asset Representations Review Notice to the Seller, the Depositor and the Servicer. 

(e) The Indenture Trustee shall cooperate with the Asset Representations Reviewer in the event an Asset Representations Review is commenced
pursuant to Section 7.6(d) and shall provide the Asset Representations Reviewer with any documents or other information in its possession reasonably requested by the Asset Representations Reviewer in connection with the Asset Representations
Review. 

  
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 ARTICLE VIII 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

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

Section 8.2 Trust Accounts. 

(a) On or before the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for
the benefit of the Noteholders and the Certificateholders, the Collection Account as provided in Section 4.1(a) of the Sale and Servicing Agreement. On or before each Distribution Date, the Servicer shall deposit in the Collection Account all
amounts required to be deposited therein with respect to the preceding Collection Period as provided in Section 4.2 of the Sale and Servicing Agreement. 

(b) On or before the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for
the benefit of the Noteholders, the Reserve Account as provided in Section 4.7 of the Sale and Servicing Agreement. On each Distribution Date, upon receipt of instructions from the Servicer pursuant to Section 4.6(b) of the Sale and
Servicing Agreement, the Indenture Trustee shall withdraw from the Reserve Account (up to the amount on deposit in the Reserve Account) and deposit in the Collection Account the amount, if any, by which the Required Payment Amount for such
Distribution Date exceeds the Available Collections for such Distribution Date. 
 (c) [RESERVED]. 

(d) On each Distribution Date, the Indenture Trustee shall apply or cause to be applied the amount on deposit in the Collection Account on
such Distribution Date in accordance with Section 2.8(a). 
 (e) On or before the Closing Date, the Issuer shall cause the Servicer to
establish and maintain, in the name of the Indenture Trustee, for the exclusive benefit of the Noteholders, the Note Payment Account as provided in Section 4.1(b) of the Sale and Servicing Agreement. On each Distribution Date, the Indenture
Trustee shall apply or cause to be applied the amount on deposit in the Note Payment Account on such Distribution Date in accordance with Section 2.8(a) or (d), as applicable. 

  
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 Section 8.3 General Provisions Regarding Accounts. 

(a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall
be invested by the Indenture Trustee at the written direction of the Servicer in Permitted Investments as provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement. All income or other gain (net of losses and investment expenses) from
investments of monies deposited in the Trust Accounts shall be withdrawn by the Indenture Trustee from such accounts and distributed (but only under the circumstances set forth in the Sale and Servicing Agreement) as provided in Sections 4.1 and 4.7
of the Sale and Servicing Agreement. The Servicer shall not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest granted and perfected in such
account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if
requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 

(b) Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the
Trust Accounts resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its
commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
 (c) If (i) the Servicer shall have
failed to give written investment directions for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 A.M. (New York City time) (or such other time as may be agreed upon by the Issuer and Indenture Trustee), on the Business
Day preceding each Distribution Date, (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared immediately due and payable pursuant to Section 5.2 or
(iii) the Notes shall have been declared immediately due and payable following an Event of Default, and amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.4(c) as if there had not been such
a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or more Permitted Investments in accordance with the last written investment direction provided by the
Servicer. 
 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 not inconsistent with the
provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any monies. 

  
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 (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due
the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any
funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section (b) only upon receipt of an Issuer Request accompanied by an Issuer’s Certificate, an
Opinion of Counsel addressed to the Indenture Trustee and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. 

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

SUPPLEMENTAL INDENTURES 

Section 9.1 Supplemental Indentures Without Consent of Noteholders. 

(a) This Indenture may be amended from time to time by a written amendment duly executed and delivered by the Issuer and the Indenture
Trustee, when authorized by an Issuer Order, without the consent of any Noteholder or any other Person; provided, however, that (i) any such amendment shall not, as evidenced by an Opinion of Counsel to the Issuer delivered to the
Indenture Trustee adversely affect in any material respect the interests of the Noteholders or (ii) the Rating Agency Condition is satisfied with respect to such amendment and the Issuer notifies (or causes the Servicer to notify) the Indenture
Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 
 (b) Any term or provision of this
Indenture may also be amended from time to time by the Issuer and the Indenture Trustee, when authorized by an Issuer Order, for the purpose of conforming the terms of this Indenture to the description thereof in the Prospectus or, to the extent not
contrary to the Prospectus, to the description thereof in an offering memorandum with respect to any Retained Notes or the Certificates without the consent of any Noteholder, or any other Person. 

  
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 (c) Prior to the execution of any amendment or consent pursuant to this Section 9.1, the
Servicer shall provide written notification of the substance of such amendment or consent to each Rating Agency. 
 (d) Promptly after the
execution of any amendment to this Agreement, the Seller shall furnish an executed copy of such amendment to each Rating Agency. 

Section 9.2 Supplemental Indentures with Consent of Noteholders. 

(a) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, with the consent of the Holders of Notes evidencing not
less than 51% of the Note Balance of the Controlling Class and with prior notice to the Rating Agencies and the Administrator, by Act of such Holders delivered to the Issuer and the Indenture Trustee, at any time and from time to time, enter into
one or more indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that (i) no such supplemental indenture may materially adversely affect the interests of any Noteholder and (ii) no such supplemental indenture will be permitted unless an Opinion of Counsel is delivered to
the Indenture Trustee to the effect that such supplemental indenture will not cause the Issuer to be characterized for federal income tax purposes as an association taxable as a corporation or otherwise have any material adverse impact on the
federal income taxation of any Notes Outstanding or any Noteholder; and, provided further, that no such supplemental indenture may, without the consent of the Holder of each Outstanding Note affected by such supplemental indenture: 

 

	 	(i)	change any Class Final Distribution Date or the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the Note Rate applicable thereto or the Redemption
Price with respect thereto, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment
where, or the coin or currency in which, any Note or the interest thereon is payable; 

  

	 	(ii)	impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of available funds, as provided in Article V, to the payment of any amount due on the Notes on or
after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 

  

	 	(iii)	reduce the percentage of the Note Balance or the Note Balance of the Controlling Class the consent of the Holders of which is required for any such supplemental indenture or for any waiver of compliance with the
provisions of this Indenture or of defaults hereunder and their consequences as provided in this Indenture; 

  
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	 	(iv)	modify or alter (A) the provisions of the second proviso to the definition of the term “Outstanding” or (B) the definition of the term “Note Balance” or the definition of the term
“Controlling Class”; 

  

	 	(v)	reduce the percentage of the Note Balance the consent of the Holders of which is required to direct the Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale
would be insufficient to pay in full the principal amount of and accrued but unpaid interest on the Notes; 

  

	 	(vi)	reduce the percentage of the Note Balance of the Controlling Class the consent of the Holders of which is required for any such supplemental indenture amending the provisions of this Indenture which specify the
applicable percentage of the Note Balance of the Controlling Class the consent of which is required for such supplemental indenture or the amendment of any other Transaction Document; 

 

	 	(vii)	affect the calculation of the amount of interest on or principal of the Notes payable on any Distribution Date, including the calculation of any of the individual components of such calculation; 

 

	 	(viii)	modify any of the provisions of this Indenture in such a manner as to affect the rights of the Holders of the Notes to the benefit of any provisions for the mandatory redemption of the Notes; or 

 

	 	(ix)	permit the creation of any Lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien
of this Indenture on any such collateral at any time subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture. 

(b) It shall not be necessary for any Act of Noteholders under this Section 9.2 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section 9.2, the Indenture
Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice,
or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 Section 9.3
Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture
Trustee shall be 

  
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entitled to receive and, subject to Section 6.1 and Section 6.2, shall be fully protected in relying upon an Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture and that all conditions precedent in this Indenture to the execution and delivery of such supplemental indenture have been satisfied. The Indenture Trustee may, but shall not be obligated to, enter into
any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. Notwithstanding anything in this Indenture to the contrary, no supplemental indenture shall be
effective without the prior written consent of the Owner Trustee or the Asset Representations Reviewer, respectively, if the supplemental indenture would adversely modify the amount or timing of distributions to be made to the Owner Trustee or the
Asset Representations Reviewer, as applicable, under this Indenture. 
 Section 9.4 Effect of Supplemental Indenture. Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to
such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 9.5 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed
pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

Section 9.6 Reference in Notes to Supplemental Indentures. Any Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X 

REDEMPTION OF NOTES 

Section 10.1 Redemption. 

(a) The Notes are subject to redemption in whole, but not in part, at the direction of the Servicer, pursuant to Section 9.1(a) of the
Sale and Servicing Agreement, on any Distribution Date on which the Servicer exercises its option to purchase the assets of the Issuer pursuant to such Section 9.1(a), and the amount paid by the Servicer shall be treated as collections in
respect of the Receivables and applied to pay all amounts due to the Servicer under the Sale and Servicing Agreement and the unpaid principal amount of the Notes plus all accrued 

  
 58 

 
and unpaid interest (including any overdue interest) thereon. If the Notes are to be redeemed pursuant to this Section 10.1(a), the Issuer shall furnish or cause the Servicer to furnish
notice of such redemption to the Depositor, the Indenture Trustee, the Owner Trustee, the Asset Representations Reviewer, the Rating Agencies and the Administrator not later than ten (10) days prior to the Redemption Date and the Issuer shall
deposit the Redemption Price of the Notes to be redeemed in the Note Payment Account by 10:00 A.M. (New York City time) on the Redemption Date, whereupon all such Notes shall be due and payable on the Redemption Date. 

