SEC Contract Filing

Filing Date: 2015-05-13

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>6
<FILENAME>v410520_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CARMAX AUTO OWNER TRUST 2015-2,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Issuer,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CARMAX BUSINESS SERVICES, LLC,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Administrator,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WELLS FARGO BANK, NATIONAL ASSOCIATION,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Indenture Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_____________________________</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADMINISTRATION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of May 1, 2015</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ADMINISTRATION AGREEMENT,
dated as of May 1, 2015 (as amended, supplemented or otherwise modified and in effect from time to time, this &ldquo;<U>Agreement</U>&rdquo;),
by and among CARMAX AUTO OWNER TRUST 2015-2, a Delaware statutory trust (the &ldquo;<U>Issuer</U>&rdquo;), CARMAX BUSINESS SERVICES,
LLC, a Delaware limited liability company, as administrator (in such capacity, the &ldquo;<U>Administrator</U>&rdquo;), and WELLS
FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as indenture trustee
(in such capacity, the &ldquo;<U>Indenture Trustee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Issuer is
issuing 0.35000% Class A-1 Asset-backed Notes, 0.82% Class A-2a Asset-backed Notes, LIBOR + 0.28% Class A-2b Asset-backed Notes,
1.37% Class A-3 Asset-backed Notes, 1.80% Class A-4 Asset-backed Notes, 2.15% Class B Asset-backed Notes, 2.39% Class C Asset-backed
Notes and 3.04% Class D Asset-backed Notes (collectively, the &ldquo;<U>Notes</U>&rdquo;) pursuant to the Indenture, dated as of
May 1, 2015 (as amended, supplemented or otherwise modified and in effect from time to time, the &ldquo;<U>Indenture</U>&rdquo;),
between the Issuer and the Indenture Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Issuer has
entered into certain agreements in connection with the issuance of the Notes and the issuance of certain beneficial interests in
the Issuer, including (i) a Sale and Servicing Agreement, dated as of May 1, 2015 (as amended, supplemented or otherwise modified
and in effect from time to time, the &ldquo;<U>Sale and Servicing Agreement</U>&rdquo;), by and among the Issuer, CarMax Auto Funding
LLC, a Delaware limited liability company, as depositor (in such capacity, the &ldquo;<U>Depositor</U>&rdquo;) and CarMax Business
Services, LLC, as Servicer, (ii) a Letter of Representations, dated May 13, 2015 (as amended, supplemented or otherwise modified
and in effect from time to time, the &ldquo;<U>Note Depository Agreement</U>&rdquo;), by and between the Issuer and The Depository
Trust Company relating to the Notes, and (iii) the Indenture (collectively with the Sale and Servicing