Document:

EX-4.1

 EXHIBIT 4.1 
  

 
 ClassA[-1]
[    ]% Asset Backed Notes 
 [Class A-2[a/b] [    ]%
Asset Backed Notes 
 Class A-3 [    ]% Asset Backed Notes 

Class A-4 [    ]% Asset Backed Notes] 

Class B [    ]% Asset Backed Notes 

Class C [    ]% Asset Backed Notes 

Class D [    ]% Asset Backed Notes 

[Class E [    ]% Asset Backed Notes] 

[Class N [    ]% Asset Backed Notes] 

[Class XS Asset Backed Notes] 
  

 
 INDENTURE1 
 Dated as of
[                ], 20[    ] 
  

 
 CARVANA AUTO
RECEIVABLES TRUST 20[    ]-[    ] 
 Issuing Entity 

[CARVANA AUTO RECEIVABLES GRANTOR TRUST 20[    ]-[    ] 

Grantor Trust] 

[                ] 

Indenture Trustee 
  

 
  

 

	1 	 In a particular transaction, there may be more or fewer classes of notes offered (including one or more or no
subordinated classes) or one or more or no floating rate classes. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	3	 
			
	 Section 1.1
	 	Definitions	  	 	3	 
	 Section 1.2
	 	Incorporation by Reference of Trust Indenture Act	  	 	3	 
		
	 ARTICLE II THE NOTES
	  	 	4	 
			
	 Section 2.1
	 	Form	  	 	4	 
	 Section 2.2
	 	Execution, Authentication and Delivery	  	 	4	 
	 Section 2.3
	 	Temporary Notes	  	 	5	 
	 Section 2.4
	 	Registration of Notes; Registration of Transfer and Exchange of Notes	  	 	6	 
	 Section 2.5
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	7	 
	 Section 2.6
	 	Persons Deemed Noteholders	  	 	8	 
	 Section 2.7
	 	Payment of Principal and Interest	  	 	9	 
	 Section 2.8
	 	Cancellation of Notes	  	 	17	 
	 Section 2.9
	 	Release of Collateral	  	 	17	 
	 Section 2.10
	 	Book-Entry Notes	  	 	17	 
	 Section 2.11
	 	Notices to Clearing Agency	  	 	18	 
	 Section 2.12
	 	Definitive Notes	  	 	18	 
	 Section 2.13
	 	Depositor as Noteholder	  	 	19	 
	 Section 2.14
	 	Tax Treatment	  	 	19	 
	 Section 2.15
	 	[Special Terms Applicable to the Notes	  	 	20	 
		
	 ARTICLE III COVENANTS
	  	 	21	 
			
	 Section 3.1
	 	Payment of Principal and Interest	  	 	21	 
	 Section 3.2
	 	Maintenance of Agency Office	  	 	21	 
	 Section 3.3
	 	Money for Payments To Be Held in Trust	  	 	21	 
	 Section 3.4
	 	Existence	  	 	23	 
	 Section 3.5
	 	Protection of Collateral; Acknowledgment of Pledge	  	 	23	 
	 Section 3.6
	 	Opinions as to Collateral	  	 	24	 
	 Section 3.7
	 	Performance of Obligations; Servicing of Receivables	  	 	25	 
	 Section 3.8
	 	Negative Covenants	  	 	26	 
	 Section 3.9
	 	Annual Statement as to Compliance	  	 	27	 
	 Section 3.10
	 	Consolidation, Merger, etc., of Issuing Entity; Disposition of Issuing Entity Assets	  	 	27	 
	 Section 3.11
	 	Successor or Transferee	  	 	29	 
	 Section 3.12
	 	No Other Business	  	 	29	 
	 Section 3.13
	 	No Borrowing	  	 	30	 
	 Section 3.14
	 	Guarantees, Loans, Advances and Other Liabilities	  	 	30	 
	 Section 3.15
	 	Servicer’s Obligations	  	 	30	 
	 Section 3.16
	 	Capital Expenditures	  	 	30	 

  
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	 Section 3.17
	 	[RESERVED]	  	 	30	 
	 Section 3.18
	 	Restricted Payments	  	 	30	 
	 Section 3.19
	 	Notice of Events of Default	  	 	31	 
	 Section 3.20
	 	Further Instruments and Acts	  	 	31	 
	 Section 3.21
	 	Indenture Trustee’s Assignment of Purchased Receivables	  	 	31	 
	 Section 3.22
	 	Representations and Warranties by the Issuing Entity[ and Grantor Trustee] to the Indenture Trustee	  	 	31	 
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	32	 
			
	 Section 4.1
	 	Satisfaction and Discharge of Indenture	  	 	32	 
	 Section 4.2
	 	Application of Trust Money	  	 	33	 
	 Section 4.3
	 	Repayment of Monies Held by Paying Agent	  	 	33	 
	 Section 4.4
	 	Duration of Position of Indenture Trustee	  	 	33	 
		
	 ARTICLE V ARTICLE V DEFAULT AND REMEDIES
	  	 	33	 
			
	 Section 5.1
	 	Events of Default	  	 	33	 
	 Section 5.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	35	 
	 Section 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	 	35	 
	 Section 5.4
	 	Remedies; Priorities	  	 	37	 
	 Section 5.5
	 	Optional Preservation of the Collateral	  	 	39	 
	 Section 5.6
	 	Limitation of Suits	  	 	39	 
	 Section 5.7
	 	Unconditional Rights of Noteholders To Receive Principal and Interest	  	 	40	 
	 Section 5.8
	 	Restoration of Rights and Remedies	  	 	40	 
	 Section 5.9
	 	Rights and Remedies Cumulative	  	 	40	 
	 Section 5.10
	 	Delay or Omission Not a Waiver	  	 	40	 
	 Section 5.11
	 	Control by Noteholders	  	 	40	 
	 Section 5.12
	 	Waiver of Past Defaults	  	 	41	 
	 Section 5.13
	 	Undertaking for Costs	  	 	41	 
	 Section 5.14
	 	Waiver of Stay or Extension Laws	  	 	42	 
	 Section 5.15
	 	Action on Notes	  	 	42	 
	 Section 5.16
	 	Performance and Enforcement of Certain Obligations	  	 	42	 
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	 	43	 
			
	 Section 6.1
	 	Duties of Indenture Trustee	  	 	43	 
	 Section 6.2
	 	Rights of Indenture Trustee	  	 	45	 
	 Section 6.3
	 	Indenture Trustee May Own Notes	  	 	47	 
	 Section 6.4
	 	Indenture Trustee’s Disclaimer	  	 	47	 
	 Section 6.5
	 	Notice of Events of Default	  	 	47	 
	 Section 6.6
	 	Reports by Indenture Trustee	  	 	47	 
	 Section 6.7
	 	Compensation; Indemnity	  	 	47	 
	 Section 6.8
	 	Replacement of Indenture Trustee	  	 	48	 
	 Section 6.9
	 	Merger or Consolidation of Indenture Trustee	  	 	49	 

  
 iii 

							
	 Section 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	49	 
	 Section 6.11
	 	Eligibility; Disqualification	  	 	51	 
	 Section 6.12
	 	Preferential Collection of Claims Against Issuing Entity	  	 	51	 
	 Section 6.13
	 	Representations and Warranties of Indenture Trustee	  	 	51	 
	 Section 6.14
	 	Indenture Trustee May Enforce Claims Without Possession of Notes	  	 	52	 
	 Section 6.15
	 	Suit for Enforcement	  	 	52	 
	 Section 6.16
	 	Rights of Noteholders to Direct Indenture Trustee	  	 	52	 
	 Section 6.17
	 	Reports by Indenture Trustee.	  	 	52	 
		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	 	53	 
			
	 Section 7.1
	 	Issuing Entity To Furnish Indenture Trustee and Paying Agent Names and Addresses of Noteholders	  	 	53	 
	 Section 7.2
	 	Preservation of Information, Communications to Noteholders	  	 	54	 
	 Section 7.3
	 	Reports by the Issuing Entity[ and the Grantor Trust]	  	 	54	 
	 Section 7.4
	 	Reports by Indenture Trustee	  	 	54	 
	 Section 7.5
	 	Noteholder Communications.	  	 	55	 
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	56	 
			
	 Section 8.1
	 	Collection of Money	  	 	56	 
	 Section 8.2
	 	Designated Accounts; Payments	  	 	56	 
	 Section 8.3
	 	General Provisions Regarding Accounts	  	 	62	 
	 Section 8.4
	 	Release of Trust Estate	  	 	63	 
	 Section 8.5
	 	Opinion of Counsel	  	 	63	 
	 Section 8.6
	 	Benchmark Determination. [Benchmark Determination language to be inserted as appropriate if floating rate notes are issued under the deal.]	  	 	63	 
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	64	 
			
	 Section 9.1
	 	Supplemental Indentures Without Consent of Noteholders	  	 	64	 
	 Section 9.2
	 	Supplemental Indentures With Consent of Noteholders	  	 	65	 
	 Section 9.3
	 	Execution of Supplemental Indentures	  	 	67	 
	 Section 9.4
	 	Effect of Supplemental Indenture	  	 	67	 
	 Section 9.5
	 	Reference in Notes to Supplemental Indentures	  	 	67	 
	 Section 9.6
	 	Conformity with Trust Indenture Act	  	 	67	 
		
	 ARTICLE X REDEMPTION OF NOTES
	  	 	68	 
			
	 Section 10.1
	 	Redemption	  	 	68	 
	 Section 10.2
	 	Form of Redemption Notice	  	 	68	 
	 Section 10.3
	 	Notes Payable on Redemption Date	  	 	68	 

  
 iv 

							
	 ARTICLE XI MISCELLANEOUS
	  	 	69	 
			
	 Section 11.1
	 	Compliance Certificates and Opinions, etc.	  	 	69	 
	 Section 11.2
	 	Form of Documents Delivered to Indenture Trustee	  	 	70	 
	 Section 11.3
	 	Acts of Noteholders	  	 	71	 
	 Section 11.4
	 	Notices, etc., to Indenture Trustee,[ Grantor Trust,] Issuing Entity and Rating Agencies	  	 	72	 
	 Section 11.5
	 	Notices to Noteholders; Waiver	  	 	73	 
	 Section 11.6
	 	Alternate Payment and Notice Provisions	  	 	73	 
	 Section 11.7
	 	Conflict with Trust Indenture Act	  	 	73	 
	 Section 11.8
	 	Effect of Headings and Table of Contents	  	 	74	 
	 Section 11.9
	 	Successors and Assigns	  	 	74	 
	 Section 11.10
	 	Severability	  	 	74	 
	 Section 11.11
	 	Benefits of Indenture	  	 	74	 
	 Section 11.12
	 	Legal Holidays	  	 	74	 
	 Section 11.13
	 	Governing Law; Waiver of Jury Trial	  	 	74	 
	 Section 11.14
	 	Counterparts	  	 	75	 
	 Section 11.15
	 	Recording of Indenture	  	 	75	 
	 Section 11.16
	 	No Recourse	  	 	75	 
	 Section 11.17
	 	No Petition	  	 	76	 
	 Section 11.18
	 	Inspection	  	 	76	 
	 Section 11.19
	 	Subordination	  	 	76	 
	 Section 11.20
	 	Concerning the Owner Trustee	  	 	77	 
		
	 ARTICLE XII — COMPLIANCE WITH REGULATION AB
	  	 	77	 
			
	 Section 12.1
	 	Information to be Provided by the Indenture Trustee	  	 	77	 
	 Section 12.2
	 	Noteholder Demand for Asset Representations Review	  	 	79	 

 EXHIBIT A: FORM OF CLASS [A[-1] / A[-2][a/b] /
[A-3] / [A-4] / B / C / D / E / N [FIXED/FLOATING] RATE ASSET BACKED NOTES 

[EXHIBIT [B]: FORM OF CLASS XS NOTES] 
 EXHIBIT
[    ]: SERVICING CRITERIA 

  
 v 

 INDENTURE, dated as of
[                ], 20[    ] (this “Agreement”), among CARVANA AUTO RECEIVABLES TRUST
20[    ]-[    ], a Delaware statutory trust (the “Issuing Entity”), [CARVANA AUTO RECEIVABLES GRANTOR TRUST 20[    ]-[    ], a Delaware statutory trust
(the “Grantor Trust”),] and [                ], a [                ], as
indenture trustee and not in its individual capacity (the “Indenture Trustee”). 
 Each party agrees as follows for the
benefit of the other parties and for the equal and ratable benefit of the Secured Parties (only to the extent expressly provided herein): 

GRANTING CLAUSE 
 [The
Grantor Trust hereby Grants to the Indenture Trustee as of the Closing Date, as trustee for the benefit of the Secured Parties (only to the extent expressly provided herein), all right, title and interest of the Grantor Trust in, to and under the
following property, whether now owned or existing or hereafter acquired or arising: 
 (a) the Third Step Transferred Property contributed to
the Grantor Trust under the Receivables Contribution Agreement; 
 (b) the Transaction Documents; 

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

(d) all present and future claims, demands, causes and choses in action of the Grantor Trust in respect of any or all of the foregoing and all
payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all cash and non-cash proceeds and other property consisting of, arising from or
relating to all or any part of the foregoing (collectively, the “Grantor Trust Collateral”).]2 

The Issuing Entity hereby Grants to the Indenture Trustee at the Closing Date, as trustee for the benefit of the Secured Parties (only to the
extent expressly provided herein) the following property, whether now owned or existing or hereafter acquired or arising: 

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

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

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

 

	2 	 To be utilized if an underlying grantor trust is included in an issuance.

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

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

(f) all right, title and interest of the Issuing Entity in, to and under any Third Party Instrument; and 

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

  
 2 

 The Indenture Trustee, as trustee on behalf of the Secured Parties and (only to the extent
expressly provided herein) the Certificateholders, acknowledges such Grants and accepts the trusts under this Indenture in accordance with the provisions of this Indenture. 

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 Cavana, LLC as the seller and Carvana Receivables Depositor LLC as the purchaser. All references herein to “the Agreement” or “this Agreement” are to this Indenture as it may be amended,
supplemented or modified from time to time, the exhibits and schedules hereto and the capitalized terms used herein, which are defined in Part I of such Appendix A, and all references herein to Articles, Sections and Subsections are to
Articles, Sections or Subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 

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

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

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

  
 3 

 ARTICLE II 

THE NOTES 

Section 2.1 Form. 

(a) Each of the Class A[-1] Notes, together with the Indenture Trustee’s certificate of
authentication, shall be substantially in the form set forth in Exhibit A,[ each of the Class A-2 Notes, together with the Indenture Trustee’s certificate of authentication, shall be
substantially in the form set forth in Exhibit A, each of the Class A-3 Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth
in Exhibit A, each of the Class A-4 Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit A,] each of the
Class B Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit A, each of the Class C Notes, together with the Indenture Trustee’s certificate of
authentication, shall be substantially in the form set forth in Exhibit A[,][ and] each of the Class D Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in
Exhibit A[,][ and] [each of the Class E Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit A[,][ and] ][each of the Class XS Notes,
together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit [B][,][ and] ][each of the Class N Notes, together with the Indenture Trustee’s certificate of
authentication, shall be substantially in the form set forth in Exhibit [A],] in each case with such appropriate insertions, omissions, substitutions and other variations as are permitted or required by this Indenture and each such Note may
have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of such Notes. Any portion
of the text of any Note may be set forth on the reverse thereof with an appropriate reference thereto on the face of such Note. 
 (b) The
Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such
Notes. 
 (c) The terms of each class of Notes as provided for in Exhibits A, [and B] hereto are part of the terms of
this Indenture. 
 Section 2.2 Execution, Authentication and Delivery. 

(a) Each Note [(other than the Class E Notes and the Class XS Notes)] shall be dated the date of its authentication and shall be
issuable as a registered Note in the minimum denomination of $[ ] and in integral multiples thereof (except, if applicable, for one Note representing a residual portion of each class which may be issued in a different denomination).[ Each
Class E Note shall be dated the date of its authentication and shall be issuable as a registered Note in the minimum denomination of $[ ] and in integral multiples of $[ ].][ Each Class XS Note shall be dated the date of its authentication
and shall be issuable as a registered Note in the minimum denomination of $[ ] in notional amount and in integral multiples of $[ ] in notional amount.] 

(b) The Notes shall be executed on behalf of the Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer
on the Notes may be manual or facsimile. 

  
 4 

 (c) Notes bearing the manual or facsimile signature of individuals who were at any time
Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that such individuals or any of them have ceased to hold such office prior to the authentication and delivery of such Notes or did not hold such office at the
date of such Notes. 
 (d) The Indenture Trustee, in exchange for the Grant of the Issuing Entity Collateral, shall cause to be authenticated
and delivered to or upon the order of the Issuing Entity (an “Authentication Order”) Notes [(other than the Class XS Notes)] for original issue in the aggregate principal amount of $[ ] comprised of (i) Class A[-1] Notes in the aggregate principal amount of $[ ],[ (ii) Class A-2 Notes in the aggregate principal amount of $[ ], (iii) Class A-3 Notes in the aggregate principal amount of $[ ], (iv) Class A-4 Notes in the aggregate principal amount of $[ ],] (v) Class B Notes in the aggregate
principal amount of $[ ], (vi) Class C Notes in the aggregate principal amount of $[ ][,] [and] (vii) Class D Notes in the aggregate principal amount of $[ ][,] [and] [(viii) Class E Notes in the aggregate principal amount of $[
][,] [and]] [ (ix) Class N Notes in the aggregate principal amount of $[ ]]. The aggregate principal amount of all Notes [(other than the Class XS Notes)] outstanding at any time may not exceed $[ ], except as provided in
Section 2.5.[ The Indenture Trustee shall cause to be authenticated and delivered to or upon the order of the Issuing Entity the Class XS Notes in the aggregate notional amount of $[ ].] 

(e) No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form set forth in Exhibits A, [and B] as applicable, executed by the Indenture Trustee by the manual signature of one of its Authorized Officers; such certificate upon
any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.3 Temporary Notes. 

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

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

  
 5 

 Section 2.4 Registration of Notes; Registration of Transfer and Exchange of
Notes. 
 (a) The Issuing Entity shall cause to be kept the Note Register, comprising separate registers for each class of Notes, in
which, subject to such reasonable regulations as the Issuing Entity may prescribe, the Issuing Entity shall provide for the registration of the Notes and the registration of transfers and exchanges of the Notes. The Indenture Trustee shall initially
be the Note Registrar for the purpose of registering the Notes and transfers of the Notes as herein provided and shall initially be the Paying Agent. Upon any resignation of any Note Registrar or Paying Agent, the Issuing Entity shall promptly
appoint a successor to act as Note Registrar or Paying Agent or, if it elects not to make such an appointment, assume the duties of Note Registrar or Paying Agent itself. 

(b) If a Person other than the Indenture Trustee is appointed by the Issuing Entity as Note Registrar, the Issuing Entity will give the
Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register. The Indenture Trustee shall have the right to inspect the Note Register at all reasonable
times and to obtain copies thereof. The Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Authorized Officer thereof as to the names and addresses of the Noteholders and the principal
amounts and number of such Notes. Notwithstanding anything herein to the contrary, so long as [ ] is acting as the Indenture Trustee hereunder, it shall act in the capacities of Note Registrar and Paying Agent. 

(c) Upon surrender for registration of transfer of any Note at the Corporate Trust Office of the Indenture Trustee or the Agency Office of the
Issuing Entity, the Issuing Entity shall execute, the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes of the same class
in any authorized denominations, of a like aggregate principal amount. 
 (d) At the option of the Noteholder, Notes may be exchanged for
other Notes of the same class in any authorized denominations, of a like aggregate principal amount; and upon surrender of such Notes to be exchanged at the Corporate Trust Office of the Indenture Trustee or the Agency Office of the Issuing Entity,
the Issuing Entity shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, such Notes which the Noteholder making the exchange is entitled to receive. 

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

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

  
 6 

 (g) No service charge shall be made to a Holder for any registration of transfer or exchange
of Notes, but the Issuing Entity or Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Sections 2.3 or 9.5 not involving any transfer. 
 (h) By acquiring a Class A Note, Class B
Note, Class C Note or Class D Note (or any beneficial ownership therein), each purchaser and transferee shall be deemed to represent and warrant that either (i) it is not acquiring the Note (or beneficial interest) with the assets of
a Benefit Plan Investor or other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) (including, without limitation, foreign or governmental plans) or
(ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law.

 (i) By acquiring a Class E Note, each purchaser and transferee shall be deemed to represent and warrant that (a) it is not
acquiring the Note (or beneficial interest) with the assets of a Benefit Plan Investor, and (b) either (i) it is not a plan that is subject to any Similar Law, or (ii) its acquisition and holding of the Note (or beneficial interest) will
not give rise to a violation of any Similar Law. 
 (j) The preceding provisions of this Section 2.4
notwithstanding, the Issuing Entity shall not be required to transfer or make exchanges, and the Note Registrar need not register transfers or exchanges, of Notes that (i) have been selected for redemption pursuant to Article X, if
applicable, or (ii) are due for repayment within fifteen (15) days of submission to the Corporate Trust Office or the Agency Office. 

(k) Sale, pledge or transfer of a Retained Note may be made to any Person. A Person other than the Depositor or an Affiliate thereof acquiring
a Retained Note or an interest therein shall be deemed to have made the representations set forth in Section 2.14; and (ii) no sale, pledge, or transfer of a Retained Note shall be made unless (A) counsel
satisfactory to the Depositor has rendered an opinion to the Depositor and the Indenture Trustee to the effect that (1) such sale, pledge or transfer by the Depositor will not cause the Issuing Entity to fail to qualify as a grantor trust for
United States federal income tax purposes and (2) such Note will be characterized as indebtedness for United States federal income tax purposes and (B) the Depositor shall have provided prior written approval thereof. 

Section 2.5 Mutilated, Destroyed, Lost or Stolen Notes. 

(a) If (i) any mutilated Note is surrendered to the Indenture Trustee or the Note Registrar, or each of the Indenture Trustee and the
Issuing Entity receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the Indenture Trustee and the Issuing Entity such security or indemnity as may be required by the Issuing Entity
and the Indenture Trustee to hold the Issuing Entity and the Indenture Trustee harmless, then, in 

  
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the absence of notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuing Entity shall execute and upon the
Issuing Entity’s request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of a like class and aggregate principal amount; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the
Issuing Entity may make payment to the Holder of such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, if applicable, without surrender thereof. 

(b) If, after the delivery of a replacement Note or payment in respect of a destroyed, lost or stolen Note pursuant to subsection (a), a
protected purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment)
from (i) any Person to whom it was delivered, (ii) the Person taking such replacement Note from the Person to whom such replacement Note was delivered or (iii) any assignee of such Person, except a protected purchaser, and the Issuing
Entity and the Indenture Trustee shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuing Entity or the Indenture Trustee in connection therewith. 

(c) In connection with the issuance of any replacement Note under this Section 2.5, the Issuing Entity or the
Indenture Trustee may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including all fees and expenses of the
Indenture Trustee) connected therewith. 
 (d) Any replacement Note issued pursuant to this Section 2.5 in
replacement for any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be found at any time or be
enforced by any Person, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

(e) The provisions of this Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 Section 2.6
Persons Deemed Noteholders. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name any Note
is registered (as of the day of determination) as the Noteholder for the purpose of receiving payments of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuing
Entity, the Indenture Trustee nor any agent of the Issuing Entity or the Indenture Trustee shall be affected by notice to the contrary. 

  
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 Section 2.7 Payment of Principal and Interest. 

(a) Prior to any acceleration of the Notes pursuant to Section 5.2(a), on each Distribution Date occurring during the
Revolving Period, the Paying Agent shall, solely in accordance with the Servicer’s Certificate for such Distribution Date made available by the Servicer, apply (i) the Available Funds for such Distribution Date, (ii) pursuant to
Section 8.2(b)(i), the Reserve Account Draw Amount, if any, for that Distribution Date solely in connection with the payment of clauses (i) through (ix) below, (iii) pursuant to
Section 8.2(b)(ii), the Class N Reserve Account Draw Amount, if any, solely in connection with the payment of clause (xii) below for that Distribution Date to make the following payments and deposits in the
following order of priority: 
 (i) the [Servicing Strip Amount][Servicing Fee] for the related Collection Period shall be
used to pay the Servicer or any Successor Servicer, as applicable [except Available Funds from the Reserve Account may not be used for this purpose as long as the Servicer is an Affiliate of the [Sponsor][, the related Servicing Fee for such
Distribution Date, and any Excess Servicing Strip Amount for such Distribution Date will be distributed to the Class XS Note]; 

(ii) pro rata, (a) [to the extent not previously paid, to the Backup Servicer, if the Backup Servicer has replaced Bridgecrest
Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer (including any boarding fees or
other expenses payable by the Issuing Entity), provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to this clause (ii)(a) shall only be payable during the calendar year beginning on the date that the
Backup Servicer has replaced Bridgecrest Credit Company, LLC as Servicer and will not exceed $[ ] in such calendar year, (b)] to each of the Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,] the Administrator and the Collateral
Custodian any fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,] the Administrator and the Collateral Custodian and all unpaid fees, expenses and indemnity amounts from prior
Collection Periods, provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to this clause (ii)(b) will not exceed (A) $[ ] in any calendar year to the Indenture Trustee and Collateral Custodian and
[(B) $[ ] in any calendar year to the Grantor Trust Trustee and Owner Trustee combined,] (c) [to the Asset Representations Reviewer, the fees, expenses and indemnities due and owing under the Asset Representations Review Agreement, which have not
been previously paid in full, up to a maximum of $[ ] per year] and (d) to each Rating Agency, annual surveillance fees not to exceed $[ ] in any calendar year; 

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

(iv) [to the Swap Counterparty, the net amount payable, if any, other than any Swap Termination Amounts;] 

(v) [pro rata (i)]to the Note Distribution Account, for the payment of interest on the Class A Notes, the Aggregate
Class A Interest Distributable Amount for such Distribution Date, and (ii) any [Senior] Swap Termination Amounts on Interest Rate Swaps related to the Class A Notes, pro rata;] 

  
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 (vi) to the Note Distribution Account, for the payment of interest on the
Class B Notes, the Aggregate Class B Interest Distributable Amount for such Distribution Date; 
 (vii) to the Note
Distribution Account, for the payment of interest on the Class C Notes, the Aggregate Class C Interest Distributable Amount for such Distribution Date; 

(viii) to the Note Distribution Account, for the payment of interest on the Class D Notes, the Aggregate Class D
Interest Distributable Amount for such Distribution Date; 
 (ix) [to the Note Distribution Account, for the payment of
interest on the Class E Notes, the Aggregate Class E Interest Distributable Amount for such Distribution Date;] 

(x) to reinvestments in additional receivables and deposits into the Accumulation Account, as applicable, in the amount by
which the aggregate Pool Balance of the Notes exceeds the aggregate Pool Balance; 
 (xi) to the Reserve Account, until the
amount in the Reserve Account equals the Specified Reserve Account Balance; 
 (xii) [to the Note Distribution Account, for
the payment of interest on the Class N Notes, the Aggregate Class N Note Interest Distributable Amount for such Distribution Date; 

(xiii) to the Class N Reserve Account, any amount in excess, if any, of (i) the Specified Class N Reserve
Account Balance over (ii) all amounts on deposit in the Class N Reserve Account on such Distribution Date, after giving effect to all prior required withdrawals, if any, from the Class N Reserve Account on such Distribution Date;]

 (xiv) to reinvestments in additional Receivables and deposits into the Accumulation Account, as applicable, in the amount
by which the aggregate Principal Balance of the Notes plus the Overcollateralization Target Amount exceeds the aggregate Pool Balance, as increased above, plus the amounts deposited in the Accumulation Account above; 

(xv) [to any subordinate Swap Termination Amounts on any interest rate swaps related to the Class A Notes;] 

  
 10 

 (xvi) pro rata, (a) [to the Backup Servicer, if the Backup Servicer has
replaced Bridgecrest Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer that are in
excess of the related cap described under clause (ii) above (including any boarding fees or other expenses payable by the Issuing Entity), (b)] to the extent not previously paid, to each of the Indenture Trustee, the Owner Trustee,[ the Grantor
Trust Trustee,] the Rating Agencies, the Administrator, the Asset Representations Reviewer and the Collateral Custodian any unpaid fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee,[ the Grantor Trust
Trustee,] the Rating Agencies, the Administrator the Asset Representations Reviewer and the Collateral Custodian that are in excess of the related caps described under clause (ii) above [, except Available Funds from the Reserve Account may not
be used for this purpose as long as the Administrator is an affiliate of the [Sponsor][Seller]] [and (c) to the Backup Servicer, any unpaid expenses and indemnity amounts due to the Backup Servicer; and 

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

(b) Prior to any acceleration of the Notes pursuant to Section 5.2(a), on each Distribution Date occurring during the
Accumulation Period, the Paying Agent shall, solely in accordance with the Servicer’s Certificate for such Distribution Date made available by the Servicer, apply (i) the Available Funds for such Distribution Date, (ii) pursuant to
Section 8.2(b)(i), the Reserve Account Draw Amount, if any, for that Distribution Date solely in connection with the payment of clauses (i) through (xi) below, (iii) pursuant to
Section 8.2(b)(ii), the Class N Reserve Account Draw Amount, if any, solely in connection with the payment of clauses (xvi) and (xx) below for that Distribution Date to make the following payments and deposits in
the following order of priority: 
 (i) the [Servicing Strip Amount][Servicing Fee] for the related Collection Period shall
be used to pay the Servicer or any Successor Servicer, as applicable [except Available Funds from the Reserve Account may not be used for this purpose as long as the Servicer is an Affiliate of the [Sponsor][, the related Servicing Fee for such
Distribution Date, and any Excess Servicing Strip Amount for such Distribution Date will be distributed to the Class XS Note]; 

