Document:

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                                                                    EXHIBIT 4.11

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                          SECURITIES PURCHASE AGREEMENT

                                  by and among

                      TRANSWESTERN PUBLISHING COMPANY LLC,

                              TWP CAPITAL CORP. II,

                           TRANSWESTERN HOLDINGS L.P.,

                   TRANSWESTERN COMMUNICATIONS COMPANY, INC.,

                      TARGET DIRECTORIES OF MICHIGAN, INC.

                                       and

                       THE INITIAL PURCHASERS NAMED HEREIN

                            CIBC WORLD MARKETS CORP.,

                          FIRST UNION SECURITIES, INC.

                            Dated as of May 23, 2001

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                                TABLE OF CONTENTS

                                    ARTICLE I

                                   DEFINITIONS

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<S>                                                                                      <C>
    SECTION 1.1.        Definitions.......................................................1
    SECTION 1.2.        Accounting Terms; Financial Statements............................6

                                   ARTICLE II

                        ISSUE OF NOTES; PURCHASE AND SALE
                      OF NOTES; RIGHTS OF HOLDERS OF NOTES;
                         OFFERING BY INITIAL PURCHASERS

    SECTION 2.1.        Issue of Notes....................................................6
    SECTION 2.2.        Purchase, Sale and Delivery of Notes..............................7
    SECTION 2.3.        Registration Rights of Holders of Notes...........................8
    SECTION 2.4.        Offering by the Initial Purchasers................................8

                                   ARTICLE III

                 REPRESENTATIONS AND WARRANTIES; RESALE OF NOTES

    SECTION 3.1         Representations and Warranties of the Issuers.....................8
    SECTION 3.2.        Resale of Notes..................................................25

                                   ARTICLE IV

                         CONDITIONS PRECEDENT TO CLOSING

    SECTION 4.1.        Conditions Precedent to Obligations of the Initial Purchasers....25
    SECTION 4.2.        Conditions Precedent to Obligations of the Issuers...............27

                                    ARTICLE V

                                    COVENANTS

    SECTION 5.1.        Covenants of the Issuers.........................................28
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                                   ARTICLE VI

                                      FEES

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    SECTION 6.1.        Costs, Expenses and Taxes........................................31

                                   ARTICLE VII

                                    INDEMNITY

    SECTION 7.1.        Indemnity........................................................32
    SECTION 7.2         Contribution.....................................................36
    SECTION 7.3.        Registration Rights Agreement....................................37

                                  ARTICLE VIII

                                  MISCELLANEOUS

    SECTION 8.1.        Survival of Provisions...........................................37
    SECTION 8.3.        No Waiver; Modifications in Writing..............................38
    SECTION 8.4.        Information Supplied by the Initial Purchasers...................38
    SECTION 8.5.        Communications...................................................38
    SECTION 8.6.        Execution in Counterparts........................................39
    SECTION 8.7.        Successors.......................................................39
    SECTION 8.8.        Governing Law....................................................40
    SECTION 8.9.        Severability of Provisions.......................................40
    SECTION 8.10.       Headings.........................................................40
</TABLE>

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                SECURITIES PURCHASE AGREEMENT, dated as of May 23, 2001 (the
"Agreement"), among TRANSWESTERN PUBLISHING COMPANY LLC, a Delaware limited
liability company (the "Company"), TWP CAPITAL CORP. II, a Delaware corporation
("Capital" and together with the Company, the "Issuers"), TRANSWESTERN HOLDINGS
L.P., a Delaware limited partnership ("Holdings"), TRANSWESTERN COMMUNICATIONS
COMPANY, INC., a Delaware corporation and the manager of the Company and the
general partner of Holdings ("Communications"), TARGET DIRECTORIES OF MICHIGAN,
INC., a Michigan corporation and a wholly-owned subsidiary of the Company (the
"Guarantor") and CIBC WORLD MARKETS CORP. ("CIBC") and FIRST UNION SECURITIES,
INC. ("First Union") (the "Initial Purchasers").

                In consideration of the mutual covenants and agreements set
forth herein and for good and valuable consideration, the receipt of which is
hereby acknowledged, the parties agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

                SECTION 1.1. Definitions. As used in this Agreement, and unless
the context requires a different meaning the following terms have the meanings
indicated:

                "Act" means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission thereunder.

                "Affiliate" of any specified Person means any other Person which
directly or indirectly through one or more intermediaries controls, or is
controlled by, or is under common control such specified Person. For purposes of
this definition, "control" (including with correlative meanings, the terms
"controlling", "controlled by" and "under common control with"), as used with
respect to any Person, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by agreement or
otherwise.

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                                      -2-

                "Agreement" means this Agreement, as the same may be amended,
supplemented or modified in accordance with the terms hereof and in effect.

                "Basic Documents" means, collectively, the Indenture, the Notes,
the Guarantee, the Registration Rights Agreement and this Agreement.

                "Capital Stock" means, with respect to any Person, any and all
shares or other equivalents (however designated) of capital stock, partnership
interests or any other participation, right or other interest in the nature of
an equity interest in such Person or any option, warrant or other security
convertible into or exercisable for any of the foregoing.

                "Closing" has the meaning provided therefor in Section 2.2 of
this Agreement.

                "Code" means the Internal Revenue Code of 1986, as amended.

                "Commission" means the Securities and Exchange Commission or any
similar agency then having jurisdiction to enforce the Act.

                "Commonly Controlled Entity" has the meaning provided therefor
in Section 3.1(z) of this Agreement.

                "Default" means any event, act or condition which, with notice
or lapse of time or both, would constitute an Event of Default.

                "Employee Benefit Plan" has the meaning provided therefor in
Section 3.1(z) of this Agreement.

                "ERISA" means the Employee Retirement Income Security Act of
1974, as amended from time to time, together with all rules and regulations
promulgated pursuant thereto, as amended from time to time.

                "Event of Default" means any event defined as an Event of
Default in the Indenture.

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                                      -3-

                "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission thereunder.

                "Exchange Act Reports" has the meaning provided therefor in
Section 2.1 of this Agreement.

                "Exchange Notes" shall have the meaning provided therefor in the
Registration Rights Agreement.

                "Facilities" means any and all real property (including without
limitation, all buildings, fixtures or other improvements located thereon) now,
hereafter or heretofore owned, leased, operated or used by the Issuers, Holdings
and Communications or any of their respective predecessors in interest.

                "Guarantee" has the meaning provided therefor in Section 2.1 of
this Agreement.

                "Guarantor" has the meaning set forth in the introductory
paragraph to this Agreement.

                "Indemnified Party" has the meaning provided therefor in Section
7.1(c) of this Agreement.

                "Indemnifying Party" has the meaning provided therefor in
Section 7.1(c) of this Agreement.

                "Indenture" means the indenture dated as of May 23, 2001 among
the Issuers, the Guarantor and Wilmington Trust Company, as Trustee, under which
the Notes will be issued.

                "Initial Purchasers" has the meaning set forth in the
introductory paragraph to this Agreement.

                "Intellectual Property Rights" has the meaning provided therefor
in Section 3.1(r) of this Agreement.

                "Lien" means, with respect to any property or assets of any
Person, any mortgage or deed of trust, pledge, hypothecation, assignment,
deposit arrangement (other than advance payments or customer deposits for goods
and services

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                                      -4-

sold by Holdings or the Company in the ordinary course of business), security
interest, lien, charge, easement, encumbrance, preference, priority or other
security agreement or preferential arrangement of any kind or nature whatsoever
on or with respect to such property or assets (including without limitation, any
Capitalized Lease Obligations (as defined in the Indenture)), conditional sales,
or other title retention agreement having substantially the same economic effect
as any of the foregoing.

                "Material Adverse Effect" means (i) a material adverse effect on
the business, assets, condition (financial or otherwise), results of operations
or properties of the Issuers and Communications, taken as a whole, or (ii) a
material adverse effect on the legality, validity, binding effect or
enforceability of this Agreement or the Basic Documents.

                "Memorandum" has the meaning provided therefor in Section 2.1 of
this Agreement.

                "Notes" means the 9 5/8% Senior Subordinated Notes due 2007,
Series E of the Issuers.

                "Offering" means the offering of the Notes pursuant to the
Memorandum.

                "Offering Materials" has the meaning provided therefor in
Section 7.1 of this Agreement.

                "Offering Memorandum" has the meaning provided therefor in
Section 2.1 of this Agreement.

                "Partnership Interest" means any general or limited partnership
interest and any interest as a member of a limited liability company or a
limited liability partnership.

                "Person" means any individual, corporation, partnership, limited
liability company, joint venture, joint-stock company, trust, unincorporated
organization or association or government (including any agency or political
subdivision thereof).

