Document:

EX-10.6

 Exhibit 10.6 
  

 
  

ASSET REPRESENTATIONS REVIEW AGREEMENT 

CARVANA AUTO RECEIVABLES TRUST 2022-P2, 

as Issuing Entity 
 and 

CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P2, 

as Grantor Trust 
 and 

CARVANA, LLC, 
 as Administrator
and Sponsor 
 and 
 BRIDGECREST
CREDIT COMPANY, LLC 
 as Servicer 

and 
 CLAYTON FIXED INCOME
SERVICES LLC 
 as Asset Representations Reviewer 
  

 
 Dated as of
May 25, 2022 
  
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I. USAGE AND DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	Usage and Definitions	  	 	1	 
			
	 Section 1.02
	 	Definitions	  	 	1	 
		
	 ARTICLE II. ENGAGEMENT; ACCEPTANCE
	  	 	3	 
			
	 Section 2.01
	 	Engagement; Acceptance	  	 	3	 
			
	 Section 2.02
	 	Confirmation of Status	  	 	3	 
			
	 Section 2.03
	 	Consent to Filing	  	 	3	 
		
	 ARTICLE III. ASSET REPRESENTATIONS REVIEW PROCESS
	  	 	3	 
			
	 Section 3.01
	 	Asset Representations Review Notices and Identification of Review Receivables	  	 	3	 
			
	 Section 3.02
	 	Review Materials	  	 	4	 
			
	 Section 3.03
	 	Performance of Reviews	  	 	4	 
			
	 Section 3.04
	 	Review Report	  	 	6	 
			
	 Section 3.05
	 	Review Representatives	  	 	6	 
			
	 Section 3.06
	 	Dispute Resolution	  	 	7	 
			
	 Section 3.07
	 	Limitations on Review Obligations	  	 	7	 
		
	 ARTICLE IV. ASSET REPRESENTATIONS REVIEWER
	  	 	8	 
			
	 Section 4.01
	 	Representations and Warranties of the Asset Representations Reviewer	  	 	8	 
			
	 Section 4.02
	 	Fees and Expenses	  	 	9	 
			
	 Section 4.03
	 	Limitation on Liability	  	 	10	 
			
	 Section 4.04
	 	Indemnification by Asset Representations Reviewer	  	 	10	 
			
	 Section 4.05
	 	Indemnification of Asset Representations Reviewer	  	 	11	 
			
	 Section 4.06
	 	Inspections of Asset Representations Reviewer	  	 	12	 
			
	 Section 4.07
	 	Delegation of Obligations	  	 	12	 
			
	 Section 4.08
	 	Confidential Information	  	 	12	 
			
	 Section 4.09
	 	Personally Identifiable Information	  	 	14	 
		
	 ARTICLE V. REMOVAL, RESIGNATION
	  	 	16	 
			
	 Section 5.01
	 	Eligibility of the Asset Representations Reviewer	  	 	16	 
			
	 Section 5.02
	 	Resignation and Removal of Asset Representations Reviewer	  	 	17	 
			
	 Section 5.03
	 	Successor Asset Representations Reviewer	  	 	17	 

  

					
		 	-i-	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 5.04
	 	Merger, Consolidation or Succession	  	 	18	 
		
	 ARTICLE VI. OTHER AGREEMENTS
	  	 	18	 
			
	 Section 6.01
	 	Independence of the Asset Representations Reviewer	  	 	18	 
			
	 Section 6.02
	 	No Petition	  	 	18	 
			
	 Section 6.03
	 	Limitation of Liability of Owner Trustee and Grantor Trust Trustee	  	 	18	 
			
	 Section 6.04
	 	Termination of Agreement	  	 	19	 
		
	 ARTICLE VII. MISCELLANEOUS PROVISIONS
	  	 	19	 
			
	 Section 7.01
	 	Amendments. The parties may amend this Agreement:	  	 	19	 
			
	 Section 7.02
	 	Assignment; Benefit of Agreement; Third Party Beneficiaries	  	 	20	 
			
	 Section 7.03
	 	Notices	  	 	20	 
			
	 Section 7.04
	 	GOVERNING LAW	  	 	20	 
			
	 Section 7.05
	 	WAIVER OF JURY TRIAL	  	 	21	 
			
	 Section 7.06
	 	No Waiver; Remedies	  	 	21	 
			
	 Section 7.07
	 	Severability	  	 	21	 
			
	 Section 7.08
	 	Headings	  	 	21	 
			
	 Section 7.09
	 	Counterparts	  	 	21	 
			
	 Section 7.10
	 	Legal Fees Associated with Indemnification	  	 	22	 

  

					
		 	-ii-	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 This ASSET REPRESENTATIONS REVIEW AGREEMENT (this “Agreement”), entered
into as of May 25, 2022, by and among CARVANA AUTO RECEIVABLES TRUST 2022-P2, a Delaware statutory trust, as issuing entity (the “Issuing Entity”), CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P2, a Delaware statutory trust, as grantor trust (the “Grantor Trust”), CARVANA, LLC, an Arizona limited liability company, in its capacity as administrator and sponsor
(“Carvana,” the “Administrator” or the “Sponsor”), BRIDGECREST CREDIT COMPANY, LLC (the “Servicer”), and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company (the
“Asset Representations Reviewer”). 
 WHEREAS, the Issuing Entity desires to engage the Asset Representations Reviewer to
perform reviews of certain Receivables for compliance with certain representations and warranties made with respect thereto; and 
 WHEREAS,
the Asset Representations Reviewer desires to perform such reviews of Receivables in accordance with the terms of this Agreement. 
 NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows: 
 ARTICLE I. 

USAGE AND DEFINITIONS 

Section 1.01 Usage and Definitions. 

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

Section 1.02 Definitions. 

Whenever used in this Agreement, the following words and phrases shall have the following meanings: 

“Annual Fee” has the meaning stated in Section 4.02(a). 

“Collateral Custodian Review Materials” means the documents, data, and other information required for each “Test”
in Schedule A. 

  

					
		 		  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 “Confidential Information” has the meaning stated in
Section 4.08(b). 
 “Eligible Representations” shall mean those representations identified within
the “Tests” included in Schedule B. 
 “Information Recipients” has the meaning stated in
Section 4.08(a). 
 “Indemnified Person” has the meaning stated in
Section 4.05(a). 
 “Issuing Entity PII” has the meaning stated in
Section 4.09(a). 
 “PII” has the meaning stated in Section 4.09(a). 

“Privacy Laws” has the meaning stated in Section 4.09(b). 

“Review Fee” has the meaning stated in Section 4.02(b). 

“Review Materials” means the Collateral Custodian Review Materials, the Servicer Review Materials and the Sponsor Review
Materials. 
 “Review Receivables” means those Delinquent Receivables that have been Delinquent Receivables for more than
60 days as of the last day of the preceding Collection Period identified by the Sponsor as requiring an Asset Representations Review by the Asset Representations Reviewer following receipt of an Asset Representations Review Notice according to
Section 3.01. 
 “Review Report” has the meaning stated in
Section 3.04. 
 “Servicer Review Materials” means the documents, data, and other information
required for each “Test” in Schedule A. 
 “Servicer System of Record” means the information storage and
retrieval system that is the authoritative data source for the Servicer’s servicing activities. 
 “Sponsor Review
Materials” means the documents, data, and other information required for each “Test” in Schedule A. 

“Tests” means the procedures listed in Schedule B as applied to the process described in
Section 3.03. 
 “Test Complete” has the meeting stated in
Section 3.03(c). 
 “Test Fail” has the meaning stated in
Section 3.03(a). 
 “Test Pass” has the meaning stated in
Section 3.03(a). 

  

					
		 	2	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 ARTICLE II. 

ENGAGEMENT; ACCEPTANCE 

Section 2.01 Engagement; Acceptance. 

The Issuing Entity hereby engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuing Entity.
Clayton Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 

Section 2.02 Confirmation of Status. 

The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables for compliance with the
representations and warranties under the Transaction Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Transaction Documents, or if any
Receivable is required to be repurchased. 
 Section 2.03 Consent to Filing. 

The Asset Representations Reviewer hereby consents to the filing of this Agreement, including the schedules hereto, with the Commission. 

ARTICLE III. 
 ASSET
REPRESENTATIONS REVIEW PROCESS 
 Section 3.01 Asset Representations Review Notices and Identification of Review
Receivables. 
 On receipt of an Asset Representations Review Notice from the Indenture Trustee according to Section 12.2(d) of the
Indenture, the Asset Representations Reviewer will start an Asset Representations Review. The Servicer, at the direction of the Issuing Entity, will provide the list of Review Receivables to the Asset Representations Reviewer within 20 Business Days
of receipt of the Asset Representations Review Notice. 
 The Asset Representations Reviewer will not be obligated to start, and will not
start, an Asset Representations Review until an Asset Representations Review Notice and the related list of Review Receivables is received. The Asset Representations Reviewer is not obligated to verify (i) whether the conditions to the
initiation of the Asset Representations Review and the issuance of an Asset Representations Review Notice described in Section 12.2 of the Indenture were satisfied or (ii) the accuracy or completeness of the list of Review Receivables
provided by the Servicer, at the direction of the Issuing Entity. 

  

					
		 	3	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 Section 3.02 Review Materials. 

(a) Access to Review Materials. Within 60 days of the Noteholder vote approving the Asset Representations Review pursuant to
Section 12.2 of the Indenture, the Issuing Entity will instruct the Servicer, the Sponsor and the Collateral Custodian (only in the case of clause (iv) below) to provide the Asset Representations Reviewer with access to the Review
Materials for all Review Receivables in one or more of the following ways, at its option: (i) by providing access to the Servicer’s systems or the Sponsor’s systems as applicable, either remotely or at an office of the applicable
party, (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access, (iii) by providing originals or photocopies at an office of the applicable party, (iv) in the case of the
Collateral Custodian’s systems, by providing physical access to the Asset Representations Reviewer in the presence of an employee of the Collateral Custodian or (v) in another manner agreed by the applicable party and the Asset
Representations Reviewer, in each case in compliance with Applicable Law. The Servicer may, but shall not be obligated to, redact or remove Personally Identifiable Information from the Review Materials so long as such reduction or removal does not
result in a change in the meaning or usefulness of the Review Materials. The Asset Representations Reviewer shall be entitled to rely in good faith, without independent investigation or verification, that the Review Materials are accurate and
complete in all material respects, and not misleading in any material respect. 
 (b) Missing or Insufficient Review Materials. Upon
receipt of the Review Materials, the Asset Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset
Representations Reviewer determines any missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer, the Sponsor and the Collateral Custodian promptly, and in any event no less than 15 calendar days before
completing the Asset Representations Review. The Servicer, the Sponsor and or the Collateral Custodian, as applicable, will have 15 calendar days to give the Asset Representations Reviewer access to the missing Review Materials or other documents or
information to correct the insufficiency. If the missing Review Materials or other documents have not been provided by the Servicer, the Sponsor or the Collateral Custodian, as applicable, within 15 calendar days, the related Review Report will
report a Test Fail for each Test that requires use of the missing or insufficient Review Materials. 
 Section 3.03 Performance of
Reviews. 
 (a) Test Procedures. For an Asset Representations Review, the Asset Representations Reviewer will perform, for each
Review Receivable, the Tests for each Eligible Representation. In the course of its review, the Asset Representations Reviewer will use the Review Materials listed in Schedule A as specified in the description of each Test under Schedule B. For each
Test and Review Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). During the course of its review,
the Asset Representations Reviewer will provide the Issuing Entity, the Grantor Trust and the Servicer and the Sponsor with a preliminary list of any Test Fail and the issues identified and, at that time, the Sponsor has the option of electing to
provide additional Review Materials or information which the Asset Representations Reviewer will analyze and consider in preparing the Review Report. 

  

					
		 	4	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 (b) Review Period. The Asset Representations Reviewer will complete the Asset
Representations Review within 60 days of receiving access to the Review Materials. However, if missing or additional Review Materials are subsequently provided to the Asset Representations Reviewer as described in Sections 3.02(b) or
3.03(a), the Asset Representations Review period may be extended for an additional 30 days. 
 (c) Completion of Review for Certain
Review Receivables. Following the delivery of the list of the Review Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Issuing Entity or the Administrator, on the Issuing Entity’s behalf,
may notify the Asset Representations Reviewer if a Review Receivable is paid in full by the Obligor or otherwise satisfied or repurchased from the Issuing Entity and the Grantor Trust in accordance with Section 3.1(d) of the Receivables
Purchase Agreement, Section 3.1(c) of the Receivables Transfer Agreement or 3.2(a) of the Receivables Contribution Agreement, as applicable. On receipt of such notice, the Asset Representations Reviewer will immediately terminate all Tests of
the related Review Receivable, and the Asset Representations Review of such Review Receivable will be considered complete (a “Test Complete”). In this case, the related Review Report will indicate a Test Complete for such Review
Receivable and the related reason. 
 (d) Previously Reviewed Receivables; Duplicative Tests. If any Review Receivable was included in
a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review Receivable, but will include the previously reported Test results in the Review Report for the current Review. If the same Test is required for more
than one Eligible Representation, the Asset Representations Reviewer will only perform the Test once for each Review Receivable, but will report the results of the Test for each applicable Eligible Representation on the Review Report. 

(e) Termination of Review. If an Asset Representations Review is in process and the Notes will be paid in full on the next Distribution
Date, the Issuing Entity or the Administrator will notify the Asset Representations Reviewer no less than 10 days before that Distribution Date. On receipt of such notice, the Asset Representations Reviewer will terminate the Asset Representations
Review immediately and will not be obligated to deliver a Review Report. 
 (f) Review Systems; Personnel. The Asset Representations
Reviewer will maintain business process management and/or other systems necessary to ensure that it can perform each Test. The Asset Representations Reviewer will ensure that these systems allow for each Review Receivable and the related Review
Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff who are properly trained to conduct Reviews as required by this Agreement. 

  

					
		 	5	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 Section 3.04 Review Report. 

Within five (5) Business Days after the end of the applicable Asset Representations Review period under
Section 3.03(b), the Asset Representations Reviewer will deliver to the Administrator, the Issuing Entity, the Grantor Trust, the Sponsor, the Servicer, the Depositor and the Indenture Trustee a report indicating for each
Review Receivable whether there was a Test Pass, Test Fail or Test Complete for each related Test (a “Review Report”). For each Test Fail or Test Complete, the Review Report will indicate the related reason, including (for example)
whether the Review Receivable was a Test Fail as a result of missing or incomplete Review Materials. The Review Report will contain a summary of the Asset Representations Review results to be included in the Issuing Entity’s Form 10-D report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain any PII. On reasonable request of the Sponsor, the
Asset Representations Reviewer will provide additional details on the Test results. 
 Section 3.05 Review Representatives. 

(a) Sponsor Representative. The Sponsor will designate one or more representatives who will be available to assist the Asset
Representations Reviewer in performing the Asset Representations Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Sponsor Review Materials on the Sponsor’s originations,
receivables or other systems, obtaining missing or insufficient Sponsor Review Materials and/or providing clarification of any Sponsor Review Materials or Tests. 

(b) Collateral Custodian Representative. The Collateral Custodian will designate one or more representatives who will be available to
assist the Asset Representations Reviewer in performing the Asset Representations Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Collateral Custodian Review Materials,
receivables or other systems, obtaining missing or insufficient Collateral Custodian Review Materials and/or providing clarification of any Collateral Custodian Review Materials or Tests. 

(c) Servicer Representative. The Servicer will designate one or more representatives who will be available to assist the Asset
Representations Reviewer in performing the Asset Representations Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Servicer Review Materials, receivables or other systems,
obtaining missing or insufficient Servicer Review Materials and/or providing clarification of any Servicer Review Materials or Tests. 
 (d)
Asset Representations Review Representative. The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuing Entity, the Grantor Trust, the Sponsor and the Servicer during the performance of
an Asset Representations Review. 
 (e) Questions About Review. The Asset Representations Reviewer will make appropriate personnel
available to respond in writing to written questions or requests for clarification of any Review Report from the Indenture Trustee, the Servicer or the Sponsor until the earlier of (i) the payment in full of the Notes and (ii) one year
after the delivery of such Review Report. The Asset Representations Reviewer will not be obligated to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or
requests to the Administrator. 

  

					
		 	6	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 Section 3.06 Dispute Resolution. 

If a Review Receivable that was the subject of an Asset Representations Review becomes the subject of a dispute resolution proceeding under
Section 3.1(d) of the Receivables Transfer Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will
be paid, in the case of (i) an arbitration by a party to the dispute resolution as determined by the arbitrator for the dispute resolution or (ii) a mediation, as the parties shall mutually determine, in each case according to
Section 3.1(d) of the Receivables Transfer Agreement. If not paid by a party to the dispute resolution, the expenses will be reimbursed in accordance with Section 4.02(d). 

Section 3.07 Limitations on Review Obligations. 

(a) Review Process Limitations. The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency
Trigger Event has occurred or whether the required percentage of Noteholders has voted to direct an Asset Representations Review under the Indenture, (ii) to determine which Receivables are subject to an Asset Representations Review,
(iii) to obtain or confirm the validity of the Review Materials, (iv) to obtain missing or insufficient Review Materials except as specifically described herein, (v) to take any action or cause any other party to take any action under
any of the Transaction Documents to enforce any remedies for breaches of representations or warranties about the Eligible Representations, (vi) to determine the reason for the delinquency of any Review Receivable, the creditworthiness of any
Obligor, the overall quality of any Review Receivable or the compliance by the Servicer with its covenants with respect to the servicing of such Review Receivable, or (vii) to establish cause, materiality or recourse for any failed Test as
described in Section 3.03. 
 (b) Testing Procedure Limitations. The Asset Representations Reviewer will
only be required to perform the Tests, and will not be obligated to perform additional procedures on any Review Receivable or to provide any information other than a Review Report. However, the Asset Representations Reviewer may provide additional
information in a Review Report about any Review Receivable that it determines in good faith to be material to the Asset Representations Review. 

(c) Maintenance of Review Materials. The Asset Representations Reviewer will maintain copies of any Review Materials, Review Reports and
other documents relating to an Asset Representations Review, including internal correspondence and work papers, until the earlier of (i) payment in full of the Notes and (ii) one year after the delivery of the applicable Review Report. At
the expiration of such period, the Asset Representations Reviewer shall return Review Materials to the Servicer, the Sponsor or the Collateral Custodian, as applicable. 

  

					
		 	7	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 ARTICLE IV. 

ASSET REPRESENTATIONS REVIEWER 

Section 4.01 Representations and Warranties of the Asset Representations Reviewer. 

The Asset Representations Reviewer hereby makes the following representations and warranties as of the Closing Date: 

(a) Organization and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a limited liability
company in good standing under the laws of the State of Delaware. The Asset Representations Reviewer is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in
which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a
material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 
 (b)
Power, Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution,
delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy,
reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles. 
 (c) No Conflicts
and No Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (i) conflict with, or be a breach or default
under, any indenture, loan agreement, mortgage, deed of trust, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the properties or
assets of the Asset Representations Reviewer under the terms of any indenture, loan agreement, mortgage, deed of trust, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer or
(iv) violate an Applicable Law or, to the Asset Representations Reviewer’s knowledge, an order, rule or regulation of a Governmental Authority having jurisdiction over the Asset Representations Reviewer or its property that applies to the
Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(d) No Proceedings. To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or
threatened in writing before a Governmental Authority having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions
contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the
validity or enforceability of, this Agreement. 

  

					
		 	8	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 (e) Eligibility. The Asset Representations Reviewer meets the eligibility
requirements in Section 5.01, and will notify the Issuing Entity, the Sponsor and the Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in
Section 5.01. 
 Section 4.02 Fees and Expenses. 

(a) Annual Fee. As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual
fee (the “Annual Fee”) with respect to each annual period prior to the termination of the Grantor Trust, in an amount equal to $5,000; provided, that the Asset Representations Reviewer will return to the Administrator or the
Issuing Entity, as applicable, the pro rata portion of the Annual Fee to the extent the Issuing Entity is terminated prior to the end of an annual period for which an Annual Fee has been paid. The Annual Fee will be paid by (i) the Sponsor on
the Closing Date and (ii) the Issuing Entity on each anniversary of the Closing Date until this Agreement is terminated via the priority of payments described in Section 2.7 of the Indenture on the Distribution Date following the month in
which the invoice was received by the Sponsor and the Issuing Entity. 
 (b) Review Fee. Following the completion of an Asset
Representations Review and the delivery of the related Review Report pursuant to Section 3.04, or the termination of an Asset Representations Review according to Section 3.03(e), and the delivery
to the Issuing Entity and the Sponsor of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee payable by the Issuing Entity of $200 for each Review Receivable for which the Asset Representations Review was started (the
“Review Fee”). If the detailed invoice is submitted on or before the first day of a month, the Review Fee will be paid by the Issuing Entity pursuant to the priority of payments described in Section 2.7 of the Indenture,
starting on or before the Distribution Date in that month. However, no Review Fee will be charged for any Review Receivable (i) which was included in a prior Review, (ii) for which no Tests were completed prior to the Asset Representations
Reviewer being notified of a termination of the Asset Representations Review according to Section 3.03(e), (iii) for which no Tests were completed prior to the Asset Representations Reviewer being notified of the Review Receivable being paid in
full by the Obligor, otherwise satisfied or repurchased by the Depositor or the Seller as described in Section 3.03(c), or (iv) due to missing or insufficient Review Materials under
Section 3.02(b). However, if an Asset Representations Review is terminated according to Section 3.03(e), the Asset Representations Reviewer must submit its invoice to the Issuing Entity and the
Sponsor for the Review Fee for the terminated Review no later than ten (10) Business Days before the final Distribution Date to be reimbursed on such final Distribution Date. 

(c) Reimbursement of Travel Expenses. If the Servicer, the Sponsor or the Collateral Custodian provides access to the Review Materials
at one or more of its or their properties, the Issuing Entity will reimburse the Asset Representations Reviewer for its reasonable out-of-pocket travel expenses incurred
in connection with the Asset Representations Review promptly following receipt of a detailed invoice. 

  

					
		 	9	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 (d) Dispute Resolution Expenses. If the Asset Representations Reviewer participates
in a dispute resolution proceeding under Section 3.06 of this Agreement and its reasonable out-of-pocket expenses for participating in the
proceeding are not paid by a party to the dispute resolution within ninety (90) days after the end of the proceeding, the Issuing Entity will reimburse the Asset Representations Reviewer for such expenses promptly following receipt of a
detailed invoice via the priority of payments described in Section 2.7 of the Indenture on the Distribution Date following the month in which the invoice was received by the Sponsor and the Issuing Entity. 

(e) Payment of Invoices. When applicable pursuant to this Section 4.02, for fees and expenses of the Asset
Representations Reviewer that are not paid when due by the Issuing Entity within thirty (30) days following the receipt of an invoice by the Issuing Entity, the Asset Representations Reviewer will issue invoices to the Sponsor and the Issuing
Entity at the notices address set forth in Part III of the Indenture and the Sponsor shall pay all invoices submitted by the Asset Representations Reviewer. 

(f) Reimbursement of Servicer Expenses. The Issuing Entity shall reimburse the Servicer for all reasonable out of pocket costs and
expenses incurred by the Servicer in connection with its compliance with the terms of this Agreement. 
 Section 4.03 Limitation on
Liability. 
 The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under
this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement. In no event will the Asset Representations
Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action. 

