Document:

SCHEDULE TO THE ISDA MASTER AGREEMENT

 Exhibit 10.5—SCHEDULE TO MASTER AGREEMENT 
 SCHEDULE 
 to the 
 MASTER AGREEMENT 
 dated as of September 19, 2007 between 
 WACHOVIA BANK, NATIONAL ASSOCIATION (“Party A”) 
 and CARMAX AUTO OWNER TRUST 2007-3, a Delaware statutory trust (“Party B”) 
  

	Part 1.	Termination Provisions  

  

	(a)	“Specified Entity” means, with respect to Party A for all purposes of this Agreement, none specified, and with respect to Party B for all purposes of this
Agreement, none specified. 

  

	(b)	“Specified Transaction” has its meaning as defined in Section 14 of this Agreement. 

  

	(c)	The “Automatic Early Termination” provision of Section 6(a) of this Agreement does not apply to Party A or Party B. 

  

	(d)	The “Transfer to Avoid Early Termination” provision of Section 6(b)(ii) shall be amended by deleting the words “or if a Tax Event Upon Merger occurs and
the Burdened Party is the Affected Party.” 

  

	(e)	Payments on Early Termination. Except as otherwise provided in this Schedule, “Market Quotation” and the “Second Method” apply. In the case of any
Terminated Transaction that is, or is subject to, any unexercised option, the words “economic equivalent of any payment or delivery” appearing in the definition of “Market Quotation” shall be construed to take into account the
economic equivalent of the option. 

  

	(f)	“Termination Currency” means United States Dollars. 

  

	(g)	Timing of Party B Termination Payment. If an amount calculated as being due in respect of an Early Termination Date under Section 6(e) of this Agreement is an amount to
be paid by Party B to Party A then, notwithstanding the provisions of Section 6(d)(ii) of this Agreement, such amount will be payable on the first Distribution Date following the date on which the payment would have been payable as determined
in accordance with Section 6(d)(ii), and on any subsequent Distribution Dates until paid in full (or if such Early Termination Date is the final Distribution Date, on such final Distribution Date; provided that if the date on which the payment
would have been payable as determined in accordance with Section 6(d)(ii) is a Distribution Date, then the payment will be payable on the date determined in accordance with Section 6(d)(ii). 

  

	(h)	Limitation on Defaults by Party A and Party B. The Events of Default specified in Section 5 of this Agreement shall not apply to Party A or Party B except for the
following: 

  

	 	(i)	Section 5(a)(i) of this Agreement (Failure to Pay or Deliver) subject to the provisions of the last paragraph of this Part 1(h); 

  

	 	(ii)	With respect to Party A only, Section 5(a)(ii) of this Agreement (Breach of Agreement); provided that Section 5(a)(ii) will not apply to Party A with respect to Party
A’s failure to comply with its obligations under Part 5(b)(ii), 5(b)(iii) or 6(m) herein or under the Credit Support Annex; 

  

	 	(iii)	With respect to Party A only, Section 5(a)(iii) of this Agreement (Credit Support Default) subject to the provisions of the last paragraph of this Part 1(h); provided that
Section 5(a)(iii)(1) shall apply to Party B with respect to Party B’s obligations under Paragraph 3(b) of any Credit Support Annex; 

  

	 	(iv)	With respect to Party A only, Section 5(a)(iv) of this Agreement (Misrepresentation); provided that Section 5(a)(iv) will not apply to Party A with respect to any
representation in Part 6(m) herein; 

	 	(v)	With respect to Party A only, Section 5(a)(vi) of this Agreement (Cross Default). For the purposes of this Part 1 h(v), “Threshold Amount” shall mean, with respect to
Party A, (x) 3% of Wachovia Bank, National Association’s “Total Equity Capital” as described in its most recently published Call Report, or (y) if Party A is not Wachovia Bank, National Association, 3% of the
shareholder’s equity (excluding deposits) of such Person; “Specified Indebtedness,” with respect to Party A, shall have the meaning specified in Section 14, provided that Specified Indebtedness shall not include deposits received
in the course of Party A’s ordinary banking business; and “Call Report” shall mean, a “Consolidated Reports of Condition and Income for a Bank with Domestic and Foreign Officers” of Wachovia Bank, National Association, filed
with Federal Deposit Insurance Corporation on a quarterly basis or, if such form is not required to be filed, such other comparable form applicable to Wachovia Bank, National Association from time to time. 

  

	 	(vi)	Section 5(a)(vii) of this Agreement (Bankruptcy); provided that clauses (2), (7) and (9) thereof shall not apply with respect to Party B, provided
further that clause (4) shall not apply to Party B to the extent that it refers to proceedings or petitions instituted or presented by Party A or any of its Affiliates, provided further that clause (6) shall not apply to Party B to
the extent that it refers to (i) any appointment that is effected by or pursuant to the Transaction Documents or (ii) any appointment to which Party B has not become subject, and provided further that clause (8) shall apply to
Party B to the extent that such clause (8) relates to clauses (1), (3), (4), (5) and (6) (except to the extent that such provisions are not applied to Party B); and 

  

	 	(vii)	Section 5(a)(viii) of this Agreement (Merger Without Assumption). 

 Notwithstanding Sections 5(a)(i) and 5(a)(iii) of this Agreement, any failure by Party A to comply with or perform any obligation to be complied with or performed by Party A under the Credit Support Annex shall not be
an Event of Default unless (A) (i) the Second Rating Trigger Requirements apply and at least 30 Local Business Days have elapsed since the last time the Second Rating Trigger Requirements did not apply and (ii) such failure is not
remedied on or before the third Local Business Day after notice of such failure is given to Party A, or (B) (i) a Ratings Event has occurred and is continuing and at least 10 Local Business Days have elapsed since the date a Ratings Event
occurred and (ii) such failure is not remedied on or before the third Local Business Day after notice of such failure is given to Party A. 
  

	(i)	Limitation on Termination Events by Party A and Party B. The Termination Events specified in Section 5 of this Agreement shall not apply to Party A or Party B except for
the following: 

  

	 	(i)	Section 5(b)(i) of this Agreement (Illegality); 

  

	 	(ii)	Section 5(b)(ii) of this Agreement (Tax Event); provided that Section 5(b)(ii) shall be amended by deleting the words “(x) any action taken by a taxing
authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y)”; and

  

	 	(iii)	Section 5(b)(iii) of this Agreement (Tax Event Upon Merger); provided that Party A shall not be entitled to designate an Early Termination Date by reason of a Tax Event
upon Merger in respect of which it is the Affected Party. 

  

	(j)	Addi tional Termination Events. The occurrence of any of the following events shall be an Additional Termination Event. 

  

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	 	(i)	First Rating Trigger Collateral. Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with the Credit Support
Annex and either (1) the Second Rating Trigger Requirements do not apply or (2) less than 30 Local Business Days have elapsed since the last time the Second Rating Trigger Requirements did not apply. With respect to the foregoing
Additional Termination Event, Party A shall be the sole Affected Party and all Transactions shall be Affected Transactions. 

  

	 	(ii)	Second Rating Trigger Replacement. (1) The Second Rating Trigger Requirements apply and 30 or more Local Business Days have elapsed since the last time the Second Rating
Trigger Requirements did not apply and (2) at least one Eligible Replacement has made a Firm Offer that would, assuming the occurrence of an Early Termination Date, qualify as a Market Quotation (on the basis that paragraphs (i) and
(iii) in Part 1(k) (Calculations) below apply) and which remains capable of becoming legally binding upon acceptance. With respect to the foregoing Additional Termination Event, Party A shall be the sole Affected Party and all Transactions
shall be Affected Transactions. 

 The “Second Rating Trigger Requirements” applies when no Relevant
Entity has credit ratings at least equal to the Second Trigger Required Ratings. 
 “Firm Offer” means an offer which,
when made, was capable of becoming legally binding upon acceptance. 
  

	 	(iii)	Collateral Event. Party A fails to comply with or perform any obligation to be complied with or performed by Party A in accordance with the Credit Support Annex. With respect
to the foregoing Additional Termination Event, Party A shall be the sole Affected Party and all Transactions shall be Affected Transactions. 

  

	 	(iv)	Ratings Event. Upon the occurrence and continuation of a Ratings Event, Party A fails to comply with the provisions as set forth in Part 5(b)(iii), after giving effect to the
relevant time frame specified therein. With respect to the foregoing Additional Termination Event, Party A shall be the sole Affected Party and all Transactions shall be Affected Transactions. 

  

	 	(v)	Termination. The Trust is terminated. With respect to the foregoing Additional Termination Event, Party B shall be the sole Affected Party and all Transactions shall be
Affected Transactions. 

  

	 	(vi)	Acceleration. The Notes are accelerated and such acceleration is (or becomes) unrescindable or irrevocable. With respect to the foregoing Additional Termination Event, Party
B shall be the sole Affected Party, all Transactions shall be Affected Transactions and the Early Termination Date shall be no earlier than the date the Notes are accelerated. 

  

	 	(vii)	Redemption. Any mandatory redemption, auction call redemption, optional redemption, tax redemption, clean-up call or other prepayment in full or repayment in full of the
Class A-2b Notes outstanding and the Class A-3b Notes outstanding occurs under the Indenture (or any notice is given to that effect and such mandatory redemption, auction call redemption, optional redemption, tax redemption, clean-up call
or other prepayment or repayment is not (or is not capable) of being rescinded). With respect to the foregoing Additional Termination Event, Party B shall be the sole Affected Party, all Transactions shall be Affected Transactions and the Early
Termination Date shall be no earlier than the date on which any mandatory redemption, auction call redemption, optional redemption, tax redemption, clean-up call or other prepayment in full or repayment is scheduled. 

  

	 	(viii)	 Default. Any Event of Default (as defined in the Indenture) occurs under the Indenture (or any notice is given by the Trustee or any other authorized party
to that effect), the Notes have been declared due and payable under the Indenture (and such declaration has not been rescinded and annulled in accordance with the Indenture), and the Trustee, the Noteholders or any other 

  

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party authorized under the terms of the Transaction Documents or by law: (1) sells, liquidates or disposes of any of the Collateral under the Indenture;
(2) institutes Proceedings for the collection of all amounts payable under the Indenture; (3) institutes Proceedings for the complete or partial foreclosure of the Indenture with respect to the Collateral; or (4) exercises any
remedies of a secured party under the UCC with respect to the Collateral, and any such action is not to judgment or final decree. With respect to the foregoing Additional Termination Event, Party B shall be the sole Affected Party and all
Transactions shall be Affected Transactions; provided, however, in connection with the foregoing Additional Termination Event, for purposes of designating any Early Termination Date, notwithstanding anything contained in Section 6(a) of this
Agreement to the contrary, either Party A or Party B shall be permitted to designate an Early Termination Date. 

  

	 	(ix)	Amendment. The Indenture is amended or modified without the prior written consent of Party A where such consent is required under the terms of the Indenture, and such
amendment or modification has a materially adverse effect on Party A; provided, however, that it shall not be an Additional Termination Event where such amendment or modification involves the appointment of any successor trustee
pursuant to the terms of the Indenture. With respect to the foregoing Additional Termination Event, Party B shall be the sole Affected Party and all Transactions shall be Affected Transactions. 

