Document:

Exhibit 10.6

THIS WARRANT HAS OR AS APPLICABLE, THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED, NOR WILL ANY ASSIGNEE OR ENDORSEE HEREOF BE RECOGNIZED AS AN OWNER OR HOLDER HEREOF BY THE COMPANY FOR ANY PURPOSE, UNLESS AND UNTIL THIS WARRANT IS REGISTERED UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY IS OBTAINED TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

EXERCISABLE ON OR BEFORE
 5:00 P.M., NEW YORK TIME, on 
 January 20, 2014

No. W-3

AMENDED AND RESTATED WARRANT CERTIFICATE

                    This Warrant Certificate amends and restates in its entirety that certain warrant certificate originally issued on December 9, 2005, and certifies that, for value received, Lightyear PBI Holdings, LLC having an address at 375 Park Avenue, New York, New York 10152 (“Holder”), is the registered holder of warrants (the “Warrants”) to purchase, at any time and from time to time beginning at 12:01 A.M., New York time, on June 9, 2007 until 5:00 P.M., New York time, on January 20, 2014, up to 1,893,939 fully-paid and non-assessable shares (subject to adjustment in certain events) of Common Stock, no par value (“Common Stock”), of PRIVATE BUSINESS, INC., a Tennessee corporation (the “Company”), at the exercise price per share of $1.32, subject to adjustment in certain events (the
“Exercise Price”), upon surrender of this Warrant Certificate, together with the attached Form of Election to Purchase duly executed, and payment of the Exercise Price at the principal office of the Company, but subject to the terms and conditions set forth herein and in the Amended and Restated Warrant Agreement dated as of January 23, 2006 between the Company and the Holder (the “Warrant Agreement”).  Notwithstanding the foregoing, upon a Change in Control (as defined in the Warrant Agreement), the Warrant shall become immediately exercisable.  Payment of the Exercise Price shall be made, at the option of the Holder (i) in cash, (ii) by wire transfer payable to the order of the Company, (iii) on a net basis, such that without the exchange of any funds, the Holder receives that number of Warrant Shares that would otherwise be issuable upon a cash exercise of this Warrant less that number of Warrant Shares having a current market price (as defined in
paragraph 3(b) of the Warrant Agreement) equal to the aggregate Exercise Price that would otherwise have been paid by such holder for the number of Warrant Shares with respect to which this Warrant is being exercised or (iv) through a redemption of the Company’s Series C Preferred Stock, no par value, issued the date hereof (the “Series C Shares”) pursuant to the Company’s Series C Designations of Preferences (the “Series C Designations”), such holder receives (a) that number of Warrant Shares determined by dividing (x) the aggregate Series C Liquidation Payment (as defined in the Series C Designations) that would be payable upon a Liquidating Event (as defined in the Series C Designations) for each of the Series C Shares that are so redeemed (which amount shall not exceed the amount that would result in the issuance of that number of Warrant Shares that remain available for exercise pursuant to this Warrant Agreement) by (y) the Exercise Price.

i

                    If the Company shall redeem any of the Series C Shares on or prior to the date that is 18 months from the date hereof, the number of Warrant Shares purchasable upon exercise of the Warrant shall be reduced by a number determined by dividing (i) the product of (x) the aggregate Series C Liquidation Payment that would be payable upon a Liquidating Event for each of the Series C Shares that are so redeemed and (y) 0.5 and (z) 0.5 by (ii) the Exercise Price.

                    This Warrant may be exercised at such times and in such amounts as are provided for in the Warrant Agreement.  Each Warrant not exercised on or prior to January 20, 2014 shall become invalid and all rights hereunder, and all rights in respect thereof under the Warrant Agreement, shall cease as of that time.

                    The Warrants evidenced by this Warrant Certificate are issued pursuant to the Warrant Agreement, which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Company and the holders (the words “holders” or “holder” meaning the registered holders or registered holder) of the Warrants.  A copy of the Warrant Agreement may be obtained by the holder(s) hereof upon written request directed to the Company.

                    The Warrant Agreement provides that upon the occurrence of certain events, the Exercise Price and the type and/or number of the Company’s securities issuable upon exercise of the Warrants may, subject to certain conditions, be adjusted.

