Document:

Exhibit 10.2

Pledge Contract

 

Loan Number:15100220130012554

 

(Unofficial Selective Summary
Translation)

 

		Pledgee:	Agricultural Bank of China, Hohhot Branch

 

		Pledgor:	Inner Mongolia Yongye Nongfeng Biotech Co., Ltd.

 

To ensure the performance of the Liquid
Capital Loan Agreement (hereinafter, the “Master Contract”) between the Pledgee and Inner Mongolia Yongye Nongfeng
Biotech Co., Ltd. (hereinafter, the “Debtor”), the Pledgor is willing to provide a pledge as guarantee. The Pledgor
and the Pledgee have entered into the following pledge agreement.

 

		Article 1	Type and Amount of the Master Claim under the Guarantee

 

The master claim under the guarantee is
a liquid capital loan in the amount of ¥25,000,000.00.

 

		Article 2	Scope of the Pledge Guarantee

 

The scope of the pledge guarantee includes
the loan principal, interest, penalty interest, compound interest, default damages, loss compensation and all the fees incurred
by the Pledgee in the course of realizing its claims.

 

		Article 3	Pledged Items

 

1.    The Pledgor agrees to use its land use right as a
pledge (see List of Real Estate Pledge No. 15100220130012554-01 attached for details). This list is the component part of this
agreement and has the same legal effect.

 

2.    The item pledged above is provisionally valued at
¥50,470,036.00; its final value will be based on the amount of proceeds when it is actually disposed of at the time of the
Pledgee’s exercising its right.

 

		Article 4	The Pledgor’s Representations

 

1.    The Pledgor has obtained all necessary
authorization for providing this pledge guarantee.

 

    	1

    	 

    

 

2.    The Pledgor has the complete and undisputable
ownership of, and the right to dispose of, the pledged item.

 

3.    The pledged item can be legally circulated
and transferred.

 

4.    There is not freeze, withholding or
receivership on the pledged item.

 

5.    The Pledgor has truthfully disclosed
situations of overdue taxes, construction cost, pledge and leases in connection with the pledged item.

 

6.    The Pledgor has obtained approval
from the joint owner of the pledged item regarding the pledge hereunder.

 

7.    During the effective period of the
pledge, the Pledgor will promptly notify the Pledgee in writing upon the occurrence of any of the following:

 

The pledged item is frozen, withheld
or taken into receivership;

The Pledgor changes capital or
operation structure, including but not limited to subcontracting, lease, share restructure, joint venture, M&A, spin-off, reduction
of registered capital, transfer of major assets;

The Pledgor’s business
license is revoked or cancelled, or the Pledgor is ordered to be dissolved;

The Pledgor files for restructuring
or reorganization, dissolution or bankruptcy;

 

8.    There is no other situation regarding
the pledge that will affect the Pledgee’s exercise of its right.

 

		Article 5	Effectiveness of the Pledge

 

The effectiveness of the pledge includes
all auxiliary items related to the pledged item and other statutory property and rights.

 

		Article 6	Use of Pledged Item

 

1.    The pledged item hereunder will be
in the care of the Pledgor; the Pledgor has the obligation to manage it properly and use it reasonably. The Pledgee shall have
the right to supervise and inspect the management and use of the pledged item.

 

2.    During the effective period of the
pledge, the Pledgor shall not gift, transfer, lease or re-pledge the pledged item without the written approve of the Pledgee.

 

3.    During the effective period of the
pledge, if the pledged item is damaged, lost, appropriated, or becomes the property of a third party due to its annexation with
other property, the Pledgor must immediately take effective measures to prevent the spread of loss and notify the Pledgee in writing.
The Pledgee shall have the priority right to any insurance compensation from the insurance on the pledged item.

 

    	2

    	 

    

 

4.    During the effective period of the
pledge, the Pledgee shall have the right to provide additional guarantee if there is any loss of value of the pledged item.

 

		Article 7	Insurance of the Pledged Item

 

1.    The Pledgor must insure the pledged
item with a solid insurance company and delivery the original of the insurance policy to the Pledgee for safe-keeping.