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                                      -5-

                "PORTAL" means the Private Offering Resales, and Trading through
Automated Linkages Market.

                "Private Exchange Notes" has the meaning provided therefor in
the Registration Rights Agreement.

                "Proceeding" has the meaning provided therefor in Section 7.1(c)
of this Agreement.

                "QIB" has the meaning provided therefor in Section 3.2 of this
Agreement.

                "Registration Rights Agreement" means the registration rights
agreement among the Issuers, the Guarantor and the Initial Purchasers relating
to the Notes.

                "Regulation S" means Regulation S under the Act.

                "State" means each of the states of the United States, the
District of Columbia and the Commonwealth of Puerto Rico.

                "State Commission" means any agency of any State having
jurisdiction to enforce such States securities laws.

                "tax" has the meaning provided therefor in Section 3.1(x) of
this Agreement.

                "Taxpayers" has the meaning provided therefor in Section 3.1(x)
of this Agreement.

                "Third Amended Partnership Agreement" has the meaning provided
therefor in Section 3.1(c) of this Agreement.

                "Time of Purchase" has the meaning provided therefor in Section
2.2 of this Agreement.

                "TransWestern Delivered Documents" has the meaning provided
therefor in Section 3.1(e) of this Agreement.

                "Trust Indenture Act" means the Trust indenture Act of 1939, as
amended, and the rules and regulations of the Commission thereunder.

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                SECTION 1.2. Accounting Terms; Financial Statements. All
accounting terms used herein not expressly defined in this Agreement shall have
the respective meanings given to them in accordance with sound accounting
practice. The term "sound accounting practice" shall mean such accounting
practice as, in the opinion of the independent accountants regularly retained by
the Company, conforms at the time to generally accepted accounting principles in
the United States applied on a consistent basis except for changes with which
such accountants concur. All determinations to which accounting principles apply
shall be made in accordance with sound accounting practice.

                                   ARTICLE II

                        ISSUE OF NOTES; PURCHASE AND SALE
                      OF NOTES; RIGHTS OF HOLDERS OF NOTES;
                         OFFERING BY INITIAL PURCHASERS

                SECTION 2.1. Issue of Notes. The Company and Capital have
authorized the issuance of $75,000,000 aggregate principal amount of the Notes
which are to be issued pursuant to the Indenture. Each Note will be
substantially in the form of the Note set forth as Exhibit A to the Indenture.

                The obligations of the Company under the Indenture and the Notes
will be unconditionally guaranteed (the "Guarantee"), on a senior subordinated
basis, by the Guarantor. The Guarantee will be substantially in the form of the
Guarantee as set forth in the Indenture.

                The Notes will be offered and sold to the Initial Purchasers
without being registered under the Act, in reliance on exemptions therefrom.

                In connection with the sale of the Notes, the Issuers have
prepared an offering memorandum dated May 16, 2001 (the "Offering Memorandum"),
which incorporates by reference thereinto the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2000, Quarterly Report on Form 10-Q
filed on May 10, 2001 for the fiscal

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                                      -7-

period ended March 31, 2001 and Current Report on Form 8-K dated April 16, 2001
(collectively, the "Exchange Act Reports," and together with the Offering
Memorandum, the "Memorandum"), setting forth or including a description of the
terms of the Notes, the terms of the Offering a description of the Issuers and
any material developments relating to the Issuers occurring after the date of
the most recent financial statements incorporated by reference thereinto.

                SECTION 2.2. Purchase, Sale and Delivery of Notes. On the basis
of the representations, warranties, agreements and covenants herein contained
and subject to the terms and conditions herein set forth, the Issuers agree that
they will sell to each Initial Purchaser, and each Initial Purchaser agrees,
acting severally and not jointly, that it will purchase from the Issuers at the
Time of Purchase, the principal amount of the Notes set forth opposite the name
of such Initial Purchaser on Schedule I hereto at a price equal to 96.405% of
the principal amount thereof.

                The purchase, sale and delivery of the Notes will take place at
a closing (the "Closing") at the offices of Cahill Gordon & Reindel, 80 Pine
Street, New York, New York 10005, at 9:00 A.M., New York time, on May 23, 2001,
or such later date and time, if any, as the Initial Purchasers and the Company
shall agree. The time at which such Closing is concluded is herein called the
"Time of Purchase."

                One or more certificates in definitive form for the Notes that
the Initial Purchasers have agreed to purchase hereunder, and in such
denomination or denominations and registered in such name or names as the
Initial Purchasers request upon notice to the Company at least 24 hours prior to
the Closing shall be delivered by or on behalf of the Issuers to the Initial
Purchasers, against payment by or on behalf of the Initial Purchasers of the
purchase price therefor by wire transfer of immediately available funds wired in
accordance with the written instructions of the Company. The Issuers will make
such certificate or certificates for the Notes available for checking and
packaging by the Initial Purchasers at the offices of CIBC or First Union, or
such other place as CIBC and First Union may designate, at least 24 hours prior
to the Closing.

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                                      -8-

                SECTION 2.3. Registration Rights of Holders of Notes. The
Initial Purchasers and their direct and indirect transferees of the Notes will
have such rights with respect to the registration thereof under the Act and
qualification of the Indenture under the Trust Indenture Act as are set forth in
the Registration Rights Agreement.

                SECTION 2.4 Offering by the Initial Purchasers. The Initial
Purchasers propose to make an offering of the Notes at the price and upon the
terms set forth in the Memorandum, as soon as practicable after this Agreement
is entered into and as in the judgment of the Initial Purchasers is advisable.

                                   ARTICLE III

                 REPRESENTATIONS AND WARRANTIES; RESALE OF NOTES

                SECTION 3.1 Representations and Warranties of the Issuers. The
Company, Capital, Communications and the Guarantor jointly and severally
represent and warrant to and agree with each of the Initial Purchasers as
follows:

                (a) Memorandum. The Memorandum, as of its date does not, and at
        the Time of Purchase will not, contain any untrue statement of a
        material fact or omit to state a material fact necessary to make the
        statements therein, in the light of the circumstances under which they
        were made, not misleading except that the representations and warranties
        set forth in this Section 3.1(a) do not apply to statements or omissions
        made in reliance upon and in conformity with information relating to the
        Initial Purchasers furnished to the Company in writing by the Initial
        Purchasers expressly for use in the Memorandum or any amendment or
        supplement thereto as set forth in Section 8.3 hereof. The statistical
        and market-related data included or incorporated by reference in the
        Memorandum are based on or derived from sources which the Issuers and
        Holdings believe to be reliable and accurate or represents the Issuers'
        and Holdings good faith estimates that are made on the basis of data
        derived from such sources. The

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        Notes, the Indenture and the Registration Rights Agreement conform in
        all material respects to the description thereof in the Memorandum.

                (b) Financial Statements. The audited financial statements of
        the Company set forth in the Memorandum are in accordance with the books
        and records of the Company, fairly present in all material respects the
        financial position, results of operations, member deficit and cash flows
        of the Company at the dates and for the periods to which they relate and
        have been prepared in accordance with generally accepted accounting
        principles consistently applied (except as otherwise stated therein);
        the unaudited financial statements of the Company set forth in the
        Memorandum were prepared in a manner consistent with the Company's
        historical practices and in the reasonable judgment of management fairly
        present in all material respects the financial position and results of
        operations of the Company at the date and for the period to which they
        relate, subject only to year end adjustments, the absence of footnote
        disclosures and adjustment required by generally accepted accounting
        principles and the adjusted and pro forma financial information included
        in the Memorandum have been prepared in accordance with the applicable
        requirements of the Act, in each case, except as indicated in the
        Memorandum. Ernst & Young LLP, which has reported upon the audited
        financial statements included in the Memorandum, is an independent
        public accounting firm as required by the Act and the rules and
        regulations thereunder.

                (c) Organization. The Company is a limited liability company
        duly organized, validly existing and in good standing under the laws of
        the State of Delaware and has the power and authority to carry on its
        business as now being conducted and to own and operate the properties
        and assets now owned and being operated by it. The Company has delivered
        to the Initial Purchasers complete and correct copies of its Certificate
        of Formation and Limited Liability Company Agreement (the "LLC
        Agreement") as in effect on the date hereof.

<PAGE>
                                      -10-

                Holdings is a limited partnership duly organized, validly
        existing and in good standing under the laws of the State of Delaware
        and has the power and authority to carry on its business as now being
        conducted and to own and operate the properties and assets now owned and
        being operated by it. Holdings is duly qualified or licensed to do
        business and is in good standing in each jurisdiction in which such
        qualification is necessary under the applicable law as a result of the
        conduct of its business or the ownership of its properties except where
        the failure to be so qualified, licensed or in good standing does not
        have a Material Adverse Effect.