Section 4.04 Indemnification by Asset Representations Reviewer. 

The Asset Representations Reviewer will indemnify each of the Issuing Entity, the Grantor Trust, the Depositor, the Seller, the Servicer, the
Administrator, the Sponsor, the Owner Trustee, the Grantor Trust Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses, damages and liabilities, including those incurred in
connection with the enforcement of this indemnification (and including any attorneys fees’, expenses and court costs), resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing
its obligations under this Agreement, (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement or (c) the Asset Representations Reviewer’s breach of any of its obligations in
Sections 4.08 and 4.09 of this Agreement. The Asset Representations Reviewer’s obligations under this Section 4.04 will survive the termination of this Agreement, the termination of the Grantor Trust and the
resignation or removal of the Asset Representations Reviewer. 

  

					
		 	10	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 Section 4.05 Indemnification of Asset Representations Reviewer. 

(a) Indemnification. The Issuing Entity will, or will cause the Sponsor to, indemnify the Asset Representations Reviewer and its
officers, directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement (including the reasonable out-of-pocket fees and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from
(i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence, (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement or (iii) the Asset
Representations Reviewer’s breach of any of its obligations in Section 4.08 and 4.09 of this Agreement. 

(b) Proceedings. Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a
claim is to be made under Section 4.05(a), notify the Issuing Entity, the Grantor Trust and the Administrator of the Proceeding. The Sponsor and the Issuing Entity may participate in and assume the defense and settlement of
a Proceeding at its expense. If the Issuing Entity or the Sponsor notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuing
Entity or the Sponsor assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuing Entity and the Sponsor will not be liable for fees and expenses of counsel to the Indemnified Person unless there
is a conflict between the interests of the Issuing Entity or the Sponsor, as applicable, and the Indemnified Person. If there is a conflict, the Sponsor will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person. No
settlement of a Proceeding may be made without the approval of the Issuing Entity and the Sponsor and the Indemnified Person, which approval will not be unreasonably withheld, conditioned or delayed. 

(c) Survival of Obligations. The Issuing Entity’s and the Sponsor’s obligations under this
Section 4.05 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement. 

If all or a portion of indemnities due to the Asset Representations Reviewer is not paid by the Issuing Entity to the Asset Representations Reviewer within 30
days of receipt of an invoice, pursuant to the priority of payments described in Sections 2.7 or 5.4(b) of the Indenture, as applicable, on the Distribution Date following the month in which the invoice was received by the Issuing Entity, then the
unpaid portion of such indemnities then due and payable shall be paid by the Sponsor. 
 (d) Repayment. If the Issuing Entity or the
Sponsor makes any payment under this Section 4.05 and the Indemnified Parties later collects any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amount to
the Sponsor or the Issuing Entity, as applicable. 

  

					
		 	11	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 Section 4.06 Inspections of Asset Representations Reviewer. 

The Asset Representations Reviewer agrees that, with reasonable advance notice not more than once during any year, it will permit authorized
representatives of the Issuing Entity, the Grantor Trust or the Sponsor, during the Asset Representations Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials of the
Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and
(c) a claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the Issuing Entity’s, the Grantor Trust’s or the Sponsor’s representatives to make copies
and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and employees. Each of the Issuing Entity, the Grantor Trust and the Sponsor will, and will cause its authorized representatives to,
hold in confidence the information except if disclosure may be required by Applicable Law or if the Issuing Entity, the Grantor Trust or the Sponsor reasonably determines that it is required to make the disclosure under this Agreement or the other
Transaction Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement. In the
event the Servicer requests information pertaining to the review and examination of the Asset Representation Reviewer as described above, the Issuing Entity, the Grantor Trust, and the Sponsor, as the case may be, will notify the Asset
Representations Reviewer of such request and, with the Asset Representations Reviewer’s consent, may provide such information to the Servicer; provided it is acknowledged and agreed that such consent may be conditioned on the execution by the
Servicer of a confidentiality or non-disclosure agreement. 
 Section 4.07 Delegation of
Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuing Entity, the Grantor Trust and the Servicer, which consent will not be
unreasonably withheld or delayed. 
 Section 4.08 Confidential Information. 

(a) Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in
confidence and under the terms and conditions of this Section 4.08, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The Confidential Information will not,
without the prior consent of the Issuing Entity, the Grantor Trust, the Sponsor and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including
legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Reviews of Review Receivables or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it
will not, and will cause its Affiliates to not (i) purchase or sell securities issued by the Seller or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the
preparation of research reports, newsletters or other publications or similar communications. 
 (b) Definition. “Confidential
Information” means oral, written and electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by
this Agreement, including: 

  

					
		 	12	  	 CRVNA 2022-P2 Asset

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 (i) lists of Review Receivables and any related Review Materials; 

(ii) origination and servicing guidelines, policies and procedures, and form contracts; and 

(iii) notes, analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information
supplied by or on behalf of the Servicer or its representatives. 
 However, Confidential Information will not include information that
(A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients on a
non-confidential basis from a Person or entity other than the Issuing Entity, the Grantor Trust or the Servicer before its disclosure to the Information Recipients who is not bound by confidentiality
obligations to the Issuing Entity, the Grantor Trust, the Sponsor or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients without the
use of the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuing Entity, the Grantor Trust, the Sponsor or the Servicer
provides permission to the applicable Information Recipients to release. 
 (c) Protection. The Asset Representations Reviewer will
take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of
care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.09. 

(d) Disclosure. If the Asset Representations Reviewer is required by Applicable Law to disclose part of the Confidential Information, it
may disclose the Confidential Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by Applicable Law, will use its reasonable efforts to provide the Issuing Entity, the Grantor Trust, the Sponsor and
the Servicer with notice of the requirement and will cooperate, at the Issuing Entity’s expense, in the Issuing Entity’s, the Grantor Trust’s, the Sponsor’s and the Servicer’s pursuit of a proper protective order or other
relief for the disclosure of the Confidential Information. If the Issuing Entity, the Grantor Trust, the Sponsor or the Servicer is unable to obtain a protective order or other proper remedy by the date that the information is required to be
disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose. 

(e) Responsibility for Information Recipients. The Asset Representations Reviewer will be responsible for a breach of this
Section 4.08 by its Information Recipients. 
 (f) Violation. The Asset Representations Reviewer agrees that
a violation of this Agreement may cause irreparable injury to the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor and the Servicer and the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor and the Servicer may seek
injunctive relief in addition to legal remedies. If an action is initiated by the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor or the Servicer to enforce this Section 4.08, the prevailing party will be
reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement. 

  

					
		 	13	  	 CRVNA 2022-P2 Asset

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 Section 4.09 Personally Identifiable Information. 

(a) Definitions. “Personally Identifiable Information” or “PII” means information in any format about
an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an
individual and any information that when used separately or in combination with other information could identify an individual. “Issuing Entity PII” means PII furnished by the Issuing Entity, the Grantor Trust, the Sponsor, the
Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement. 

(b) Use of Issuing Entity PII. The Grantor Trust does not grant the Asset Representations Reviewer any rights to Issuing Entity PII
except as provided in this Agreement. The Asset Representations Reviewer will use Issuing Entity PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuing Entity and the Grantor Trust and will
only reproduce Issuing Entity PII to the extent necessary for these purposes. The Asset Representations Reviewer must comply with all Applicable Laws applicable to PII, Issuing Entity PII or the Asset Representations Reviewer’s business,
including any legally required codes of conduct, including those relating to privacy, security and data protection (collectively, “Privacy Laws”). The Asset Representations Reviewer will protect and secure Issuing Entity PII. The
Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with Applicable Law and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices,
procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuing Entity PII, (ii) ensure against anticipated threats or hazards to the security or
integrity of Issuing Entity PII, (iii) protect against unauthorized access to or use of Issuing Entity PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee
training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures. 

(c) Additional Limitations. In addition to the use and protection requirements described in Section 4.09(b),
the Asset Representations Reviewer’s disclosure of Issuing Entity PII is also subject to the following requirements: 

(i) The Asset Representations Reviewer will not disclose Issuing Entity PII to its personnel or allow its personnel access to
Issuing Entity PII except (A) for the Asset Representations Reviewer personnel who require Issuing Entity PII to perform an Asset Representations Review, (B) with the prior written consent of the Issuing Entity and the Grantor Trust or
(C) as required by Applicable Law. When permitted, the disclosure of or access to Issuing Entity PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will
inform personnel with access to Issuing Entity PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuing Entity PII on the proper use and protection of Issuing Entity PII. 

  

					
		 	14	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 (ii) The Asset Representations Reviewer will not sell, disclose, provide or
exchange Issuing Entity PII with or to any third party without the prior written consent of the Issuing Entity and the Grantor Trust. 

(iii) The Asset Representations Reviewer agrees, represents and warrants that the Asset Representations Reviewer has, and will continue to
have, adequate administrative, technical, and physical safeguards designed to: (a) to ensure the security and confidentiality of all PII; (b) to protect against any anticipated threats or hazards to the security or integrity of PII; and
(c) to protect against unauthorized acquisition of, access to or use of PII which could result in a “breach” as that terms is defined under applicable Privacy Laws, or substantial harm to Issuing Entity, the Grantor Trust or Servicer
or any individual about whom the Issuing Entity, the Grantor Trust or the Servicer has or collects financial and other information. 
 (iv)
The Asset Representations Reviewer agrees to provide the Sponsor, the Issuing Entity, the Servicer and the Grantor Trust with information regarding its and its representatives’ privacy and information security systems, policies and procedures
as the Sponsor, the Issuing Entity, the Grantor Trust or the Servicer may reasonably request relating to its compliance with this Agreement and applicable Privacy Laws. The Asset Representations Reviewer agrees to provide training in the Privacy
Laws and Asset Representations Reviewer’s information security policies to all Asset Representations Reviewer personnel whose duties pursuant to this Agreement could bring them in contact with PII. The Asset Representations Reviewer shall
comply at all times with Servicer’s information security policies and procedures in connection with any access to or use of Servicer’s network, systems or data. 

(d) Notice of Breach. The Asset Representations Reviewer will notify the Issuing Entity, the Grantor Trust, the Sponsor and the Servicer
promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuing Entity PII and, where applicable, immediately take action
to prevent any further breach. 
 (e) Return or Disposal of Issuing Entity PII. Except where return or disposal is prohibited by
Applicable Law, promptly on the earlier of the completion of the Asset Representations Review or the request of the Issuing Entity, the Grantor Trust, the Sponsor or the Servicer, all Issuing Entity PII in any medium in the Asset Representations
Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuing Entity, the Grantor Trust, the Sponsor or the Servicer, returned to the
Issuing Entity, the Grantor Trust, the Sponsor or the Servicer, as applicable, without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuing Entity, the Grantor Trust, the Sponsor
or the Servicer. Where the Asset Representations Reviewer retains Issuing Entity PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuing Entity PII to that required by
Applicable Law. 

  

					
		 	15	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 (f) Modification. The Asset Representations Reviewer and the Issuing Entity, the
Grantor Trust, the Sponsor and the Servicer agree to modify this Section 4.09 as necessary for either party to comply with Applicable Law. 

(g) Audit of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuing Entity, the Grantor Trust, the
Sponsor and the Servicer and each of their authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.09 during the Asset Representations Reviewer’s normal business
hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits. Each of the Issuing Entity, the Grantor Trust, the Sponsor and the Servicer agrees
to make reasonable efforts to schedule any audit described in this Section 4.09 with the inspections described in Section 4.06, and to coordinate any such audit(s) to be performed by the auditing
parties concurrently. The Asset Representations Reviewer will also permit the Issuing Entity, Grantor Trust, the Sponsor and the Servicer during normal business hours on reasonable advance notice to audit any service providers used by the Asset
Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement. Each of the Issuing Entity, the Grantor Trust, the Sponsor and the Servicer will, and will cause its authorized representatives to, hold
in confidence the information provided by the Asset Representations Reviewer pursuant to this Section 4.09. Information to be provided by the Asset Representations Reviewer pursuant to this
Section 4.09 may be conditioned on the execution of a confidentiality or non-disclosure agreement. 

(h) Affiliates and Third Parties. If the Asset Representations Reviewer processes the PII of the Grantor Trust’s Affiliates or a
third party when performing an Asset Representations Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary of this
Section 4.09, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party may enforce the PII related terms of this Section 4.09 against the Asset
Representations Reviewer as if each were a signatory to this Agreement. 
 ARTICLE V. 

REMOVAL, RESIGNATION 

Section 5.01 Eligibility of the Asset Representations Reviewer. 

The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Seller, the Depositor, the Servicer, the Backup
Servicer, the Issuing Entity, the Grantor Trust, the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by the Seller or any
underwriter to perform any due diligence on the Receivables prior to the Closing Date. 

  

					
		 	16	  	 CRVNA 2022-P2 Asset

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 Section 5.02 Resignation and Removal of Asset Representations Reviewer. 

(a) No Resignation. The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless it determines it is
legally unable to perform its obligations under this Agreement and there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under Applicable Law. In such event, the Asset
Representations Reviewer will deliver a notice of its resignation to the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor and the Servicer, together with an opinion of counsel supporting its determination. 

(b) Removal. If any of the following events occur, the Administrator, by notice to the Asset Representations Reviewer, may remove the
Asset Representations Reviewer and terminate its rights and obligations under this Agreement: 
 (i) the Asset
Representations Reviewer no longer meets the eligibility requirements in Section 5.01; 
 (ii) the
Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement; or 

(iii) a Bankruptcy Event of the Asset Representations Reviewer occurs. 

(c) Notice of Resignation or Removal. The Issuing Entity will notify the Servicer, the Owner Trustee, the Grantor Trust Trustee, the
Administrator and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. 
 (d) Continue to Perform
After Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset
Representations Reviewer has accepted its engagement according to Section 5.03(b). 
 Section 5.03
Successor Asset Representations Reviewer.  
 (a) Engagement of Successor Asset Representations Reviewer. Following the
resignation or removal of the Asset Representations Reviewer, the Issuing Entity will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.01. 

(b) Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until the
successor Asset Representations Reviewer has executed and delivered to the Issuing Entity, Sponsor and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this
Agreement or entering into a new agreement with the Issuing Entity and the Sponsor on substantially the same terms as this Agreement. 
 (c)
Transition and Expenses. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor and the Servicer and take all
actions reasonably requested to assist the Issuing Entity, the Grantor Trust, the Administrator and the Sponsor in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor
Asset Representations Reviewer. The outgoing Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset
Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor and the Servicer or the successor Asset Representations
Reviewer. 

  

					
		 	17	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 Section 5.04 Merger, Consolidation or Succession. Any Person (a) into which
the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if
that Person meets the eligibility requirements in Section 5.01, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuing Entity, the Grantor Trust, the
Servicer, the Administrator and the Sponsor an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 

ARTICLE VI. 
 OTHER
AGREEMENTS 
 Section 6.01 Independence of the Asset Representations Reviewer.  

The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuing Entity, the
Grantor Trust, the Administrator, the Sponsor or the Servicer for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the Issuing Entity, the Grantor Trust, the Administrator,
the Sponsor or the Servicer, the Asset Representations Reviewer will have no authority to act for or represent the Issuing Entity, Grantor Trust, the Administrator, the Sponsor or the Servicer, and will not be considered an agent of the Issuing
Entity, the Grantor Trust, the Administrator, the Sponsor or the Servicer. Nothing in this Agreement will make the Asset Representations Reviewer and the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor or the Servicer members of
any partnership, joint venture or other separate entity or impose any liability as such on any of them. 
 Section 6.02 No
Petition. 
 Each of the parties agrees that, before the date that is one year and one day (or, if longer, any applicable preference
period) after payment in full of all securities issued by the Depositor, the Issuing Entity, the Grantor Trust or by a trust for which the Depositor was a depositor, it will not start or pursue against, or join any other Person in starting or
pursuing against the Depositor , the Issuing Entity or the Grantor Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.02 will
survive the termination of this Agreement. 
 Section 6.03 Limitation of Liability of Owner Trustee and Grantor Trust
Trustee.  
 It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by
BNY Mellon Trust of Delaware (“BNY Delaware”), not individually or personally but solely as Owner Trustee of the Issuing Entity and Grantor Trust Trustee of the Grantor Trust, in the exercise of the powers and authority conferred
and vested in it, (b) each of 

  

					
		 	18	  	 CRVNA 2022-P2 Asset

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the representations, undertakings and agreements herein made on the part of the Issuing Entity or Grantor Trust, as applicable, is made and intended not as personal representations, undertakings
and agreements by BNY Delaware but is made and intended for the purpose of binding only the Issuing Entity or Grantor Trust, as applicable, (c) nothing herein contained shall be construed as creating any liability on BNY Delaware, individually
or personally, to perform any covenant either expressed or implied contained herein of the Issuing Entity or Grantor Trust, as applicable, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by,
through or under the parties hereto, (d) BNY Delaware has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuing Entity or Grantor Trust, as applicable, in this Agreement and
(e) under no circumstances shall BNY Delaware be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or Grantor Trust, as applicable, or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Issuing Entity or the Grantor Trust, as applicable under this Agreement. 
 Section 6.04
Termination of Agreement. 
 This Agreement will terminate, except for the obligations under Section 4.04 and the other
obligations of the Trust, the Servicer and the Asset Representations Reviewer specified as surviving the termination of this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the
Indenture, (b) the date the Issuing Entity is terminated under the Trust Agreement, (c) the date the Grantor Trust is terminated under the Grantor Trust Agreement and (d) the removal or resignation of the Asset Representations
Reviewer in accordance with the terms of this Agreement. 
 ARTICLE VII. 

MISCELLANEOUS PROVISIONS 

Section 7.01 Amendments. The parties may amend this Agreement: 

(a) to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with
the other terms of this Agreement or any other Transaction Document or with any description thereof in the Prospectus, the Class N Notes Confidential Offering Memorandum or the Certificate Private Placement Memorandum, or to provide for, or
facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer, in each case without the consent of the Noteholders or any other Person; 

(b) to add, change or eliminate terms of this Agreement, in each case without the consent of the Noteholders or any other Person, if the
Administrator delivers an Officer’s Certificate to the Issuer and the Owner Trustee, the Grantor Trust Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders; or 

(c) to add, change or eliminate terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered under
Section 7.01(b), with the consent of a majority of the Controlling Class of the Outstanding Amount of the Notes. 

  

					
		 	19	  	 CRVNA 2022-P2 Asset

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 Notwithstanding anything to the contrary in this Section, any amendment to this Agreement
that affects the rights or the obligations of the Owner Trustee, the Grantor Trust Trustee and the Indenture Trustee will require the consent of such Trustee. 

Section 7.02 Assignment; Benefit of Agreement; Third Party Beneficiaries. 

(a) Assignment. Except as stated in Section 5.04, this Agreement may not be assigned by the Asset
Representations Reviewer without the consent of the Issuing Entity, the Grantor Trust and the Servicer. 
 (b) Benefit of Agreement;
Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. The Owner Trustee, the Grantor Trust Trustee and the Indenture Trustee, for the benefit of the
Noteholders, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have any right or obligation under this Agreement. 

Section 7.03 Notices. 

(a) Notices to Parties. All notices, requests, demands, consents, waivers or other communications to or from the parties must be in
writing and will be considered given: 
 (i) for overnight mail, on delivery or, for registered first class mail, postage
prepaid, three (3) days after deposit in the mail; 
 (ii) for a fax, when receipt is confirmed by telephone, reply
email or reply fax from the recipient; 
 (iii) for an email, when receipt is confirmed by telephone or reply email from the
recipient; and 
 (iv) for an electronic posting to a password-protected website to which the recipient has access, on
delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has occurred. 
 (b) Notice
Addresses. Any notice, request, demand, consent, waiver or other communication provided hereunder shall be delivered as specified in Part III of Appendix A to the Receivables Purchase Agreement. 

Section 7.04 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK (WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN §§ 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW)). EACH OF THE PARTIES HERETO HEREBY AGREES TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, LOCATED IN THE BOROUGH OF MANHATTAN AND THE FEDERAL COURTS LOCATED WITHIN THE STATE OF NEW YORK IN THE BOROUGH OF MANHATTAN. EACH OF THE
PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON  

  

					
		 	20	  	 CRVNA 2022-P2 Asset

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FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED
APPROPRIATE BY SUCH COURT. 
 Section 7.05 WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH
OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP
BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 

Section 7.06 No Waiver; Remedies. No party’s failure to exercise and no delay in exercising any right, remedy, power or
privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. 

Section 7.07 Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any
reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement and shall in no way affect the validity or
enforceability of the other covenants, agreements, provisions or terms of this Agreement. 
 Section 7.08 Headings. The headings
in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement. 
 Section 7.09
Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document. Delivery of an executed counterpart of this Agreement by email or facsimile shall
be effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of
(i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of
the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable.
Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to
conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the
validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the
writings. 

  

					
		 	21	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 Section 7.10 Legal Fees Associated with Indemnification. With respect to any
indemnification provisions in this Agreement providing that a party to this Agreement is required to indemnify another party to this Agreement for attorney’s fees and expenses, such fees and expenses are intended to include attorney’s fees
and expenses relating to the enforcement of such indemnity. 
 [Remainder of Page Left Blank] 

  

					
		 	22	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 IN WITNESS WHEREOF, the Issuing Entity, the Grantor Trust, the Servicer, the Administrator,
the Sponsor and the Asset Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written. 

 

			
	CARVANA AUTO RECEIVABLES TRUST 2022-P2, as Issuing Entity
	
	By: BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee on behalf of the Issuing Entity
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P2, as Grantor Trust
	
	By: BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Grantor Trust Trustee on behalf of the Grantor Trust
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CARVANA, LLC, as Administrator
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CARVANA, LLC, as Sponsor
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Asset Representations Review Agreement] 

 
			
	BRIDGECREST CREDIT COMPANY, LLC, as Servicer
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAYTON FIXED INCOME SERVICES LLC,
	 as Asset Representations Reviewer

		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Asset Representations Review Agreement] 

 Schedule A 

Review Materials 
 Collateral
Custodian Review Materials 
 Receivable File 

Servicer Review Materials 
 Servicer File 

Servicer System of Record 
 List of Approved Contract Forms 

Sponsor Review Materials 
 Data Tape 

 

  

					
		 	Sch. A	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Schedule B 

Representations, Warranties and Tests 

Representation and Warranty 
 Characteristics of
Receivables. Such Receivable (1) was originated in the United States of America for the retail sale of a Financed Vehicle in the ordinary course of the Seller’s business; (2) was executed or electronically authenticated by
the parties thereto; (3) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the Financed Vehicle; (4) provides for level scheduled monthly payments
that fully amortize the amount financed by maturity and yields interest at the Annual Percentage Rate (except that the last payment may be smaller or greater than the level payments); (5) is secured by a Financed Vehicle; (6) is a Simple
Interest Receivable; (7) as of the Cutoff Date, was not considered a Delinquent Receivable for more than 30 days; (8) has an original term of not greater than 78 monthly payments; (9) has a Deal Score equal to or greater than 50 at
the time of origination; (10) has an Obligor with a FICO score equal to or greater than 550 at the time of origination; and (11) has a fixed Annual Percentage Rate of not more than 28%. 