                    Upon due presentment for registration of transfer of this Warrant Certificate at the principal office of the Company, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided herein and in the Warrant Agreement, without any charge except for any tax or other governmental charge imposed in connection therewith which is not payable by the Company pursuant to paragraph 9 of the Warrant Agreement.

                    Upon the exercise of less than all of the Warrants evidenced by this Certificate, the Company shall forthwith issue to the holder hereof a new Warrant Certificate representing such numbered of unexercised Warrants.

                    The Company may deem and treat the registered holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof and of any distribution to the holder(s) hereof and for all other purposes, and the Company shall not be affected by any notice to the contrary.

                    All terms used in this Warrant Certificate which are not defined herein and are defined in the Warrant Agreement shall have the meanings assigned to them in the Warrant Agreement.

ii

                    IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed under its corporate seal.

	
  
Dated:  January 23, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
PRIVATE   BUSINESS, INC.
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/   G. Lynn Boggs
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
G.   Lynn Boggs
  
	
  
 
  	
  
Title:
  	
  
Chief   Executive Officer
  

[WARRANT W-3 SIGNATURE PAGE]

(To be executed by the registered holder if such holder
 desires to transfer the Warrant Certificate.)

                    FOR VALUE RECEIVED, ________________________ hereby sells, assigns and transfers unto ________________________________, whose address is __________________________, this Warrant Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint ___________________________, Attorney to transfer the within Warrant Certificate on the books of the within-named Company, with full power of substitution.

	
  
Dated:
  	
  
Signature:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
(Signature   must conform in all respects to name of holder as specified on the face of   the Warrant Certificate.)
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
 
  	
  
(Insert   Social Security or Other Identifying Number of Holder)
  

                    The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to purchase ________________ shares of Common Stock and herewith: (choose one by marking “X” in the space provided)

                    
o  tenders payment for such shares, to the order of PRIVATE BUSINESS, INC., in the amount of $________ in accordance with the terms of the Warrant Agreement.

                    
o  requests that such exercise be on a net basis in accordance with the terms of the Warrant Agreement.

                    
o  requests that such exercise be through a redemption of Series C Shares in accordance with the terms of the Warrant Agreement.

                    The undersigned requests that a certificate for such shares of Common Stock be registered in the name of _________________________________________, whose address is _____________________________________________ and that such certificate be delivered to _______________________________________ whose address is __________________________________________________.

	
  
Dated:
  	
  
Signature:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
(Signature   must conform in all respects to name of holder as specified on the face of   the Warrant Certificate.)
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
(Insert   Social Security or Other Identifying Number of Holder)Exhbit 10.1

	
  
 
  	
  
For Bank Use
Only                    Reviewed
by ______________
 
	
  
 
  	
  

  	
  

  
	
  
 
  	
  
Due     NOVEMBER 30, 2006
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Customer#        0013601024
  	
  
Loan#        18/26
  

AMENDMENT TO LOAN AGREEMENT AND NOTE

This amendment (the “Amendment”), dated as of the date specified below, is by and between the borrower (the “Borrower”) and the bank (the “Bank”)identified below.

RECITALS

          A.          The Borrower and the Bank have executed a Loan Agreement (the “Agreement”) dated DECEMBER 2, 2004 and the Borrower has executed a Note (the “Note”), dated DECEMBER 2, 2004, either or both which may have been amended and replaced from time to time, and the Borrower (and if applicable, certain third parties) have executed the collateral documents which may or may not be identified in the Agreement and certain other related documents (collectively the “Loan Documents”), setting forth the terms and conditions upon which the Borrower may obtain loans from the Bank from time to time in the original amount of $ 750,000.00, as may be amended from time to time.

          B.          The Borrower has requested that the Bank permit certain modifications to the Agreement and Note as described below.

          C.          The Bank has agreed to such modifications, but only upon the terms and conditions outlined in this Amendment.