                The Guarantor is a corporation duly organized, validly existing
        and in good standing under the laws of the State of Michigan and has the
        corporate power and authority to carry on its business as now being
        conducted and to own and operate the properties and assets now owned and
        being operated by it. The Guarantor has delivered to the Initial
        Purchasers complete and correct copies of its Certificate of
        Incorporation and By-Laws as in effect on the date hereof. The Guarantor
        is duly qualified or licensed to do business and is in good standing in
        each jurisdiction in which such qualification is necessary under the
        applicable law except where the failure to be so qualified, licensed or
        in good standing does not have a Material Adverse Effect.

                (d) Capitalization; Equity Ownership. As of the Time of Purchase
        (after giving effect to the Offering), the Company will have the
        capitalization as set forth in the Memorandum, except as otherwise noted
        therein and the authorized capital stock of Capital will consist of
        1,000 shares of its common stock (all of which will be issued and
        outstanding and owned and held by the Company), except as described in
        the Memorandum, all of the issued and outstanding securities of the
        Company, Holdings and Communications have been duly authorized and
        validly issued and are fully paid and non-assessable and none of them
        have been issued in violation of any preemptive or other right; all of
        the outstanding shares of the Guarantor are owned by the Company; and,
        except as contemplated in the Memorandum,

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                                      -11-

        this Agreement or the other agreements, instruments or documents
        delivered in connection with the transactions contemplated hereby,
        neither the Company, Holdings, Capital, Communications nor the Guarantor
        is a party to or bound by any contract, agreement or arrangement to
        issue, sell or otherwise dispose of or redeem, purchase or otherwise
        acquire any Capital Stock, Partnership Interest or any other security of
        the Company, Holdings, Capital, Communications or the Guarantor or any
        other security exercisable or exchangeable for or convertible into any
        Capital Stock, Partnership Interest or any other security of the
        Company, Holdings, Capital, Communications or the Guarantor.

                (e) Authority. The Company, Holdings, Capital, Communications
        and the Guarantor have the power to enter into the Basic Documents (to
        the extent a party thereto) and all other agreements, instruments and
        documents executed and delivered by the Company, Holdings, Capital,
        Communications or the Guarantor pursuant thereto (collectively, the
        "TransWestern Delivered Documents") and to carry out their respective
        obligations thereunder, including without limitation issuing the Notes
        in the manner and for the purpose contemplated by this Agreement. The
        execution, delivery and performance of the TransWestern Delivered
        Documents and the consummation of the transactions contemplated thereby
        have been duly authorized by the Company, Holdings, Capital,
        Communications and the Guarantor (to the extent a party thereto), and no
        other proceeding or approval on the part of the Company, Holdings,
        Capital, Communications and the Guarantor is necessary to authorize the
        execution and delivery of the TransWestern Delivered Documents or the
        performance of any of the transactions contemplated thereby.

                (f) Purchase Agreement. This Agreement has been duly authorized,
        executed and delivered by the Issuers, Holdings, Communications and the
        Guarantor and (assuming the due authorization, execution and delivery
        thereof by the Initial Purchasers), is a valid and legally binding
        agreement of the Issuers, Holdings, Communications and the Guarantor,
        enforceable against each

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                                      -12-

        of them in accordance with its terms except (i) that the enforcement
        hereof may be subject to bankruptcy, insolvency, reorganization,
        fraudulent conveyance, moratorium or other similar laws now or hereafter
        in effect relating to creditors, rights generally, and to general
        principles of equity and the discretion of the court before which any
        proceeding therefor may be brought and (ii) as any rights to indemnity
        or contribution hereunder may be limited by federal and state securities
        laws and public policy considerations.

                (g) Indenture. The Indenture has been duly authorized by the
        Issuers and the Guarantor and, when executed and delivered by the
        Issuers and the Guarantor (assuming the due authorization, execution and
        delivery thereof by the Trustee), will constitute a valid and legally
        binding agreement of the Issuers and the Guarantor, enforceable against
        each of them in accordance with its terms except that the enforcement
        thereof may be subject to (i) bankruptcy, insolvency, reorganization,
        fraudulent conveyance, moratorium or other similar laws now or hereafter
        in effect relating to creditors' rights generally and (ii) general
        principles of equity and the discretion of the court before which any
        proceeding therefor may be brought.

                (h) Registration Rights Agreement. The Registration Rights
        Agreement has been duly authorized by the Issuers and the Guarantor and,
        when executed and delivered by the Issuers and the Guarantor (assuming
        the due authorization, execution and delivery thereof by the Initial
        Purchasers), will constitute a valid and legally binding agreement of
        the Issuers and the Guarantor, enforceable against each of them in
        accordance with its terms except (i) that the enforcement thereof may be
        subject to bankruptcy, insolvency, reorganization, fraudulent
        conveyance, moratorium or other similar laws now or hereafter in effect
        relating to creditors' rights generally, and to general principles of
        equity and the discretion of the court before which any proceeding
        therefor may be

<PAGE>
                                      -13-

        brought and (ii) as any rights to indemnity or contribution thereunder
        may be limited by federal and state securities laws and public policy
        considerations.

                (i) Notes. The Notes, the Exchange Notes and the Private
        Exchange Notes have each been duly authorized by the Issuers and, when
        executed by the Issuers and authenticated by the Trustee in accordance
        with the provisions of the Indenture and, in the case of the Notes,
        delivered to and paid for by the Initial Purchasers in accordance with
        the terms of this Agreement, will be entitled to the benefits of the
        Indenture and will constitute valid and legally binding obligations of
        the Issuers enforceable in accordance with their terms, except that the
        enforcement thereof may be subject to (i) bankruptcy, insolvency,
        reorganization, fraudulent conveyance, moratorium or other similar laws
        now or hereafter in effect relating to creditors' rights generally, and
        (ii) general principles of equity and the discretion of the court before
        which any proceeding therefor may be brought.

                (j) Guarantee. The Guarantee has been duly authorized by the
        Guarantor and, when executed by the Guarantor in accordance with the
        provisions of the Indenture and, when the Notes are executed by the
        Company and authenticated by the Trustee in accordance with the
        provisions of the Indenture and delivered to and paid for by the Initial
        Purchaser in accordance with the terms of this Agreement, will
        constitute a valid and legally binding obligation of the Guarantor
        enforceable against the Guarantor in accordance with its terms except
        that the enforcement thereof may be subject to (i) bankruptcy,
        insolvency, reorganization, fraudulent conveyance, moratorium or other
        similar laws now or hereafter in effect relating to creditors' rights
        generally and (ii) general principles of equity and the discretion of
        the court before which any proceeding therefor may be brought.

                (k) Other Documents. Each other TransWestern Delivered Document
        executed and delivered by the Issuers, Holdings, Communications or the
        Guarantor (to the extent a party thereto) has been duly and validly

<PAGE>
                                      -14-

        authorized, executed and delivered by the Issuers, Holdings,
        Communications and the Guarantor (to the extent party thereto) and
        constitutes or will constitute a valid and legally binding obligation of
        the Issuers, Holdings, Communications and the Guarantor (to the extent a
        party thereto), enforceable against them in accordance with its terms,
        except (i) that the enforcement thereof may be subject to bankruptcy,
        insolvency, reorganization, fraudulent conveyance, moratorium or other
        similar laws now or hereafter in effect relating to creditors' rights
        generally, and to general principles of equity and the discretion of the
        court before which any proceeding therefor may be brought and (ii) as
        any rights to indemnity and contribution hereunder and thereunder may be
        limited by applicable law.

                (l) Solvency. Immediately after the consummation of the
        transactions contemplated by this Agreement (including the use of
        proceeds from the sale of Notes at the Time of Purchase), the fair value
        and present fair saleable value of the assets of each of the Company and
        Holdings (on a consolidated basis) will exceed the sum of its stated
        liabilities and identified contingent liabilities; each of the Company
        and Holdings (on a consolidated basis) will not be, after giving effect
        to the execution, delivery and performance of this Agreement and the
        consummation of the transactions contemplated hereby (including the use
        of proceeds from the sale of Notes at the Time of Purchase), (i) left
        with unreasonably small capital with which to carry on its business as
        it is proposed to be conducted, (ii) unable to pay its debts (contingent
        or otherwise) as they mature or (iii) otherwise insolvent.