  

	 	(x)	Item 1115 of Reg AB. Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with Part 6(m) herein if such
failure is not remedied on or before the thirtieth day after notice of such failure is given by Party B to Party A or a representation made by Party A in Part 6(m) here in proves to have been incorrect in any material respect when made. With respect
to the foregoing Additional Termination Event, Party A shall be the sole Affected Party and all Transactions shall be Affected Transactions. 

 Notwithstanding anything in Section 6 of this Agreement to the contrary, any amounts due as result of the occurrence of an Additional Termination Event described in Parts 1(j)(v) through (ix) of this
Schedule may be calculated prior to the Early Termination Date and shall be payable on the Early Termination Date. 
  

	(k)	Calculations. Notwithstanding Section 6 of this Agreement, if an Early Termination Date is designated at any time when Party A is (A) the sole Affected Party in
respect of an Additional Termination Event or a Tax Event Upon Merger or (B) the Defaulting Party in respect of any Event of Default, the following shall apply: 

  

	 	(i)	The definition of “Market Quotation” shall be deleted in its entirety and replaced with the following: 

 “Market Quotation” means, with respect to one or more Terminated Transactions, a Firm Offer which is (1) made by an Eligible
Replacement, (2) for an amount that would be paid to Party B (expressed as a negative number) or by Party B (expressed as a positive number) in consideration of an agreement between Party B and such Eligible Replacement to enter into a
transaction (the “Replacement Transaction”) that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the
satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transactions or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date,
have been required after that date, (3) made on the basis that Unpaid Amounts in respect of the Terminated Transaction or group of Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant
Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included and (4) made in respect of a Replacement Transaction with terms that are, in all
material respects, no less beneficial for Party B than those of this Agreement (save for the exclusion of provisions relating to Transactions that are not Terminated Transactions), as determined by Party B. 
  

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	 	(ii)	The definition of “Settlement Amount” shall be deleted in its entirety and replaced with the following: 

 “Settlement Amount” means, with respect to any Early Termination Date, an amount (as determined by Party B) equal to the
Termination Currency Equivalent of the amount (whether positive or negative) of any Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions that is accepted by Party B so as to become legally binding; provided
that: 
  

	 	(A)	If, on the day falling ten Local Business Days after the day on which the Early Termination Date is designated or such later day as Party B may specify in writing to Party A (but in
either case no later than the Early Termination Date) (such day the “Latest Settlement Amount Determination Day”), no Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions has been accepted by Party B
so as to become legally binding and one or more Market Quotations have been made and remain capable of becoming legally binding upon acceptance, the Settlement Amount shall equal the Termination Currency Equivalent of the amount (whether positive or
negative) of the lowest of such Market Quotations (for the avoidance of doubt, the lowest of such Market Quotations shall be the lowest Market Quotation of such Market Quotations expressed as a positive number or, if any of such Market Quotations is
expressed as a negative number, the Market Quotation expressed as a negative number with the largest absolute value); or 

  

	 	(B)	If, on the Latest Settlement Amount Determination Day, no Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions is accepted by Party B so as
to become legally binding and no Market Quotations have been made and remain capable of becoming legally binding upon acceptance, the Settlement Amount shall equal Party B’s Loss (whether positive or negative and without reference to any Unpaid
Amounts) for the relevant Terminated Transaction or group of Terminated Transactions. 

  

	 	(iii)	In determining whether or not a Firm Offer satisfies the condition in sub-paragraph (4) of Market Quotation, Party B shall act in a commercially reasonable manner.

  

	 	(iv)	At any time on or before the Latest Settlement Amount Determination Day at which two or more Market Quotations remain capable of becoming legally binding upon acceptance, Party B
shall be entitled to accept only the lowest of such Market Quotations. 

  

	 	(v)	If Party B requests Party A in writing to obtain Market Quotations, Party A shall use its reasonable efforts to do so before the Latest Settlement Amount Determination Day.

  

	 	(vi)	If the Settlement Amount is a negative number, Section 6(e)(i)(3) of this Agreement shall be deleted in its entirety and replaced with the following: 

Second Method and Market Quotation. If Second Method and Market Quotation apply, (1) Party B shall pay to Party A an amount equal to
the absolute value of the Settlement Amount in respect of the Terminated Transactions, (2) Party B shall pay to Party A the Termination Currency Equivalent of the Unpaid Amounts owing to Party A and (3) Party A shall pay to Party B the
Termination Currency Equivalent of the Unpaid Amounts owing to Party B; provided that, (i) the amounts payable under (2) and (3) shall be subject to netting in accordance with Section 2(c) of this Agreement and
(ii) notwithstanding any other provision of this Agreement, any amount payable by Party A under (3) shall not be netted-off against any amount payable by Party B under (1). 
  

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	(l)	Designation of Early Termination Date; Amendments. Notwithstanding any other provision of this Agreement, (A) Party B shall not designate an Early Termination Date
unless each Rating Agency has been given prior written notice of such designation, and (B) this Agreement may not be amended, modified or waived unless each Rating Agency has been given prior written notice of such amendment or designation and
unless the Rating Agency Condition is satisfied. 

  

	Part 2.	Tax Provisions  

  

	(a)	Payer Tax Representations. For the purpose of Section 3(e) of this Agreement, each party makes the following representation: None. 

  

	(b)	Gross Up. Section 2(d)(i)(4) shall not apply to Party B as X, and Section 2(d)(ii) shall not apply to Party B as Y, in each case such that Party B shall not be
required to pay any additional amounts referred to therein. 

  

	(c)	Indemnifiable Tax. The definition of “Indemnifiable Tax” in Section 14 is deleted in its entirety and replaced with the following: 

 “Indemnifiable Tax” means, in relation to payments by Party A, any Tax and, in relation to payments by Party B, no Tax.

  

	(d)	Payee Tax Representations. For the purpose of Section 3(f) of this Agreement: 

  

	 	(i)	Party A makes the following representation(s): None 

  

	 	(ii)	Party B makes the following representation(s): None. 

  

	(e)	Tax Forms . 

  

	 	(i)	Delivery of Tax Forms . For the purpose of Section 4(a)(i), and without limiting Section 4(a)(iii), each party agrees to duly complete, execute and deliver to the
other party the tax forms specified below with respect to it (A) before the first Payment Date under this Agreement, (B) promptly upon reasonable demand by the other Party and (C) promptly upon learning that any such form previously
provided by such Party has become obsolete or incorrect. 

  

	 	(ii)	Tax Forms to be Delivered by Party A: 

 Subject to
Section 4(a)(iii), any document required or reasonably requested to allow Party B to make payments under this Agreement without any deduction or withholding on account of any Tax. 
  

	 	(iii)	Tax forms to be Delivered by Party B : 

 Subject to
Section 4(a)(iii), any document required or reasonably requested to allow Party A to make payments under this Agreement without any deduction or withholding on account of any Tax. 
  

	Part 3.	Documents  

  

	(a)	Delivery of Documents. When it delivers this Agreement, each party shall also deliver its Closing Documents to the other party in form and substance reasonably satisfactory
to the other party. For each Transaction, a party shall deliver, promptly upon request, a duly executed incumbency certificate for the person(s) executing the Confirmation for that Transaction on behalf of that party. 

  

	(b)	Closing Documents. 

  

	 	(i)	For Party A, “Closing Documents” mean: 

  

	 	(A)	an opinion of Party A’s counsel addressed to Party B and the Rating Agencies in form and substance acceptable to Party B and the Rating Agencies; 

  

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	 	(B)	a duly executed incumbency certificate for each person executing this Agreement for Party A, or in lieu thereof, a copy of the relevant pages of its official signature book; and

  

	 	(C)	each Credit Support Document (if any) specified for Party A in this Schedule, together with a duly executed incumbency certificate for the person(s) executing that Credit Support
Document, or in lieu thereof, a copy of the relevant pages of its official signature book. 

  

	 	(ii)	For Party B, “Closing Documents” mean: 

  

	 	(A)	an opinion of Party B’s counsel addressed to Party A and the Rating Agencies in form and substance acceptable to Party A and the Rating Agencies; 

  

	 	(B)	a duly executed copy of the Indenture and the other Transaction Documents relating thereto and referred to therein, executed and delivered by the parties thereto;

  

	 	(C)	a copy, certified by the Secretary of State of the State of Delaware, of the Certificate of Trust; and 

  

	 	(D)	a duly executed certificate of the Owner Trustee certifying the name and true signature of each person authorized to execute this Agreement and enter into Transactions for Party B.

  

	Part 4.	Miscellaneous  

  

	(a)	Addresses for Notices. For purposes of Section 12(a) of this Agreement, all notices to a party shall, with respect to any particular Transaction, be sent to its address,
telex number or facsimile number specified in the relevant Confirmation, provided that any notice under Section 5 or 6 of this Agreement, and any notice under this Agreement not related to a particular Transaction, shall be sent to a
party at its address, telex number or facsimile number specified below; provided, further, that any notice under the Credit Support Annex shall be sent to a party at its address, telex number or facsimile number specified in the Credit
Support Annex. 

 To Party A: 
 301 South College, DC-8 
 Charlotte, NC 28202-0600 
 Attention: Derivatives Documentation Group 
 Fax: (704) 383-0575 
 Phone: (704) 383-8778 
 To Party B : 
 CarMax Auto Owner Trust 2007-3 
 c/o The Bank of New York 
 101 Barclay Street,
8W 
 New York, New York 10286 
 Attention: Corporate Trust Division, Asset Backed Securities Group 
 Fax: (212)815-3883 
 Phone: (212)815-3288 
 With a copy to:

 CarMax Business Services, LLC 
 12800 Tuckahoe Creek Parkway 
 Richmond, Virginia 23238 
 Attention: Treasurer 
 Fax: (804)935-4573

 Phone: (804)747-0422 
  

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	(b)	Process Agent. For the purpose of Section 13(c) of this Agreement: 

 Party A appoints as its Process Agent: Not applicable 
 Party B appoints as its Process Agent: Not
applicable. 
  

	(c)	Offices. The provisions of Section 10(a) will apply to this Agreement. 

  

	(d)	Multibranch Party. For the purpose of Section 10(c) of this Agreement, neither party is a Multibranch Party. 

  

	(e)	“Calculation Agent” means Party A. 

  

	(f)	Credit Support Document. 

  

	 	(i)	For Party A, the following is a Credit Support Document: the Credit Support Annex dated the date hereof (the “Credit Support Annex”) and duly executed and
delivered by Party A and Party B in conjunction or contemporaneously with this Schedule, and any Eligible Guarantee, if applicable. 

  

	 	(ii)	For Party B, the following is a Credit Support Document: the Credit Support Annex. 

  

	(g)	Credit Support Provider. 

  

	 	(i)	For Party A, Credit Support Provider means the guarantor under any Eligible Guarantee, if applicable. 

  

	 	(ii)	For Party B, none specified. 

  

	(h)	Governing Law. This Agreement will be governed by and construed in accordance with the law (and not the law of conflicts except with respect to §§ 5-1401 and 5-1402
of the New York General Obligations Law) of the State of New York. 

  

	(i)	Waiver of Jury Trial. To the extent permitted by applicable law, each party irrevocably waives any and all right to trial by jury in any legal proceeding in connection with
this Agreement, any Credit Support Document to which it is a party, or any Transaction. 

  

	(j)	Netting of Payments. Section 2(c)(ii) of this Agreement will apply to all Transactions. 

  

	(k)	“Affiliate” has its meaning as defined in Section 14 of this Agreement, provided that Party B shall be deemed to have no Affiliates.