(ii) pro rata, (a) [to the extent not previously paid, to the Backup Servicer, if the Backup Servicer has replaced Bridgecrest
Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer (including any boarding fees or
other expenses payable by the Issuing Entity), provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to this clause (ii)(a) shall only be payable during the calendar year beginning on the date that the
Backup Servicer has replaced Bridgecrest Credit Company, LLC as Servicer and will not exceed $[ ] in such calendar year, (b)] to each of the Indenture Trustee, the Owner 

  
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Trustee,[ the Grantor Trust Trustee,] the Administrator and the Collateral Custodian any fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee,[ the Grantor
Trust Trustee,] the Administrator and the Collateral Custodian and all unpaid fees, expenses and indemnity amounts from prior Collection Periods, provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to
this clause (ii)(b) will not exceed (A) $[ ] in any calendar year to the Indenture Trustee and Collateral Custodian and [(B) $[ ] in any calendar year to the Grantor Trust Trustee and Owner Trustee combined,] (c) [to the Asset Representations
Reviewer, the fees, expenses and indemnities due and owing under the Asset Representations Review Agreement, which have not been previously paid in full, up to a maximum of $[ ] per year] and (d) to each Rating Agency, annual surveillance fees
not to exceed $[ ] in any calendar year; 
 (iii) [to the Backup Servicer, the Backup Servicing Fee;] 

(iv) [to the Swap Counterparty, the net amount payable, if any, other than any Swap Termination Amounts;] 

(v) pro rata, (i) to the Note Distribution Account, for the payment of interest on the Class A Notes, the Aggregate
Class A Interest Distributable Amount for such Distribution Date [and (ii) to payment of any [senior] Swap Termination Amounts on interest rate swaps related to the Class A Notes, pro rata;] 

(vi) to the Note Distribution Account, for the payment of principal on the Notes in priority specified in Section 8.2(c),
the First Priority Principal Distributable Amount for such Distribution Date; 
 (vii) to the Note Distribution Account, for
the payment of interest on the Class B Notes, the Aggregate Class B Interest Distributable Amount for such Distribution Date; 

(viii) to the Note Distribution Account, for the payment of principal on the Notes in the priority specified in
Section 8.2(c), the Second Priority Principal Distributable Amount for such Distribution Date; 
 (ix) to the Note
Distribution Account, for the payment of interest on the Class C Notes, the Aggregate Class C Interest Distributable Amount for such Distribution Date; 

(x) to the Note Distribution Account, for the payment of principal on the Notes in the priority specified in
Section 8.2(c), the Third Priority Principal Distributable Amount for such Distribution Date; 
 (xi) to the Note
Distribution Account, for the payment of interest on the Class D Notes, the Aggregate Class D Interest Distributable Amount for such Distribution Date; 

  
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 (xii) to the Note Distribution Account, for the payment of principal on the
Notes in the priority specified in Section 8.2(c), the Fourth Priority Principal Distributable Amount for such Distribution Date; 

(xiii) to the Note Distribution Account, for the payment of interest on the Class E Notes, the Aggregate Class E
Interest Distributable Amount for such Distribution Date; 
 (xiv) to the Note Distribution Account, for the payment of
principal on the Notes in the priority specified in Section 8.2(c), the Fifth Priority Principal Distributable Amount for such Distribution Date; 

(xv) to the Reserve Account, the amount, if any, necessary to fund the Reserve Account up to the Reserve Account Required
Amount; 
 (xvi) Principal of the Notes in an amount equal to the lesser of the aggregate Principal Amount of the Notes
[(other than the Class N Notes)] and the amount by which the sum of the aggregate Principal Amount of the Notes [(other than the Class N Notes)] and the Overcollateralization Target Amount for that Distribution Date exceeds the Pool
Balance as of the last day of the related Collection Period less any amounts allocated to pay Principal of the Notes under clauses [(vi), (viii), (x), (xii) and (xiv)] above; 

(xvii) [to any subordinate Swap Termination Amounts on any interest rate swaps related to the Class A Notes;] 

(xviii) [to the Note Distribution Account, for the payment of interest on the Class N Notes, the Aggregate Class N
Note Interest Distributable Amount for such Distribution Date; 
 (xix) to the Class N Reserve Account, any amount in
excess, if any, of (i) the Specified Class N Reserve Account Balance over (ii) all amounts on deposit in the Class N Reserve Account on such Distribution Date, after giving effect to all prior required withdrawals, if any, from
the Class N Reserve Account on such Distribution Date;] 
 (xx) (A) on any distribution date prior to the final
scheduled distribution date for the Class N Notes, if the sum of (a) Available Funds remaining after payment of clauses (i) through (xviii) above and (ii) the remaining available balance in the Class N Reserve Account after
payment of all amounts due pursuant to clause (xix) above, is equal to or greater than the outstanding principal amount of the Class N Notes, principal of the Class N Notes in an amount equal to the outstanding principal amount of the
Class N Notes, otherwise, in an amount equal to Available Funds remaining after payment of clauses (i) through [(xix)] above; (B) on the Final Scheduled Distribution Date for the Class N Notes, Principal to the Class N Notes
in an amount equal to the Outstanding Principal Amount of the Class N Notes;] 

  
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 (xxi) pro rata, (a) [to the Backup Servicer, if the Backup Servicer has
replaced Bridgecrest Credit Company, LLC as servicer, any indemnity amounts due to the Backup Servicer as Successor Servicer plus any transition expenses due in respect of the transfer of servicing to the Backup Servicer that are in excess of the
related cap described under clause (ii)(b) above (including any boarding fees or other expenses payable by the Issuing Entity), (b)] to the extent not previously paid, to each of the Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,]
the Rating Agencies, the Administrator, the Asset Representations Reviewer and the Collateral Custodian any unpaid fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,] the Rating
Agencies, the Administrator, the Asset Representations Reviewer and the Collateral Custodian that are in excess of the related caps described under clause (ii) above [, except Available Funds from the Reserve Account may not be used for this
purpose as long as the Administrator is an Affiliate of the [Sponsor] [and (c) to the Backup Servicer, any unpaid expenses and indemnity amounts due to the Backup Servicer]; and 

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

(c) Notwithstanding the foregoing, following the occurrence and during the continuance of an Event of Default set forth in
Section 5.1(a)-(g) hereof, but prior to acceleration of the Notes in accordance with Section 5.2(a) hereof, the cap on expenses and indemnities payable to the Owner Trustee,[ the Grantor Trust
Trustee,] the Indenture Trustee and the Collateral Custodian as set forth in Section 2.7(a)(ii)(b)(A) and (B), or Section 2.7(b)(ii)(b)(A) and (B), as applicable, hereof will not
apply. Following the occurrence of an Event of Default which has resulted in an acceleration of the Notes that has not been rescinded or annulled, all Available Funds shall be applied in accordance with Section 2.7(f)
hereof. 
 (d) Each Class of Notes (other the Class XS Notes) shall accrue interest during each Collection Period at the related
Interest Rate, and such interest shall be due and payable on each Distribution Date in accordance with the priorities set forth in Section 2.7(a) or Section 2.7(b), as applicable, and
Section 2.7(f). Interest on each Class of Notes other than [the Class [A-1] Notes and the Class XS Notes] shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. [Interest on the Class [A-1] Notes shall be calculated on the basis of the actual
number of days elapsed and a 360-day year.] Notwithstanding any other provision hereof, no Interest Rate may exceed the maximum rate permitted by law. Subject to Section 3.1 hereof,
any installment of interest or principal, if any, payable on any Note that is punctually paid or duly provided for on the applicable Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is
registered on the related Record Date by wire transfer of immediately available funds so long as the Noteholder has provided the Indenture Trustee with the relevant account information at least five (5) Business Days prior to the related
Distribution Date, and if such Noteholder has not so provided the Indenture Trustee with such information, then by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date;
provided, however, that, unless Definitive Notes have been issued pursuant to 

  
 14 

 
Section 2.12 hereof, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payment shall be made by wire transfer in immediately available funds to the account designated by such nominee, and except for the final installment of principal payable with respect to such Note on a Distribution Date or on the related Final
Scheduled Distribution Date, which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. 

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

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

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

(ii) pro rata, (a) to the extent not previously paid, to the Backup Servicer, if the Backup Servicer has replaced
Bridgecrest Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer, (b) to the
extent not previously paid, to each of the Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,] the Administrator, the Rating Agencies and the Collateral Custodian any unpaid fees, expenses and indemnity amounts due to each of the
Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,] the Administrator and the Collateral Custodian and all unpaid fees, expenses and indemnity amounts from the prior Collection Periods, (c) to each Rating Agency, annual
surveillance fees not to exceed $27,500 in any calendar year, (d) [to the Asset Representation Reviewer, any fees, expenses and indemnity amounts due to the Asset Representation Reviewer] and (e) to the Backup Servicer, any unpaid expenses and
indemnity amounts due to the Backup Servicer; 

  
 15 

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

(iv) to the Class A Notes, the Aggregate Class A Interest Distributable Amount for such Distribution Date; 

(v) to the Holders of the Class A-1 Notes in respect of principal thereof until
the Outstanding Amount of the Class A-1 Notes is reduced to zero; 
 (vi) to the
Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata in respect of principal
thereof until the Outstanding Amount of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes is
reduced to zero; 
 (vii) to the Holders of the Class B Notes, the Aggregate Class B Interest Distributable Amount
for such Distribution Date; 
 (viii) to the Holders of the Class B Notes, in respect of principal thereof until the
Outstanding Amount of the Class B Notes is reduced to zero; 
 (ix) to the Holders of the Class C Notes, the
Aggregate Class C Interest Distributable Amount for such Distribution Date; 
 (x) to the Holders of the Class C
Notes, in respect of principal thereof until the Outstanding Amount of the Class C Notes is reduced to zero; 
 (xi) to
the Holders of the Class D Notes, the Aggregate Class D Interest Distributable Amount for such Distribution Date; 

(xii) to the Holders of the Class D Notes, in respect of principal thereof until the Outstanding Amount of the
Class D Notes is reduced to zero; 
 (xiii) to the Holders of the Class E Notes, in respect of principal thereof
until the Outstanding Amount of the Class E Notes is reduced to zero; 
 (xiv) to the Holders of the Class N Notes,
the Aggregate Class N Interest Distributable Amount for such Distribution Date; 
 (xv) If the sum of (a) Available
Funds remaining after payment of clauses (i) through (xiii) above and (b) the remaining available balance in the Class N Reserve Account after payment of all amounts due pursuant to clause (xiii) above, is equal to or greater
than the outstanding principal amount of the Class N Notes, principal of the Class N Notes in an amount equal to the outstanding principal amount of the Class N Notes, otherwise, in an amount equal to remaining Available Funds after
payment of clauses (i) through (xiii) above, until the Class N Notes have been paid in full; and 

  
 16 

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

(g) [The Paying Agent hereby agrees that, with respect to any indemnification payments payable to the Grantor Trust Trustee pursuant to
Sections 2.7(a) or (b), as applicable, or Section 2.7(e), if a subrogee thereof pursuant to Article VI of the Grantor Trust Agreement, requests such indemnification payments to be payable to such subrogee
instead of the Grantor Trust Trustee, then the Paying Agent shall remit such indemnification payments at the direction of such subrogee.] 

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

 Section 2.9 Release of Collateral. The Indenture Trustee shall not release property from the Lien of this
Indenture other than as permitted by Sections 2.7, 3.21, 8.2, 8.4 and 11.1, and otherwise only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion of Counsel (to the
extent required but the TIA) and Independent Certificates in accordance with TIA §§314(c) and 314(d)(1). 

Section 2.10 Book-Entry Notes. The Notes, upon original issuance, shall be issued in the form of a typewritten
Note or Notes representing the Book-Entry Notes, to be delivered to Cede & Co., as nominee of The Depository Trust Company, as the initial Clearing Agency, or its custodian, by or on behalf of the Issuing Entity, or in the case of Retained
Notes, at the Depositor’s option, as Definitive Notes delivered to the Depositor or its representative. Such Book-Entry Note or Notes shall be registered on the Note Register in the name of Cede & Co., the nominee of the initial
Clearing Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until the Definitive Notes have been issued to
Note Owners pursuant to Section 2.12: 

  
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 (a) the provisions of this Section 2.10 shall be in full force and
effect; 
 (b) the Note Registrar, the Indenture Trustee and the Paying Agent shall be entitled to deal with the Clearing Agency for all
purposes of this Indenture (including the payment of principal of and interest on such Notes and the giving of instructions or directions hereunder) as the sole Holder of such Notes and shall have no obligation to the Note Owners; 

(c) to the extent that the provisions of this Section 2.10 conflict with any other provisions of this Indenture, the
provisions of this Section 2.10 shall control; 
 (d) the rights of the Note Owners shall be exercised only through
the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency or the Clearing Agency Participants. Unless and until Definitive Notes are issued pursuant to
Section 2.12, the initial Clearing Agency shall make book-entry transfers between the Clearing Agency Participants and receive and transmit payments of principal of and interest on such Notes to such Clearing Agency
Participants, pursuant to the Note Depository Agreement; and 
 (e) whenever this Indenture requires or permits actions to be taken based
upon instructions or directions of Holders of Notes evidencing a specified percentage of the Outstanding Amount of the Controlling Class, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has
(i) received instructions to such effect from Note Owners or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes; and (ii) delivered such instructions to the
Indenture Trustee. 
 Section 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the
Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified
herein to be given to Noteholders to the Clearing Agency and shall have no other obligation to the Note Owners. 

Section 2.12 Definitive Notes. If (i) the Administrator advises the Indenture Trustee in writing that the
Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes and the Issuing Entity is unable to locate a qualified successor; (ii) the Administrator, at its option, advises the Indenture
Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency; or (iii) after the occurrence of an Event of Default or a Servicer Termination Event, Note Owners representing beneficial interests aggregating at
least a majority of the Outstanding Amount of the Controlling Class advise the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the Note Owners, then the
Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten
Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuing Entity shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions
of the Clearing Agency. None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall be liable for any delay in 

  
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delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize
the Holders of the Definitive Notes as Noteholders. The Issuing Entity represents that the Notes are of the type of debt instruments where payments under such debt instruments may be accelerated by reason of prepayments of other obligations securing
such debt instruments. 
 Section 2.13 Depositor as Noteholder. The Depositor in its individual or any other
capacity may become the owner or pledgee of Notes of any class and may otherwise deal with the Issuing Entity or its affiliates with the same rights it would have if it were not the Depositor. 

Section 2.14 Tax Treatment. 

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

(b) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. 

(c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that
the Indenture Trustee or any Paying Agent on behalf of the Issuing Entity has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a
Noteholder or holder of an interest in a Note that fails to comply with the requirements of Section 2.14(b). 
 (d)
Each Noteholder or Note Owner acknowledges and represents that it is not a member of an “expanded group” (within the meaning of the regulations issued under Section 385 of the Code) that includes a domestic corporation (as determined
for U.S. federal income tax purposes) if such domestic corporation, directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns 80% or
more of the capital or profits of the Issuing Entity. 
 (e) Each Noteholder or Note Owner represents and agrees that (A) if it is
acting as a nominee or in a similar capacity, represents and agrees that no beneficial owner for which it is acting as a nominee owns less than the minimum denomination for such Note and (B) it does not and will not beneficially own a Note (or
any beneficial interest therein) in an amount that is less than the minimum denomination for such Note. 

  
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 (f) For the Class E and Class XS Notes, each Noteholder or Note Owner or
beneficial owner of such Notes, 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 Notes, other interest (direct or indirect) in the Issuing Entity, or any
interest created under the Indenture and (y) it is not and will not be a principal purpose of the arrangement involving the investment of such Flow-Through Entity in any Note to permit any partnership to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Code, and (B) it will not transfer such Notes to a
Flow-Through Entity (other than a Flow-Through Entity described in subpart (A)(II) above). 
 (g) Each Noteholder or Note Owner or beneficial
owner of a Note, represents and agrees that it will not take any action that could cause, and will not omit to take any action, which omission could cause, the Issuing Entity to become taxable as a corporation for U.S. federal income tax purposes.

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

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

Section 2.15 [Special Terms Applicable to the Notes. 

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

  
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 (c) Each Class [__] Note shall bear a legend to the effect set forth in subsection
(b) above. 
 None of the Issuing Entity, the Note Registrar or the Indenture Trustee is obligated to register the Class [__] Notes under the
Securities Act or the securities laws of any other jurisdiction or to take any other action not otherwise required under this Indenture[, the Grantor Trust Agreement] or the Trust Agreement to permit the transfer of any Class [__] Notes without
registration. The Issuing Entity, at the direction of the Depositor or the Administrator, may elect to register, or cause the registration of, the Class [__] Notes under the Securities Act or the securities laws of any other jurisdiction, in which
case the Issuing Entity shall deliver, or cause to be delivered, to the Indenture Trustee and the Note Registrar such Opinions of Counsel, Officer’s Certificates and other information as determined by the Depositor as necessary to effect such
registration.] 
 ARTICLE III 

COVENANTS 

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

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

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

  
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 (b) On or before each Distribution Date or the Redemption Date (if applicable), the Issuing
Entity shall deposit or cause to be deposited in the Note Distribution Account pursuant to Section 2.7 an aggregate sum sufficient to pay the amounts then becoming due with respect to the Notes, such sum to be held in trust
for the benefit of the Persons entitled thereto. 
 (c) The Issuing Entity shall cause each Paying Agent other than the Indenture Trustee to
execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this
Section 3.3, that such Paying Agent shall: 
 (i) hold all sums held by it for the payment of
amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

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

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

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

(e) Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for one year after such amount has become due and payable shall be discharged from such trust and be paid to the Issuing Entity on Issuing Entity Request;

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

Section 3.4 Existence. [Each of t][T]he Issuing Entity[ and the Grantor Trust] shall keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuing Entity[ or successor Grantor Trust], as the case may be, hereunder is or becomes, organized under the laws of
any other State or of the United States of America, in which case[ each of] the Issuing Entity[ and the Grantor Trust], or any successor, shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and
shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or
agreement included in the Collateral. 
 Section 3.5 Protection of Collateral; Acknowledgment of Pledge. 

(a) [Each of t][T]he Issuing Entity[ and the Grantor Trust] shall from time to time execute and deliver all such supplements and amendments
hereto and authorize or execute, as applicable, and prepare, deliver and file all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action necessary or advisable to:

 (i) maintain or preserve the Lien (and the priority thereof) of this Indenture or carry out more effectively the purposes
hereof; 
 (ii) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture and the
priority thereof; 
 (iii) enforce the rights of the Indenture Trustee and the Noteholders in any of the Collateral; or 

  
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 (iv) preserve and defend title to the Collateral and the rights of the
Indenture Trustee and the Secured Parties in such Collateral against the claims of all persons and parties, and the Issuing Entity hereby designates the Indenture Trustee its agent and
attorney-in-fact to authorize or execute any financing statement, continuation statement or other instrument required by this Section 3.5;
provided, however, that the Indenture Trustee shall not be obligated to execute or authorize such instruments except upon the written direction from the Administrator or the Issuing Entity. 

(b) The Indenture Trustee acknowledges the pledge by the Issuing Entity to the Indenture Trustee, pursuant to the Granting Clause of
this Indenture, of all of the Issuing Entity’s right, title and interest in and to the Reserve Account [and the ] [Class N Reserve Account], so long as the Class [N][E] Notes remain Outstanding, in order to provide for the payment to the
Securityholders and the Servicer in accordance with Section 2.7, to assure availability of the amounts maintained in the Reserve Account [and the] [Class N Reserve Account] for the benefit of the Securityholders and the
Servicer. 
 (c) [Each of t][T]he Issuing Entity[ and the Grantor Trust] hereby authorizes the Indenture Trustee to file all financing
statements naming the Issuing Entity[ and the Grantor Trust, as applicable,] as debtor that are necessary or advisable to perfect, make effective or continue the lien and security interest of this Indenture, and authorizes the Indenture Trustee to
take any such action without its signature, it being understood that the Indenture Trustee has no obligation to effect any filings of financing or continuation statements. 

Section 3.6 Opinions as to Collateral. 

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

(b) On or before April 30 (and, if such date is not a Business Day, the next succeeding Business Day) in each calendar year, beginning
April 30, 20[ ], the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization, execution and filing of any financing statements and
continuation statements as is necessary to maintain the Lien created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the Lien created by this Indenture.
Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the authorization,
execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the Lien of this Indenture until April 30 in the following calendar year. 

  
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 Section 3.7 Performance of Obligations; Servicing of
Receivables. 
 (a) [Neither t][T]he Issuing Entity[ nor the Grantor Trust] shall[ not] take any action and[ each] shall use commercially
reasonable efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as otherwise expressly provided in, or permitted by, this Indenture and the other Transaction
Documents or such other instrument or agreement. 
 (b) [Either of t][T]he Issuing Entity[ or the Grantor Trust] may contract with other
Persons to assist it in performing its duties under this Indenture, and any performance of such duties by any such person shall be deemed to be action taken by the Issuing Entity[ or the Grantor Trust, as applicable]. Initially, the Issuing Entity
has contracted with the Servicer and the Administrator to assist the Issuing Entity in performing its duties under this Indenture, and each Noteholder acknowledges that the Administrator is acceptable to it. Each of the parties hereto acknowledges
and agrees that unless otherwise notified by an Authorized Officer of the Issuing Entity, the Administrator shall be entitled to provide notices and directions on behalf of, and otherwise act for or on behalf of, the Issuing Entity for all purposes
under this Indenture, and, unless otherwise specified herein, each such party shall be entitled to conclusively rely on any notice or direction received from an Authorized Officer of the Administrator as having been originated by the Issuing Entity.

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

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

  
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 (i) to correct or amplify the description of any property at any time
subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture; 

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

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

(v) to cure any ambiguity, to correct or supplement any provision herein or in any Transaction Document which may be
inconsistent with any other provision herein or in any supplemental indenture or in the Prospectus or any other Transaction Document; or 

(vi) to evidence and provide for the acceptance of the appointment hereunder by a successor or additional trustee with respect
to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI. 

Section 3.8 Negative Covenants. So long as any Notes are Outstanding,[ neither] the Issuing Entity[ nor the
Grantor Trust] shall[ not]: 
 (a) sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuing Entity[ or
the Grantor Trust,] except as permitted in Section 3.10(b) and except the Issuing Entity may cause the Servicer to (i) collect, liquidate, sell or otherwise dispose of Receivables (including Purchased Receivables and Charged-Off Receivables), (ii) make cash payments out of the Designated Accounts and the Certificate Distribution Account and (iii) take other actions, in each case as permitted by the Transaction Documents;

 (b) claim any credit on, or make any deduction from the principal or interest payable in respect of the Notes (other than amounts properly
withheld from such payments under the Code or applicable provisions of State, local or non-U.S. tax law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes
levied or assessed upon any part of the Collateral; 
 (c) voluntarily commence any insolvency, readjustment of debt, marshaling of assets
and liabilities or other proceeding, or apply for an order by a court or agency or supervisory authority for the winding-up or liquidation of its affairs or any other event specified in
Section 5.1(f); or 

  
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 (d) either (i) permit the validity or effectiveness of this Indenture or any other
Transaction Document to be impaired, or permit the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this
Indenture except as may be expressly permitted hereby, (ii) permit any Lien (other than the Permitted Liens and the Lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof or
any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an action or omission of the related
Obligor), or (iii) permit the Lien of this Indenture not to constitute a valid first priority security interest in the Collateral (other than with respect to any such tax, mechanics’ or other lien). 

Section 3.9 Annual Statement as to Compliance. The Issuing Entity shall deliver to the Indenture Trustee on or
before April 30 (and, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning April 30, 20[ ], an Officer’s Certificate signed by an Authorized Officer, dated as of December 31 of the
immediately preceding year, in each case stating that: 
 (a) a review of the activities of the Issuing Entity during the preceding 12-month period (or, with respect to the first such Officer’s Certificate, such period as shall have elapsed since the Closing Date) and of performance under this Indenture has been made under such Authorized
Officer’s supervision; and 
 (b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuing Entity has
fulfilled all of its obligations under this Indenture throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such Authorized Officer and the nature and status thereof.

 Section 3.10 Consolidation, Merger, etc., of Issuing Entity; Disposition of Issuing Entity Assets. 

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

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

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

  
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 (iii) the Rating Agency Condition shall have been satisfied with respect to
such transaction and such Person; 
 (iv) any action as is necessary to maintain the Lien created by this Indenture shall
have been taken; and 
 (v) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate
and an Opinion of Counsel addressed to the Issuing Entity and the Indenture Trustee, each stating: 
 (A) that such
consolidation or merger and such supplemental indenture comply with this Section 3.10; 
 (B) that
such consolidation or merger and such supplemental indenture shall have no material adverse tax consequence to the Issuing Entity or any Financial Party; and 

(C) that all conditions precedent herein provided for in this Section 3.10 have been complied with,
which shall include any filing required by the Exchange Act. 
 (b) Except as otherwise expressly permitted by this Indenture or the other
Transaction Documents, the Issuing Entity shall not sell, convey, exchange, transfer or otherwise dispose of any of its properties or assets, including those included in the Collateral, to any Person, unless: 

(i) the Person that acquires such properties or assets of the Issuing Entity (1) shall be a United States citizen or a
Person organized and existing under the laws of the United States of America or any State and (2) by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee: 

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

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

  
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 (ii) immediately after giving effect to such transaction, no Default or
Event of Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with
respect to such transaction and such Person; 
 (iv) any action as is necessary to maintain the Lien created by this
Indenture shall have been taken; and 
 (v) the Issuing Entity shall have delivered to the Indenture Trustee an
Officer’s Certificate and an Opinion of Counsel addressed to the Issuing Entity and the Indenture Trustee, each stating that: 

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

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

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

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

Section 3.14 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this Indenture or the
other Transaction Documents,[ neither ]the Issuing Entity[ nor the Grantor Trust] shall[ not] make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or
performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or
agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

Section 3.15 Servicer’s Obligations. The Issuing Entity shall use its best efforts to cause the
Servicer to comply with its obligations under Section 2.7 of the Servicing Agreement. 
 Section 3.16 Capital
Expenditures. The Issuing Entity shall not make any expenditure (whether by long-term or operating lease or otherwise) for capital assets (either real, personal or intangible property) other than the purchase of the Receivables and other
property and rights from the Depositor pursuant to the Receivables Transfer Agreement. 
 Section 3.17
[RESERVED]. 
 Section 3.18 Restricted Payments. Except for payments of principal or interest on or
redemption of the Notes, so long as any Notes are Outstanding, the Issuing Entity shall not, directly or indirectly: 
 (a) pay any dividend
or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee[, the Grantor Trust Trustee] or any owner of a beneficial interest in the Issuing Entity[, the
Grantor Trust] or otherwise, in each case with respect to any ownership or equity interest or similar security in or of the Issuing Entity[ or the Grantor Trust, as applicable]; 

(b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or similar security; or 

(c) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuing Entity[ and the Grantor
Trust] may make, or cause to be made, distributions to the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,] the Backup Servicer, the Collateral Custodian[, the Grantor Trust Certificateholder] and the
Financial Parties as permitted by, and to the extent funds are available for such purpose under, this Indenture or the other Transaction Documents. [Neither t][T]he Issuing Entity[ nor the Grantor Trust] shall[ not], directly or indirectly, make
payments to or distributions from the Collection Account except in accordance with this Indenture and the other Transaction Documents. 

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

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

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

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

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

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

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

(ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and payable and the Issuing
Entity has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee (or if the Indenture Trustee is not the Paying Agent, the Paying Agent), in trust, cash or direct obligations of or obligations guaranteed by the
United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes when due on the Final Scheduled Distribution Date
for such Notes or the Redemption Date for such Notes (if such Notes have been called for redemption pursuant to Section 10.1), as the case may be, and the Issuing Entity has paid or caused to be paid all other sums payable
hereunder or under any Third Party Instrument by the Issuing Entity; and 
 (b) the Issuing Entity has delivered to the Indenture Trustee an
Officer’s Certificate of the Issuing Entity, an Opinion of Counsel, each meeting the applicable requirements of Section 11.1(a) and each stating that all conditions precedent set forth in this
Section 4.1 relating to the satisfaction and discharge of this Indenture have been complied with. The Indenture Trustee shall provide confirmation to the Issuing Entity that it has paid to the Noteholders all interest and
principal due on the Notes. 

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

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

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

ARTICLE V 
 ARTICLE V
DEFAULT AND REMEDIES 
 Section 5.1 Events of Default. For the purposes of this Indenture, “Event of
Default” wherever used herein, means any one of the following events: 
 (a) default in the payment of any interest on any Note (other
than the Class XS Notes) of the Controlling Class when the same becomes due and payable, and such default shall continue for a period of five (5) Business Days; 

(b) default in the payment in full of all then outstanding principal of any Class of Notes (other than the Class XS Notes) and
accrued but unpaid interest due on any Class of Notes (other than the Class XS Notes) on the related Final Scheduled Distribution Date; 

(c) default in the payment in full of any other amount due on the Notes (other than the Class XS Notes) when the same becomes due and
payable, to the extent funds are available therefor, and such default shall continue for a period of five (5) Business Days; 

  
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 (d) material default in the observance or performance of any covenant or agreement of the
Issuing Entity made in this Indenture (other than a covenant or agreement to pay interest or principal on any Note or any covenant or agreement a default in the observance or performance of which is specifically dealt with elsewhere in this list of
defaults) and such default shall continue or not be cured for a period of sixty (60) days after there shall have been given, by registered or certified mail to the Issuing Entity by the Indenture Trustee, or to the Issuing Entity and the
Indenture Trustee, by the Holders of Notes evidencing not less than 25% of the Outstanding Amount of the Controlling Class, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; 
 (e) material default in the observance or performance of any other representation or warranty of the Issuing
Entity made in this Indenture (other than a default the observance or performance of which is specifically dealt with elsewhere in this list of defaults) and such default shall continue or not be cured for a period of sixty (60) days after
there shall have been given, by registered or certified mail to the Issuing Entity by the Indenture Trustee, or to the Issuing Entity and the Indenture Trustee, by the Holders of Notes evidencing not less than 25% of the Outstanding Amount of the
Controlling Class, a written notice specifying such breach of representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(f) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any
substantial part of the Collateral in an involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of the Issuing Entity or for any substantial part of the Collateral, or ordering the winding-up or liquidation of the Issuing Entity’s affairs, and such decree or order shall remain
unstayed and in effect for a period of ninety (90) consecutive days; or 
 (g) the commencement by the Issuing Entity of a voluntary
case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under any such law, or the consent by
the Issuing Entity to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Collateral, or the making by the Issuing
Entity of any general assignment for the benefit of creditors, or the failure by the Issuing Entity generally to pay its debts as such debts become due, or the taking of action by the Issuing Entity in furtherance of any of the foregoing. 