(b) In the event that the assets of the Issuer are purchased by the Servicer pursuant to Section 9.1(a) of the Sale and Servicing
Agreement, all amounts on deposit in the Note Payment Account shall be paid to the Noteholders up to the unpaid principal amount of the Notes and all accrued and unpaid interest thereon. If such amounts are to be paid to Noteholders pursuant to this
Section 10.1(b), the Issuer shall, to the extent practicable, furnish or cause the Servicer to furnish notice of such event to the Depositor, the Indenture Trustee, the Rating Agencies and the Administrator not later than ten (10) days
prior to the Redemption Date, whereupon all such amounts shall be payable on the Redemption Date. 
 Section 10.2 Form of Redemption
Notice. 
 (a) Notice of redemption of the Notes under Section 10.1(a) shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile mailed or transmitted promptly following receipt of notice from the Issuer or the Servicer pursuant to Section 10.1(a), but not later than ten (10) days prior to the applicable Redemption Date, to each
Holder of the Notes as of the close of business on the second Record Date preceding the applicable Redemption Date, at such Holder’s address or facsimile number appearing in the Note Register. 

(b) All notices of redemption shall state: 
  

	 	(i)	the Redemption Date; 

  

	 	(ii)	the Redemption Price; and 

  

	 	(iii)	the place where the Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2). 

(c) Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. Any failure to
give notice of redemption, or any defect therein, to any Holder of any Note shall not, however, impair or affect the validity of the redemption of any other Note. 

Section 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption as required by
Section 10.2 (in the case of redemption pursuant to Section 10.1(a)), become due and payable on the Redemption Date at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on
the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 

  
 59 

 ARTICLE XI 

MISCELLANEOUS 
 Section 11.1
Compliance Certificates and Opinions, etc. 
 (a) Upon any application or request by the Issuer to the Indenture Trustee to take any
action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Issuer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with, (ii) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of
certified public accountants meeting the applicable requirements of this Section 11.1, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this
Indenture, no additional certificate or opinion need be furnished. 
 (b) Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include: 
  

	 	(i)	a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

 

	 	(ii)	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

 

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

  

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

(c) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, deliver to the Indenture Trustee an Issuer’s
Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within ninety (90) days of such deposit) to the Issuer of the Collateral or other property or securities to be so deposited. 

(d) Whenever the Issuer is required to furnish to the Indenture Trustee an Issuer’s Certificate certifying or stating the opinion of any
signer thereof as to the matters described in Section 11.1(c), the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value to the Issuer of the property or securities to be

  
 60 

 
so deposited and of all other such property or securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in
the certificates furnished pursuant to Section 11.1(c) and this Section 11.1(d), is 10% or more of the Note Balance, but such a certificate need not be furnished with respect to any property or securities so deposited if the fair value
thereof to the Issuer as set forth in the related Issuer’s Certificate is less than $25,000 or less than 1% of the Note Balance. 
 (e)
Whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Issuer’s Certificate certifying or stating the opinion of each person signing such certificate as
to the fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in
contravention of the provisions hereof. 
 (f) Whenever the Issuer is required to furnish to the Indenture Trustee an Issuer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in Section 11.1(e), the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of
the property or securities and of all other property, other than property as contemplated by Section 11.1(g) 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(e) and this Section 11.1(f), is 10% or more of the Note Balance, but such a certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth
in the related Issuer’s Certificate is less than $25,000 or less than 1% of the Note Balance. 
 (g) Notwithstanding Section 2.10
or any other provisions of this Section 11.1, the Issuer may, without compliance with the requirements of the other provisions of this Section 11.1, (i) collect, liquidate, sell or otherwise dispose of Receivables and Financed
Vehicles as and to the extent permitted or required by the Transaction Documents and (ii) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Transaction Documents. 

Section 11.2 Form of Documents Delivered to Indenture Trustee. 

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

(b) Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such officer’s certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or 

  
 61 

 
opinion of, or representations by, one or more officers of the Depositor, the Seller, the Servicer, the Administrator or the Issuer, stating that the information with respect to such factual
matters is in the possession of the Depositor, the Seller, the Servicer, the Administrator or the Issuer, unless such Authorized Officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous. 
 (c) Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

(d) Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the
Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency
of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 

Section 11.3 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
the Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by the Noteholders in person or by agents duly appointed in writing, and except as herein otherwise expressly provided such action
shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, 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 shall bind the Holder of
every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note. 

  
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 Section 11.4 Notices, etc., to Indenture Trustee, Issuer and Rating Agencies. 

(a) Any request, demand, authorization, direction, notice, instruction, consent, waiver, Act of Noteholders or other document provided or
permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, instruction, consent, waiver, Act of Noteholders or other document is to be made upon, given or furnished to or filed with: 

 

	 	(i)	the Indenture Trustee by any Noteholder or by the Issuer, shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office;

  

	 	(ii)	the Issuer by the Indenture Trustee or by any Noteholder, shall be sufficient for every purpose hereunder if in writing and sent by first-class mail, postage prepaid, or overnight courier to the Issuer addressed to:
CarMax Auto Owner Trust 2016-2, in care of U.S. Bank Trust National Association, at its Corporate Trust Office as defined in the Trust Agreement, with a copy to the Administrator, at 12800 Tuckahoe Creek Parkway, Richmond, Virginia 23238, Attention:
Treasury Department, or at any other address previously furnished in writing to the Indenture Trustee by the Issuer or the Administrator; 

  

	 	(iii)	the Depositor by the Indenture Trustee, the Servicer or any Noteholder, it shall be sufficient for every purpose hereunder if in writing and sent by first-class mail, postage prepaid, or overnight courier to the
Depositor addressed to CarMax Auto Funding LLC at 12800 Tuckahoe Creek Parkway, Suite 400, Richmond, Virginia 23238, Attention: Treasurer; or 

  

	 	(iv)	the Administrator by the Indenture Trustee, the Issuer, the Servicer, the Depositor or any Noteholder, shall be sufficient for every purpose hereunder if in writing and sent by first-class mail, postage prepaid, or
overnight courier to the Administrator addressed to CarMax Business Services, LLC at 12800 Tuckahoe Creek Parkway, Richmond, Virginia 23238, Attention: Treasury Department. 

(b) Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or the Owner Trustee shall be in writing,
personally delivered, telecopied or mailed by certified mail, return receipt requested, to the Administrator and the Issuer shall cause the Administrator to promptly provide such notices (i) in the case of Standard & Poor’s, at
the following address: Standard & Poor’s Ratings Services, a division of Standard & Poor’s Financial Services LLC, 55 Water Street, 43rd Floor, New York, New York 10041, Attention: Asset Backed Surveillance Department and
(ii) in the case of Fitch, at the following address: Fitch Ratings, Inc., 33 Whitehall Street, New York, New York 10004, Attention: Auto Asset Backed Securities Group, and via email to notifications.abs@fitchratings.com. The Issuer shall

  
 63 

 
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 or
Note Owners to the Issuer and, if such notice is a Repurchase Request, to the Depositor. 
 Section 11.5 Notices to Noteholders;
Waiver. 
 (a) Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at its address as it appears on the Note Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the
sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

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

(e) If the Indenture Trustee receives a Repurchase Request and the Depositor or CarMax does not repurchase the Receivables related to such
Repurchase Request within one hundred eighty (180) days of the receipt of such Repurchase Request, the Indenture Trustee shall deliver a Repurchase Response Notice to the related Noteholder or Note Owner. 

Section 11.6 Alternate Payment and Notice Provisions. Notwithstanding any other provisions of this Indenture or any of the Notes
to the contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this
Indenture for such payments or notices. The Issuer shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall cause payments to be made and notices to be given in accordance with such agreements. 

Section 11.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision
hereof that is required to be included in this Indenture by any 

  
 64 

 
of the provisions of the Trust Indenture Act, such required provision shall control. The provisions of TIA Sections 310 through 317 that impose duties on any Person (including the provisions
automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

Section 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 11.9 Successors and
Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors,
co-trustees and agents. 
 Section 11.10 Severability. If any provision of this Indenture or the Notes shall be invalid, illegal
or unenforceable, the validity, legality, and enforceability of the remaining provisions of this Indenture and the Notes shall not in any way be affected or impaired thereby. 

Section 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, the Noteholders, any other party secured hereunder and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture. 
 Section 11.12 Legal Holiday. If the date on which any payment is due shall not be a Business Day,
then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no
interest shall accrue for the period from and after any such nominal date. 
 Section 11.13 GOVERNING LAW ; WAIVER OF RIGHT TO JURY
TRIAL. 
 (a) THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES UNDER THIS INDENTURE SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 (b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY
WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE OR ANY MATTER ARISING HEREUNDER. 