TERMS OF AGREEMENT

          In consideration of the mutual covenants contained herein, and for other good and valuable consideration, the Borrower and the Bank agree as follows:

          
x          Change in Maturity Date. If checked here, any references in the Agreement or Note to the maturity date or date of final payment are hereby deleted and replaced with “NOVEMBER 30, 2006”.

          
x          Change in Maximum Loan Amount. If checked here, all references in the Agreement and in the Note (whether or not numerically) to the maximum loan amount are hereby deleted and replaced with “$ 1,000,000.00”, which evidences an additional $ 500, 000.00 available to be advanced subject to the terms and conditions of the Agreement and Note.

          
o          Temporary Increase in Maximum Loan Amount. If checked here, notwithstanding the maximum principal amount that may be borrowed from time to time under the Agreement and Note, the maximum principal amount that may be borrowed thereunder shall increase from $                     to $                               effective through                                annually. On through annually, the maximum principal amount that may be borrowed
thereunder shall revert to $                     and any loans outstanding in excess of
that amount will be immediately due and payable without further demand by the Bank.

          
o          Change in Multiple Advance Termination Date. If checked here, all references in the Agreement and in the Note to the termination date for multiple advances are hereby deleted and replaced with “                              ”.

          Change in Financial Covenant(s).

	
  
 
  	
  
(i)          
o If checked here, all references to “$                                        ”   in the Agreement as the minimum Net Working Capital amount are hereby deleted   and replaced with “$                                        ”   for the period beginning                                            and

thereafter.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
(ii)         
o If checked here, all references to “$                                        ”   in the Agreement as the minimum Tangible Net Worth amount are hereby deleted   and replaced with “$                                        ”   for the period beginning                                           and
thereafter.
  
	
   
  	
  
 
  
	
  
 
  	
  
(iii)        
oIf checked here, all references to “                                       ”   in the Agreement as the maximum Debt to Worth Ratio are hereby deleted and   replaced with “                                       ”   for the period beginning                                          and thereafter.

	
  
 
  	
  
 
  
	
  
 
  	
  
(iv)        
o If checked here, all references to “                                       ”   in the Agreement as the minimum Current Ratio are hereby deleted and replaced   with “                                       ”   for the period beginning                                            and thereafter.

	
   
  	
  
 
  
	
  
 
  	
  
(v)         
o If checked here, all references to “$                                        ”   in the Agreement as the maximum Capital Expenditures amount are hereby   deleted and replaced with “$                                        ”   for the period beginning                                         
and thereafter.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
(vi)        
o If checked here, all references to “$                                        ”   in the Agreement as the minimum Cash Flow Coverage Ratio are hereby deleted   and replaced with “                                        ”   for the period beginning                                            and
thereafter.
  
	
   
  	
  
 
  
	
  
 
  	
  
(vii)       
o If checked here, all references to “$                                        ”   in the Agreement as the maximum Officers, Directors, Partners, and Management   Salaries and Other Compensation amount are hereby deleted and replaced with   “$                                        ”   for the period beginning 
                                           and thereafter.
  

          
o          Change in Payment Schedule. If checked here, effective upon the date of this Amendment, any payment terms are amended as follows:

          
o          Change in Late Payment Fee. If checked here, subject to applicable law, if any payment is not made on or before its due date, the Bank may collect a delinquency charge of            % of the unpaid amount. Collection of the late payment fee shall not be deemed to be a waiver of the Bank’s right to declare a default hereunder.

          
o           Change in Closing Fee. If checked here and subject to applicable law, the Borrower will pay the Bank a closing fee of $                                         (apart from any prior closing fee) contemporaneously with the execution of this Amendment. This fee is in addition to all other fees, expenses and other amounts due hereunder.

          
o          Change in Borrowing Base. If checked here, the Borrowing Base is hereby changed to an amount equal to the sum of (i) xxxxxxxxxxxx % of the face amount of Eligible Accounts, and (ii) the lesser of $ xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx or xxxxxxxxxxxxxxx  % of the Borrower’s cost of Eligible Inventory, as such cost may be diminished as a result of any event causing loss or depreciation in value of Eligible Inventory less (iii) the current outstanding loan balance on note(s) in the original amount(s) of $ xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx, and less (iv) undrawn amounts of outstanding letters of credit issued by Bank or any affiliate thereof. The Borrower will provide the Bank with information regarding the Borrowing Base in such form and at such times as the Bank may request. The terms used in this

section will have the meanings set forth in a supplement entitled “Financial Definitions,” a copy of which the Borrower acknowledges having received with this Amendment, which is incorporated herein by reference and which replaces any prior Financial Definitions supplement.

          
o          Change in Paid-In-Full Period. If checked here, all revolving loans under the Agreement and the Note must be paid in full for a period of at least            consecutive days during each fiscal year. Any previous Paid-in-Full provision is hereby replaced with this provision.