Notwithstanding the foregoing, there will be no Event of Default where an Event of Default would otherwise exist under clauses (a), (b) and
(c) above for a period of an additional ten business days or under clauses (d) and (e) for a period of an additional 30 days if the delay or failure giving rise to the Event of Default was caused by an act of God or other similar
occurrence. 
 The Issuing Entity[ or the Grantor Trust] shall deliver to the Indenture Trustee, within five (5) Business Days after learning of the
occurrence thereof, written notice in the form of an officer’s certificate of any event which with the giving of notice and the lapse of time would become an Event of Default, its status and what action the Issuing Entity[ or the Grantor Trust,
as applicable,] is taking or proposes to take with respect thereto. 

  
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 Section 5.2 Acceleration of Maturity; Rescission and Annulment.

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

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

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

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

(ii) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a
trustee, a standby trustee or Person performing similar functions in any such Proceedings; 
 (iii) to collect and receive
any monies or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 

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

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

Section 5.4 Remedies; Priorities. 

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

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

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

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

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

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

Section 5.6 Limitation of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial
or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder unless: 

(a) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 

(b) the Holders of not less than 25% of the Outstanding Amount of the Controlling Class have made written request to the Indenture Trustee
to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 
 (c) such Holder or
Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to the Indenture Trustee against the costs, expenses and liabilities to be incurred in complying with such request; 

(d) the Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute
such Proceedings; and 
 (e) no direction inconsistent with such written request has been given to the Indenture Trustee during such sixty
(60) day period by the Holders of a majority of the Outstanding Amount of the Controlling Class; 
 it being understood and intended that no one or
more Holders of Notes shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or
preference over any other Holders of Notes or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable (on the basis of the respective aggregate 

  
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amount of principal and interest, respectively, due and unpaid on the Notes held by each Noteholder) and common benefit of all holders of Notes. For the protection and enforcement of the
provisions of this Section 5.6, each and every Noteholder shall be entitled to such relief as can be given either at law or in equity. 

If the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less
than a majority of the Outstanding Amount of the Controlling Class, the Indenture Trustee shall follow the request of the group of Holders of Notes representing the highest percentage of Outstanding Amount of the Controlling Class, notwithstanding
any other provisions of this Indenture. 
 Section 5.7 Unconditional Rights of Noteholders To Receive
Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture in accordance with the terms thereof, and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

 Section 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any
Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the
Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally to their respective former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee
and the Noteholders shall continue as though no such Proceeding had been instituted. 
 Section 5.9 Rights and
Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law,
be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 5.10 Delay or Omission Not a
Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or
Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture
Trustee or by the Noteholders, as the case may be. 
 Section 5.11 Control by Noteholders. The Holders of Notes
evidencing not less than a majority of the Outstanding Amount of the Controlling Class shall have the right to direct in writing the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with
respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, however, that: 

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

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

(c) if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the
Collateral pursuant to Section 5.5, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Collateral or cause the
[Grantor Trust][Issuing Entity] to sell or liquidate the Receivables shall be of no force and effect; and 
 (d) the Indenture Trustee may
take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction; provided, however, that, subject to Section 6.1, the Indenture Trustee need not take any action that
it determines might cause it to incur any liability (a) with respect to which the Indenture Trustee shall have reasonable grounds to believe that adequate indemnity against such liability is not assured to it and (b) which might materially
adversely affect the rights of any Noteholders not consenting to such action. 
 Section 5.12 Waiver of Past
Defaults. 
 (a) Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Controlling Class may waive any past Default or Event of Default and its consequences except a Default (i) in
the payment of principal of or interest on any of the Notes or (ii) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note (other than the Class XS Notes). In the
case of any such waiver, the Issuing Entity,[ the Grantor Trust,] the Indenture Trustee and the Noteholders shall be restored to their respective former positions and rights hereunder; but no such waiver shall extend to any subsequent or other
Default or impair any right consequent thereto. 
 (b) Upon any such waiver, such Default shall cease to exist and be deemed to have been
cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event
of Default or impair any right consequent thereto. 
 Section 5.13 Undertaking for Costs. All parties to this
Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any Proceeding for the enforcement of any right or remedy under this Indenture, or
in any Proceeding against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of such Proceeding, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such Proceeding, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 5.13 shall not apply to: 

  
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 (a) any Proceeding instituted by the Indenture Trustee; 

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

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

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

Section 5.16 Performance and Enforcement of Certain Obligations. 

(a) Promptly following a request from the Indenture Trustee to do so and at the Issuing Entity’s expense,[ each of] the Issuing Entity[
and the Grantor Trust] agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor and the Servicer of their respective obligations to the
Issuing Entity[ or the Grantor Trust] under or in connection with the Servicing Agreement and the Trust Agreement, by the Seller of its obligations under or in connection with the Receivables Purchase Agreement, by the Depositor of its
limited repurchase obligations under or in connection with the Receivables Transfer Agreement or by any obligor under a Third Party Instrument of its obligations under or in accordance with the Third Party Instrument, in each case in accordance with
the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully 

  
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available to the Issuing Entity[ and the Grantor Trust] under or in connection with the Servicing Agreement, the Trust Agreement, the Receivables Purchase Agreement, the Receivables Transfer
Agreement and any Third Party Instrument to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller, the Depositor, the Servicer or any obligor under a Third Party
Instrument thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller, the Depositor, the Servicer or any obligor under a Third Party Instrument of their respective obligations
under the Receivables Purchase Agreement, the Receivables Transfer Agreement, the Servicing Agreement and any Third Party Instrument, as applicable. 
 If
an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the written direction of the Holders of the majority of the Outstanding Amount of the Controlling Class shall, exercise all rights, remedies, powers,
privileges and claims of the Issuing Entity[ or the Grantor Trust] against the Servicer or any obligor under a Third Party Instrument under or in connection with the Servicing Agreement or a Third Party Instrument, against the Seller under or in
connection with the Receivables Purchase Agreement and against the Depositor under or in connection with the Receivables Transfer Agreement, including the right or power to take any action to compel or secure performance or observance by the
Servicer, the Seller or the Depositor of each of their obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Servicing Agreement, the Receivables Purchase Agreement
or the Receivables Transfer Agreement and any right of the Issuing Entity[ or the Grantor Trust] to take such action shall be suspended. 

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

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

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

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

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

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

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

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

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

  
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 Section 6.2 Rights of Indenture Trustee. 

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

(b) Except as otherwise set forth in Section 7.5 of this Agreement and Section 3.1(d) of the Receivables Transfer Agreement, before
the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel (at the cost of the party requesting the Indenture Trustee to act or refrain from acting). The Indenture Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 
 (c) The
Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or Affiliates or a custodian or nominee, and the Indenture Trustee shall not be responsible for
any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder. 

(d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or
within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

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

(f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture or any other Transaction Document, unless such Holders shall have offered to the Indenture Trustee security or indemnity satisfactory to the Indenture Trustee against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction. 
 (g) The Indenture Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document unless requested in writing to do so by a majority of the Controlling Class; provided, however, that if the Indenture Trustee determines that payment within a reasonable time of such costs, expenses and losses or liabilities
is not reasonably assured to it, the Indenture Trustee may require indemnity or security satisfactory to it from the Noteholders requesting such an investigation, against such costs, expenses and losses or liabilities as a condition to proceeding
with such investigation. 

  
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 (h) The Indenture Trustee shall not be charged with knowledge of any event or information,
including any default or Event of Default or Servicer Termination Event, or be required to act upon any event or information, including any default or Event of Default or Servicer Termination Event (including the sending of any notice), unless a
Responsible Officer of the Indenture Trustee actually knows of or receives written notice of such event or information and shall have no duty to take any action to determine whether any default, or Event of Default or Servicer Termination Event or
event has occurred. Absent a Responsible Officer actually knowing of or receiving written notice in accordance with this Section, the Indenture Trustee may conclusively assume that no such event, default or Event of Default or Servicer Termination
Event has occurred. Publicly available information does not constitute actual or constructive knowledge or notice to the Indenture Trustee. 

(i) The Indenture Trustee shall not be imputed with the knowledge of, or information possessed or obtained by, the Collateral Custodian and
knowledge of the Collateral Custodian shall not be attributed or imputed to the Indenture Trustee. 
 (j) Any delays in or failure by the
Indenture Trustee in the performance of any obligations hereunder shall be excused if and to the extent caused by any force majeure event. 

(k) Notwithstanding anything to the contrary in this Indenture or any other Transaction Document, the Indenture Trustee shall not be required
to any action that is not in accordance with Applicable Laws. 
 (l) The right of the Indenture Trustee to perform any permissive or
discretionary act enumerated in this Indenture or any related document shall not be construed as a duty. 
 (m) The Indenture Trustee is not
required to ensure that the Issuing Entity’s security interest in the Trust Estate is valid or enforceable, or to monitor status of a lien or performance of the Trust Estate. 

(n) The Indenture Trustee shall have no duty to see to, or be responsible for the correctness or accuracy of, any recording, filing or
depositing of this Indenture or any agreement referred to herein, or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording,
refilling or re-depositing of any thereof. 
 (o) The parties hereto acknowledge that in accordance
with the Customer Identification Program requirements under the USA PATRIOT Act and its implementing regulations, the Indenture Trustee in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record
information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall use commercially reasonable efforts to provide the Indenture Trustee with
such information as the Indenture Trustee may request that will help the Indenture Trustee to identify and verify each party’s identity, including without limitation each party’s name, physical address, tax identification number,
organizational documents, certificate of good standing, license to do business, or other pertinent identifying information. 
 (p) The
rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, [            
], in each of its capacities hereunder, including its capacity under Section 4.4 hereof, and in connection with the performance of any of its duties or obligations under any of the Transaction Documents. 

  
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 (q) For the avoidance of doubt, the Indenture Trustee shall not be responsible for
determining whether any breach of representations or warranty or document defect constitutes a breach or defect or a material breach or defect. 

Section 6.3 Indenture Trustee May Own Notes. The Indenture Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may otherwise deal with the Issuing Entity, the Servicer or any of their respective Affiliates with the same rights it would have if it were not Indenture Trustee; provided, however, that the
Indenture Trustee shall comply with Sections 6.10 and 6.11. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like
rights. 
 Section 6.4 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of any Transaction Document, including this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds from the Notes, it shall not
have any responsibility to monitor or cause the Issuing Entity to comply with Regulation RR and it shall not be responsible for any statement of the Issuing Entity[ or the Grantor Trust] in the Indenture or in any document issued in connection with
the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication. 

Section 6.5 Notice of Events of Default. If an Event of Default occurs and is continuing and a Responsible Officer
of the Indenture Trustee has actual knowledge or has received written notice thereof, the Indenture Trustee shall mail to each Noteholder notice of the Event of Default within ten (10) days after it is known to a Responsible Officer of the
Indenture Trustee. Except in the case of an Event of Default in payment of principal of or interest on any Note, the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders. 
 Section 6.6 Reports by Indenture Trustee. The
Indenture Trustee shall deliver to each Noteholder the documents and information set forth in Article VII and, in addition, all such information with respect to the Notes as may be required to enable such Holder to prepare its federal and
State income tax returns. 
 Section 6.7 Compensation; Indemnity. 

(a) The Issuing Entity shall pay to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuing Entity shall reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services; provided, however, that the Issuing
Entity need not reimburse the Indenture Trustee for any expense incurred through the Indenture Trustee’s willful misconduct, negligence, or bad faith. Such expenses shall include the reasonable compensation and expenses, disbursements and
advances of the Indenture Trustee’s 

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

Section 6.8 Replacement of Indenture Trustee. 

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

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

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

Section 6.9 Merger or Consolidation of Indenture Trustee. 

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

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

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

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

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

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

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

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

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

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

  
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 (e) this Indenture has been duly executed and delivered by the Indenture Trustee and
constitutes the legal, valid and binding agreement of the Indenture Trustee, enforceable in accordance with its terms. 

Section 6.14 Indenture Trustee May Enforce Claims Without Possession of Notes. All rights of action
and claims under this Indenture or the Notes may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the
Indenture Trustee shall be brought in its own name as Indenture Trustee. Any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and
counsel, be for the ratable benefit of the Noteholders and (only to the extent expressly provided herein) the Certificateholders in respect of which such judgment has been obtained. 

Section 6.15 Suit for Enforcement. If an Event of Default shall occur and be continuing, the Indenture Trustee
may, subject to the provisions of Section 6.1, proceed to protect and enforce its rights and the rights of the Noteholders under this Indenture by Proceedings whether for the specific performance of any covenant or
agreement contained in this Indenture or in aid of the execution of any power granted in this Indenture or for the enforcement of any other legal, equitable or other remedy as the Indenture Trustee, being directed by the Holders of Notes evidencing
not less than a majority of the Outstanding Amount of the Controlling Class shall deem most effectual to protect and enforce any of the rights of the Indenture Trustee or the Noteholders. 

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

(a) The Indenture Trustee shall: 

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

  
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 (ii) cause a firm of registered public accountants that is qualified and
independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver to the Depositor, the Owner Trustee[, the Grantor
Trust Trustee] and the Servicer an attestation report that satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange Act, as
applicable, on the assessment of compliance with Servicing Criteria with respect to the prior calendar year for inclusion in the Issuing Entity’s 10-K filing; such attestation report shall be in
accordance with Rule 1-02(a)(3) and Rule 2-02(g) of Regulation S-X under the Securities Act and the
Exchange Act; and 
 (iii) deliver to the Depositor and any other Person that will be responsible for signing the
certification (a “Sarbanes Certification”) required by Rule 13a-14(d) and Rule 15d-14(d) under the Exchange Act (pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of the Issuing Entity or the Depositor with respect to this securitization transaction a certification substantially in the form attached hereto as Exhibit [
] or such form as mutually agreed upon by the Depositor and the Indenture Trustee; the Indenture Trustee acknowledges that the parties identified in this clause (iii) may rely on the certification provided by the
Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 
 (b) The reports
referred to in Section 6.17(a) shall be delivered on or before March [             ] of each year that
a 10-K filing is required to be filed by the Issuing Entity, beginning March [             ], 20[     ] (and
if such date is not a Business Day, the next succeeding Business Day), unless the Issuing Entity is not required to file periodic reports under the Exchange Act or any other law, in which case such reports may be delivered on or before
April [             ] of each calendar year, beginning April 30, 20[     ]. 

ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

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

  
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 Section 7.2 Preservation of Information, Communications to
Noteholders. 
 (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of
the Holders of Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note
Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished. 

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

Section 7.3 Reports by the Issuing Entity[ and the Grantor Trust]. 

(a) The Issuing Entity[ and the Grantor Trust, respectively,] shall file with the Indenture Trustee: (i) within fifteen (15) days
after the Issuing Entity is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time
by rules and regulations prescribe) which the Issuing Entity may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or Item 1122 of Regulation AB; (ii) file with the Indenture Trustee and the
Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuing Entity[ and the Grantor Trust, as applicable,] with the
conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA
§ 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations
prescribed from time to time by the Commission. 
 (b) Unless the Issuing Entity[ or the Grantor Trust] otherwise determines, the fiscal year
of the Issuing Entity[ and the Grantor Trust, respectively,] shall end on December 31 of such year. 
 Section 7.4
Reports by Indenture Trustee. 
 (a) If required by TIA § 313(a), within sixty (60) days after each [
            ] 15, beginning with [             ] 15, 20[     ], the Indenture Trustee shall mail to each
Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b). A copy of any report delivered pursuant to this
Section 7.4(a) shall, at the time of its mailing to Noteholders, be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. 

(b) On or prior to each Distribution Date the Indenture Trustee shall deliver or make available on its website a copy of the statement for the
related Collection Period or Periods applicable to such Distribution Date as required pursuant to Section 3.7 of the Servicing Agreement. 

  
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 Section 7.5 Noteholder Communications. 

(a) Noteholder Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner
(if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notice to
the Indenture Trustee. In the event that a Verified Note Owner communicates with the Indenture Trustee, the Indenture Trustee shall provide a copy of the supporting evidence provided to the Indenture Trustee to the Administrator. The Indenture
Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Verified Note Owner, other than requests, demands or directions relating to obligations of the Indenture Trustee in connection with an
Asset Representations Review Notice explicitly set forth in Section 12.2, or in connection with a dispute resolution related to a repurchase request pursuant to Section 3.1(d) of the Receivables Transfer Agreement, unless
the Noteholder or Verified Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the fees and expenses that it may incur in complying with the request, demand or direction.

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

  
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 ARTICLE VIII 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

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

Section 8.2 Designated Accounts; Payments. 

(a) Establishment of Other Accounts. 

(i) The Indenture Trustee shall establish, with itself, the Reserve Account, [the Class N Reserve Account,] the Collection
Account and the Note Distribution Account, each in the name of the Indenture Trustee for the benefit of the Noteholders and, solely in the case of the Collection Account and the Reserve Account, the Certificateholders [and the Swap Counterparty].
[The Indenture Trustee shall establish, with itself, the Pre-Funding Account, in the name of the Indenture Trustee for the benefit of the Noteholders.] [The Indenture Trustee shall establish, with itself, the
Accumulation Account, in the name of the Indenture Trustee for the benefit of the Noteholders [and the Swap Counterparty].] 

(ii) The Collection Account, the Note Distribution Account, the Reserve Account, [, the
Pre-Funding Account,][the Accumulation Account] [and the Class N Reserve Account] shall be Eligible Deposit Accounts initially established with the Indenture Trustee as the Account Holder. Funds deposited
in each of the Designated Accounts (including amounts, if any, which the Servicer is required to remit daily to the Collection Account) shall be invested in the Investment Fund. Such investments shall, in each case, mature or, if such Eligible
Investment does not mature, be liquidated as set forth in the definition of “Eligible Investments”; provided that neither the Administrator nor the Indenture Trustee shall have the power or right to change or alter the particular
Eligible Investments identified in the definition of “Investment Fund” with respect to which such funds are invested; and provided further that the Administrator shall provide written notice to the Indenture Trustee, promptly
upon any investment in each of the Designated Accounts ceasing to be an Eligible Investment, and such notification shall include an instruction to the Indenture Trustee to withdraw the funds from the ineligible investment and to deposit
such funds into the applicable Eligible Investment set forth in the definition of “Investment Fund.” The Administrator shall have no power or right whatsoever to change or alter any of the initial specifications set forth in the
definition of “Investment Fund”; provided that if the short-term debt obligations of such Account Holder cease to have the Required Deposit Rating (except that any Designated
Account shall be maintained with an Account Holder even if the short-term debt obligations of such Account Holder do 

  
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not have the Required Deposit Rating, if such Account Holder maintains such Designated Account in its corporate trust department). Investments in Eligible Investments shall be made in the
name of the Indenture Trustee or its nominee, and such investments shall not be sold or disposed of prior to their maturity, notwithstanding anything to the contrary provided in this Agreement. Investment Earnings on funds deposited in the Reserve
Account, [the Class N Reserve Account] and the Collection Account shall be payable to the Depositor. [Investment Earnings on funds deposited in the [Pre-Funding Account][Accumulation Account] shall be
payable to the Issuing Entity.] Each Account Holder holding a Designated Account as provided in this Section 8.2(a), shall be a “Securities Intermediary.” If a Securities Intermediary shall be a Person
other than the Indenture Trustee, the Administrator shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this Section 8.2 and an Opinion of Counsel that such
Person can perform such obligations. 
 (iii) With respect to the Designated Account Property, the Account Holder agrees, by
its acceptance hereof, that: 
 (A) The Designated Accounts are accounts to which Financial Assets will be credited. 

(B) All securities or other property underlying any Financial Assets credited to the Designated Accounts shall be registered
in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any
of the Designated Accounts be registered in the name of the Issuing Entity, the Servicer or the Seller, payable to the order of the Issuing Entity, the Servicer or the Seller or specially indorsed to the Issuing Entity, the Servicer or the Seller
except to the extent the foregoing have been specially indorsed to the Securities Intermediary or in blank. 
 (C) All
property delivered to the Securities Intermediary pursuant to this Agreement or the Indenture will be promptly credited to the appropriate Designated Account. 

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

(E) If at any time the Securities Intermediary shall receive any entitlement order from the Indenture Trustee directing
transfer or redemption of any Financial Asset relating to the Designated Accounts, the Securities Intermediary shall comply with such entitlement order without further consent by[ the Grantor Trust,] the Issuing Entity, the Servicer, the Seller or
any other Person. 

  
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 (F) The Designated Accounts shall be governed by the laws of the State of
New York, regardless of any provision in any other agreement. For purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Designated Accounts (as well as the Securities Entitlements related
thereto) shall be governed by the laws of the State of New York. The laws of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention with respect to each “account agreement” (within the
meaning of the Hague Securities Convention) of each Designated Account. The Securities Intermediary shall have at the time of entry of each such account agreement and shall continue to have at all relevant times one or more offices (within the
meaning of the Hague Securities Convention) in the United States of America which satisfies the criteria provided in Article 4(1)(a) or (b) of the Hague Securities Convention. 

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

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

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

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

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

(i) On or before the Closing Date, the Seller or the Depositor shall deposit the Reserve Account Initial Deposit into the
Reserve Account from the net proceeds of the sale of the Notes. 
 (ii) [On or before the Closing Date, the Depositor shall
deposit the Class N Reserve Account Initial Deposit into the Class N Reserve Account from the net proceeds of the sale of the Class N Notes.] [On or before the Closing Date, the Depositor shall deposit the Reserve Account Initial
Deposit into the Reserve Account from the net proceeds of the sale of the Notes.] 
 (iii) The Servicer, the Depositor or the
Seller, as the case may be, shall deposit or cause to be deposited in the Collection Account the aggregate Purchase Amount with respect to Purchased Receivables and the Servicer shall deposit therein all amounts to be paid under Section 6.1 of
the Servicing Agreement. Except for those deposits to be made by Servicer under Section 6.1 of the Servicing Agreement, all such deposits shall be made, in immediately available funds, on the Business Day preceding the Determination Date. With
respect to deposits to be made by Servicer under Section 6.1 of the Servicing Agreement, such deposits shall be made, in immediately available funds, on the Business Day preceding the Distribution Date. 

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

  
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 (v) [On each Distribution Date, the Indenture Trustee shall transfer from
the Class N Reserve Account and deposit in the Note Distribution Account before 12:00 p.m. (New York time) the Class N Reserve Account Draw Amount (if any) for that Distribution Date in accordance with the Servicer’s Certificate.] [On
each Distribution Date, the Indenture Trustee shall transfer from the Reserve Account and deposit in the Note Distribution Account before 12:00 p.m. (New York time) the Reserve Account Draw Amount (if any) for that Distribution Date in accordance
with the Servicer’s Certificate.] 
 (vi) On each Distribution Date, the Indenture Trustee shall transfer from the
Collection Account to the Servicer, in immediately available funds, an amount equal to the Supplemental Servicing Fees and Liquidation Expenses (as set forth on the Servicer’s Certificate) (and any unpaid Supplemental Servicing Fees and
Liquidation Expenses from prior periods) during the related Collection Period in accordance with the Servicer’s Certificate. 

(vii) [On or before each Distribution Date related to the Revolving Period and on the first Distribution Date during the
Amortization Period, to the extent not used to purchase Receivables pursuant to Section 2.7, the Indenture Trustee to transfer all amounts in the Accumulation Account to the Collection Account.] 

(viii) [On the [Initial] Closing Date, the Depositor shall deposit in the Pre-Funding
Account $[___] (the “Pre-Funding Account Initial Deposit”) from the net proceeds of the sale of the Notes. On each [Subsequent Closing] Date, if any, upon satisfaction of the conditions set forth in
the Transaction Documents with respect to such transfer, the Indenture Trustee shall withdraw from the Pre-Funding Account (i) an amount equal to [___]% of the result of the aggregate Starting Principal
Balance of the Additional Receivables transferred to the [Grantor Trust][Issuing Entity] on such [Subsequent Closing] Date with respect to such Additional Receivables as of the related Subsequent Cutoff Date and (ii), on behalf of the Depositor,
deposit into the Reserve Account a portion of such funds equal to the [Reserve Account Subsequent Closing Deposit] with respect to such [Subsequent Closing] Date and distribute the remainder to or upon the order of the Depositor as payment for such
Additional Receivables.] 
 (c) Distributions. On each Distribution Date, in accordance with the Servicer’s Certificate, the
Indenture Trustee shall cause to be distributed to the Noteholders all amounts on deposit in the Note Distribution Account (subject to the Depositor’s rights to Investment Earnings pursuant to Section 8.2(a)(ii)
hereof) in the following order of priority and in the amounts determined as described below: 
 (i) On each Distribution Date, the amount
deposited in the Note Distribution Account in respect of interest on the Notes shall be applied in the following order of priority, to the extent of remaining funds after all earlier priorities have been satisfied, and any amount so applied shall be
paid on such Distribution Date to the holders of Notes of each applicable Class: 

  
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 (A) the Aggregate Class A Interest Distributable Amount shall be paid
to the holders of the Class A Notes; 
 (B) the Aggregate Class B Interest Distributable Amount shall be paid to
the holders of the Class B Notes; 
 (C) the Aggregate Class C Interest Distributable Amount shall be paid to the
holders of the Class C Notes; 
 (D) the Aggregate Class D Interest Distributable Amount shall be paid to the
holders of the Class D Notes; and 
 (E) the Aggregate Class E Interest Distributable Amount shall be paid to the
holders of the Class E Notes; 
 provided however, if there are not sufficient funds to so pay the entire amount specified in any of the
foregoing priorities for a particular class of Notes, then the amount available for such class of Notes shall be paid to the Holders thereof ratably on the basis of the total amount of accrued and unpaid interest owing to each such Holder. 

(ii) The amount deposited in the Note Distribution Account pursuant to Section 2.7(a)(v), (vi), (vii),
(viii), (ix) and (xii), or Section 2.7(b)(v), (vi), (vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv) and (xviii), as applicable,
shall be applied to each class of Notes in the following amounts and in the following order of priority and any amount so applied shall be paid on such Distribution Date to the Holders of such class of Notes: 

(1) to the Class A[-1] Notes, until the Outstanding Amount of the Class A-1
Notes is reduced to zero; 
 (2) [to the Class A-2 Notes, until the Outstanding
Amount of the Class A-2 Notes is reduced to zero;] 
 (3) [to the Class A-3 Notes, until the Outstanding Amount of the Class A-3 Notes is reduced to zero;] 

(4) [to the Class A-4 Notes, until the Outstanding Amount of the Class A-3 Notes is reduced to zero;] 
 (5) to the Class B Notes, until the
Outstanding Amount of the Class B Notes is reduced to zero; 
 (6) to the Class C Notes, until the Outstanding
Amount of the Class C Notes is reduced to zero; 
 (7) to the Class D Notes, until the Outstanding Amount of the
Class D Notes is reduced to zero; and 

  
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 (8) to the Class E Notes, until the Outstanding Amount of the
Class E Notes is reduced to zero. 
 (B) [If the Pre-Funded Amount has not been
reduced to zero on the Distribution Date immediately following the calendar month in which the Funding Period, if any, ends, the Indenture Trustee shall transfer from the Pre-Funding Account on such
Distribution Date any amount then remaining in the Pre-Funding Account to the Note Distribution Account for distribution in accordance with [Section 8.2(c)]. 

Section 8.3 General Provisions Regarding Accounts. 

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

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

  
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 Section 8.4 Release of Trust Estate. 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when
required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are consistent with
the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any monies. 
 (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due to the Indenture Trustee pursuant to Section 6.7 have been paid[,][ and] all amounts owing under each Third Party Instrument have been paid[ and the Grantor Trust has been dissolved], release
any remaining portion of the Collateral that secured the Notes from the Lien of this Indenture and release to the Issuing Entity[, the Grantor Trust] or any other Person entitled thereto any funds then on deposit in the Designated Accounts,
including distribution of the funds in the Reserve Account, less Investment Earnings, to the Certificate Distribution Account (for further distribution to the Certificateholders). The Indenture Trustee shall release property from the Lien of this
Indenture pursuant to this Section 8.4(b) only upon receipt by it of an Issuing Entity Request and an Officer’s Certificate certifying that all conditions precedent to such release have been satisfied. 

(c) The Indenture Trustee shall, at such time as there are no Class [N][E] Notes Outstanding and all sums due to the Indenture Trustee in
connection with, and reasonably attributable to, such Class [N][E] Notes pursuant to Section 6.7 have been paid, [release any remaining portion of the Collateral that secured the Class N Notes from the Lien of this
Indenture] and release to the Depositor any funds then on deposit in [the Class N Reserve Account], including Investment Earnings. The Indenture Trustee shall release such property from the Lien of this Indenture pursuant to this
Section 8.4(c) only upon receipt by it of an Issuing Entity Request and an Officer’s Certificate certifying that all conditions precedent to such release have been satisfied. 

