Document:

Exhibit
4.4

 

PLEDGE
AND SECURITY AGREEMENT

 

This
Pledge and Security Agreement (this “Agreement”), dated as of [________], 2020 (the “Effective Date”),
is entered into by and between iCap Vault 1, LLC, a Delaware limited liability company (“Pledgor”) and Marketplace
Realty Advisors, LLC, a Washington limited liability company, in its capacity as collateral agent and pledgee hereunder (in such
capacity “Agent”) for the benefit of holders of promissory notes issued by Pledgor pursuant to an offering (the “Offering”)
of up to $500,000,000 of Variable Denomination Floating Rate Demand Notes of Pledgor (the “Notes”), pursuant to an
Indenture dated [________], 2020 (“Indenture”) commencing on or about [___________], 2020 (the “Holders”).
Each of Pledgor and Agent may be referred to herein as a “Party” and collectively as the “Parties.” Defined
terms used herein without definition shall have the meaning given to them in the Indenture.

 

WHEREAS,
the Pledgor is the sole member of Vault Holding, LLC, a Delaware limited liability company (“Holding”), and holds
all of the membership interests of Holding (the “Pledged Interests”), and Holding is or shall be the sole member or
shareholder of certain subsidiaries of Holding which shall hold real estate investment properties (the “Portfolio SPEs”),
which will be acquired with the proceeds of the Notes; and

 

WHEREAS,
pursuant to the Offering and the purchase of a Note thereunder, each Holder has joined the Collateral Agent Agreement dated as
of the Effective Date by and between the Pledgor and the Agent (the “Collateral Agent Agreement”) and therein has
agreed to appoint Agent as his/her/its representative with regard to the his/her/its respective rights under the this Agreement
and the Collateral Agent Agreement; and

 

WHEREAS,
the Pledgor has agreed to execute and deliver this Agreement pursuant to the terms of the Notes;

 

NOW,
THEREFORE, in consideration of the covenants, promises and representations set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows:

 

	1.	PLEDGE.
     To secure the prompt payment and full and faithful performance of the obligations of Pledgor to the Holders pursuant
    to the Notes, whether direct, contingent, fixed or otherwise, now or hereafter from time to time arising pursuant to the Notes
    (collectively, the “Indebtedness”), the Pledgor hereby grants a security interest in and to, does hereby pledge
    and assign to, Agent, for the benefit of the Holders, under Articles 8 and 9 of the UCC (as defined below), all its right,
    title, share and interest in, to and in respect of (i) the Pledged Interests; (ii) together with only so much of any distribution,
    whether of cash or in kind, in connection with, relating to or in respect of the applicable Pledged Interests, whether any
    such distribution or payment is a distribution, is in partial or complete liquidation, or is the result of reclassification,
    readjustment or other changes in the capital structure of the entity issuing the same, or otherwise, and any and all subscriptions,
    warrants, options and other rights issued upon and/or in connection therewith; (iii) any and all substitutions, renewals,
    improvements and replacements of the Pledged Interests and additions thereto; and (iv) all proceeds arising from any of the
    foregoing. All of the foregoing items are referred to herein individually and/or collectively as the “Collateral.”
    Capitalized terms not otherwise defined herein or in the Notes shall have the meaning given them in the UCC. For purposes
    of this Agreement, “UCC” means the Uniform Commercial Code as the same may, from time to time, be in effect in
    the State of Delaware; provided, however, in the event that, by reason of mandatory provisions of law, any or all of the attachment,
    perfection or priority of Agent’s security interest in the Pledged Interests is governed by the Uniform Commercial Code
    as in effect in a jurisdiction other than the State of Delaware, the term “UCC” shall mean the Uniform Commercial
    Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection
    or priority and for purposes of definitions related to such provisions.

 

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	2.	VOTING
    AND TRADING RIGHTS. If no Event of Default has occurred and is continuing, the Pledgor may exercise any voting rights that
    the Pledgor may have as to the Pledged Interests. If an Event of Default has occurred and is continuing, Pledgor shall take
    such actions with respect to the Pledged Interests as directed by the Agent, as the Agent is directed by the Indenture Trustee
     pursuant to the Collateral Agent Agreement and the Indenture, and thereafter Holders may exercise all voting rights
    as to any of the Pledged Interests and Pledgor shall deliver to the Agent all notices, proxies and other information relating
    to the exercise of such rights received by Pledgor promptly upon receipt and, at the request of the Agent, shall execute and
    deliver to the Agent any proxies or other instruments which are, in the judgment of the Agent, necessary for Holders to exercise
    such voting rights, and the Indenture Trustee  may direct the Agent to exercise the rights and pursue the remedies provided
    under Articles 8 and 9 of the Uniform Commercial Code.
	 	 