  

	(l)	 Severability. If any term, provision, covenant, or condition of this Agreement, or the application thereof to any party or circumstance, shall be held to be
illegal, invalid or unenforceable (in whole or in part) for any reason, the remaining terms, provisions, covenants and conditions hereof shall continue in full force and effect as if this Agreement had been executed with the illegal, invalid or
unenforceable portion eliminated, so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this
Agreement will not substantially impair the respective benefits or expectations of the parties to this Agreement; provided 

  

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that this severability provision shall not be applicable if any provision of Sections 2, 5, 6 or 13 or Part 1(c) (or any definition in Section 14 to the
extent it relates to, or is used in or in connection with any such Section or Part) shall be so held to be invalid or unenforceable. 

  

	(m)	Single Agreement. Section 1(c) shall be amended by adding the words “, the credit support annex entered into between Party A and Party B in relation to this
Agreement” after the words “Master Agreement.” 

  

	(n)	Local Business Day. The definition of Local Business Day in Section 14 of this Agreement shall be amended by the addition of the words “or any Credit Support
Document” after “Section 2(a)(i)” and the addition of the words “or Credit Support Document” after “Confirmation”. 

  

	Part 5.	Other Provisions 

  

	(a)	2006 ISDA Definitions. This Agreement and each Transaction are subject to the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc.
(the “2006 ISDA Definitions”) and will be governed by the provisions of the 2006 ISDA Definitions. The provisions of the 2006 ISDA Definitions are incorporated by reference in, and shall form part of, this Agreement and each Confirmation.
Any reference to a “Swap Transaction” in the 2006 ISDA Definitions is deemed to be a reference to a “Transaction” for purposes of this Agreement or any Confirmation, and any reference to a “Transaction” in this
Agreement or any Confirmation is deemed to be a reference to a “Swap Transaction” for purposes of the 2006 ISDA Definitions. The provisions of this Agreement (exclusive of the 2006 ISDA Definitions) shall prevail in the event of any
conflict between such provisions and the 2006 ISDA Definitions. 

  

	(b)	Downgrade Provisions. 

  

	 	(i)	Second Trigger Failure Condition. So long as the Second Rating Trigger Requirements apply, Party A shall, at its own expense use commercially reasonable efforts, as soon as
reasonably practicable, to either (x) furnish an Eligible Guarantee of Party A’s obligations under this Agreement from a guarantor that maintains the First Trigger Required Ratings and/or the Second Trigger Required Ratings or
(y) obtain an Eligible Replacement pursuant to Part 6(a) that assumes the obligations of Party A under this Agreement (through a novation or other assignment and assumption agreement in form and substance reasonably satisfactory to Party B) or
replaces the outstanding Transactions hereunder with transactions on identical terms, except that Party A shall be replaced as counterparty. 

  

	 	(ii)	 Collateralization Event. It shall be a collateralization event (“Collateralization Event”) if either (x) the unsecured,
short-term debt obligations of the Relevant Entity are rated below “A-1” by S&P or (y) if the Relevant Entity does not have a short-term rating from S&P, the unsecured, long-term senior debt obligations of a Relevant Entity
are rated below “A+” by S&P. For the avoidance of doubt, the parties hereby acknowledge and agree that notwithstanding the occurrence of a Collateralization Event, this Agreement and each Transaction hereunder shall continue to be a
Swap Agreement for purposes of the Indenture. Within 10 Local Business Days from the date a Collateralization Event has occurred and so long as such Collateralization Event is continuing, Party A shall, at its sole expense, either (I) post
collateral in an amount required to be posted pursuant to terms of the Credit Support Annex (such amount which is the greater of amounts required to be posted by Moody’s and S&P), (II) upon satisfaction of the Rating Agency Condition,
furnish an Eligible Guarantee of Party A’s obligations under this Agreement from a guarantor with ratings specified in the Hedge Counterparty Ratings Requirement or (III) obtain an Eligible Replacement that (x) upon satisfaction of the
Rating Agency Condition (as defined below), assumes the obligations of Party A under this Agreement (through an assignment and assumption agreement in form and substance reasonably satisfactory to Party B) or (y) having provided prior written
notice to S&P, replaces the outstanding Transactions hereunder with transactions on identical terms, except that Party A shall be replaced as counterparty; provided that such Eligible Replacement, as of the date of such assumption or
replacement, will not, as a result thereof, be required to withhold or deduct on account of tax under this Agreement or the new Transactions, as 

  

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applicable, and such assumption or replacement will not lead to a Termination Event or Event of Default occurring under this Agreement or new Transactions,
as applicable; provided, further, that for the avoidance of doubt the exercise of any remedy under (II) or (III) above shall not preclude the requirements of (I) above until such time as (II) or (III) are satisfied and the exercise of any such
remedy shall not preclude the subsequent exercise of one of the other two in lieu thereof. 

 “Rating Agency
Condition” shall mean first receiving prior written confirmation from S&P that its then-current ratings of the rated Notes will not be downgraded or withdrawn by such Rating Agency. 
  

	(iii)	Ratings Event. It shall be a ratings event (“Ratings Event”) if at any time after the date hereof, the Relevant Entity shall fail to satisfy the Hedge
Counterparty Ratings Threshold or the Relevant Entity is no longer rated by S&P. Within 60 calendar days from the date a Ratings Event has occurred and so long as such Ratings Event is continuing, Party A shall, at its sole expense, either,
(A) upon satisfaction of the Rating Agency Condition, furnish an Eligible Guarantee of Party A’s obligations under this Agreement from a guarantor with ratings specified in the Hedge Counterparty Ratings Requirement or (B) obtain an
Eligible Replacement that (x) upon satisfaction of the Rating Agency Condition, assumes the obligations of Party A under this Agreement (through an assignment and assumption agreement in form and substance reasonably satisfactory to Party B) or
(y) having provided prior written notice to S&P, replaces the outstanding Transactions hereunder with transactions on identical terms, except that Party A shall be replaced as counterparty; provided that such Eligible Replacement, as
of the date of such assumption or replacement, will not, as a result thereof, be required to withhold or deduct on account of tax under this Agreement or the new Transactions, as applicable, and such assumption or replacement will not lead to a
Termination Event or Event of Default occurring under this Agreement or new Transactions, as applicable. 

  

	(iv)	Downgrade Definitions. 

  

	 	(A)	“Eligible Guarantee” means an unconditional and irrevocable guarantee that is provided by a guarantor as principal debtor rather than surety and is directly
enforceable by Party B, where either (A) a law firm has given a legal opinion confirming that none of the guarantor’s payments to Party B under such guarantee will be subject to withholding for Tax or (B) such guarantee provides that,
in the event that any of such guarantor’s payments to Party B are subject to withholding for Tax, such guarantor is required to pay such additional amount as is necessary to ensure that the net amount actually received by Party B (free and
clear of any withholding tax) will equal the full amount Party B would have received had no such withholding been required. 

  

	 	(B)	“Eligible Replacement” means a Transferee (i) (A) with the First Trigger Required Ratings and/or the Second Trigger Required Ratings
or (B) whose present and future obligations owing to Party B are guaranteed pursuant to an Eligible Guarantee provided by a guarantor with the First Trigger Required Ratings and/or the Second Trigger Required Ratings and (ii) with the
ratings specified in the definition of Hedge Counterparty Ratings Requirement below. 

  

	 	(C)	“First Trigger Required Ratings” means with respect to an entity, either (i) where the entity is the subject of a Moody’s Short-term
Rating, such entity’s Moody’s Short-term Rating is “Prime -1” and the entity’s long-term, unsecured and unsubordinated debt or counterparty obligations are rated “A2” or above by Moody’s or (ii) where the
entity is not the subject of a Moody’s Short-term Rating, its long-term, unsecured and unsubordinated debt or counterparty obligations are rated “A1” or above by Moody’s. 

  

	 	(D)	“Financial Institution” means a bank, broker/dealer, insurance company, structured investment vehicle, or derivative product company.

  

 10 

	 	(E)	“Hedge Counterparty Ratings Requirement” means with respect to the relevant entity (including any applicable Credit Support Provider) either
(i) the unsecured, short-term debt obligations of the relevant entity are rated at least “A-1” by S&P or (ii) if such entity does not have a short-term rating from S&P, the unsecured, long-term senior debt obligations of
the relevant entity are rated at least “A+” by S&P. 

  

	 	(F)	“Hedge Counterparty Ratings Threshold” means with respect to the relevant entity (including any applicable Credit Support Provider) (I) if
such entity is a Financial Institution, either (i) the unsecured, short-term debt obligations of such entity are rated at least “A-2” by S&P or (ii) if such entity does not have a short-term rating from S&P, the
unsecured, long-term senior debt obligations of such entity are rated at least “BBB+” by S&P, or (II) if such entity is not a Financial Institution, either (i) the unsecured, short-term debt obligations of the relevant entity are
rated at least “A-1” by S&P or (ii) if such entity does not have a short-term rating from S&P, the unsecured, long-term senior debt obligations of the relevant entity are rated at least “A+” by S&P. For the
avoidance of all doubts, the parties hereby acknowledge and agree that notwithstanding the occurrence of a Ratings Event, this Agreement and each Transaction hereunder shall continue to be a Swap Agreement for purposes of the Indenture.

  

	 	(G)	“Moody’s” means Moody’s Investors Service, Inc. 

  

	 	(H)	“Moody’s Short-term Rating” means a rating assigned by Moody’s under its short-term rating scale in respect of an entity’s
short-term, unsecured and unsubordinated debt obligations. 

  

	 	(I)	“Relevant Entity” means Party A and any guarantor under an Eligible Guarantee, if applicable, in respect of all of Party A’s present and future
obligations under this Agreement. 

  

	 	(J)	“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill 

 Companies, Inc. 
  

	 	(K)	A “Second Trigger Failure Condition” shall occur at any time that no Relevant Entity maintains the Second Trigger Required Ratings.

  

	 	(L)	“Second Trigger Required Ratings” means with respect to an entity either (A) where the entity is the subject of a Moody’s Short-term
Rating, such entity’s Moody’s Short-term Rating is “Prime -2” or above and its long-term, unsecured and unsubordinated debt or counterparty obligations are rated “A3” or above by Moody’s, and (B) where such
entity is not the subject of a Moody’s Short-term Rating, if the entity’s long-term, unsecured and unsubordinated debt or counterparty obligations are rated “A3” or above by Moody’s. 

  

	(c)	Additional Representations. Section 3 of this Agreement is hereby amended by adding the following Sections 3(g), (h), (i) and (j): 

 “(g) Non-Reliance. For any Relevant Agreement: (i) it acts as principal and not as agent, (ii) it acknowledges that the other party
acts only arm’s length and is not its agent, broker, advisor or fiduciary in any respect, and any agency, brokerage, advisory or fiduciary services that the other party (or any of its affiliates) may otherwise provide to the party (or to any of
its affiliates) excludes the Relevant Agreement, (iii) it is relying solely upon its own evaluation of the Relevant Agreement (including the present and future results, consequences , risks, and benefits thereof, whether financial, accounting,
tax, legal, or otherwise) and upon advice from its own professional advisors, (iv) it understands the Relevant Agreement and those risks, has determined they are appropriate for it, and willingly assumes those risks, (v) it has not relied
and will not be relying upon any evaluation or advice (including any recommendation, opinion, or representation) from the other party, its affiliates or the representatives or advisors 

  

 11 

 
of the other party or its affiliates (except representations expressly made in the Relevant Agreement or an opinion of counsel required thereunder); and
(vi) if a party is acting as a Calculation Agent or Valuation Agent, it does so not as the other party’s agent or fiduciary, but on an arm’s length basis for the purpose of performing an administrative function in good faith.