 

2.    The Pledgor is responsible for paying
all insurance premiums and must pay such premiums in full and on time and perform all other obligations under the insurance policy.

 

3.    During the effective period of the
pledge, the Pledgor shall not cancel or change insurance unilaterally without prior written consent from the Pledgee.

 

4.    During the effective period of the
pledge, if any insured event happens to the pledged item, the Pledgor must notify the insurance company and the Pledgee and be
responsible for the claims for compensation.

 

		Article 8	Registration of the Pledge

 

1.    The Pledgor must proceed with the
registration procedures for the pledge within 5 days after this contract becomes effective and deliver all documentation to the
Pledgee for safekeeping.

 

2.    During the effective period of the
pledge, the Pledgor must also process any change registration for the pledge when necessary.

 

3.    During the effective period of the
pledge, if the Pledgee transfers the pledgee’s right, the Pledgor must assist the Pledgee in completing the corresponding
transfer registration procedures.

 

		Article 9	Transfer of the Pledgee’s Right

 

1.    If the Pledgee transfer part of the
debt claims, the Pledgee shall have the right not to transfer the corresponding pledgee’s right.

 

		Article 10	Realization of the Pledgee’s Right

 

1.    Upon the occurrence of any of the
following, the Pledgee shall have the right to exercise its pledgee’s right and dispose of the pledged item and use the proceeds
toward the repayment of the debt:

 

    	3

    	 

    

 

The Pledgee has not been fully
repaid when the loan under the Master Contract is due;

The Debtor’s or the Pledgor’s
business license is revoked or cancelled, or the Debtor or the Pledgor is ordered to be dissolved;

The Debtor or the Pledgor is
in the bankruptcy proceedings or is ordered by the court to settle;

The Debtor or the Pledgor is
dead or declared disappeared or dead;

The pledged item is frozen, withheld
or taken into receivership or other enforcement proceedings;

The pledged item is damaged,
lost or appropriated;

The Pledgor fails to restore
the value of the pledged item or provide additional guarantee at the Pledgee’s request;

The Pledgor violates its obligations
hereunder;

Other situations that will affect
the realization of the pledgee’s right.

 

2.    If there is both collateral guarantee
and pledge guarantee for the debt guaranteed hereunder, the Pledgee may use the collateral guarantee, or may request that the Pledgor
fulfill its guarantee obligation, to realize its pledgee’s right.

 

3.    If the Pledgor provides pledge to
a third party and the Debtor provides collateral guarantee on the debt guaranteed hereunder, the Pledgor agrees to continue to
provide the pledge guarantee for the debt under the Master Contract.

 

4.    If the Pledgor uses the pledged item
to as guarantee for multiple debts hereunder and if the proceeds from disposing of the pledged item are insufficient to repay all
the debts, the Pledgee shall have the right to determine the order of repayment.

 

		Article 11	Liability for Breach

 

1.    The Pledgor shall be responsible to
compensate the Pledgee for any loss resulting from the Pledgor’s failure to fulfill its obligations.

 

2.    Upon the Pledgor commits any of the
following, the Pledgor must be liable for default damages at __% of the amount of the debt under the Master Contract and for compensating
the Pledgee for all the resulting loss:

 

Failure to obtain all necessary
authorization for the pledge;

Failure to disclose truthfully
situations of overdue taxes, construction cost, pledge and leases in connection with the pledged item, any dispute, freeze, withholding
or receivership about the pledged item;

Failure to complete pledge registration;

Disposition of the pledged item
without obtaining written approval from the Pledgee;

Failure to restore the value
of the pledged item or provide additional guarantee at the Pledgee’s request;

Other acts violating the provisions
herein or affecting the Pledgee’s right.

 

    	4

    	 

    

 

		Article 12	Special Provisions Regarding the Demolition of the pledged
item and the Land Underneath

 

1.    If the pledged item is a building
or construction land use right, and the pledged item is appropriated or demolished (generally, “demolition”), the Pledgor
must notify the Pledgee within 10 days upon learning the news of such event.