  
 65 

 Section 11.14 Counterparts. This Indenture may be executed in any number of
counterparts, each of which counterparts when so executed shall be deemed to be an original, and all of which counterparts shall together constitute but one and the same instrument. 

Section 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording office, such
recording shall be effected by the Issuer at its expense and shall be accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such
recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

Section 11.16 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer,
the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith against (i) the Indenture Trustee or the Owner Trustee in its individual capacity,
(ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, of any holder of a
beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacities), and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner
Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI, Article VII and Article VIII of the Trust Agreement. 

Section 11.17 No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder or Note Owner, by accepting
a Note or beneficial interest in a Note, as the case may be, hereby covenant and agree that they will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, or cooperate with
or encourage others to institute against the Depositor or the Issuer, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any United States federal or State bankruptcy or similar law in
connection with any obligations relating to the Notes, this Indenture or any of the other Transaction Documents. 
 Section 11.18
Inspection. The Issuer shall, with reasonable prior notice, permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine the books of account, records, reports and other papers of the Issuer,
to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent
certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be
required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

  
 66 

 Section 11.19 Third-Party Beneficiaries. This Indenture shall inure to the benefit of
and be binding upon the parties hereto, the Owner Trustee, the Asset Representations Reviewer, the Noteholders, the Certificateholders and their respective successors and permitted assigns. Except as otherwise provided in this Article XI, no other
Person shall have any right or obligation hereunder. 
 Section 11.20 Limitation on Recourse to CarMax Funding. Notwithstanding
anything to the contrary contained herein, the Depositor shall only be required to pay (i) any fees, expenses, indemnities or other liabilities that it may incur under the Transaction Documents from funds available pursuant to, and in
accordance with, the applicable payment priorities set forth in the Transaction Documents and (ii) to the extent the Depositor has additional funds available (other than funds described in the preceding clause (i)) that would be in excess of
amounts that would be necessary to pay the debt and other obligations of the Depositor in accordance with the Depositor’s certificate of formation, operating agreement and all financing documents to which the Depositor is a party. The agreement
set forth in the preceding sentence shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. In addition, no amount owing by the Depositor under any Transaction Document in excess of liabilities that it
is required to pay in accordance with the preceding sentence shall constitute a “claim” (as defined in Section 101(5) of the Bankruptcy Code) against it. 

Section 11.21 Legal Fees Associated with Indemnification. With respect to any indemnification provisions in this Indenture
providing that a party to this Indenture is required to indemnify another party to this Indenture for attorney’s fees and expenses, such fees and expenses are intended to include attorney’s fees and expenses relating to the enforcement of
such indemnity. 
 [SIGNATURE PAGE FOLLOWS] 

  
 67 

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

			
	CARMAX AUTO OWNER TRUST 2016-2
		
	By:	 	 U.S. BANK TRUST NATIONAL ASSOCIATION,
 not in
its individual capacity but solely
 as Owner Trustee

		
	By:	 	  

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

		
	By:	 	  

	Name:	 	
	Title:	 	

 APPENDIX A 

Additional Representations and Warranties 
  

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

  

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

 

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

  

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

 

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

  

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

  

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

  
 App. A 

 Exhibit A-1 

Form of Class A-1 Note 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING
PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	  	$[        ]
		
	NO. R-[    ]	  	CUSIP NO. 14314M AA1

 CARMAX AUTO OWNER TRUST 2016-2 

0.65000% CLASS A-1 ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2016-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [        ] DOLLARS payable on each Distribution Date in an amount
equal to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class A-1 Notes pursuant to Section 2.8 of the Indenture dated as of April 1, 2016 (as amended, supplemented or otherwise
modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture
Trustee”); provided, however, that, if not paid prior to such date, the unpaid principal amount of this Class A-1 Note shall be due and payable on the earlier of the April 17, 2017 Distribution Date (the
“Class A-1 Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules
as to construction that shall be applicable hereto. 
 The Issuer shall pay interest on this Class A-1 Note at the rate per annum shown
above on each Distribution Date, until the principal of this Class A-1 Note is paid or made available for payment, on the principal amount of this Class A-1 Note outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Class A-1 Note shall accrue for each Distribution Date from and including the

  
 Ex. A-1-1 

 
preceding Distribution Date (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding such Distribution Date.
Interest shall be computed on the basis of actual days elapsed and a 360-day year. Interest on this Class A-1 Note on each Distribution Date shall equal the product of (i) the rate per annum shown above, (ii) the principal amount of
this Class A-1 Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date) and (iii) the actual number of days in the applicable interest period divided by
360; provided, however, that the interest payable on this Class A-1 Note on May 16, 2016 shall equal $107,972.22. The principal of and interest on this Class A-1 Note shall be paid in the manner specified on the reverse hereof. 

“Distribution Date” means the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day,
commencing on May 16, 2016. 
 The principal of and interest on this Class A-1 Note are payable in such coin or currency of the
United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-1 Note shall be applied first to interest due and payable on this Class A-1 Note
as provided above and then to the unpaid principal of this Class A-1 Note. 
 Reference is hereby made to the further provisions of
this Class A-1 Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class A-1 Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class A-1 Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-1-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class A-1 Note to be duly executed as of the
date set forth below. 
 Dated: April 20, 2016 
  

			
	CARMAX AUTO OWNER TRUST 2016-2
		
	By:	 	 U.S. BANK TRUST NATIONAL ASSOCIATION,
 not in
its individual capacity but solely
 as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-1 Notes designated above and referred to in the within-mentioned Indenture. 

Dated: April 20, 2016 
  

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

	Name:	 	
	Title:	 	

  
 Ex. A-1-3 

 [REVERSE OF CLASS A-1 NOTE] 

This Class A-1 Note is one of a duly authorized issue of Notes of the Issuer, designated as its 0.65000% Class A-1 Asset-backed
Notes, which, together with the 1.24% Class A-2a Asset-backed Notes, the LIBOR + 0.47% Class A-2b Asset-backed Notes, the 1.52% Class A-3 Asset-backed Notes, the 1.68% Class A-4 Asset-backed Notes, the 2.16% Class B Asset-backed
Notes, the 2.56% Class C Asset-backed Notes and the 3.25% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class A-1 Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes are subordinated to the Class A-1 Notes to the extent set forth in
the Indenture and the Sale and Servicing Agreement. 
 As described above, the entire unpaid principal amount of this Class A-1 Note
shall be due and payable on the earlier of the Class A-1 Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes,
together with accrued and unpaid interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing
not less than 51% of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-1 Notes shall be made
pro rata to the Holders entitled thereto if the Notes have been declared immediately due and payable. 
 Payments of interest on this
Class A-1 Note due and payable on any Distribution Date, together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-1 Note, shall be made by check mailed
to the Person whose name appears as the Holder of this Class A-1 Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately
available funds to the account designated in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class A-1 Notes registered on the Record Date in the
name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the
Person entitled thereto at the address of such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-1 Note be submitted for notation of payment. Any reduction in the principal amount of this
Class A-1 Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-1 Note and of any Class A-1 Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-1

  
 Ex. A-1-4 

 
Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Class A-1 Note at the Indenture Trustee’s
Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class A-1 Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class A-1 Note may be registered on the Note Register upon surrender of this Class A-1 Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class A-1 Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-1 Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any
successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 

  
 Ex. A-1-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended
(the “Code”), including individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) employee benefit plan or arrangement not subject to Title I of ERISA or
Section 4975 of the Code; or (b) the acquisition and holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of
any substantially similar applicable law. 
 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner,
a beneficial interest in this Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder
FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, 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 a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class A-1 Note is issued with the intention that, for federal, State and local income,
and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to
treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to
the due presentment for registration of transfer of this Class A-1 Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A-1 Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A-1 Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf
of the Issuer, and the Indenture Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51%
of the Note Balance of the Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on 

  
 Ex. A-1-6 

 
behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class A-1 Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future
Holders of this Class A-1 Note and of any Class A-1 Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class A-1 Note. 

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

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-1 NOTE AND THE INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class A-1 Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class A-1 Note or the performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-1 Note. 

  
 Ex. A-1-7 

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:                      

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

 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note Register, with full power of substitution in the premises. 

Dated: 
  

			
	  
	 	*/
		
	Signature Guaranteed:	 	
		
	  
	 	*/

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

  
 Ex. A-1-8 

 Exhibit A-2 

Form of Class A-2a Note 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING
PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	  	$[        ]
		
	NO. R-[    ]	  	CUSIP NO. 14314M AB9

 CARMAX AUTO OWNER TRUST 2016-2 

1.24% CLASS A-2a ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2016-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [        ] DOLLARS payable on each Distribution Date in an amount
equal to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class A-2a Notes pursuant to Section 2.8 of the Indenture dated as of April 1, 2016 (as amended, supplemented or otherwise
modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture
Trustee”); provided, however, that principal of this Class A-2a Note will not be due and payable until the Class A-1 Notes have been paid in full; and, provided further, that, if not paid prior to such
date, the unpaid principal amount of this Class A-2a Note shall be due and payable on the earlier of the June 17, 2019 Distribution Date (the “Class A-2a Final Distribution Date”) and the Redemption Date, if any, pursuant
to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 

The Issuer shall pay interest on this Class A-2a Note at the rate per annum shown above on each Distribution Date, until the principal of
this Class A-2a Note is paid or made available for payment, on the principal amount of this Class A-2a Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding
Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. 