 “Relevant Agreement” means this Agreement, each Transaction, each Confirmation, any Credit Support Document, and
any agreement (including any amendment, modification, transfer or early termination) between the parties relating thereto or to any Transaction. 
 (h) Eligibility. It is an “eligible contract participant” within the meaning of the Commodity Exchange Act (as amended by the Commodity Futures Modernization Act of 2000). 
 (i) FDIC Requirements. If it is a bank subject to the requirements of 12 U.S.C. § 1823(e), its execution, delivery and performance of this
Agreement (including the Credit Support Annex and each Confirmation) have been approved by its board of directors or its loan committee, such approval is reflected in the minutes of said board of directors or loan committee, and this Agreement
(including the Credit Support Annex and each Confirmation) will be maintained as one of its official records continuously from the time of its execution (or in the case of any Confirmation, continuously until such time as the relevant Transaction
matures and the obligations therefor are satisfied in full). 
 (j) ERISA. It is not (i) an employee benefit plan as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or a plan as defined in Section 4975(e) of the Internal Revenue Code of 1986, as amended (the “Code”), subject to Title I of
ERISA or Section 4975 of the Code, or a plan as so defined but which is not subject to Title I of ERISA or Section 4975 of the Code (each, an “ERISA Plan”), (ii) a person or entity acting on behalf of an ERISA Plan, or
(iii) a person or entity the assets of which constitute assets of an ERISA Plan.” 
  

	(d)	Recorded Conversations. Each party and any of its Affiliates may electronically record any of its telephone conversations with the other party or with any of the other
party’s Affiliates in connection with this Agreement or any Transaction, and any such recordings may be submitted in evidence in any proceeding to establish any matters pertinent to this Agreement or any Transaction. 

 

	Part 6.	Additional Terms 

  

	(a)	Transfers by Party A. 

  

	 	(i)	Section 7 of this Agreement shall not apply to Party A and, subject to Section 6(b)(ii) (provided that to the extent Party A makes a transfer pursuant to
Section 6(b)(ii) it will provide a prior written notice to the Rating Agencies of such transfer) and Part 6(a)(ii), Party A may not transfer (whether by way of security or otherwise) any interest or obligation in or under this Agreement without
first satisfying the Rating Agency Condition and without the prior written consent of Party B. 

  

	 	(ii)	Party A may (at its own cost) transfer all or substantially all of its rights and obligations with respect to this Agreement to any other entity (a
“Transferee”) that is an Eligible Replacement through a novation or other assignment and assumption agreement or similar agreement in form and substance reasonably satisfactory to Party B; provided that (A) Party B shall
determine in its sole discretion, acting in a commercially reasonable manner, whether or not a transfer relates to all or substantially all of Party A’s rights and obligations under this Agreement, (B) as of the date of such transfer the
Transferee will not be required to withhold or deduct on account of a Tax from any payments under this Agreement unless the Transferee will be required to make payments of additional amounts pursuant to Section 2(d)(i)(4) of this Agreement in
respect of such Tax, (C) a Termination Event or Event of Default does not occur under this Agreement as a result of such transfer, (D) Party A receives confirmation from each Rating Agency (other than Moody’s) that transfer to the
Transferee does not violate the Rating Agency Condition; and (E) Party A and the Transferee are both “dealers in notional principal contracts” within the meaning of Treasury regulations section 1.1001-4. Following such transfer, all
references to Party A shall be deemed to be references to the Transferee. 

  

 12 

	 	(iii)	If an entity has made a Firm Offer (which remains capable of becoming legally binding upon acceptance) to be the transferee of a transfer to be made in accordance with Part
6(a)(ii), Party B shall (at Party A’s cost) at Party A’s written request, take any reasonable steps required to be taken by it to effect such transfer. 

  

	 	(iv)	Except as specified otherwise in the documentation evidencing a transfer, a transfer of all the obligations of Party A made in compliance with this Part 6(a) will constitute an
acceptance and assumption of such obligations (and any related interests so transferred) by the Transferee, a novation of the transferee in place of Party A with respect to such obligations (and any related interests so transferred), and a release
and discharge by Party B of Party A from, and an agreement by Party B not to make any claim for payment, liability, or otherwise against Party A with respect to, such obligations from and after the effective date of the transfer.

  

	(b)	Permitted Security Interest. For purposes of Section 7 of this Agreement, Party A hereby consents to the Permitted Security Interest, subject to the provisions of
paragraph (c) below. 

 “Permitted Security Interest” means the collateral assignment by Party B of the
Swap Collateral to the Trustee pursuant to the Indenture, and the granting to the Trustee of a security interest in the Swap Collateral pursuant to the Indenture. 
 “Swap Collateral” means all right, title and interest of Party B in this Agreement, each Transaction hereunder, and all present and future amounts payable by Party A to Party B under or in connection
with this Agreement or any Transaction governed by this Agreement, whether or not evidenced by a Confirmation, including, without limitation, any transfer or termination of any such Transaction. 
 “Trustee” means Wells Fargo Bank, National Association, or any successor acting as indenture trustee pursuant to the Indenture.

  

	(c)	Effect of Permitted Security Interest.  

  

	 	(i)	Notwithstanding the Permitted Security Interest, Party B shall not be released from any of its obligations under this Agreement or any Transaction, and Party A may exercise its
rights and remedies under this Agreement without notice to, or the consent of the Trustee or any Noteholder except as otherwise expressly provided in this Agreement. 

  

	 	(ii)	Party A’s consent to the Permitted Security Interest is expressly limited to the Trustee for the benefit of the secured parties under the Indenture, and Party A does not
consent to the sale or transfer by the Trustee of the Swap Collateral to any other person or entity (other than a successor to the Trustee under the Indenture acting in that capacity). 

  

	 	(iii)	Party B hereby acknowledges that, as a result of the Permitted Security Interest, all of its rights under this Agreement, including any Transaction, have been assigned as collateral
to the Trustee pursuant to the Indenture and notwithstanding any other provision in this Agreement, Party B may not take any action hereunder to exercise any of such rights without the prior written consent of the Trustee, including, without
limitation, providing any notice under this Agreement the effect of which would be to cause an Early Termination Date to occur or be deemed to occur. If Party B gives any notice to Party A for the purposes of exercising any of Party B’s rights
under this Agreement, Party A shall have the option of treating that notice as void unless that notice is signed by the Trustee acknowledging its consent to the provisions of that notice. Nothing herein shall be construed as requiring the consent of
the Trustee or any Noteholder for the performance by Party B of any of its obligations hereunder. 

  

 13 

	 	(iv)	Except as expressly provided in this Agreement for any Permitted Transfer, Event of Default, Termination Event or Additional Termination Event, Party A and Party B may not enter
into any agreement to dispose of any Transaction, whether in the form of a termination, unwind, transfer or otherwise without the prior written consent of the Trustee. 

  

	 	(v)	Except as expressly provided in this Agreement, no amendment, modification, or waiver in respect of this Agreement will be effective unless (A) evidenced by a writing executed
by each party hereto, and (B) the Trustee has acknowledged its consent thereto in writing and each Rating Agency confirms that the amendment, modification or waiver will not cause the reduction or withdrawal of its then current rating on any
Notes under the Indenture, provided that until receipt by Party A of written notice from the Trustee to the contrary, Party A and Party B may enter into any Transactions hereunder without giving prior notice to, or obtaining the prior consent of,
the Trustee provided that such Transactions meet the requirements of Section 3.15 of the Sale and Servicing Agreement. 

  

	(d)	Payments. All payments to Party B under this Agreement or any Transaction shall be made to the Collection Account under the Indenture. 

  

	(e)	Set-off. Except as otherwise provided in this Schedule, Party A and Party B hereby waive any and all right of set-off with respect to any amounts due under this Agreement or
any Transaction, provided that nothing herein shall be construed to waive or otherwise limit the netting provisions contained in Sections 2(c) or 6 of this Agreement or the setoff rights contained in the Credit Support Annex. Section 6(e) shall
be amended by the deletion of the following sentence: “The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off”. 

  

	(f)	Indenture  

  

	 	(i)	Party B hereby acknowledges that Party A is a secured party under the Indenture with respect to this Agreement and a third-party beneficiary under the Indenture, and Party B agrees
for the benefit of Party A that neither it nor any other Person will take any action (whether in the form of an amendment, a modification, supplement, waiver, approval, consent or otherwise) which may have a material adverse effect with respect to
the rights, interest or benefits granted to Party A under the Indenture with respect to this Agreement, whether or not this Agreement is specifically referred to or identified therein without the prior written consent of Party A (to the extent such
consent is required under the Indenture). 

 “Indenture” means that certain Indenture, by and among
Party B as Issuer, and the Trustee, dated as of September 1, 2007, as the same may be amended, modified, supplemented or restated from time to time. 
  

	 	(ii)	On the date Party B executes and delivers this Agreement and on each date on which a Transaction is entered into, Party B hereby represents and warrants to Party A: that the
Indenture is in full force and effect; that Party B is not party to any separate agreement with any of the parties to the Indenture that would have the effect of diminishing or impairing the rights, interests or benefits that have been granted to
Party A under, and which are expressly set forth in, the Indenture; that Party B’s obligations under this Agreement are secured under the Indenture; that this Agreement constitutes a “Swap Agreement” under the Indenture; that each
Transaction entered into under this Agreement is a Swap Agreement under the Indenture; that Party A constitutes a Swap Counterparty under the Indenture; that no Event of Default has occurred and is continuing as defined in the Indenture; that
nothing herein violates or conflicts with any of the provisions of the Indenture or any other documents executed in connection therewith. In addition, on each date on which a Transaction is entered into, Party B hereby represents and warrants to
Party A: that the Transaction meets all of the requirements of Section 3.15 of the Sale and Servicing Agreement and does not violate or conflict with any of the provisions of the Indenture or any other documents executed in connection
therewith; and that under the terms of the Indenture, neither the consent of the Trustee nor of any of the Noteholders under the Indenture is required for Party B to enter into that Transaction or for Party A to be entitled for that Transaction to
the rights, interests and benefits granted to Party A under the Indenture. 

  

 14 

	 	(iii)	Party B will provide at least ten days’ prior written notice to Party A of any proposed amendment or modification to the Indenture. 

  

	(g)	Consent to Notice & Communications. Party B hereby consents to the giving to the Trustee of notice by Party A of Party A’s address and telecopy and telephone
numbers for all purposes of the Indenture, and in addition, Party A shall also be entitled at any time to provide the Trustee with copies of this Agreement, including all Confirmations. In addition, Party A shall not be precluded from communicating
with the Trustee or any party to, or any third party beneficiary under, the Indenture for the purpose of exercising, enforcing or protecting any of Party A’s rights or remedies under this Agreement or any rights, interests or benefits granted
to Party A under the Indenture. 