	3.	DUTY
    OF AGENT. Agent, on behalf of the Holders, shall have no liability or duty, either before or after the occurrence of an Event
    of Default, to collect or enforce any of its rights against, the Pledged Interests. If the Agent or the Holders actually receive
    any notices requiring action with respect to Pledged Interests in Holders’ possession, Agent, on behalf of the Holders,
    shall take reasonable steps to forward such notices to Pledgor. Except as provided herein, Pledgor is responsible for responding
    to notices concerning the Pledged Interests, voting the Pledged Interests, and exercising any rights and options, calls or
    conversions in respect of the Pledged Interests. 
	 	 
	4.	REPRESENTATIONS
    AND WARRANTIES. The Pledgor represents and warrants to Agent on behalf of the Holders that:

 

	 	(a)	The
    Pledged Interests constitute all of Pledgor’s ownership interest in Holding.
	 	 	 
	 	(b)	The
    Pledgor is a limited liability company duly organized, validly existing, and in good standing under the laws of the State
    of Delaware and has the limited liability company power and is duly authorized under all applicable laws, regulations, ordinances,
    and orders of public authorities to carry on its business in all material respects as it is now being conducted. The execution
    and delivery of this Agreement does not, and the consummation of the transactions contemplated hereby will not, violate any
    provision of the Pledgor’s organizational documents. The Pledgor has taken all action required by law, its organizational
    documents, or otherwise to authorize the execution and delivery of this Agreement.
	 	 	 
	 	(c)	The
    execution of this Agreement and the consummation of the transactions contemplated by this Agreement will not result in the
    breach of any term or provision of, constitute a default under, or terminate, accelerate or modify the terms of, any indenture,
    mortgage, deed of trust, or other material agreement or instrument to which the Pledgor is a party or to which any of its
    assets, properties or operations are subject. 

 

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	 	(d)	This
    Agreement and all agreements and other documents executed by the Pledgor in connection herewith constitute the valid and binding
    obligation of the Pledgor, enforceable in accordance with its or their terms, except as may be limited by bankruptcy, insolvency,
    moratorium or other similar laws affecting the enforcement of creditors’ rights generally and subject to the qualification
    that the availability of equitable remedies is subject to the discretion of the court before which any proceeding therefore
    may be brought.
	 	 	 
	 	(e)	No
    consent, approval or authorization of any third party or any governmental body or officer is required for the valid and lawful
    execution and delivery of this Agreement, the pledge of a security interest in the Pledged Interests in favor of Agent or
    the valid and lawful exercise by Agent of remedies available to them under this Agreement or applicable law or of the voting
    and other rights granted to it in this Agreement, except as may be required for the offer or sale of securities under applicable
    securities laws.
	 	 	 
	 	(f)	The
    Pledgor is the sole owner of the Pledged Interests, has the right to grant the security interest provided for herein to Agent
    and, to the knowledge of the Pledgor, has granted to Agent a valid and perfected first priority security interest in the Pledged
    Interests, free of all liens, encumbrances, transfer restrictions and adverse claims.

 

	5.	COVENANTS.
    The Pledgor covenants and agrees that so long as this Agreement shall be in effect:

 

	 	(a)	Pledgor,
    Holding, and the Portfolio SPEs may make distributions to their respective members as they determine, provided such distributions
    are made in accordance with the provisions of the operating agreements of such entities.
	 	 	 
	 	(b)	The
    Pledgor shall defend the Pledgor’s title to the Pledged Interests and the security interest of Agent against the claims
    of any person claiming rights in the Pledged Interests.
	 	 	 
	 	(c)	Without
    the prior written consent of a Majority-in-Interest of the Noteholders delivered to the Agent pursuant to the Collateral Agent
    Agreement, the Pledgor shall not sell, gift, pledge, exchange or otherwise transfer the Pledged Interests. In the event of
    any such sale, exchange or transfer consented to by a Majority-in-Interest of the Noteholders, the Pledgor shall upon receipt
    of the proceeds of such sale, exchange or transfer to pay any such distribution with respect to the Pledged Interests to the
    Agent for further distribution to the Holders for application to the Indebtedness. Pledgor may, without the consent of the
    Noteholders, subordinate the Pledged Interests to the rights of an institution or provider of a credit facility, surety bond,
    insurance, or other obligation of Pledgor that is not inconsistent with the Offering and the business plans of the Pledgor.
    