Section 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven (7) days’ notice when
requested by the Issuing Entity[ or the Grantor Trust] to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also require as a condition to such
action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of
such action have been complied with and such action shall not materially and adversely impair the security for the Secured Obligations or the rights of the Secured Parties in contravention of the provisions of this Indenture; provided, however, that
such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Collateral. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Indenture Trustee in connection with any such action. 
 Section 8.6 Benchmark
Determination. [Benchmark Determination language to be inserted as appropriate if floating rate notes are issued under the deal.] 

  
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 ARTICLE IX 

SUPPLEMENTAL INDENTURES 

Section 9.1 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes but with prior notice by the Issuing Entity to the Rating Agencies, the Issuing Entity[ and
the Grantor Trust] and the Indenture Trustee, when authorized by an Issuing Entity Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act
as in force at the date of the execution thereof), for any of the following purposes: 
 (i) to correct or amplify the
description of any property at any time subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture; 

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

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

(v) to cure any ambiguity or to correct or supplement any provision herein or in any supplemental indenture which may be
inconsistent with any other provision herein or in any supplemental indenture or in the Prospectus or any other Transaction Document; 

(vi) to evidence and provide for the acceptance of the appointment hereunder by a successor or additional trustee with respect
to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or 

(vii) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the
qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA, and the Indenture Trustee is hereby authorized to join
in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 

  
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 (b) The Issuing Entity[ and the Grantor Trust] and, when authorized by an Issuing Entity
Order, the Indenture Trustee, may, also without the consent of any of the Noteholders but with prior written notice by the Issuing Entity to the Rating Agencies, at any time and from time to time enter into one or more indentures supplemental hereto
for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that such
action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder. 
 (c)
Notwithstanding anything to the contrary herein, an Opinion of Counsel shall be delivered to the effect that any amendment pursuant to this Section 9.1 would not cause[ either of] the Issuing Entity[ or the Grantor Trust]
to fail to qualify as a grantor trust for United States federal income tax purposes. 
 (d) The Owner Trustee[ and the Grantor Trust Trustee]
may, but shall not be obligated to, enter into any such supplemental indenture that affects the Owner Trustee’s[ or the Grantor Trust Trustee’s] rights, duties, immunities, indemnities or liabilities under this Indenture. No amendment
which adversely affects the rights, duties, indemnities, immunities or liabilities of the Owner Trustee[ or the Grantor Trust Trustee] under this Agreement shall be effective without its prior written consent. 

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

Section 9.2 Supplemental Indentures With Consent of Noteholders. 

(a) The Issuing Entity[ and the Grantor Trust] and, when authorized by an Issuing Entity Order, the Indenture Trustee, also may, with 10
Business Days prior written notice by the Issuing Entity to each of the Rating Agencies, and with the consent of the Holders of not less than a majority of the Outstanding Amount of the Controlling Class, by Act of such Holders delivered to the
Issuing Entity[, the Grantor Trust] and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this Indenture or
of modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note adversely affected thereby: 

(i) change the due date of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the
interest rate applicable thereto, or the Redemption Price with respect thereto, change any place of payment where, or the coin or currency in which, any Note or any interest thereon is payable, or impair the right to institute suit for the
enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case
of redemption, on or after the Redemption Date); 

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

(vi) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of
interest or principal due on any Note on any Distribution Date (including the calculation of any of the individual components of such calculation), or to affect the rights of the Holders of Notes to the benefit of any provisions for the mandatory
redemption of the Notes contained therein; or 
 (vii) permit the creation of any Lien ranking prior to or on a parity with
the Lien of this Indenture with respect to any part of the Collateral or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any property at any time subject thereto or deprive the Holder of any Note of the
security afforded by the Lien of this Indenture. 
 (b) The Indenture Trustee may rely on an Officer’s Certificate and/or an Opinion of
Counsel in determining whether or not any Notes would be affected (such that the consent of each Noteholder would be required) by any supplemental indenture proposed pursuant to this Section 9.2 and any such determination
shall be binding upon the Holders of all Notes, whether authenticated and delivered thereunder before or after the date upon which such supplemental indenture becomes effective. 

(c) It shall be sufficient if an Act of Noteholders approves the substance, but not the form, of any proposed supplemental indenture. 

(d) Promptly after the execution by the Issuing Entity and the Indenture Trustee of any supplemental indenture pursuant to this
Section 9.2, the Indenture Trustee shall deliver to the Noteholders a copy of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture. 

  
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 (e) Notwithstanding anything to the contrary herein, an Opinion of Counsel shall be
delivered to the effect that any amendment pursuant to this Section 9.2 would not cause[ either of] the Issuing Entity[ or the Grantor Trust] to fail to qualify as a grantor trust for United States federal income tax
purposes. 
 Section 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts
created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.1 and 6.2,
shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and an Officer’s Certificate stating that all conditions precedent to the
execution and delivery of such supplemental indenture have been satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities
or immunities under this Indenture or otherwise. 
 Section 9.4 Effect of Supplemental Indenture. Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of
rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuing Entity[, the Grantor Trust] and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

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

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

  
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 ARTICLE X 

REDEMPTION OF NOTES 

Section 10.1 Redemption. The Notes are subject to redemption in whole, but not in part, upon the exercise by the
Servicer of its option to purchase the Receivables pursuant to Section 6.1 of the Servicing Agreement. The date on which such redemption shall occur is the Distribution Date following the Optional Purchase Date identified by Servicer in its
notice of exercise of such purchase option (the “Redemption Date”). The purchase price for the Notes shall be equal to the applicable Redemption Price. After receipt of such notice from the Servicer pursuant to Section 6.1 of
the Servicing Agreement, the Issuing Entity shall furnish the Rating Agencies notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.1, the Servicer or the Issuing Entity shall furnish notice
thereof to the Indenture Trustee not later than ten (10) days prior to the Redemption Date and the Indenture Trustee (based on such notice) shall withdraw from the Collection Account and deposit into the Note Distribution Account, on the
Redemption Date, the aggregate Redemption Price of the Notes, whereupon all such Notes shall be due and payable on the Redemption Date. 

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

(i) the Redemption Date; 

(ii) the applicable Redemption Price; and 

(iii) the place where Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of
the Issuing Entity to be maintained as provided in Section 3.2). 
 (b) Notice of redemption of the Notes shall be
given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.

 Section 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption
as required by Section 10.2, on the Redemption Date cease to be Outstanding for purposes of this Indenture and shall thereafter represent only the right to receive the applicable Redemption Price and (unless the Issuing
Entity shall default in the payment of such Redemption Price) no interest shall accrue on such Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating such Redemption Price. 

  
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 ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Compliance Certificates and Opinions, etc. 

(a) Upon any application or request by the Issuing Entity[ or the Grantor Trust] to the Indenture Trustee to take any action under any
provision of this Indenture that requires an application or request hereunder, the Issuing Entity shall, if requested by the Indenture Trustee, furnish to the Indenture Trustee: (i) an Officer’s Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with,
and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section 11.1, except that, in the case of any such application or request
as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. Every certificate or opinion delivered with respect to compliance with a condition or
covenant provided for in this Indenture shall include: 
 (i) a statement that each signatory of such certificate or opinion
has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 
 (ii) a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

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

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

(b) 
 (i) Prior to
the deposit with the Indenture Trustee of any Collateral or other property or securities that is to be made the basis for the release of any property or securities subject to the Lien of this Indenture, the Issuing Entity shall, in addition to any
obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair
value (within ninety (90) days of such deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited. 

(ii) Whenever the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or
stating the opinion of any signer thereof as to the matters described in clause (b)(i) above, the Issuing Entity 

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

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

  
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 (b) Any certificate or opinion of an Authorized Officer of the Issuing Entity may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that any certificate, opinion or representation with respect to
the matters upon which his certificate or opinion is based is erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Servicer, the Sponsor, the Depositor, the Issuing Entity[, the Grantor Trust] or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the
Sponsor, the Depositor, the Issuing Entity[, the Grantor Trust] or the Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are
erroneous. 
 (c) Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 (d)
Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of
the Issuing Entity’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and
opinions stated in such document shall in such case be conditions precedent to the right of the Issuing Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to
affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 

Section 11.3 Acts of Noteholders. 

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

  
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 (b) The fact and date of the execution by any person of any such instrument or writing may
be proved in any manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes (or any one or more
Predecessor Notes) shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee[, the Grantor Trust] or the
Issuing Entity in reliance thereon, whether or not notation of such action is made upon such Note. 
 Section 11.4
Notices, etc., to Indenture Trustee,[ Grantor Trust,] Issuing Entity and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by
this Indenture shall be in writing and if such request, demand, authorization, direction, notice, instruction, consent, waiver, Act of Noteholders or other document is to be made upon, given or furnished to or filed with: 

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

The Issuing Entity[ and the Grantor Trust] shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee.
The Indenture Trustee shall likewise promptly transmit any notice received by it from the Noteholders to the Issuing Entity[ and the Grantor Trust]. 

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

Section 11.5 Notices to Noteholders; Waiver. 

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

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

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

  
 73 

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

Section 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the table of
contents are for convenience only and shall not affect the construction hereof. 
 Section 11.9 Successors and
Assigns. 
 (a) All covenants and agreements in this Indenture and the Notes by the Issuing Entity[ and the Grantor Trust] shall bind its
successors and assigns, whether so expressed or not. 
 (b) All covenants and agreements of the Indenture Trustee in this Indenture shall
bind its successors and assigns, whether so expressed or not. 
 Section 11.10 Severability. In case any
provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Indenture and the Notes shall not in any way be affected or impaired thereby. 

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

Section 11.12 Legal Holidays. If the date on which any payment is due shall not be a Business Day, then
(notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and except
as otherwise provided in the Transaction Documents, no interest shall accrue for the period from and after any such nominal date. 

Section 11.13 Governing Law; Waiver of Jury Trial. THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. EACH OF THE PARTIES HERETO AND EACH HOLDER BY ACCEPTANCE OF A NOTE AGREES TO THE
NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. 

  
 74 

 THE PARTIES HERETO AND EACH HOLDER BY ACCEPTANCE OF A NOTE 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. 

Section 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public
recording offices, such recording is to be effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured
hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

Section 11.16 No Recourse. No recourse may be taken, directly or indirectly, with respect to the obligations of
the Issuing Entity,[ the Grantor Trust, Grantor Trust Trustee,] the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against: 

(a) the Indenture Trustee,[ the Grantor Trust Trustee] or the Owner Trustee or in [their][its] individual capacit[ies][y]; 

(b) the Depositor or any other owner of a beneficial interest in the Issuing Entity; or 

(c) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee[ or the Grantor
Trust Trustee] in their individual capacities, the Depositor or any other holder of a beneficial interest in the Issuing Entity, the Owner Trustee[, the Grantor Trust Trustee] or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in their individual capacities (or any of their successors or assigns), except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations
in their individual capacities) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles VI, VII and VIII of the Trust Agreement.[ For all purposes of this Indenture, in the performance of any duties or obligations of the Grantor Trust hereunder, the Grantor Trust Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Articles VI, VII and VIII of the Grantor Trust Agreement.] 

  
 75 

 Section 11.17 No Petition. The Indenture Trustee, by entering
into this Indenture, and each Noteholder and Note Owner, by accepting a Note (or interest therein) issued hereunder, hereby covenant and agree that they shall not, prior to the date which is one year and one day after the termination of this
Indenture, acquiesce, petition or otherwise invoke or cause the Depositor[, the Grantor Trust] or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the
Depositor[, the Grantor Trust] or the Issuing Entity under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor[, the
Grantor Trust] or the Issuing Entity or any substantial part of the property of such entity, or ordering the winding up or liquidation of the affairs of the Depositor[, the Grantor Trust] or the Issuing Entity under any federal or State bankruptcy
or insolvency proceeding. 
 Section 11.18 Inspection. The Issuing Entity agrees that, on reasonable prior
notice, it shall permit any representative of the Indenture Trustee, during the Issuing Entity’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuing Entity, to make copies and extracts
therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s officers, employees and Independent certified public
accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law
(and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

Section 11.19 Subordination. Each Noteholder by accepting a Note (or any interest therein) acknowledges that such
Person’s Note (or interest therein) represents an obligation of the Issuing Entity only and does not represent interests in or obligations of[ the Grantor Trust,] the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture
Trustee[, the Grantor Trust Trustee] or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Transaction Documents. Each
Noteholder by the acceptance of a Note (or beneficial interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of any amounts with respect to the Notes, each Noteholder shall have no claim
against any of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee[, the Grantor Trust Trustee] or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the covenants above of each
Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in
any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (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. 

  
 76 

 Section 11.20 Concerning the Owner Trustee. It is expressly
understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by [             ] (“[OT]”), not individually or personally but solely as
Owner Trustee of the Issuing Entity[ and Grantor Trust Trustee of the Grantor Trust], in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part
of the Issuing Entity[ or Grantor Trust, as applicable,] is made and intended not as personal representations, undertakings and agreements by [OT] 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 [OT], individually or personally, to perform any covenant either expressed or implied contained herein of the Issuing Entity[ or the 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) [OT] 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 [OT] be personally liable for the payment of any indebtedness or expenses of the Issuing Entity[ or Grantor
Trust, as applicable,] or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity[ or Grantor Trust, as applicable,] under this Agreement. 

ARTICLE XII- COMPLIANCE WITH REGULATION AB 

Section 12.1 Information to be Provided by the Indenture Trustee. 

(a) Except to the extent disclosed by the Indenture Trustee in subsection (c) or (d) below, the Indenture 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
[             ] or any property of [             ] 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. 
 (b) The Indenture Trustee shall, as
promptly as practicable following notice to or discovery by the Indenture Trustee of any changes to any information regarding the Indenture Trustee as is required for the purpose of compliance with Item 1117 of Regulation AB, provide to the
Depositor, in writing, such updated information. 
 (c) The Indenture Trustee shall deliver to the Depositor on or before March [15] (or, if
such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March [15], 20[     ], a report of a representative of the Indenture Trustee with respect to the immediately preceding calendar year
certifying, on behalf of the Indenture 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
[             ] or any property of [             ] 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. 

  
 77 

 (d) The Indenture Trustee shall deliver to the Depositor on or before March [15] (or, if
such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March [15], 20[             ], a report of a representative of the Indenture Trustee with
respect to the immediately preceding calendar year providing to the Depositor such information regarding the Indenture Trustee as is required for the purpose of compliance with Item 1119 of Regulation AB. Such information shall include, at a
minimum, a description of any affiliation between the Indenture Trustee and any of the following parties to this securitization transaction, as such parties are identified to the Indenture Trustee by the Depositor in writing in advance of this
securitization transaction: 
 (i) the Depositor; 

(ii) Carvana, LLC, as sponsor; 

(iii) the Issuing Entity; 

(iv) [the Grantor Trust]; 

(v) the Owner Trustee; 

(vi) [the Grantor Trust Trustee;] 

(vii) the Servicer; 

(viii) [the Backup Servicer;] 

(ix) the Asset Representations Reviewer; 

(x) the Collateral Custodian; 

(xi) [the [Swap][Cap] Counterparty;] and 

(xii) any other material transaction party. 

(e) In connection with the parties listed in clauses (i) through [(xi)] above, the Indenture Trustee shall include a
description of whether there is, and if so, the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be
obtained in an arm’s length transaction with an unrelated third party, apart from this securitization transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the
asset backed securities issued in this securitization transaction. 

  
 78 

 (f) [The Indenture Trustee shall provide the Depositor with notification, as soon as
practicable and in any event within five (5) Business Days, of all demands delivered in writing to a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Receivable pursuant to any Transaction Document. Subject
to this Section 12.1, the Indenture Trustee shall have no obligation to take any other action with respect to any demand. In no event shall the Indenture Trustee have (i) any responsibility or liability in connection
with any filing to be made by a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or
responsibilities except as expressly set forth in this Section 12.1.] 
 Section 12.2
Noteholder Demand for Asset Representations Review. 
 (a) If the Delinquency Percentage for any Distribution Date exceeds the
Delinquency Trigger, a Noteholder (if the Notes are represented by Definitive Notes) or a Verified Note Owner (if the Notes are represented by Book-Entry Notes), may make a demand on the Indenture Trustee to cause a vote of the Noteholders or Note
Owners, as applicable, about whether to direct the Asset Representations Reviewer to conduct an Asset Representations Review of the Review Receivables under the Asset Representations Review Agreement. If Noteholders and Note Owners that collectively
hold Notes evidencing at least 5% of the aggregate Outstanding Amount of the Notes as of the date of filing the Form 10-D that disclosed that the Delinquency Percentage for the related Distribution Date
exceeds the Delinquency Trigger demand a vote within 90 days of the filing of such Form 10-D, the Indenture Trustee will promptly request a vote of the Noteholders and Note Owners as described in
Section 12.2(b) below; provided, that for the purpose of determining the holders of the Notes Outstanding, any Notes held by the Sponsor or any of its Affiliates shall not be included in such calculation. 

(b) Upon the direction of the requisite Noteholders or Note Owners set forth in Section 12.2 (a), the Indenture
Trustee shall conduct a vote of all Noteholders [in accordance with the Indenture Trustee’s standard vote solicitation process] and shall cause a vote to be conducted in accordance with applicable Depository Trust Company procedures of all
Noteholders and Note Owners. The Indenture Trustee shall provide to the [Depositor], to the extent available from the Depository Trust Company, if applicable, the voting instructions and procedures applicable to the Noteholders and Note Owners to be
included in the Form 10-D filed by the Issuing Entity with the Commission. [Such Form 10-D will also include a statement that sufficient Noteholders are requesting a
full Noteholder vote to commence an Asset Representations Review and will describe the applicable voting deadline.] Each Noteholder that elects to vote shall vote on the issue of whether or not the Asset Representations Reviewer should be directed
to conduct an Asset Representations Review. The vote will remain open until the [150]th day after the filing of the Form 10-D reporting that the Delinquency Percentage for the related Distribution Date exceeds
the Delinquency Trigger. 
 (c) In the event that a Verified Note Owner exercises its right to vote such Note Owner’s beneficial
interest, the Indenture Trustee shall provide a copy of the supporting evidence provided to the Indenture Trustee to the Issuing Entity. 

(d) If Noteholders holding at least 5% of the aggregate Outstanding Amount of the Notes participate in such vote, and Noteholders representing
a majority of the Outstanding Amount of such Notes vote for an Asset Representations Review, the Indenture Trustee will promptly send an Asset Representations Review Notice to the Asset Representations Reviewer, the Issuing Entity and the Servicer
notifying the Asset Representations Reviewer that the Noteholders have requested the Asset Representations Review. 

  
 79 

 (e) [The Indenture Trustee shall reasonably cooperate with the Asset Representations
Reviewer in the event an Asset Representations Review is commenced pursuant to this Section 12.2 and shall provide the Asset Representations Reviewer with any documents or other information in its possession and requested
by the Asset Representations Reviewer in connection with the Asset Representations Review. The Indenture Trustee shall have no obligation to obtain missing information from any other party or source.] 

(f) [For the avoidance of doubt, the Indenture Trustee shall not be required to (i) give notice to Noteholders that or determine whether
the Delinquency Percentage for any Distribution Date exceeds the Delinquency Trigger or (ii) determine which assets are subject to an Asset Representations Review by the Asset Representations Reviewer.] 

*     *     *     *     * 

  
 80 

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

			
	CARVANA AUTO RECEIVABLES TRUST
20[     ]-[     ]
		
	By:	 	[             ], not in its individual capacity but solely as Owner Trustee
		
	By:	 	      

	Name:
	Title:
	
	[CARVANA AUTO RECEIVABLES GRANTOR TRUST 20[     ]-[     ]
		
	By:	 	[             ], not in its individual capacity but solely as Grantor Trust Trustee
		
	By:	 	    

	Name:
	Title:]
	
	[             ], not in its individual capacity but solely as Indenture Trustee
		
	By:	 	
                     
                                         
   

	Name:
	Title:

 [Signature Page to Indenture] 

 EXHIBIT A 

FORM OF CLASS
[A-1][A-2[A/B]][A-3][B][C][D][E][N] NOTES 
  

			
	REGISTERED	  	Up to $[        ]
		
	NO. R-	  	
		
	CUSIP NO.                    	  	

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 [Insert
additional legends, as applicable] 

 CARVANA AUTO RECEIVABLES TRUST
20[    ]-[    ] 
 CLASS [    ]
[    ]% ASSET BACKED NOTES 
 CARVANA AUTO RECEIVABLES TRUST
20[    ]-[    ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of up to [                    ] DOLLARS
($[                    ]) or such lesser outstanding amount as may be payable in accordance with the dated as of
[        ] (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity, Carvana Auto Receivables Grantor Trust
20[        ]-[        ] (the “Grantor Trust”), and [        ], as indenture trustee (the
“Indenture Trustee,” which term includes any successor trustee under the Indenture), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial principal
amount hereof and the denominator of which is the aggregate initial principal amount for this class of Note by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect of principal on
this class of Note pursuant to Sections [2.7, 3.1 and 8.2(c)] of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on [        ] (the
“Final Scheduled Distribution Date”) unless this Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest
on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect
to all payments of principal made on the preceding Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on this Notes will accrue from and including the Closing Date and will be
payable on each Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for this Notes. Interest will be computed on the basis of a [360-day year of
twelve 30-day months (or, in the case of the initial Distribution Date, from and including the Closing Date, a 45-day period)]. Such principal of and interest on this
Note shall be paid in the manner specified in the Indenture. All interest payments on this class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto. 

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

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

 The Notes issued pursuant to the Indenture are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the
Indenture. 
 Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, will be deemed
to represent and warrant that either (i) it is not acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA, (b) a
“plan” subject to Section 4975 of the Code, (c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity and (ii) either (a) it is not a plan that is
subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) or (b) the acquisition and holding of the note (or beneficial interest therein) will not give rise to a violation of
any Similar Law. 
 Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, covenants
and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Grantor Trust, the Grantor Trust Trustee, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee in their individual capacities, (ii) the Depositor or any other owner of a beneficial
interest in the Issuing 

 
Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee in their individual capacities,
any holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee in their
individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. 
 Each Noteholder or Note Owner, by acceptance of this Note or, in the case of
a Note Owner, a beneficial interest in this Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the termination of the Indenture,
acquiesce, petition or otherwise invoke or cause the Depositor, the Grantor Trust or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor, the Grantor
Trust or the Issuing Entity under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor, the Grantor Trust or the
Issuing Entity or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 

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

[Each Noteholder or Note Owner or beneficial owner of this Note, by acceptance of such this Note or such interest therein, 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 Notes, other interest (direct or indirect) in the Issuing Entity, or any interest created under the Indenture and (y) it is not and will not be a principal
purpose of the arrangement involving the investment of such Flow-Through Entity in any Note to permit any partnership to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury
Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Code, and (B) it will not transfer such Notes to a Flow-Through Entity (other than a Flow-Through Entity described in subpart (A)(II)
above).] 
 Each Noteholder by accepting this Note (or any interest therein) acknowledges that such Person’s Note (or interest therein) represents an
obligation of the Issuing Entity only and does not represent interests in or obligations of the Grantor Trust, the Depositor, the Servicer, the Administrator, the Owner Trustee, the Grantor Trust Trustee, the Indenture Trustee or any Affiliate
thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Transaction Documents. Each Noteholder by the acceptance of this Note (or beneficial
interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of any amounts with respect to this Class of Notes, it shall have no claim against any of the Depositor, the Servicer, the
Administrator, the Owner Trustee, the Indenture Trustee, the Grantor Trust Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared
illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any
Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in
the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement”
within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 Except a Noteholder which is considered for federal income tax
purposes the issuer of this Note (or is disregarded as an entity separate from such issuer), each Noteholder, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, expresses its intention that this Note
qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat this Note as indebtedness secured by the

 
Collateral for the purpose of federal income taxes (to the extent the this Class of Notes are treated as beneficially owned by a person other than the Issuing Entity or its affiliates),
state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 
 Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date
as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary.

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class. The Indenture also contains
provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all this Class of Notes, to waive compliance by the Issuing Entity with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 
 The term
“Issuing Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture. 
 The Issuing Entity is permitted by the
Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and
the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the
coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, neither
the Depositor, the Servicer, the Indenture Trustee, the Grantor Trust Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any
of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the
assets of the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any
of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to herein or be valid or obligatory for any purpose. 

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

 

			
	Dated:                    , 2020
	
	CARVANA AUTO RECEIVABLES TRUST 20[    ]-[    ]
		
	By:	 	 [                ], not in its individual
capacity
 but solely as Owner Trustee

		
	By:	 	                                     
                           
		
	Name:	 	
		
	Title:	 	

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	
	[                ], not in its individual capacity but solely as Indenture 
Trustee
		
	By:	 	                                      
                                         
                     
		
	Name:	 	
		
	Title:	 	

 ASSIGNMENT 

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

	
	
                     
                                         
                   

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

 

	
	
                     
                                         
                                         
                              

  

	
	
                     
                                         
                                         
                              

                          
                              (name and address of assignee) 

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

Dated:                         
                                        
                                         
                                   1 
 Signature Guaranteed: 

 

                          
                                         
                                        
                                         
      
  

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

 EXHIBIT B 

[Form of Class XS Note to be added as appropriate for deals] 

 EXHIBIT [     ] 

SERVICING CRITERIA TO BE ADDRESSED IN 

INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE3 

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

					
	 Servicing Criteria
	  	 Servicer

Applicable
  Servicing Criteria  

	 Reference
	  	 Criteria
	  	 
		  	General Servicing Considerations	  	
			
	1122(d)(1)(i)	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	
			
	1122(d)(1)(ii)	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	  	
			
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  	
			
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	  	
			
	1122(d)(1)(v)	  	 Aggregation of information, as applicable, is mathematically

accurate and the information conveyed accurately reflects
 the
information.
	  	
			
		  	Cash Collection and Administration	  	
			
	1122(d)(2)(i)	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction
agreements.	  	
			
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	
			
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	  	
			
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	  	
			
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a
foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	
			
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	

  

	3	 Checkmarks will be added in this column with respect to each servicing criterion applicable to Indenture
Trustee; applicable servicing criteria TBD. 

  
 Exhibit
[     ] 2 

					
	 Servicing Criteria
	  	 Servicer

Applicable
  Servicing Criteria  

	 Reference
	  	 Criteria
	  	 
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate;
(B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation;
and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  	
			
		  	Investor Remittances and Reporting	  	
			
	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in
accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by
its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.	  	
			
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	
			
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	
			
		  	Pool Asset Administration	  	
			
	1122(d)(4)(i)	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	  	
			
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements	  	
			
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	
			
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number
of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  	
			
	1122(d)(4)(v)	  	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool
asset documents.	  	
			
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or
other requirements established by the transaction agreements.    	  	

  
 Exhibit
[     ] 3 

					
	 Servicing Criteria
	  	 Servicer

Applicable
  Servicing Criteria  

	 Reference
	  	 Criteria
	  	 
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g.,
illness or unemployment).	  	
			
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	  	
			
	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or such other period specified in the
transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment
of the related Accounts, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support
has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	  	
			
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	

  
 Exhibit
[     ] 4EX-10.1

 EXHIBIT 10.1 

RECEIVABLES PURCHASE AGREEMENT 

This RECEIVABLES PURCHASE AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this
“Agreement”), dated as of [                ], 20[    ], is by and between Carvana, LLC, an Arizona limited liability company
(“Carvana”), as the seller (the “Seller”), and Carvana Receivables Depositor LLC, a Delaware limited liability company (the “Depositor”), as the purchaser (the “Purchaser”). 

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

WHEREAS, the Seller is willing to sell such contracts and related rights to the Purchaser pursuant to this Agreement; 

WHEREAS, the Purchaser intends to sell or otherwise transfer such contracts and related rights, or interests therein, to Carvana Auto
Receivables Trust 20[    ]-[    ] a Delaware statutory trust (the “Issuing Entity”), pursuant to the Receivables Transfer Agreement, dated as of the date hereof (as amended, restated,
supplemented or otherwise modified from time to time, the “Receivables Transfer Agreement”), between the Issuing Entity and the Depositor; 

[WHEREAS, the Issuing Entity intends to contribute or otherwise transfer such contracts and related rights, or interests therein, to Carvana
Auto Receivables Grantor Trust 20[    ]-[    ], a Delaware statutory trust (the “Grantor Trust”), pursuant to the Receivables Contribution Agreement, dated as of the date hereof (as amended,
restated, supplemented or otherwise modified from time to time, the “Receivables Contribution Agreement”), between the Issuing Entity and the Grantor Trust, in exchange for the Grantor Trust Certificate;] 

WHEREAS, the [Grantor Trust][Issuing Entity] intends to pledge such contracts and related rights to
[                ], as indenture trustee (the “Indenture Trustee”), and the Issuing Entity will issue notes backed by the [Grantor Trust Certificate]
[Receivables] pursuant to the Indenture, dated as of the date hereof (as amended, modified or supplemented from time to time, the “Indenture”), among the Issuing Entity[, the Grantor Trust] and the Indenture Trustee; and 

WHEREAS, Bridgecrest Credit Company, LLC, an Arizona limited liability company (the “Servicer”), is willing to service such
contracts in accordance with the terms of the Servicing Agreement, dated as of the date hereof, among the Issuing Entity, [the Grantor Trust,] [the Backup Servicer] and the Servicer. 

NOW, THEREFORE, in consideration of the mutual agreements and subject to the terms and conditions herein contained, each party agrees as
follows for the benefit of the other party: 

 ARTICLE I 

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

CONVEYANCE OF RECEIVABLES 

Section 2.1 Conveyance of Receivables. 

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

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

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

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

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

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

  
 2 

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

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

(x) all present and future claims, demands, causes of action and choses in action in respect of any of all of the foregoing and all payments
on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property; all accounts, general
intangibles, chattel paper, instruments, documents, money, investment property, deposit accounts, letters of credit, letter-of-credit rights, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of obligations; and all other property which at any time constitutes all or part of or is included in the proceeds of any of the foregoing. 