                (m) Absence of Certain Changes. Subsequent to the date as of
        which information is given in the Memorandum, except as described in the
        Memorandum, there has not been (i) any event or condition that has a
        Material Adverse Effect, (ii) any transaction entered into by the
        Issuers, other than in the ordinary course of business, that has a
        Material Adverse Effect, or (iii) any dividend or distribution of any
        kind declared, paid or made by the Company on its Membership

<PAGE>
                                      -15-

        Interests other than Permitted Tax Distributions and other distributions
        permitted under the Indenture.

                (n) No Violation. Neither the execution, delivery or performance
        of any of the TransWestern Delivered Documents nor the consummation of
        any of the transactions contemplated thereby (i) will violate or
        conflict with the Certificate of Formation or LLC Agreement of the
        Company or the Certificate of Limited Partnership or the Third Amended
        Partnership Agreement of Holdings, (ii) will violate or conflict with
        Capital's, Communications' or the Guarantor's Certificate of
        Incorporation or By-Laws, (iii) will, as of the Time of Purchase, result
        in any breach of or default under any provision of any material contract
        or agreement to which the Company, Holdings, Capital, Communications or
        the Guarantor is a party or by which the Company, Holdings, Capital,
        Communications or the Guarantor is bound or to which any property or
        assets of the Company, Holdings, Capital, Communications or the
        Guarantor is subject, (iv) violates, is prohibited by or requires the
        Company, Holdings, Capital, Communications or the Guarantor to obtain or
        make any consent, authorization, approval, registration or filing under
        any statute, law, ordinance, regulation (including without limitation
        Regulation T, U or X of the Board of Governors of the Federal Reserve
        System), rule, judgment, decree or order of any court or governmental
        agency, board, bureau, body, department or authority, or of any other
        person, presently in effect or in effect at the Time of Purchase, (v)
        will cause any acceleration of maturity of any note, instrument or other
        indebtedness to which the Company, Holdings, Capital, Communications or
        the Guarantor is a party or by which the Company, Holdings, Capital,
        Communications or the Guarantor is bound or with respect to which the
        Company, Holdings, Capital, Communications or the Guarantor is an
        obligor or guarantor, or (vi) except as contemplated by this Agreement
        and the other Basic Documents, will result in the creation or imposition
        of any Lien upon or give to any other person any interest or right
        (including any right of termination or cancellation) in or with respect
        to the equity or any of the properties, assets, business

<PAGE>
                                      -16-

        agreements or contracts of the Company, Holdings, Capital,
        Communications or the Guarantor, other than any violation, conflict,
        breach, default, acceleration or Lien which individually or in the
        aggregate does not have a Material Adverse Effect.

                (o) Title and Condition of Properties and Assets. As of the date
        hereof, the Company, Holdings, Communications and the Guarantor have
        good and valid title to all of their respective owned assets and
        properties which are material to their business, taken as a whole, and
        Capital has no operating assets. As of the Time of Purchase, the
        Company, Holdings, Communications and the Guarantor will have good and
        valid title to all of their respective assets and properties which are
        material to their business, taken as a whole, (except as sold or
        otherwise disposed of in the ordinary course of business), subject to no
        Liens other than Permitted Liens (as defined in the Indenture).

                (p) Leased Property. Each lease of real property or personal
        property that is material to the business of the Company, Holdings,
        Communications and the Guarantor, taken as a whole, is in full force and
        effect and is valid and enforceable in accordance with its terms. There
        is not under any such lease any default by the Company, Holdings,
        Communications or the Guarantor, or any event that with notice or lapse
        of time or both would constitute such a default by the Company,
        Holdings, Communications or the Guarantor and with respect to which the
        Company, Holdings, Communications or the Guarantor has not taken
        adequate steps to prevent such default from occurring except for any
        such default as has not had a Material Adverse Effect; all of such
        events, if any, and the aforesaid steps taken by the Company, Holdings,
        Communications or the Guarantor are set forth in the Memorandum. There
        is not under any such lease any default by any other party thereto or
        any event that with notice or lapse of time or both would constitute
        such a default thereunder by such party, which default has a Material
        Adverse Effect. Neither the Company, Holdings, Communications nor the
        Guarantor owns any real property.

<PAGE>
                                      -17-

                (q) Litigation. Except as set forth in the Memorandum, there are
        no actions, suits, proceedings or investigations, either at law or in
        equity, or before any commission or other administrative authority in
        any United States jurisdiction, of any kind now pending or, to the best
        of the Company's, Holdings', Capital's, Communications' or the
        Guarantor's knowledge, threatened involving the Company, Holdings,
        Capital, Communications or the Guarantor that (i) seeks to restrain,
        enjoin, prevent the consummation of or otherwise challenge the issuance
        and sale of the Notes by the Issuers or the issuance of the Guarantee by
        the Guarantor or any of the other material transactions contemplated
        hereby, (ii) questions the legality or validity of any such transactions
        or seeks to recover damages or obtain other relief in connection with
        any such transactions or (iii) which has individually or in the
        aggregate, a Material Adverse Effect.

                (r) Patents, Copyrights and Trademarks. There are no material
        copyrights, patents, trade names, trademarks and service marks,
        identifying whether registered or at common law, and all applications
        therefor that are pending or in the process of preparation
        (collectively, the "Intellectual Property Rights"), that are directly or
        indirectly owned, licensed, used, required for use or controlled in
        whole or in part by the Company, Holdings, Communications or the
        Guarantor and no licenses and other agreements allowing the Company,
        Holdings, Communications and the Guarantor to use Intellectual Property
        Rights of third parties in the United States that are not accurately
        described in the Memorandum. Except as otherwise described in the
        Memorandum, the Company, Holdings and the Guarantor are the sole and
        exclusive owners of the Intellectual Property Rights described therein,
        free and clear of any Lien (other than Permitted Liens) and such
        Intellectual Property Rights have not been and are not being challenged
        in any way or involved in any pending or threatened unfair competition
        proceeding. Except as set forth in the Memorandum, there has been and is
        no claim challenging the scope, validity or enforceability of any of the
        Intellectual Property Rights. Neither the

<PAGE>
                                      -18-

        Company, Holdings, Communications nor the Guarantor has infringed, or is
        infringing or is subject to any unfair competition claim with respect to
        any service mark or trade name registration or application therefor,
        trademark, trademark registration or application therefor, copyright,
        copyright registration or application therefor, patent, patent
        registration or application therefor, or any other proprietary or
        intellectual property right of any person or entity and neither the
        Company, Holdings, Communications nor the Guarantor has received or has
        any knowledge, after due inquiry, of any such claim or other notice of
        any such violation or infringement.

                (s) Compliance with Laws, Etc. The Company, Holdings, Capital,
        Communications and the Guarantor are in compliance with, and the
        execution and delivery of this Agreement and the other TransWestern
        Delivered Documents and the consummation by the Company, Holdings,
        Capital, Communications and the Guarantor of the transactions
        contemplated hereby and thereby (including without limitation, the
        issuance of the Notes in the manner and for the purpose contemplated by
        this Agreement) will comply with, all federal, state and local statutes,
        laws, ordinances, regulations, rules, permits, judgments, orders or
        decrees applicable to the Company, Holdings, Capital, Communications or
        the Guarantor and there does not exist any basis for any claim of
        default under or violation of any such statute, law, ordinance,
        regulation, rule, judgment, order or decree except such noncompliance,
        defaults or violations, if any, that in the aggregate do not have a
        Material Adverse Effect. Except as set forth in the Memorandum, the
        Company, Holdings, Capital, Communications and the Guarantor are in
        compliance with (i) all applicable requirements of all United States,
        state and local governmental authorities with respect to environmental
        protection, including without limitation, regulations establishing
        quality criteria and standards for air, water, land and hazardous
        materials, (ii) all applicable requirements of the Occupational Safety
        and Health Act of 1970 within the United States and rules, regulations
        and orders thereunder and (iii) all applicable

<PAGE>
                                      -19-

        laws and related rules and regulations of all United States
        jurisdictions affecting labor union activities, civil rights or
        employment, including without limitation, in the United States, the
        Civil Rights Act of 1964, the Age Discrimination in Employment Act of
        1967, the Equal Employment Opportunity Act of 1972, the Employee
        Retirement Income Security Act of 1974, the Equal Pay Act and the
        National Labor Relations Act, in each case, other than any such
        noncompliance which in the aggregate has a Material Adverse Effect.
        Neither of the Issuers, Holdings, Communications nor the Guarantor is
        currently or, after giving effect to the consummation of the
        transactions contemplated by this Agreement and the Basic Documents,
        will be (i) in violation of its respective organizational documents, or
        (ii) in default (nor will an event occur which with notice or passage of
        time or both would constitute such a default) under or in violation of
        any indenture or loan or credit agreement or any other material
        agreement or instrument to which it is a party or by which it or any of
        its properties or assets may be bound or affected (except as set forth
        in the Memorandum), which default or violation (individually or in the
        aggregate) (x) materially and adversely affects the legality, validity
        or enforceability of this Agreement or any of the Basic Documents or (y)
        has a Material Adverse Effect. As of the Closing neither the Company,
        Holdings, Capital, Communications nor the Guarantor is engaged in any
        printing or manufacturing activities.