  

	(h)	No Bankruptcy Petition. Party A shall not institute against or cause any other person to institute against, or join any other person in instituting against Party B any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy, dissolution or similar law, for a period of one year and one day (or, if longer, the applicable preference
period then in effect) following indefeasible payment in full of the Notes, provided, however, the foregoing shall not restrict Party A from joining in any bankruptcy, reorganization, arrangement, insolvency, moratorium, liquidation or other
analogous proceeding under applicable laws, which has not been instituted in contravention of such agreement by Party A. This Part 6(h) shall survive termination of this Agreement. 

  

	(i)	Party A Rights Solely Against Collateral. The liability of Party B to Party A hereunder is limited in recourse to the Collateral, and to distributions of proceeds thereof
applied in accordance with the terms of the Indenture. Upon application of and exhaustion of all of the Collateral (and proceeds thereof) in accordance with the Indenture, Party A shall not be entitled to take any further steps against Party B to
recover any sums due but still unpaid hereunder or thereunder, all claims in respect of which shall be extinguished. Notwithstanding the foregoing or anything herein to the contrary, Party A shall not be precluded from declaring an Event of Default
or from exercising any other right or remedy as set forth in this Agreement or the Indenture. This Part 6(i) shall survive termination of this Agreement. 

  

	(j)	Change of Account. Section 2(b) of this Agreement is hereby amended by the addition of the words “to another account in the same legal and tax jurisdiction as the
original account” following the word “delivery” in the first line thereof. 

  

	(k)	Notice of Certain Events or Circumstances. Each party agrees, upon learning of the occurrence or existence of any event or condition that constitutes (or that with the giving
of notice or passage of time or both would constitute) an Event of Default or Termination Event with respect to such party, promptly to give the other party notice of such event or condition (or, in lieu of giving notice of such event or condition
in the case of an event or condition that with the giving of notice or passage of time or both would constitute an Event of Default or Termination Event with respect to the party, to cause such event or condition to cease to exist before becoming an
Event of Default or Termination Event); provided that failure to provide notice of such event or condition pursuant to this Part 6(k) shall not constitute an Event of Default or a Termination Event. Each party agrees to provide to the other party
any other notice reasonably expected to be provided to facilitate compliance with the terms of this Agreement and the Credit Support Document. Party B shall provide notice to S&P of any notice given or received by Party B pursuant to this Part
6(k). 

  

	(l)	Regarding Party A. Party B acknowledges and agrees that Party A has had and will have no involvement in and, accordingly Party A accepts no responsibility for: (i) the
establishment, structure, or choice of assets of Party B; (ii) the selection of any person performing services for or acting on behalf of Party B; (iii) the selection of Party A as the Swap Counterparty; (iv) the terms of the Notes ;
(v) except as expressly provided in clause (m) below, the preparation of or passing on the disclosure and other information contained in any offering circular or offering document for the Notes, the Indenture, or any other agreements or
documents used by Party B or any other party in connection with the marketing and sale of the Notes ; (vi) the ongoing operations and administration of Party B, including the furnishing of any information to Party B which is not specifically
required under this Agreement; or (vii) any other aspect of Party B’s existence. 

  

 15 

	(m)	Compliance with Regulation AB. 

  

	 	(i)	Party A has been advised by Party B that CarMax Business Services, LLC. (the “Sponsor”) and Party B are required under Regulation AB of the Securities Act of 1933 and the
Securities Exchange Act of 1934, as amended (“Regulation AB”), to disclose certain information regarding Party A. Such information may include financial information to the extent required under Item 1115 of Regulation AB.

  

	 	(ii)	If required, upon written request, Party A shall provide to Party B or the Sponsor the applicable financial information described under Item 1115(b) of Regulation AB (the
“Reg AB Financial Information”) within ten (10) Business Days of receipt of a written request for such Reg AB Financial Information by the Sponsor or Party B (the “Response Period”), so long as the Sponsor or Party B has
reasonably determined, in good faith, that such information is required under Regulation AB. In the event that Party A does not provide any such Reg AB Financial Information by the end of the related Response Period, Party A shall promptly, but in
no event later than ten (10) Local Business Days following the end of such Response Period shall either, at Party A’s own expense (1) find a replacement counterparty that (A) has the ability to provide its applicable Reg AB
Financial Information, (B) satisfies the Rating Agency Condition, (C) is acceptable to Party B and the Insurer and (D) enters into an agreement with Party B substantially in the form of this Agreement (such replacement counterparty, a
“Reg AB Approved Entity” and Approved Entity; (2) obtain a guaranty of Party A’s obligations under this Agreement from an affiliate of Party A that complies with the financial information disclosure requirements of Item 1115
of Regulation AB, and cause such affiliate to provide Reg AB Financial Information and any future Reg AB Financial Information and other information pursuant to clause (1), such that disclosure provided in respect of such affiliate will satisfy any
disclosure requirements applicable to the Swap Counterparty, or (3) transfer Eligible Collateral under the Credit Support Annex to Party B’s Custodian in an amount (taking into account any amount posted pursuant to Part 5(b) herein, if
any) which is sufficient, as reasonably determined in good faith by the Sponsor, to reduce the aggregate significance percentage below 10% (or, so long as Party A is able to provide the Reg AB Financial Information required pursuant to
Item 1115(b)(1) of Regulation AB, below 20%, in the event Party A is requested to provide the Reg AB Financial Information required pursuant to Item 1115(b)(2) of Regulation AB). 

  

	 	(iii)	If Party B or the Sponsor request (in writing) the Reg AB Financial Information from Party A, then the Sponsor or Party B will promptly (and in any event within one
(1) Business Day of the date of the request for the Reg AB Financial Information) provide Party A with a written explanation of how the significance percentage was calculated. 

  

	 	(iv)	Party A represents and warrants that the statements appearing in the Preliminary Prospectus Supplement, dated September 5, 2007, or in the Prospectus Supplement, dated
September 7, 2007, each relating to CarMax Auto Owner Trust 2007-3 under the headings “The Swap Counterparty” (the “Prospectus Information”) are true and correct in all material respects and do not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 

  

	 	(v)	(A) Party A shall indemnify and hold harmless Party B, the Sponsor, their respective directors or officers and any person controlling Party B or the Sponsor, from and against
any and all losses, claims, damages and liabilities caused by any untrue statement or alleged untrue statement of a material fact contained in the Prospectus Information or in any Reg AB Financial Information that Party A provides to Party B or the
Sponsor pursuant to this Part 6(m) (the “Party A Information”) or caused by any omission or alleged omission to state in the Party A Information a material fact required to be stated therein or necessary to make the statements therein not
misleading. 

  

 16 

 (B) The Sponsor shall indemnify and hold harmless Party A, its respective directors or officers and any
person controlling Party A, from and against any and all losses, claims, damages and liabilities caused by any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Prospectus Supplement referred to in clause
(iv) above (together with the accompanying base Prospectus) or the Prospectus Supplement referred to in clause (iv) above (together with the accompanying base Prospectus) (collectively, the “Prospectus Disclosure”) or caused by
any omission or alleged omission to state in the Prospectus Disclosure a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided,
however, that the Sponsor shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement in or omission or alleged omission made
in any such Prospectus Disclosure in the Party A Information. 
  

	 	(vi)	Promptly after the indemnified party under Part 6(m)(v) receives notice of the commencement of any such action, the indemnified party will, if a claim in respect thereof is to be
made pursuant to Part 6(m)(v), promptly notify the indemnifying party in writing of the commencement thereof. In case any such action is brought against the indemnified party, and it notifies the indemnifying party of the commencement thereof, the
indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the
indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the
indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the
indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) such indemnified party shall have been advised by such counsel that there may be one or more legal defenses available to it which are
different from or additional to those available to the indemnifying party and in the reasonable judgment of such counsel it is advisable for such indemnified party to employ separate counsel, (ii) a conflict or potential conflict exists (based
on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party, (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of the institution of such action or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. The indemnifying party will
not, without the prior written consent of the indemnified party, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all
liability arising out of such claim, action, suit or proceeding. No indemnified party will settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder without the consent of the indemnifying party, which consent shall not be unreasonably withheld. 

 (n) Limitation of Liability. It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by the Owner Trustee not individually or personally
but solely as Owner Trustee of the Trust, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as a
personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Trust, (iii) nothing herein contained shall be construed as creating any liability on the part of the Owner
Trustee, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto
and (iv) under no circumstances shall the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or
undertaken by the Trust under this Agreement. 
  

 17 

	Part 7.	Definitions. 

 All capitalized terms used
herein and not defined herein shall have the definitions ascribed to them in the Indenture. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  

 18 

 IN WITNESS WHEREOF, the parties have executed this Schedule by their duly authorized signatories
as of the date hereof. 
  

			
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Kim V. Farr
  

	Name:	 	Kim V. Farr
	Title:	 	Director
	
	CARMAX AUTO OWNER TRUST 2007-3
	
	 By: THE BANK OF NEW YORK,
 not in
its individual capacity but solely

	as Owner Trustee
		
	By:	 	 /s/ Henry Baez
  

	Name:	 	Henry Baez
	Title:	 	Assistant Treasurer
	
	Acknowledged and Agreed to for purposes of Part 6(m):
	
	CARMAX BUSINESS SERVICES, LLC
		
	By:	 	 /s/ Keith D. Browning
  

	Name:	 	Keith D. Browning
	Title:	 	Chief Financial Officer

  

 19CREDIT SUPPORT ANNEX

 Exhibit 10.6—CREDIT SUPPORT ANNEX 
 Elections and Variables 
 to the 1994 ISDA Credit Support Annex 

To the Schedule to the ISDA Master Agreement dated as of September 19, 2007 
 between Party A and Party B 
 dated as of 
 September 19, 2007 
 between

  

					
	WACHOVIA BANK, NATIONAL ASSOCIATION	  		  	CARMAX AUTO OWNER TRUST 2007-3
			
	  
	  	and	  	  

	(“Party A”)	  		  	(“Party B”)

 This Annex supplements, forms part of, and is subject to, the ISDA Master Agreement referred to above (this
“Agreement”), is part of its Schedule and is a Credit Support Document under this Agreement with respect to each party. 
 Accordingly, the parties
agree as follows: 
 Paragraphs 1 - 12. Incorporation 
 Paragraphs 1 through 12 inclusive of the ISDA Credit Support Annex (Bilateral Form) (ISDA Agreements Subject to New York Law Only) published in 1994 by the International Swaps and Derivatives Association, Inc. are incorporated herein by
reference and made a part hereof. 
 Paragraph 13. 
  

	(a)	Security Interest for “Obligations”.  

 The term “Obligations” as used in this Annex includes the following additional obligations: None. 
  

	(b)	Credit Support Obligations.  

  

	 	(i)	Delivery Amount, Return Amount and Credit Support Amount. 

  

	 	(A)	“Delivery Amount” has the meaning specified in Paragraph 3(a), except that the words “upon a demand made by the Secured Party on or promptly following a
Valuation Date” shall be deleted and replaced by the words “not later than the close of business on each Valuation Date;” provided, that the Delivery Amount shall be calculated, with respect to collateral posting required by
each Rating Agency, by using (i) such Rating Agency’s Valuation Percentages as listed in Annex A and Annex B hereto to determine Value and (ii) the Credit Support Amount related to such Rating Agency. The Delivery Amount shall be the
greatest of such calculated amounts. 