(b) [During the [Funding Period][Revolving Period], the Depositor hereby agrees to sell, transfer, assign, set over and otherwise convey to the
Issuing Entity and the Issuing Entity hereby agrees to purchase from the Depositor, without recourse, all right, title and interest of the Depositor in, to and under the following property, whether now existing or hereafter created or acquired (all
of the property described in this Section 2.1(b) being collectively referred to herein as the “Subsequent First Step Transferred Property”, and together with the Initial First Step Transferred Property, the
“First Step Transferred Property”): 
 (i) the Additional Receivables and all instruments and all monies due or to become
due or received by any Person in payment of any of the foregoing on or after the Subsequent Cutoff Date; 
 (ii) the Financed Vehicles
securing such Additional Receivables (including any such Financed Vehicles that have been repossessed), any document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each Financed Vehicle; 

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

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

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

  
 3 

 (vi) all rights to payment under all service contracts and other contracts and agreements
associated with such Additional Receivables; 
 (vii) all Liquidation Proceeds related to any such Additional Receivable received on or
after the Subsequent Cutoff Date; 
 (viii) subject to the Transaction Documents and the Master Agency Agreement, all deposit accounts,
monies, deposits, funds, accounts and instruments relating to the foregoing (excluding payments or recoveries in respect of the Additional Receivables received prior to the Subsequent Cutoff Date); 

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

(x) all present and future claims, demands, causes of action and choses in action in respect of any of all of the foregoing and all payments
on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property; all accounts, general
intangibles, chattel paper, instruments, documents, money, investment property, deposit accounts, letters of credit, letter-of-credit rights, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of obligations; and all other property which at any time constitutes all or part of or is included in the proceeds of any of the foregoing.] 

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

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

  
 4 

 Section 2.2 Intent of the Parties. 

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

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

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

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

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

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

  
 5 

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

(b) Representations and Warranties Regarding each Receivable. The Seller makes the following representations and warranties to the
Purchaser regarding each Receivable as of the Closing Date [and each Subsequent Closing Date], which shall survive the sale, transfer and assignment of the Receivables, and on which representations and warranties the Purchaser shall rely in
acquiring the Receivables. 

  
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 (i) Schedule of Receivables. As of the [applicable] Cutoff Date, the information set
forth in the Schedule of Receivables with respect to each Receivable is true and correct in all material respects. 
 (ii) Eligibility of
Receivables. As of the Closing Date [and each Subsequent Closing Date] or such other date specified in Exhibit B, the representations and warranties on Exhibit B hereto are true and correct with respect to each Receivable assigned
by the Seller to the Purchaser hereunder and under [the] [each] First Step Receivables Assignment. 
 (c) Representations and Warranties
Regarding the First Step Transferred Property. The Seller makes the following representations and warranties to the Purchaser regarding the First Step Transferred Property as of the Closing Date [and each Subsequent Closing Date], which shall
survive the sale, transfer and assignment of the Receivables, and on which representations and warranties the Purchaser shall rely in acquiring the Receivables. 

(i) Selection Procedures. No procedures believed by the Seller to be adverse to the interests of the Purchaser or the Holders of the
Securities were utilized by the Seller in identifying or selecting Receivables to be acquired from the Seller under this Agreement. 
 (ii)
Good Title. 
 (A) Immediately prior to the conveyance of each Receivable and the related First Step Transferred
Property to the Purchaser pursuant to this Agreement and [the][each] First Step Receivables Assignment, the Seller had good and marketable title thereto, free and clear of all Liens except for Permitted Liens and those Liens that will be released
simultaneously with the conveyance hereunder. No effective financing statement or other instrument similar in effect covering any portion of the First Step Transferred Property shall, on or after the Closing Date [and each Subsequent Closing Date]
be on file in any recording office except such as may be filed in favor of (i) the Purchaser in accordance with this Agreement, (ii) the Issuing Entity in accordance with the Receivables Transfer Agreement[, (iii) the Grantor Trust in
connection with the Receivables Contribution Agreement] or [(iii)/(iv)] the Indenture Trustee in connection with the Indenture. 

(B) Upon the conveyance of such Receivable and the other related First Step Transferred Property to the Purchaser pursuant to
this Agreement and [the][each] First Step Receivables Assignment, the Purchaser will be the sole owner of, and have good, indefeasible and marketable title to such Receivable and other related First Step Transferred Property, free and clear of any
Lien (other than Liens created hereunder and Permitted Liens and those Liens that will be released simultaneously with the conveyance hereunder); and, to the extent the related Obligor has a contractual right to return the Financed Vehicle to the
Seller for repurchase, the applicable repurchase period has expired. As of the date hereof, each Receivable and the related Financed Vehicle is free and clear of any Lien of any Person (other than Liens created hereunder and Permitted Liens or those
Liens that will be released simultaneously with the conveyance hereunder) and is in compliance with all Applicable Laws. 

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

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

(d) Repurchase of Receivables1. In the event of 

(A) a breach of any representation or warranty set forth in Section 3.1(b) and
Section 3.1(c) hereof with respect to any Receivable, that materially and adversely affects the interests of the Noteholders or the Certificateholders taken as a whole (a “Repurchase Event”), unless the
breach shall have been cured within thirty (30) days following (i) discovery of the breach by the Seller or receipt of notice of such breach by the Seller from the Purchaser[,/or] the Issuing Entity [or the Grantor Trust] (which notice
shall provide sufficient detail so as to allow the Seller to reasonably investigate the alleged breach), or (ii) in the case of the Owner Trustee [,/or] [the Grantor Trust Trustee or] the Indenture Trustee, a Responsible Officer of such trustee
has actual knowledge or receives written notice of a breach of such representation or warranty, then 
 (B) the Seller shall
repurchase [or substitute] such Receivable from the [Issuing Entity] [Grantor Trust (if the [Grantor Trust][Issuing Entity] is then the owner of such Receivable)] on the date and for the amount specified in the Receivables Transfer Agreement, in
each case, without further notice from the Purchaser hereunder. Any such breach shall be deemed not to materially and adversely affect the interests of the Noteholders or the Certificateholders taken as a whole, if such breach does not affect the
ability of the Purchaser (or its assignee) to receive and retain timely payment in full on such Receivable. Upon the occurrence of a Repurchase Event with respect to a Receivable for which the Purchaser is the owner, the Seller agrees to repurchase
such Receivable from the Purchaser for an amount and upon the same terms as the Seller would be obligated to repurchase [or substitute] such Receivable from the [Issuing Entity][Grantor Trust] if the [Issuing Entity][Grantor Trust] was then the
owner thereof, and upon payment of such amount, the Seller shall have such rights with respect to such Receivable as if the Seller had purchased such Receivable from the [Issuing Entity][Grantor Trust] as the owner thereof. It is understood and
agreed that the obligation of the Seller to repurchase [or substitute] any 
  

	1 	 Note: Deal specific requirements with respect to substitutions to be added as appropriate.

  
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Receivable as to which a Repurchase Event has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole and exclusive remedy (other than any indemnities available
pursuant to Section 4.13) available to the Purchaser, the Issuing Entity, [the Grantor Trust,] the Indenture Trustee, the Owner Trustee[, the Grantor Trust Trustee] and the Financial Parties for the breach of any
representation or warranty set forth in Section 3.1(b) and Section 3.1(c) hereof with respect to such Receivable. 

(e) Upon receipt by the then-current owner of the related Receivable of the applicable Purchase Amount, the applicable Receivable and any and
all related First Step Transferred Property shall be automatically and immediately assigned and re-conveyed by the Purchaser (or its applicable assign, as the case may be) to the Seller. 

(f) Upon discovery by the Seller or by the Purchaser of a breach of any of the representations and warranties set forth in
Section 3.1(a), Section 3.1(b) and Section 3.1(c) (other than with respect to Receivables that have been repurchased in accordance with the terms of this Agreement) the
party discovering such breach shall give prompt written notice to the other party. 
 (g) The Seller agrees to cooperate with the [Issuing
Entity] [Grantor Trust] and the [Requesting Party] in any dispute resolution proceeding pursuant to, and be bound by the dispute resolution terms in Section 3.1(d) of the Receivables Transfer Agreement as if they were part of this Agreement.

 Section 3.2 Representations and Warranties of the Purchaser. 

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

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

(iii) Power and Authority; Due Authorization. The Purchaser (i) has the power and authority to (A) execute and deliver this
Agreement and the other Transaction Documents to which it is a party and (B) carry out the terms of this Agreement and the other Transaction Documents to which it is a party and (ii) has duly authorized by all necessary action on its part
the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. 

  
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 (iv) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of the Purchaser enforceable against the Purchaser in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the
enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(v) No Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof will 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 or both) a default under, the Purchaser’s certificate of formation or
by-laws, limited liability company agreement, trust agreement or other constituent documents or any Contractual Obligation of the Purchaser, (ii) result in the creation or imposition of any Lien upon any
of the Purchaser’s properties, other than Liens permitted or created pursuant to the Transaction Documents, or (iii) violate any Applicable Law, in each case, except where such failure to comply could not reasonably be expected to have a
Material Adverse Effect with respect to the Purchaser. 
 (vi) No Proceedings. There are no proceedings or investigations pending or,
to the knowledge of the Purchaser, threatened against the Purchaser, before any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this
Agreement, (iii) challenging the enforceability of a material portion of the Receivables or (iv) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect with respect to the Purchaser. 

(vii) No Consents. All approvals, authorizations, consents, orders or other actions of any Person or of any Governmental Authority (if
any) required for the due execution, delivery and performance by the Purchaser of this Agreement have been obtained. 
 (b) Upon discovery by
the Seller or by the Purchaser of a breach of any of the representations and warranties set forth in Section 3.2(a), the party discovering such breach shall give prompt written notice to the other party. 

Section 3.3 Covenants of the Seller. The Seller hereby covenants as to the Receivables the Seller has sold to the Purchaser hereby
that: 
 (a) Delivery of Payments; Pre-Closing Collections. The Seller shall within two
(2) Business Days after the [Closing Date] [each Purchase Date], transfer all Collections received by it on or after the [applicable] Cutoff Date with respect to any Receivable or related First Step Transferred Property to, or at the direction
of, the Purchaser (or the Issuing Entity [or the Grantor Trust]). The Seller shall inform the Servicer to deposit all amounts due in respect of the First Step Transferred Property to or at the direction of the Purchaser (or the Issuing Entity [or
the Grantor Trust]). On the [Closing Date] [each Purchase Date], the Seller shall deposit or cause to be to be deposited into the Collection Account any payments relating to the Receivables from the [applicable] Cutoff Date through the second (2nd)
Business Day preceding the [Closing Date] [each Purchase Date]. 

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

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

ARTICLE IV 
 MISCELLANEOUS
PROVISIONS 
 Section 4.1 Amendment. 

(a) This Agreement may be amended, waived, supplemented or modified by a written amendment duly executed and delivered by the Seller and the
Purchaser, without the consent of the Indenture Trustee, the Owner Trustee, [the Grantor Trust Trustee,] any of the Noteholders, any of the Certificateholders or any other Person to (i) 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, (iii) add to the covenants, restrictions or
obligations of the Seller, (iv) 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 (v) the Rating Agency Condition is satisfied with respect to such amendment and the Depositor or the Administrator notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to
such amendment. 
 (b) This Agreement may be amended, waived, supplemented or modified by a written amendment duly executed and delivered by
the Seller, the Purchaser and the Indenture 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).

  
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 (c) This Agreement may be amended, waived, supplemented or modified by a written amendment
duly executed and delivered by the Seller, the Purchaser and the Indenture Trustee with the consent of the Requisite Noteholders as of the close of business on the preceding Distribution Date, or if no Notes [(other than the Class XS Notes)]
are Outstanding, the Majority Certificateholders (which consent, whether given pursuant to this Section 4.1 or pursuant to any other provision of this Agreement, shall be conclusive and binding on such Person and on all
future holders of such Notes or Certificates and of any Notes or Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon any Notes or Certificates) for the purpose
of adding any provisions to, or changing in any manner, or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Noteholders or the Certificateholders; 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. 

(d) It will not be necessary for the consent of Noteholders or Certificateholders pursuant to Section 4.1(b) or
(c) to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders and
Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture Trustee and Owner Trustee may
prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (e) No amendment, waiver or other
modification which adversely affects the rights, privileges, indemnities, duties or obligations of the Owner Trustee [or the Grantor Trust Trustee] under this Agreement shall be effective without such entity’s prior written consent. 

(f) Prior to the execution of any amendment pursuant to Section 4.1(b) or (c), the Seller 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 Seller shall furnish a copy of such amendment to each Rating Agency, [the
Grantor Trust Trustee,] the Owner Trustee and the Indenture Trustee. 
 (g) [Notwithstanding any other provision of this Agreement, if the
consent rights of the Swap [Cap] Counterparty, if any, is required pursuant to the [Swap [Cap] Counterparty Rights Agreement] to amend this Agreement, any such purported amendment shall be null and void ab initio unless the Swap [Cap] Counterparty,
if any, consents in writing to such amendment.] 

  
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 (h) [Notwithstanding anything to the contrary herein, an Opinion of Counsel shall be
delivered to the Purchaser[, the Grantor Trust Trustee] and the Owner Trustee to the effect that such amendment would not cause the [Grantor Trust or the] Issuing Entity to fail to qualify as a grantor trust for United States federal income tax
purposes.] 
 Section 4.2 Protection of Right, Title and Interest in and to Receivables. 

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

(b) Name Change. The Seller shall not change its State of organization or its name, identity or entity structure in any manner that
would, could or might make any financing statement or continuation statement filed by the Seller, Purchaser or Purchaser’s assigns seriously misleading within the meaning of the UCC, unless it shall give the Purchaser written notice thereof at
least five (5) Business Days prior to such change. 
 (c) Executive Office; Maintenance of Offices. The Seller shall give the
Purchaser written notice at least ten (10) Business Days prior to any relocation of its principal executive office if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any
previously filed financing or continuation statement or of any new financing statement. The Seller shall at all times maintain each office from which it originates Receivables and its principal executive office within the United States of America.

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

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

  
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 Section 4.3 Governing Law; Consent to Jurisdiction; Waiver of Objection to
Venue. THIS AGREEMENT AND [THE][EACH] FIRST STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN §§5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)). 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 FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY
ACTION INSTITUTED HEREUNDER OR UNDER [THE][EACH] FIRST STEP RECEIVABLES ASSIGNMENT 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 4.4 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 4.5 Notices. All demands, notices and communications upon or to the Seller or the Purchaser under this Agreement shall be
delivered as specified in Part III of Appendix A. 
 Section 4.6 Severability of Provisions. If any one or more of
the covenants, agreements, provisions or terms of this Agreement shall 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 4.7 Closing; Assignment; Conveyance of Receivables and First Step Transferred Property to the Issuing Entity. The transfer
of the Receivables contemplated by this Agreement shall take place at Carvana Headquarters, on the date hereof. This Agreement may not be assigned by the Purchaser or the Seller except as contemplated by this Section 4.7.
The Seller acknowledges that the Purchaser (or any permitted assign) may, pursuant to certain agreements, assign and convey the Receivables and the other First Step Transferred Property, together with its rights under this Agreement, to the Issuing
Entity under the Receivables Transfer Agreement and [the][each] Second Step Receivables Assignment (as defined in the Receivables Transfer Agreement) and that the Issuing Entity may make further assignments, conveyances and pledges of such rights
and assets to other Persons pursuant to the Indenture [and the Receivables Contribution Agreement and that the Grantor Trust may make further assignments, conveyances and pledges pursuant to the Receivables Contribution Agreement and the Indenture].
The Seller acknowledges and consents to such assignments and pledges and waives any further notice thereof. Additionally, the Seller acknowledges that the [Issuing Entity][Grantor Trust] may assign the representations and warrants set forth in
Section 3.1(b) to any Third-Party Purchaser with respect to the sale of Charged-Off Receivables pursuant to a Forward Commitment Transfer. 

  
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 Section 4.8 No Waiver; Cumulative Remedies. No failure to exercise and no delay
in exercising, on the part of the Purchaser or the Seller, 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 4.9 Counterparts. This Agreement may be executed in two (2) or more counterparts (and by different
parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 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. 
 Section 4.10 Third-Party Beneficiaries. This Agreement will inure to
the benefit of and be binding upon the parties hereto, the Issuing Entity[, the Grantor Trust] and the Indenture Trustee and, to the extent expressly referenced herein, shall inure to the benefit of the Noteholders and the Certificateholders, who
shall be considered to be a third party beneficiary hereof (including beneficiaries of the representations and warranties set forth in Section 3.1(b)). Except as otherwise provided in this Agreement, no other Person will
have any right or obligation hereunder. 
 Section 4.11 Merger and Integration. Except as specifically stated otherwise herein,
this Agreement sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. This Agreement may not be modified, amended, waived or
supplemented except as provided herein. 
 Section 4.12 Headings. The headings herein are for purposes of references only and
shall not otherwise affect the meaning or interpretation of any provision hereof. 
 Section 4.13 Indemnification. The Seller
shall indemnify and hold harmless the Purchaser, the Issuing Entity, the Owner Trustee[, the Grantor Trust, the Grantor Trust Trustee] and their respective agents and assignees (each, an “Indemnified Person”) from and against any
loss, liability, expense (including reasonable and documented out of pocket external attorneys’ fees and costs) or damage suffered or sustained by reason of third party claims which may be asserted against or incurred by the Purchaser or any of
the permitted assignees (collectively, “Losses”) as a result of (i) the failure of a Receivable to be originated in compliance in all material respects with all requirements of Applicable Law, and (ii) breach of the
Seller’s representations and warranties contained herein and any failure by the Seller to comply with its obligations under Section 4.2 or Section 3.3; provided that the
Seller’s repurchase obligation for a breach of representations and warranties set forth in Section 3.1(b) hereof is the sole remedy therefor, except with respect to matters set forth in (i) above. Notwithstanding
the foregoing, such indemnity shall not be available to an Indemnified Person to the extent that such Losses (A) have 

  
 15 

 
resulted from the gross negligence, bad faith, fraud or willful misconduct of such Indemnified Person or (B) arise primarily due to the deterioration in the credit quality or market value of
the Receivables, Financed Vehicles or other First Step Transferred Property (or the underlying Obligors thereunder) or otherwise constituting credit recourse for the failure of an Obligor to pay any amount owing with respect to any First Step
Transferred Property. 
 Section 4.14 Survival. All representations, warranties, covenants, indemnities and other provisions
made by the Seller herein or in connection herewith shall be considered to have been relied upon by the Purchaser, and shall survive the execution and delivery of this Agreement. The terms of Section 4.13 shall survive the
termination of this Agreement. 
 Section 4.15 No Petition Covenant. Notwithstanding any prior termination of this Agreement,
the Seller shall not, prior to the date which is one year and one day after the final distribution with respect to the Notes [(other than the Class XS Notes)] to the Note Distribution Account or, with respect to the Certificates, to the
Certificateholders or the Certificate Distribution Account, acquiesce, petition or otherwise invoke or cause the Purchaser, the Issuing Entity [or the Grantor Trust] to invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Purchaser, the Issuing Entity [or the Grantor Trust] under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Purchaser, the Issuing Entity [or the Grantor Trust] or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of Purchaser, the Issuing Entity [or the Grantor
Trust] under any federal or State bankruptcy or insolvency proceeding. 
 [REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK] 

  
 16 

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

			
	CARVANA, LLC,
	as Seller
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CARVANA RECEIVABLES DEPOSITOR LLC, as Purchaser
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Receivables Purchase Agreement] 

 EXHIBIT A 

FORM OF 
 [INITIAL] FIRST
STEP RECEIVABLES ASSIGNMENT 
 PURSUANT TO RECEIVABLES PURCHASE AGREEMENT 

On [                ], 20[    ], for
value received, in accordance with the Receivables Purchase Agreement, dated as of [                ], 20[    ] (as amended, modified or
supplemented from time to time, the “Receivables Purchase Agreement”), between Carvana, LLC, an Arizona limited liability company (the “Seller”), and Carvana Receivables Depositor LLC, a Delaware limited
liability company (the “Purchaser”), the Seller does hereby sell, assign, transfer, set over and otherwise convey unto the Purchaser, without recourse, all of the Seller’s right, title and interest in, to and under the
following property, whether now existing or hereafter created or acquired: 
 (i) the [Initial] Receivables and all
instruments and all monies due or to become due or received by any Person in payment of any of the foregoing on or after the [Initial] Cutoff Date; 

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

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

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

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

(vi) all rights to payment under all service contracts and other contracts and agreements associated with such [initial]
Receivables; 
 (vii) all Liquidation Proceeds related to any such [Initial] Receivable received on or after the [Initial]
Cutoff Date; 
 (viii) subject to the Transaction Documents and the Master Agency Agreement, all deposit accounts, monies,
deposits, funds, accounts and instruments relating to the foregoing (excluding payments or recoveries in respect of the [Initial] Receivables received prior to the [Initial] Cutoff Date); 

  
 Ex. A-1 

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

(x) all present and future claims, demands, causes of action and choses in action in respect of any of all of the foregoing and
all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property; all accounts,
general intangibles, chattel paper, instruments, documents, money, investment property, deposit accounts, letters of credit, letter-of-credit rights, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of obligations; and all other property which at any time constitutes all or part of or is included in the proceeds of any of the foregoing. 

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

Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to them in the Receivables Purchase Agreement.

 *    *    *    *    * 

  
 Ex. A-2 

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

			
	CARVANA, LLC, as Seller

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. A-3 

 SCHEDULE A TO THE [INITIAL] FIRST STEP RECEIVABLES ASSIGNMENT 

[INITIAL] FIRST STEP SCHEDULE OF RECEIVABLES 

The [Initial] First Step Schedule of Receivables is 

on file at the offices of: 
  

	 	1.	 The Indenture Trustee 

 

	 	2.	 The Servicer 

  

	 	3.	 The Seller 

  

	 	4.	 The Purchaser 

  

	 	5.	 The Issuing Entity 

  

	 	[6.	 The Grantor Trust] 

  
 Ex. B-4 

 EXHIBIT B 

RECEIVABLES REPRESENTATIONS AND WARRANTIES 

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

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 [applicable] Cutoff Date, was not considered a Delinquent Receivable for more than 30 days; 

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

(9) has a Deal Score equal to or less than [    ]; and 

(10) has a fixed Annual Percentage Rate of not more than [    ]%. 

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. 

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). 

  
 Ex B-1 

 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. 
 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. 
 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. 
 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). 
 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 [applicable] Cut-off 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. 
 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. 

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. 
 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 (i) if the Certificate of Title has not been
received, the Collateral 

  
 Ex B-2 

 
Custodian will have received a copy of the title application within [45] days of inclusion as part of the Collateral and (ii) such Certificate of Title will be received within [180] days of
inclusion as part of the Collateral 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 (i) if a confirmation has not been received, the Collateral Custodian will have received a copy of the electronic submission within [45] days of inclusion
as part of the Collateral and (ii) a confirmation document is received within [180] days of inclusion as part of the Collateral 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. 
 No Bankruptcies. To the Seller’s knowledge, as of the [applicable] Cutoff Date, the related Obligor
on such Receivable is not currently the subject of a bankruptcy proceeding. 
 No Repossessions. Such Receivable was not secured by a
Financed Vehicle that had been repossessed without reinstatement of the related Contract. As of the [applicable] 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. 

Chattel Paper. Such Receivable constitutes any of “chattel paper,” an “account,” an “instrument” or a
“general intangible” as defined in the UCC. 
 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. 
 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. 
 Origination Date. The
Receivable was originated at least [    ] days prior to the [applicable] Cutoff Date. 

  
 Ex. B-3 

 [EXHIBIT C 

FORM OF 
 SUBSEQUENT
FIRST STEP RECEIVABLES ASSIGNMENT 
 PURSUANT TO RECEIVABLES PURCHASE AGREEMENT 

On [                ], 20[    ], for
value received, in accordance with the Receivables Purchase Agreement, dated as of [                ], 20[    ] (as amended, modified or
supplemented from time to time, the “Receivables Purchase Agreement”), between Carvana, LLC, an Arizona limited liability company (the “Seller”), and Carvana Receivables Depositor LLC, a Delaware limited
liability company (the “Purchaser”), the Seller does hereby sell, assign, transfer, set over and otherwise convey unto the Purchaser, without recourse, all of the Seller’s right, title and interest in, to and under the
following property, whether now existing or hereafter created or acquired: 
 (i) the Additional Receivables and all
instruments and all monies due or to become due or received by any Person in payment of any of the foregoing on or after the Subsequent Cutoff Date; 

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

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

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

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

(vi) all rights to payment under all service contracts and other contracts and agreements associated with such Additional
Receivables; 
 (vii) all Liquidation Proceeds related to any such Additional Receivable received on or after the Subsequent
Cutoff Date; 
 (viii) subject to the Transaction Documents and the Master Agency Agreement, all deposit accounts, monies,
deposits, funds, accounts and instruments relating to the foregoing (excluding payments or recoveries in respect of the Additional Receivables received prior to the Subsequent Cutoff Date); 

  
 Ex. C-1 

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

(x) all present and future claims, demands, causes of action and choses in action in respect of any of all of the foregoing and
all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property; all accounts,
general intangibles, chattel paper, instruments, documents, money, investment property, deposit accounts, letters of credit, letter-of-credit rights, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of obligations; and all other property which at any time constitutes all or part of or is included in the proceeds of any of the foregoing. 

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

Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to them in the Receivables Purchase Agreement.

 *    *    *    *    * 

  
 Ex. C-2 

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

			
	 CARVANA, LLC,
 as
Seller

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. B-3 

 SCHEDULE A TO THE SUBSEQUENT FIRST STEP RECEIVABLES ASSIGNMENT 

SUBSEQUENT FIRST STEP SCHEDULE OF RECEIVABLES 

The Subsequent First Step Schedule of Receivables is 

on file at the offices of: 
  

	 	1.	 The Indenture Trustee 

 

	 	2.	 The Servicer 

  

	 	3.	 The Seller 

  

	 	4.	 The Purchaser 

  

	 	5.	 The Issuing Entity 

  

	 	[6.	 The Grantor Trust]] 

 APPENDIX A 

PART I—DEFINITIONS 

20[    ]-[    ] Vault Partition: The
segregated vault partition of the E-Vault System established in the name of Carvana Auto Receivables [Grantor] Trust
20[    ]-[    ]. 
 [AAA: The American Arbitration Association.] 

[AAA Rules: The AAA’s Commercial Arbitration Rules and Mediation Procedures in effect as of [the date of the commencement of the ADR
Proceeding][the [Initial] Closing Date].] 
 Account Holder: A bank or trust company, whose short-term unsecured debt obligations have the Required
Deposit Rating, that holds one or more of the Designated Accounts. 
 [Accumulation Account: The account designated as such, established and
maintained pursuant to Section 8(a) of the Indenture.] 
 [Accumulation Amount: For any Distribution Date during the Revolving Period, the
aggregate amount on deposit in the Accumulation Account as of such Distribution Date.] 
 Acknowledgment and Agreement: That certain Acknowledgement
and Agreement to the Master Agency Agreement, dated as of the Closing Date. 
 Act: Has the meaning specified in
Section 11.3 of the Indenture. 
 Actual Loss Amount: With respect to an Indemnified Receivable: 

(A) if the Servicer has extended the date for final payment by the Obligor of such Receivable beyond the last day of the Collection Period immediately
preceding the latest Final Scheduled Distribution Date, then an amount equal to the outstanding Principal Balance as of the fifth Business Day preceding the latest Final Scheduled Distribution Date, and the related “Actual Loss Calculation
Date” shall be the fifth Business Day preceding the latest Final Scheduled Distribution Date; 
 (B) if the Servicer has reduced the APR with respect to
such Receivable other than as permitted by Section 2.2 of the Servicing Agreement, then an amount equal to the amount of the anticipated aggregate reduction in interest payments attributable to reduction of the APR over the
term of such Receivable, and the related “Actual Loss Calculation Date” shall be the last day of the Collection Period during which the Servicer made such reduction; 

(C) if the Servicer has reduced the APR with respect to such Receivable other than as permitted by Section 2.2 of the Servicing
Agreement, then an amount equal to the greater of (i) zero and (ii) the excess of the Indemnified Receivable Amount for such Receivable over the sum of all Collections (including Liquidation Proceeds and Actual Loss Amounts previously paid
by the Servicer with respect to such Receivable) received on such Receivable from and after the last day of the Collection Period ending immediately prior to the date of such reduction by the Servicer through the earliest date that (1) such
Receivable is paid in full, (2) all related Liquidation Proceeds 

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

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

Actual Loss Calculation Date: With respect to any Indemnified Receivable shall have the applicable meaning set forth in the definition of Actual Loss
Amount. 
 [Additional Receivables: The Receivables transferred to the [Issuing Entity][Grantor Trust] on the Subsequent Closing Date.] 

  
 2 

 Administration Agreement: That certain Administration Agreement, dated as of the Closing Date, among
the Administrator, the Issuing Entity[, the Grantor Trust] and the Indenture Trustee. 
 Administrator: Carvana, LLC, an Arizona limited liability
company, or any successor thereto in such capacity. 
 [ADR Facilitator: A nationally-recognized alternative dispute resolution facilitator chosen
pursuant to [                ].] 
 [ADR Proceeding: Either an
Arbitration or a Mediation.] 
 [ADR Rules: The ADR Facilitator’s governing rules and procedures in effect as of [the date of the commencement
of the ADR Proceeding] [the [Initial] Closing Date].] 
 Affiliate: With respect to any specified Person, any other Person controlling, controlled by
or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

Agency Office: Has the meaning specified in Section 3.2 of the Indenture. 

