SEC Contract Filing

Filing Date: 2020-03-17

Document Content:
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<TYPE>EX-10.16
<SEQUENCE>5
<FILENAME>ex10-16.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.16</B></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDMENT
NO. 3</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TO</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDED
AND RESTATED CREDIT AND SECURITY AGREEMENT</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
AMENDMENT NO. 3 (this &ldquo;<U>Amendment</U>&rdquo;) is entered into as of February 26, 2020, by and among MANHATTAN BRIDGE CAPITAL,
INC., a New York corporation (&ldquo;<U>Borrower</U>&rdquo;; and collectively with any Person who is or hereafter becomes a party
to the Credit Agreement (as defined below) as a borrower or a guarantor, each a &ldquo;<U>Loan Party</U>&rdquo; and collectively,
the &ldquo;<U>Loan Parties</U>&rdquo;), the financial institutions who are or hereafter become parties to the Credit Agreement
(as defined below) as lenders (collectively, the &ldquo;<U>Lenders</U>&rdquo; and each individually a &ldquo;<U>Lender</U>&rdquo;)
and WEBSTER BUSINESS CREDIT CORPORATION (&ldquo;<U>WBCC</U>&rdquo;), individually, as a Lender hereunder and as agent for itself
and each other Lender (WBCC, acting in such agency capacity, the &ldquo;<U>Agent</U>&rdquo;).</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
Parties, Lenders and Agent are parties to an Amended and Restated Credit and Security Agreement dated as of August 8, 2017 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;)
pursuant to which Agent and Lenders provide Loan Parties with certain financial accommodations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
Parties have requested that Agent and Lenders make certain amendments to the Credit Agreement, and Agent and Lenders are willing
to do so on the terms and conditions hereafter set forth.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
Agent has arranged for MIZRAHI TEFAHOT BANK LTD. (&ldquo;<U>New Lender</U>&rdquo;) to assume, and New Lender has agreed to assume,
a portion of the increased Revolving Commitment of Lenders on the terms and conditions hereafter set forth. Accordingly, this
Amendment will further serve as a joinder of New Lender to the Credit Agreement as a Lender thereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of any loan or advance or grant of credit heretofore or hereafter made to or for the account of Borrower
by Lenders, and for other good and valuable consideration, the receipt and