 

2.    If the compensation for the demolition
is some other building and/or the land underneath, the Pledgor must use such exchanged property as pledge and enter into relevant
agreement with the Pledgee; the Pledgor must process the relevant additional pledge registration.

 

3.    If the compensation for the demolition
is in the form of cash, the Pledgee shall have the right to be repaid first by using such cash compensation or demand that the
Pledgor deposit such cash into a collateral account as guarantee and enter into relevant agreement with the Pledgee.

 

4.    If the Pledgor violates the provisions
of this Article, the Pledgor must pay as default damages an amount at __% of the amount of the debt under the Master Contract.

 

		Article 13	Assumption of Fees

 

The responsibility for fees paid to third
parties in the performance of this agreement will be determined through negotiation between the parties.

 

The laws and statutes referred to herein
include the laws, administrative statutes, regional statutes, regulations, judicial interpretations and other legal rules of the
People’s Republic of China.

 

		Articl e14	Objection Period

 

If the Pledgee exercises its right of cancellation,
the Pledgor will have 7 days to raise objection.

 

		Article 15	Resolution of Dispute

 

Any dispute arising from this contract must
be resolved though consultation between the two parties; if consultation fails, such dispute should be submitted to the people’s
court at the Pledgee’s location for resolution.

 

Other provisions not involved in the dispute
must continue to be performed.

 

    	5

    	 

    

 

		Article 16	Other Matters

 

The Pledgor has received and read carefully
the Master Contract.

 

		Article 17	Contract Effectuation

 

This contract becomes effective upon execution
by both parties.

 

		Article 18	This contract has four counterparts and all have the
same legal effect.

 

		Pledgee:	Agricultural Bank of China, Hohhot Branch

		Legal Representative:	/s/ CUI Xiaorui

 

		Pledgor:	/s/ CHENG Tan

 

July 18, 2013

  

Attachments [Not translated]:

List of Real Estate Pledge No. 15100220130012554-01

List of Real Estate Pledge No. 15100220130012554-02

 

    	6Exhibit 10.1 

 

EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT
AGREEMENT 

 

This Expense Support and Conditional Reimbursement
Agreement (this “Agreement”) is made as of November 11, 2013 by and between HMS Income Fund, Inc. (the “Company”)
and HMS Adviser LP (the “Adviser”).

 

WHEREAS, the Company maintains on file
with the U.S. Securities and Exchange Commission an effective registration statement on Form N-2 (File No. 333-178548) covering
the continuous offering and sale of the Company’s common stock pursuant to the Securities Act of 1933, as amended (the “Registration
Statement”);

 

WHEREAS, the Company and the Adviser have
entered into an Investment Advisory and Administrative Services Agreement dated as of May 31, 2012 (the “Advisory Agreement”);

 

WHEREAS, the Company, the Adviser, Main
Street Capital Corporation (“Main Street”) and Main Street Capital Partners, LLC (“Main Street Partners”
and, together with Main Street, the “Sub-Adviser”) have entered into an Investment Sub-Advisory Agreement dated
as of May 31, 2012 (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Advisory
Agreements”);

 

WHEREAS, the Company, the Adviser and
the Sub-Adviser are parties to that certain Amended and Restated Conditional Fee Waiver Agreement, pursuant to which, for a period
from June 4, 2012 to December 31, 2013, the Advisers can waive all base management fees and incentive fees under the Advisory Agreement
upon the occurrence of any event, which in the Advisers’ sole discretion is deemed necessary, (such agreement, as amended
from time to time, the “Conditional Fee Waiver Agreement”); and

 

WHEREAS, the Company and the Adviser have
determined that it is appropriate and in the best interests of the Company to reduce the Company’s operating expenses until
the Company has achieved economies of scale sufficient to ensure that it bears a reasonable level of expense in relation to its
investment income.