  
 Ex. A-2a-1 

 
Interest on this Class A-2a Note shall accrue for each Distribution Date from and including the 15th day of the preceding month (or, in the case of the initial Distribution Date or if no
interest has been paid, from and including the Closing Date) to but excluding the 15th day of the month in which such Distribution Date occurs. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on
this Class A-2a Note on each Distribution Date shall equal one-twelfth of the product of (i) the rate per annum shown above and (ii) the principal amount of this Class A-2a Note outstanding on the preceding Distribution Date
(after giving effect to all payments of principal made on such preceding Distribution Date); provided, however, that the interest payable on this Class A-2a Note on May 16, 2016 shall equal $167,055.56. The principal of and
interest on this Class A-2a Note shall be paid in the manner specified on the reverse hereof. 
 “Distribution Date”
means the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day, commencing on May 16, 2016. 

The principal of and interest on this Class A-2a Note are payable in such coin or currency of the United States as at the time of payment
is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-2a Note shall be applied first to interest due and payable on this Class A-2a Note as provided above and then to the
unpaid principal of this Class A-2a Note. 
 Reference is hereby made to the further provisions of this Class A-2a Note set forth
on the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class A-2a Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class A-2a Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-2a-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class A-2a Note to be duly executed as of the
date set forth below. 
 Dated: April 20, 2016 
  

			
	CARMAX AUTO OWNER TRUST 2016-2
		
	By:	 	 U.S. BANK TRUST NATIONAL ASSOCIATION,
 not in
its individual capacity but solely
 as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-2a Notes designated above and referred to in the within-mentioned Indenture. 

Dated: April 20, 2016 
  

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

	Name:	 	
	Title:	 	

  
 Ex. A-2a-3 

 [REVERSE OF CLASS A-2a NOTE] 

This Class A-2a Note is one of a duly authorized issue of Notes of the Issuer, designated as its 1.24% Class A-2a Asset-backed
Notes, which, together with the 0.65000% Class A-1 Asset-backed Notes, the LIBOR + 0.47% Class A-2b Asset-backed Notes, the 1.52% Class A-3 Asset-backed Notes, the 1.68% Class A-4 Asset-backed Notes, the 2.16% Class B
Asset-backed Notes, the 2.56% Class C Asset-backed Notes and the 3.25% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class A-2a Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-2a Notes are subordinated to the Class A-1 Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes
and the Class D Notes are subordinated to the Class A-2a Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The Class A-2a Notes and the Class A-2b Notes are pari passu to the extent set forth in the
Indenture and the Sale and Servicing Agreement. 
 As described above, the entire unpaid principal amount of this Class A-2a Note shall
be due and payable on the earlier of the Class A-2a Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes,
together with accrued and unpaid interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing
not less than 51% of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-2a Notes shall be made
pro rata to the Holders entitled thereto if the Notes have been declared immediately due and payable. 
 Payments of interest on this
Class A-2a Note due and payable on any Distribution Date, together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-2a Note, shall be made by check
mailed to the Person whose name appears as the Holder of this Class A-2a Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in
immediately available funds to the account designated in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class A-2a Notes registered on the
Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-2a Note be submitted for notation of payment. Any reduction in the principal
amount of this Class A-2a Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-2a Note and of any

  
 Ex. A-2a-4 

 
Class A-2a Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in
the Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-2a Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Holder
hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and surrender of this
Class A-2a Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class A-2a Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class A-2a Note may be registered on the Note Register upon surrender of this Class A-2a Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class A-2a Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-2a Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any
successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against 

  
 Ex. A-2a-5 

 
the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or State bankruptcy or similar law in connection
with any obligations relating to the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 
 Each Noteholder or
Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) with the plan assets of any
(i) “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan”
described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), including individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or
(iii) employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of the Note will not constitute or result in a non-exempt “prohibited transaction”
under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 
 Each
Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax
Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in
this Note, 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 a Note that fails to comply
with the requirements of the preceding sentence. 
 The Issuer has entered into the Indenture and this Class A-2a Note is issued with
the intention that, for federal, State and local income, and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, agrees to treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

Prior to the due presentment for registration of transfer of this Class A-2a Note, the Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee may treat the Person in whose name this Class A-2a Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether
or not this Class A-2a Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain exceptions therein provided, to
amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain
exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not 

  
 Ex. A-2a-6 

 
less than 51% of the Note Balance of the Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on behalf of
the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders of not less than 51% of the Note
Balance of the Controlling Class or the Holder of this Class A-2a Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of this Class A-2a Note and of any Class A-2a Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class A-2a Note. 

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

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-2A NOTE AND THE INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class A-2a Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class A-2a Note or the performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-2a Note. 

  
 Ex. A-2a-7 

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:                      

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

 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note Register, with full power of substitution in the premises. 

Dated: 
  

			
	  
	 	*/
		
	Signature Guaranteed:	 	
		
	  
	 	*/

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

  
 Ex. A-2a-8 

 Exhibit A-2b 

Form of Class A-2b Note 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE
OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	  	$[        ]
		
	NO. R-[    ]	  	CUSIP NO. 14314M AH6

 CARMAX AUTO OWNER TRUST 2016-2 

LIBOR + 0.47% CLASS A-2b ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2016-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [        ] DOLLARS payable on each Distribution Date in an amount equal
to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class A-2b Notes pursuant to Section 2.8 of the Indenture dated as of April 1, 2016 (as amended, supplemented or otherwise modified
and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”); provided, however,
that principal of this Class A-2b Note will not be due and payable until the Class A-1 Notes have been paid in full; and, provided further, that, if not paid prior to such date, the unpaid principal amount of this Class A-2b Note
shall be due and payable on the earlier of the June 17, 2019 Distribution Date (the “Class A-2b Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not
defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 

The Issuer shall pay interest on this Class A-2b Note at a rate based on LIBOR determined in accordance with the terms of the Indenture
plus 0.47% per annum shown above on each Distribution Date, until the principal of this Class A-2b Note is paid or made available for payment, on the principal amount of this Class A-2b Note outstanding on the preceding

  
 Ex. A-2b-1 

 
Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Class A-2b Note shall accrue for each Distribution Date from and including the preceding Distribution Date (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date)
to but excluding such Distribution Date. Interest shall be computed on the basis of actual days elapsed and a 360-day year. Interest on this Class A-2b Note on each Distribution Date shall equal one-twelfth of the product of (i) the rate
per annum shown above and (ii) the principal amount of this Class A-2b Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date); provided,
however, that the interest payable on this Class A-2b Note on May 16, 2016 shall equal $[1]. The principal of and interest on this Class A-2b Note shall be paid in the manner
specified on the reverse hereof. 
 “Distribution Date” means the 15th day of each month or, if such 15th day is not a Business
Day, the following Business Day, commencing on May 16, 2016. 
 The principal of and interest on this Class A-2b Note are payable
in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-2b Note shall be applied first to interest due and
payable on this Class A-2b Note as provided above and then to the unpaid principal of this Class A-2b Note. 
 Reference is hereby
made to the further provisions of this Class A-2b Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class A-2b Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class A-2b Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 

	1 	LIBOR for the first Accrual Period will be determined two Business Days prior to the Closing Date. The interest amount will be included in the final, executed Sale and Servicing Agreement to be filed with the Commission
on or about the Closing Date. 

  
 Ex. A-2b-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class A-2b Note to be duly executed as of the
date set forth below. 
 Dated: April 20, 2016 
  

			
	CARMAX AUTO OWNER TRUST 2016-2
		
	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
		 	not in its individual capacity but solely
		 	as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-2b Notes designated above and referred to in the within-mentioned Indenture. 