  

	 	(B)	“Return Amount” has the meaning specified in Paragraph 3(b); provided, that the Return Amount shall be calculated, with respect to collateral posting
required by each Rating Agency, by using (i) such Rating Agency’s Valuation Percentages as listed in Annex A and Annex B hereto to determine Value and (ii) the Credit Support Amount related to such Rating Agency. The Return Amount
shall be the least of such calculated amounts. 

	 	(C)	“Credit Support Amount” has the meaning specified in Paragraph 13(j)(iii). 

  

	 	(ii)	Eligible Collateral The Valuation Percentages listed in (a) Annex A shall be applicable with respect to calculating Moody’s First Trigger Credit Support
Amount and Moody’s Second Trigger Credit Support Amount and (b) Annex B shall be applicable with respect to calculating S&P Credit Support Amount. 

  

	 	(iii)	Thresholds. 

  

	 	(A)	“Independent Amount” means with respect to Party A: Zero 

  

	 	(B)	“Independent Amount” means with respect to Party B: Zero 

  

	 	(C)	“Threshold” means with respect to Party A: infinity; provided that the Threshold with respect to Party A shall be zero for so long as no
Relevant Entity has the First Trigger Required Ratings or a Collateralization Event is occurring and (i) no Relevant Entity has had the First Trigger Required Ratings since this Annex was executed, or (ii) at least 30 Local Business Days
have elapsed since the last time a Relevant Entity had the First Trigger Required Ratings, or (iii) a Collateralization Event occurred when this Annex was executed, or (iv) at least 10 Local Business Days have elapsed since the last time a
Collateralization Event occurred, or (v) a Ratings Event is occurring. 

 “
Threshold” means with respect to Party B: infinity. 
  

	 	(D)	“Minimum Transfer Amount” means with respect to Party A: USD $100,000; provided, however, that if S&P is rating the
Certificates and the aggregate Certificate Principal Balance of the rated Certificates falls below $50,000,000, then the Minimum Transfer Amount shall mean USD $50,000. 

  

	 	(E)	“Minimum Transfer Amount” means with respect to Party B: USD $100,000 (or if the Posted Collateral is less than $100,000, the aggregate Value
of Posted Collateral), provided, however, that if S&P is rating the Certificates and the aggregate Certificate Principal Balance of the rated Certificates falls below $50,000,000, then the Minimum Transfer Amount shall mean USD
$50,000 (or if the Posted Collateral is less than $50,000, the aggregate Value of Posted Collateral). 

  

	 	(F)	Rounding. The Delivery Amount will be rounded up to the nearest integral multiple of USD $10,000. The Return Amount will be rounded down to the nearest integral
multiple of USD $10,000. 

  

	 	(iv)	“Exposure” has the meaning specified in Paragraph 12, except that (1) after the word “Agreement” the words “(assuming, for this purpose
only, that Part 1(k) of the Schedule is deleted)” shall be inserted and (2) at the end of such definition, the words “with terms that are, in all material respects, no less beneficial for Party B than those of this Agreement.”

  

	(c)	Valuation and Timing. 

  

	 	(i)	“Valuation Agent” means Party A in all circumstances. 

  

	 	(ii)	“Valuation Date” means either (a) each Local Business Day or (b) the first Local Business Day in each week, selected at the option of
Party A with notice to Party B, in each case, when the Threshold is zero. 

  

	 	(iii)	“Valuation Time” means the close of business in the city of the Valuation Agent on the Local Business Day immediately preceding the Valuation
Date or date of calculation, as applicable, provided that the calculations of Value and Credit Support Amount will, as far as practicable, be made as of approximately the same time on the same date. 

  

 2 

	 	(iv)	“Notification Time” means 11:00 a.m., New York time, on a Local Business Day. 

  

	 	(v)	“Value” means for any Valuation Date or other date for which Value is calculated and subject to Paragraph 5 in the case of a dispute, with
respect to: (i) Eligible Collateral or Posted Collateral that is: (A) Cash, the amount thereof multiplied by the applicable Valuation Percentage; (B) a security, the bid price obtained by the Valuation Agent multiplied by the
applicable Valuation Percentage; (ii) Posted Collateral that consists of items that are not specified as Eligible Collateral, zero; and (iii) Other Eligible Support and Other Posted Support, as specified in Paragraph 13.

  

	(d)	Conditions Precedent and Secured Party’s Rights and Remedies. None. 

  

	(e)	Substitution. 

  

	 	(i)	“Substitution Date” has the meaning specified in Paragraph 4(d)(ii). 

  

	 	(ii)	Consent. If specified here as applicable, then the Pledgor must obtain the Secured Party’s consent for any substitution pursuant to Paragraph 4(d): Inapplicable.

  

	(f)	Dispute Resolution. 

  

	 	(i)	“Resolution Time” means 1:00 p.m., New York time on the Local Business Day following the date on which the notice is given that gives rise to a
dispute under Paragraph 5. 

  

	 	(ii)	Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Eligible Credit Support or Posted Credit Support as of the relevant Valuation Date or date of
Transfer will be calculated as follows: 

  

	 	(A)	with respect to any Eligible Credit Support or Posted Credit Support comprising securities (“Securities”) the sum of (a)(x) the last bid price on such date
for such Securities on the principal national securities exchange on which such Securities are listed, multiplied by the applicable Valuation Percentage; or (y) where any Securities are not listed on a national securities exchange, the bid
price for such Securities quoted as at the close of business on such date by any principal market maker (which shall not be and shall be independent from the Valuation Agent) for such Securities chosen by the Valuation Agent, multiplied by the
applicable Valuation Percentage; or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices were available, multiplied by
the applicable Valuation Percentage; plus (b) the accrued interest where applicable on such Securities (except to the extent that such interest shall have been paid to the Pledgor pursuant to Paragraph 5(c)(ii) or included in the applicable
price) as of such date; and 

  

	 	(B)	with respect to any Cash, the face amount thereof, multiplied by the applicable Valuation Percentage. 

  

	 	(iii)	Alternative. The provisions of Paragraph 5 will apply. 

  

	(g)	Holding and Using Posted Collateral. 

  

	 	(i)	Eligibility to Hold Posted Collateral; Custodians: 

 A Custodian will be entitled to hold Posted Collateral on behalf of Party B pursuant to Paragraph 6(b); provided that: 
 (1) Posted Collateral may be held only in the following jurisdiction: United States. 
  

 3 

 (2) The Custodian for Party B shall (A) be a commercial bank or trust company which
is unaffiliated with Party B and organized under the laws of the United States or state thereof, having assets of at least $500 million and (i) a long term debt or a deposit rating of at least Baa2 from Moody’s and (ii) a short term
rating of at least A -1 from S&P (or if it does not have a short term rating from S&P, a long term debt or a deposit rating of at least A+ from S&P), and (B) hold all Eligible Credit Support in a collateral account segregated from
any other accounts of Party B or any other Person, including any other collateral account related to Swap Agreement with a Swap Counterparty other than Party A . 
 (3) Initially, the Custodian for Cash and Securities for Party B is: The Indenture Trustee under the Indenture, or any successor trustee
thereto. If at any time the Custodian does not have a short term rating of at least A -1 from S&P (or if it does not have a short term rating from S&P, a long term debt or a deposit rating of at least A+ from S&P), Party B must within 60
days obtain a replacement Custodian with at least such rating from S&P. 
  

	 	(ii)	Use of Posted Collateral. The provisions of Paragraph 6(c) will not apply to Party B. The Custodian shall invest Cash Posted Credit Support in such overnight (or
redeemable within two Local Business Days of demand) investments rated at least (1) AAAm or AAAm-G by S&P and (2) Aaa or Prime -1 by Moody’s (or such other investments as may be affirmed in writing by S&P and Moody’s) as
directed by Party A (unless (x) an Event of Default or an Additional Termination Event has occurred with respect to which Party A is the defaulting or sole Affected Party and (y) an Early Termination Date has been designated by Party B, in
which case such investment shall be at the direction of Party B) with gains and losses incurred in respect of such investments to be for the account of Party A. 

  

	 	(iii)	Notice. If a party or its Custodian fails to meet the criteria for eligibility to hold (or, in the case of a party, to use) Posted Collateral set forth in this
Paragraph 13(g), such party shall promptly notify the other party of such ineligibility. 

  

	(h)	Distributions and Interest Amount. 

  

	 	(i)	Interest Rate. The “Interest Rate” will be the actual rate of interest earned by Party B or the Custodian whether the Cash is invested at the
direction of Party A in accordance with Paragraph 13(g)(ii) above or otherwise, or such other rate as the parties may agree from time to time. 

  

	 	(ii)	Transfer of Interest Amount. The transfer of the Interest Amount will be made on the second Local Business Day following the end of each calendar month and on any
other Local Business Day on which Posted Collateral in the form of Cash is transferred to the Pledgor pursuant to Paragraph 3(b), in each case to the extent that a Delivery Amount would not be created or increased by that transfer, provided
that Party B shall not be obliged to so transfer any Interest Amount unless and until it has earned and received such interest. 

  

	 	(iii)	Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will apply. 

  

	(i)	Address for Transfers. 

 Party A: To be
notified to Party B by Party A at the time of the request for the transfer. 
 Party B: To be notified to Party A by Party B upon request by
Party A. 
  

 4 

	(j)	Other Provisions. 

  

	 	(i)	Costs of Transfer on Exchange. 

 Notwithstanding Paragraph 10, the Pledgor will be responsible for, and will reimburse the Secured Party for, all transfer and other taxes and other costs involved in the transfer and maintenance of Eligible Credit Support either from the
Pledgor to the Secured Party or from the Secured Party to the Pledgor. 
  

	 	(ii)	Cumulative Rights. 

 The rights, powers and
remedies of the Secured Party under this Annex shall be in addition to all rights, powers and remedies given to the Secured Party by the Agreement or by virtue of any statute or rule of law, all of which rights, powers and remedies shall be
cumulative and may be exercised successively or concurrently without impairing the rights of the Secured Party in the Posted Credit Support created pursuant to this Annex. 
  

	 	(iii)	Ratings Criteria. 

 “Credit
Support Amount” shall be (a) in respect of S&P, the S&P Credit Support Amount and (b) in respect of Moody’s, the Moody’s First Trigger Credit Support Amount, or the Moody’s Second Trigger Credit Support
Amount, as applicable. 
 With respect to Moody’s: 
 “Moody’s First Trigger Credit Support Amount” means, for any Valuation Date, the excess, if any, of 
  

	 	(I) (A)	for any Valuation Date on which (I) a First Trigger Failure Condition has occurred and has been continuing (x) for at least 30 Local Business Days or (y) since this
Annex was executed and (II) it is not the case that a Moody’s Second Trigger Event has occurred and been continuing for at least 30 Local Business Days, an amount equal to the greater of (a) zero and (b) the sum of the Secured
Party’s aggregate Exposure for all Transactions and the aggregate of Moody’s Additional Collateralized Amounts for all Transactions. 

 For the purposes of this definition, the “Moody’s Additional Collateralized Amount” with respect to any Transaction shall mean: 
 if Moody’s First Trigger Credit Support Amount is calculated using DV01, the lesser of (x) the product of the Moody’s First Trigger DV01
Multiplier and DV01 for such Transaction and such Valuation Date and (y) the product of Moody’s First Trigger Notional Amount Multiplier and the Notional Amount for such Transaction for the Calculation Period which includes such Valuation
Date; and 
 if Moody’s First Trigger Credit Support Amount is calculated without using DV01, the product of the applicable Moody’s
First Trigger Factor set forth in Table 1 and the Notional Amount for such Transaction for the Calculation Period which includes such Valuation Date; or 
  

	 	(B)	for any other Valuation Date, zero, over 

  

	 	(II)	the Threshold for Party A such Valuation Date. 