                (t) Governmental Authorizations and Regulations. There are no
        material licenses, franchises, permits and other governmental
        authorizations held by the Company, Holdings, Capital, Communications or
        the Guarantor with respect to the conduct of their respective businesses
        that are not accurately described in the Memorandum. Except as set forth
        in the Memorandum, no authorization, consent, approval, license,
        qualification or formal exemption from, nor any filing declaration or
        registration with, any court, governmental agency, securities exchange
        or any regulatory authority is required in connection with the
        execution, delivery or performance by the Issuers, Holdings,
        Communications and the

<PAGE>
                                      -20-

        Guarantor of this Agreement or any of the other Basic Documents or any
        of the transactions contemplated thereby, except (i) as may be required
        under state securities or "blue sky" laws or the laws of any foreign
        jurisdiction in connection with the offer and sale of the Notes, or (ii)
        as does not (individually or in the aggregate) have a Material Adverse
        Effect. All such authorizations, consents, approvals, licenses,
        qualifications, exemptions, filings, declarations and registrations set
        forth in the Memorandum (other than as disclosed therein) which are
        required to have been obtained by the date hereof have been obtained or
        made, as the case may be, and are in full force and effect and not the
        subject of any pending or, to the knowledge of the Company, threatened
        attack by appeal or direct proceeding or otherwise.

                (u) Labor Matters. No employees of the Company, Holdings,
        Capital, Communications or the Guarantor are currently represented by a
        labor union or labor organization, no labor union or labor organization
        has been certified or recognized as a representative of any such
        employees, and neither the Company, Holdings, Capital, Communications
        nor the Guarantor has any obligation under any collective bargaining
        agreement or other agreement with any labor union or labor organization
        that, in any way, affects the Company, Holdings, Capital, Communications
        or the Guarantor.

                (v) Employees. Except as set forth in the Memorandum, there has
        been no resignation or termination of employment of any officer or key
        employee of the Company, Holdings, Capital, Communications or the
        Guarantor and neither the Company, Holdings, Capital, Communications nor
        the Guarantor has any knowledge of any impending or threatened
        resignation or termination of employment in any case that would have a
        Material Adverse Effect. Except as set forth it the Memorandum, neither
        the Company, Holdings, Capital, Communications nor the Guarantor has
        entered into any severance or similar arrangement in respect of any
        present or former employees required to be disclosed therein.

<PAGE>
                                      -21-

                (w) Brokers. Except as described in the Memorandum, there are no
        claims for brokerage commissions, finders' fees or similar compensation
        in connection with the transactions contemplated by this Agreement based
        on any arrangement or agreement binding upon the Company, Holdings,
        Capital, Communications or the Guarantor.

                (x) Tax Matters. Holdings and Communications (hereinafter
        referred to collectively as the "Taxpayers") have duly filed all tax
        reports and returns required to be filed by them, including all federal,
        state, local and -foreign tax returns and reports, and the Taxpayers
        have paid in full all taxes required to be paid by such Taxpayers before
        such payment became delinquent other than taxes being contested in good
        faith and for which adequate reserves have been established in
        accordance with GAAP, except where the failure to file such return or
        pay such tax does not have a Material Adverse Effect.

                (y) Investment Company. Neither of the Issuers, Holdings,
        Communications nor the Guarantor is and immediately after the Time of
        Purchase none of them will be, "investment companies" or, to the
        Company's knowledge, companies "controlled" by an "investment company"
        within the meaning of the Investment Company Act of 1940, as amended.

                (z) ERISA. The execution and delivery of this Agreement and the
        other Basic Documents and the sale of the Notes to the Initial
        Purchasers will not involve any non-exempt prohibited transaction within
        the meaning of Section 406 of ERISA or Section 4975 of the Code on the
        part of the Issuers or the Guarantor. The preceding representation is
        made in reliance on and subject to the accuracy of the Initial
        Purchasers' representations and warranties in Section 3.2 hereof. No
        Reportable Event (as defined in Section 4043 of ERISA) has occurred
        during the five-year period prior to the date on which this
        representation is made or deemed made with respect to any Employee
        Benefit Plan, and the Issuers, the Guarantor and Commonly Controlled
        Entities

<PAGE>
                                      -22-

        have complied in all material respects with the applicable provisions of
        ERISA and the Code in connection with the Employee Benefit Plans. The
        present value of all accrued benefits under each Employee Benefit Plan
        subject to Title IV of ERISA (based on the current liability, interest
        rate and other assumptions used in preparation of the plan's Form 5500
        Annual Report) did not, as of the last annual valuation date prior to
        the date on which this representation is made or deemed made, exceed the
        value of the assets of such plan allocable to such accrued benefits.
        Neither of the Issuers, the Guarantor, nor any Commonly Controlled
        Entity (as defined below) has had a complete or partial withdrawal from
        any Multiemployer Plan (as defined in Section 4001(a)(3) of ERISA), and
        neither the Issuers, the Guarantor, nor any Commonly Controlled Entity
        would become subject to any liability under ERISA if the Issuers, the
        Guarantor or any such Commonly Controlled Entity were to withdraw
        completely from all Multiemployer Plans as of the valuation date most
        closely preceding the date on which such representation is made or
        deemed made. No such Multiemployer Plan is in reorganization or
        insolvent. There are no material liabilities of the Issuers the
        Guarantor or any Commonly Controlled Entity for post-retirement benefits
        to be provided to their current and former employees under Plans which
        are welfare benefit plans (as described in Section 3(l) of ERISA). With
        respect to each Employee Benefit Plan, no event has occurred and there
        exists no conditions or set of circumstances in connection with which
        the Company or any of its subsidiaries may, directly or indirectly
        (through a Commonly Controlled Entity or otherwise) be subject to
        material liability under the Code, ERISA or any other applicable law,
        except for liability for benefit claims and funding obligations payable
        in the ordinary course. "Commonly Controlled Entity" means any person or
        entity that, together with any Issuer or the Guarantor, is treated as a
        single employer under Section 414(b), (c), (m) or (o) of the Code.
        "Employee Benefit Plan" means an employee benefit plan, as defined in
        Section 3(3) of ERISA, which is maintained or contributed to by an
        Issuer, or any Commonly

<PAGE>
                                      -23-

        Controlled Entity or to which an Issuer, or any Commonly Controlled
        Entity may have liability.

                (aa) The Offering. No form of general solicitation or general
        advertising (as those terms are used in Regulation D under the Act) was
        used by the Issuers, the Guarantor or their representatives in
        connection with the offer and sale of the Notes. Neither of the Issuers,
        the Guarantor nor any Person authorized to act for any of them has,
        either directly or indirectly, sold or offered for sale any of the Notes
        or any other similar security of the Issuers or the Guarantor to, or
        solicited any offers to buy any thereof from, or has otherwise
        approached or negotiated in respect thereof with, any Person or Persons
        other than with or through the Initial Purchasers; and the Issuers and
        the Guarantor agree that neither they nor any Person acting on their
        behalf will sell or offer for sale any Notes and the Guarantee to, or
        solicit any offers to buy any Notes or Guarantee from, or otherwise
        approach or negotiate in respect thereof with, any Person or Persons so
        as thereby to bring the issuance or sale of any of the Notes or
        Guarantee within the provisions of Section 5 of the Act. Assuming the
        accuracy of the Initial Purchasers' representations and warranties set
        forth in Section 3.2 hereof, and the due performance by the Initial
        Purchasers of the covenants and agreements set forth in Section 3.2
        hereof, the offer and sale of the Notes and the Guarantee to the Initial
        Purchasers in the manner contemplated by this Agreement and the
        Memorandum does not require registration under the Act and the Indenture
        does not require qualification under the Trust Indenture Act. No
        securities of the Issuers or the Guarantor are of the same class (within
        the meaning of Rule 144A under the Act) as the Notes or the Guarantee
        and listed on a national securities exchange registered under Section 6
        of the Exchange Act, or quoted in a U.S. automated interdealer quotation
        system. Neither of the Issuers nor the Guarantor has taken, nor will
        either of them take, directly or indirectly, any action designed to, or
        that might be reasonably expected to, cause or result in stabilization
        or manipulation of the price of the Notes. Neither of the Issuers, the

<PAGE>
                                      -24-

        Guarantor nor any of their respective Affiliates or any person acting on
        its or their behalf (other than the Initial Purchasers) has engaged in
        any directed selling efforts (as that term is defined in Regulation S)
        with respect to the Notes or the Guarantee and the Issuers, the
        Guarantor, the Company and their respective Affiliates and any person
        acting on its or their behalf (other than the Initial Purchasers) have
        acted in accordance with the offering restrictions requirements of
        Regulation S.