Dated: April 20, 2016 
  

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

	Name:	 	
	Title:	 	

  
 Ex. A-2b-3 

 [REVERSE OF CLASS A-2b NOTE] 

This Class A-2b Note is one of a duly authorized issue of Notes of the Issuer, designated as its LIBOR + 0.47% Class A-2b
Asset-backed Notes, which, together with the 0.65000% Class A-1 Asset-backed Notes, the 1.24% Class A-2a Asset-backed Notes, the 1.52% Class A-3 Asset-backed Notes, the 1.68% Class A-4 Asset-backed Notes, the 2.16% Class B
Asset-backed Notes, the 2.56% Class C Asset-backed Notes and the 3.25% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class A-2b Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-2b Notes are subordinated to the Class A-1 Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes
and the Class D Notes are subordinated to the Class A-2b Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The Class A-2b Notes and the Class A-2a Notes are pari passu to the extent set forth in the
Indenture and the Sale and Servicing Agreement. 
 As described above, the entire unpaid principal amount of this Class A-2b Note shall
be due and payable on the earlier of the Class A-2b Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes,
together with accrued and unpaid interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing
not less than 51% of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-2b Notes shall be made
pro rata to the Holders entitled thereto if the Notes have been declared immediately due and payable. 
 Payments of interest on this
Class A-2b Note due and payable on any Distribution Date, together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-2b Note, shall be made by check
mailed to the Person whose name appears as the Holder of this Class A-2b Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in
immediately available funds to the account designated in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class A-2b Notes registered on the
Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-2b Note be submitted for notation of payment. Any reduction in the principal
amount of this Class A-2b Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-2b Note and of

  
 Ex. A-2b-4 

 
any Class A-2b Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided
in the Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-2b Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the
Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and surrender of this
Class A-2b Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class A-2b Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class A-2b Note may be registered on the Note Register upon surrender of this Class A-2b Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class A-2b Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-2b Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any
successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against 

  
 Ex. A-2b-5 

 
the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or State bankruptcy or similar law in connection
with any obligations relating to the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 
 Each Noteholder or
Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) with the plan assets of any
(i) “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan”
described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), including individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or
(iii) employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of the Note will not constitute or result in a non-exempt “prohibited transaction”
under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 
 Each
Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax
Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in
this Note, 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 a Note that fails to comply
with the requirements of the preceding sentence. 
 The Issuer has entered into the Indenture and this Class A-2b Note is issued with
the intention that, for federal, State and local income, and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, agrees to treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

Prior to the due presentment for registration of transfer of this Class A-2b Note, the Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee may treat the Person in whose name this Class A-2b Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether
or not this Class A-2b Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain exceptions therein provided, to
amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain
exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not 

  
 Ex. A-2b-6 

 
less than 51% of the Note Balance of the Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on behalf of
the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders of not less than 51% of the Note
Balance of the Controlling Class or the Holder of this Class A-2b Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of this Class A-2b Note and of any Class A-2b Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class A-2b Note. 

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

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-2B NOTE AND THE INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class A-2b Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class A-2b Note or the performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-2b Note. 

  
 Ex. A-2b-7 

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:                      

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

 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note Register, with full power of substitution in the premises. 

Dated: 

			
	  
	 	*/
	
	Signature Guaranteed:
		
	  
	 	*/

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

  
 Ex. A-2b-8 

 Exhibit A-3 

Form of Class A-3 Note 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING
PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	  	$[        ]
		
	NO. R-[    ]	  	CUSIP NO. 14314M AC7

 CARMAX AUTO OWNER TRUST 2016-2 

1.52% CLASS A-3 ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2016-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [        ] DOLLARS payable on each Distribution Date in an amount
equal to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class A-3 Notes pursuant to Section 2.8 of the Indenture dated as of April 1, 2016 (as amended, supplemented or otherwise
modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture
Trustee”); provided, however, that, except under certain limited circumstances described in the Indenture, principal of this Class A-3 Note will not be due and payable until the Class A-1 Notes, the Class A-2a
Notes and the Class A-2b Notes have been paid in full; and, provided further, that, if not paid prior to such date, the unpaid principal amount of this Class A-3 Note shall be due and payable on the earlier of the
February 16, 2021 Distribution Date (the “Class A-3 Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article
I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 
 The Issuer shall pay interest on this
Class A-3 Note at the rate per annum shown above on each Distribution Date, until the principal of this Class A-3 Note is paid or made available for payment, on the principal amount of this Class A-3 Note outstanding on the preceding

  
 Ex. A-3-1 

 
Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Class A-3 Note shall accrue for each Distribution Date from and including the 15th day of the preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing
Date) to but excluding the 15th day of the month in which such Distribution Date occurs. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class A-3 Note on each Distribution Date
shall equal one-twelfth of the product of (i) the rate per annum shown above and (ii) the principal amount of this Class A-3 Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on
such preceding Distribution Date); provided, however, that the interest payable on this Class A-3 Note on May 16, 2016 shall equal $385,277.78. The principal of and interest on this Class A-3 Note shall be paid in the
manner specified on the reverse hereof. 
 “Distribution Date” means the 15th day of each month or, if such 15th day is not
a Business Day, the following Business Day, commencing on May 16, 2016. 
 The principal of and interest on this Class A-3 Note
are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-3 Note shall be applied first to interest
due and payable on this Class A-3 Note as provided above and then to the unpaid principal of this Class A-3 Note. 
 Reference is
hereby made to the further provisions of this Class A-3 Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class A-3 Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class A-3 Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-3-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class A-3 Note to be duly executed as of the
date set forth below. 
 Dated: April 20, 2016 
  

			
	CARMAX AUTO OWNER TRUST 2016-2
		
	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
		 	not in its individual capacity but solely
		 	as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-3 Notes designated above and referred to in the within-mentioned Indenture. 

Dated: April 20, 2016 
  

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

	Name:	 	
	Title:	 	

  
 Ex. A-3-3 

 [REVERSE OF CLASS A-3 NOTE] 

This Class A-3 Note is one of a duly authorized issue of Notes of the Issuer, designated as its 1.52% Class A-3 Asset-backed Notes,
which, together with the 0.65000% Class A-1 Asset-backed Notes, the 1.24% Class A-2a Asset-backed Notes, the LIBOR + 0.47% Class A-2b Asset-backed Notes, the 1.68% Class A-4 Asset-backed Notes, the 2.16% Class B Asset-backed
Notes, the 2.56% Class C Asset-backed Notes and the 3.25% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class A-3 Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-3 Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes and the Class A-2b Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The Class A-4 Notes, the
Class B Notes, the Class C Notes and the Class D Notes are subordinated to the Class A-3 Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. 

As described above, the entire unpaid principal amount of this Class A-3 Note shall be due and payable on the earlier of the
Class A-3 Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued and unpaid interest thereon
through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-3 Notes shall be made pro rata to the Holders entitled thereto if the
Notes have been declared immediately due and payable. 
 Payments of interest on this Class A-3 Note due and payable on any
Distribution Date, together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-3 Note, shall be made by check mailed to the Person whose name appears as the
Holder of this Class A-3 Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately available funds to the account designated
in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class A-3 Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-3 Note be submitted for notation of payment. Any reduction in the principal amount of this Class A-3 Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-3 Note and of any Class A-3 Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the 

  
 Ex. A-3-4 

 
Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-3 Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the
Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Class A-3 Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of
New York. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-3 Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class A-3 Note may be registered on the Note Register upon surrender of this Class A-3 Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class A-3 Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-3 Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any
successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 

  
 Ex. A-3-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended
(the “Code”), including individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) employee benefit plan or arrangement not subject to Title I of ERISA or
Section 4975 of the Code; or (b) the acquisition and holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of
any substantially similar applicable law. 
 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner,
a beneficial interest in this Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder
FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, 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 a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class A-3 Note is issued with the intention that, for federal, State and local income,
and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to
treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to
the due presentment for registration of transfer of this Class A-3 Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A-3 Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A-3 Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf
of the Issuer, and the Indenture Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51%
of the Note Balance of the Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on 

  
 Ex. A-3-6 

 
behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class A-3 Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future
Holders of this Class A-3 Note and of any Class A-3 Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class A-3 Note. 

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

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-3 NOTE AND THE INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class A-3 Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class A-3 Note or the performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-3 Note. 

  
 Ex. A-3-7 

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:                      

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

 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note Register, with full power of substitution in the premises. 

Dated: 
  

			
	  
	 	*/
		
	Signature Guaranteed:	 	
		
	  
	 	*/

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

  
 Ex. A-3-8 

 Exhibit A-4 

Form of Class A-4 Note 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING
PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	  	$[        ]
		
	NO. R-[    ]	  	CUSIP NO. 14314M AD5

 CARMAX AUTO OWNER TRUST 2016-2 

1.68% CLASS A-4 ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2016-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [        ] DOLLARS payable on each Distribution Date in an amount
equal to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class A-4 Notes pursuant to Section 2.8 of the Indenture dated as of April 1, 2016 (as amended, supplemented or otherwise
modified and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture
Trustee”); provided, however, that, except under certain limited circumstances described in the Indenture, principal of this Class A-4 Note will not be due and payable until the Class A-1 Notes, the Class A-2a
Notes, the Class A-2b Notes and the Class A-3 Notes have been paid in full; and, provided further, that, if not paid prior to such date, the unpaid principal amount of this Class A-4 Note shall be due and payable on the
earlier of the September 15, 2021 Distribution Date (the “Class A-4 Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are
defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable hereto. 
 The Issuer shall pay
interest on this Class A-4 Note at the rate per annum shown above on each Distribution Date, until the principal of this Class A-4 Note is paid or made available for payment, on the principal amount of this Class A-4 Note outstanding
on the preceding 

  
 Ex. A-4-1 

 
Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Class A-4 Note shall accrue for each Distribution Date from and including the 15th day of the preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing
Date) to but excluding the 15th day of the month in which such Distribution Date occurs. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class A-4 Note on each Distribution Date
shall equal one-twelfth of the product of (i) the rate per annum shown above and (ii) the principal amount of this Class A-4 Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on
such preceding Distribution Date); provided, however, that the interest payable on this Class A-4 Note on May 16, 2016 shall equal $132,883.33. The principal of and interest on this Class A-4 Note shall be paid in the
manner specified on the reverse hereof. 
 “Distribution Date” means the 15th day of each month or, if such 15th day is not
a Business Day, the following Business Day, commencing on May 16, 2016. 
 The principal of and interest on this Class A-4 Note
are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A-4 Note shall be applied first to interest
due and payable on this Class A-4 Note as provided above and then to the unpaid principal of this Class A-4 Note. 
 Reference is
hereby made to the further provisions of this Class A-4 Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class A-4 Note. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile
signature, this Class A-4 Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-4-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class A-4 Note to be duly executed as of the
date set forth below. 
 Dated: April 20, 2016 
  

			
	CARMAX AUTO OWNER TRUST 2016-2
		
	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
		 	not in its individual capacity but solely
		 	as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A-4 Notes designated above and referred to in the within-mentioned Indenture. 