	 	 	 
	 	(d)	The
    Pledgor will pay and discharge when due all of its material obligations and liabilities (including, without limitation, tax
    liabilities) which if unpaid when due might by law give rise to a lien on the Pledged Interests, except where the same may
    be contested in good faith by appropriate proceedings.
	 	 	 
	 	(e)	At
    the Pledgor’s expense, do such further facts and execute and deliver such additional conveyances, certificates, instruments,
    legal opinions and other assurances as a Majority-in-Interest of the Noteholders may direct the Agent to reasonable request
    to protect, assure or enforce their interests, rights and remedies under this Agreement.

 

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	6.	INDEMNIFICATION.
    Each Party shall jointly and severally indemnify and hold harmless the other Parties and such other Parties’ agents,
    beneficiaries, affiliates, representatives and their respective successors and assigns (collectively, the “Indemnified
    Persons”) from and against any and all damages, losses, liabilities, taxes and costs and expenses (including, without
    limitation, attorneys’ fees and costs) resulting directly or indirectly from (a) any inaccuracy, misrepresentation,
    breach of warranty or nonfulfillment of any of the representations and warranties of such Party in this Agreement, or any
    actions, omissions or statements of fact inconsistent with in any material respect any such representation or warranty, (b)
    any failure by such Party to perform or comply with any agreement, covenant or obligation in this Agreement.
	 	 
	7.	EXPENSES.
    The Pledgor agrees that, following an Event of Default, the Pledgor will pay to the Agent, upon demand the amount of any reasonable
    out-of-pocket expenses, including the fees and disbursements of counsel, that Agent incurs on behalf of the Holders in connection
    with the enforcement of this Agreement, including expenses incurred to preserve the value of the Pledged Interests, the sale
    or other disposition of any of the Pledged Interests, the exercise by Agent of any of its rights, or any action to enforce
    its rights under this Agreement.
	 	 
	8.	NOTICES.
    Any notices, communications and waivers under this Agreement shall be in writing and unless otherwise specified herein, if
    to a Holder shall either be sent to the Agent pursuant to the Collateral Agent Agreement, who shall thereafter forward such
    notices to the Holder pursuant to the terms of the Collateral Agent Agreement, and if to Issuer or Pledgor shall be sent to
    the Collateral Agent, who shall thereafter forward such notices to the intended party, which may include the Indenture Trustee.
    
	 	 
	9.	This
    Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts
    made in Delaware without regard to its principles of conflicts of laws. Each of the Parties agrees to submit himself to the
    in personam jurisdiction of the state and federal courts situated within the State of Washington, King County, with
    regard to any arising out of or relating to this Agreement. Each Party hereby irrevocably waives personal service of process
    and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified
    mail or overnight delivery (with evidence of delivery) to such Party at the address in effect for notices to it under this
    Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
    contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. The Parties
    hereby waive all rights to a trial by jury.
	 	 
	10.	Neither
    Party may transfer or assign its rights or responsibilities under this Agreement without the prior written consent of the
    other Party.
	 	 
	11.	This
    Agreement constitutes the entire understanding of the Parties with respect to the subject matter hereof. The descriptive headings
    contained in this Agreement are included for convenience of reference only and shall not affect in any way the meaning or
    interpretation of this Agreement.
	 	 
	12.	INTERPRETATION.
    The Parties agree that this Agreement shall be deemed to have been jointly and equally drafted by them, and that the provisions
    of this Agreement therefore shall not be construed against a Party or Parties on the ground that such Party or Parties drafted
    or was more responsible for the drafting of any such provision(s). The Parties further agree that they have each carefully
    read the terms and conditions of this Agreement, that they know and understand the contents and effect of this Agreement and
    that the legal effect of this Agreement has been fully explained to its satisfaction by counsel of its own choosing.
	 	 
	13.	AMENDMENT.
    This Agreement may be amended at any time by the written consent of the Pledgor and the Agent without the consent of the Noteholders.
	 	 