Documents 
 Receivable File 

List of Approved Contract Forms 
 Data Tape 

Procedures to be Performed 
  

	 	(i)	 Origination 

  

	 	a.	 Review the Contract and confirm that the address for each of the Seller and the Obligor is a United States
address. 

  

	 	(ii)	 Execution or Electronic Authentication 

 

	 	a.	 Review the Contract and verify it was executed or electronically authenticated by the Obligor, co-buyer (if applicable) and the Seller. 

  

	 	(iii)	 Customary and Enforceable Provisions 

 

	 	a.	 Confirm the Contract form number and revision date are listed on the List of Approved Contract Forms.

  

	 	(iv)	 Fully Amortizing Payment Schedule 

  

					
		 	Sch. B-1	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

	 	a.	 Review the Contract and confirm that all payments are equivalent with the exception of the last payment.

  

	 	b.	 Review the Truth-in-Lending
section of the Contract, calculate the product of the Amount of Payments with the Number of Payments, and confirm that this amount is equal to the Total of Payments. 

 

	 	(v)	 Financed Vehicle 

  

	 	a.	 Review the “Year”, “Make” and “Model” sections of the Retail Sale Contract and
confirm that the Financed Vehicle constitutes a used automobile, light-duty truck, minivan or sport utility vehicle. 

  

	 	(vi)	 Simple Interest 

  

	 	a.	 Review the Contract and confirm that the Receivable is a Simple Interest Receivable. 

 

	 	(vii)	 Delinquency 

  

	 	a.	 Review the Data Tape and confirm that payment in excess of 10% of a Scheduled Payment on such Receivable was
not more than 30 days past due as of the Cutoff Date. 

  

	 	(viii)	 Maturity 

  

	 	a.	 Review the Contract and confirm that the Receivable had an original term to maturity of not greater than 78
monthly payments. 

  

	 	(ix)	 Deal Score 

  

	 	a.	 Review the Data Tape and confirm that the Deal Score is equal to or greater than 50 at the time of origination.

  

	 	(x)	 FICO Score 

  

	 	a.	 Review the Data Tape and confirm that the FICO score is equal to or greater than 550 at the time of
origination. 

  

	 	(xi)	 Contract Fixed Rate 

  

	 	a.	 Confirm that the fixed annual percentage rate is not more than 28%. 

 

	 	(xii)	 If (i) through (xi) are confirmed, then Test Passes. 

  

					
		 	Sch. B-2	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

Compliance with Law. Such Receivable and the sale of the related Financed Vehicle complied at the time it was originated or made and, at the execution
of this Agreement, complies in all material respects with all requirements of applicable federal, state and local laws and regulations thereunder, including usury laws, the federal
Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the
Magnuson-Moss Warranty Act, the Consumer Financial Protection Bureau’s Regulations B and Z, and State adaptations of the National Consumer Act and of the Uniform Consumer Credit Code, and other consumer credit laws and equal credit opportunity
and disclosure laws. 
 Documents 
 Receivable
File 
 List of Approved Contract Forms 
 Servicer System of
Record 
 Procedures to be Performed 
  

	 	(i)	 Review the Contract and confirm that the form number and revision date are on the List of Approved Contract
Forms. 

  

	 	(ii)	 Confirm that the following disclosures are included in the Contract: 

 

	 	(A)	 Prepayment disclosure 

 

	 	(B)	 Late payment policy including the late charge amount (or calculation) 

 

	 	(C)	 Security Interest Disclosure 

 

	 	(D)	 Contract Reference 

  

	 	(E)	 Insurance Requirements 

 

	 	(iii)	 Review the Servicer System of Record and Receivable File to confirm that there is no evidence of any judgment
against Carvana indicating that the Contract was originated in violation of applicable law. 

  

	 	(iv)	 Review the Servicer System of Record and Receivable File to confirm that there is no evidence of any obligor(s)
alleging non-compliance. 

  

	 	(v)	 If steps (i) through (iv) are confirmed, then Test Passes. 

  

					
		 	Sch. B-3	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

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

Documents 
 Receivable File 

List of Approved Forms 
 Procedures to be Performed

  

	 	(i)	 Confirm that the Contract’s form number and revision date are on the List of Approved Contract Forms.

  

	 	(ii)	 Confirm that the Obligor(s) signed or electronically authenticated the Contract. 

 

	 	(iii)	 If steps (i) and (ii) are confirmed, then Test Passes. 

  

					
		 	Sch. B-4	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

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

Receivable File 
 Procedures to be Performed 

 

	 	(i)	 Review the buyer section on the Contract and confirm that a person’s or business name is reported.

  

	 	(ii)	 If the buyer section on the Contract does not report a person’s or business name, confirm that the
internet search results do not indicate the buyer to be a government agency, department, political subdivision or instrumentality. 

  

	 	(iii)	 If (i) or (ii) are confirmed, then Test Passes. 

  

					
		 	Sch. B-5	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

Security Interest in Financed Vehicle. Immediately prior to the transfer of the Receivable by the Seller to the Depositor, such Receivable was secured
by a valid, binding and enforceable first priority perfected security interest in favor of the Seller in the related Financed Vehicle, or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a
first priority security interest in favor of the Seller in the Financed Vehicle, which security interest has been validly assigned by the Seller to the Depositor. 

Documents 
 Receivable File 

Procedures to be Performed 
  

	 	(i)	 Confirm that the Certificate of Title or application therefor reports the Title Lien Nominee as the first lien
holder. 

  

	 	(ii)	 Confirm that the Obligor name on the contract matches the name on the title documents. 

 

	 	(iii)	 Confirm that the Vehicle Identification Number (VIN) on the Contract matches the vehicle identification number
as reported on Certificate of Title. 

  

	 	(iv)	 If (i) through (iii) are confirmed, then Test Passes. 

  

					
		 	Sch. B-6	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

Receivables in Force. The Receivable has not been satisfied, subordinated or rescinded, nor has the related Financed Vehicle been released from the Lien
granted by the related Receivable in whole or in part. 
 Documents 

Receivable File 
 Procedures to be Performed 

 

	 	(i)	 Confirm that there is no indication in the Receivable File that the Receivable was subordinated or rescinded.

  

	 	(ii)	 Confirm that there is no indication in the Receivable File that the Receivable was satisfied prior to the
Cutoff Date. 

  

	 	(iii)	 Confirm that there is no indication in the Receivable File that the Financed Vehicle has been released from the
lien in whole or in part. 

  

	 	(iv)	 If (i) through (iii) are confirmed, then Test Passes. 

  

					
		 	Sch. B-7	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

No Waiver. No provision of the related Contract has been waived, amended or rewritten nor have any amounts due and owing thereunder deferred or waived
(except waivers, amendments, rewrites, deferrals or waivers in all material respects in accordance with the Customary Servicing Practices). 

Documents 
 Receivable File 

Servicer File 
 Procedures to be Performed 

 

	 	(i)	 Review the Receivable File and confirm that no provision has been waived, amended, or rewritten.

  

	 	(ii)	 Review the Servicer File and confirm no amounts due and owing have been deferred or waived other than in
accordance with the Customary Servicing Practices. 

  

	 	(iii)	 If step (i) and (ii) are confirmed, then Test Passes. 

  

					
		 	Sch. B-8	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

No Defenses. Such Receivable (a) is not subject to any offset, counterclaim or defense whatsoever (except the discharge in bankruptcy of such
Obligor), and (b) with respect thereto (i) there is no material breach, default, violation or event of acceleration existing under the related Contract, and there is no event which, with the passage of time, or with notice and the
expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration (excluding in the case of this clause (i) any payment default continuing for a period of not more than 30 days as of the Cutoff Date)
and (ii) to the best of the Seller’s knowledge, no right of rescission, setoff, counterclaim or defense shall have been asserted or threatened. 

Documents 
 Receivable File 

Data Tape 
 Procedures to be Performed 

 

	 	(i)	 Review the Data Tape and confirm that there is no evidence of litigation or other attorney involvement as of
the Closing Date. 

  

	 	(ii)	 Confirm that there is no indication of breach, default, violation or event of acceleration existing under the
related Contract: 

  

	 	a.	 Confirm in the Data Tape that no payment default other than payment delinquencies of not more than 30 days were
not present as of the Cutoff Date. 

  

	 	b.	 Confirm in the Data Tape that no right of rescission, setoff, counterclaim or defense have been asserted or
threatened. 

  

	 	(iii)	 If (i) and (ii) are confirmed, Test Passes. 

  

					
		 	Sch. B-9	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

No Liens. To the Seller’s knowledge, no liens or claims have been filed for work, labor or materials relating to the related Financed Vehicle that
are liens prior or equal to the security interest in the related Financed Vehicle granted by such Receivable. 
 Documents 

Receivable File 
 Servicer File 

Procedures to be Performed 
  

	 	(i)	 Review the Servicer File and the Receivable File and confirm that there are no liens or claims prior or equal
to the security interest in the related Financed Vehicle. 

  

	 	(ii)	 If (i) is confirmed, Test Passes. 

  

					
		 	Sch. B-10	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

Insurance. At the time of origination by the Seller, the related Financed Vehicle was covered by an Insurance Policy that covers physical loss or damage
in at least the minimum amount required by the state in which the related Obligor resides, the related Obligor is required under the terms of the related Contract to maintain such Insurance Policy, and there are no forced-placed insurance premiums
added to the amount financed. 
 Documents 

Receivable File 
 Procedures to be Performed 

 

	 	(i)	 Confirm that the Contract contains language that requires the Obligor to obtain and maintain insurance against
physical damage to the Financed Vehicle. 

  

	 	(ii)	 If (i) is confirmed, then Test Passes. 

  

					
		 	Sch. B-11	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

Certificate of Title. (a) A Title Lien Nominee is named as the first lien holder on the Certificate of Title for the related Financed Vehicle, or
if a new or replacement Certificate of Title is being or will be applied for with respect to such Financed Vehicle, documentation has been or will be submitted to obtain title thereto noting such Person as lien holder and such title is free and
clear of all Liens and adverse claims that are equal or superior to the Lien of such Person and its assigns and if the Certificate of Title has not been received, the Collateral Custodian will have received a copy of the title application when
available or (b) in those states that permit electronic recordation of Liens, such Person is named as the first lien holder on the Certificate of Title for the related Financed Vehicle on the electronic lien and title system of the applicable
state, or the Servicer or the Seller has submitted for electronic recordation, by either a third-party service provider or the relevant state registrar of titles, for such Person to be named as the lien holder on the Certificate of Title on the
electronic lien and title system of the applicable state and if a confirmation has not been received, the Collateral Custodian will have received a copy of the electronic submission when available and such title is free and clear of all Liens and
adverse claims that are equal or superior to the Lien of such Person and its assigns. 
 Documents 

Receivable File 
 Procedures to be Performed 

 

	 	(i)	 Confirm that the Certificate of Title shows the Title Lien Nominee as the first lienholder; or

  

	 	(ii)	 Confirm that, if the Certificate of Title does not show the Title Lien Nominee as the first lienholder, the
Receivable File contains a title application. 

  

	 	(iii)	 If (i) and (ii) are confirmed, then Test Passes. 

  

					
		 	Sch. B-12	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

No Bankruptcies. To the Seller’s knowledge, as of the Cutoff Date, the related Obligor on such Receivable is not currently the subject of a
bankruptcy proceeding. 
 Documents 
 Receivable
File 
 Data Tape 
 Procedures to be Performed

  

	 	(i)	 Review the Data Tape and confirm that the Obligor was not the subject of a bankruptcy proceeding as of the
Cutoff Date. 

  

	 	(ii)	 If (i) is confirmed, then Test Passes. 

  

					
		 	Sch. B-13	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

No Repossessions. Such Receivable was not secured by a Financed Vehicle that had been repossessed without reinstatement of the related Contract. As of
the Cutoff Date, no investigation has been initiated by the Seller or an Affiliate of the Seller (excluding the Servicer and any subsidiary thereof) to determine the whereabouts of the related Financed Vehicle or the related Obligor for the purposes
of the repossession of the related Financed Vehicle. 
 Documents 

Data Tape 
 Procedures to be Performed 

 

	 	(i)	 Review the Data Tape to confirm, as of the Cutoff Date, that the Receivable was not secured by a Financed
Vehicle that had been repossessed without reinstatement of the related Contract. 

  

	 	(ii)	 If (i) is confirmed, then Test Passes. 

  

					
		 	Sch. B-14	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

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

Receivable File 
 List of Approved Contract Forms 

Data Tape 
 Procedures to be Performed 

 

	 	(i)	 Confirm that the Contract’s form number and revision date are included on the List of Approved Contract
Forms. 

  

	 	(ii)	 Confirm that the Amount Financed as of the Cutoff Date, as reported within the Data Tape, is greater than zero.

  

	 	(iii)	 Confirm that the Certificate of Titles shows there is documentation of a lien against the financed vehicle.

  

	 	(iv)	 If steps (i) through (iii) are confirmed, then Test Passes. 

  

					
		 	Sch. B-15	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

One Authoritative Copy or Original. Such Receivable is evidenced by only one Authoritative Copy, the record or records composing the electronic chattel
paper are created, stored and assigned in such a manner that (A) a single Authoritative Copy of the record or records exists which is unique, identifiable and unalterable (other than a revision that is readily identifiable as an authorized or
unauthorized revision) other than with the participation of the Collateral Custodian in the case of an addition or amendment of a permitted and identifiable assignee, (B) each copy of the Authoritative Copy and any copy of a copy is readily
identifiable as a copy that is not the Authoritative Copy, and (C) the Authoritative Copy has been communicated to and is maintained by the Collateral Custodian. 

Documents 
 Receivable File 

Procedures to be Performed 
  

	 	(i)	 There is only one Authoritative Copy of the Receivable with respect to “electronic chattel paper”.

  

	 	a.	 Review the Authoritative Copy of the contract for the Receivable. Verify it is unique, identifiable, and
unalterable. 

  

	 	i.	 Ensure all parties have executed the authoritative copy. 

 

	 	b.	 Ensure in the contract has been marked as an Authoritative Copy. 

 

	 	(ii)	 Copies are easily identifiable as copies. 

 

	 	(iii)	 Ensure the Authoritative Copy has been communicated to and is maintained by the Collateral Custodian.

  

	 	(iv)	 If (i) through (iii) are confirmed, the Test Passes. 

  

					
		 	Sch. B-16	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

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

Receivable File 
 Procedures to be Performed 

 

	 	(i)	 Review the Contract and confirm that it includes a prepayment disclosure allowing the Obligor to pay off the
account early. 

  

	 	(ii)	 If (i) is confirmed, then Test Passes. 

  

					
		 	Sch. B-17	  	 CRVNA 2022-P2 Asset

Representations Review Agreement

 

 
  
 Carvana Retail
Agreed Upon Procedures 
  

 Representation and Warranty 

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

Documents 
 Receivable File 

Procedures to be Performed 
  

	 	(i)	 Review the Receivable File and confirm that it was originated eight days prior to the Cutoff Date.

  

	 	(ii)	 If (i) is confirmed, then Test Passes. 

  

					
		 	Sch. B-18	  	 CRVNA 2022-P2 Asset

Representations Review AgreementEX-10.7

 Exhibit 10.7 
  

 
  

AMENDED AND RESTATED 
 TRUST
AGREEMENT 
 CARVANA RECEIVABLES DEPOSITOR LLC, 

as Depositor 
 and 

BNY MELLON TRUST OF DELAWARE, 
 as
Owner Trustee 
  
  

Dated as of May 25, 2022 
  

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.1
	 	Definitions	  	 	1	 
		
	 ARTICLE II ORGANIZATION
	  	 	1	 
			
	 Section 2.1
	 	Name	  	 	1	 
			
	 Section 2.2
	 	Office	  	 	1	 
			
	 Section 2.3
	 	Purposes and Powers	  	 	2	 
			
	 Section 2.4
	 	Appointment of Owner Trustee	  	 	3	 
			
	 Section 2.5
	 	Initial Capital Contribution of Owner Trust Estate	  	 	3	 
			
	 Section 2.6
	 	Declaration of Trust	  	 	3	 
			
	 Section 2.7
	 	Liability of the Certificateholders	  	 	3	 
			
	 Section 2.8
	 	Title to Trust Property	  	 	3	 
			
	 Section 2.9
	 	Situs of Trust	  	 	4	 
			
	 Section 2.10
	 	Representations and Warranties of the Depositor	  	 	4	 
			
	 Section 2.11
	 	Tax Treatment	  	 	5	 
		
	 ARTICLE III THE CERTIFICATES
	  	 	6	 
			
	 Section 3.1
	 	Initial Certificate Ownership	  	 	6	 
			
	 Section 3.2
	 	Form of the Certificates	  	 	6	 
			
	 Section 3.3
	 	Execution, Authentication and Delivery	  	 	8	 
			
	 Section 3.4
	 	Registration of Certificates; Registration of Transfer and Exchange of Certificates	  	 	9	 
			
	 Section 3.5
	 	Mutilated, Destroyed, Lost or Stolen Certificates	  	 	14	 
			
	 Section 3.6
	 	Persons Deemed Certificateholders	  	 	15	 
			
	 Section 3.7
	 	Access to List of Certificateholders’ Names and Addresses	  	 	15	 
			
	 Section 3.8
	 	Maintenance of Corporate Trust Office and Records	  	 	15	 
			
	 Section 3.9
	 	Appointment of Paying Agent	  	 	15	 
			
	 Section 3.10
	 	Depositor as Certificateholder	  	 	16	 
			
	 Section 3.11
	 	Rule 144A Information	  	 	16	 
			
	 Section 3.12
	 	Definitive Certificates	  	 	16	 
			
	 Section 3.13
	 	Notices to Clearing Agency	  	 	17	 
			
	 Section 3.14
	 	Restrictions on Certificate Acquisitions	  	 	17	 

  

					
		 	-i-	  	CRVNA 2022-P2 Trust Agreement

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	 	18	 
			
	 Section 4.1
	 	Prior Notice to Certificateholders with Respect to Certain Matters	  	 	18	 
			
	 Section 4.2
	 	Action by Certificateholders with Respect to Certain Matters	  	 	18	 
			
	 Section 4.3
	 	Action by Certificateholders with Respect to Bankruptcy	  	 	19	 
			
	 Section 4.4
	 	Restrictions on Certificateholders’ Power	  	 	19	 
			
	 Section 4.5
	 	Majority Control	  	 	19	 
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	19	 
			
	 Section 5.1
	 	Establishment of Certificate Distribution Account	  	 	19	 
			
	 Section 5.2
	 	Application of Trust Funds	  	 	20	 
			
	 Section 5.3
	 	Method of Payment	  	 	21	 
			
	 Section 5.4
	 	Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others	  	 	21	 
			
	 Section 5.5
	 	Tax Returns; Other Tax Matters	  	 	21	 
		
	 ARTICLE VI THE OWNER TRUSTEE
	  	 	22	 
			
	 Section 6.1
	 	Duties of Owner Trustee	  	 	22	 
			
	 Section 6.2
	 	Rights of Owner Trustee	  	 	23	 
			
	 Section 6.3
	 	Acceptance of Trusts and Duties	  	 	23	 
			
	 Section 6.4
	 	Action upon Instruction by Certificateholders	  	 	27	 
			
	 Section 6.5
	 	Furnishing of Documents	  	 	28	 
			
	 Section 6.6
	 	Representations and Warranties of Owner Trustee	  	 	28	 
			
	 Section 6.7
	 	Reliance; Advice of Counsel	  	 	29	 
			
	 Section 6.8
	 	Owner Trustee May Own Certificates and Notes	  	 	29	 
			
	 Section 6.9
	 	Compensation and Indemnity	  	 	30	 
			
	 Section 6.10
	 	Replacement of Owner Trustee	  	 	31	 
			
	 Section 6.11
	 	Merger or Consolidation of Owner Trustee	  	 	32	 
			
	 Section 6.12
	 	Appointment of Co-Trustee or Separate Trustee	  	 	32	 
			
	 Section 6.13
	 	Eligibility Requirements for Owner Trustee	  	 	33	 
		
	 ARTICLE VII TERMINATION OF TRUST AGREEMENT
	  	 	34	 
			
	 Section 7.1
	 	Termination of Trust Agreement	  	 	34	 
		
	 ARTICLE VIII AMENDMENTS
	  	 	35	 

  

					
		 	-ii-	  	CRVNA 2022-P2 Trust Agreement

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 8.1
	 	Amendments Without Consent of Certificateholders or Noteholders	  	 	35	 
			
	 Section 8.2
	 	Amendments With Consent of Securityholders	  	 	35	 
			
	 Section 8.3
	 	Form of Amendments	  	 	36	 
		
	 ARTICLE IX MISCELLANEOUS
	  	 	37	 
			
	 Section 9.1
	 	No Legal Title to Owner Trust Estate	  	 	37	 
			
	 Section 9.2
	 	Limitations on Rights of Others	  	 	37	 
			
	 Section 9.3
	 	Derivative Actions	  	 	37	 
			
	 Section 9.4
	 	Notices	  	 	37	 
			
	 Section 9.5
	 	Severability	  	 	37	 
			
	 Section 9.6
	 	Counterparts	  	 	38	 
			
	 Section 9.7
	 	Successors and Assigns	  	 	38	 
			
	 Section 9.8
	 	No Petition	  	 	38	 
			
	 Section 9.9
	 	No Recourse	  	 	39	 
			
	 Section 9.10
	 	Headings	  	 	39	 
			
	 Section 9.11
	 	Governing Law	  	 	39	 
			
	 Section 9.12
	 	Effect of Amendment and Restatement	  	 	40	 
			
	 Section 9.13
	 	Information to be Provided by the Owner Trustee	  	 	40	 
			
	 Section 9.14
	 	Electronic Means	  	 	42	 

  

					
		 	-iii-	  	CRVNA 2022-P2 Trust Agreement

 This AMENDED AND RESTATED TRUST AGREEMENT, dated as of May 25, 2022 (this
“Agreement”), is between CARVANA RECEIVABLES DEPOSITOR LLC, a Delaware limited liability company, in its capacity as a depositor (the “Depositor”), and BNY MELLON TRUST OF DELAWARE, a Delaware banking corporation,
as trustee and not in its individual capacity (the “Owner Trustee”). 
 WHEREAS, a certain Trust Agreement, dated as of
August 10, 2021, and effective as of August 10, 2021, was previously entered into (the “Original Trust Agreement”), that contemplated this Trust Agreement; and 

WHEREAS, the Depositor, the Sponsor and the Owner Trustee desire hereby to amend and restate the Original Trust Agreement in its entirety.

 NOW, THEREFORE, the Depositor and the Owner Trustee hereby agree and the Sponsor and Computershare Trust Company, National Association
acknowledge and agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

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

ARTICLE II 
 ORGANIZATION

 Section 2.1 Name. The Trust continued hereby shall be known as Carvana Auto Receivables Trust 2022-P2 (the “Trust”), in which name the Owner Trustee or the Administrator (to the extent set forth in the Transaction Documents) may conduct the business of the Trust, make and execute contracts
and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. The Certificate of Trust and the amendment to the Certificate of Trust were filed on behalf of the Trust pursuant to Section 3810 of the Statutory Trust
Act. 
 Section 2.2 Office. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at
such other address in Delaware as the Owner Trustee may designate by written notice to the Certificateholders, the Depositor and the Administrator. 