Dated: April 20, 2016 
  

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

	Name:	 	
	Title:	 	

  
 Ex. A-4-3 

 [REVERSE OF CLASS A-4 NOTE] 

This Class A-4 Note is one of a duly authorized issue of Notes of the Issuer, designated as its 1.68% Class A-4 Asset-backed Notes,
which, together with the 0.65000% Class A-1 Asset-backed Notes, the 1.24% Class A-2a Asset-backed Notes, the LIBOR + 0.47% Class A-2b Asset-backed Notes, the 1.52% Class A-3 Asset-backed Notes, the 2.16% Class B Asset-backed
Notes, the 2.56% Class C Asset-backed Notes and the 3.25% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class A-4 Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-4 Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes and the Class A-3 Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. The
Class B Notes, the Class C Notes and the Class D Notes are subordinated to the Class A-4 Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. 

As described above, the entire unpaid principal amount of this Class A-4 Note shall be due and payable on the earlier of the
Class A-4 Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued and unpaid interest thereon
through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the Holders entitled thereto if the
Notes have been declared immediately due and payable. 
 Payments of interest on this Class A-4 Note due and payable on any
Distribution Date, together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class A-4 Note, shall be made by check mailed to the Person whose name appears as the
Holder of this Class A-4 Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately available funds to the account designated
in writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class A-4 Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of such Record Date without requiring that this Class A-4 Note be submitted for notation of payment. Any reduction in the principal amount of this Class A-4 Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Class A-4 Note and of any Class A-4 Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the 

  
 Ex. A-4-4 

 
Indenture, for payment in full of the then remaining unpaid principal amount of this Class A-4 Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the
Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Class A-4 Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of
New York. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-4 Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class A-4 Note may be registered on the Note Register upon surrender of this Class A-4 Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, and thereupon one or more new Class A-4 Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-4 Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any
successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 

  
 Ex. A-4-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended
(the “Code”), including individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) employee benefit plan or arrangement not subject to Title I of ERISA or
Section 4975 of the Code; or (b) the acquisition and holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of
any substantially similar applicable law. 
 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner,
a beneficial interest in this Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder
FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, 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 a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class A-4 Note is issued with the intention that, for federal, State and local income,
and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to
treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to
the due presentment for registration of transfer of this Class A-4 Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A-4 Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A-4 Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf
of the Issuer, and the Indenture Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51%
of the Note Balance of the Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on 

  
 Ex. A-4-6 

 
behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class A-4 Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future
Holders of this Class A-4 Note and of any Class A-4 Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class A-4 Note. 

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

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A-4 NOTE AND THE INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PROVISIONS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Class A-4 Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class A-4 Note or the performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-4 Note. 

  
 Ex. A-4-7 

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:                      

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

 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note Register, with full power of substitution in the premises. 

Dated: 
  

			
	  
	 	*/
	
	Signature Guaranteed:
		
	  
	 	*/

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

  
 Ex. A-4-8 

 Exhibit B 

Form of Class B Note 
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	  	$[        ]
		
	NO. R-[    ]	  	CUSIP NO. 14314M AE3

 CARMAX AUTO OWNER TRUST 2016-2 

2.16% CLASS B ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2016-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [        ] DOLLARS payable on each Distribution Date in an amount
equal to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class B Notes pursuant to Section 2.8 of the Indenture dated as of April 1, 2016 (as amended, supplemented or otherwise modified
and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”);
provided, however, that principal of this Class B Note will not be due and payable until the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes and the Class A-4 Notes have been
paid in full; and, provided further, that, if not paid prior to such date, the unpaid principal amount of this Class B Note shall be due and payable on the earlier of the December 15, 2021 Distribution Date (the “Class B
Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction
that shall be applicable hereto. 
 The Issuer shall pay interest on this Class B Note at the rate per annum shown above on each
Distribution Date, until the principal of this Class B Note is paid or made available for payment, on the principal amount of this Class B Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on
such preceding Distribution Date), 

  
 Ex. B-1 

 
subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Class B Note shall accrue for each Distribution Date from and including the 15th day of the
preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding the 15th day of the month in which such Distribution Date occurs. Interest shall be computed on
the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class B Note on each Distribution Date shall equal one-twelfth of the product of (i) the rate per annum shown above and (ii) the principal amount of this
Class B Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date); provided, however, that the interest payable on this Class B Note on May 16,
2016 shall equal $42,300.00. The principal of and interest on this Class B Note shall be paid in the manner specified on the reverse hereof. 

“Distribution Date” means the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day,
commencing on May 16, 2016. 
 The principal of and interest on this Class B Note are payable in such coin or currency of the United
States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class B Note shall be applied first to interest due and payable on this Class B Note as provided above and
then to the unpaid principal of this Class B Note. 
 Reference is hereby made to the further provisions of this Class B Note set forth on
the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class B Note. 

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

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. B-2 

 IN WITNESS WHEREOF, the Issuer has caused this Class B Note to be duly executed as of the date
set forth below. 
 Dated: April 20, 2016 
  

			
	CARMAX AUTO OWNER TRUST 2016-2
		
	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
		 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: April 20, 2016 
  

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

	Name:	 	
	Title:	 	

  
 Ex. B-3 

 [REVERSE OF CLASS B NOTE] 

This Class B Note is one of a duly authorized issue of Notes of the Issuer, designated as its 2.16% Class B Asset-backed Notes, which,
together with the 0.65000% Class A-1 Asset-backed Notes, the 1.24% Class A-2a Asset-backed Notes, the LIBOR + 0.47% Class A-2b Asset-backed Notes, the 1.52% Class A-3 Asset-backed Notes, the 1.68% Class A-4 Asset-backed
Notes, the 2.56% Class C Asset-backed Notes and the 3.25% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class B Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.
The Class B Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes and the Class A-4 Notes to the extent set forth in the Indenture and the Sale and Servicing
Agreement. The Class C Notes and the Class D Notes are subordinated to the Class B Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. 

As described above, the entire unpaid principal amount of this Class B Note shall be due and payable on the earlier of the Class B Final
Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of
acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class have
declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class B Notes shall be made pro rata to the Holders entitled thereto if the Notes have been declared
immediately due and payable. 
 Payments of interest on this Class B Note due and payable on any Distribution Date, together with the
installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class B Note, shall be made by check mailed to the Person whose name appears as the Holder of this Class B Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately available funds to the account designated in writing to the Indenture Trustee by such Person
at least five (5) Business Days prior to the related Record Date, except that with respect to Class B Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of such
Record Date without requiring that this Class B Note be submitted for notation of payment. Any reduction in the principal amount of this Class B Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall
be binding upon all future Holders of this Class B Note and of any Class B Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided
in the Indenture, 

  
 Ex. B-4 

 
for payment in full of the then remaining unpaid principal amount of this Class B Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify
the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and
surrender of this Class B Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class B Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class B Note may be registered on the Note Register upon surrender of this Class B Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, and thereupon one or more new Class B Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will
be charged for any registration of transfer or exchange of this Class B Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest
in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any successor or assign of the Indenture Trustee or the
Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 

  
 Ex. B-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended
(the “Code”), including individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) employee benefit plan or arrangement not subject to Title I of ERISA or
Section 4975 of the Code; or (b) the acquisition and holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of
any substantially similar applicable law. 
 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner,
a beneficial interest in this Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder
FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, 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 a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class B Note is issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat
the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to the due
presentment for registration of transfer of this Class B Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class B Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class B Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to
the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain exceptions
therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on 

  
 Ex. B-6 

 
behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class B Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of
this Class B Note and of any Class B Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class B Note. 

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

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS B NOTE AND THE INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF
WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class B Note or the performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder shall have no
claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Class B Note. 

  
 Ex. B-7 

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:                      

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

 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note Register, with full power of substitution in the premises. 