                (bb) Insurance. Holdings, the Company and/or the Guarantor carry
        insurance (including self insurance) in such amounts and covering such
        risks as in their reasonable determination is adequate for the conduct
        of their business and the value of their properties.

                (cc) Exchange Act Reports. The Exchange Act Reports, when filed
        by the Company with the Commission pursuant to the Exchange Act, did not
        include any untrue statement of a material fact or omit to state any
        material fact necessary to make the statements therein, in the light of
        the circumstances under which they were made, not misleading. Such
        documents, when so filed with the Commission, complied as to form in all
        material respects with the requirements of the Exchange Act and the
        rules and regulations of the Commission thereunder.

                (dd) Accounting Controls. Each of the Company and the Guarantor
        maintains a system of internal accounting controls sufficient to provide
        reasonable assurances that (i) transactions are executed in accordance
        with management's general or specific authorization; (ii) transactions
        are recorded as necessary to permit preparation of financial statements
        in conformity with generally accepted accounting principles and to
        maintain accountability for assets; (iii) access to assets is permitted
        only in accordance with management's general or specific authorization;
        and (iv) the recorded accountability for assets is compared with
        existing assets at reasonable intervals and appropriate action is taken
        with respect to any differences.

<PAGE>
                                      -25-

                SECTION 3.2. Resale of Notes. Each of the Initial Purchasers
represents and warrants (as to itself only) that it is a "qualified
institutional buyer" as defined in Rule 144A of the Act ("QIB"). Each of the
Initial Purchasers agrees with-the Issuers and the Guarantor (as to itself only)
that (a) it has not and will not solicit offers for, or offer or sell, the Notes
or the Guarantee by any form of general solicitation or general advertising (as
those terms are used in Regulation D under the Act) or in any manner involving a
public offering within the meaning of Section 4(2) of the Act; and (b) it has
and will solicit offers for the Notes and the Guarantee only from, and will
offer the Notes only to (A) in the case of offers inside the United States,
Persons whom the Initial Purchasers reasonably believe to be QIBs or, if any
such Person is buying for one or more institutional accounts for which such
Person is acting as fiduciary or agent, only when such Person has represented to
the Initial Purchasers that each such account is a QIB, to whom notice has been
given that such sale or delivery is being made in reliance on Rule 144A, and, in
each case, in transactions under Rule 144A and (B) in the case of offers outside
the United States, to Persons other than U.S. Persons ("foreign purchasers,"
which term shall include dealers or other professional fiduciaries in the United
States acting on a discretionary basis for foreign beneficial owners (other than
an estate or trust)); provided, however, that, in the case of this clause (B),
in purchasing such Notes such Persons are deemed to have represented and agreed
as provided under the caption "Notice to Investors" contained in the Memorandum.

                                   ARTICLE IV

                         CONDITIONS PRECEDENT TO CLOSING

                SECTION 4.1. Conditions Precedent to Obligations of the Initial
Purchasers. The obligation of each Initial Purchaser to purchase the Notes to be
purchased at the Closing is subject, at the Time of Purchase, to the
satisfaction of the following conditions:

<PAGE>
                                      -26-

                (a) At the Time of Purchase, the Initial Purchasers shall have
        received the opinions, dated as of the Time of Purchase and addressed to
        the Initial Purchasers, of Kirkland & Ellis, counsel for the Issuers, in
        form and substance reasonably satisfactory to counsel for the Initial
        Purchasers, to the effect as set forth on Exhibit A hereto.

                (b) The Initial Purchasers shall have received an opinion,
        addressed to the Initial Purchasers in form and substance satisfactory
        to the Initial Purchasers and dated the Time of Purchase, of Cahill
        Gordon & Reindel, counsel to the Initial Purchasers.

                (c) The Initial Purchasers shall have received from Ernst &
        Young LLP a comfort letter or letters dated the Closing in form and
        substance reasonably satisfactory to counsel to the Initial Purchasers.

                (d) The representations and warranties made by the Issuers,
        Holdings and Communications herein shall be true and correct in all
        material respects on and as of the Time of Purchase, the Issuers shall
        have complied in all material respects with all agreements as set forth
        in or contemplated hereunder and in the Basic Documents required to be
        performed by it at or prior to the Time of Purchase.

                (e) Subsequent to the date of the Memorandum, (i) there shall
        not have been any change which has a Material Adverse Effect and (ii)
        except as contemplated in the Memorandum, the Issuers and Holdings shall
        not have taken any voluntary, affirmative action to conduct their
        respective businesses other than in the ordinary course.

                (f) At the Time of Purchase and after giving effect to the
        consummation of the transactions contemplated by this Agreement and the
        Basic Documents, there shall exist no Default or Event of Default.

                (g) The purchase of and payment for the Notes by the Initial
        Purchasers hereunder shall not be prohibited or enjoined (temporarily or
        permanently) by any

<PAGE>
                                      -27-

        applicable law or governmental regulation (including, without
        limitation, Regulation T, U or X of the Board of Governors of the
        Federal Reserve System).

                (h) At the Time of Purchase, the Initial Purchasers shall have
        received an officers' certificate, dated the Time of Purchase, from the
        Company and Capital, stating that the conditions specified in Sections
        4.1(d), (e), (f) and (g) have been satisfied or duly waived at the Time
        of Purchase.

                (i) Each of the Basic Documents shall have been executed and
        delivered by all the respective parties thereto and be in full force and
        effect.

                (j) All proceedings required in order to issue the Notes and the
        Guarantee and consummate the transactions contemplated by this Agreement
        and all documents and papers relating thereto shall be reasonably
        satisfactory to the Initial Purchasers and counsel to the Initial
        Purchasers. The Initial Purchasers and counsel to the Initial Purchasers
        shall have received copies of such papers and documents of the Issuers
        and the Guarantor as they may reasonably request in connection
        therewith, all in form and substance reasonably satisfactory to them.

                (k) The sale of the Notes hereunder shall not have been enjoined
        (temporarily or permanently) at the Time of Purchase.

                On or before the Closing, the Initial Purchasers and counsel to
the Initial Purchasers shall have received such further documents, opinions,
certificates and schedules or other instruments relating to the business,
corporate, legal and financial affairs of the Issuers as they may reasonably
request.

                SECTION 4.2. Conditions Precedent to Obligations of the Issuers.
The obligations of the Issuers to deliver the Notes shall be subject to the
accuracy as of the date hereof and at the Time of Purchase (as if made on and as
of the time of Purchase) of the representations and warranties of the Initial
Purchasers herein (delivery of the purchase

<PAGE>
                                      -28-

price by the Initial Purchasers for the Notes being an affirmation by the
Initial Purchasers of the accuracy of their representations and warranties).

                                    ARTICLE V

                                    COVENANTS

                SECTION 5.1. Covenants of the Issuers. The Issuers and the
Guarantor covenant and agree with each of the Initial Purchasers that:

                (a) The Issuers will not amend or supplement the Memorandum or
        any amendment or supplement thereto of which the Initial Purchasers
        shall not previously have been advised and furnished a copy for a
        reasonable period of time prior to the proposed amendment or supplement
        and as to which the Initial Purchasers shall not have given their
        consent, which consent shall not be unreasonably withheld. The Issuers
        will promptly, upon the reasonable request of the Initial Purchasers or
        counsel to the Initial Purchasers, make any amendments or supplements to
        the Memorandum that may be necessary or advisable in connection with the
        resale of the Notes by the Initial Purchasers.

                (b) The Issuers and the Guarantor will cooperate with the
        Initial Purchasers in arranging for the qualification of the Notes for
        offering and sale under the securities or "blue sky" laws of such
        jurisdictions as the Initial Purchasers may designate and will continue
        such qualifications in effect for as long as may be reasonably necessary
        to complete the resale of the Notes; provided, however, that in
        connection therewith, neither the Issuers nor the Guarantor shall be
        required to qualify as a foreign corporation, to take any acts which
        would require it to qualify to do business or to execute a general
        consent to service of process in any jurisdiction or subject itself to
        taxation in excess of a nominal dollar amount in any such jurisdiction
        where it is not then so subject.