  

					
		 		  	CRVNA 2022-P2 Trust Agreement

 Section 2.3 Purposes and Powers. The purpose of the Trust is, and the Trust
shall have the power and authority, to engage in the following activities: 
 (a) to acquire the Receivables from the Depositor for
contribution to the Grantor Trust and to manage and hold the Receivables and the related Contracts; 
 (b) to issue the Notes pursuant to the
Indenture and the Certificates pursuant to this Agreement, to sell, transfer or exchange the Notes and the Certificates, to pay interest and principal of the Notes and to make distributions to the Certificateholders; 

(c) to acquire the Grantor Trust Certificate from the Grantor Trust and to convey the Third Step Transferred Property to the Grantor Trust
pursuant to the Receivables Contribution Agreement; 
 (d) to pay the organizational, start-up and
transactional expenses of the Trust to the extent not paid by the Depositor or the initial Certificateholders; 
 (e) to assign, grant,
transfer, pledge, mortgage and convey the Owner Trust Estate pursuant to the terms of the Indenture and to hold, manage and distribute to the Certificateholders, pursuant to the terms of this Agreement and the Indenture, any portion of the Owner
Trust Estate released from the lien of, and remitted to the Trust pursuant to, the Indenture; 
 (f) to enter into and perform its
obligations and exercise its rights under the Transaction Documents to which it is a party and the Acknowledgement Agreement and any additional agreement, document, letter or undertaking executed in connection with the Transaction Documents, the
Acknowledgement Agreement or the transactions described therein to which it is a party; 
 (g) to engage in those activities, including
entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 

(h) subject to compliance with the Transaction Documents, to engage in such other activities as may be required in connection with conservation
of the Owner Trust Estate and the making of distributions to the Securityholders. 
 Each of the Owner Trustee or the Administrator, as
applicable, is hereby authorized to engage in the foregoing activities on behalf of the Trust. The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this
Agreement or the other Transaction Documents. Notwithstanding anything to the contrary in this Agreement or in any other document, neither the Trust nor the Owner Trustee (nor any agent of either person) shall be authorized or empowered to acquire
any other investments, reinvest any proceeds of the Trust or engage in activities other than the foregoing, and, in particular neither the Trust nor the Owner Trustee (nor any agent of either person) shall be authorized or empowered to do anything
that would cause the Trust to fail to qualify as a grantor trust for United States federal income tax purposes. 

  

					
		 	2	  	CRVNA 2022-P2 Trust Agreement

 Section 2.4 Appointment of Owner Trustee. The Depositor hereby appoints the
Owner Trustee as trustee of the Trust to have all the rights, powers and duties set forth herein and in the Statutory Trust Act and the Owner Trustee accepts such appointment. 

Section 2.5 Initial Capital Contribution of Owner Trust Estate. In accordance with Section 3802(a) of the Statutory Trust
Act, the Depositor has not made, and is not required to make, a contribution to the Trust. The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner
Trustee for any such expenses paid by the Owner Trustee. 
 Section 2.6 Declaration of Trust. The Owner Trustee hereby declares
that it shall hold the Owner Trust Estate in the name of the Trust and not in the Owner Trustee’s name for the Trust, except as required by and in accordance with Section 2.8, in trust upon and subject to the
conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Transaction Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the
Statutory Trust Act, that this Agreement constitute the governing instrument of such statutory trust and that the Certificates represent the beneficial interests therein. The rights of the Certificateholders shall be determined as set forth herein
and in the Statutory Trust Act and the relationship between the parties hereto created by this Agreement shall not constitute indebtedness for any purpose. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties
set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. 
 Section 2.7 Liability of
the Certificateholders. Certificateholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 

Section 2.8 Title to Trust Property. Legal title to all of the Owner Trust Estate shall be vested at all times in the Trust as a
separate legal entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be transferred to and vested in the Owner
Trustee, a co-trustee or a separate trustee, as the case may be; provided that in no event shall title to, or any ownership interest in, any part of the Owner Trust Estate be vested in the name
of the Owner Trustee without the express prior written consent of the Owner Trustee (which may be withheld or conditioned by the Owner Trustee for any reason in good faith). Any such trustee shall take such part of the Owner Trust Estate subject to
the security interest of the Indenture Trustee therein established under the Indenture. Any such trustee’s acceptance of its appointment shall constitute acknowledgment of such security interest and shall constitute a Grant to the Indenture
Trustee of a security interest in all property held by such trustee. The Administrator, on behalf of any such trustee, shall prepare and file all such financing statements naming the Trust as debtor that are necessary or advisable to perfect, make
effective or continue the lien and security interest of the Indenture Trustee. 

  

					
		 	3	  	CRVNA 2022-P2 Trust Agreement

 Section 2.9 Situs of Trust. The Trust shall be located and administered in the
States of Delaware or New York. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. The Trust shall not have any employees in any State other than the State of
Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments shall be received by the Trust only in the State of Delaware or the
State of New York, and payments shall be made by the Trust only from the State of Delaware or the State of New York. The only office of the Trust shall be the Corporate Trust Office of the Owner Trustee in the State of Delaware. 

Section 2.10 Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee
that: 
 (a) The Depositor has been duly formed and is validly existing as a limited liability company in good standing under the laws of the
State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted and had at all relevant times, and now has, power, authority and legal
right to acquire and own the Receivables and related Contracts contemplated to be transferred to the Trust pursuant to the Receivables Transfer Agreement. 

(b) The Depositor is duly qualified to do business as a foreign entity in good standing, and has obtained all necessary licenses and approvals,
in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications except where the failure to qualify could not reasonably be expected to result in a Material Adverse Effect or where such
license or approval has been applied for. 
 (c) The Depositor has the power and authority to execute and deliver this Agreement and any
other Transaction Document to which the Depositor is a party and to carry out its terms, the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust as part of the Owner Trust
Estate and the Depositor has duly authorized such sale and assignment to the Trust by all necessary limited liability company action; and the execution, delivery and performance of this Agreement have been duly authorized by the Depositor by all
necessary limited liability company action. 
 (d) This Agreement, when duly executed and delivered, shall constitute legal, valid and
binding obligation of the Depositor enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of
creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(e) The consummation of the transactions contemplated by this Agreement and any other Transaction Document to which the Depositor is a party,
and the fulfillment of the terms of this Agreement and any other Transaction Document to which the Depositor is a party do not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice
or lapse of time) a default under, the Depositor’s Formation Documents or any Contractual Obligation of the Depositor, (ii) result in the creation or imposition of any Lien upon any of the Depositor’s properties pursuant to the terms
of any such Formation Documents or Contractual Obligation, other than this Agreement, or (iii) to the best of the Depositor’s knowledge, violate any Applicable Law. 

  

					
		 	4	  	CRVNA 2022-P2 Trust Agreement

 Section 2.11 Tax Treatment. 

(a) The Depositor and Owner Trustee, by entering into this Agreement, express their intention that the Trust will be treated, for United States
federal income tax purposes, as a grantor trust and it is neither the purpose nor the intent of the parties hereto to create a partnership, joint venture or association taxable as a corporation. If the Depositor is not the sole owner or beneficial
owner of the Certificates, through sale of the Certificates, issuance by the Trust of additional Certificates to a Person other than the Depositor or otherwise, the Depositor and the Owner Trustee, by entering into this Agreement, and the
Certificateholders, by acquiring any Certificates or interest therein, (i) express their intention that the Certificates will, for United States federal income tax purposes, qualify as interests in a grantor trust and (ii) unless otherwise
required by the appropriate taxing authorities, agree to treat the Certificates as interests in an entity as described in clause (i) of this Section 2.11 for United States federal income tax purposes. The parties agree
that, unless otherwise required by appropriate tax authorities, the Trust shall file or cause to be filed annual or other necessary returns, reports and other forms consistent with such characterization of the Trust for such tax purposes. In
furtherance of the foregoing, (i) the purpose of the Trust shall be to protect and conserve the assets of the Trust, and the Trust shall not at any time engage in or carry on any kind of business or any kind of commercial or investment activity
other than as expressly permitted by this Agreement and (ii) the Trust and Owner Trustee (and any agent of either person) shall take, or refrain from taking, all such action as is necessary to maintain the status of the Trust as a grantor
trust. Notwithstanding anything to the contrary in this Agreement or otherwise, neither the Trust nor the Owner Trustee (nor any agent of either person) shall (1) acquire any assets or dispose of any portion of the Trust other than pursuant to
the specific provisions of this Agreement, (2) vary the investment of the Trust within the meaning of Treasury Regulation Section 301.7701-4(c) or (3) substitute new investments or reinvest so
as to enable the Trust to take advantage of variations in the market to improve the investment of any Certificateholder. The Owner Trustee shall not have any authority to manage, control, use, sell, dispose of or otherwise deal with any part of the
Trust property except as required by the express terms of this Agreement in accordance with the powers granted to or the authority conferred upon the Owner Trustee pursuant to this Agreement. 

(b) In the event that the Trust ceases to be treated as a grantor trust for United States federal income tax purposes and is classified as a
partnership for United States federal income tax purposes, the provisions of this clause (b) shall apply. In such event, the Depositor (or a U.S. affiliate of the Depositor if the Depositor is ineligible) is hereby designated as the partnership
representative under Section 6223(a) of the Code (and any corresponding provision of state law) to the extent allowed under the law (and as the tax matters partner for any applicable state law purposes). The Trust shall (or the Depositor shall
cause the Trust to, or the Depositor shall instruct the Administrator on behalf of the Trust to), to the extent eligible, make the election under Section 6221(b) of the Code (and any corresponding provision of state law) with respect to
determinations of adjustments at the partnership level and take any other action such as disclosures and notifications necessary to effectuate such election (including working with the Depositor to designate any designated individual required under
the law). If the election described in the preceding sentence is not available, to the extent applicable, the Trust shall (or the Depositor shall cause the Trust to, or the Depositor shall instruct the Administrator on behalf of the Trust to) make
the election under Section 6226(a) of the Code (and any corresponding provision of state law) with respect to the alternative to payment of imputed underpayment by 

  

					
		 	5	  	CRVNA 2022-P2 Trust Agreement

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

THE CERTIFICATES 

Section 3.1 Initial Certificate Ownership. Since the formation of the Trust and until the issuance of the Certificates, the
Depositor has been the sole beneficiary of the Trust. 
 Section 3.2 Form of the Certificates. 

(a) Each of the Certificates, upon original issuance, shall be issued in the form of Exhibit A hereto, representing Book-Entry
Certificates. 
 (b) The Book-Entry Certificates shall be issued in an aggregate nominal principal amount of $100,000, and all beneficial
interests in the Book-Entry Certificates shall be owned, in the minimum nominal principal amount of $2,000 and integral multiples of $1 in excess thereof. The Trust shall not issue any Certificate that would cause the aggregate nominal principal
amount of all Certificates to exceed $100,000, or 100,000 units, without the prior written consent of all Certificateholders. No distributions of moneys to the Certificateholders under the Transaction Documents shall be deemed to reduce the nominal
principal amount of any Certificate prior to payment in full of all Notes; provided, however, that the final aggregate $100,000 distributed to the Certificateholders under the Transaction Documents upon final distribution
of the Owner Trust Estate and termination of the Trust pursuant to Section 7.1 shall be deemed to repay the aggregate nominal principal amount of the Certificates in full; and provided, further,
that any failure to pay in full the nominal principal amount of a Certificate on such final Distribution Date shall not result in any recourse to, claim against or liability of any Person for such shortfall. Any amounts payable to the
Certificateholders on or in respect of the Certificates under the Transaction Documents shall be paid and allocated to the various 

  

					
		 	6	  	CRVNA 2022-P2 Trust Agreement

 
Certificateholders ratably based on their respective Percentage Interests. Such Book-Entry Certificates shall initially be registered on the Certificate Register in the name of the Certificate
Depository (initially, Cede & Co.), and no Certificate Owner shall receive a Definitive Certificate representing such Certificate Owner’s interest in such Book-Entry Certificate, except as provided in
Section 3.12. After such time as Book-Entry Certificates have been issued and unless and until Definitive Certificates have been issued to the applicable Certificateholders pursuant to Section 3.12
in exchange for the Book-Entry Certificates: 
 (i) the provisions of this Section shall be in full force and effect; 

(ii) the Certificate Registrar, the Paying Agent and the Owner Trustee shall be entitled to deal with the Clearing Agency for all purposes of
this Agreement (including the payment of amounts payable under the Transaction Documents and the giving of instructions or directions hereunder) as the sole Certificateholders of the Certificates other than the Definitive Certificates, and shall
have no obligation to the Certificate Owners other than the Certificateholders of the Definitive Certificates; 
 (iii) to the extent that
the provisions of this Section conflict with any other provisions of this Agreement, the provisions of this Section shall control; 
 (iv)
the rights of Certificate Owners (other than the Certificateholders of the Definitive Certificates) shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between or among such Certificate
Owners and the Clearing Agency or the Clearing Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the Certificate Depository Agreement, unless and until Definitive Certificates are issued pursuant to
Section 3.12, the initial Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit payments due under the Transaction Documents with regard to the Book-Entry
Certificates to such Clearing Agency Participants; 
 (v) whenever this Agreement requires or permits actions to be taken based upon
instructions or directions of Certificateholders evidencing a specified Percentage Interest, the Clearing Agency shall deliver instructions to the Owner Trustee only to the extent that it has received instructions to such effect from Certificate
Owners or Clearing Agency Participants or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Book-Entry Certificates; 

(vi) owners of a beneficial interest in a Book-Entry Certificate shall not be entitled to have any portion of a Book-Entry Certificate
registered in their names and shall not be considered to be the Certificateholders of any Book-Entry Certificates under this Agreement; and 

(vii) payments on a Book-Entry Certificate shall be made to the Clearing Agency, or its nominee, as the registered owner thereof, and none of
the Trust, the Owner Trustee or the Paying Agent shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Book- Entry Certificate or for maintaining,
supervising or reviewing any records relating to the beneficial ownership interests. 

  

					
		 	7	  	CRVNA 2022-P2 Trust Agreement

 (c) Notwithstanding any provision to the contrary herein, so long as a Book-Entry
Certificate remains outstanding and is held by or on behalf of the Clearing Agency, transfers of a Book-Entry Certificate, in whole or in part, shall only be made in accordance with Section 3.4. Subject to
Section 3.4, transfers of a Book-Entry Certificate shall be limited to transfers of such Book-Entry Certificate in whole, but not in part, to a nominee of the Clearing Agency or to a successor of the Clearing Agency or such
successor’s nominee. 
 (d) In the event that a Book-Entry Certificate is exchanged for one or more Definitive Certificates pursuant to
Section 3.12, such Certificates may be exchanged for one another only in accordance with the provisions of this Agreement and with such procedures as may be from time to time adopted by the Trust and the Owner Trustee. 

(e) The Certificates shall represent the entire undivided beneficial interest in the Trust. The Certificates shall be executed on behalf of the
Trust by manual or facsimile signature of a Responsible Officer of the Owner Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on
behalf of the Trust, shall be duly issued, fully paid and non-assessable beneficial interests in the Trust, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to
the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. 

(f) The Certificates shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without
steel engraved borders) all as determined by the officers executing such Certificates, as evidenced by their execution of such Certificates. The Certificates shall be issued in fully-registered form. The beneficial interests in the Certificates may
be purchased in the minimum nominal principal denomination of $2,000 and integral multiples of $1 in excess thereof. Each $100 in nominal principal amount of the Certificates shall equal a 0.1% Percentage Interest. No Certificate shall be issued
that would cause the aggregate nominal principal amount of all Certificates (including those retained by the Depositor or a majority-owned affiliate of the Sponsor) to exceed $100,000, or 100,000 units, without the prior written consent of all
Certificateholders. 
 (g) The terms of the Certificates set forth in Exhibit A shall form part of this Agreement. Certificate Owners,
by their acceptance of a beneficial interest in a Certificate, shall be deemed to have made the representations and agreements set forth in Exhibit A. If requested to do so by the Depositor, each transferee of a beneficial interest in a
Certificate shall deliver an undertaking letter in the form attached hereto as Exhibit B to the Owner Trustee and the Depositor. 

Section 3.3 Execution, Authentication and Delivery. Concurrently with the sale of the Receivables and related Contracts to the
Trust pursuant to the Receivables Transfer Agreement, the Owner Trustee shall cause Certificates representing the entire undivided beneficial interest in the Trust to be executed on behalf of the Trust, authenticated by the Certificate Registrar and
delivered to or upon the written order of the Depositor, signed by its chairman of the board, its 

  

					
		 	8	  	CRVNA 2022-P2 Trust Agreement

 
president, any vice president, secretary or any assistant secretary without further limited liability company action by the Depositor. No Certificate shall entitle its holder to any benefit under
this Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Certificate Registrar or the Certificate
Registrar’s authenticating agent, by manual signature. Such authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their
authentication. 
 Section 3.4 Registration of Certificates; Registration of Transfer and Exchange of Certificates. 

(a) The Depositor hereby appoints the Indenture Trustee as the initial certificate registrar, and in such capacity or any successor certificate
registrar thereof (such entity, the “Certificate Registrar”), as an agent for the Trust, shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.8, a register (such
register, the “Certificate Register”), in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and of transfers and exchanges of Certificates
as provided herein. Upon any resignation of a Certificate Registrar, the Depositor shall promptly appoint a successor or, if it elects not to make such an appointment, any court of competent jurisdiction may appoint a successor Certificate
Registrar. The entries in the Certificate Register shall be conclusive absent manifest error, and the Trust, the Owner Trustee, the Certificate Registrar and the Paying Agent shall treat each Person whose name is recorded in the Certificate Register
pursuant to the terms hereof as a Certificateholder hereunder for all purposes of this Agreement. This Section 3.4 shall be construed so that the Certificates under this Agreement are at all times maintained in
“registered form” within the meaning of Section 5f.103-1(c) of the United States Treasury Regulations. The Certificate Registrar shall record (a) the Percentage Interest assigned to each
Certificate and (b) all distributions made to each Certificateholder with respect to the Trust’s assets. 
 (b) Any
Certificateholder may at any time, without consent of the Noteholders, sell, transfer, convey or assign in any manner its rights to and interests in the Certificates (including its right to distributions from the Reserve Account), provided
that: (A)(i) such transfer, conveyance or assignment is made to the Depositor or an Affiliate thereof, or such entity pledges its rights and interests in the Certificates or (B)(i) such action will not result in a reduction or withdrawal of the
rating of any class of Notes, (ii) such transferee or assignee agrees to take positions for tax purposes consistent with the tax positions agreed to be taken by the Certificateholder, (iii) the conditions set forth in
Section 3.4(h) and (j) have been satisfied and (iv) in connection with any transfer of less than all of the interests in the Certificates, the transferor and transferee shall specify the respective
interests in the Certificates to be held by the transferor and transferee, which interests may be determined by a formula or on any other basis agreed by the transferor and transferee; and provided, further, that, after the Closing
Date, no Retained Certificate shall be sold, transferred, conveyed or assigned unless counsel satisfactory to the Owner Trustee and the Certificate Registrar has rendered an Opinion of Counsel to the effect that (1) such sale, transfer,
conveyance or assignment by the Depositor would not cause the Grantor Trust to fail to qualify as a grantor trust for United States federal income tax purposes and (2) all Retained Notes (excluding for this purpose Retained Notes to the extent

  

					
		 	9	  	CRVNA 2022-P2 Trust Agreement

 
such Retained Notes are not treated as outstanding for United States federal income tax purposes) that are Class A Notes, Class B Notes, Class C Notes and Class D Notes will,
when issued, and that are Class N Notes should, when issued, be characterized as indebtedness for United States federal income tax purposes, provided, that the Opinion of Counsel required by clauses (1) and (2) shall
not be required if (I) the Depositor sells, transfers, conveys or assigns such Retained Certificate to (y) an Affiliate of the Depositor treated as the Depositor for United States federal income tax purposes or (z) an Affiliate of the
Depositor where such Retained Certificates transferred to such Affiliate represents all of the issued Certificates of the Trust and such Affiliate (including a person treated as an Affiliate for United States federal income tax purposes) also owns
all of the Retained Notes or (II) prior to the date of the effectiveness of such sale, transfer, conveyance or assignment by the Depositor, the Owner Trustee and the Administrator have received an Opinion of Counsel to the effect that all
Retained Notes (excluding for this purpose Retained Notes to the extent such Retained Notes are not treated as outstanding for United States federal income tax purposes) that are Class A Notes, Class B Notes, Class C Notes and
Class D Notes will, and that are Class N Notes should be characterized as indebtedness for United States federal income tax purposes. In addition, (i) such sale, pledge or other transfer shall be made to a person whom the transferor
reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A), acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified institutional
buyers”) to whom notice is given that the sale, pledge or other transfer is being made in reliance on Rule 144A, (ii) such sale, pledge or other transfer shall occur outside of the United States to a
Non-U.S. Person in accordance with Rule 903 or Rule 904 of Regulation S of the Securities Act (who must also be a “qualified institutional buyer”) and that person delivers any necessary
certifications pursuant to this Agreement, or (iii) such sale, pledge or other transfer shall otherwise be made in a transaction exempt from the registration requirements of the Securities Act, and, in the case of this clause (iii), in the
event the Certificates are Definitive Certificates (A) the Certificate Registrar shall require that both the prospective transferor and the prospective transferee certify to the Owner Trustee and the Administrator in writing the facts
surrounding such transfer, which certification shall be in form and substance satisfactory to the Owner Trustee and the Administrator, and (B) the Certificate Registrar shall require a written opinion of counsel (which shall not be at the
expense of the Depositor, the Indenture Trustee, the Servicer, the Trust, the Grantor Trust Trustee, the Owner Trustee, the Administrator, Certificate Registrar or any other provider of services to the Trust), satisfactory to the Administrator to
the effect that such transfer will not violate the Securities Act. 
 (c) The Administrator may conclusively rely upon advice of the
Depositor in reviewing the form and substance of the certifications and opinions required by Sections 3.4(b)(iii)(A) and 3.4(b)(iii)(B) and the Certificate Registrar hereby agrees, upon request of the Administrator, to inform the
Administrator as to whether or not it shall have received the opinion and certifications required by the foregoing sentence, but shall otherwise have no obligation with respect to the delivery, form, substance or sufficiency of such documents. 

(d) [Reserved.] 

  

					
		 	10	  	CRVNA 2022-P2 Trust Agreement

 (e) Upon surrender for registration of transfer of any Certificate at the office or agency
maintained pursuant to Section 3.8 and upon compliance with any provisions of this Agreement relating to such transfer, the Owner Trustee shall execute on behalf of the Trust, and the Certificate Registrar shall
authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated transferee or transferees, one or more new Certificates of a like aggregate Percentage Interest in the Trust dated
the date of authentication by the Certificate Registrar or any authenticating agent. 
 (f) At the option of a Holder, Certificates may be
exchanged for other Certificates of a like aggregate Percentage Interest, as shown on the applicable Certificates, upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to
Section 3.8. Whenever any Certificates are so surrendered for exchange, the Owner Trustee shall execute on behalf of the Trust, and the Certificate Registrar shall authenticate and deliver (or shall cause its authenticating
agent to authenticate and deliver) one or more Certificates dated the date of authentication by the Certificate Registrar or any authenticating agent. Such Certificates shall be delivered to the Holder making the exchange. 