[Aggregate Additional Pool Balance: With respect to a Distribution Date during the Revolving Period, the aggregate of the Principal Balances of each
Additional Receivable [purchased by the Issuing Entity][transferred to the Grantor Trust] on that Distribution Date.] 
 Aggregate
Class A Interest Distributable Amount: With respect to any Distribution Date, the sum of (i) the aggregate of the Note Class Interest Distributable Amount for each Class of the Class A Notes for such
Distribution Date and (ii) the Class A Interest Carryover Shortfall as of the close of the preceding Distribution Date. 
 Aggregate
Class B Interest Distributable Amount: With respect to any Distribution Date, the sum of (i) the Note Class Interest Distributable Amount for the Class B Notes for such Distribution Date and (ii) the
Class B Interest Carryover Shortfall as of the close of the preceding Distribution Date. 
 Aggregate Class C Interest
Distributable Amount: With respect to any Distribution Date, the sum of (i) the Note Class Interest Distributable Amount for the Class C Notes for such Distribution Date and (ii) the Class C Interest Carryover
Shortfall as of the close of the preceding Distribution Date. 
 Aggregate Class D Interest Distributable Amount: With respect to
any Distribution Date, the sum of (i) the Note Class Interest Distributable Amount for the Class D Notes for such Distribution Date and (ii) the Class D Interest Carryover Shortfall as of the close of the preceding
Distribution Date. 

  
 3 

 [Aggregate Class E Interest Distributable Amount: With respect to any Distribution
Date, the sum of (i) the Note Class Interest Distributable Amount for the Class E Notes for such Distribution Date and (ii) the Class E Interest Carryover Shortfall as of the close of the preceding Distribution Date.]

 [Aggregate Class N Interest Distributable Amount: With respect to any Distribution Date, the sum of (i) the Note
Class Interest Distributable Amount for the Class N Notes for such Distribution Date and (ii) the Class N Interest Carryover Shortfall as of the close of the preceding Distribution Date.] 

Aggregate Note Principal Amount: With respect to the close of a Distribution Date, the sum of the aggregate outstanding principal amount for all
Classes of Notes. 
 Aggregate Noteholders’ Interest Distributable Amount: With respect to any Distribution Date, the sum of (i) the
Aggregate Class A Interest Distributable Amount for such Distribution Date, (ii) the Aggregate Class B Interest Distributable Amount for such Distribution Date, (iii) the Aggregate Class C Interest Distributable Amount for
such Distribution Date, (iv) the Aggregate Class D Interest Distributable Amount for such Distribution Date[,] [and] [(v) the Aggregate Class E Interest Distributable Amount for such Distribution Date] [and] [(vi) the Aggregate
Class N Interest Distributable Amount for such Distribution Date]. 
 Aggregate Noteholders’ Principal Distributable Amount: With respect
to any Distribution Date [during the Amortization Period], the sum of (i) the Noteholders’ Regular Principal Distributable Amount for such Distribution Date and (ii) the Aggregate Noteholders’ Priority Principal
Distributable Amount for such Distribution Date. [With respect to any Distribution Date during the Revolving Period, the Aggregate Noteholders’ Principal Distributable Amount shall be equal to zero.] 

Aggregate Noteholders’ Priority Principal Distributable Amount: With respect to any Distribution Date [during the Amortization Period], the sum
of (i) the First Priority Principal Distributable Amount, (ii) the Second Priority Principal Distributable Amount, (iii) the Third Priority Principal Distributable Amount, (iv) the Fourth Priority Principal Distributable
Amount, and (v) the Fifth Priority Principal Distributable Amount, each as of such Distribution Date. [With respect to any Distribution Date during the Revolving Period, the Aggregate Noteholders’ Priority Principal Distributable Amount
shall be equal to zero.] 
 [Amortization Date: The earlier of (i)
[                ], 20[    ] and (ii) the date on which an Early Amortization Event occurs.] 

[Amortization Period: The period beginning on the Amortization Date and ending on the date that all classes of Notes [(other than the Class XS
Notes)] have been paid in full.] 
 Annual Percentage Rate or APR: With respect to a Receivable, the rate per annum of finance charges stated
in such Receivable as the “annual percentage rate” (within the meaning of the Federal Truth-in-Lending Act). 

  
 4 

 Applicable Law: For any Person, all existing and future applicable laws, rules, regulations
(including proposed, temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority (including usury laws, the Federal Truth-in-Lending Act, Regulation Z and Regulation B of the Consumer Financial Protection Bureau, the Securities Act and the Exchange Act), and applicable judgments, decrees,
injunctions, writs, orders or line action of any court, arbitrator or other administrative, judicial or quasi-judicial tribunal or agency of competent jurisdiction. 

[Appointment Effective Date: Has the meaning specified in Section 2(a) of the Backup Servicing Agreement.] 

Arbitration: A binding arbitration proceeding with [AAA][FINRA][ADR Facilitator][JAMS] conducted pursuant to the rules set forth in the [AAA
Rules][FINRA Rules][JAMS Rules][ADR Rules]. 
 Asset Representations Review: A review by the Asset Representations Reviewer as specified in the Asset
Representations Review Agreement of all Delinquent Receivables that have been Delinquent Receivables for more than [60] days as of the last day of the preceding Collection Period to determine whether such Delinquent Receivables satisfy the
representations and warranties set forth in Section 3.1(b) of the Receivables Purchase Agreement, each as of the [applicable] Closing Date or such other date as specified in Section 3.1(b) of the
Receivables Purchase Agreement. 
 Asset Representations Review Agreement: The Asset Representations Review Agreement, dated as of
[    ], 20[     ], among the Issuing Entity, [the Grantor Trust,] the Servicer[, the Administrator] and the Asset Representations Reviewer. 

Asset Representations Review Notice: The notice from the Indenture Trustee to the Asset Representations Reviewer, the Issuing Entity [, the
Administrator and the Servicer] pursuant to Section 12.2(d) of the Indenture notifying the Asset Representations Reviewer that the Noteholders have requested an Assets Representations Review. 

Asset Representations Reviewer: [                ], as Asset
Representations Reviewer, and its successors (including any successor Asset Representations Reviewer named under the Asset Representations Review Agreement). 

Assumption Date: Has the meaning specified in Section 5.1(b) of the Servicing Agreement. 

Authentication Order: As specified in Section 2.2(d) of the Indenture. 

Authoritative Copy: With respect to any Electronic Contract, a copy of such Contract that is unique, identifiable and, except as otherwise provided in Section 9-105 of the UCC, unalterable, and is marked “original” or has no watermark or other marking that would indicate that it is a “copy” or “duplicate” or not an original or
not an “authoritative” copy.  
 Authorized Officer: Any officer, including any president, vice president, assistant vice president,
treasurer, assistant treasurer, secretary, assistant secretary or corporate trust officer or any other officer performing functions similar to those performed by such officers. 

  
 5 

 Available Funds: With respect to any Distribution Date, an amount equal to (a) [(i)] the Collections
for the related Collection Period and all proceeds from the sale or other disposition of the [Grantor Trust Collateral][Issuing Entity Collateral] relating to the exercise by the Servicer (or its designee) of its
clean-up call option pursuant to Section 6.1 of the Servicing Agreement [plus (ii) Investment Earnings on funds deposited in the Accumulation Account][Pre-Funding Account] [and plus (iii) net amount, if any, paid by the Interest Rate [Swap][Cap] Counterparty pursuant to any Interest Rate [Swap][Cap]] but excluding (i) any proceeds
received from the sale of a Charged-Off Receivable to a Charged-Off Receivable Purchaser while the [Grantor Trust][Issuing Entity] has repurchase obligations to such Charged-Off Receivable Purchaser with respect to such Charged-Off Receivable, (ii) Supplemental Servicing Fees and (iii) Investment Earnings on any concentration
account, the Collection Account, the Reserve Account [and the Class N Reserve Account], minus (b) Servicer Liquidation Reimbursements for that Distribution Date and the related Collection Period. 

[Backup Servicer: [                ], or its successor and assigns
under the [Backup] Servicing Agreement.] 
 [Backup Servicing Agreement: That certain Backup Servicing Agreement, dated as of the Closing Date, among
the Backup Servicer, the Servicer[, the Grantor Trust] and the Issuing Entity.] 
 [Backup Servicing Fee: The fee payable by the Issuing Entity to
the Backup Servicer in the amount of $[                ] per month plus reasonable expenses as set forth in the Backup Servicing Agreement, or, in the case of the
initial Distribution Date, in the amount of $[                ] plus reasonable expenses as set forth in the Backup Servicing Agreement.] 

Bankruptcy Code: The United States Bankruptcy Code (Title 11 of the United States Code). 

Bankruptcy Event: With respect to any Person, (i) the filing of a decree or order for relief by a court having jurisdiction in the premises in
respect of such Person in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of such Person, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of [ninety (90)][sixty (60)]
consecutive days or (ii) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order
for relief in an involuntary case under any such law, or the consent by such Person to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of such Person, or the making by
such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 

[Benchmark: (a) initially, One-Month LIBOR and (b) if a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred with respect to One-Month LIBOR or the then-current Benchmark, the applicable Benchmark Replacement.] 

  
 6 

 [Benchmark Determination Date: (a) if the Benchmark is
One-Month LIBOR, the LIBOR Determination Date, (b) if the Benchmark is Term SOFR, the date that is [two] Business Days before the first day of the applicable interest accrual period, (c) if the
Benchmark is Compounded SOFR, the date that is [five] Business Days before the last day of the applicable interest accrual period and (d) if the Benchmark is any other rate, the date determined by the Issuing Entity in accordance with the
Indenture.] 
 [Benchmark Replacement: The first alternative set forth in the order below that can be determined by the Issuing Entity as of the
Benchmark Replacement Date: 
 (1) the sum of (a) Term SOFR and (b) the Benchmark Replacement Adjustment, 

(2) the sum of (a) Compounded SOFR and (b) the Benchmark Replacement Adjustment, 

(3) the sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the
replacement for the then-current Benchmark for the applicable corresponding tenor and (b) the Benchmark Replacement Adjustment, or 

(4) the sum of (a) the alternate rate of interest that has been selected by the Issuing Entity in its reasonable discretion as the
replacement for the then-current Benchmark for the applicable corresponding tenor and (b) the Benchmark Replacement Adjustment.] 
 [Benchmark
Replacement Adjustment: The first alternative set forth in the order below that can be determined by the Issuing Entity as of the Benchmark Replacement Date: 

(1) the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero)
that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement, or 
 (2) the
spread adjustment (which may be a positive or negative value or zero) that has been selected by the Issuing Entity in its reasonable discretion for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement.]

 [Benchmark Replacement Conforming Changes: any technical, administrative or operational changes (including changes to the timing and frequency of
determining rates, the process of making payments of interest and other administrative matters) that the Issuing Entity decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market
practice (or, if the Issuing Entity decides that adoption of any portion of such market practice is not administratively feasible or if the Issuing Entity determines that no market practice for use of the Benchmark Replacement exists, in such other
manner as the Issuing Entity determines is reasonably necessary).] 
 [Benchmark Replacement Date: 

(1) in the case of clause (1) or (2) of the definition of Benchmark Transition Event, the later of (a) the date of the public
statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark, or 

  
 7 

 (2) in the case of clause (3) of the definition of Benchmark Transition Event, the date
of the public statement or publication of information referenced therein. 
 For the avoidance of doubt, if the event giving rise to the
Benchmark Replacement Date occurs on a Benchmark Determination Date, but earlier than the Reference Time for that Benchmark Determination Date, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such
determination.] 
 [Benchmark Transition Event: The occurrence of one or more of the following events with respect to the then-current Benchmark[, as
determined by the Administrator]: 
 (1) a public statement or publication of information by or on behalf of the administrator of the
Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor administrator that will continue to
provide the Benchmark, 
 (2) a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an
entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely; provided, that, at
the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark, or 
 (3) a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative of the underlying market or economic reality or may no longer be used.] 

Benefit Plan Investor: Any of (i) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to the provisions
of Title I of ERISA, (ii) a “plan” as defined in and subject to Section 4975 of the Code, or (iii) any entity or account whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan
in such entity or account. 
 Bid Percentage: [40%] for Charged-Off Receivables for which the related Obligor
is subject to a bankruptcy proceeding and for which the underlying vehicle has not yet been repossessed, sold, or declared a total loss; [1%] for Charged-Off Receivables for which the underlying vehicle has
been repossessed, sold and for which Liquidation Proceeds have been received; [80%] for all other Charged-Off Receivables. 

Book-Entry Certificates: A beneficial interest in the Certificates, ownership and transfers of which shall be made through book entries by a Clearing
Agency as described in Section 3.2 of the Trust Agreement. 
 Book-Entry Notes: A beneficial interest in the Notes,
ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.10 of the Indenture. 

  
 8 

 Business Day: Any day other than a Saturday, a Sunday or any other day on which banking institutions
are not required or authorized to be closed in [                ], [                ],
[                ], the State of Arizona or the State in which the executive offices of the Servicer is located. 

[Cap Counterparty: [                ], and any permitted successor
pursuant to the terms of each applicable Interest Rate Cap.] 
 Carvana Group Notes: The Notes held by the Depositor or an Affiliate of the
Depositor. 
 Carvana Headquarters: [1930 W. Rio Salado Parkway Tempe, AZ 85281.] 

Certificate: The Certificates executed by the Issuing Entity and authenticated by the Owner Trustee in substantially the form set forth in Exhibit B to
the Trust Agreement. 
 Certificate Depository: The depository from time to time selected by the Administrator on behalf of the Issuing Entity in
whose name the Book-Entry Certificates are registered while Book-Entry Certificates are outstanding. Unless otherwise directed by the Administrator, the first Certificate Depository upon the issuance of Book-Entry Certificates shall be
Cede & Co., the nominee of the initial Clearing Agency.  
 Certificate Depository Agreement: The letter, dated as of the Closing
Date, by the Issuing Entity to The Depository Trust Company, as the initial Clearing Agency relating to the Book-Entry Certificates, as the same may be amended and supplemented from time to time.  

Certificate Distribution Account: The account, if applicable, designated as such, established and maintained pursuant to
Section 5.1(a) of the Trust Agreement.  
 Certificate of Title: With respect to a Financed Vehicle, (i) the
original certificate of title relating thereto, or copies of correspondence to the applicable Registrar of Titles, and all enclosures thereto, for issuance of the original certificate of title or (ii) if the applicable Registrar of Titles
issues a letter or other form of evidence of lien in lieu of a certificate of title (including electronic titling), either notification of an electronic recordation, by either a Title Intermediary or the applicable Registrar of Titles, or the
original lien entry letter or form or copies of correspondence to such applicable Registrar of Titles, and all enclosures thereto, for issuance of the original lien entry letter or form, which, in either case, shall name the related Obligor as the
owner of such Financed Vehicle and the Servicer (or any subservicer, identified in writing to the Collateral Custodian by the Servicer), [GFC Lending LLC[, [DT Credit Company LLC] or Administrator as secured party. 

Certificate of Trust: The certificate of trust of the Issuing Entity substantially in the form of Exhibit B to the Trust Agreement filed for the
Issuing Entity pursuant to Section 3810(a) of the Statutory Trust Act. 
 Certificate Owner: The owner of an interest in a Certificate. 

 Certificate Register: The register of Certificates specified in Section 3.4 of the Trust Agreement.  

Certificate Registrar: The registrar at any time of the Certificate Register, appointed pursuant to Section 3.4(a) of the
Trust Agreement.  

  
 9 

 Certificateholders: Any Holder of a Certificate. 

Charged-Off Receivable: A Receivable which has been charged off by the Servicer at the earlier of (a) the
date notice of intent to sell a repossessed vehicle expires or (b) the end of the calendar month in which more than 10% of a Scheduled Payment is more than [120] days past due from the [scheduled] due date for such payment. 

Charged-Off Receivable Purchaser: A purchaser of a Charged-Off
Receivable as contemplated by Section 2.3 of the Servicing Agreement. 
 Charged-Off
Receivable Schedule: The schedule describing the Charged-Off Receivables being sold to a Third-Party Purchaser, including the computer disk or tape describing such
Charged-Off Receivables for collections and due diligence purposes which shall include all relevant information on the Charged-Off Receivables and the related Obligors.

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

Class A Notes: Collectively, the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.  

Class A-1 Notes: The
[                ]%[Floating Rate] Asset Backed Notes, Class A-1[a/b] in the initial aggregate principal amount of
$[                ] issued pursuant to the Indenture. 

Class A-2 Notes: The
[                 ]%[Floating Rate] Asset Backed Notes, Class A-2[a/b] in the initial aggregate principal amount of
$[                ] issued pursuant to the Indenture. 

Class A-3 Notes: The
[                ]%[Floating Rate] Asset Backed Notes, Class A-3[a/b] in the initial aggregate principal amount of
$[                ] issued pursuant to the Indenture. 

Class A-4 Notes: The
[                ]%[Floating Rate] Asset Backed Notes, Class A-4[a/b] in the initial aggregate principal amount of
$[                ] issued pursuant to the Indenture. 

Class B Interest Carryover Shortfall: With respect to any Distribution Date, as of the close of business on such Distribution Date,
the excess of (i) the Aggregate Class B Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually deposited in the Note Distribution Account on such Distribution Date in respect of interest
for the Class B Notes pursuant to Section 2.7(a) of the Indenture (or paid to the Class B Notes in respect of interest on such Distribution Date pursuant to Section 2.7(e) of the
Indenture). 

  
 10 

 Class B Notes: The
[                ]%[Floating Rate] Asset Backed Notes, Class B[a/b] in the initial aggregate principal amount of
$[                ] issued pursuant to the Indenture. 

Class C Interest Carryover Shortfall: With respect to any Distribution Date, as of the close of business on such Distribution Date,
the excess of (i) the Aggregate Class C Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually deposited in the Note Distribution Account on such Distribution Date in respect of interest
for the Class C Notes pursuant to Section 2.7(a) of the Indenture (or paid to the Class C Notes in respect of interest on such Distribution Date pursuant to Section 2.7(e) of the
Indenture). 
 Class C Notes: The
[                ]%[Floating Rate] Asset Backed Notes, Class C[a/b] in the initial aggregate principal amount of
$[                ] issued pursuant to the Indenture. 

Class D Interest Carryover Shortfall: With respect to any Distribution Date, as of the close of business on such Distribution Date,
the excess of (i) the Aggregate Class D Interest Distributable Amount for such Distribution Date over (ii) the amount that was actually deposited in the Note Distribution Account on such Distribution Date in respect of interest
for the Class D Notes pursuant to Section 2.7(a) of the Indenture (or paid to the Class D Notes in respect of interest on such Distribution Date pursuant to Section 2.7(e) of the
Indenture). 
 Class D Notes: The
[                ]%[Floating Rate] Asset Backed Notes, Class D[a/b] in the initial aggregate principal amount of
$[                ] issued pursuant to the Indenture. 
 [Class E
Interest Carryover Shortfall: With respect to any Distribution Date, as of the close of business on such Distribution Date, the excess of (i) the Aggregate Class E Interest Distributable Amount for such Distribution Date over
(ii) the amount that was actually deposited in the Note Distribution Account on such Distribution Date in respect of interest for the Class E Notes pursuant to Section 2.7(a) of the Indenture (or paid to the
Class E Notes in respect of interest on such Distribution Date pursuant to Section 2.7(e) of the Indenture).] 
 [Class E
Notes: The [                ]%[Floating Rate] Asset Backed Notes, Class E[a/b] in the initial aggregate principal amount of
$[                ] issued pursuant to the Indenture.] 
 [Class N Note
Interest Amount: The product of (i) the outstanding principal amount of the Class N Notes as of the close of the preceding Distribution Date (or, in the case of the first Distribution Date, the outstanding principal balance of such
Class N Notes on the Closing Date) and (ii) one-twelfth of the Interest Rate for such Class N Notes (or, in the case of the first Distribution Date, the Interest Rate for such Class N Notes
multiplied by a fraction, the numerator of which is [    ] and the denominator of which is 360).] 
 [Class N Note Interest
Carryover Shortfall: With respect to any Distribution Date, as of the close of business on such Distribution Date, the excess of (i) the Class N Note Interest Distributable Amount for such Distribution Date over (ii) the
amount that was actually deposited in the Note Distribution Account on such Distribution Date in respect of interest for the Class N Notes pursuant to Section 2.7(a) of the Indenture (or paid to the Class N Notes
in respect of interest on such Distribution Date pursuant to Section 2.7(e) of the Indenture).] 

  
 11 

 [Class N Note Interest Distributable Amount: The sum of (i) the Class N Note
Interest Amount for such Distribution Date and (ii) the Class N Interest Carryover Shortfall as of the close of the preceding Distribution Date.] 

[Class N Note Principal Distributable Amount: (A) for any Distribution Date prior to the Final Scheduled Distribution Date, if the sum of
(i) Available Funds remaining after payment of the items set forth in Section 2.7(a)(i) through (xvii) of the Indenture and (ii) the remaining available balance in the Class N Reserve Account
after payment is made pursuant to Section 2.7(a)(xvii) of the Indenture equals the Class N Note Principal Amount, the Class N Note Principal Amount, otherwise, an amount equal to Available Funds remaining after
payment of the items set forth in Section 2.7(a)(i) through (xvi) of the Indenture; (B) for the Final Scheduled Distribution Date, an amount equal to the outstanding Class N Note Principal Amount.]

 [Class N Note Principal Amount: An amount equal to
$[                ].] 
 [Class N Notes: The
[                ]% Asset Backed Notes, Class N in the initial aggregate principal amount of
$[                ] issued pursuant to the Indenture.] 
 [Class N
Reserve Account: The account designated as such, established and maintained pursuant to Section 8.2(a) of the Indenture.] 

[Class N Reserve Account Draw Amount: (A) on any distribution date prior to the final scheduled distribution date for the Class N Notes, the
amount, if any, by which the amount due pursuant to Section 2.7(a)(xvi) for such Distribution Date exceeds the Available Funds for such Distribution Date; provided that if the sum of (i) Available Funds remaining after
payment of clauses (i) through (xiv) of Section 2.7(a) and (ii) the remaining available balance in the Class N reserve account after payment of all amounts due pursuant to clause (xvi) of
Section 2.7(a), is equal to or greater than the outstanding principal amount of the Class N Notes, principal of the Class N Notes in an amount equal to the outstanding principal amount of the Class N Notes;
(B) on the final scheduled distribution date for the Class N Notes, the difference between Available Funds remaining after payment of clauses (i) through (xiv) of Section 2.7(a) and the outstanding principal
amount of the Class N Notes.] 
 [Class N Reserve Account Initial Deposit: Cash or Eligible Investments having a value of at least
$[                ].] 
 [Class XS Notes: The Class XS Notes
issued under the Indenture, which as of any Distribution Date will have a notional balance equal to the Pool Balance as of the first day of the related Collection Period or, in the case of the initial Distribution Date, a notional balance equal to
the Initial Pool Balance (in each case, rounded down to the nearest whole dollar).] 
 Clearing Agency: An organization registered as a
“clearing agency” pursuant to Section 17A of the Exchange Act. The initial Clearing Agency shall be The Depository Trust Company.  

Clearing Agency Participant: A securities broker, dealer, bank, trust company, clearing corporation or other financial institution or other Person for
whom from time to time a Clearing Agency effects book entry transfers and pledges of securities deposited with the Clearing Agency. 

  
 12 

 Closing Date:
[                ], 20[    ].  
 Code:
The Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated thereunder.  
 Collateral: The
Issuing Entity Collateral [and the Grantor Trust Collateral].  
 Collateral Custodian:
[                ], as Collateral Custodian, or another collateral custodian named from time to time in the Collateral Custodian Agreement.  

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

[Compounded SOFR: For any interest accrual period, the compounded average, in arrears, of the SOFRs for each day of such interest accrual period, as
determined on the Benchmark Determination Date for such interest accrual period, with the rate, or methodology for this rate, and conventions for this rate (which will include a five business day suspension period as a mechanism to determine the
interest amount payable prior to the end of each interest accrual period, such that the SOFR on the Benchmark Determination Date will apply for each day in the interest accrual period following the Benchmark Determination Date) being established by
the Issuing Entity in accordance with: 
 (1) the rate, or methodology for this rate, and conventions for this rate selected or recommended
by the Relevant Governmental Body for determining Compounded SOFR, or 
 (2) if, and to the extent that, the Issuing Entity determines that
Compounded SOFR cannot be determined in accordance with clause (1) above, then, the rate, or methodology for this rate, and conventions for this rate that have been selected by the Issuing Entity in its reasonable discretion.] 

  
 13 

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

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

Controlling Class: (a) So long as the Class A Notes are outstanding, the Class A Notes, (b) if the Class A Notes are no longer
outstanding but the Class B Notes are outstanding, the Class B Notes, (c) if the Class A Notes and the Class B Notes are no longer outstanding but the Class C Notes are outstanding, the Class C Notes, (d) if
the Class A Notes, the Class B Notes and the Class C Notes are no longer outstanding but the Class D Notes are outstanding, the Class D Notes, [(e) if the Class A Notes, the Class B Notes, the Class C Notes
and the Class D Notes are no longer outstanding but the Class E Notes are outstanding, the Class E Notes] and [(f) if the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E
Notes are no longer outstanding but the Class N Notes are outstanding, the Class N Notes.] [The Class XS Notes will not be the Controlling Class.] 

Corporate Trust Office: With respect to (i) the Indenture Trustee and the Collateral Custodian, the principal office of such entity at which at
any particular time its corporate trust business shall be administered, which office at the Closing Date is located at [                ] and (ii) with respect to
the Owner Trustee, the principal office of the Owner Trustee at which at any particular time its corporate trust business shall be administered, which office at the Closing Date is located at
[                ], or at such other address as the Indenture Trustee, Collateral Custodian or Owner Trustee may designate from time to time by notice to the
Certificateholders and the Depositor or the principal corporate trust office of any successor Indenture Trustee, Collateral Custodian or Owner Trustee (the address of which the successor will notify the Noteholders, the Certificateholders and the
Depositor). 
 Credit Policy: The credit underwriting policy of the Sponsor, as amended, modified, restated, replaced or otherwise supplemented from
time to time. 
 Customary Servicing Practices: Means the customary servicing practices of the Servicer with respect to all comparable motor vehicle
receivables that the Servicer services for itself or others, as such practices may be changed from time to time. 
 Cutoff Date:
[[                ], 20[    ]][The Initial Cutoff Date with respect to the Initial Receivables, or the applicable Subsequent Cutoff Date with respect
to any Additional Receivables].  
 Deal Score: A proprietary scoring model of the Seller for internal and external reporting and portfolio
monitoring purposes that produces scores that range from 0 to 100, with higher scores indicating lower expected risk of negative loan performance. 

  
 14 

 Debt: The obligations, expressed in terms of Unpaid
Charge-Off Balances as identified in the Charged-Off Receivable Schedule. Nothing in this definition shall be deemed to imply that such debts are not legally enforceable
as a result of the expiration of applicable statute of limitations or other enforcement or collection restrictions affecting creditors’ rights generally. 

Default: Any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.  

Definitive Certificates: The Certificates issued in the form of definitive certificates pursuant to Section 3.2(a) or
Section 3.12 of the Trust Agreement.  
 Definitive Notes: The Notes issued in the form of definitive notes pursuant
to Section 2.12 of the Indenture.  
 Delinquency Percentage: For each Distribution Date and the related Collection
Period, the ratio (expressed as a percentage) of (i) the aggregate Principal Balance of all Delinquent Receivables held by the Issuing Entity that are more than [60] days delinquent to (ii) the aggregate Principal Balance of the
Receivables, in each case, as of the last day of the related Collection Period[, after giving effect to all payments of principal received from obligors and Purchase Amounts to be remitted by the Servicer or the Depositor, as the case may be, and
after reduction to zero of the aggregate outstanding Principal Balance of any Receivable that became a Defaulted Receivable during the related Collection Period]. 

Delinquency Trigger: [[                ]%.][With respect to each
Collection Period set forth below, a “Delinquency Trigger” shall occur in the event the Delinquency Percentage is greater than or equal to the Delinquency Trigger set forth below: 

 

					
	 Collection Period
	  	Delinquency Trigger	 
	 1 to 12
	  	 	%	 
	 13 to 24
	  	 	%	 
	 25 to 36
	  	 	%	 
	 37 to 48
	  	 	%	 
	 [49] and After
	  	 	%	 

 Delinquent Receivable: A Receivable with respect to which payment in excess of 10% of a Scheduled Payment has not been
received by the payment due date as of the end of the monthly period. 
 Deliver: (x) With respect to a document in a Receivable File other than
an Electronic Contract or an electronic Certificate of Title, to deliver physical possession of such Tangible Contract or other document via reputable overnight delivery service, (y) with respect to an Electronic Contract, to

  
 15 

 
direct [                 ], to transfer such Electronic Contract to the
20[    ]-[    ] Vault Partition and (z) with respect to electronic Certificates of Title, to cause the applicable Title Intermediary to provide the Collateral
Custodian with full electronic access to view such electronic Certificates of Title on the records of the Title Intermediary. The terms “Delivery” and “Delivered” shall have corollary meanings. 

Depositor: Carvana Receivables Depositor LLC, a Delaware limited liability company, and its successors and assigns.  

Depository Account: Those “depository” accounts initially established and maintained by the Servicer or an Affiliate thereof pursuant
to Section 3.1 of the Servicing Agreement and the Master Agency Agreement, or any successor accounts in the name of and maintained by the Servicer, its Affiliate or any Successor Servicer. 

Depository Account Bank: The national banking association or other depository institution at which a Depository Account is maintained. 

Designated Account Property: The Designated Accounts, all cash, investments, Financial Assets, securities and investment property held from time to
time in any Designated Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities or otherwise), including the Reserve Account Initial Deposit [and the Class N Reserve Account Initial
Deposit], and all proceeds of the foregoing but excluding all Investment Earnings thereon. 
 Designated Accounts: The Collection Account, [the
Accumulation Account,] [the Pre-Funding Account,] the Note Distribution Account, the Reserve Account [and the Class N Reserve Account], collectively. 