<PAGE>
                                      -29-

                (c) If, at any time prior to the completion of the distribution
        by the Initial Purchasers of the Notes, the Exchange Notes or the
        Private Exchange Notes, any event occurs or information becomes known as
        a result of which the Memorandum as then amended or supplemented would
        include any untrue statement of a material fact, or omit to state a
        material fact necessary to make the statements therein, in the light of
        the circumstances under which they were made, not misleading or if for
        any other reason it is necessary at any time to amend or supplement the
        Memorandum to comply with applicable law, the Issuers will promptly
        notify the Initial Purchasers thereof (who thereafter will not use such
        Memorandum until appropriately amended or supplemented) and will
        prepare, at the expense of the Issuers, an amendment or supplement to
        the Memorandum that corrects such statement or omission or effects such
        compliance.

                (d) The Issuers will, without charge, provide to the Initial
        Purchasers and to counsel to the Initial Purchasers as many copies of
        the Memorandum or any amendment or supplement thereto as the Initial
        Purchasers may reasonably request.

                (e) The Issuers will apply the net proceeds from the sale of the
        Notes as set forth under "Use of Proceeds" in the Memorandum.

                (f) For and during the period ending on the date no Notes are
        outstanding, the Issuers will furnish to the Initial Purchasers copies
        of all reports and other communications (financial or otherwise)
        furnished by the Issuers to the Trustee or the holders of the Notes and
        promptly after available copies of any reports or financial statements
        furnished to or filed by the Issuers with the Commission or any national
        securities exchange on which any class of securities of the Company may
        be listed.

                (g) None of the Issuers nor any of their Affiliates will sell,
        offer for sale or solicit offers to buy or otherwise negotiate in
        respect of any "security" (as

<PAGE>
                                      -30-

        defined in the Act) which could be integrated with the sale of the Notes
        in a manner which would require the registration under the Act of the
        Notes.

                (h) The Issuers will not solicit any offer to buy or offer to
        sell the Notes by means of any form of general solicitation or general
        advertising (as those terms are used in Regulation D under the Act) or
        in any manner involving a public offering within the meaning of Section
        4(2) of the Act.

                (i) For so long as any of the Notes remain outstanding and are
        "restricted securities" within the meaning of Rule 144(a)(3) under the
        Act and not saleable in full under Rule 144 under the Act (or any
        successor provision), the Issuers will make available, upon request, to
        any seller of such Notes the information specified in Rule 144A(d)(4)
        under the Act, unless the Issuers are then subject to Section 13 or
        15(d) of the Exchange Act.

                (j) The Issuers will use their best efforts to (i) permit the
        Notes to be included for quotation on PORTAL and (ii) permit the Notes
        to be eligible for clearance and settlement through The Depository Trust
        Company.

                (k) The Issuers, Holdings, Communications and the Guarantor (to
        the extent a party thereto) will do and perform all things required to
        be done and performed by them under this Agreement and the other Basic
        Documents prior to or after the Closing, subject to the qualifications
        and limitations in the writing that expresses such obligations, and to
        satisfy all conditions precedent on their part to the obligations of the
        Initial Purchasers under this Agreement to purchase and accept delivery
        of the Notes.

                (l) In connection with Notes offered and sold in an offshore
        transaction (as defined in Regulation S), the Issuers will not register
        any transfer of such Notes not made in accordance with the provisions of
        Regulation S and will not, except in accordance with

<PAGE>
                                      -31-

        the provisions of Regulation S, if applicable, issue any such Notes in
        the form of definitive securities.

                                   ARTICLE VI

                                      FEES

                SECTION 6.1. Costs, Expenses and Taxes. The Issuers, jointly and
severally, agree to pay all costs and expenses incident to the performance of
their obligations under this Agreement, whether or not the transactions
contemplated herein are consummated or this Agreement is terminated pursuant to
Section 8.2 hereof, including, but not limited to, all costs and expenses
incident to (i) the Company's cost of preparation, printing, reproduction,
execution and delivery of this Agreement, each of the other Basic Documents, any
amendment or supplement to or modification of any of the foregoing and any and
all other documents furnished pursuant hereto or thereto or in connection
herewith or therewith, (ii) any costs of printing the Memorandum and any
amendment or supplement thereto, any other marketing related materials, (iii)
all arrangements relating to the delivery to the Initial Purchasers of copies of
the foregoing documents, (iv) the fees and disbursements of the counsel, the
accountants and any other experts or advisors retained by the Issuers, (v)
preparation (including printing), issuance and delivery to the Initial
Purchasers of the Notes, (vi) fees and expenses of the Trustee, including fees
and expenses of counsel to the Trustee, (vii) all expenses and listing fees
incurred in connection with the application for quotation of the Notes on
PORTAL, (viii) any fees charged by investment rating agencies for the rating of
the Notes, and (ix) except as limited by Article VII, all costs and expenses
(including, without limitation, reasonable attorneys' fees and expenses), if
any, of the successful enforcement of this Agreement, the Notes or any other
agreement furnished pursuant hereto or thereto or in connection herewith or
therewith. In addition, the Issuers shall pay any and all stamp, transfer and
other similar taxes payable or determined to be payable in connection with the
execution and delivery of this Agreement, any other Basic Document or the

<PAGE>
                                      -32-

issuance of the Notes, and shall save and hold each Initial Purchaser harmless
from and against any and all liabilities with respect to or resulting from any
delay in paying, or omission to pay, such taxes. Notwithstanding anything
herein, it is understood that the Issuers shall have no obligation to pay any
fees, expenses or disbursements of Cahill Gordon & Reindel, counsel for the
Initial Purchasers (except as contemplated by Article VII and Clause (ix) of
this paragraph).

                                   ARTICLE VII

                                    INDEMNITY

                SECTION 7.1. Indemnity.

                (a) Indemnification by the Issuers. The Issuers and Holdings,
        jointly and severally, agree and covenant to hold harmless and indemnify
        each of the Initial Purchasers and any Affiliates thereof (including any
        director, officer, employee, agent or controlling Person of any of the
        foregoing) from and against any losses, claims, damages, liabilities and
        expenses (including expenses of investigation) to which such Initial
        Purchaser and its Affiliates may become subject arising out of or based
        upon any untrue statement or alleged untrue statement of any material
        fact contained in the Memorandum and any amendments, or supplements
        thereto, the Basic Documents or any application or other documents filed
        with the Commission or any State Commission (collectively, the "Offering
        Materials") or arising out of or based upon the omission or alleged
        omission to state in any of the Offering Materials a material fact
        required to be stated therein or necessary to make the statements
        therein not misleading; provided, however, that the Issuers and Holdings
        shall not be liable under this paragraph (a) to the extent that such
        losses, claims, damages or liabilities arose out of or are based upon an
        untrue statement or omission made in any of the documents referred to in
        this paragraph (a) in reliance upon and in conformity with the
        information relating to the Initial Purchasers furnished in writing

<PAGE>
                                      -33-

        by such Initial Purchasers for inclusion therein; provided, further,
        that the Issuers and Holdings shall not be liable under this paragraph
        (a) to the extent that such losses, claims, damages or liabilities arose
        out of or are based upon an untrue statement or omission made in any
        Memorandum that is corrected in any amendment or supplement thereto if
        the person asserting such loss, claim, damage or liability purchased
        Notes from an Initial Purchaser in reliance on such Memorandum but was
        not given the Memorandum (or any amendment or supplement thereto) on or
        prior to the confirmation of the sale of such Notes. The Issuers and
        Holdings, on a joint and several basis, further agree to reimburse each
        Initial Purchaser for any reasonable legal and other expenses as they
        are incurred by it in connection with investigating, preparing to defend
        or defending any lawsuits, claims or other proceedings or investigations
        arising in any manner out of or in connection with such Person being an
        Initial Purchaser; provided that if the Issuers or Holdings reimburse an
        Initial Purchaser hereunder for any expenses incurred in connection with
        a lawsuit, claim or other proceeding for which indemnification is
        sought, such Initial Purchaser hereby agrees to refund such
        reimbursement of expenses to the extent that the losses, claims, damages
        or liabilities are not entitled to indemnification hereunder. The
        Issuers and Holdings further agree that the indemnification,
        contribution and reimbursement commitments set forth in this Article VII
        shall apply whether or not an Initial Purchaser is a formal party to any
        such lawsuits, claims or other proceedings. The indemnity, contribution
        and expense reimbursement obligations of the Issuers and Holdings under
        this Article VII shall be in addition to any liability the Issuers or
        Holdings may otherwise have.