 “First Trigger Failure Condition” means that no Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s First Trigger Required Ratings. 
  

 5 

 “DV01” means, with respect to a Transaction and any date of determination, the
sum of the estimated change in the Secured Party’s Exposure with respect to such Transaction that would result from a one basis point change in the relevant swap curve on such date, as determined by the Valuation Agent in good faith and in a
commercially reasonable manner. The Valuation Agent shall, upon request of Party B, provide to Party B a statement showing in reasonable detail such calculation. 
 “Moody’s First Trigger DV01 Multiplier” means (A) if each Local Business Day is a Valuation Date, 15, or (B) otherwise, 25. 
 “Moody’s First Trigger Notional Amount Multiplier” means (A) if each Local Business Day is a Valuation Date, 2%, or
(B) otherwise, 4%. 
 “Moody’s Second Trigger Credit Support Amount” means, for any Valuation Date, the
excess, if any, of 
  

	 	(I)	(A) for any Valuation Date on which it is the case that a Second Trigger Failure Condition has occurred and been continuing for at least 30 Local Business Days, an amount equal to
the greatest of (a) zero, (b) the aggregate amount of the Next Payments for all Next Payment Dates and (c) the sum of the Secured Party’s aggregate Exposure and the aggregate of Moody’s Additional Collateralized Amounts for
all Transactions. 

 For the purposes of this definition: 
 “Next Payment” means, in respect of each Next Payment Date, the greater of (i) the amount of any payments due to be made by
Party A under Section 2(a) on such Next Payment Date less any payments due to be made by Party B under Section 2(a) on such Next Payment Date (in each case, after giving effect to any applicable netting under Section 2(c)) and
(ii) zero. 
 “Next Payment Date” means each date on which the next scheduled payment under any Transaction is
due to be paid. 
 “Moody’s Additional Collateralized Amount” with respect to any Transaction
shall mean: 
 if such Transaction is not a Transaction-Specific Hedge, 
 if Moody’s Second Trigger Credit Support Amount for a fixed schedule swap is calculated using DV01 the lesser of (i) the product of the
Moody’s Second Trigger DV01 Multiplier and DV01 for such Transaction and such Valuation Date and (ii) the product of the Moody’s Second Trigger Notional Amount Multiplier and the Notional Amount for such Transaction for the
Calculation Period which includes such Valuation Date; and 
 if Moody’s Second Trigger Credit Support Amount for a fixed schedule swap
is calculated without using DV01 the product of the applicable Moody’s Second Trigger Factor set forth in Table 2 and the Notional Amount for such Transaction for the Calculation Period which includes such Valuation Date; or 
 if such Transaction is a Transaction-Specific Hedge, 
 if Moody’s Second Trigger Credit Support Amount for a fixed schedule swap is calculated without using DV01, the lesser of (i) the product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
Multiplier and DV01 for such Transaction and such Valuation Date and (ii) the product of the Moody’s Second Trigger Transaction-Specific Hedge Notional Amount Multiplier and the Notional Amount for such Transaction for the Calculation
Period which includes such Valuation Date; and 
  

 6 

 if Moody’s Second Trigger Credit Support Amount for a Transaction-Specific Hedge is calculated
without using DV01 the product of the applicable Moody’s Second Trigger Factor set forth in Table 3 and the Notional Amount for such Transaction for the Calculation Period which includes such Valuation Date; or 
  

	 	(B)	for any other Valuation Date, zero, over 

  

	 	(II)	the Threshold for Party A for such Valuation Date. 

 “Transaction-Specific Hedge” means any Transaction that is an interest rate cap, interest rate floor or interest rate swaption, or an interest rate swap if (x) the notional amount of the interest rate swap is
“balance guaranteed” or (y) the notional amount of the interest rate swap for any Calculation Period otherwise is not a specific dollar amount that is fixed at the inception of the Transaction. 
 “Second Trigger Failure Condition” means that no Relevant Entity has credit ratings from Moody’s at least equal to the
Moody’s Second Trigger Ratings Threshold. 
 “Moody’s Second Trigger DV01 Multiplier” means (A) if each
Local Business Day is a Valuation Date, 50, or (B) otherwise, 60. 
 “Moody’s Second Trigger Transaction-Specific Hedge
DV01 Multiplier” means (A) if each Local Business Day is a Valuation Date, 65, or (B) otherwise, 75. 
 “Moody’s Second Trigger Transaction-Specific Hedge Notional Amount Multiplier” means (A) if each Local Business Day is a Valuation Date, 10%, or (B) otherwise, 11%. 
 “Moody’s Second Trigger Notional Amount Multiplier” means (A) if each Local Business Day is a Valuation Date, 8% or
(B) otherwise, 9%. 
 With respect to S&P: 
 “ S&P Credit Support Amount” means, for any Valuation Date, the excess, if any, of: 
 (I) for any Valuation Date on which (a) a Collateralization Event with respect to S&P has occurred and been continuing (i) for at least 10 Local Business Days or (ii) when this Annex was executed and (b) a Ratings
Event with respect to S&P has not occurred and been continuing for at least 10 Local Business Days, the excess, if any, of (A) an amount equal to the aggregate Secured Party’s Exposure for such Valuation Date with respect to all
Transactions, over (B) the Threshold for Party A for such Valuation Date, or 
 (II) for any Valuation Date on which a Ratings Event with
respect to S&P has occurred and been continuing for at least 10 Local Business Days, the excess, if any of (A) an amount equal to the product of (x) the aggregate Secured Party’s Exposure for such Valuation Date with respect to
all Transactions, and (y) 125%, over (B) the Threshold for Party A for such Valuation Date, or 
 (III) for any other Valuation
Date, zero. 
  

 7 

	 	(iv)	Demands and Notices. 

 All demands,
specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, save that any demand, specification or notice: 
  

	 	(A)	shall be given to or made at the following addresses: 

 If
to Party A: 
 As set forth in Part 4(a) of the Schedule. 
 If to Party B: 
 As set
forth in Part 4(a) of the Schedule. 
 or at such other address as the relevant party may from time to time designate by giving notice (in
accordance with the terms of this subparagraph) to the other party; 
  

	 	(B)	shall be deemed to be effective at the time such notice is actually received unless such notice is received on a day which is not a Local Business Day or after the Notification Time
on any Local Business Day in which event such notice shall be deemed to be effective on the next succeeding Local Business Day. 

  

	 	(v)	Agreement as to Single Secured Party and Pledgor 

 Party A and Party B agree that, notwithstanding anything to the contrary in the first sentence of this Annex, Paragraph 1(b) or Paragraph 2 or the definitions in Paragraph 12, except with respect to Party B’s obligations under
Paragraph 3(b), (a) the term “Secured Party” as used in this Annex means only Party B, (b) the term “Pledgor” as used in this Annex means only Party A, (c) only Party A makes the pledge and grant in Paragraph 2,
the acknowledgement in the final sentence of Paragraph 8(a) and the representations in Paragraph 9 and (d) only Party A will be required to make Transfers of Eligible Credit Support hereunder. 
  

	 	(vi)	Event of Default 

  

	 	(vii)	Subclause (iii) of Paragraph 7 shall not apply to Party B. 

 (k)
Limitation of Liability. It is expressly understood and agreed by the parties hereto that (i) this Annex is executed and delivered by the Owner Trustee not individually or personally but solely as Owner Trustee of the
Trust, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as a personal representation, undertaking
or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Trust, (iii) nothing herein contained shall be construed as creating any liability on the part of the Owner Trustee, individually or personally, to
perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (iv) under no circumstances shall
the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Annex.

 [Signature page follows] 
  

 8 

 IN WITNESS WHEREOF, the parties have executed this document by their duly authorized officers with effect from the
date specified on the first page hereof. 
  

									
	WACHOVIA BANK, NATIONAL ASSOCIATION	 		 	CARMAX AUTO OWNER TRUST 2007-3
				
		 		 		 	By: THE BANK OF NEW YORK,
		 		 		 	 not in its individual capacity but solely
 as Owner Trustee

					
	By:	 	 /s/ Kim V. Farr
	 		 	By:	 	 /s/ Henry Baez

	Name:	 	Kim V. Farr	 		 	Name:	 	Henry Baez
	Title:	 	Director	 		 	Title:	 	Assistant Treasurer

  

 9 

 Table 1 
 Moody’s First Trigger Factor 
 If “Valuation Date” means each Local Business
Day, the “Daily Collateral Posting” column will 
 apply and the Weekly Collateral Posting Column will be deleted. 
 If “Valuation Date” means the first Local Business Day in each week, the “Weekly Collateral 
 Posting” column will apply and the Daily Collateral Posting Column will be deleted. 
  

					
	 Remaining Weighted Average Life of Hedge in Years
	  	 Daily
 Collateral
 Posting
	 	 Weekly
 Collateral
 Posting

	 1 or less
	  	0.15%	 	0.25%
	 More than 1 but not more than 2
	  	0.30%	 	0.50%
	 More than 2 but not more than 3
	  	0.40%	 	0.70%
	 More than 3 but not more than 4
	  	0.60%	 	1.00%
	 More than 4 but not more than 5
	  	0.70%	 	1.20%
	 More than 5 but not more than 6
	  	0.80%	 	1.40%
	 More than 6 but not more than 7
	  	1.00%	 	1.60%
	 More than 7 but not more than 8
	  	1.10%	 	1.80%
	 More than 8 but not more than 9
	  	1.20%	 	2.00%
	 More than 9 but not more than 10
	  	1.30%	 	2.20%
	 More than 10 but not more than 11
	  	1.40%	 	2.30%
	 More than 11 but not more than 12
	  	1.50%	 	2.50%
	 More than 12 but not more than 13
	  	1.60%	 	2.70%
	 More than 13 but not more than 14
	  	1.70%	 	2.80%
	 More than 14 but not more than 15
	  	1.80%	 	3.00%
	 More than 15 but not more than 16
	  	1.90%	 	3.20%
	 More than 16 but not more than 17
	  	2.00%	 	3.30%
	 More than 17 but not more than 18
	  	2.00%	 	3.50%
	 More than 18 but not more than 19
	  	2.00%	 	3.60%
	 More than 19 but not more than 20
	  	2.00%	 	3.70%
	 More than 20 but not mo re than 21
	  	2.00%	 	3.90%
	 More than 21 but not more than 22
	  	2.00%	 	4.00%
	 More than 22 but not more than 23
	  	2.00%	 	4.00%
	 More than 23 but not more than 24
	  	2.00%	 	4.00%
	 More than 24 but not more than 25
	  	2.00%	 	4.00%
	 More than 25 but not more than 26
	  	2.00%	 	4.00%
	 More than 26 but not more than 27
	  	2.00%	 	4.00%
	 More than 27 but not more than 28
	  	2.00%	 	4.00%
	 More than 28 but not more than 29
	  	2.00%	 	4.00%
	 More than 29
	  	2.00%	 	4.00%

  

 10 

 Table 2 
 Moody’s Second Trigger Factor for Interest Rate Swaps with Fixed Notional Amounts 
 If
“Valuation Date” means each Local Business Day, the “Daily Collateral Posting” column will 
 apply and the Weekly
Collateral Posting Column will be deleted. 
 If “Valuation Date” means the first Local Business Day in each week, the “Weekly
Collateral 
 Posting” column will apply and the Daily Collateral Posting Column will be deleted. 
  