          Default Interest Rate. Notwithstanding any provision of this Note to the contrary, upon any default or at any time during the continuation thereof (including failure to pay upon maturity), the Bank may, at its option and subject to applicable law, increase the interest rate on this Note to a rate of 5% per annum plus the interest rate otherwise payable hereunder. Notwithstanding the foregoing and subject to applicable law, upon the occurrence of a default by the Borrower or any guarantor involving bankruptcy, insolvency, receivership proceedings or an assignment for the benefit of creditors, the interest rate on this Note shall automatically increase to a rate of 5% per annum plus the rate otherwise payable hereunder.

          Effectiveness of Prior Documents. Except as specifically amended hereby, the Agreement, the Note and the other Loan Documents shall remain in full force and effect in accordance with their respective terms. All warranties and representations contained in the Agreement and the other Loan Documents are hereby reconfirmed as of the date hereof. All collateral previously provided to secure the Agreement and/or Note continues as security, and all guaranties guaranteeing obligations under the Loan Documents remain in full force and effect. This is an amendment, not a novation.

          Preconditions to Effectiveness. This Amendment shall only become effective upon execution by the Borrower and the Bank, and approval by any other third parry required by the Bank.

          No Waiver of Defaults; Warranties. This Amendment shall not be construed as or be deemed to be a waiver by the Bank of existing defaults by the Borrower, whether known or undiscovered. All agreements, representations and warranties made herein shall survive the execution of this Amendment.

          Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be considered an original, but when taken together shall constitute one document.

          Authorization. The Borrower represents and warrants that the execution, delivery and performance of this Amendment and the documents referenced herein are within the authority of the Borrower and have been duly authorized by all necessary action.

          Transferable Record. The agreement and note, as amended, is a “transferable record” as defined in applicable law relating to electronic transactions. Therefore, the holder of the agreement and note, as amended, may, on behalf of Borrower, create a microfilm or optical disk or other electronic image of the agreement and note, as amended, that is an authoritative copy as defined in such law. The holder of the agreement and note, as amended, may store the authoritative copy of such agreement and note, as amended, in its electronic form and then destroy the paper original as part of the holder’s normal business practices. The holder, on its own behalf, may control and transfer such authoritative copy as permitted by such law.

          Attachments. All documents attached hereto, including any appendices, schedules, riders, and exhibits to this Amendment, are hereby expressly incorporated herein by reference.

[SIGNATURE(S) ON NEXT PAGE]

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Dated   as of: JANUARY 24, 2006
  	
  
 
  	
  
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(Individual   Borrower)
  	
  
ITEX   Corporation
  
	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Borrower   Name (Organization)
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
a   Nevada Corporation
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
Borrower   Name                         NA
  	
  
By:
  	
  
/s/   Steven White
  
	
   
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Name   and Title:
  	
  
Steven   M. White
  
	
  
 
  	
  
 
  	
  
 
  	
  
Chairman   of the Board
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Borrower   Name                         NA
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name   and Title:
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  
	
  
Agreed   to:
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
U.S.   BANK N.A.
  	
  
 
  	
  
 
  
	
  

  	
  
 
  	
  
 
  
	
  
(Bank)
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
By:
  	
  
/s/   Timothy Flynn
  	
  
 
  	
  
 
  
	
  
 
  	
  

  	
  
 
  	
  
 
  
	
  
Name   and Title:
  	
  
Timothy   J. Flynn
  	
  
 
  	
  
 
  
	
  
 
  	
  
Vice   President
  	
  
 
  	
  
 
  

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