Determination Date: The tenth day of each calendar month, or if such tenth day is not a Business Day, the next succeeding Business Day. 

Distribution Date: With respect to a Collection Period, the 15th day of the next succeeding calendar month or, if such 15th day is not a Business Day,
the next succeeding Business Day, commencing [                 ], 20[    ].  

Document Receipt: The Document Receipt substantially in the form attached hereto as Exhibit B to the Collateral Custodian Agreement executed by
the Collateral Custodian and delivered to the Administrator, the Indenture Trustee and the Servicer. 
 [Early Amortization Event: The occurrence
during the Revolving Period of one or more of the following: (i) the amount on deposit in the Reserve Account is less than the Specified Reserve Account Balance on [    ] consecutive Distribution Dates after payment of the
Aggregate Additional Pool Balance; (ii) the amount on deposit in the Accumulation Account is less than the Target Reinvestment Amount on [    ] consecutive Distribution Dates after payment of the Aggregate Additional Pool
Balance; (iii) after payment of the Aggregate Additional Pool Balance on [    ] consecutive Distribution Dates, the amount on deposit in the Accumulation Account exceeds
[                ]% of the Initial Pool Balance; (iv) an Event of Default occurs; or (v) a Servicer Termination occurs.] 

  
 16 

 [Early Termination Date: Has the meaning specified in Section
[                ] of the applicable Interest Rate Swap.] 

Electronic Contract: A Contract that constitutes “electronic chattel paper” under and as defined in
Section 9-102(a)(31) of the UCC. 
 Eligible Deposit Account: Either (a) a segregated account with
an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or
any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as the long-term unsecured debt of such depository institution shall have a credit rating from each Rating
Agency in one of its generic rating categories which signifies investment grade. 
 Eligible Institution: Either (i) the corporate trust
department of the Indenture Trustee or the Owner Trustee, as applicable, or (ii) a depository institution organized under the laws of the United States of America or any State (or any domestic branch of a foreign bank), (A) which has either
(1) a long-term unsecured debt rating acceptable to the Rating Agencies or (2) a short-term unsecured debt rating or certificate of deposit rating acceptable to the Rating Agencies and (B) whose deposits are insured by the FDIC. 

Eligible Investments: Book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form which
evidence: 
  

	 	(i)	 direct obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the
United States of America; 

  

	 	(ii)	 demand deposits, time deposits or certificates of deposit of any depository institution or trust company
incorporated under the laws of the United States of America or any state thereof (or any domestic branch of a foreign bank) and subject to supervision and examination by Federal or State banking or depository institution authorities;
provided, however, that at the time of the investment or contractual commitment to invest therein, the commercial paper or other short-term unsecured debt obligations (other than such obligations the rating of which is based on the
credit of a Person other than such depository institution or trust company; provided that such Person has a credit rating from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations or
certificates of deposit granted thereby) thereof shall have a credit rating from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations or certificates of deposit granted thereby;

  

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

  
 17 

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

  

	 	(v)	 bankers’ acceptances issued by any depository institution or trust company referred to in clause
(ii) above; 

  

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

  

	 	(vii)	 commercial paper master notes having, at the time of the investment or contractual commitment to invest
therein, a rating from each of the Rating Agencies in the highest investment grade category for short-term unsecured debt obligations; [and] 

  

	 	(viii)	 [any other investment permitted by each of the Rating Agencies.] 

in each case [unless otherwise permitted by the Rating Agencies], maturing or if such Eligible Investment does not mature, being liquidated not later than the
Business Day immediately preceding the next Distribution Date. If [    ] is rating the Notes but has failed to provide a rating for a specified investment, then an equivalent required deposit rating may be obtained from another
nationally recognized rating agency. Any such Eligible Investments may be purchased by or through the Indenture Trustee or its Affiliates. 
 Entitlement
Holder: Has the meaning given such term in Section 8-102(a)(7) of the New York UCC.  

ERISA: The Employee Retirement Income Security Act of 1974, as amended.  

E-Vault Access Agreement: The agreement between
[                ] and the E-Vault Provider governing the access of the Collateral Custodian to the E-Vault System and the maintenance of the 20[    ]-[    ] Vault Partition, as the same may be amended, restated, supplemented or
otherwise modified from time to time. 
 E-Vault Provider: eOriginal, Inc. 

  
 18 

 E-Vault System: The “eOriginal, Inc. Authoritative Copy
System” maintained by the E-Vault Provider. 
 Event of Default: An event described in
Section 5.1 of the Indenture.  
 Excess Servicing Strip Amount: With respect to any Distribution Date, an amount
equal to the Servicing Strip Amount less the Servicing Fee. 
 Exchange Act: The Securities Exchange Act of 1934, as amended.  

Exported: With respect to a Contract, shall mean the Collateral Custodian has decommissioned the related electronic chattel paper and the Authoritative
Copy of such Contract is printed out pursuant to a “Paper Out”TM within the meaning specified in the System Description. “Export” and “Exporting”
shall have corollary meanings. 
 FATCA: Sections 1471 through 1474 of the Code (or any amended or successor version thereof) and any current or
future regulations or official interpretations thereof. 
 FATCA Withholding Tax: Any withholding or deduction pursuant to an agreement described in
Section 1471(b) of the Code or otherwise imposed pursuant to FATCA. 
 FDIC: Federal Deposit Insurance Corporation or any successor agency. 

[Fifth Priority Principal Distributable Amount: With respect to any Distribution Date, an amount, not less than zero, equal to the difference between
(i) the excess, if any, of (a) the aggregate outstanding principal amount of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes as of, for the first Distribution Date,
the Closing Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments made on the Notes on such preceding Distribution Date) over (b) the Pool Balance as of the close of business
on the last day of the related Collection Period, and (ii) the sum of (a) the First Priority Principal Distributable Amount, if any, with respect to such Distribution Date, (b) the Second Priority Principal Distributable
Amount, if any, with respect to such Distribution Date, (c) the Third Priority Principal Distributable Amount, if any, with respect to such Distribution Date and (d) the Fourth Priority Principal Distributable Amount, if any, with respect
to such Distribution Date; provided, however, that the Fifth Priority Principal Distributable Amount for each Distribution Date on and after the Final Scheduled Distribution Date for the Class E Notes shall equal the greater of
(i) the amount otherwise calculated pursuant to this definition and (ii) the outstanding principal amount of the Class E Notes as of the day preceding such Distribution Date.] 

Final Scheduled Distribution Date: With respect to a Class of Notes, the Distribution Date in the month and year set forth below opposite such
Notes: 
  

					
	 Class A-1 Notes:
	  	 	[ 	], 20[ ];
	 Class A-2 Notes:
	  	 	[ 	], 20[ ];
	 Class A-3 Notes:
	  	 	[ 	], 20[ ]; 
	 Class A-4 Notes:
	  	 	[ 	], 20[ ]; 
	 Class B Notes:
	  	 	[ 	], 20[ ] 
	 Class C Notes:
	  	 	[ 	], 20[ ]; 
	 Class D Notes:
	  	 	[ 	], 20[ ]; 
	 [Class E Notes:
	  	 	[ 	], 20[ ];] 
	 [Class N Notes:
	  	 	[ 	], 20[ ]]. 

  
 19 

 [The Class XS Notes do not have a Final Scheduled Distribution Date.] 

Financed Vehicle: With respect to a Receivable, any used automobile, light-duty truck, minivan or sport utility vehicle, together with all accessions
thereto, securing the related Obligor’s indebtedness thereunder.  
 Financial Asset: Has the meaning given such term in Article 8 of the
New York UCC. As used herein, the Financial Asset “related to” a Security Entitlement is the Financial Asset in which the Entitlement Holder holding such Security Entitlement has the rights and property interest specified in Article 8 of
the New York UCC. 
 Financial Parties: The Noteholders and the Certificateholders [and, so long as any Interest Rate Swap is in effect, the Swap
Counterparty]. 
 [FINRA: The Financial Industry Regulatory Authority.] 

[FINRA Rules: FINRA’s Code of Arbitration Procedure and Code of Mediation Procedure in effect as of [the date of the commencement of the ADR
Proceeding][the [Initial] Closing Date].] 
 First Priority Principal Distributable Amount: With respect to any Distribution Date, an amount equal to
the excess, if any, of (i) the aggregate outstanding principal amount of the Class A Notes as of, for the first Distribution Date, the Closing Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving
effect to any principal payments made on the Class A Notes on such preceding Distribution Date) over (ii) the Pool Balance as of the close of business on the last day of the related Collection Period; provided, however, that the
First Priority Principal Distributable Amount for each Distribution Date on and after the Final Scheduled Distribution Date for any Class of Class A Notes shall equal the greater of (i) the amount otherwise calculated pursuant to this
definition and (ii) the outstanding principal amount of the Class A Notes of such Class as of the day preceding such Distribution Date. 

First Step Receivables Assignment: As defined in Section 2.1 of the Receivables Purchase Agreement. 

First Step Transferred Property: As defined in Section 2.1 of the Receivables Purchase Agreement. 

[Fixed Rate Notes: Together, the Class A-1[a] Notes, the
Class A-2[a] Notes, the Class A-3[a] Notes, the Class A-4[a] Notes, the Class B[a] Notes, the Class C[a]
Notes, the Class D[a] Notes [and] [the Class E[a] Notes[ and] the Class N Notes.] 
 [Floating Rate Notes: Together, the Class A-1[b] Notes, the Class A-2[b] Notes, the Class A-3[b] Notes, the
Class A-4[b] Notes, the Class B[b] Notes, the Class C[b] Notes, the Class D[b] Notes [and] [the Class E[b] Notes.] 

  
 20 

 Formation Documents: (i) With respect to the Issuing Entity, the Certificate of Trust and the
Trust Agreement, [(ii) with respect to the Grantor Trust, the Grantor Trust Certificate of Trust and the Grantor Trust Agreement,] and (iii) with respect to the Depositor, the certificate of formation of the Depositor filed in Delaware, dated
as of January 4, 2019 and the amended and restated limited liability company agreement of the Depositor, dated as of March 27, 2019, made by the Sponsor, as member.  

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

[Funding Period: The period beginning on and including the Closing Date and ending on the first to occur of (a) the date on which the amount on
deposit in the Pre-Funding Account (after giving effect to any transfers therefrom in connection with the transfer of Additional Receivables to the Issuing Entity on such Determination Date) is not greater
than $[100,000], (b) the date on which an Event of Default or a Servicer Termination Event occurs, (c) the date on which an Insolvency Event occurs with respect to the Depositor or the Sponsor or (d) the last Business Day of
[                ].] 
 Governmental Authority: With respect to any
Person, any nation or government, any State or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having
jurisdiction over such Person. 
 Grant: To mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create and
grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall
include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim, collect, receive and give receipt for principal and interest payments in respect of the
Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Granting party or otherwise
and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. Other forms of the verb “to Grant” shall have correlative meanings.  

  
 21 

 [Grantor Trust: Carvana Auto Receivables Grantor Trust
20[    ]-[    ], a statutory trust formed under the laws of the State of Delaware.] 

[Grantor Trust Agreement: The Amended and Restated Trust Agreement, dated as of the Closing Date, between the Issuing Entity and the Grantor Trust
Trustee.] 
 [Grantor Trust Certificate: The Grantor Trust Certificate executed by the Grantor Trust and authenticated by the Grantor Trust Trustee
in substantially the form set forth in Exhibit B to the Grantor Trust Agreement and evidencing a 100% undivided beneficial interest in the Grantor Trust.] 

[Grantor Trust Certificate Register: The register of Grantor Trust Certificates specified in Section 3.4 of the Grantor Trust
Agreement.]  
 [Grantor Trust Certificate Registrar: The registrar at any time of the Grantor Trust Certificate Register, appointed pursuant
to Section 3.4(a) of the Grantor Trust Agreement.]  
 [Grantor Trust Certificateholder: The Holder of a Grantor
Trust Certificate.] 
 [Grantor Trust Collateral: As defined in the Granting Clause of the Indenture.]  

[Grantor Trust Trustee: [                ], acting not in its
individual capacity, but solely as trustee for the Grantor Trust.] 
 Holder: The Person in whose name a Note or Certificate is registered on the
Note Register or the Certificate Register, as applicable.  
 Indemnified Receivable: A Receivable for which the Servicer is obligated to
indemnify for an Actual Loss Amount pursuant to Section 2.6 of the Servicing Agreement. 
 Indemnified Receivable Amount:
With respect to any Receivable that has become an Indemnified Receivable, the Principal Balance and accrued interest as of the last day of the Collection Period immediately preceding the Collection Period during which such Receivable first became an
Indemnified Receivable. 
 Indenture: The Indenture, dated as of the Closing Date, among the Issuing Entity[, the Grantor Trust] and the Indenture
Trustee.  
 Indenture Trustee: [                ], not in its
individual capacity but solely as trustee under the Indenture, or any successor trustee under the Indenture.  
 Independent: When used with
respect to any specified Person, that the Person (i) is in fact independent of the Issuing Entity, any other obligor upon the Notes, the Depositor and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial
interest or any material indirect financial interest in the Issuing Entity, any such other obligor, the Depositor or any 

  
 22 

 
Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuing Entity, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons as an
officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions but may provide services to the Issuing Entity, the Depositor or any Affiliate. 

Independent Certificate: A certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1 of the Indenture, made by an Independent appraiser or other expert appointed by an Issuing Entity Order and approved by the Indenture Trustee in the exercise of
reasonable care, and stating that the signer has read the definition of “Independent” in the Indenture and that the signer is Independent within the meaning thereof. 

Indirect Participant: A securities broker, dealer, bank, trust company or other Person that clears through or maintains a custodial relationship with a
Clearing Agency Participant, either directly or indirectly.  
 [Initial Closing Date: means
[                , 20[    ].] 
 [Initial Cutoff
Date: means [                ], 20[    ].] 

[Initial First Step Receivables Assignment: As defined in Section 2.1 of the Receivables Purchase Agreement.] 

[Initial First Step Transferred Property: As defined in Section 2.1 of the Receivables Purchase Agreement.] 

Initial Pool Balance: $[                ]. 

[Initial Receivables: The Receivables transferred to the [Issuing Entity][Grantor Trust] on the Initial Closing Date.] 

[Initial Second Step Receivables Assignment: As defined in Section 2.1 of the Receivables Transfer Agreement.] 

[Initial Second Step Transferred Property: As defined in Section 2.1 of the Receivables Transfer Agreement.] 

[Initial Third Step Receivables Assignment: As defined in Section 2.1 of the Receivables Contribution Agreement.] 

[Initial Third Step Transferred Property: As defined in Section 2.1 of the Receivables Contribution Agreement.] 

Initial Servicer: Bridgecrest Credit Company, LLC. 

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

  
 23 

 Insurance Proceeds: Any amounts payable or any payments made under any Insurance Policy.  

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

Interest Rate: With respect to each Class of Notes [(other than the Class XS Notes)], the per annum rate set forth below:1 
  

			
	 Class A-1 Notes:
	  	[[ ]%;] [One Month LIBOR plus [ ]%]
	 Class A-2[a/b] Notes:
	  	[[ ]%;] [One Month LIBOR plus [ ]%]
	 Class A-3 Notes:
	  	[[ ]%;] [One Month LIBOR plus [ ]%]
	 Class A-4 Notes:
	  	[[ ]%;] [One Month LIBOR plus [ ]%]
	 Class B Notes:
	  	[[ ]%;] [One Month LIBOR plus [ ]%]
	 Class C Notes:
	  	[[ ]%;] [One Month LIBOR plus [ ]%]
	 Class D Notes:
	  	[[ ]%;] [One Month LIBOR plus [ ]%]
	 [Class E Notes:
	  	[[ ]%;] [One Month LIBOR plus [ ]%]
	 Class N Notes:
	  	[[ ]%;]

 [The Class XS Notes do not have an Interest Rate.] 

[Interest Rate Caps: The interest rate cap agreements, if any, including all schedules and confirmations related thereto, between the Issuing Entity
and the Cap Counterparty, if any, in effect on the [Initial] Closing Date.] 
 [Interest Rate Swaps: The interest rate swap agreements, if any,
including all schedules and confirmations related thereto, between the Issuing Entity and the Swap Counterparty, if any, in effect on the [Initial] Closing Date.] 

Investment Earnings: Investment earnings on funds deposited in the Designated Accounts, net of losses and investment expenses. The Servicer is
entitled to receive all Investment Earnings on the funds in its concentration accounts prior to remittance of the Collections to the Collection Account. The Depositor is entitled to receive all Investment Earnings on the funds in the Collection
Account, the Reserve Account [and the Class N Reserve Account]. 
 [Investment Fund: First, Goldman Sachs Financial Square Government Fund for
so long as Goldman Sachs Financial Square Government Fund is an Eligible Investment. If Goldman Sachs Financial Square Government Fund ceases to be an Eligible Investment, the funds deposited in each of the Designated Accounts shall second be
held in Wells Fargo Treasury Plus Money Market Fund for so long as Wells Fargo Treasury Plus Money Market Fund is an Eligible Investment. If Wells Fargo Treasury Plus Money Market Fund ceases to be an Eligible Investment, the funds deposited in
each of the Designated Accounts shall third be held in Wells Fargo Government Money Market Fund for so long as Wells Fargo Government Money Market Fund is an Eligible 

 

	1 	 Note: In a particular transaction, there may be more or fewer classes of notes offered (including one or more
or no subordinated classes) or one or more or no floating rate classes. 

  
 24 

 
Investment. If Wells Fargo Government Money Market Fund ceases to be an Eligible Investment, the funds deposited in each of the Designated Accounts shall be invested at the written direction
of the Administrator in a money market mutual fund that is an Eligible Investment and has a principal investment strategy and an investment objective that are each substantially identical to Goldman Sachs Financial Square Government Fund. The
Administrator shall deliver written instructions to the Indenture Trustee with respect to any change to be made in connection with the Investment Funds in which the funds are to be invested.]2

 Issuing Entity: Carvana Auto Receivables Trust 20[    ]-[    ], a
Delaware statutory trust created by the Certificate of Trust and described in the Trust Agreement.  
 Issuing Entity Collateral: As
defined in the Granting Clause of the Indenture.  
 Issuing Entity Order: A written order signed in the name of the Issuing Entity by any one
of its Authorized Officers and delivered to the Indenture Trustee. 
 Issuing Entity Request: A written request signed in the name of the Issuing
Entity by any one of its Authorized Officers and delivered to the Indenture Trustee. 
 [JAMS Rules: JAMS’ Rules and Procedures in effect as of
[the date of the commencement of the ADR Proceeding] [the [Initial] Closing Date].] 
 [LIBOR Determination Date: For any Determination Date, the
date that is two London Business Days prior to the Determination Date immediately preceding such Determination Date (or, in the case of the initial Determination Date, two London Business Days prior to the Closing Date).] 

Lien: Any mortgage, lien, pledge, charge, adverse claim, security interest or encumbrance of any kind other than tax liens, mechanics’ liens and
any liens that attach by operation of law.  
 Liquidation Expenses: For any Charged-Off Receivable
and the related Financed Vehicle, the reasonable out-of-pocket expenses (exclusive of overhead) incurred by the Servicer with respect to the collection, repossession,
enforcement, disposition and liquidation of a Receivable. 
 Liquidation Proceeds: For any Collection Period and any
Charged-Off Receivable, the amount (which shall not be less than zero) received by the Servicer and deposited into the Collection Account after a Receivable becomes a
Charged-Off Receivable, in connection with the attempted realization of the full amounts due or to become due under such Receivable, whether from the sale or other disposition of the related Financed Vehicle,
the proceeds of repossession or any collection effort, the proceeds of recourse or similar payments payable under the related Receivable, receipt of Insurance Proceeds or otherwise, net of Liquidation Expenses and any amounts required by law to be
remitted to the related Obligor. 
 [London Business Day: Any day on which dealing in deposits in U.S. Dollars are transacted in the London Bank
Market.] 
  
  

	2 	 Note: To be updated for each issuance as necessary. 

  
 25 

 Majority Certificateholders: Certificateholders holding in the aggregate more than 50% of the Voting
Interests.  
 Master Agency Agreement: The Amended and Restated Master Depository Accounts and Post Office Boxes and Agency Agreement, dated
as of December 16, 2005, among Bridgecrest Credit Company, LLC, Bridgecrest Acceptance Corporation, DriveTime Car Sales, Inc., The Royal Bank of Scotland
(successor-in-interest to Greenwich Capital Financial Products, Inc.), Wells Fargo Bank, National Association, Wilmington Trust Company, in its capacity of owner trustee
of certain “Current Trusts” identified therein, and such other persons or entities that became a party to the Agreement pursuant to the terms thereof pursuant to any applicable acknowledgment and agreement, as amended by that Amendment
No. 1 to Amended and Restated Master Depository Accounts and Post Office Boxes and Agency Agreement dated as of March 14, 2018 and as further amended, restated, modified or supplemented from time to time. 

Material Adverse Effect: With respect to any Person and to any event or circumstance, a material adverse effect on (i) the business, financial
condition, operations or properties of such Person, (ii) the validity or enforceability against such Person of any Transaction Document, (iii) the ability of such Person to perform its obligations under any Transaction Document to which it
is a party or (iv) the rights and remedies, taken as a whole, of the Indenture Trustee under any Transaction Document. 
 Mediation: A non-binding mediation or arbitration proceeding with [AAA][FINRA][ADR Facilitator][JAMS] conducted pursuant to the rules set forth in the [AAA Rules][FINRA Rules][JAMS Rules][ADR Rules]. 

New York UCC: The UCC in effect on the Closing Date in the State of New York and as may be amended from time to time. 

Note Class Interest Distributable Amount: With respect to any Class [or tranche] of Notes [(other than the Class XS Notes)] and
any Distribution Date, the product of (i) the outstanding principal amount of such Class [or tranche] of Notes [(other than the Class XS Notes)] as of the close of the preceding Distribution Date (or, in the case of the first Distribution
Date, the outstanding principal balance of such Class [or tranche] of Notes on the Closing Date) and (ii) (a) in the case of the [Fixed Rate] Notes, other than the Class A-1 Notes, one-twelfth of the Interest Rate for such Class [or tranche] (or, in the case of the first Distribution Date, the Interest Rate for such Class [or tranche]multiplied by a fraction, the numerator of which is
48 and the denominator of which is 360) and (b) in the case of the Class A-1 Notes [and the Floating Rate Notes], the product of the Interest Rate for such Class [or tranche] of Notes for such
Distribution Date and a fraction, the numerator of which is the number of days elapsed from and including the prior Distribution Date (or, in the case of the first Distribution Date, from and including the [Initial] Closing Date), to but excluding
that Distribution Date and the denominator of which is 360. 
 Note Depository: The depository from time to time selected by the Indenture Trustee on
behalf of the Issuing Entity in whose name the Notes are registered prior to the issue of Definitive Notes. The first Note Depository shall be Cede & Co., the nominee of the initial Clearing Agency. 

  
 26 

 Note Depository Agreement: The letter, dated as of the [Initial] Closing Date, by the Issuing Entity
to The Depository Trust Company, as the initial Clearing Agency relating to the Notes, substantially in the form of Exhibit B to the Indenture, as the same may be amended and supplemented from time to time. 

Note Distribution Account: The account designated as such, established and maintained pursuant to Section 8.2(a) of the
Indenture. 
 Note Owner: With respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the
books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an Indirect Participant, in each case in accordance with the rules of such Clearing Agency).

 Note Register: With respect to any Class of Notes, the register of such Notes specified in Section 2.4 of the
Indenture. 
 Note Registrar: The registrar at any time of the Note Register, appointed pursuant to Section 2.4 of the
Indenture. 
 Noteholder FATCA Information: With respect to any Noteholder or Note Owner, information sufficient to eliminate the imposition of, or
determine the amount of, U.S. withholding tax under FATCA. 
 Noteholder Tax Identification Information: With respect to any Noteholder or Note
Owner, properly completed and signed tax certifications (generally, in the case of U.S. Federal Income Tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a “United States
Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a “United States Person”
within the meaning of Section 7701(a)(30) of the Code). 
 Noteholders: Holders of record of the Notes pursuant to the Indenture and, with
respect to any Class of Notes, holders of record of such Class of Notes pursuant to the Indenture. 
 Noteholders’ Regular Principal
Distributable Amount: With respect to the Notes, for any Distribution Date [related to the Amortization Period], the lesser of: 

(A) the Aggregate Note Principal Amount as of the close of the immediately preceding Distribution Date reduced by the Aggregate
Noteholders’ Priority Principal Distributable Amount, if any, with respect to such Distribution Date; and 
 (B) the remainder, if any,
of: 
 (1) the excess of the (x) sum of the Aggregate Note Principal Amount as of the day preceding such Distribution Date and the
Overcollateralization Target Amount for such Distribution Date over (y) the Pool Balance as of the close of business on the last day of the related Collection Period minus 

  
 27 

 (2) the Aggregate Noteholders’ Priority Principal Distributable Amount, if any, with
respect to such Distribution Date. 
 [For any Distribution Date related to the Revolving Period, the Noteholders’ Regular Principal Distributable
Amount shall be equal to zero.] 
 Notes: The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes, the
Class D Notes, [the Class E Notes,] [the Class N Notes] [and the Class XS Notes]. 
 Obligor: Each Person obligated to make
payments on or pursuant to a Contract, including any guarantor thereof.  
 Officer’s Certificate: With respect to any Person, a
certificate signed by any officer of such Person. 
 [One-Month LIBOR: For any Distribution Date, the rate
per annum of deposits in U.S. dollars having a one-month maturity that appears on [Bloomberg Screen US00001 Index Page] (or the successor page or screen as may replace that page or screen or that service) at
approximately [11:00 a.m.], London time on the related LIBOR Determination Date. Notwithstanding the foregoing, in the event that no rate for one-month U.S. dollar deposits appears on [Bloomberg Screen US00001
Index Page] (or the successor page or screen as may replace that page or screen or that service) on the applicable LIBOR Determination Date, then One-Month LIBOR shall be the arithmetic mean (rounded upwards
to the nearest one-sixteenth of 1%) of the rates at which one-month U.S. dollar deposits are offered to prime banks in the London interbank market by four major banks in
that market selected by the Administrator as of the LIBOR Determination Date and time specified above. If fewer than two quotations are provided by such banks, then One-Month LIBOR shall be the arithmetic mean
(rounded upwards as above) of the rates at which one-month loans in U.S. dollars are offered to leading European banks by [three] major banks in New York City selected by the Administrator as of [11:00 a.m.]
New York City time on the applicable LIBOR Determination Date [and in an amount that is representative of a single transaction in such market at such time]. If such quotation cannot be obtained, One-Month
LIBOR for such Distribution Date will be One-Month LIBOR that was determined with respect to the prior Distribution Date.] 

Opinion of Counsel: With respect to any Person, a written opinion of counsel, who may, except as otherwise expressly provided, be an employee of the
Depositor, the Administrator or the Servicer, and who is reasonably acceptable to the Indenture Trustee, the Owner Trustee or the Rating Agencies, as applicable. 

Optional Purchase Balance: The product of (i) the Initial Pool Balance as of the Cutoff Date; and (ii)
[                ]%. 
 Optional Purchase Date: The date on which the
Servicer exercises its optional purchase right pursuant to Section 6.1 of the Servicing Agreement. 
 Outstanding: With
respect to the Notes, as of the date of determination, all Notes theretofore authenticated and delivered under the Indenture except: 

  
 28 

 (i) Notes theretofore cancelled by the Indenture Trustee or delivered to the Indenture
Trustee for cancellation; 
 (ii) Notes or portions thereof the payment for which money in the necessary amount has been theretofore
deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes; provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision for such
notice must have been made in a manner satisfactory to the Indenture Trustee, has been made; and 
 (iii) Notes in exchange for or in lieu of
other Notes which have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser; 

provided, however, that in determining whether the Holders of the requisite Outstanding Amount of the Notes or of the Controlling
Class have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Transaction Document, Notes both legally and beneficially owned by the Issuing Entity, any other obligor upon the Notes, any
Certificateholder or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes that the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to
the satisfaction of the Indenture Trustee the pledgor’s right so to act with respect to such Notes and that the pledgee is not the Issuing Entity, any other obligor upon the Notes, the Depositor or any Affiliate of any of the foregoing Persons.

 Outstanding Amount: The aggregate principal amount of all Notes, or a Class of Notes, as applicable, Outstanding at the date of
determination. 
 Overcollateralization Target Amount: As of any Distribution Date, [the greater of
(1)[                ]% of the Pool Balance as of the end of the related Collection Period and (2)]
[                ]% of the initial Pool Balance. 
 Owner of Record:
The meaning set forth in the System Description. 
 Owner Trust Estate: All right, title and interest of the Issuing Entity in and to any and all
assets, including the property and rights assigned to the Issuing Entity pursuant to the Receivables Transfer Agreement.  
 Owner
Trustee: [                ], acting not in its individual capacity, but solely as trustee for the Issuing Entity.  

Party: With respect to each Transaction Document, each Person that is a party to such Transaction Document, and its permitted successors and assigns.

 Paying Agent: With respect to the Indenture, the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture
Trustee specified in Section 6.11 of the Indenture and is authorized by the Issuing Entity to make the payments to and distributions from the Collection 

  
 29 

 
Account, the Reserve Account[, the Class N Reserve Account] and the Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuing Entity.
With respect to the Trust Agreement, any paying agent or co-paying agent appointed pursuant to Section 3.9 of the Trust Agreement that is authorized by the Owner Trustee to make
distributions from the Certificate Distribution Account on behalf of the Issuing Entity. The initial Paying Agent under the Trust Agreement shall be [                ].
 