					
	 Remaining Weighted Average Life of Hedge in Years
	  	Daily
Collateral
Posting	 	Weekly
Collateral
Posting
	 1 or less
	  	0.50%	 	0.60%
	 More than 1 but not more than 2
	  	1.00%	 	1.20%
	 More than 2 but not more than 3
	  	1.50%	 	1.70%
	 More than 3 but not more than 4
	  	1.90%	 	2.30%
	 More than 4 but not more than 5
	  	2.40%	 	2.80%
	 More than 5 but not more than 6
	  	2.80%	 	3.30%
	 More than 6 but not more than 7
	  	3.20%	 	3.80%
	 More than 7 but not more than 8
	  	3.60%	 	4.30%
	 More than 8 but not more than 9
	  	4.00%	 	4.80%
	 More than 9 but not more than 10
	  	4.40%	 	5.30%
	 More than 10 but not more than 11
	  	4.70%	 	5.60%
	 More than 11 but not more than 12
	  	5.00%	 	6.00%
	 More than 12 but not more than 13
	  	5.40%	 	6.40%
	 More than 13 but not more than 14
	  	5.70%	 	6.80%
	 More than 14 but not more than 15
	  	6.00%	 	7.20%
	 More than 15 but not more than 16
	  	6.30%	 	7.60%
	 More than 16 but not more than 17
	  	6.60%	 	7.90%
	 More than 17 but not more than 18
	  	6.90%	 	8.30%
	 More than 18 but not more than 19
	  	7.20%	 	8.60%
	 More than 19 but not more than 20
	  	7.50%	 	9.00%
	 More than 20 but not more than 21
	  	7.80%	 	9.00%
	 More than 21 but not more than 22
	  	8.00%	 	9.00%
	 More than 22 but not more than 23
	  	8.00%	 	9.00%
	 More than 23 but not more than 24
	  	8.00%	 	9.00%
	 More than 24 but not more than 25
	  	8.00%	 	9.00%
	 More than 25 but not more than 26
	  	8.00%	 	9.00%
	 More than 26 but not more than 27
	  	8.00%	 	9.00%
	 More than 27 but not more than 28
	  	8.00%	 	9.00%
	 More than 28 but not more than 29
	  	8.00%	 	9.00%
	 More than 29
	  	8.00%	 	9.00%

  

 11 

 Table 3 
 Moody’s Second Trigger Factor for Transaction-Specific Hedges 
 If “Valuation
Date” means each Local Business Day, the “Daily Collateral Posting” column will 
 apply and the Weekly Collateral Posting
Column will be deleted. 
 If “Valuation Date” means the first Local Business Day in each week, the “Weekly Collateral

 Posting” column will apply and the Daily Collateral Posting Column will be deleted. 
  

					
	 Remaining Weighted Average Life of Hedge in Years
	  	Daily
Collateral
Posting	 	Weekly
Collateral
Posting
	 1 or less
	  	0.65%	 	0.75%
	 More than 1 but not more than 2
	  	1.30%	 	1.50%
	 More than 2 but not more than 3
	  	1.90%	 	2.20%
	 More than 3 but not more than 4
	  	2.50%	 	2.90%
	 More than 4 but not more than 5
	  	3.10%	 	3.60%
	 More than 5 but not more than 6
	  	3.60%	 	4.20%
	 More than 6 but not more than 7
	  	4.20%	 	4.80%
	 More than 7 but not more than 8
	  	4.70%	 	5.40%
	 More than 8 but not more than 9
	  	5.20%	 	6.00%
	 More than 9 but not more than 10
	  	5.70%	 	6.60%
	 More than 10 but not more than 11
	  	6.10%	 	7.00%
	 More than 11 but not more than 12
	  	6.50%	 	7.50%
	 More than 12 but not more than 13
	  	7.00%	 	8.00%
	 More than 13 but not more than 14
	  	7.40%	 	8.50%
	 More than 14 but not more than 15
	  	7.80%	 	9.00%
	 More than 15 but not more than 16
	  	8.20%	 	9.50%
	 More than 16 but not more than 17
	  	8.60%	 	9.90%
	 More than 17 but not more than 18
	  	9.00%	 	10.40%
	 More than 18 but not more than 19
	  	9.40%	 	10.80%
	 More than 19 but not more than 20
	  	9.70%	 	11.00%
	 More than 20 but not more than 21
	  	10.00%	 	11.00%
	 More than 21 but not more than 22
	  	10.00%	 	11.00%
	 More than 22 but not more than 23
	  	10.00%	 	11.00%
	 More than 23 but not more than 24
	  	10.00%	 	11.00%
	 More than 24 but not more than 25
	  	10.00%	 	11.00%
	 More than 25 but not more than 26
	  	10.00%	 	11.00%
	 More than 26 but not more than 27
	  	10.00%	 	11.00%
	 More than 27 but not more than 28
	  	10.00%	 	11.00%
	 More than 28 but not more than 29
	  	10.00%	 	11.00%
	 More than 29
	  	10.00%	 	11.00%

  

 12 

 Annex A 
  

					
	 Instrument*
	  	 Valuation Percentages applicable with
 respect to calculating Moody’s First
 Trigger Credit Support Amount
	  	 Valuation Percentages applicable with
 respect to calculating Moody’s Second
 Trigger Credit Support Amount

	 U.S. Dollar Cash
	  	100%	  	100%
	 Euro Cash
	  	97%	  	93%
	 Sterling Cash
	  	97%	  	94%
	
	 Fixed Rate Negotiable Treasury Debt issued by U.S. Treasury Department with Remaining Maturity:

	 <1 Year
	  	100%	  	100%
	 1 to 2 years
	  	100%	  	99%
	 2 to 3 years
	  	100%	  	98%
	 3 to 5 years
	  	100%	  	97%
	 5 to 7 years
	  	100%	  	95%
	 7 to 10 years
	  	100%	  	94%
	 10 to 20 years
	  	100%	  	89%
	 > 20 years
	  	100%	  	87%
	
	 Floating-Rate Negotiable U.S. Dollar Denominated Treasury Debt Issued by The U.S. Treasury Department

	 All Maturities
	  	100%	  	99%
	
	 Fixed-Rate U.S. Dollar Denominated U.S. Agency Debentures with Remaining Maturity:

	 < 1 Year
	  	100%	  	99%
	 1 to 2 years
	  	100%	  	98%
	 2 to 3 years
	  	100%	  	97%
	 3 to 5 years
	  	100%	  	96%
	 5 to 7 years
	  	100%	  	94%
	 7 to 10 years
	  	100%	  	93%
	 10 to 20 years
	  	100%	  	88%
	 > 20 years
	  	100%	  	86%
	
	 Floating-Rate U.S. Dollar Denominated U.S. Agency Debentures

	 All maturities
	  	100%	  	98%
	
	 Fixed-Rate Euro Denominated Euro-Zone Government Bonds Rated Aa3 or Above by Moody’s with Remaining
Maturity:

	 < 1 Year
	  	97%	  	93%
	 1 to 2 years
	  	97%	  	92%
	 2 to 3 years
	  	97%	  	91%
	 3 to 5 years
	  	97%	  	89%
	 5 to 7 years
	  	97%	  	87%
	 7 to 10 years
	  	97%	  	86%
	 10 to 20 years
	  	97%	  	82%
	 > 20 years
	  	97%	  	80%
	
	 Floating-Rate Euro Denominated Euro-Zone Government Bonds Rated Aa3 or Above by Moody’s

	 All maturities:
	  	97%	  	92%
	
	 Commercial Paper Rated P1 or above by Moody’s

		  	0%	  	0%

	*	with respect to collateral types not listed below, such assets will be subject to review by Moody’s 

  

 13 

 Annex B 
  

									
	 Instrument*
	  	 Valuation Percentages applicable with

respect to calculating in S&P Credit
 Support Amount in connection with a
 Collateralization Event
	  	 Valuation Percentages applicable with

respect to calculating in S&P Credit
 Support Amount in connection with a
 Ratings Event

	  	 Daily
	  	 Weekly
	  	 Daily
	  	 Weekly

	 U.S. Dollar Cash
	  	100%	  	100%	  	80%	  	80%
	 Euro Cash
	  	95.1%	  	92.6%	  	76.1%	  	74.1%
	 Sterling Cash
	  	96.1%	  	94.1%	  	76.9%	  	75.3%
	
	 Fixed-Rate Negotiable Treasury Debt Issued by The U.S. Treasury Department with Remaining Maturity of:

	 <1 Year
	  	98.9%	  	98.0%	  	79.1%	  	78.4%
	 1 to 2 years
	  	98.0%	  	98.0%	  	78.4%	  	78.4%
	 2 to 3 years
	  	98.0%	  	98.0%	  	78.4%	  	78.4%
	 3 to 5 years
	  	98.0%	  	98.0%	  	78.4%	  	78.4%
	 5 to 7 years
	  	93.7%	  	92.6%	  	75.0%	  	74.1%
	 7 to 10 years
	  	92.6%	  	92.6%	  	74.1%	  	74.1%
	 10 to 20 years
	  	91.1%	  	87.9%	  	72.9%	  	70.3%
	 > 20 years
	  	88.6%	  	84.6%	  	70.9%	  	67.7%
	
	 Fixed-Rate U.S. Agency Debentures with Remaining Maturity:

	 < 1 Year
	  	98.5%	  	98.0%	  	78.8%	  	78.4%
	 1 to 2 years
	  	98.0%	  	98.0%	  	78.4%	  	78.4%
	 2 to 3 years
	  	98.0%	  	98.0%	  	78.4%	  	78.4%
	 3 to 5 years
	  	98.0%	  	98.0%	  	78.4%	  	78.4%
	 5 to 7 years
	  	92.6%	  	92.6%	  	74.1%	  	74.1%
	 7 to 10 years
	  	92.6%	  	92.6%	  	74.1%	  	74.1%
	 10 to 20 years
	  	87.7%	  	82.6%	  	70.2%	  	66.1%
	 > 20 years
	  	84.4%	  	77.9%	  	67.5%	  	62.3%
	
	 Fixed-Rate Euro-Zone Government Bonds Rated ‘AAA’ by S&P with Remaining Maturity

	 < 1 Year
	  	98.8%	  	95.2%	  	79.0%	  	76.2%
	 1 to 2 years
	  	97.9%	  	95.2%	  	78.3%	  	76.2%
	 2 to 3 years
	  	96.9%	  	95.2%	  	77.5%	  	76.2%
	 3 to 5 years
	  	95.2%	  	95.2%	  	76.2%	  	76.2%
	 5 to 7 years
	  	88.7%	  	87.0%	  	71.0%	  	69.6%
	 7 to 10 years
	  	87.0%	  	87.0%	  	69.6%	  	69.6%
	 10 to 20 years
	  	75.5%	  	72.5%	  	60.4%	  	58.0%

	*	with respect to collateral types not listed below, such assets will have the Valuation Percentage applicable with respect to calculating S&P Credit Support Amount of 0% unless
the Rating Agency Condition with respect to S&P has been satisfied. 

  

 14

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