Item 1.01. Entry into a Material Definitive Agreement.
On December 10, 2024, Carvana Receivables Depositor LLC (the "Depositor") and Carvana, LLC ("Carvana") entered into an underwriting agreement (the "Underwriting Agreement") with BNP Paribas Securities Corp., as an underwriter and as representative of the several underwriters identified therein, for the sale of certain amounts of the following classes of notes to be issued by Carvana Auto Receivables Trust 2024-P4 (the "Issuing Entity"): Class A-1 Asset Backed Notes, Class A-2 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 and Class D Asset Backed Notes (collectively, the "Publicly Registered Notes"). The Issuing Entity will also issue Class N Asset Backed Notes (the "Class N Notes") and Class XS Asset Backed Notes (the "Class XS Notes"), which have not been registered under the Registration Statement. Five percent (5%) of the Publicly Registered Notes and the Class N Notes, and all of the Class XS Notes (collectively, the "Retained Notes," and together with the Publicly Registered Notes, the Class N Notes and the Class XS Notes, the "Notes") and five percent (5%) of the Certificates of the Issuing Entity will be initially retained or held by Carvana or one or more of its majority-owned affiliates.
The Publicly Registered Notes have an aggregate principal balance of $625,140,000 and will be issued on or about December 17, 2024 (the "Closing Date").
Attached as Exhibit 1.1 is the Underwriting Agreement.