(g) Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of
transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder or his attorney duly authorized in writing and such other documents and instruments as may be required by
Section 3.4(b). Each Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed or otherwise disposed of by the Owner Trustee or Certificate Registrar in accordance with
its customary practice. 
 (h) The Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed and any other expenses of the Owner Trustee or the Certificate Registrar in connection with any transfer or exchange of Certificates. 

(i) The Certificates may not be acquired with the assets of or held by or for the account of a Benefit Plan Investor other than an
“insurance company general account,” as defined in Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”), whose underlying assets
include less than 25% “plan assets” of Benefit Plan Investors, who is not and is not an affiliate of a person that has discretionary authority or control with respect to the assets of the Trust or provides investment advice for a fee
(direct or indirect) with respect to such assets, and for which the purchase and holding of Certificates is eligible and satisfies all conditions for relief under PTCE 95-60. The Certificates also may not be
acquired with the assets of or held by or for the account of any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) if such acquisition or holding
would result in a violation of any Similar Law. 
 (j) Each Certificateholder or beneficial owner of a Certificate that is a United States
person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Owner Trustee, Certificate Registrar and Paying Agent on or prior to the date such person becomes a Certificateholder or beneficial owner of a Certificate under this
Agreement (and from time to time thereafter upon the reasonable request of the Owner Trustee, Certificate Registrar or the Paying Agent), executed originals of Internal Revenue Service Form W-9 certifying that
such Certificateholder or beneficial owner of a Certificate is exempt from U.S. federal backup withholding tax. Each Certificateholder or beneficial owner of a Certificate that is not a United 

  

					
		 	11	  	CRVNA 2022-P2 Trust Agreement

 
States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Owner Trustee, Certificate Registrar and the Paying Agent on or prior to the date such person becomes a
Certificateholder or beneficial owner of a Certificate under this Agreement (and from time to time thereafter upon the reasonable request of the Owner Trustee, Certificate Registrar or the Paying Agent), executed originals of Internal Revenue
Service Form W-8BEN or W-8BEN-E, as applicable, and to the extent such Certificateholder is not the beneficial owner of the
Certificate, Internal Revenue Service Form W-8IMY accompanied by Internal Revenue Service Form W-8BEN or W-8BEN, as applicable.
In the case of a Certificateholder or beneficial owner of a Certificate that is not a United States person (as defined in Section 7701(a)(30) of the Code) and provides an Internal Revenue Service Form
W-8BEN or W-8BEN-E, as applicable (or Internal Revenue Service Form W-8IMY accompanied
with a Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable) under this Section 3.4(j) in
order to claim the benefits of the exemption for portfolio interest under Section 881(c) of the Code (instead of, for example, claiming the benefits of an income tax treaty to which the United States is a party), such Certificateholder (or in
the case of a Certificateholder providing such Internal Revenue Service Form W-8IMY, the beneficial owner of the Certificate) hereby represents and warrants that it is not a (i) “bank” within the
meaning of Section 881(c)(3)(A) of the Code, (ii) “10 percent shareholder” of the Trust within the meaning of Section 881(c)(3)(B) of the Code or (iii) “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code. 
 (k) Each Certificateholder or beneficial owner of a Certificate, represents and agrees that, as a
result of its own activities separate from those of the Trust, it would not be required to treat income from the Certificates as effectively connected to a United States trade or business of a person that is not a United States person (as defined in
Section 7701(a)(30) of the Code), and it further acknowledges that the Trust Agreement provides that no Certificateholder or beneficial owner of a Certificate shall provide the Owner Trustee, Certificate Registrar, or Paying Agent with either
an IRS Form W-8ECI (or successor form) or an IRS Form W-8IMY (or successor form) to which an IRS Form W-8ECI (or successor form)
is attached (either directly or as part of another form attached to such IRS Form W-8IMY). Each Certificateholder or beneficial owner of a Certificate, represents and agrees that, no portion of such
Certificate or any interest therein may be transferred, directly or indirectly, to any person that would provide an IRS Form W-8ECI or IRS Form W-8IMY with an attached
IRS Form W-8ECI in response to the withholding requirements in the Trust Agreement. 
 (l) Each
Certificateholder or beneficial owner of a Certificate that would be subject to U.S. federal withholding tax imposed by FATCA if such person were to fail to comply with the applicable reporting requirements of FATCA (including those contained in
Section 1471(b) or 1472(b) of the Code, as applicable), shall deliver to the Trust, the Owner Trustee, Certificate Registrar, Paying Agent, Administrator or any person designated by any of the foregoing (individually or collectively as the
context may require, the “FATCA Administrator”) at the time or times prescribed by law and at such time or times reasonably requested by the FATCA Administrator such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the FATCA Administrator to comply with FATCA and to determine that such Certificateholder or beneficial owner of a Certificate has
complied with such person’s obligations under FATCA or to determine the amount to deduct and withhold from such payment to such person. 

  

					
		 	12	  	CRVNA 2022-P2 Trust Agreement

 (m) No transfer of a Certificate shall be permitted if such transfer is effected through an
established securities market or secondary market (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and any regulation thereunder. 

(n) Each prospective transferee of a Certificate understands that the Certificates are being offered only in a transaction not involving any
public offering in the United States within the meaning of the Securities Act, none of the Certificates have been or will be registered under the Securities Act, and, if in the future the transferee decides to offer, resell, pledge or otherwise
transfer the Certificates, such Certificates may only be offered, resold, pledged or otherwise transferred in accordance with this Agreement and the applicable legend on such Certificates set forth below. 

(o) Each transferee of a Certificate understands that an investment in the Certificates involves certain risks, including the risk of loss of
all or a substantial part of its investment under certain circumstances. Each transferee acknowledges that it has had access to such financial and other information concerning the Trust and the Certificates as it deemed necessary or appropriate in
order to make an informed investment decision with respect to its purchase of the Certificates. Each transferee acknowledges that it has such knowledge and experience in financial and business matters that the transferee is capable of evaluating the
merits and risks of its investment in the Certificates, and the transferee and any accounts for which it is acting are each able to bear the economic risk of the holder’s or of its investment. 

(p) No transferee of a Certificate will offer, transfer, pledge, sell or otherwise dispose of the Certificates or any interest in the
Certificates to any Person in any manner, or solicit any offer to buy, transfer or otherwise dispose of the Certificates or any interest in the Certificates from any Person in any manner, or make any general solicitation by means of general
advertising or in any other manner, or take any other action that would constitute a distribution of the Certificates under the Securities Act or that would render the disposition of the Certificates a violation of Section 5 of the Securities
Act or any other applicable securities laws or require registration pursuant thereto, and will not authorize any Person to act on its behalf, in such manner with respect to the Certificates. 

(q) In connection with the transfer of a Certificate, the Trust shall determine in its sole discretion that the transfer complies with the
requirements of Sections 3.4(i) through 3.4(l) of this Agreement. 
 (r) Each transferee of a Certificate acknowledges that the
Trust, the Owner Trustee, Certificate Registrar, any initial purchaser or placement agent and others will rely upon the truth and accuracy of the acknowledgements, representations, warranties and agreements in this
Section 3.4 and agrees that if any of the acknowledgements, representations, warranties or agreements made by it in connection with its purchase of the Certificates are no longer accurate, the transferee will promptly
notify the Trust, the Owner Trustee, Certificate Registrar, and any initial purchaser or placement agent. 

  

					
		 	13	  	CRVNA 2022-P2 Trust Agreement

 (s) Each Certificateholder and each transferee of a Certificate acknowledges that the
Certificates will bear a legend substantially in the form of the legend appearing in the form of Certificate attached hereto as Exhibit A. 

(t) If requested to do so by the Depositor, each transferee of a Definitive Certificate shall deliver an undertaking letter in the form
attached hereto as Exhibit B to the Owner Trustee, Certificate Registrar, and the Depositor. 
 Section 3.5 Mutilated,
Destroyed, Lost or Stolen Certificates. 
 (a) If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the
Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Certificate Registrar, the Owner Trustee and the Trust such security or indemnity as may be
required by them to hold each of them harmless, then, in the absence of actual knowledge of a Responsible Officer of the Certificate Registrar or the Owner Trustee that such Certificate has been acquired by a protected purchaser, the Owner Trustee
shall execute on behalf of the Trust, and the Certificate Registrar shall authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a replacement Certificate of a like aggregate Percentage Interest in the Trust, as shown on the Certificate Register; provided, however, that if any such destroyed, lost or stolen Certificate, but not a mutilated
Certificate, shall have become or within seven (7) days shall be payable, then, instead of issuing a replacement Certificate, the Paying Agent may make distributions to the registered Certificateholder of such destroyed, lost or stolen
Certificate when so payable. 
 (b) If, after the delivery of a replacement Certificate or payment in respect of a destroyed, lost or stolen
Certificate pursuant to Section 3.5(a), a protected purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents for payment or distribution such original Certificate, the
Certificate Registrar shall be entitled to recover such replacement Certificate (and any distributions or payments made with respect thereto) or such payment or distribution from the Person to whom it was delivered or any Person taking such
replacement Certificate from such Person to whom such replacement Certificate was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent
of any loss, damage, cost or expense incurred by the Certificate Registrar in connection therewith. 
 (c) In connection with the issuance of
any replacement Certificate under this Section 3.5, the Owner Trustee, and the Certificate Registrar may require the payment by the Holder of such Certificate of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Owner Trustee and the Certificate Registrar) connected therewith. 

(d) Any duplicate Certificate issued pursuant to this Section 3.5 in replacement of any mutilated, destroyed, lost or
stolen Certificate shall constitute an original additional beneficial interest in the Trust, whether or not the mutilated, destroyed, lost or stolen Certificate shall be found at any time or be enforced by anyone, and shall be entitled to all the
benefits of this Agreement equally and proportionately with any and all other Certificates duly issued hereunder. 

  

					
		 	14	  	CRVNA 2022-P2 Trust Agreement

 (e) The provisions of this Section 3.5 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Certificates. 

Section 3.6 Persons Deemed Certificateholders. Subject to the provisions of Section 3.4 herein, prior to due presentation of
a Certificate for registration of transfer, the Owner Trustee and the Certificate Registrar and any Paying Agent may treat the Person in whose name any Certificate shall be registered in the Certificate Register as the Certificateholder of such
Certificate for the purpose of receiving distributions pursuant to Article V and for all other purposes whatsoever, and neither the Owner Trustee nor the Certificate Registrar and the Paying Agent shall be affected by any notice to the
contrary. 
 Section 3.7 Access to List of Certificateholders’ Names and Addresses. The Certificate Registrar
shall furnish or cause to be furnished to the Paying Agent and the Depositor, within fifteen (15) days after receipt by the Certificate Registrar of a request therefor from the Paying Agent or the Depositor in writing, a list of the names and
addresses of the Certificateholders as of the most recent Record Date. Each Holder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Paying Agent, the Depositor, the Certificate Registrar or the Owner
Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 

Section 3.8 Maintenance of Corporate Trust Office and Records. The Owner Trustee shall maintain an office or offices or agency or
agencies where notices and demands to or upon the Owner Trustee in respect of the Certificates and the Transaction Documents may be served. The Owner Trustee initially designates its office located at 301 Bellevue Parkway, 3rd Floor, Wilmington,
Delaware 19809, Attention: Corporate Trust Administration as its principal office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor, the Paying Agent and the Certificateholders of any change in the location of
the Owner Trustee or any such office or agency. The Owner Trustee shall maintain (or cause to be maintained) copies of all documents, instructions, notices and any other writings (in hard copy or electronic form), delivered to the Owner Trustee by
any Person with respect to the Trust. The Certificate Registrar shall maintain an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange. The Certificate Registrar initially
designates its office located at 600 S. 4th Street, MAC N9300-070, Minneapolis, MN 55415, Attn: Corporate Trust Services – Asset Backed Administration, as its principal office for such purposes. The
Certificate Registrar shall give prompt written notice to the Depositor, the Paying Agent, the Owner Trustee and the Certificateholders of any change in the location of the Certificate Register or any such office or agency. 

Section 3.9 Appointment of Paying Agent. Except as otherwise provided in Section 5.2, the Paying Agent
shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.2 and shall report the amounts of such distributions to the Owner Trustee and the Servicer. Any Paying Agent
shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the 

  

					
		 	15	  	CRVNA 2022-P2 Trust Agreement

 
distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee is directed by the Administrator in writing that the Paying Agent shall
have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be the Indenture Trustee, and any co-paying agent chosen by the Administrator. The
Indenture Trustee shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrator. If the Indenture Trustee shall no longer be the Paying Agent, the Owner Trustee, upon receipt of written direction
from the Administrator, shall appoint a successor to act as Paying Agent (which shall be a bank, insurance company or trust company). The Administrator shall cause such successor Paying Agent or any additional Paying Agent appointed by the
Administrator to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent
shall hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed
funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections 6.3, 6.6, 6.7 and 6.9 shall apply to the
Indenture Trustee also in its role as Paying Agent or Certificate Registrar for so long as the Indenture Trustee shall act as Paying Agent or Certificate Registrar and, to the extent applicable, shall also apply to any other paying agent,
certificate registrar or authenticating agent appointed hereunder. The rights, protections, indemnities and immunities of the Indenture Trustee under the Indenture and the Servicing Agreement shall apply to the Indenture Trustee in its roles as
Paying Agent and Certificate Registrar for so long as the Indenture Trustee shall act as Paying Agent or Certificate Registrar and, to the extent applicable, shall also apply to any other paying agent, certificate registrar or authenticating agent
appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 

Section 3.10 Depositor as Certificateholder. The Depositor in its individual or any other capacity may become the owner or
pledgee of Certificates and may otherwise deal with the Owner Trustee and the Certificate Registrar or any such party’s respective Affiliates as if it were not the Depositor. 

Section 3.11 Rule 144A Information. The Depositor shall, during any period in which a purchaser of the Certificates holds such
Certificates and in which the Depositor is not subject to Sections 13 or 15(d) of the Exchange Act, make available, upon request, to any Holder of such Certificates in connection with any sale thereof and any prospective purchaser of Certificates
from such Holder, the information specified in Rule 144A(d)(4) under the Act. 
 Section 3.12 Definitive Certificates. If
(i) the Administrator advises the Owner Trustee and the Certificate Registrar in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Certificates and the Trust
is unable to locate a qualified successor; (ii) the Administrator, at its option, advises the Owner Trustee and the Certificate Registrar in writing that it elects to terminate the book-entry system through the Clearing Agency; or
(iii) Certificate Owners representing beneficial interests aggregating at least a majority of the Percentage Interests in the Trust advise the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency
is no longer in the best interests of the Certificate Owners, then the Clearing Agency shall notify all 

  

					
		 	16	  	CRVNA 2022-P2 Trust Agreement

 
Certificate Owners, Certificate Registrar, and the Owner Trustee of the occurrence of any such event and of the availability of Definitive Certificates to Certificate Owners requesting the same.
Upon surrender to the Certificate Registrar of the typewritten Certificate or Certificates representing the Book-Entry Certificate by the Clearing Agency, accompanied by registration instructions, the Trust shall execute and the Certificate
Registrar shall authenticate the Definitive Certificates in accordance with the instructions of the Clearing Agency. None of the Trust, the Certificate Registrar or the Owner Trustee shall be liable for any delay in delivery of such instructions and
may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Certificates and their registration by the Certificate Registrar in the Certificate Register, the Owner Trustee shall recognize the
Holders of the Definitive Certificates as Certificateholders. 
 Section 3.13 Notices to Clearing Agency. Whenever a notice or
other communication to the Certificateholders is required under this Agreement, unless and until Definitive Certificates shall have been issued to the owner of a Certificate pursuant to Section 3.12, the Owner Trustee shall
give all such notices and communications specified herein to be given to the Certificateholders to the Clearing Agency, and shall have no obligation to the beneficial owner of a Certificate. 

Section 3.14 Restrictions on Certificate Acquisitions. 

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

(b) Each Certificateholder, if it is acting as a nominee or in a similar capacity, represents and agrees that no beneficial owner for which it
is acting as a nominee owns less than the minimum denomination for such Certificate. 
 (c) Each Certificateholder or beneficial owner of a
Certificate, represents and agrees that (A) either (I) it is not and will not become for U.S. federal income tax purposes a partnership, subchapter S corporation or grantor trust (or a disregarded entity the single owner of which is any of the
foregoing) (each such entity a “Flow-Through Entity”) or (II) if it is or becomes a Flow-Through Entity, then (x) none of the direct or indirect beneficial owners of any of the interests in such Flow-Through Entity has or
ever will have more than 50% of the value of its interest in such Flow-Through Entity attributable to the interest of such Flow-Through Entity in the Certificates, other interest (direct or indirect) in the Trust, or any interest created under the
Indenture and (y) it is not and will not be a principal purpose of the arrangement involving the investment of such Flow-Through Entity in any Certificate to permit any partnership to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Code, and (B) it does not and will not beneficially own
a Certificate (or any beneficial interest therein) in an amount that is less than the minimum denomination for such Certificate. 

  

					
		 	17	  	CRVNA 2022-P2 Trust Agreement

 (d) Each Certificateholder or beneficial owner of a Certificate, represents and agrees that
it will not take any action that could cause, and will not omit to take any action, which omission could cause, the Trust to become taxable as a corporation for U.S. federal income tax purposes. 

(e) Each Certificateholder agrees that any purported transfer of any Certificate or any beneficial interest in a Certificate that is not made
in accordance with the restrictions set forth herein will be null and void from the beginning and will not be given effect for any purpose thereunder. 

ARTICLE IV 
 ACTIONS BY
OWNER TRUSTEE 
 Section 4.1 Prior Notice to Certificateholders with Respect to Certain Matters. The Owner Trustee shall not
take action with respect to the following matters, unless (i) the Owner Trustee shall have notified the Certificateholders in writing (with a copy to the Depositor) of the proposed action at least ten (10) days (or such shorter period as
is acceptable to the Certificateholders) before the taking of such action, and (ii) the Majority Certificateholders shall not have notified the Owner Trustee in writing prior to the
10th day (or such shorter period acceptable to the Majority Certificateholders) after such notice is given that such Majority Certificateholders have withheld consent or provided
alternative direction: 
 (a) the initiation of any material claim or lawsuit by the Trust (other than an action by the Indenture Trustee or
an action to collect on a Receivable) and the compromise of any material action, proceeding, investigation, claim or lawsuit brought by or against the Trust (other than an action by the Indenture Trustee or an action to collect on a Receivable);

 (b) except as may be required under the Statutory Trust Act, the election by the Trust to file an amendment to the Certificate of Trust
filed with the Delaware Secretary of State; 
 (c) the amendment of the Indenture by a supplemental indenture in circumstances where the
consent of any Noteholder is required; or 
 (d) the appointment pursuant to the Indenture or the Administration Agreement, as applicable, of
a successor Note Registrar, Paying Agent for the Notes or Indenture Trustee, or pursuant to this Agreement, of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent for the Notes, Indenture Trustee
or Certificate Registrar of its obligations under the Indenture, the Administration Agreement or this Agreement, as applicable. 

Section 4.2 Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power
(i) except upon the written direction of the Majority Certificateholders, to remove the Administrator under the Administration Agreement pursuant to Section 10 thereof, appoint a successor Administrator pursuant to Section 10(e) of
the Administration Agreement or, (ii) except as expressly provided in the Transaction Documents, sell the Grantor Trust Certificate or any interest therein prior to the termination of the Indenture and the termination of the Grantor Trust. The
Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Majority Certificateholders. 

  

					
		 	18	  	CRVNA 2022-P2 Trust Agreement

 Section 4.3 Action by Certificateholders with Respect to Bankruptcy.
Notwithstanding any prior termination of this Agreement, the Owner Trustee shall not have the power to commence a voluntary case under Title 11 of the United States Code or any successor provision relating to the Trust without the prior approval of
the Majority Certificateholders and the delivery to the Owner Trustee by such Majority Certificateholders of a certificate certifying that such Majority Certificateholders reasonably believe that the Trust is insolvent; provided,
however, that under no circumstances shall the Owner Trustee commence or join in commencing any such case prior to the date that is one year and one day after termination of the Trust. 

Section 4.4 Restrictions on Certificateholders’ Power. No Certificateholder shall direct the Owner Trustee to
take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement, including Section 2.3, or any of the other Transaction Documents,
nor shall the Owner Trustee be obligated to follow any such direction, if given. The Certificateholders shall not and shall not direct the Owner Trustee to take action that would violate the provisions of Section 6.1 and,
if given, the Owner Trustee shall not be obligated to follow any such direction. 
 Section 4.5 Majority Control. Except as
expressly provided herein, any action that may be taken or consent that may be given or withheld by the Certificateholders under this Agreement shall be effective if such action is taken or such consent is given or withheld by the Majority
Certificateholders as of the close of the preceding Distribution Date. Except as expressly provided herein, any written notice, instruction, direction or other document of the Majority Certificateholders delivered pursuant to this Agreement shall be
effective if signed by the Majority Certificateholders. 
 ARTICLE V 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

Section 5.1 Establishment of Certificate Distribution Account. 

(a) The Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Trust an Eligible Deposit
Account known as the Carvana Auto Receivables Trust 2022-P2 Certificate Distribution Account (the “Certificate Distribution Account”), bearing an additional designation clearly indicating that
the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established as a segregated trust account by the Paying Agent with the Account Holder. 

(b) The Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate
Distribution Account and in all proceeds thereof. Except as otherwise provided herein or in the Indenture, the Certificate Distribution Account shall be under the sole dominion and control of the Paying Agent for the benefit of the
Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Administrator on behalf of the Owner Trustee, if the 

  

					
		 	19	  	CRVNA 2022-P2 Trust Agreement

 
Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within ten (10) Business Days (or such longer period, not to exceed thirty
(30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall direct the Paying Agent to transfer any cash or any investments to such new Certificate
Distribution Account. 
 Section 5.2 Application of Trust Funds. 

(a) On each Distribution Date, the Paying Agent shall distribute to the Certificateholders, on a pro rata basis, amounts equal to the amounts
deposited in the Certificate Distribution Account pursuant to Section 2.7 of the Indenture on or prior to such Distribution Date. Funds received by the Paying Agent by 1:00 p.m. (Eastern time) on any Distribution Date will be distributed to the
Certificateholders on such Distribution Date. The Paying Agent shall use its best efforts to distribute any funds received after 1:00 p.m. (Eastern time) on any Distribution Date to the Certificateholders as soon as reasonably possible, but the
Paying Agent shall not be liable if such funds are not distributed until the next Business Day. Any funds received by the Paying Agent after 1:00 p.m. (Eastern time) shall be held uninvested in the Certificate Distribution Account until distributed
to the Certificateholders, and the Paying Agent shall not be liable for any interest thereon. 
 (b) On each Distribution Date, the Paying
Agent shall send to each Certificateholder the statement provided to the Paying Agent by the Servicer pursuant to Section 2.8 of the Servicing Agreement on such Distribution Date. 