 

NOW, THEREFORE, in consideration of the
premises and the mutual agreements herein contained, and for other good and valuable consideration (the receipt and sufficiency
of which are hereby acknowledged), the parties hereto agree as follows:

 

	 	1.	
        EXPENSE SUPPORT PAYMENTS

        

 

Until December 31, 2013 or a prior date
mutually agreed to by both parties, the Adviser, at its sole discretion and in consultation with the Company, hereby agrees to
pay to the Company, up to 100% of the Company’s Operating Expenses (as defined herein) in order for the Company to achieve
a reasonable level of expenses in relation to its investment income (the “Operating Expense Objective”). Any
payment made by the Adviser pursuant to the preceding sentence shall be referred to herein as an “Expense Support Payment.”
Upon determination by the Adviser of the Expense Support Payment, the Adviser shall promptly notify the Company of such Expense
Support Payment. The Adviser’s obligation to make Expense Support Payments during the Expense Support Payment period shall
automatically become a liability of the Adviser and the right to such Expense Support Payment shall be an asset of the Company
as of the last business day of the applicable calendar quarter. The Expense Support Payment shall be paid by the Adviser to the
Company in any combination of cash or other immediately available funds, and/or offsets against amounts due from the Company to
the Adviser.

 

For purposes of this Agreement, “Operating
Expenses” means 2013 third party operating costs and expenses incurred by the Company as determined under generally accepted
accounting principles for investment management companies.

 

	 	2.	CONDITIONAL REIMBURSEMENT 

 

Subject to the approval of the Company’s
board of directors (the “Board”), the Company hereby agrees to reimburse the Adviser (each, a “Reimbursement
Payment”) in an amount, in the aggregate, equal to the unreimbursed Expense Support Payments, or such lesser amount as
determined appropriate by the Board, following any quarter in which the Board determines that the Company has achieved the Operating
Expense Objective described in Section 1. If payable and approved by the Board, the Reimbursement Payment for any calendar quarter
shall be paid by the Company to the Adviser no later than ninety days after the end of such calendar quarter. The repayment of
all such Expense Support Payments is to be made within a period not to exceed three (3) years from the date each respective Expense
Support Payment is determined. Expense Support Payments which remain unreimbursed three years after payment will be considered
permanently waived and no longer eligible for reimbursement by the Company under the terms of this agreement. Any Reimbursement
Payment shall be deemed to have reimbursed the Adviser in chronological order beginning with the oldest Expense Support Payment
eligible for reimbursement under Section 2.

    	 

    	 

    

 

Exhibit 10.1

 

The parties hereto agree that, to the
extent that the Board determines that reimbursement of Expense Support Payments is appropriate in accordance with this section,
such Reimbursement Payments shall have priority over, and shall be made before, any reimbursements of waived base management fees
and/or incentive fees under the Advisory Agreements, as waived pursuant to the Conditional Fee Waiver Agreement. Notwithstanding
the foregoing, payment of current base management fees and/or incentive fees under the Advisory Agreements, to the extent they
have not been waived by the Adviser and/or the Sub-Adviser, shall have priority over, and shall be made before, any Reimbursement
Payments hereunder.

 

	 	3.	TERM AND TERMINATION OF AGREEMENT. 

 

3.1 TERM OF AGREEMENT. This Agreement
shall become effective immediately upon the date hereof. Once effective, this Agreement shall remain in effect unless otherwise
terminated pursuant to Section 3.2 hereof. If an Expense Support Payment has not been reimbursed within a period not to exceed
three (3) years from the date each respective Expense Support Payment is made, the Company’s obligation to pay such Expense
Support Payment shall automatically terminate, and be of no further effect.

 

3.2 TERMINATION OF AGREEMENT. This Agreement
may be terminated by either the Company or the Adviser upon written notice to the other party, except that once effective, the
Adviser may not terminate its obligations under Section 1. This Agreement shall automatically terminate in the event of (a) the
termination by the Company of the Advisory Agreement or (b) the dissolution or liquidation of the Company. Notwithstanding any
provision to the contrary, if this Agreement terminates automatically pursuant to clause (a) of this Section 3.2, the Company agrees
to make a repayment to the Adviser in an amount equal to all Expense Support Payments paid by the Adviser to the Company within
the last three years prior to the date of such termination pursuant to clause 3.2(a) that have not been previously reimbursed.
Such repayment shall be made to the Adviser not later than sixty (60) days after such termination of this Agreement.