Dated: 
  

			
	  
	 	*/
	
	Signature Guaranteed:
		
	  
	 	*/

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

  
 Ex. B-8 

 Exhibit C 

Form of Class C Note 
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	  	$[        ]
		
	NO. R-[    ]	  	CUSIP NO. 14314M AF0

 CARMAX AUTO OWNER TRUST 2016-2 

2.56% CLASS C ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2016-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [        ] DOLLARS payable on each Distribution Date in an amount
equal to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class C Notes pursuant to Section 2.8 of the Indenture dated as of April 1, 2016 (as amended, supplemented or otherwise modified
and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”);
provided, however, that principal of this Class C Note will not be due and payable until the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B
Notes have been paid in full; and, provided further, that, if not paid prior to such date, the unpaid principal amount of this Class C Note shall be due and payable on the earlier of the February 15, 2022 Distribution Date (the
“Class C Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules
as to construction that shall be applicable hereto. 
 The Issuer shall pay interest on this Class C Note at the rate per annum shown above
on each Distribution Date, until the principal of this Class C Note is paid or made available for payment, on the principal amount of this Class C Note outstanding on the preceding Distribution 

  
 Ex. C-1 

 
Date (after giving effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this
Class C Note shall accrue for each Distribution Date from and including the 15th day of the preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding the
15th day of the month in which such Distribution Date occurs. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class C Note on each Distribution Date shall equal one-twelfth of the
product of (i) the rate per annum shown above and (ii) the principal amount of this Class C Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date);
provided, however, that the interest payable on this Class C Note on May 16, 2016 shall equal $56,355.56. The principal of and interest on this Class C Note shall be paid in the manner specified on the reverse hereof. 

“Distribution Date” means the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day,
commencing on May 16, 2016. 
 The principal of and interest on this Class C Note are payable in such coin or currency of the United
States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class C Note shall be applied first to interest due and payable on this Class C Note as provided above and
then to the unpaid principal of this Class C Note. 
 Reference is hereby made to the further provisions of this Class C Note set forth on
the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class C Note. 

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

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. C-2 

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

									
	Dated: April 20, 2016	 		 	CARMAX AUTO OWNER TRUST 2016-2
					
		 		 		 	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
		 		 		 		 	not in its individual capacity but solely as Owner Trustee
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: April 20, 2016 
  

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

	Name:	 	
	Title:	 	

  
 Ex. C-3 

 [REVERSE OF CLASS C NOTE] 

This Class C Note is one of a duly authorized issue of Notes of the Issuer, designated as its 2.56% Class C Asset-backed Notes, which,
together with the 0.65000% Class A-1 Asset-backed Notes, the 1.24% Class A-2a Asset-backed Notes, the LIBOR + 0.47% Class A-2b Asset-backed Notes, the 1.52% Class A-3 Asset-backed Notes, the 1.68% Class A-4 Asset-backed
Notes, the 2.16% Class B Asset-backed Notes and the 3.25% Class D Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class C Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.
The Class C Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes to the extent set forth in the Indenture and the Sale and
Servicing Agreement. The Class D Notes are subordinated to the Class C Notes to the extent set forth in the Indenture and the Sale and Servicing Agreement. 

As described above, the entire unpaid principal amount of this Class C Note shall be due and payable on the earlier of the Class C Final
Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of
acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class have
declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class C Notes shall be made pro rata to the Holders entitled thereto if the Notes have been declared
immediately due and payable. 
 Payments of interest on this Class C Note due and payable on any Distribution Date, together with the
installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class C Note, shall be made by check mailed to the Person whose name appears as the Holder of this Class C Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately available funds to the account designated in writing to the Indenture Trustee by such Person
at least five (5) Business Days prior to the related Record Date, except that with respect to Class C Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of such
Record Date without requiring that this Class C Note be submitted for notation of payment. Any reduction in the principal amount of this Class C Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall
be binding upon all future Holders of this Class C Note and of any Class C Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided
in the Indenture, 

  
 Ex. C-4 

 
for payment in full of the then remaining unpaid principal amount of this Class C Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify
the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and
surrender of this Class C Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class C Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class C Note may be registered on the Note Register upon surrender of this Class C Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, and thereupon one or more new Class C Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will
be charged for any registration of transfer or exchange of this Class C Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest
in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any successor or assign of the Indenture Trustee or the
Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 

  
 Ex. C-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended
(the “Code”), including individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) employee benefit plan or arrangement not subject to Title I of ERISA or
Section 4975 of the Code; or (b) the acquisition and holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of
any substantially similar applicable law. 
 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner,
a beneficial interest in this Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder
FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, 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 a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class C Note is issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat
the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to the due
presentment for registration of transfer of this Class C Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class C Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class C Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to
the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain exceptions
therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on 

  
 Ex. C-6 

 
behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class C Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of
this Class C Note and of any Class C Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class C Note. 

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

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 This Class C Note and the Indenture shall be construed in
accordance with the laws of the State of New York, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws without giving effect to the conflicts of laws provisions thereof
which may require the application of the laws of any other jurisdiction (other than Section 5-1401 of the New York General Obligations Law). 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class C Note or the performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder shall have no
claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Class C Note. 

  
 Ex. C-7 

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:                      

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

 
  
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note Register, with full power of substitution in the premises. 

Dated: 
  

			
	  
	 	*/
		
	Signature Guaranteed:	 	
		
	  
	 	*/

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

  
 Ex. C-8 

 Exhibit D 

Form of Class D Note 
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE (AS DEFINED BELOW). THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	  	$[        ]
		
	NO. R-[    ]	  	CUSIP NO. 14314M AG8

 CARMAX AUTO OWNER TRUST 2016-2 

3.25% CLASS D ASSET-BACKED NOTE 

CarMax Auto Owner Trust 2016-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [        ] DOLLARS payable on each Distribution Date in an amount
equal to the aggregate amount, if any, payable from the Note Payment Account in respect of principal on the Class D Notes pursuant to Section 2.8 of the Indenture dated as of April 1, 2016 (as amended, supplemented or otherwise modified
and in effect from time to time, the “Indenture”) between the Issuer and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”);
provided, however, that principal of this Class D Note will not be due and payable until the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B
Notes and the Class C Notes have been paid in full; and, provided further, that, if not paid prior to such date, the unpaid principal amount of this Class D Note shall be due and payable on the earlier of the November 15, 2022
Distribution Date (the “Class D Final Distribution Date”) and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture,
which also contains rules as to construction that shall be applicable hereto. 
 The Issuer shall pay interest on this Class D Note at the
rate per annum shown above on each Distribution Date, until the principal of this Class D Note is paid or made available for payment, on the principal amount of this Class D Note outstanding on the preceding Distribution

  
 Ex. D-1 

 
Date (after giving effect to all payments of principal made on such preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this
Class D Note shall accrue for each Distribution Date from and including the 15th day of the preceding month (or, in the case of the initial Distribution Date or if no interest has been paid, from and including the Closing Date) to but excluding the
15th day of the month in which such Distribution Date occurs. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this Class D Note on each Distribution Date shall equal one-twelfth of the
product of (i) the rate per annum shown above and (ii) the principal amount of this Class D Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date);
provided, however, that the interest payable on this Class D Note on May 16, 2016 shall equal $41,076.39. The principal of and interest on this Class D Note shall be paid in the manner specified on the reverse hereof. 

“Distribution Date” means the 15th day of each month or, if such 15th day is not a Business Day, the following Business Day,
commencing on May 16, 2016. 
 The principal of and interest on this Class D Note are payable in such coin or currency of the United
States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class D Note shall be applied first to interest due and payable on this Class D Note as provided above and
then to the unpaid principal of this Class D Note. 
 Reference is hereby made to the further provisions of this Class D Note set forth on
the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Class D Note. 

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

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. D-2 

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

 Dated: April 20, 2016 
  

			
	CARMAX AUTO OWNER TRUST 2016-2
		
	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
		 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: April 20, 2016 
  

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

	Name:	 	
	Title:	 	

  
 Ex. D-3 

 [REVERSE OF CLASS D NOTE] 

This Class D Note is one of a duly authorized issue of Notes of the Issuer, designated as its 3.25% Class D Asset-backed Notes, which,
together with the 0.65000% Class A-1 Asset-backed Notes, the 1.24% Class A-2a Asset-backed Notes, the LIBOR + 0.47% Class A-2b Asset-backed Notes, the 1.52% Class A-3 Asset-backed Notes, the 1.68% Class A-4 Asset-backed
Notes, the 2.16% Class B Asset-backed Notes and the 2.56% Class C Asset-backed Notes (collectively, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. 

The Class D Notes are and shall be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.
The Class D Notes are subordinated to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes to the extent set forth in the
Indenture and the Sale and Servicing Agreement. 
 As described above, the entire unpaid principal amount of this Class D Note shall be due
and payable on the earlier of the Class D Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes, together with accrued
and unpaid interest thereon through the date of acceleration, shall be due and payable on the date on which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of
the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class D Notes shall be made pro rata to the Holders
entitled thereto if the Notes have been declared immediately due and payable. 
 Payments of interest on this Class D Note due and payable
on any Distribution Date, together with the installment of principal, if any, due and payable on such Distribution Date, to the extent not in full payment of this Class D Note, shall be made by check mailed to the Person whose name appears as the
Holder of this Class D Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the Record Date preceding such Distribution Date or by wire transfer in immediately available funds to the account designated in
writing to the Indenture Trustee by such Person at least five (5) Business Days prior to the related Record Date, except that with respect to Class D Notes registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such
Person as it appears on the Note Register as of such Record Date without requiring that this Class D Note be submitted for notation of payment. Any reduction in the principal amount of this Class D Note (or any one or more Predecessor Notes)
effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Class D Note and of any Class D Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not
noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Class D 

  
 Ex. D-4 

 
Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Class D Note at the Indenture Trustee’s Corporate
Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class D Rate to the extent lawful. 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture
and the Sale and Servicing Agreement. 
 As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of
this Class D Note may be registered on the Note Register upon surrender of this Class D Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, and thereupon one or more new Class D Notes in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will
be charged for any registration of transfer or exchange of this Class D Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest
in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or any successor or assign of the Indenture Trustee or the
Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that such Noteholder or Note Owner shall not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Indenture or any of the other Transaction Documents. 