(c) If any withholding tax is imposed on the Trust’s payment (or allocations of income) to a Certificateholder, such tax shall reduce the
amount otherwise distributable to the Certificateholder in accordance with this Section 5.2. The Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders
sufficient funds for the payment of any tax that is legally payable by the Trust (but such authorization shall not prevent the Paying Agent from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by
law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Trust and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Owner Trustee or the Paying
Agent, upon notification from the Owner Trustee that the appropriate tax forms have not been received by the Owner Trustee, may withhold such amounts in accordance with this Section 5.2(c). If a Certificateholder wishes to
apply for a refund of any such withholding tax, the Paying Agent shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Paying Agent for any out-of-pocket expenses incurred. 

  

					
		 	20	  	CRVNA 2022-P2 Trust Agreement

 (d) If the Indenture Trustee holds escheated funds for payment to the Trust pursuant to
Section 3.3(e) of the Indenture, the Owner Trustee shall, upon notice from the Indenture Trustee that such funds exist, submit on behalf of the Trust an Issuing Entity Order to the Indenture Trustee pursuant to Section 3.3(e) of the
Indenture instructing the Indenture Trustee to pay such funds to or at the order of the Depositor. 
 Section 5.3 Method of
Payment. Subject to Section 7.1(c), distributions required to be made to Certificateholders on any Distribution Date shall be made to each Certificateholder of record on the related Record Date by wire transfer, in
immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Paying Agent appropriate written instructions at least five
(5) Business Days prior to such Distribution Date or if not, by check mailed to such Certificateholder at the address of such Certificateholder appearing in the Certificate Register; provided, however, that, unless and until
Definitive Certificates have been issued pursuant to Section 3.12, with respect to Book-Entry Certificates registered on the applicable Record Date in the name of the Certificate Depository (initially, Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the account designated by the Certificate Depository. 

Section 5.4 Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others. The Owner Trustee shall
maintain (or cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of accounting, deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations or otherwise, such
information in the possession or control of the Owner Trustee as may be required to enable each Certificateholder to prepare its federal income tax return, file such tax returns relating to the Trust and make such elections as may from time to time
be required or appropriate under any applicable State or federal statute or rule or regulation thereunder so as to maintain the Trust’s characterization as an entity described in Section 2.11 for U.S. federal income
tax purposes, cause such tax returns to be signed in the manner required by law and collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c) with respect to income or
distributions to Certificateholders. The Independent Accountant, at the direction of the Administrator on behalf of the Trust, shall annually cause to be sent to each Certificateholder a separate statement setting forth each such
Certificateholder’s share of items of income, gain, loss, deduction or credit and will instruct each such Certificateholder to report such items on its federal income tax return. The Independent Accountant, at the direction of the Administrator
on behalf of the Trust, shall prepare or cause to be prepared the returns and information required by Treasury Regulations Section 1.671-5, as well as any other applicable provisions of law, to be
provided and filed, as applicable, in the manner prescribed therein. 
 Section 5.5 Tax Returns; Other Tax Matters. The
Independent Accountant, at the direction of the Administrator on behalf of the Trust, shall prepare, or cause to be prepared, any and all applicable tax returns of the Trust. The Administrator shall sign on behalf of the Trust any and all applicable
tax returns of the Trust, unless applicable law requires a Certificateholder to sign such documents, in which case such Certificateholder hereby agrees to sign such document and to cooperate fully with the reasonable requests of the Administrator
with respect thereto. 

  

					
		 	21	  	CRVNA 2022-P2 Trust Agreement

 ARTICLE VI 

THE OWNER TRUSTEE 

Section 6.1 Duties of Owner Trustee. 

(a) The Owner Trustee undertakes to perform such duties, and only such duties, as are specifically set forth in this Agreement and the other
Transaction Documents, including the administration of the Trust in the interest of the Certificateholders, subject to the Transaction Documents and in accordance with the provisions of this Agreement. No implied covenants, obligations or duties
(including fiduciary duties) or liabilities otherwise existing at law or in equity with respect to the Trust, shall be read into this Agreement. The Owner Trustee shall have no duty or obligation to perform the duties and obligations of the Trust
and shall act only at the written direction of the Majority Certificateholders and, to the extent expressly provided herein, the Administrator or the Depositor with respect to the duties of the Trust. 

(b) Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the
other Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Trust or the Owner Trustee hereunder or under any other Transaction Document, and the Owner
Trustee shall not be responsible for monitoring or supervising or performing the duties and obligations of the Administrator and shall not be liable for the default or failure of the Administrator to carry out its obligations under the
Administration Agreement. 
 (c) In the absence of bad faith on its part, the Owner Trustee may conclusively rely upon certificates or
opinions furnished to the Owner Trustee and conforming to the requirements of this Agreement in determining the truth of the statements and the correctness of the opinions contained therein; provided, however, that the Owner Trustee
shall have examined such certificates or opinions so as to determine compliance of the same with the requirements of this Agreement. 
 (d)
The Owner Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct, except that: 

(i) this Section 6.1(d) shall not limit the effect of Sections 6.1(a) or 6.1(b); 

(ii) the Owner Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the
Owner Trustee was grossly negligent in ascertaining the pertinent facts; and 
 (iii) the Owner Trustee shall not be liable with respect to
any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 4.1, Section 4.2 or Section 6.4. 

  

					
		 	22	  	CRVNA 2022-P2 Trust Agreement

 (e) Subject to Sections 5.1 and 5.2, monies received by the Owner Trustee
hereunder need not be segregated in any manner except to the extent required by law or the Indenture and may be deposited under such general conditions as may be prescribed by law. Such funds shall be held (i) in a non-interest bearing trust account and (ii) uninvested, and the Owner Trustee shall not be liable for any interest thereon. 

(f) The Owner Trustee shall have no responsibility to record this Agreement or any other Transaction Document, to prepare or file any financing
or continuation statement or amendment in any public office at any time or otherwise to perfect or maintain the perfection of any ownership or security interest or lien or to prepare or file any qualification to do business, or securities law filing
or report or to monitor or cause the Trust to comply with Regulation RR. 
 (g) The Owner Trustee shall not take any action that (i) is
inconsistent with the purposes of the Trust set forth in Section 2.3 or (ii) would, to the actual knowledge of a Responsible Officer of the Owner Trustee, cause the Trust to fail to qualify as a grantor trust for
United States federal income tax purposes. The Certificateholders shall not direct the Owner Trustee to take any action or themselves take any action that would violate the provisions of this Section 6.1. 

Section 6.2 Rights of Owner Trustee. The Owner Trustee is authorized and directed to execute and deliver the Transaction
Documents, each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust or the Owner Trustee is to be a party and any additional agreement, document, letter or undertaking to be entered
into in connection with the Transaction Documents or the transactions described therein to which the Trust is to be a party, each as presented to the Owner Trustee by the Depositor or its counsel and in such form as the Depositor shall approve as
evidenced conclusively by the Owner Trustee’s execution thereof. The Owner Trustee is authorized to execute such additional documents and amendments to the Transaction Documents as it shall be directed in writing by the Administrator, the
Servicer or the Depositor. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Transaction Documents. The Owner Trustee is further authorized from time
to time to take such action as the Depositor, the Majority Certificateholders or the Administrator recommends and directs in writing with respect to the Transaction Documents. 

Section 6.3 Acceptance of Trusts and Duties. Except as otherwise provided in this Article VI, in accepting the trusts
hereby created, BNY Mellon Trust of Delaware acts solely as Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any
other Transaction Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the
terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms of the Transaction Documents. The Owner Trustee shall not be liable or accountable
hereunder or under any other Transaction Document under any circumstances, except for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct or in the case of the inaccuracy of any representation or
warranty contained in Section 6.6 and expressly made by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 

  

					
		 	23	  	CRVNA 2022-P2 Trust Agreement

 (a) the Owner Trustee shall at no time have any responsibility or liability for, or with
respect to, the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for, or
with respect to, the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholders under this Agreement or to Noteholders under the Indenture, including: the existence, condition and ownership
of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the Trust or of any
intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor or the Servicer with any warranty or representation made under any Transaction Document or in any related
document or the accuracy of any such warranty or representation or any action of the Administrator, the Indenture Trustee or the Servicer or any sub-servicer taken in the name of the Owner Trustee; 

(b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of
the Depositor, the Administrator, any Certificateholder or the Majority Certificateholders, as applicable; 
 (c) no provision of this
Agreement or any other Transaction Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers
hereunder or under any other Transaction Document, if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 

(d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Transaction Documents,
including the principal of and interest on the Notes, or any Trust representation, warranty, covenant or obligation under the Transaction Documents; 

(e) the Owner Trustee shall not be responsible for or in respect of and makes no representation as to the validity or sufficiency of any
provision of this Agreement other than as explicitly set forth herein or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for, or in respect of,
the validity or sufficiency of the Notes, the Certificates, the other Transaction Documents, any Receivables or any related documents, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to any Noteholder or to
any Certificateholder, other than as expressly provided for herein and in the other Transaction Documents; 
 (f) the Owner Trustee shall not
be liable for the default or misconduct of the Administrator, the Indenture Trustee, the Depositor or the Servicer under any of the Transaction Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the
obligations of the Trust under this Agreement or the Transaction Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture, the Depositor under this Agreement or
the Servicer under the Servicing Agreement; 

  

					
		 	24	  	CRVNA 2022-P2 Trust Agreement

 (g) the Owner Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Transaction Document, at the request, order or direction of any of the
Certificateholders, unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the
Owner Trustee to perform any discretionary act enumerated in this Agreement or in any other Transaction Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its gross negligence or willful
misconduct in the performance of any such act; 
 (h) notwithstanding anything to the contrary contained herein or in any other Transaction
Document, and notwithstanding any Person’s right to instruct the Owner Trustee, neither the Owner Trustee nor any agent, employee, director or officer of the Owner Trustee shall have any obligation to execute, deliver or certify on behalf of
the Trust or any other Person any filings, certificates, affidavits or other instruments required pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated pursuant thereto, and the refusal to comply with any such
instructions shall not constitute a default or breach under any Transaction Document. In the event that the Owner Trustee, on behalf of the Trust, does not execute, deliver or certify any filings, certificates, affidavits or other instruments
required under the Sarbanes-Oxley Act of 2002, an Authorized Officer of the Administrator shall, on behalf of the Trust, execute, deliver or make such certification; 

(i) to the fullest extent permitted by law and notwithstanding anything in this Agreement to the contrary, the Owner Trustee shall not be
personally liable for (x) special, consequential or punitive damages, however styled, including lost profits or (y) the acts or omissions of any nominee, correspondent, clearing agency or securities depository through which it holds the
Trust’s securities or assets; 
 (j) the Owner Trustee shall not be liable or responsible for any failure or delay in the performance of
its obligations hereunder arising out of or caused by, directly or indirectly, any force majeure event, including but not limited to strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, pandemics or
epidemics, nuclear or natural catastrophes or acts of God, power outages, loss or malfunctions of utilities, communications or computer (software and hardware) services, or other circumstances beyond its control; it being understood that the Owner
Trustee shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances; 

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

  

					
		 	25	  	CRVNA 2022-P2 Trust Agreement

 (l) notwithstanding anything contained herein or in any of the Transaction Documents to the
contrary, the Owner Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of or the giving of
notice to, or the registration with, licensing by or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental
charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction
in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee contemplated hereby. The Owner Trustee shall be entitled to obtain advice of counsel
(the reasonable fees and expenses of which shall be reimbursable by the Trust pursuant to Section 2.7 of the Indenture) to determine whether any action required to be taken pursuant to this Agreement results in the consequences described in
clauses (i), (ii) and (iii) of the preceding sentence. In the event that said counsel advises the Owner Trustee that such action will result in such consequences, the Owner Trustee may, or if instructed to do so by the Administrator, shall
appoint an additional trustee pursuant to Section 6.12 hereof to proceed with such action; 
 (m) the Owner Trustee shall not be
required to provide, on its own behalf, any surety bond or other kind of security in connection with the execution of any of its trusts or powers under this Agreement or any other Transaction Document or the performance of its duties hereunder; 

(n) each of the parties hereto hereby agrees that the Owner Trustee in any capacity (x) has not provided and will not provide in the
future, any advice, counsel or opinion regarding the tax, regulatory, financial, investment, securities law or insurance implications and consequences of the formation, funding and ongoing administration of the Trust, including income, gift and
estate tax issues, insurable interest issues, risk retention issues, doing business or other licensing matters and the initial and ongoing selection and monitoring of financing arrangements, (y) has not made any investigation as to the accuracy
of any representations, warranties or other obligations of the Trust under the Transaction Documents and shall have no liability in connection therewith and (z) the Owner Trustee has not prepared or verified, and shall not be responsible or
liable for, any information, disclosure or other statement in any disclosure or offering document or in any other document issued or delivered in connection with the issuance, sale or transfer of the Certificates or the Notes; 

(o) it shall be the Administrator’s duty and responsibility, and not the Owner Trustee’s duty and responsibility, to cause the Trust
to respond to, defend, participate in or otherwise act in connection with any regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in any way to the Trust, its assets or the conduct of its business; 

(p) the Owner Trustee shall not have any obligation or duty to supervise or monitor the performance of any other Person and shall have no
liability for the failure of any other Person to perform its obligations or duties under the Transaction Documents or otherwise; 

  

					
		 	26	  	CRVNA 2022-P2 Trust Agreement

 (q) neither the Depositor nor the Administrator shall, without the written consent of the
Owner Trustee, knowingly take or cause the Trust to take any action which in any way adversely affects or could reasonably be expected to adversely affect the Owner Trustee or any of its rights, duties or protections under this Agreement; and 

(r) to help the government fight the funding of terrorism and money laundering activities, the Customer Identification Program (CIP)
requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing
regulations (collectively, USA PATRIOT Act), the Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence Requirements and such other laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions (collectively, the “Applicable Anti-Money Laundering Law”), requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. Accordingly, in order to comply with
the Applicable Anti-Money Laundering Law, the Owner Trustee is required to obtain on or before the Closing Date and from time to time thereafter documentation to verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Owner Trustee will ask for documentation to verify its formation and existence as a legal entity, financial statements,
licenses, tax identification documents, and identification and authorization documents from individuals claiming authority to represent the entity and other relevant documentation and information (including beneficial owners of such entities). The
Owner Trustee may, to the fullest extent permitted by applicable law, including the Applicable Anti-Money Laundering Law, conclusively rely on, and shall be fully protected and indemnified in relying on, any information received, and failure to
provide such information may result in an inability of the Owner Trustee to perform its obligations hereunder which, at the sole option of the Owner Trustee, may result in the immediate resignation of the Owner Trustee, subject to Section 6.10,
notwithstanding anything to the contrary in this Agreement. The parties hereto agree that solely for purposes of the Applicable Anti-Money Laundering Law, (a) the Depositor is and shall be deemed to be the sole beneficial owner of the Trust,
and (b) the Depositor is and shall deemed to be the party with the power and authority to control the Trust. 
 Section 6.4
Action upon Instruction by Certificateholders. 
 (a) Subject to Section 4.4, the Certificateholders may by
written instruction direct the Owner Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Section 4.5. Further, with respect to
provisions hereunder that provide for instructions by the Certificateholders, for so long as all outstanding Certificates are Book-Entry Certificates, if the Owner Trustee shall have notified the Certificateholders in writing of a proposed action
and within 15 Business Days of such notice (or within such shorter time as may be required under the circumstances and noted in the request for instruction) none of the Certificateholders shall have notified the Owner Trustee in writing that such
Certificateholder has withheld consent or provided alternative instruction, the Owner Trustee, in the place of Certificateholder instruction hereunder, may accept and rely on the written instruction of the Administrator. If subsequently the Owner
Trustee receives alternative written instruction from the Certificateholders, such subsequent instruction shall control unless the Owner Trustee has already acted at the instruction of the Administrator with respect to such matter. 

  

					
		 	27	  	CRVNA 2022-P2 Trust Agreement

 (b) Notwithstanding the foregoing, the Owner Trustee shall not be required to take or
refrain from taking any action hereunder or under any other Transaction Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner
Trustee or is contrary to the terms hereof or of any other Transaction Document or is otherwise contrary to law. 
 (c) Whenever the Owner
Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any other Transaction Document, or is unsure as to the application, intent, interpretation or meaning of any provision of this
Agreement or the other Transaction Documents, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted, and,
to the extent the Owner Trustee acts in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instructions
within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action
which is consistent, in its view, with this Agreement or the other Transaction Documents, and as it shall deem to be in the best interests of the Certificateholders, and the Owner Trustee shall have no liability to any Person for any such action or
inaction. 
 Section 6.5 Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholders, promptly upon
receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents. 

Section 6.6 Representations and Warranties of Owner Trustee. The Owner Trustee hereby represents and warrants to the Depositor,
for the benefit of the Certificateholders, that: 
 (a) It is a banking corporation duly organized, validly existing and in good standing
under the laws of Delaware. It has satisfied the eligibility requirements set forth in Section 6.13. 
 (b) It has
full power, authority and legal right to execute, deliver and perform this Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement. 

(c) The execution, delivery and performance by it of this Agreement (i) does not violate any provision of any law or regulation of the
State of Delaware or the United States of America governing the banking and trust powers of the Owner Trustee or any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable to the Owner Trustee or any of its
assets, (ii) does not violate any provision of the corporate charter or by-laws of the Owner Trustee or (iii) does not violate any provision of, or constitute, with or without notice or lapse of
time, a default under, or result in the creation or imposition of any Lien on any properties included in the Trust pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which
violation, default or Lien could reasonably be expected to have a Material Adverse Effect on the Owner Trustee’s performance or ability to perform its duties as Owner Trustee under this Agreement or on the transactions contemplated in this
Agreement. 

  

					
		 	28	  	CRVNA 2022-P2 Trust Agreement

 (d) This Agreement has been duly executed and delivered by the Owner Trustee and, assuming
due authorization, execution and delivery by the Depositor, constitutes the legal, valid and binding agreement of the Owner Trustee, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

Section 6.7 Reliance; Advice of Counsel. 

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

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the
other Transaction Documents, the Owner Trustee may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of
such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Owner Trustee in good faith and without gross negligence; and may consult with counsel, accountants and other skilled
professionals to be selected in good faith and without gross negligence and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such
counsel, accountants or other such Persons and not contrary to this Agreement or any other Transaction Document. 
 Section 6.8
Owner Trustee May Own Certificates and Notes. BNY Mellon Trust of Delaware or any successor Owner Trustee in its individual or any other capacity may become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the
Indenture Trustee, the Administrator and the Servicer in transactions in the same manner as it would have if it were not the Owner Trustee. 

  

					
		 	29	  	CRVNA 2022-P2 Trust Agreement

 Section 6.9 Compensation and Indemnity. 

(a) The Owner Trustee shall receive as compensation for its services hereunder (i) on the date of execution of this Agreement, an initial
fee and an annual fee for its services to be provided, and (ii) such fees as have been separately agreed upon before the date hereof by the Owner Trustee, and the Owner Trustee, any paying agent, registrar, authenticating agent or co-trustee shall be entitled to be reimbursed for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, custodians, nominees, representatives,
experts and external counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder as specified in Section 2.7 of the Indenture. 

(b) The Trust shall indemnify, defend and hold harmless the Owner Trustee (in its individual and trustee capacities), any paying agent,
registrar, authenticating agent or co-trustee and its successors, assigns, agents and servants from and against all costs, expenses, losses, claims, actions, suits, damages and liabilities, including
reasonable and documented legal fees and expenses of external counsel, in connection with the successful enforcement of their indemnification rights hereunder, of any kind and nature whatsoever arising out of or incurred in connection with
(i) the Owner Trustee’s performance of its duties under the Indenture or any other Transaction Document, or (ii) the acceptance, administration or performance by, or action or inaction of, the Owner Trustee of the trusts and duties
contained in this Agreement and the other Transaction Documents, including the administration of the Owner Trust Estate, except in each case to the extent that such cost, expense, loss, claim, damage or liability (A) is due to the willful
misfeasance, bad faith or gross negligence (except for errors in judgment) of the Person indemnified, or (B) arises from the Owner Trustee’s breach of any of its representations or warranties set forth in Section 6.6. 

(c) The Administrator shall indemnify, defend and hold harmless the Owner Trustee (in its individual and trustee capacities), any paying agent,
registrar, authenticating agent or co-trustee and its successors, assigns, agents and servants from and against all costs, expenses, losses, claims, actions, suits, damages and liabilities, including
reasonable and documented legal fees and expenses of external counsel, in connection with the successful enforcement of their indemnification rights hereunder, of any kind and nature whatsoever arising out of or incurred in connection with
(i) the Administrator’s performance of its duties under this Agreement or the Administration Agreement; or (ii) the failure by the Administrator to comply with any term, provision or covenant contained in this Agreement or any other
Transaction Document, except in each case to the extent that such cost, expense, loss, claim, action, suit, damage or liability (A) is due to the willful misfeasance, bad faith or gross negligence (except for errors in judgment) of the Person
indemnified, or (B) arises from the breach of any of the representations or warranties set forth in Section 6.6. 

The indemnities contained in this Section 6.9 shall survive the resignation or removal of the Owner Trustee or the
termination of this Agreement. To the extent that the Trust or the Administrator fails to pay any amounts due and owing to the Owner Trustee pursuant to this Section 6.9, such amounts shall be payable pursuant to
Section 2.7 of the Indenture. Any amounts paid to the Owner Trustee pursuant to this Article VI shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 

  

					
		 	30	  	CRVNA 2022-P2 Trust Agreement

 Section 6.10 Replacement of Owner Trustee. 

(a) The Owner Trustee may give notice of its intent to resign and be discharged from the trusts hereby created by giving notice thereof to the
Depositor, the Administrator and the Certificateholders; provided that no such resignation shall become effective, and the Owner Trustee shall not resign, prior to the time set forth in Section 6.10(c). If no
successor Owner Trustee shall have been appointed pursuant to Section 6.10(b) and have accepted such appointment within thirty (30) days after the giving of such notice, the Owner Trustee giving such notice may
petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. The Depositor or the Administrator shall remove the Owner Trustee if: 

(i) the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 6.13 and shall fail to
resign after written request therefor by the Administrator; 
 (ii) the Owner Trustee shall be adjudged bankrupt or insolvent; 

(iii) a receiver or other public officer shall be appointed or take charge or control of the Owner Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation; or 
 (iv) the Owner Trustee shall otherwise be incapable of acting. 

(b) If the Owner Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of Owner Trustee for any
reason, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate (one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee) and
shall pay all fees, expenses and indemnities owed to the outgoing Owner Trustee. 
 (c) Any resignation or removal of the Owner Trustee and
appointment of a successor Owner Trustee pursuant to any of the provisions of this Section 6.10 shall not become effective, and no such resignation shall be deemed to have occurred, until a written acceptance of appointment
is delivered by the successor Owner Trustee to the outgoing Owner Trustee, the Depositor, the Administrator and the Certificateholders and all fees, expenses and indemnities due to the outgoing Owner Trustee are paid. Costs associated with the
resignation or removal of the Owner Trustee and the appointment of a successor Owner Trustee will be borne by the Trust. Any successor Owner Trustee appointed pursuant to this Section 6.10 shall be eligible to act in such
capacity in accordance with Section 6.13 and, following compliance with the preceding sentence, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with
like effect as if originally named as Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 

(d) The predecessor Owner Trustee shall upon payment of its fees, expenses and indemnity deliver to the successor Owner Trustee all documents
and statements and monies held by it under this Agreement. The Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 

  

					
		 	31	  	CRVNA 2022-P2 Trust Agreement

 (e) Upon acceptance of appointment by a successor Owner Trustee pursuant to this
Section 6.10, the Administrator shall mail notice of the successor of such Owner Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. Any successor Owner Trustee appointed
hereunder shall file an amendment to the Certificate of Trust. 
 Section 6.11 Merger or Consolidation of Owner Trustee. Any
Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or
substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided such Person shall be eligible pursuant to Section 6.13, and without the
execution or filing of any instrument or any further act on the part of any of the parties hereto; provided, further, that the Owner Trustee shall mail notice of such merger or consolidation to the Depositor, who promptly shall notify
the Rating Agencies. In connection therewith, the Owner Trustee shall file an amendment to the Certificate of Trust if required by the Statutory Trust Act. 

