The Administrator shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is In addition, theĪdministrator shall consult with the Owner Trustee regarding the duties of the Issuer or the Owner Trustee under the Related Agreements. (i) The Administrator shall perform all its duties as Administrator under the Note Depository Agreement. (a) Duties with Respect to the Related Agreements and the Transaction Documents. Used but not defined in this Agreement shall have the respective meanings set forth in the Indenture. Sufficiency of which are hereby acknowledged, the parties hereto agree as follows: NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and The services required hereby and is willing to perform such services for the Issuer and the Owner Trustee on the terms set forth herein
WHEREAS, the Administrator has the capacity to provide Trustee desire to have the Administrator perform certain of the duties of the Issuer and the Owner Trustee referred to in the preceding clause and to provide such additional services consistent with the terms of this Agreement and the RelatedĪgreements as the Issuer and the Owner Trustee may from time to time request and Indenture (the Collateral) and (ii) the beneficial interests in the Issuer
Individual capacity but solely as owner trustee (in such capacity, the Owner Trustee), are required to perform certain duties in connection with (i) the Notes and the collateral pledged to secure the Notes pursuant to the Bank Trust National Association, a national banking association, not in its WHEREAS, pursuant to the Related Agreements, the Issuer and U.S. Letter of Representations, dated October 28, 2015 (as amended, supplemented or otherwise modified and in effect from time to time, the Note Depository Agreement), by the Issuer and delivered to The Depository Trust Company,Īs the initial Clearing Agency, relating to the Notes, and (iii) the Indenture (collectively with the Sale and Servicing Agreement and the Note Depository Agreement, the Related Agreements) Servicing Agreement), by and among the Issuer, CarMax Auto Funding LLC, a Delaware limited liability company, as depositor (in such capacity, the Depositor) and CarMax Business Services, LLC, as Servicer, (ii) a Issuance of certain beneficial interests in the Issuer, including (i) a Sale and Servicing Agreement, dated as of October 1, 2015 (as amended, supplemented or otherwise modified and in effect from time to time, the Sale and WHEREAS, the Issuer has entered into certain agreements in connection with the issuance of the Notes and the Notes (collectively, the Notes) pursuant to the Indenture, dated as of October 1, 2015 (as amended, supplemented or otherwise modified and in effect from time to time, the Indenture), between the Issuer and WHEREAS, the Issuer is issuing 0.42000% Class A-1 Asset-backed Notes, 1.09% Class A-2aĪsset-backed Notes, LIBOR + 0.60% Class A-2b Asset-backed Notes, 1.56% Class A-3 Asset-backed Notes, 1.83% Class A-4 Asset-backed Notes, 2.16% Class B Asset-backed Notes, 2.50% Class C Asset-backed Notes and 3.00% Class D Asset-backed Modified and in effect from time to time, this Agreement), by and among CARMAX AUTO OWNER TRUST 2015-4, a Delaware statutory trust (the Issuer), CARMAX BUSINESS SERVICES, LLC, a Delaware limited liabilityĬompany, as administrator (in such capacity, the Administrator), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as indenture trustee (in such capacity, the ADMINISTRATION AGREEMENT, dated as of October 1, 2015 (as amended, supplemented or otherwise
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