  
 Ex. D-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, represents and warrants that either (a) it is not acquiring the Note (or an interest therein) with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended
(the “Code”), including individual retirement accounts and Keogh plans, that is subject to the provisions of Section 4975 of the Code, or (iii) employee benefit plan or arrangement not subject to Title I of ERISA or
Section 4975 of the Code; or (b) the acquisition and holding of the Note will not constitute or result in a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or a violation of
any substantially similar applicable law. 
 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner,
a beneficial interest in this Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder
FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, 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 a Note that fails to comply with the requirements of the preceding sentence. 

The Issuer has entered into the Indenture and this Class D Note is issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to treat
the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to the due
presentment for registration of transfer of this Class D Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class D Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class D Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to
the contrary. 
 The Indenture permits the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain exceptions
therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture without the consent of the Holders of the Notes. The Indenture also permits the Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee, with certain exceptions as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with the consent of the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class. The Indenture also permits the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, on 

  
 Ex. D-6 

 
behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of not less than 51% of the Note Balance of the Controlling Class or the Holder of this Class D Note (or any one or more Predecessor Notes) shall be conclusive and binding on such Holder and on all future Holders of
this Class D Note and of any Class D Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class D Note. 

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

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of
the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS D NOTE AND THE INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF
WHICH MAY REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, none of Wells Fargo Bank, National
Association, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any holder of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Class D Note or the performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder shall have no
claim against any of the foregoing for any deficiency, loss or claim resulting therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, or enforcement against, the assets of the Issuer for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Class D Note. 

  
 Ex. D-7 

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

NUMBER OF ASSIGNEE:                      

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

 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the Note Register, with full power of substitution in the premises. 

Dated: 
  

			
	  
	 	*/
		
	Signature Guaranteed:	 	
		
	  
	 	*/

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

  
 Ex. D-8 

 Exhibit E 

Form of Opinion of Counsel 
  

	1.	Pursuant to Sections 18-201(a), 18-204 and 18-206 of the Delaware Limited Liability Company Act, the Secretary of State of the State of Delaware is required to maintain a public record showing limited liability
companies that have been organized. Pursuant to Section 3810, Section 3811 and Section 3812 of the Delaware Statutory Trust Act, the Secretary of State of the State of Delaware is required to maintain a public record showing statutory
trusts that have been formed. Based solely on our review of (i) the Delaware Limited Liability Company Act as found in “Corporation: Covering Corporation Practice, Procedure, Law - Aspen Law & Business,” as supplemented
through                  , 20    ; (ii) the Delaware Statutory Trust Act as found in “Delaware Code Annotated, Volume 7A, 2007 Volume -
Michie;” and (iii) as to each of CarMax, the Depositor and the Issuing Entity’s existence in the State of Delaware, a copy of the certificate of formation of each of CarMax and the Depositor and a copy of the certificate of trust of
the Issuing Entity, each as supplied to us by the Secretary of State of the State of Delaware, each of CarMax, the Depositor and the Issuing Entity is a registered organization (as such term is defined in the New York UCC) formed under the laws of
the State of Delaware. For the purposes of this opinion, we have assumed that each of CarMax, the Depositor and the Issuing Entity is organized solely under the laws of the State of Delaware. Each of CarMax, the Depositor and the Issuing Entity is,
therefore, located, for purposes of Article 9 of the New York UCC, in the State of Delaware and the local law of Delaware governs perfection by the filing of a financing statement of a nonpossessory security interest in the Receivables granted by
CarMax, the Depositor and the Issuing Entity. 

  

	2.	Assuming the Receivables are created under, and are evidenced solely by, retail installment sale contracts in the form attached to the opinion as Exhibit A, and assuming they are completed in their entirety and executed
and there is nothing that would prevent them from being enforceable, then the Receivables will constitute “tangible chattel paper” as such term is defined in Article 9 of the New York UCC. 

 

	3.	When each of the Receivables Purchase Agreement and the First Step Bill of Sale has been duly executed and delivered by all parties thereto and when value has been given as provided in Section 9-203(b)(1) of the
New York UCC with respect to the Receivables, the Depositor will have a valid and enforceable security interest in such Receivables and identifiable cash proceeds thereof. When, in addition to the foregoing, the First Step Financing Statement has
been duly filed in the office of the Secretary of State of the State of Delaware, the security interest in favor of the Depositor in such Receivables and identifiable cash proceeds thereof will be perfected. 

 

	4.	 When each of the Receivables Purchase Agreement, the First Step Bill of Sale and the Sale and Servicing Agreement
has been duly executed and delivered by all parties thereto and when value has been given as provided in Section 9-203(b)(1) of the New York UCC with respect to the Receivables, the Issuing Entity will have a valid and enforceable security
interest in such Receivables and the identifiable cash proceeds thereof. When, in addition to 

  
 Ex. E-1 

	 	
the foregoing, each of the First Step Financing Statement and the Second Step Financing Statement has been duly filed in the office of the Secretary of State of the State of Delaware, the
security interest in favor of the Issuing Entity in such Receivables and identifiable cash proceeds thereof will be perfected. 

  

	5.	When each of the Basic Documents has been duly executed and delivered by all parties thereto and when value has been given as provided in Section 9-203(b)(1) of the New York UCC with respect to the Receivables, the
Indenture Trustee will have a valid and enforceable security interest in such Receivables and the identifiable cash proceeds thereof. When, in addition to the foregoing, all of the Financing Statements have been duly filed in the office of the
Secretary of State of the State of Delaware, the security interest in favor of the Indenture Trustee in such Receivables and identifiable cash proceeds thereof will be perfected. 

 

	6.	Under the New York UCC, a nonpossessory security interest in tangible chattel paper can be perfected by the filing of a financing statement only in the jurisdiction where the debtor is located. Because each of CarMax,
the Depositor and the Issuing Entity is located in Delaware for purposes of the New York UCC, Delaware is the only jurisdiction in which a financing statement could be filed to perfect a nonpossessory security interest in the rights of CarMax, the
Depositor and the Issuing Entity in the Receivables. Therefore, to the extent a financing statement was filed there, the office of the Secretary of State of the State of Delaware constitutes the only filing office from which UCC Search Reports must
be reviewed to determine whether another nonpossessory security interest in the rights of CarMax, the Depositor or the Issuing Entity in the Receivables exists which was perfected by filing. We have not reviewed any UCC search reports other than the
UCC Search Reports. 

  

	7.	Based solely on our review of the UCC Search Reports and assuming the Terminated Financing Statements are duly filed in the office of the Secretary of State of the State of Delaware, the respective security interests of
the Depositor, the Issuing Entity and the Indenture Trustee in the Receivables and identifiable cash proceeds thereof are subject to no equal or prior security interest perfected by filing a financing statement under the Delaware UCC. To the extent
the Receivables constitute “tangible chattel paper” under the New York UCC, the local law of the jurisdiction in which the Receivables are physically located governs the effect of perfection or non-perfection and the priority of a
nonpossessory security interest in the Receivables. For purposes of our opinion, we have assumed that the UCC provisions governing the effect of perfection or non-perfection and the priority of nonpossessory security interests in tangible chattel
paper as in effect in each jurisdiction in which the Receivables are physically located, and the interpretation of such provisions in each such jurisdiction, are identical to the corresponding provisions and interpretations under the New York UCC.

  

	8.	 When each of the Basic Documents has been duly executed and delivered by all parties thereto, and value has been
given as provided in Section 9-203(b)(1) of the New York UCC with respect to the Collection Account and the Note Payment Account (collectively, the “Accounts”), the Indenture Trustee will have a valid and enforceable security interest
in the 

  
 Ex. E-2 

	 	
Accounts and the identifiable cash proceeds thereof and such security interest will be perfected under the New York UCC. For the purposes of this opinion, we have also assumed that each Account
is a “deposit account” as defined in the New York UCC, that such Account is maintained with the Indenture Trustee and that the Indenture Trustee is a “bank” as defined in the New York UCC. To the extent each Account constitutes a
“securities account” as defined in the New York UCC, and when each of the Financing Statements has been duly filed in the office of the Secretary of State of the State of Delaware, the security interest of the Indenture Trustee in the
Accounts and identifiable cash proceeds thereof has been perfected. 

  
 Ex. E-3

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