 Percentage Interest: With respect to a Certificate, the individual percentage interest of such Certificate, which shall be specified on
the face thereof and which shall represent the percentage of certain distributions of the Issuing Entity beneficially owned by such Certificateholder. The sum of the Percentage Interests for all of the Certificates shall be 100%.  

Permitted Liens: Any of (a) Liens created pursuant to this Agreement or any other Transaction Document, (b) with respect to each Designated
Account, a Lien in favor of the Indenture Trustee, as applicable, (c) tax liens, mechanics’ liens and other Liens that arise by operation of law, in each case on any of the Financed Vehicles and arising solely as a result of an action or
omission of the related Obligor or (d) the Lien noted on the Certificate of Title related to a Financed Vehicle in favor of the Servicer, a Subservicer, [GFC Lending LLC], [DT Credit Company LLC] or Administrator. 

Permitted Modifications: Has the meaning specified in Section 2.2 of the Servicing Agreement. 

Person: Any legal person, including individual, partnership, corporation, limited liability company, joint stock company, trust, unincorporated
association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof) or other entity.  
 Physical
Property: (i) Bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of
Section 9-102(a)(47) of the New York UCC and are susceptible of physical delivery and (ii) Security Certificates.  

Pool Balance: As of the last day of any Collection Period, the sum of the Principal Balances of the Receivables as of such last day;
provided, however, that if the Receivables are purchased in connection with a clean-up call option or are sold or otherwise liquidated by the Indenture Trustee following an Event of Default
pursuant to Section 5.4(a) of the Indenture, the Pool Balance shall be deemed to be zero as of the last day of the Collection Period during which such purchase, sale or other liquidation occurs. 

Pool Factor: With respect to any Class of Notes and any Distribution Date [(other than the Class XS Notes)], an amount expressed to the third
decimal place and computed by the Servicer which is equal to the Note Principal Amount for such Class as of the close of such Distribution Date divided by the initial Note Principal Amount for such Class. 

[Pre-Funded Amount: With respect to any Determination Date, the amount on deposit in the Pre-Funding Account.] 
 [Pre-Funding Account: The account, if any,
designated as such, established and maintained pursuant to Section 8.2 of the Indenture.] 

  
 30 

 [Pre-Funding Account Initial Deposit: Cash or Eligible
Investments having a value of $[                ].] 
 Predecessor
Note: With respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under
Section 2.5 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.  

Preliminary Prospectus: The Preliminary Prospectus of the Issuing Entity, dated as of
[                ], 20[                ]. 

Principal Balance: With respect to any Receivable as of any date of determination, the outstanding principal balance of such Receivable as of such day;
provided that as of the date on which a Receivable becomes a Charged-Off Receivable, the Principal Balance of such Receivable shall be zero. 

Proceeding: Any suit in equity, action at law or other judicial or administrative proceeding.  

Prospectus: The final Prospectus of the Issuing Entity, dated as of
[                ], 20[                ]. 

protected purchaser: As defined in Section 8-303 of the applicable UCC, and provided that the
requirements of Section 8-405 of the applicable UCC are met. 
 Purchase Amount: With respect to a
Distribution Date and to (1) a Purchased Receivable (other than a Receivable purchased pursuant to Section 6.1 of the Servicing Agreement, which shall be purchased at the price set forth in such section), purchased on
or prior to last day of the related Collection Period a payment equal to the Principal Balance and accrued interest as of the last day of the related Collection Period and (2) an Indemnified Receivable, a payment equal to the Actual Loss
Amount. 
 Purchase Price: With respect to a Charged-Off Receivable, the Unpaid Charge-Off Balance set forth in the related Charged-Off Receivable Schedule multiplied by the applicable Bid Percentage. 

Purchased Receivable: A Receivable purchased or repurchased, as applicable, as of the close of business on the last day of a Collection Period by
(a) the Seller pursuant to Section 3.1(d) of the Receivables Purchase Agreement, (b) the Servicer pursuant to Section 6.1 of the Servicing Agreement[,][or] (c) the Depositor pursuant
to Section 3.1(c) of the Receivables Transfer Agreement [or the (d) the Issuing Entity pursuant to Section 3.2 of the Receivables Contribution Agreement]. 

Rating Agencies: As of any date, the nationally recognized statistical rating organizations requested by the Depositor to provide ratings on the Notes
which are rating the Notes on such date. 
 Rating Agency Condition: With respect to any action, the condition that (a) each Rating Agency shall
have been given at least [ten (10)] days prior notice of that action and (b) none of the Sponsor, the Depositor, the Issuing Entity or the Indenture Trustee shall have received notice from any Rating Agency that such action shall result in a
downgrade or withdrawal of the then current rating of the Notes. Each entity listed above shall inform the other entities listed above of whether or not it has received notice from the Rating Agencies prior to the taking of the actions at issue.

  
 31 

 Receivable: A Contract that is included in any Schedule of Receivables and all rights to receive all
payments of all amounts due and payable thereunder (excluding amounts comprising Supplemental Servicing Fees) and performance of all other obligations by the Obligor thereunder; provided that once the Indenture Trustee has released its security
interest in a Receivable and the related Contract in accordance with the terms of the Indenture, such Receivable shall no longer be a Receivable hereunder.  

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

[Receivables Contribution Agreement: The Receivables Contribution Agreement, dated as of the Closing Date, between the Issuing Entity and the Grantor
Trust.] 
 Receivables Purchase Agreement: The Receivables Purchase Agreement, dated as of the Closing Date, between the Sponsor and the Depositor.

 Receivables Purchase Price: With respect to the Receivables transferred on the Closing Date,
$[                ]. 
 Receivables Transfer Agreement: The
Receivables Transfer Agreement, dated as of the Closing Date, between the Depositor and the Issuing Entity. 
 Record Date: (i) With respect to
the Notes and with respect to any Distribution Date, the close of business on the Business Day immediately preceding such Distribution Date, or if Definitive Notes are issued for any Class of Notes, with respect to such Class of Notes the
last day of the preceding Collection Period and (ii) with respect to the Book-Entry Certificates and with respect to any Distribution Date, the close of business on the Business Day immediately preceding such Distribution Date, or if Definitive
Certificates are issued, the last day of the preceding Collection Period.  
 Redemption Date: As defined in
Section 10.1 of the Indenture. 
 Redemption Price: With respect to the
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes, the Class B Notes, the Class C Notes, the Class D Notes, [the Class E Notes] [and the Class N Notes], the unpaid principal amount of such Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, the Class A-4 Notes,
Class B Notes, Class C Notes, Class D Notes, [the Class E Notes] [or Class N Notes], plus accrued and unpaid interest thereon. [With respect to the Class XS Notes, any Excess Servicing Strip Amount due and payable as of
such date.] 
 [Reference Bank Rate: For any Distribution Date, a rate determined on the basis of the rates at which deposits in U.S. dollars are
offered by reference banks as of the Reference Time on the day that is two London Business Days prior to the immediately preceding Distribution Date (or, in the case of the initial Distribution Date, the day that is two London Business Days prior to
the [Initial] Closing Date) to prime banks in the London interbank market for a period of one month, in 

  
 32 

 
amounts approximately equal to [with respect to the calculation of the Specified Reserve Account Balance, the excess of the outstanding principal amount of the Notes over the aggregate Pool
Balance and with respect to the interest payable on the Floating Rate Notes,] the then outstanding principal amount of the applicable Class or tranche of Floating Rate Notes. The reference banks will be four major banks that are engaged in
transactions in the London interbank market, selected by the Indenture Trustee after consultation with the Depositor. The Indenture Trustee will request the principal London office of each of the reference banks to provide a quotation of its rate.
If at least two quotations are provided, the rate will be the arithmetic mean of the quotations, rounded upwards to the nearest one-sixteenth of one percent. If on that date fewer than two quotations are
provided as requested, the rate will be the arithmetic mean, rounded upwards to the nearest one-sixteenth of one percent, of the rates quoted by one or more major banks in New York City, selected by the
Indenture Trustee after consultation with the Depositor, as of 11:00 a.m., New York City time, on that date to leading European banks for U.S. dollar deposits for a period of one month in amounts approximately equal to with respect to the
calculation of the Specified Reserve Account Balance, the excess of the outstanding principal amount of the Notes over the aggregate Pool Balance and with respect to the interest payable on Floating Rate Notes, the then outstanding principal amount
of the applicable Class or tranche of Floating Rate Notes. If no quotation can be obtained, then [One]-Month LIBOR will be the rate from the prior Distribution Date.] 

[Reference Time: For any interest accrual period, (a) if the Benchmark is One-Month LIBOR, 11:00 a.m.
(London time) on the Benchmark Determination Date, and (b) if the Benchmark is a rate other than One-Month LIBOR, the time on the Benchmark Determination Date determined by the Issuing Entity in
accordance with a Benchmark Replacement Conforming Change.] 
 Registrar of Titles: With respect to any State, the governmental agency or body
responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon.  
 Regulation
AB: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time and subject to such clarification and interpretation
as have been provided by the Commission in the adopting releases (Asset-Backed Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005) and Asset-Backed Securities
Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57, 184 (September 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from
time to time. 
 Regulation RR: Regulation RR, 17 C.F.R. §246.1, et seq. 

[Relevant Governmental Body: The Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve Board
and/or the FRBNY, or any successor thereto.] 
 Repurchase Event: As defined in Section 3.1(d) of the Receivables Purchase
Agreement. 
 Repurchase Request: A request to repurchase a Receivable pursuant to Section 3.1(d) of the Receivables
Transfer Agreement. 

  
 33 

 Requesting Party: The party that provided the Repurchase Request pursuant to the Receivables Transfer
Agreement. 
 Required Deposit Rating: A rating on short-term unsecured debt obligations of [    ] by [    ]
and [    ] by [    ]. Any requirement that short-term unsecured debt obligations have the “Required Deposit Rating” shall mean that such short-term unsecured debt obligations have the foregoing
required ratings from each of such applicable rating agencies. 
 Required Payment Amount: The sum of items (i) through (xvii) set forth in
Section 2.7(a) of the Indenture. 
 Requisite Noteholders: Holders of Notes evidencing not less than a majority of the
Outstanding Amount of the Controlling Class. 
 Reserve Account: The account designated as such, established and maintained pursuant to
Section 8.2(a) of the Indenture. [The Reserve Account is expected to satisfy the requirements for an “eligible horizontal cash reserve account” under Regulation RR.] 

Reserve Account Amount: For any Distribution Date, the amount on deposit in and available for withdrawal from the Reserve Account on such Distribution
Date (after giving effect to all deposits to and withdrawals from the Reserve Account on the preceding Distribution Date, or, in the case of the initial Distribution Date, the Closing Date), excluding all interest and other income (net of losses and
investment expenses) earned on such amount during the preceding Collection Period. 
 Reserve Account Draw Amount: For any Distribution Date, prior
to the acceleration of the Notes due to an Event of Default, the lesser of (A) the amount, if any, by which the Required Payment Amount for such Distribution Date exceeds the Available Funds for such Distribution Date and (B) the Reserve
Account Amount for such Distribution Date (before giving effect to any deposits to or withdrawals from the Reserve Account on such Distribution Date). For any Distribution Date immediately after the acceleration of the Notes due to an Event of
Default, the Reserve Account Amount for such Distribution Date (before giving effect to any withdrawals from the Reserve Account on such Distribution Date). 

Reserve Account Initial Deposit: Cash or Eligible Investments having a value of at least
$[                ]. 
 Reserve Account Property: (i) The
Reserve Account and all proceeds thereof (other than the Investment Earnings thereon) including all cash, investments, investment property and other amounts held from time to time in the Reserve Account (whether in the form of deposit accounts,
Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or otherwise) and (ii) the Reserve Account Initial Deposit and all proceeds thereof (other than the Investment Earnings thereon). 

Responsible Officer: With respect to the (a) Indenture Trustee or Collateral Custodian, any officer within the corporate trust office of the
Indenture Trustee or Collateral Custodian, as applicable, with direct responsibility for the administration of the Transaction Documents, and also, with respect to a particular matter, any other officer to whom such matter is referred because of
such 

  
 34 

 
officer’s knowledge of and familiarity with the particular subject, (b) Servicer, the President, any Vice President, Assistant Vice President, Secretary, Assistant Secretary or any
other officer or assistant officer of such Person, in each case customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter
is referred because of such officer’s knowledge of and familiarity with the particular subject and (c) Owner Trustee [or the Grantor Trust Trustee], any officer within the Corporate Trust Office of the Owner Trustee [or the Grantor Trust
Trustee] with direct responsibility for the administration of the Trust Agreement [or the Grantor Trust Agreement], as applicable, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject. 
 Retained Certificates: The Certificates initially retained by the
Depositor or a Person treated as the same Person as the Depositor for U.S. federal income tax purposes pursuant to the Trust Agreement. 
 Retained
Notes: The Notes initially retained by the Depositor or a Person treated as the same Person as the Depositor for U.S. federal income tax purposes. 

Review Receivable: Has the meaning designated in Section 1.02 of the Asset Representations Review Agreement. 

[Revolving Period: The period beginning on the Initial Closing Date and ending on
[                ], 20[    ].] 
 Schedule of
Receivables: The schedule of Receivables attached to each receivables assignment. 
 Scheduled Payment: For any Collection Period for any
Receivable, each regularly scheduled payment required to be made by the related Obligor in accordance with the terms of the related Contract. 
 Second
Priority Principal Distributable Amount: With respect to any Distribution Date [during the Amortization Period], an amount, not less than zero, equal to the difference between (i) the excess, if any, of (a) the aggregate outstanding
principal amount of the Class A Notes and the Class B Notes as of, for the first Distribution Date, the Closing Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments
made on the Class A Notes and the Class B Notes on such preceding Distribution Date) over (b) the Pool Balance as of the close of business on the last day of the related Collection Period, and (ii) the First Priority Principal
Distributable Amount, if any, with respect to such Distribution Date; provided, however, that the Second Priority Principal Distributable Amount for each Distribution Date on and after the Final Scheduled Distribution Date for the Class B Notes
shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the outstanding principal amount of the Class B Notes as of the day preceding such Distribution Date. 

Second Step Receivables Assignment: As defined in Section 2.1 of the Receivables Transfer Agreement. 

Second Step Transferred Property: As defined in Section 2.1(a) of the Receivables Transfer Agreement. 

  
 35 

 Secured Obligations: Obligations of the Issuing Entity [and the Grantor Trust] under
the Transaction Documents. 
 Secured Parties: Each Noteholder. 

Securities: The Notes and the Certificates.  

Securities Act: The Securities Act of 1933, as amended. 

Securities Intermediary: Has the meaning set forth in Section 8.2(a)(ii) of the Indenture. 

Security Certificate: Has the meaning given such term in Section 8-102(a)(16) of the New York UCC. 

Security Entitlement: Has the meaning given such term in Section 8-102(a)(17) of the New York UCC. 

Securityholder: A Holder of a Note or a Certificate. 

Seller: Carvana, LLC, in its capacity as Seller under the Receivables Purchase Agreement, and any successor or assignee thereof under the Receivables
Purchase Agreement. 
 [Senior Swap Termination Amount: Any Swap Termination Payments payable to the Swap Counterparty from the Issuing Entity due to
(i) a Tax Event or Illegality or (ii) any other Event of Default or Termination Event, unless, in the case of this clause (ii), the applicable Swap Counterparty is the Defaulting Party or the sole Affected Party (unless otherwise
indicated, terms used in the foregoing clauses (i) and (ii) shall have the respective meanings given to such terms in the Interest Rate Swaps, as the context requires).] 

Servicer: Bridgecrest Credit Company, LLC, in its capacity as servicer pursuant to the Servicing Agreement, or any Successor Servicer. 

Servicer File: A complete and legible copy of each of the following documents (but only to the extent applicable to such Receivable and held in
tangible paper or electronic form by the Servicer): 
  

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

  

	 	2)	 a copy (but not the original) of the related Contract, the related security agreement and any amendments
thereto; provided, however, that the Servicer shall deliver any original amendments to such Contract to the Collateral Custodian immediately following execution thereof; 

 

	 	3)	 the Certificate of Title with a lien notation or an application therefor (to the extent applicable State law
permits or requires the Servicer to hold the Certificate of Title) pursuant to the time periods set forth in the Receivables Purchase Agreement; 

  
 36 

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

  

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

  

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

 Servicer Termination Event: Any one or more of the following that shall have occurred and be continuing:

  

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

  

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

  

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

  

	 	(iv)	 the Servicer suffers a Bankruptcy Event; 

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

  
 37 

 Servicer’s Certificate: A certificate completed and executed by a Responsible Officer of the
Servicer, substantially in the form of Exhibit A to the Servicing Agreement. 
 Servicing Agreement: The Servicing Agreement, dated as of the
Closing Date, among the Issuing Entity, [the Grantor Trust,] [the Backup Servicer,] the Indenture Trustee and the Servicer. 
 Servicing Fee: A fee
set forth in the Servicing Agreement that, for any Distribution Date, will not exceed an amount equal to the product of (i) [    ]% of the Pool Balance as of the first day of the related Collection Period (or, in the case of the
first Distribution Date, the Pool Balance as of [                ], 20[    ]) times (ii) a fraction equal to 1/12. 

Servicing Strip Amount: For any Distribution Date, an amount equal to the product of (i) [    ]% of the Pool Balance as of the
first day of the related Collection Period (or, in the case of the first Distribution Date, the Pool Balance as of [                ], 20[    ])
times (ii) a fraction equal to 1/12. 
 [Severely Distressed Receivable: [To be defined depending on grantor trust structure election.]] 

Simple Interest Method: The method of allocating a fixed level payment on a Simple Interest Receivable to principal and interest, pursuant to which the
portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid Principal Balance applicable to such Receivable multiplied by the period of time elapsed (expressed as a
fraction of a calendar year) since the preceding payment of interest was made. 
 Simple Interest Receivable: Any Receivable under which the portion
of each monthly payment allocable to earned interest and the portion allocable to the Principal Balance is determined in accordance with the Simple Interest Method. For purposes hereof, all payments with respect to a Simple Interest Receivable shall
be allocated to principal and interest in accordance with the Simple Interest Method. 
 [SOFR: With respect to any day, the secured overnight
financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s website.] 

Sold Charged-Off Receivable: A Charged-Off Receivable sold by the
Issuing Entity [or the Grantor Trust] to a Third-Party Purchaser in accordance with the provisions of Section 2.3(d). 

[Specified Class N Reserve Account Balance: Cash or Eligible Investments having a value equal to at least
[                ]% of the Initial Pool Balance, which equals approximately
$[                .] 
 Specified Reserve Account Balance: For any
Distribution Date, the lesser of: 
 (i)
[                ]% of the Initial Pool Balance, which equals approximately
$[                ]; and 
 (ii)    the
outstanding principal balance of the Notes [(other than the Class XS Notes)] as of the close of business on such Distribution Date (after giving effect to all payments and distributions to be made on such Distribution Date). 

Sponsor: Carvana, LLC, an Arizona limited liability company, and its successor and assigns. 

  
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 State: Any state of the United States of America or the District of Columbia.  

Statutory Trust Act: Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as the same may be amended from time to time.
 
 [Subordinate Swap Termination Payments: Any termination payments other than Senior Swap Termination Payments payable by the Issuing Entity
as a result of an Early Termination Date of the Interest Rate Swap relating to the Class [ ] Notes or the Class [ ] Notes, as applicable.] 

[Subsequent Cutoff Date: With respect to any Receivable transferred to the Issuing Entity after the Closing Date, if any, the date specified by the
Depositor in the month those Receivables are transferred to the Issuing Entity.] 
 [Subsequent First Step Receivables Assignment: As defined in
Section 2.1 of the Receivables Purchase Agreement.] 
 [Subsequent First Step Transferred Property: As defined in
Section 2.1 of the Receivables Purchase Agreement.] 
 [Subsequent Second Step Receivables Assignment: As defined in
Section 2.1 of the Receivables Transfer Agreement.] 
 [Subsequent Second Step Transferred Property: As defined in
Section 2.1 of the Receivables Transfer Agreement.] 
 [Subsequent Third Step Receivables Assignment: As defined in
Section 2.1 of the Receivables Contribution Agreement.] 
 [Subsequent Third Step Transferred Property: As defined in
Section 2.1 of the Receivables Contribution Agreement.] 
 [Subsequent Closing Date: Any date during the [Funding
Period][Revolving Period] on which Additional Receivables are to be transferred to the Issuing Entity pursuant to Section 2.1 of the Receivables Purchase Agreement, Section 2.1 of the Receivables
Transfer Agreement or Section 2.1 of the Receivables Contribution Agreement.] 
 Subservicer: A subservicer appointed
by the Servicer as contemplated by the Servicing Agreement for the servicing and administration of the Receivables.  
 Successor Servicer:
Any Person appointed (and who accepts such appointment) to succeed the Servicer in the performance of the duties and obligations of the Servicer under the Servicing Agreement.  

Supplemental Servicing Fees: With respect to a Distribution Date, all late fees, insufficient funds fees and other administrative fees and expenses or
similar charges allowed by Applicable Law with respect to Receivables, collected (from whatever source) on the Receivables. 

  
 39 

 [Swap Counterparty:
[                ], and any permitted successor pursuant to the terms of each applicable Interest Rate Swap.] 

[Swap Counterparty Rights Agreement: The swap counterparty rights agreement, dated as of the Closing Date, by and among the Issuing Entity, the Swap
Counterparty, the Depositor and the Sponsor.] 
 [Swap Termination Amount: Any amount due to the Swap Counterparty from the Issuing Entity in respect
of an Early Termination Date of the applicable Interest Rate Swap, if any.] 
 System Description: As defined in
Section 1.1 of the Collateral Custodian Agreement. 
 [Target Reinvestment Amount: As of any Distribution Date during the
Revolving Period, the excess, if any, of the sum of (i) the Aggregate Note Principal Amount as of the preceding Distribution Date or the Initial Closing Date, as applicable, and (ii) the Overcollateralization Target Amount, over the
Aggregate Pool Balance as of the last day of the Collection Period related to such Distribution Date.] 
 Tangible Contract: A Contract that
constitutes “tangible chattel paper” under and as defined in Section 9-102(a)(79) of the UCC. 

Temporary Notes: The Notes specified in Section 2.3 of the Indenture. 

[Term SOFR: The forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant
Governmental Body.] 
 [Third Party Instrument: Each Interest Rate [Swap] [Cap].] 

Third Party Bill Payment Service: Any provider of payment or processing services or other platform that the Servicer uses in accordance with its
Customary Servicing Practices (including electronic and web-based payment processing systems and services) to facilitate payments by Obligors. 

Third Priority Principal Distributable Amount: With respect to any Distribution Date, an amount, not less than zero, equal to the difference between
(i) the excess, if any, of (a) the aggregate outstanding principal amount of the Class A Notes, the Class B Notes and the Class C Notes as of, for the first Distribution Date, the Closing Date, and for subsequent
Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes, the Class B Notes and the Class C Notes on such preceding Distribution Date) over (b) the Pool Balance
as of the close of business on the last day of the related Collection Period, and (ii) the sum of (a) the First Priority Principal Distributable Amount, if any, with respect to such Distribution Date and (b) the Second Priority
Principal Distributable Amount, if any, with respect to such Distribution Date; provided, however, that the Third Priority Principal Distributable Amount for each Distribution Date on and after the Final Scheduled Distribution Date for the
Class C Notes shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the outstanding principal amount of the Class C Notes as of the day preceding such Distribution Date. 

  
 40 

 Third-Party Purchaser: Any Person who is not the Servicer, the Sponsor or the Depositor, an Affiliate
of the Servicer, the Sponsor or the Depositor or any of their respective officers, directors, employees, agents or representatives. 
 [Third Step
Receivables Assignment: As defined in Section 2.1(b) of the Receivables Contribution Agreement.] 
 [Third Step Transferred
Property: As defined in Section 2.1(a) of the Receivables Contribution Agreement.] 
 Title Intermediary: Dealertrack,
its affiliate VINTek or another title administration service provider approved in writing by the Issuing Entity or the Administrator.  
 Title
Lien Nominee: Carvana, LLC, [GFC Lending LLC] or [DT Credit Company LLC] (or any other name provided by the Sponsor). 
 Transaction Documents:
The Receivables Purchase Agreement, the Receivables Transfer Agreement, [the Receivables Contribution Agreement,] the Indenture, the Trust Agreement, [the Grantor Trust Agreement,] the Administration Agreement, the Servicing Agreement, [the Backup
Servicing Agreement,] the Collateral Custodian Agreement, the Asset Representations Review Agreement and any other document, certificate, opinion, agreement or writing the execution of which is necessary or incidental to carrying out the
transactions contemplated by this Agreement or any of the other foregoing documents. 
 Treasury Regulations: The regulations, including proposed or
temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

Trust Agreement: The Amended and Restated Trust Agreement, dated as of the Closing Date, between the Depositor and the Owner Trustee. 

Trust Indenture Act or TIA: The Trust Indenture Act of 1939 as in force as of the Closing Date, unless otherwise specifically provided. 

UCC: The Uniform Commercial Code as in effect in the relevant jurisdiction from time to time. 

[Unadjusted Benchmark Replacement: The Benchmark Replacement excluding the Benchmark Replacement Adjustment.] 

Unaffiliated Certificateholder: Any Certificateholder other than the Depositor or an Affiliate of the Depositor. 

[Unaffiliated Grantor Trust Certificateholder: Any Grantor Trust Certificateholder other than the Depositor or an Affiliate of the Depositor.] 

Uncertificated Security: Has the meaning given to such term in Section 8-102(a)(18) of the New York UCC.

  
 41 

 Undertaking Letter: The letter is substantially the form set forth in Exhibit C of the Trust
Agreement. 
 Unenforceable Receivable: A Debt that is or may be legally unenforceable or uncollectible for any of the following reasons:
(i) any Obligor has been released of liability for their respective Debt by a court of competent jurisdiction or by Servicer (including the filing of a Form 1099-C); (ii) any Obligor has been discharged
in bankruptcy without any reaffirmation of the Debt by the Obligor; (iii) any Obligor is deceased; (iv) any Obligor has filed for protection under the United States Bankruptcy Code; (v) the Debt was created by an act of fraud, forgery
or identity theft; (vi) the Receivable is the subject of, or an Obligor has filed, a pending lawsuit or other judicial, quasi-judicial or administrative proceeding regarding the Receivable; (vii) an unresolved written dispute relating to
the validity or enforceability of an Receivable that was received by Servicer; (viii) the Receivable has been fully satisfied by means of a settlement or compromise arrangement between Obligor and Servicer or its agent; or (ix) the
Receivable is a duplicate record of another Receivable sold in a Forward Commitment Transfer. 
 Unpaid
Charge-Off Balance: As to any Charged-Off Receivable, at the time of the transfer to a Third-Party Purchaser, the Principal Balance of such Receivable (without
giving effect to the proviso in the definition of “Principal Balance”) plus any accrued and unpaid interest, fees or other costs and charges incurred by or assessed to the Obligor. 

Unrelated Amounts: (a) amounts deposited by the Servicer into the Collection Account but later determined by the Servicer to be mistaken or
returned deposits or postings and (b) amounts deposited by the Servicer into the Collection Account as Collections but which were later determined by the Servicer to not constitute Collections with respect to the Receivables. 

Verified Note Owner: A Note Owner that has provided the Indenture Trustee or the [Depositor][Administrator], as applicable, with each of (i) a
written certification that it is a beneficial owner of a specified Outstanding Amount of the Notes and (ii) a trade confirmation, an account statement, a letter from a broker or dealer or other similar document showing that such Note Owner is a
beneficial owner of such Outstanding Amount of the Notes. 
 Voting Interests: The voting interests in the Certificates, the aggregate strength of
which shall be based on the percentage interests in the Issuing Entity represented thereby. 

  
 42 

 PART II-RULES OF CONSTRUCTION 

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

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

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

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

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

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

  
 43 

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

(j) [Class XS Notes. Any references with respect to principal or interest payments shall not apply to the Class XS
Notes.] 

  
 44 

 PART III-NOTICES AND PROCEDURES 

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

Carvana Receivables Depositor LLC 

1930 W. Rio Salado Pkwy 
 Tempe,
AZ 85281 
 Attention: ABS-Transactions 

Email: abs-transactions@carvana.com

with a copy to: 
 Carvana, LLC 

1930 W. Rio Salado Pkwy 
 Tempe,
AZ 85281 
 Attention: ABS-Transactions 

Email: abs-transactions@carvana.com 

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

Carvana, LLC 
 1930 W. Rio Salado
Pkwy 
 Tempe, AZ 85281 

Attention: ABS-Transactions 

Email: abs-transactions@carvana.com 

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

with a copy to: 

 Carvana Auto Receivables Trust
20[    ]-[    ] 
 c/o Carvana, LLC 

1930 W. Rio Salado Pkwy 
 Tempe,
AZ 85281 
 Attention: ABS-Transactions 

Email: abs-transactions@carvana.com 

(d) [in the case of the Grantor Trust or the Grantor Trust Trustee, to the Grantor Trust Trustee at its Corporate Trust Office,

 with a copy to: 
 Carvana
Auto Receivables Grantor Trust 20[    ]-[    ] 
 c/o
Carvana, LLC 
 1930 W. Rio Salado Pkwy 

Tempe, AZ 85281 
 Attention: ABS-Transactions 
 Email: abs-transactions@carvana.com] 

(e) in the case of the Indenture Trustee and the Collateral Custodian, at the following address: 

[                 ] 

With copies of notices and Delivery of Receivable Files to: 

[                ] 

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

Bridgecrest Credit Company, LLC 

7300 E Hampton Avenue 
 Mesa, AZ,
85209 
 Attention: Secretary 

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

[                ] 

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

[                ]] 

The Issuing Entity shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee and the Indenture Trustee shall likewise
promptly transmit any notice received by it from the Noteholders to the Issuing Entity. 

  
 46 

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

  
 47

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