	14.	COUNTERPARTS.
    This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken
    together shall be but a single instrument. The execution and delivery of a facsimile or other electronic transmission of a
    signature to this Agreement shall constitute delivery of an executed original and shall be binding upon the person whose signature
    appears on the transmitted copy.

 

[Signatures
appear on following pages]

 

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IN
WITNESS WHEREOF, the Parties have duly executed this Agreement as of the Effective Date. 

 

	 	Pledgor: iCap Vault 1, LLC 	 
	 	 	 	 
	 	By:	iCap
    Vault Management, LLC	 
	 	Its:	Manager	 

 

	 	By:	 	 
	 	Name:	Chris
    Christensen	 
	 	Title:
	CEO	 

 

	 	Agent: Marketplace Realty Advisors, LLC	 
	 	 	 	 
	 	By:	 	 
	 	Name:	Ron
    Thomas	 
	 	Title:	General
    Manager	 

 

    	5Exhibit
4.5

 

GUARANTY
AGREEMENT

 

This
Guaranty (this “Guaranty”) is made and entered into as of [________], 2020 (the “Effective Date”) by Vault
Holding, LLC, a Delaware limited liability company (“Guarantor”), to and for the benefit of each of the holders (each,
a “Holder”) of promissory notes (the “Notes”) issued by iCap Vault 1, LLC, a Delaware limited liability
company and the sole member of Guarantor (“Borrower”) pursuant to an offering of up to $500,000,000 of Variable Denomination
Floating Rate Demand Notes of Borrower commencing on or about [________], 2020 (the “Offering”). Defined terms used
herein without definition shall have the meaning given to them in the Notes.

 

WHEREAS,
following the execution of this Guaranty, Borrower shall issue certain Notes to the Holders, pursuant to a subscription agreement
between the Borrower and the applicable Holder in connection with the Offering; and

 

WHEREAS,
Guarantor acknowledges the provisions of the Notes require Guarantor to enter into this Guaranty;

 

NOW,
THEREFORE, in consideration of the covenants, promises and representations set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, Guarantor agrees as follows:

 

	1.	Capitalized
    terms not defined herein shall have the meanings given them in the Indenture that forms part of the Offering.
	 	 
	2.	Guarantor
    hereby unconditionally, absolutely and irrevocably guarantees the full and timely performance of all of the obligations of
    Borrower under the Notes, including the due and punctual payment of the principal and interest of the Notes and all money
    due or that may become due under the Notes, whether (a) according to the present terms of any of those documents or at any
    earlier or accelerated date or dates as provided therein, (b) pursuant to any extension of time or (c) pursuant to any amendment,
    modification or replacement of those documents hereafter made or granted, and whether Borrower may be liable individually
    or jointly with others, or whether recovery upon such indebtedness may be or hereafter becomes unenforceable (collectively,
    “Obligations”).
	 	 
	3.	Guarantor
    agrees that settlement of any claim by Holder(s) against Borrower, whether in any proceeding or not, and whether voluntarily
    or involuntarily, will inure to the benefit of Guarantor and any reduction of any amount owed by Borrower to Holder(s) as
    a result of such settlement shall reduce the amount payable by Guarantor hereunder.
	 	 
	4.	During
    the continuation of an Event of Default at a time when this Guaranty is in full force and effect, Holder may enforce this
    guaranty against Guarantor, but only after attempting to collect or exhausting Holder’s efforts to collect from Borrower,
    in accordance with the provisions of the Indenture and the Collateral Agent Agreement having first satisfied all required
    timelines set forth therein.

 

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	5.	Guarantor
    agrees that its obligation to make payment under the terms of this Guaranty shall not be impaired, modified, changed, released
    or limited in any manner by any impairment, modification, change, release, defense or limitation of the liability of Borrower
    or of a receiver, trustee, debtor-in-possession or estate under any bankruptcy or receivership proceeding. If any payment
    made by Borrower is reclaimed in a bankruptcy or receivership proceeding, Guarantor shall pay to Holders the dollar amount
    of the amount reclaimed. Guarantor further assigns to Holders all rights Guarantor may have in any proceeding under the U.S.
    Bankruptcy Code or any receivership or insolvency proceeding until all indebtedness of Borrower to Holders has been paid in
    full. This assignment includes all rights of Guarantor to be paid by Borrower even if those rights have nothing to do with
    this Guaranty. This assignment does not prevent Holder from enforcing Guarantor’s obligations under this Guaranty in
    any way.
	 	 