Section 6.12 Appointment of Co-Trustee or Separate Trustee. 

(a) Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Majority Certificateholders, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all
instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or trustees, of all or any part of the Owner Trust Estate,
and to vest in such Person (in the name of the Trust and not in such Person’s name for the Trust, except to the extent otherwise required by, and in accordance with, Section 2.8), in such capacity, such title to the Owner Trust Estate, or
any part thereof, and, subject to the other provisions of this Section 6.12, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If neither the Administrator nor
the Majority Certificateholders shall have joined in such appointment within fifteen (15) days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 6.13 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 6.10. 
 (b) Each separate
trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

  

					
		 	32	  	CRVNA 2022-P2 Trust Agreement

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

(ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement;
and 
 (iii) the Majority Certificateholders, Administrator and the Owner Trustee acting jointly may at any time accept the resignation of
or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to
the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested
with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator. 

(d) Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.
If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner
Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
 Section 6.13 Eligibility
Requirements for Owner Trustee. The Owner Trustee shall at all times: (a) be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust
powers; (c) have (or have a parent which has) a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term
unsecured debt rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agency. If such corporation shall publish reports of condition at least annually, pursuant to
law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, the combined capital and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign
immediately in the manner and with the effect specified in Section 6.10. 

  

					
		 	33	  	CRVNA 2022-P2 Trust Agreement

 ARTICLE VII 

TERMINATION OF TRUST AGREEMENT 

Section 7.1 Termination of Trust Agreement. 

(a) The Trust shall dissolve and wind-up in accordance with Section 3808 of the Statutory Trust
Act immediately prior to the final distribution by the Indenture Trustee and the Paying Agent of all monies or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the Servicing Agreement (including the
exercise by the Servicer of its option to purchase the Receivables pursuant to Section 6.1 of the Servicing Agreement) and the termination of the Grantor Trust and Article V. The bankruptcy, liquidation, dissolution, death or incapacity
of any Certificateholder shall not (x) operate to terminate this Agreement or the Trust, (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a
partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

(b) Neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the Trust or this Agreement. 

(c) Subject to Section 5.2(a), notice of any dissolution of the Trust, specifying the Distribution Date upon which
the Certificateholders shall surrender their Certificates to the Certificate Registrar for payment of the final distribution and cancellation, shall be given by the Certificate Registrar by letter to Certificateholders mailed within five
(5) Business Days of receipt of notice of Optional Purchase from the Servicer given pursuant to Section 6.1 of the Servicing Agreement, in either case, stating: (i) the Distribution Date upon or with respect to which final payment of
the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Certificate Registrar therein designated; (ii) the amount of any such final payment; and (iii) that the Record Date otherwise
applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificates at the office of the Certificate Registrar therein specified. The Certificate Registrar shall give such notice to
the Owner Trustee and the Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such
Distribution Date pursuant to Section 5.2. 
 (d) If all of the Certificateholders shall not surrender their
Certificates for cancellation within six (6) months after the date specified in the written notice referred to in Section 7.1(c), the Certificate Registrar shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one (1) year after the second notice all the Certificates shall not have been surrendered for cancellation,
the Certificate Registrar may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and
other assets that shall remain subject to this Agreement. Subject to applicable laws with respect to escheat of funds, any funds remaining in the Trust after exhaustion of such remedies in the preceding sentence shall be deemed property of the last
Certificateholders of record and distributed by the Paying Agent to the last Certificateholders of record, and none of the Owner Trustee, the Certificate Registrar or the Paying Agent shall have any further liability to the Certificateholders with
respect thereto. 

  

					
		 	34	  	CRVNA 2022-P2 Trust Agreement

 (e) Upon the winding up and termination of the Trust in accordance with Section 3808 of
the Statutory Trust Act and this Section 7.1 at the written direction of the Majority Certificateholders and at the expense of the Certificateholders, the Owner Trustee shall cause the Certificate of Trust to be canceled by
filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act. Thereupon, this Agreement (other than Sections 6.9, 9.8 and 9.9) and the Trust
shall terminate. 
 ARTICLE VIII 

AMENDMENTS 

Section 8.1 Amendments Without Consent of Certificateholders or Noteholders. This Agreement may be amended by the Depositor and
the Owner Trustee without the consent of any of the Noteholders or any other Persons who may be Certificateholders, (i) to cure any ambiguity, (ii) correct or supplement any provision in this Agreement that may be defective or inconsistent
with any other provision in this Agreement or any other Transaction Document, or with any description thereof in the Prospectus, the Class N Notes Confidential Offering Memorandum or the Certificate Private Placement Memorandum, (iii) to
add to the covenants, restrictions or obligations of the Depositor or the Owner Trustee, (iv) to evidence and provide for the acceptance of the appointment of a successor trustee with respect to the Owner Trust Estate and add to or change any
provisions as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee pursuant to Article VI, (v) to add, change or eliminate any other provision of this Agreement in any manner that shall
not, as evidenced by an Opinion of Counsel, materially and adversely affect the interests of the Noteholders or Unaffiliated Certificateholders, or (vi) if the Rating Agency Condition is satisfied with respect to such amendment and the
Depositor or the Owner Trustee notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

Section 8.2 Amendments With Consent of Securityholders. 

(a) This Agreement may be amended from time to time by the Depositor and the Owner Trustee with the consent of the Certificateholders to add or
supplement any credit enhancement for the benefit of the Noteholders of any class or the Certificateholders (provided that if any such addition shall affect any class of Noteholders differently from any other class of Noteholders, then such addition
shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any class of Noteholders), 
 (b)
This Agreement may be amended from time to time by the Depositor and the Owner Trustee with the consent of the Requisite Noteholders as of the close of the preceding Distribution Date and, if any Person other than the Depositor or an Affiliate of
the Depositor holds any Certificates, the consent of the Majority Certificateholders as of the close of the preceding Distribution Date (which consent, whether given pursuant to this Section 8.2 or pursuant to any other
provision of this Agreement, shall be conclusive and binding on such Person and on all future holders of such Notes or Certificates and of any Notes or Certificates 

  

					
		 	35	  	CRVNA 2022-P2 Trust Agreement

 
issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon any Notes or Certificates) for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment shall
(a) without the consent of the holder of the affected Note or Certificate, as applicable, increase or reduce the interest rate or principal amount of any Note or change the Final Scheduled Distribution Date of any Note or distributions on the
Certificates, (b) increase or reduce the amount of the required Specified Reserve Account Balance or the Specified Class N Reserve Account Balance without the consent of all of the Noteholders or Certificateholders then outstanding or
(c) reduce the aforesaid percentage of Noteholders or Certificateholders required to consent to any such amendment, without the consent of the holders of all Notes or Certificates then outstanding, as the case may be. 

(c) Prior to the execution of any amendment, the Depositor shall provide written notification of the substance of such amendment or consent to
each Rating Agency and the Indenture Trustee; and promptly after the execution of any such amendment, the Depositor shall furnish a copy of such amendment to each Rating Agency, the Grantor Trust Trustee, the Owner Trustee and the Indenture Trustee.

 Section 8.3 Form of Amendments. 

(a) Promptly after the execution of any amendment, supplement or consent pursuant to Section 8.1 or
Section 8.2, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to each Unaffiliated Certificateholder and the Indenture Trustee. 

(b) It shall not be necessary for the consent of Certificateholders, the Noteholders or the Owner Trustee pursuant to
Section 8.2 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents
of Unaffiliated Certificateholders provided for in this Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by Unaffiliated Certificateholders shall be subject to such reasonable requirements
as the Owner Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (c) Promptly
after the execution of any amendment to the Certificate of Trust, the Owner Trustee, at the expense of the Trust to the extent such amendments do not relate to a change in the name or address of the Owner Trustee, shall cause the filing of such
amendment with the Secretary of State. 
 (d) Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the
Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate of the Administrator stating that
all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, privileges,
indemnities, duties or obligations under this Agreement or otherwise. 

  

					
		 	36	  	CRVNA 2022-P2 Trust Agreement

 (e) Notwithstanding anything to the contrary herein, an Opinion of Counsel shall be
delivered to the Depositor and the Owner Trustee to the effect that such amendment would not cause the Trust to fail to qualify as a grantor trust for United States federal income tax purposes. 

ARTICLE IX 

MISCELLANEOUS 

Section 9.1 No Legal Title to Owner Trust Estate. The Certificateholders shall not have legal title to any part of the Owner Trust
Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided Percentage Interest therein only in accordance with Articles V and VII. No transfer, by operation of law or otherwise, of any
right, title, and interest of the Certificateholders to and in their Percentage Interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it
of legal title to any part of the Owner Trust Estate. 
 Section 9.2 Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether
express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

Section 9.3 Derivative Actions. Any provision contained herein to the contrary notwithstanding, the right of any Certificateholder
or Certificate Owner to bring a derivative action in the right of the Trust is hereby made expressly subject to the following limitations and requirements: 

(a) such Certificateholder or Certificate Owner must meet all requirements set forth in the Statutory Trust Act; and 

(b) no Certificateholder or Certificate Owner may bring a derivative action in the right of the Trust without the prior written consent of the
Majority Certificateholders. 
 Section 9.4 Notices. All demands, notices and communications upon or to the Depositor, the
Servicer, the Administrator, the Indenture Trustee, the Owner Trustee or the Rating Agencies under this Agreement shall be delivered as specified in Part III of Appendix A to the Receivables Purchase Agreement. 

Section 9.5 Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability
of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof. 

  

					
		 	37	  	CRVNA 2022-P2 Trust Agreement

 Section 9.6 Counterparts. This Agreement may be executed by the parties hereto
in separate counterparts (including by way of electronic or facsimile transmission), each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. This Agreement
shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature,
or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law,
including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for
all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or
photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be
used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings; provided, however, that any documentation with respect to transfer of the
Certificates or other securities presented to the Indenture Trustee or any transfer agent must contain original documents with manually executed signatures. 

Section 9.7 Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit
of, the Depositor, the Administrator, the Owner Trustee and each Certificateholder and their respective successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a
Certificateholder shall bind the successors and assigns of such Certificateholder. 
 Section 9.8 No Petition. To the fullest
extent permitted by Applicable Law, the Owner Trustee by entering into this Agreement and each Certificateholder or Certificate Owner, by accepting a Certificate (or interest therein) issued hereunder, hereby covenant and agree that they shall not
(nor shall they join with or solicit another person to), prior to the day that is one year and one day after the termination of the Trust and of each other trust heretofore formed by the Depositor, acquiesce, petition or otherwise invoke or cause
the Depositor or the Trust to invoke in any court or government authority for the purpose of commencing or sustaining a case against the Depositor or the Trust under any federal or State bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Trust
under a federal or State bankruptcy or insolvency proceeding; provided that nothing contained herein shall prevent the Owner Trustee from filing a proof of claim in any such proceeding. 

  

					
		 	38	  	CRVNA 2022-P2 Trust Agreement

 Section 9.9 No Recourse. Each Certificateholder or Certificate Owner by
accepting a Certificate (or any interest therein) acknowledges that such Person’s Certificate (or interest therein) represents beneficial interests in the Trust only and does not represent interests in or obligations of the Depositor, the
Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in
this Agreement, the Certificates or the other Transaction Documents. Except as expressly provided in the Transaction Documents, none of the Depositor, the Servicer or the Owner Trustee in their respective individual capacities, or any of their
respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the distribution of any amount with respect to the Certificates or the
Trust’s performance of, or omission to perform, any obligations or indemnifications contained in the Certificates, this Agreement or the other Transaction Documents, it being expressly understood that such Certificateholder obligations have
been made solely by the Trust. Each Certificateholder by the acceptance of a Certificate (or beneficial interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of any amounts with respect
to the Certificates, it shall have no claim against any of the foregoing Persons for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Certificateholder and Certificate Owner is prohibited by, or
declared illegal or otherwise unenforceable against any such Certificateholder or Certificate Owner under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Certificateholder or Certificate Owner is deemed
to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Trust, each Certificateholder and Certificate Owner agrees that (i) its claim against any such other assets shall be, and hereby is, subject and
subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the
preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

Section 9.10 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. 
 Section 9.11 Governing Law, Waiver of Jury Trial. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

(b) THE PARTIES HERETO AND THE CERTIFICATEHOLDERS HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  

					
		 	39	  	CRVNA 2022-P2 Trust Agreement

 Section 9.12 Effect of Amendment and Restatement. It is the intent of the
parties hereto that this Agreement shall, as of the date hereof, replace in its entirety the Original Trust Agreement; provided, however, that with respect to the period of time from August 10, 2021 through the date hereof, the
rights and obligations of the parties shall be governed by the Original Trust Agreement; and provided further, that the amendment and restatement of the Original Trust Agreement shall not affect any of the grants, conveyances or
transfers contemplated by the Original Trust Agreement to have occurred prior to the date hereof. 
 Section 9.13 Information to be
Provided by the Owner Trustee. 
 (a) The Owner Trustee agrees to cooperate in good faith with any reasonable request by the Depositor
for information regarding the Owner Trustee which is required in order to enable the Depositor to comply with the provisions of Items 1104(e), 1117, 1119 and 1121(c) of Regulation AB and Rule 15Ga-1 under the
Exchange Act as it relates to the Owner Trustee or to the Owner Trustee’s obligations under this Agreement; provided that with respect to Rule 15Ga-1, and Items 1121(c) and 1104(e) of Regulation
AB, the Owner Trustee shall not be deemed a “securitizer” under Regulation AB or under the Exchange Act. 
 (b) Except to the
extent disclosed by the Owner Trustee in subsection (c) or (d) below, the Owner Trustee shall be deemed to have represented to the Depositor on the first day of each Collection Period with respect to the prior Collection Period that to the best
of its knowledge there were no legal or governmental proceedings pending (or known to be contemplated) against BNY Mellon Trust of Delaware, or any property of BNY Mellon Trust of Delaware, that would be material to any Noteholder or, to the extent
that the Certificates are registered under the Securities Act for public sale, any holder of such Certificates. 
 (c) The Owner Trustee
shall, as promptly as practicable following notice to or discovery by the Owner Trustee of any changes to any information regarding the Owner Trustee as is required for the purpose of compliance with Item 1117 of Regulation AB, provide to the
Depositor, in writing, such updated information. 
 (d) The Owner Trustee shall deliver to the Depositor on or before March 1 (or, if
such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March 1, 2023, a written notice from a representative of the Owner Trustee with respect to the immediately preceding calendar year certifying, on
behalf of the Owner Trustee, that except to the extent otherwise disclosed in writing to Depositor, to the best of his or her knowledge there were no legal or governmental proceedings pending (or known to be contemplated) against BNY Mellon Trust of
Delaware, or any property of BNY Mellon Trust of Delaware, that would be material to any Noteholder or, to the extent that the Certificates are registered under the Securities Act for public sale, any holder of such Certificates. 

(e) The Owner Trustee shall deliver to the Depositor on or before March 1 (or, if such date is not a Business Day, the next succeeding
Business Day) of each year, beginning with March 1, 2023, a report of a representative of the Owner Trustee with respect to the immediately preceding calendar year providing to the Depositor such information regarding the Owner Trustee as is
required for the purpose of compliance with Item 1119 of Regulation AB; provided, however, (i) the Owner Trustee shall not be required to provide such information, 

  

					
		 	40	  	CRVNA 2022-P2 Trust Agreement

 
but will notify the Depositor in writing, to the extent that there has been no change to the information previously provided by the Owner Trustee to the Depositor, and (ii) the Owner Trustee
shall promptly provide notice to the Depositor following notice to or discovery by a Responsible Officer of the Owner Trustee of any changes to such information, provided to the Depositor, in writing, such information. Such information shall
include, at a minimum, a description of any affiliation between the Owner Trustee and any of the following parties to this securitization transaction, as such parties are identified to the Owner Trustee by the Depositor in writing in advance of this
securitization transaction: 
 (i) the Depositor; 

(ii) Carvana, LLC, as sponsor; 

(iii) the Trust; 
 (iv) the
Grantor Trust; 
 (v) the Grantor Trust Trustee; 

(vi) the Servicer; 
 (vii) the
Backup Servicer; 
 (viii) the Indenture Trustee; 

(ix) the Asset Representations Reviewer; 

(x) the Collateral Custodian; and 

(xi) any other material transaction party. 

(f) In connection with the parties listed in clauses (i) through (xi) above, the Owner Trustee shall include a description
of whether there is, and if so, the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained in an
arm’s length transaction with an unrelated third party, apart from this securitization transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the asset backed
securities issued in this securitization transaction. 
 (g) The Owner Trustee shall provide the Depositor with notification, as soon as
practicable and in any event within five (5) Business Days, of all demands delivered to a Responsible Officer of the Owner Trustee for the repurchase or replacement of any Receivable pursuant to any Transaction Document. Subject to this
Section 9.13, the Owner Trustee shall have no obligation to take any other action with respect to any demand. In no event shall the Owner Trustee have (i) any responsibility or liability in connection with any filing
to be made by a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities except
as expressly set forth in this Section 9.13. 

  

					
		 	41	  	CRVNA 2022-P2 Trust Agreement

 Section 9.14 Electronic Means. The Owner Trustee shall accept and act upon
instructions, including funds transfer instructions (“Instructions”) given pursuant to, and in accordance with, this Trust Agreement and related Transaction Documents and delivered to the Owner Trustee from an Authorized Officer of the
instructing Party using Electronic Means; provided, however, that any instructing Party shall provide to the Owner Trustee an incumbency certificate listing Authorized Officers with the authority to provide such Instructions and containing
specimen signatures of such Authorized Officers, which incumbency certificate may be updated by the instructing Party from time to time. The instructing Party understands and agrees that the Owner Trustee cannot determine the identity of the actual
sender of such Instructions and that the Owner Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Owner Trustee have been sent by such
Authorized Officer. For the avoidance of doubt, the Owner Trustee shall not be obligated to accept and act upon any instructions delivered to the Owner Trustee using Electronic Means from any Person other than an Authorized Officer of the
instructing Party. 
 *    *    *    *    * 

  

					
		 	42	  	CRVNA 2022-P2 Trust Agreement

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

			
	 BNY MELLON TRUST OF DELAWARE,
 as
Owner Trustee 

		
	By:	 	
                     
        

	Name:
	Title:
	
	CARVANA RECEIVABLES DEPOSITOR LLC, as Depositor 
		
	By:	 	
                     
    

	Name:
	Title:

  

			
	Acknowledged, Accepted and Agreed To By:
	
	 CARVANA, LLC,
 as Administrator and
Sponsor

		
	By:	 	
                     
    

	Name:
	Title:
	
	Acknowledged, Accepted and Agreed To By:
	
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION as Certificate Registrar and Paying Agent
		
	By:	 	
                     
    

	Name:
	Title:

 EXHIBIT A 

FORM OF [REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE 

 

			
	NO. R-	  	_____% PERCENTAGE INTEREST
		
		  	$[______]
		
	CUSIP: [__________]	  	

 SEE REVERSE FOR CERTAIN DEFINITIONS 

[THIS [REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS [REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE (OR
INTEREST THEREIN) THE HOLDER OF THIS [REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE (OR SUCH INTEREST) IF, OTHER THAN THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, IS DEEMED TO REPRESENT TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR, AND THE
OWNER TRUSTEE THAT IT IS [A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL CERTIFICATE (OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS)
OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS).] [A NON-U.S. PERSON (AS DEFINED IN REGULATION S) WHO IS A “QUALIFIED INSTIUTIONAL BUYER” AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND ACQUIRED THIS REGULATION S CERTIFICATE OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S].] 

NO SALE, PLEDGE OR OTHER TRANSFER OF THIS [REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON
UNLESS EITHER (i) [SUCH SALE IS MADE TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, (ii)] SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES [AFTER DUE INQUIRY] IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO WHOM NOTICE IS GIVEN THAT THE SALE,
PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, 

  

					
		 	Ex. A-1	  	CRVNA 2022-P2 Trust Agreement

 
[(ii)][(iii)] SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE OF THE UNITED STATES TO A NON-U.S. PERSON WHO IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A) IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OF THE SECURITIES ACT AND THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO THE TRUST AGREEMENT, OR [(iii)][(iv)] SUCH SALE, PLEDGE OR
OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE, IN THE EVENT THE CERTIFICATES ARE DEFINITIVE CERTIFICATES, (A) THE CERTIFICATE REGISTRAR SHALL REQUIRE THAT BOTH
THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE ADMINISTRATOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE
ADMINISTRATOR, AND (B) THE CERTIFICATE REGISTRAR SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE TRUST, THE CERTIFICATE REGISTRAR, THE GRANTOR TRUST TRUSTEE OR
THE OWNER TRUSTEE OR ANY OTHER PROVIDER OF SERVICES TO THE TRUST) SATISFACTORY TO THE ADMINISTRATOR TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT. 

THIS [REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED WITH THE ASSETS OF OR HELD BY OR FOR THE
ACCOUNT OF (1) AN “EMPLOYEE BENEFIT PLAN,” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (2) A
“PLAN” AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR (3) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN
EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR ACCOUNT (EACH, A “BENEFIT PLAN INVESTOR”) OTHER THAN AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”), WHOSE UNDERLYING ASSETS INCLUDE LESS THAN 25% “PLAN ASSETS” OF BENEFIT PLAN INVESTORS, WHO IS NOT AND IS NOT AN AFFILIATE OF A
PERSON THAT HAS DISCRETIONARY AUTHORITY OR CONTROL WITH RESPECT TO THE ASSETS OF THE TRUST OR PROVIDES INVESTMENT ADVICE FOR A FEE (DIRECT OR INDIRECT) WITH RESPECT TO THE ASSETS OF THE TRUST, AND FOR WHICH THE PURCHASE AND HOLDING OF CERTIFICATES
IS ELIGIBLE AND SATISFIES ALL CONDITIONS FOR RELIEF UNDER PTCE 95-60. THIS 

  

					
		 	Ex. A-2	  	CRVNA 2022-P2 Trust Agreement

 
[REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE (OR AN INTEREST THEREIN) ALSO MAY NOT BE ACQUIRED WITH THE ASSETS OF OR HELD BY OR FOR THE ACCOUNT OF ANY OTHER PLAN THAT IS SUBJECT TO ANY
LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) IF SUCH ACQUISITION OR HOLDING WOULD RESULT IN A VIOLATION OF ANY SIMILAR LAW. EACH HOLDER OF THIS [REGULATION S GLOBAL] [RULE 144A GLOBAL]
CERTIFICATE, BY ACCEPTING THIS [REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE, WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT SUBJECT TO THE FOREGOING LIMITATIONS AND, IF REQUESTED TO DO SO BY THE DEPOSITOR, SUCH PERSON SHALL
EXECUTE AND DELIVER TO THE OWNER TRUSTEE AND THE CERTIFICATE REGISTRAR AN UNDERTAKING LETTER TO SUCH EFFECT IN THE FORM SPECIFIED IN THE TRUST AGREEMENT. 