 

	 	4.	MISCELLANEOUS. 

 

4.1 HEADINGS. The captions of this Agreement
are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction
or effect.

 

4.2 INTERPRETATION. This Agreement shall
be governed by and construed in accordance with the laws of the State of Texas (without reference to its conflicts of laws provisions)
and the applicable provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended (the “Advisers Act”).
To the extent that the applicable laws of the State of Texas or any of the provisions herein, conflict with the applicable provisions
of the 1940 Act or the Advisers Act, the latter shall control. Further, nothing herein contained shall be deemed to require the
Company to take any action contrary to the Company’s Articles of Amendment and Restatement or the Company’s Amended
and Restated Bylaws, as each may be amended or restated, or to relieve or deprive the Board of its responsibility for and control
of the conduct of the affairs of the Company.

 

4.3 SEVERABILITY. If any provision of
this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall
not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable.

 

4.4 ENTIRE AGREEMENT. This Agreement embodies
the entire agreement and understanding of the parties hereto, and supersedes all prior agreements or understandings (whether written
or oral), with respect to the subject matter hereof.

 

4.5 RIC QUALIFICATION. Nothing in this
Agreement shall be construed to require any party to perform any act, or to refrain from taking action, where such action or inaction
would result in the Company not being able to obtain or maintain its qualification as a regulated investment company under Subchapter
M of the Internal Revenue Code of 1986, as amended (“RIC Qualification”). To the extent the Company and the
Adviser mutually agree, in consultation with their counsel, consultants and other advisers, that any payment of a Company Expense
by the Adviser pursuant to this Agreement could be construed in such a manner as to create a material risk that the Company could
fail to obtain or maintain its RIC Qualification, then the payment of such Company Operating Expense shall constitute a loan from
the Adviser to the Company and the Company shall be required to repay such loan (with interest accruing at the applicable federal
rate) on demand. The purpose of this Section 4.5 is to ensure that the existence or application of any term of this Agreement does
not result in the Company’s failure to obtain or maintain its RIC Qualification.

    	 

    	 

    

 

Exhibit 10.1

 

 

4.6 AMENDMENTS and COUNTERPARTS. This
Agreement may only be amended by mutual written consent of the parties. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original, and all such counterparts shall, together, constitute only one instrument.

 

[Signature Page Follows]

    	 

    	 

    

 

Exhibit 10.1

[Signature Page to Expense Support and Conditional
Reimbursement Agreement]

 

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

	 	 	 
	HMS INCOME FUND, INC.
	 	 
	By:	/s/ Ryan T. Sims     
	Name: Ryan T. Sims
	Title: Chief Financial Officer and Secretary

 

	 	 	 
	
        HMS ADVISER LP

        By: HMS ADVISER GP, its general partner

	 
	By:	/s/ Ryan T. Sims     	 
	Name: Ryan T. Sims
	Title: Chief Financial Officer and Secretary

 

ACKNOWLEDGEMENT:

 

The undersigned, Main Street Capital Corporation and Main Street
Capital Partners, LLC, execute this agreement solely for the purpose of evidencing their acknowledgment of its execution and their
consent to the payment priority set forth in Section 2 hereof.

 

	MAIN STREET CAPITAL CORPORATION	 
	 	 
	By: /s/ Jason B. Beauvais	 
	Name: Jason B. Beauvais	 
	Title: Senior Vice President	 
	 	 
	 	 
	MAIN STREET CAPITAL PARTNERS, LLC	 
	 	 
	By: /s/ Jason B. Beauvais	 
	Name: Jason B. Beauvais	 
	Title: Senior Vice President

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