	6.	Guarantor
    is now adequately informed of Borrower’s financial condition, and Guarantor agrees to keep so informed. Holder need
    not provide Guarantor with any present or future information concerning the financial condition of Borrower or any other guarantor,
    and changes in Borrower’s or Guarantor’s financial condition shall not affect Guarantor’s obligations under
    this Guaranty. Guarantor has not relied on financial information furnished by Holder, nor will Guarantor do so in the future.
	 	 
	7.	Guarantor
    represents and warrants to the Holders as follows:

 

	 	(a)	The
    Guarantor is a limited liability company duly organized, validly existing, and in good standing under the laws of the State
    of Delaware and has the limited liability company power and is duly authorized under all applicable laws, regulations, ordinances,
    and orders of public authorities to carry on its business in all material respects as it is now being conducted. The execution
    and delivery of this Guaranty does not, and the consummation of the transactions contemplated hereby will not, violate any
    provision of the Guarantor’s organizational documents. The Guarantor has taken all action required by law, its organizational
    documents, or otherwise to authorize the execution and delivery of this Guaranty.
	 	 	 
	 	(b)	The
    execution of this Guaranty and the consummation of the transactions contemplated by this Guaranty will not result in the breach
    of any term or provision of, constitute a default under, or terminate, accelerate or modify the terms of, any indenture, mortgage,
    deed of trust, or other material agreement or instrument to which the Guarantor is a party or to which any of its assets,
    properties or operations are subject.
	 	 	 
	 	(c)	This
    Guaranty and all agreements and other documents executed by the Guarantor in connection herewith constitute the valid and
    binding obligation of the Guarantor, enforceable in accordance with its or their terms, except as may be limited by bankruptcy,
    insolvency, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and subject to
    the qualification that the availability of equitable remedies is subject to the discretion of the court before which any proceeding
    therefore may be brought.
	 	 	 
	 	(d)	No
    consent, approval or authorization of any third party or any governmental body or officer is required for the valid and lawful
    execution and delivery of this Guaranty or the valid and lawful exercise by Holders of remedies available to them under this
    Guaranty or applicable law.
	 	 	 
	 	(e)	Guarantor
    is fully familiar with all the covenants, terms and conditions of the Notes.

 

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	8.	If
    an Event of Default occurs under the Notes, Holders shall have all other remedies provided by law. Guarantor agrees that (a)
    this Guaranty shall inure to the benefit of and may be enforced by the Holder as set forth in the Notes and the Indenture,
    and (b) this Guaranty shall be binding upon and enforceable against Guarantor and its successors and assigns.
	 	 
	9.	Any
    notices, communications and waivers under this Guaranty shall be in writing and sent in accordance with the provisions for
    notices as set forth in the Indenture. Any rights of Holders under this Guaranty shall be rights to the Trustee for the benefit
    of Holders for so long as the Indenture remains in effect. Any rights of Holder that are or may be granted hereunder are subject
    to the provisions of the Indenture and hereby superseded by the provisions of the Indenture in the event a conflict exists
    between the provisions of the Indenture and the provisions of this Guaranty.
	 	 
	10.	This
    Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts
    made in Delaware without regard to its principles of conflicts of laws. Guarantor, Borrower and each of the Holders agrees
    to submit himself/herself/itself to the in personam jurisdiction of the state and federal courts situated within the
    State of Washington, King County, with regard to any controversy arising out of or relating to this Agreement. Guarantor,
    Borrower and each of the Holders each hereby irrevocably waives personal service of process and consents to process being
    served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
    (with evidence of delivery) to such party at the address in effect for notices to it as set forth in the Notes and agrees
    that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
    be deemed to limit in any way any right to serve process in any manner permitted by law. Guarantor, Borrower and each of the
    Holders hereby waive all rights to a trial by jury.
	 	 
	11.	This
    Agreement constitutes the entire understanding of the parties hereto with respect to the subject matter hereof.
	 	 
	12.	This
    Guaranty may be amended by Guarantor at any time, without any approval of the Holders being required but with notice to the
    Holders of such amendment being given.

 

IN
WITNESS WHEREOF, the Guarantor has duly executed this Guaranty as of the Effective Date.

 

Vault
Holding, LLC

 

	By:	 	 
	Name:	Jim
    Christensen	 
	Title:	Chief
    Operating Officer	 

 

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