THE HOLDER OF THIS [REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN
RESPECT OF THIS [REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE ARE SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS AS AND TO THE EXTENT DESCRIBED IN THE INDENTURE. 

IT IS THE INTENT OF THE DEPOSITOR, THE OWNER TRUSTEE AND THE CERTIFICATEHOLDERS THAT, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THE TRUST
SHALL BE TREATED AS A GRANTOR TRUST. EXCEPT AS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, THE DEPOSITOR AND THE OTHER CERTIFICATEHOLDERS BY ACCEPTANCE OF A [REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE AGREE TO TREAT, AND TO TAKE
NO ACTION INCONSISTENT WITH THE TREATMENT OF, THE CERTIFICATES FOR SUCH TAX PURPOSES AS INTERESTS IN SUCH AN ENTITY AS DESCRIBED IN THE PREVIOUS SENTENCE. 

EACH CERTIFICATEHOLDER ACKNOWLEDGES AND REPRESENTS THAT IT IS NOT A MEMBER OF AN “EXPANDED GROUP” (WITHIN THE MEANING OF THE
REGULATIONS ISSUED UNDER SECTION 385 OF THE CODE) THAT INCLUDES A DOMESTIC CORPORATION (AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES) THAT HOLDS ANY NOTES IF SUCH DOMESTIC CORPORATION, DIRECTLY OR INDIRECTLY (THROUGH ONE OR MORE ENTITIES
THAT ARE TREATED FOR U.S. FEDERAL INCOME TAX PURPOSES AS PARTNERSHIPS, DISREGARDED ENTITIES, OR GRANTOR TRUSTS), OWNS 80% OR MORE OF THE CAPITAL OR PROFITS OF THE TRUST. 

  

					
		 	Ex. A-3	  	CRVNA 2022-P2 Trust Agreement

 EACH CERTIFICATEHOLDER, IF IT IS ACTING AS A NOMINEE OR IN A SIMILAR CAPACITY, REPRESENTS
AND AGREES THAT NO BENEFICIAL OWNER FOR WHICH IT IS ACTING AS A NOMINEE OWNS LESS THAN THE MINIMUM DENOMINATION FOR SUCH CERTIFICATE. 
 EACH
CERTIFICATEHOLDER OR BENEFICIAL OWNER OF A CERTIFICATE, REPRESENTS AND AGREES THAT (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED
ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE FOREGOING) (EACH SUCH ENTITY A “FLOW-THROUGH ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE
INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE CERTIFICATES, OTHER INTEREST (DIRECT OR INDIRECT) IN
THE TRUST, OR ANY INTEREST CREATED UNDER THE INDENTURE AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY CERTIFICATE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100
PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE, AND (B) IT DOES NOT
AND WILL NOT BENEFICIALLY OWN A CERTIFICATE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH CERTIFICATE. 

EACH CERTIFICATEHOLDER OR BENEFICIAL OWNER OF A CERTIFICATE, REPRESENTS AND AGREES THAT IT WILL NOT TAKE ANY ACTION THAT COULD CAUSE, AND WILL
NOT OMIT TO TAKE ANY ACTION, WHICH OMISSION COULD CAUSE, THE TRUST TO BECOME TAXABLE AS A CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES. 

EACH CERTIFICATEHOLDER AGREES THAT ANY PURPORTED TRANSFER OF ANY CERTIFICATE OR ANY BENEFICIAL INTEREST IN A CERTIFICATE THAT IS NOT MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AGREEMENT WILL BE NULL AND VOID FROM THE BEGINNING AND WILL NOT BE GIVEN EFFECT FOR ANY PURPOSE THEREUNDER. 

  

					
		 	Ex. A-4	  	CRVNA 2022-P2 Trust Agreement

 EACH CERTIFICATEHOLDER OR CERTIFICATE OWNER BY ITS ACCEPTANCE OF A CERTIFICATE (OR AN
INTEREST THEREIN) COVENANTS AND AGREES THAT SUCH CERTIFICATEHOLDER OR CERTIFICATE OWNER SHALL NOT (NOR SHALL IT JOIN WITH OR SOLICIT ANOTHER PERSON TO), PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE TRUST AND OF EACH
OTHER TRUST HERETOFORE FORMED BY THE DEPOSITOR, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE TRUST TO INVOKE IN ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR
THE TRUST UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE TRUST OR ANY SUBSTANTIAL
PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE TRUST UNDER A FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 

EACH CERTIFICATEHOLDER OR CERTIFICATE OWNER BY ACCEPTING A CERTIFICATE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S
CERTIFICATE (OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE TRUST ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE CERTIFICATE REGISTRAR, THE INDENTURE
TRUSTEE OR ANY AFFILIATE THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE TRUST AGREEMENT, THE CERTIFICATES OR THE OTHER TRANSACTION
DOCUMENTS. EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, NONE OF THE DEPOSITOR, THE SERVICER, THE CERTIFICATE REGISTRAR OR THE OWNER TRUSTEE IN THEIR RESPECTIVE INDIVIDUAL CAPACITIES, OR ANY OF THEIR RESPECTIVE PARTNERS, BENEFICIARIES,
AGENTS, OFFICERS, DIRECTORS, EMPLOYEES OR SUCCESSORS OR ASSIGNS, SHALL BE PERSONALLY LIABLE FOR, NOR SHALL RECOURSE BE HAD TO ANY OF THEM FOR, THE DISTRIBUTION OF ANY AMOUNT WITH RESPECT TO THE CERTIFICATES OR THE TRUST’S PERFORMANCE OF, OR
OMISSION TO PERFORM, ANY OBLIGATIONS OR INDEMNIFICATIONS CONTAINED IN THE CERTIFICATES, THE TRUST AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS, IT BEING EXPRESSLY UNDERSTOOD THAT SUCH CERTIFICATEHOLDER OBLIGATIONS HAVE BEEN MADE SOLELY BY THE TRUST.
EACH CERTIFICATEHOLDER BY THE ACCEPTANCE OF A CERTIFICATE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE 

  

					
		 	Ex. A-5	  	CRVNA 2022-P2 Trust Agreement

 
EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE CERTIFICATES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE FOREGOING PERSONS FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY
OF THE FOREGOING COVENANTS OF EACH CERTIFICATEHOLDER AND CERTIFICATE OWNER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH CERTIFICATEHOLDER OR CERTIFICATE OWNER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY
OF COMPETENT JURISDICTION, AND, AS A RESULT, A CERTIFICATEHOLDER OR CERTIFICATE OWNER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE TRUST, EACH CERTIFICATEHOLDER AND CERTIFICATE OWNER
AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN
FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE.

 [UNLESS THIS [REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY [REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

CARVANA AUTO RECEIVABLES TRUST 2022-P2 

ASSET BACKED CERTIFICATE 

evidencing a fractional undivided Percentage Interest in the Trust, as defined below, the property of which includes a pool of retail
instalment contracts and direct purchase money loans secured by new or used automobiles and light trucks and sold to the Trust by Carvana Receivables Depositor LLC. 

  

					
		 	Ex. A-6	  	CRVNA 2022-P2 Trust Agreement

 (This [Regulation S Global] [Rule 144A Global] Certificate does not represent an interest in
or obligation of Carvana Receivables Depositor LLC or any of their respective affiliates, except to the extent described in the Transaction Documents.) 

THIS CERTIFIES THAT CEDE & CO. is the registered owner of a nonassessable, fully-paid fractional undivided Percentage Interest in
Carvana Auto Receivables Trust 2022-P2 (the “Trust”) formed by Carvana Receivables Depositor LLC, a Delaware limited liability company (the “Depositor”). 

The Trust was created pursuant to a trust agreement, dated as of August 10, 2021, as amended and restated as of the Closing Date (as so
amended and restated, the “Trust Agreement”), between the Depositor and BNY Mellon Trust of Delaware, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth
below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them or incorporated by reference in the Trust Agreement. 

This [Regulation S Global] [Rule 144A Global] Certificate is one of the duly authorized Certificates designated as Asset Backed Certificates
(the “Certificates”). This [Regulation S Global] [Rule 144A Global] Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, the terms of which are incorporated herein by reference
and made a part hereof, to which Trust Agreement the holder of this [Regulation S Global] [Rule 144A Global] Certificate by virtue of the acceptance hereof assents and by which such holder is bound. 

Under the Trust Agreement there shall be distributed on the 10th day of each month, or if
such day is not a Business Day, the next Business Day, commencing on June 10, 2022 (each, a “Distribution Date”), to the Person in whose name this [Regulation S Global] [Rule 144A Global] Certificate is registered on the
related Record Date, such amount as is provided in the Transaction Documents. The “Record Date,” with respect to any Distribution Date, means the [close of business on the day immediately preceding such Distribution Date][last day
of the preceding Collection Period]. 
 The distributions in respect of this [Regulation S Global] [Rule 144A Global] Certificate are
payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Trust with respect to this [Regulation S Global] [Rule 144A Global]
Certificate shall be applied in respect of this [Regulation S Global] [Rule 144A Global] Certificate. 
 No transfer of this [Regulation S
Global] [Rule 144A Global] Certificate shall be permitted if such transfer is effected through an established securities market or secondary market (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and any
regulation thereunder. 
 The holder of this [Regulation S Global] [Rule 144A Global] Certificate acknowledges and agrees that its rights to
receive distributions in respect of this [Regulation S Global] [Rule 144A Global] Certificate are subordinated to the rights of the Noteholders as and to the extent described in the Indenture. 

  

					
		 	Ex. A-7	  	CRVNA 2022-P2 Trust Agreement

 It is the intent of the Depositor, the Owner Trustee and the Certificateholders that, for
United States federal income tax purposes, the Trust shall be treated as a grantor trust. Except as otherwise required by appropriate taxing authorities, the Depositor and the other Certificateholders by acceptance of this [Regulation S Global]
[Rule 144A Global] Certificate agree to treat, and to take no action inconsistent with the treatment of, this [Regulation S Global] [Rule 144A Global] Certificate for such tax purposes as interests in such an entity as described in the previous
sentence. 
 Each Certificateholder or Certificate Owner by its acceptance of this [Regulation S Global] [Rule 144A Global] Certificate (or
an interest therein) covenants and agrees that such Certificateholder or Certificate Owner shall not (nor shall it join with or solicit another person to), prior to the date which is one year and one day after the termination of the Trust and of
each other trust heretofore formed by the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor or the Trust to invoke in any court or governmental authority for the purpose of commencing or sustaining a case against the
Depositor or the Trust under any federal or State bankruptcy, insolvency, reorganization or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Trust or any
substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Trust under a federal or State bankruptcy or insolvency proceeding. 

Except as otherwise provided in the Trust Agreement, distributions on this [Regulation S Global] [Rule 144A Global] Certificate shall be made
as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder without the presentation or surrender of this [Regulation S Global] [Rule 144A Global] Certificate or the making of any notation hereon.
Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this [Regulation S Global] [Rule 144A Global] Certificate shall be made after due notice by the Owner Trustee of the pendency of such
distribution and only upon presentation and surrender of this [Regulation S Global] [Rule 144A Global] Certificate at the office maintained for such purpose by the Certificate Registrar. 

Reference is hereby made to the further provisions of this [Regulation S Global] [Rule 144A Global] Certificate set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon shall have been executed by an authorized officer of the Certificate Registrar by manual signature, this [Regulation S Global] [Rule 144A Global] Certificate shall not entitle the holder hereof to any benefit under the Trust
Agreement or the Servicing Agreement or be valid for any purpose. 

  

					
		 	Ex. A-8	  	CRVNA 2022-P2 Trust Agreement

 THIS [REGULATION S GLOBAL] [RULE 144A GLOBAL] CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 

  

					
		 	Ex. A-9	  	CRVNA 2022-P2 Trust Agreement

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual
capacity, has caused this Certificate to be duly executed. 
  

							
	Dated: __________, 2022	 		 	CARVANA AUTO RECEIVABLES TRUST 2022-P2
			
		 		 	By: BNY MELLON TRUST OF DELAWARE,
		 		 	not in its individual capacity but solely as Owner Trustee
				
		 		 	By:	 	  

		 		 	Name:
		 		 	Title:

 CERTIFICATE REGISTRAR’S CERTIFICATE OF AUTHENTICATION 

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

 

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

	Name:
	Title:

  

					
		 	Ex. A-10	  	CRVNA 2022-P2 Trust Agreement

 REVERSE OF CERTIFICATE 

This [Regulation S Global] [Rule 144A Global] Certificate does not represent an obligation of, or an interest in, Carvana, LLC, the Depositor,
the Servicer, the Indenture Trustee, the Owner Trustee or any affiliates of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement or the
other Transaction Documents. In addition, this [Regulation S Global] [Rule 144A Global] Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect
to the Receivables (and certain other amounts), all as more specifically set forth herein and in the other Transaction Documents. A copy of each of the other Transaction Documents may be examined during normal business hours at the principal office
of the Depositor, and at such other places, if any, designated by the Depositor, by any Certificateholder upon written request. In the event of any conflict between the terms of this [Regulation S Global] [Rule 144A Global] Certificate and the terms
of the other Transaction Documents, the terms of the other Transaction Documents shall govern. 
 The Trust Agreement permits, with certain
exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the
consent of the Holders of the Notes evidencing not less than a majority of the Outstanding Amount of the Controlling Class as of the close of the preceding Distribution Date and the consent of the Majority Certificateholders as of the close of
the preceding Distribution Date. Any such consent by the Holder of this [Regulation S Global] [Rule 144A Global] Certificate shall be conclusive and binding on such Holder and on all future Holders of this [Regulation S Global] [Rule 144A Global]
Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this [Regulation S Global] [Rule 144A Global] Certificate. The Trust Agreement also
permits the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates or the Notes. 
 As
provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this [Regulation S Global] [Rule 144A Global] Certificate is registerable in the Certificate Register upon surrender of this [Regulation S Global]
[Rule 144A Global] Certificate for registration of transfer at the offices or agencies of the Certificate Registrar, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly
executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates evidencing the same aggregate Percentage Interest in the Trust will be issued to the designated transferee. The
initial Certificate Registrar appointed under the Trust Agreement is the Indenture Trustee. 
 This [Regulation S Global] [Rule 144A Global]
Certificate is issuable only as a registered Certificate in the minimum denomination set forth in the Trust Agreement. As provided in the Trust Agreement and subject to certain limitations therein set forth, this [Regulation S Global] [Rule 144A
Global] Certificate is exchangeable for a new Certificate in the same aggregate Percentage Interest and nominal principal balance requested by the Holder surrendering the same. No service charge shall be made for any such registration of transfer or
exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 

  

					
		 	Ex. A-11	  	CRVNA 2022-P2 Trust Agreement

 The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the
Certificate Registrar may treat the Person in whose name this [Regulation S Global] [Rule 144A Global] Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall
be affected by any notice to the contrary. 
 The obligations and responsibilities created by the Trust Agreement and the Trust created
thereby shall terminate in accordance with Article VII of the Trust Agreement.

  

					
		 	Ex. A-12	  	CRVNA 2022-P2 Trust Agreement

 ASSIGNMENT 

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

PLEASE INSERT SOCIAL SECURITY 
 NUMBER OR OTHER IDENTIFYING 

NUMBER OF ASSIGNEE 
  

 
 (please print or type name and address, including
postal zip code, of assignee) 
  
  

the within Certificate (Asset Backed Certificate No. R-     issued by Carvana Auto Receivables Trust
2022-P2), and all rights thereunder, hereby irrevocably constituting and appointing 

________________________________________________________________________________________ attorney to transfer said Certificate on the books of the Certificate
Registrar, with full power of substitution in the premises. 
  

							
	Dated:	 		 		 	_____________________________*
				
		 		 		 	Signature Guaranteed:
				
		 		 		 	_____________________________*

  

	*	 NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears
upon the face of the within Certificate in every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company.

  

					
		 	Ex. A-13	  	CRVNA 2022-P2 Trust Agreement

 EXHIBIT B 

UNDERTAKING LETTER 
 Carvana
Receivables Depositor LLC 
 c/o Carvana, LLC, its sole member 

1930 W. Rio Salado Parkway 
 Tempe, Arizona 85281 

BNY Mellon Trust of Delaware, 
 as Owner Trustee of Carvana Auto
Receivables Trust 2022-P2 
 301 Bellevue Parkway, 3rd Floor 

Wilmington, Delaware 19809 
 Attention: Corporate Trust
Administration 
 Computershare Trust Company, National Association, 

as Paying Agent 
 600 S. 4th Street 

MAC N9300-070 

Minneapolis, Minnesota 55415 
 Attention: Corporate Trust Services
– Asset Backed Administration 
 Ladies and Gentlemen: 

In connection with our purchase of record or beneficial ownership of the R-___ Asset Backed
Certificate (the “Certificate”) of Carvana Auto Receivables Trust 2022-P2, the undersigned purchaser, record owner or beneficial owner hereby acknowledges, represents and warrants that such
purchaser, record owner or beneficial owner: 
 (1) is not, and is not acquiring the Certificate with the assets of or on behalf of or for
the account of, (a) (i) an “employee benefit plan,” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to the provisions of Title I of
ERISA, (ii) a “plan” as defined in and subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or (iii) any entity or account whose underlying assets include plan assets by
reason of investment by an employee benefit plan or plan in such entity or account (each, a “Benefit Plan Investor”) other than an “insurance company general account,” as defined in Prohibited Transaction
Class Exemption 95-60 (“PTCE 95-60”), whose underlying assets include less than 25% “plan assets” of Benefit Plan Investors, who is not and is
not an affiliate of a person that has discretionary authority or control with respect to the assets of the Trust or provides investment advice for a fee (direct or indirect) with respect to the assets of the Trust, and for which the purchase and
holding of Certificates is eligible and satisfies all conditions for relief under PTCE 95-60, or (b) any other plan that is subject to any law that is substantially similar to Title I of ERISA or
Section 4975 of the Code (“Similar Law”) if such acquisition or holding would result in a violation of any Similar Law; 

  

					
		 	Ex. B-1	  	CRVNA 2022-P2 Trust Agreement

 (2) [did not acquire such Certificate through an established securities market or secondary
market (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and any regulation thereunder;] 
 (3)
[if such person is a United States person (as defined in Section 7701(a)(30) of the Code), agrees to deliver to the Trust, the Owner Trustee, Paying Agent and the Administrator on or prior to the date such person becomes a Certificateholder
under this Agreement (and from time to time thereafter upon the reasonable request of the Trust, the Owner Trustee, Paying Agent or the Administrator), executed originals of Internal Revenue Service Form W-9
certifying that such Certificateholder is exempt from U.S. federal backup withholding tax;] 
 (4) [if such person is not a United States
person (as defined in Section 7701(a)(30) of the Code), agrees to deliver to the Owner Trustee, Paying Agent and the Administrator on or prior to the date such person becomes a Certificateholder under this Agreement (and from time to time
thereafter upon the reasonable request of the Owner Trustee, Paying Agent or the Administrator), executed originals of Internal Revenue Service Form W-8BEN, or W-8BEN-E, as applicable, and to the extent such Certificateholder is not the beneficial owner of the Certificate, Internal Revenue Service Form W-8IMY accompanied by
Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable;] 

(5) [if such person is not a United States person (as defined in Section 7701(a)(30) of the Code) and provides an Internal Revenue
Service Form W-8BEN or W-8BEN-E, as applicable (or Internal Revenue Service Form W-8IMY
accompanied with a Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable) under
Section 3.4(j) of the Trust Agreement in order to claim the benefits of the exemption for portfolio interest under Section 881(c) of the Code (instead of, for example, claiming the benefits of an income tax treaty to
which the United States is a party), such Certificateholder (or in the case of a Certificateholder providing such Internal Revenue Service Form W-8IMY, the beneficial owner of the Certificate) hereby
represents and warrants that it is not a (i) “bank” within the meaning of Section 881(c)(3)(A) of the Code, (ii) “10 percent shareholder” of the Trust within the meaning of Section 881(c)(3)(B) of the Code or (iii)
“controlled foreign corporation” described in Section 881(c)(3)(C) of the Code;] 
 (6) [that, as a result of its own
activities separate from those of the Trust, it would not be required to treat income from the Certificates as effectively connected to a United States trade or business of a person that is not a United States person (as defined in
Section 7701(a)(30) of the Code), and it further acknowledges that the Trust Agreement provides that no Certificateholder or beneficial owner of a Certificate shall provide the Owner Trustee, Certificate Registrar, or the Paying Agent with
either an IRS Form W-8ECI (or successor form) or an IRS Form W-8IMY (or successor form) to which an IRS Form W-8ECI (or successor
form) is attached (either directly or as part of another form attached to such IRS Form W-8IMY), and agrees that, no portion of such Certificate or any interest therein may be transferred, directly or
indirectly, to any person that would provide an IRS Form W-8ECI or IRS Form W-8IMY with an attached IRS Form W-8ECI in response
to the withholding requirements in the Trust Agreement;] 

  

					
		 	Ex. B-2	  	CRVNA 2022-P2 Trust Agreement

 (7) [if subject to U.S. federal withholding tax imposed by FATCA if such person were to fail
to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), agrees to deliver to the Trust, the Owner Trustee, Paying Agent, Administrator or any person
designated by any of the foregoing (individually or collectively as the context may require, the “FATCA Administrator”) at the time or times prescribed by law and at such time or times reasonably requested by the FATCA Administrator
such documentation prescribed by applicable law (including without limitation as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the FATCA Administrator to comply with FATCA and to
determine that such Certificateholder or beneficial owner of a Certificate has complied with such person’s obligations under FATCA or to determine the amount to deduct and withhold from such payment to such person;] 

(8) [does not own, have any interest in or will not acquire any of the Notes or an interest therein unless such purchaser, record owner or
beneficial owner has complied with Section 3.14 of the Trust Agreement;] 
 (9) will require any transferee of our
interest in the Certificate to deliver an undertaking letter in a form substantially similar to this letter to Carvana Receivables Depositor LLC, BNY Mellon Trust of Delaware, as Owner Trustee of Carvana Auto Receivables Trust 2022-P2 and the Indenture Trustee, as Paying Agent; and 
 (10) acknowledges that you and others will rely
on our acknowledgments, representations and warranties made in connection with our purchase of record or beneficial ownership of the Certificate and agrees to notify you promptly in writing if any of our representations or warranties herein cease to
be accurate and complete. 
  

			
	  

	Name of Certificate Owner

 
			
		
	By:	 	
             

 
			
		
	Name:	 	
                 

 
			
	Title:	 	
             

 
			
	Date:	 	              

  

					
		 	Ex. B-3	  	CRVNA 2022-P2 Trust Agreement

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