                (b) Indemnification by the Initial Purchasers. Each of the
        Initial Purchasers agrees and covenants, severally and not jointly, to
        hold harmless and indemnify the Issuers and Holdings and any Affiliates
        thereof (including any director, officer, employee, agent or controlling
        Person of any of the foregoing) from and against any losses, claims,
        damages,

<PAGE>
                                      -34-

        liabilities and expenses insofar as such losses, claims, damages,
        liabilities or expenses arise out of or are based upon any untrue
        statement of any material fact contained in the Offering Materials, or
        upon the omission to state therein a material fact required to be stated
        therein or necessary to make the statements therein not misleading, in
        each case to the extent, but only to the extent, that such untrue
        statement or omission was made in reliance upon and in conformity with
        the information relating to such Initial Purchaser furnished in writing
        by such Initial Purchaser for inclusion therein. The indemnity,
        contribution and expense reimbursement obligations of the Initial
        Purchasers under this Article VII shall be in addition to any liability
        the Initial Purchasers may otherwise have.

                (c) Procedure. If any Person shall be entitled to indemnity
        hereunder (each an "Indemnified Party"), such Indemnified Party shall
        give prompt written notice to the party or parties from which such
        indemnity is sought (each an "Indemnifying Party") of the commencement
        of any action, suit, investigation or proceeding, governmental or
        otherwise (a "Proceeding"), with respect to which such Indemnified Party
        seeks indemnification or contribution pursuant hereto; provided,
        however, that the failure so to notify the Indemnifying Parties shall
        not relieve the indemnifying Parties from any obligation or liability
        except to the extent that the indemnifying Parties have been prejudiced
        materially by such failure. The Indemnifying Parties shall have the
        right, exercisable by giving written notice to an Indemnified Party
        promptly after the t, of written notice from such Indemnified Party of
        such Proceeding, to assume, at the Indemnifying Parties' expense, the
        defense of any such Proceeding, with counsel reasonably satisfactory to
        such Indemnified Party; provided, however, that an Indemnified Party or
        parties (if more than one such Indemnified Party is named in any
        Proceeding) shall have the right to employ separate counsel in any such
        Proceeding and to participate in the defense thereof, but the fees and
        expenses of such counsel shall be at the expense of such Indemnified
        Party or parties unless: (1) the Indemnifying Parties

<PAGE>
                                      -35-

        agree to pay such fees and expenses; or (2) the Indemnifying Parties
        fail promptly to assume the defense of such Proceeding or fail to employ
        counsel reasonably satisfactory to such Indemnified Party or parties; or
        (3) the named parties to any such Proceeding (including any impleaded
        parties) include both such Indemnified Party or parties and the
        Indemnifying Party or an Affiliate of the Indemnifying Party and such
        Indemnified Parties, and the Indemnified Parties shall have been advised
        in writing by counsel that there may be one or more legal defenses
        available to such Indemnified Party or parties that are different from
        or additional to those available to the Indemnifying Parties, in which
        case, IF such Indemnified Party or parties notifies the Indemnifying
        Parties in writing that it elects to employ separate counsel at the
        expense of the Indemnifying Parties, the Indemnifying Parties shall not
        have the right to assume the defense thereof and such counsel shall be
        at the expense of the Indemnifying Parties, it being understood,
        however, that, unless there exists a conflict among Indemnified Parties,
        the Indemnifying Parties shall not, in connection with any one such
        Proceeding or separate but substantially similar or related Proceedings
        in the same jurisdiction, arising out of the same general allegations or
        circumstances, be liable for the reasonable fees and expenses of more
        than one separate firm of attorneys (together with appropriate local
        counsel) at any time for such Indemnified Party or Parties, or for fees
        and expenses that are not reasonable. No Indemnified Party or Parties
        will settle any Proceeding without the consent of the Indemnifying Party
        or Parties (but such consent shall not be unreasonably withheld). No
        Indemnifying Party shall, without the prior written consent of the
        Indemnified Party, effect any settlement of any pending or threatened
        Proceeding in respect of which any Indemnified Party is or could have
        been a party and indemnity could have been sought hereunder by such
        Indemnified Party, unless such settlement includes an unconditional
        release of such Indemnified Party from all liability or claims that are
        the subject of such Proceeding.

<PAGE>
                                      -36-

                SECTION 7.2. Contribution. If for any reason the indemnification
provided for in Section 7.1 of this Agreement is unavailable to an Indemnified
Party, or insufficient to hold it harmless, in respect of any losses, claims,
damages, liabilities or expenses referred to therein, then each applicable
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result
of such losses, claims, damages or liabilities in such proportion as is
appropriate to reflect not only the relative benefits received by the
Indemnifying Party on the one hand and the Indemnified Party on the other, but
also the relative fault of the Indemnifying and Indemnified Parties in
connection with the statements or omissions which resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Indemnifying and
Indemnified Parties shall be deemed to be in the same proportion as the total
proceeds from the offering of the Notes (net of the Initial Purchasers'
discounts and commissions but before deducting expenses) received by the Issuers
bear to the total discounts and commissions received by each Initial Purchaser.
The relative fault of the Indemnifying and Indemnified Parties shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Indemnifying or
Indemnified Parties and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The amount paid or payable by a party as a result of the losses, claims, damages
and liabilities referred to above shall be deemed to include any legal or other
fees or expenses incurred by such party in connection with investigating or
defending any such claim.

                The Issuers, Holdings and each of the Initial Purchasers agree
that it would not be just and equitable if contribution pursuant to the
immediately preceding paragraph were determined pro rata or per capita or by any
other method of allocation which does not take into account the equitable
considerations referred to in such paragraph. Notwithstanding any other
provision of this Section 7.2, no

<PAGE>
                                      -37-

Initial Purchaser shall be obligated to make contributions hereunder that in the
aggregate exceed the total discounts, commissions and other compensation
received by such Initial Purchaser under this Agreement, less the aggregate
amount of any damages that such Initial Purchaser has otherwise been required to
pay by reason of the untrue or alleged untrue statements or the omissions or
alleged omissions to state a material fact. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation.

                SECTION 7.3. Registration Rights Agreement. Notwithstanding
anything to the contrary in this Article 7, the indemnification and contribution
provisions of the Registration Rights Agreement shall govern any claim with
respect thereto.

                                  ARTICLE VIII

                                  MISCELLANEOUS

                SECTION 8.1. Survival of Provisions. The representations,
warranties and covenants of the Issuers, Holdings, Communications, the Guarantor
and the Initial Purchasers made herein, the indemnity and contribution
agreements contained herein and each of the provisions of Articles VI, VII and
VIII shall remain operative and in full force and effect regardless of (a) any
investigation made by or on behalf of the Issuers, any Initial Purchaser or any
Indemnified Party, (b) acceptance of any of the Notes and payment therefor, (c)
any termination of this Agreement other than pursuant to Section 8.2, or (d)
disposition of the Notes by the Initial Purchasers whether by redemption,
exchange, sale or otherwise. With respect to any termination of this Agreement
pursuant to Section 8.2, this Agreement and the obligations contemplated hereby
shall terminate without liability to any party, and no party shall have any
continuing obligation hereunder or liability to any other party hereto, except
that each of the provisions of Articles VI, VII, and VIII shall remain operative
and in full force and effect regardless of any termination pursuant thereto.

<PAGE>
                                      -38-

                SECTION 8.2. No Waiver; Modifications in Writing. No failure or
delay on the part of any of the parties hereto in exercising any right, power or
remedy hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right, power or remedy preclude any other or
further exercise thereof or the exercise of any other right, power or remedy.
The remedies provided for herein are cumulative and are not exclusive of any
remedies that may be available to the parties at law or in equity or otherwise.
No waiver of or consent to any departure by the Issuers from any provision of
this Agreement shall be effective unless signed in writing by the party hereto
entitled to the benefit thereof, provided that notice of any such waiver shall
be given to each party hereto as set forth below. Except as otherwise provided
herein, no amendment, modification or termination of any provision of this
Agreement shall be effective unless signed in writing by or an behalf of each of
the Issuers and each Initial Purchaser. Any amendment, supplement or
modification of or to any provision of this Agreement, any waiver of any
provision of this Agreement, and any consent to any departure by any party from
the terms of any provision of this Agreement, shall be effective only in the
specific instance and for the specific purpose for which made or given. Except
where notice is specifically required by this Agreement, no notice to or demand
on the Issuers or the Guarantor in any case shall entitle the Issuers or the
Guarantor to any other or further notice or demand in similar or other
circumstances.

                SECTION 8.3. Information Supplied by the Initial Purchasers. The
statements set forth in the fourth paragraph on page (i) and in the third and
fourth sentences of the fifth paragraph and the eighth paragraph under the
heading "Plan of Distribution" in the Memorandum (to the extent such statements
relate to the Initial Purchasers) constitute the only information furnished by
the Initial Purchasers to the Company for the purposes of Sections 3.1(a) and
7.1(a) and (b) hereof.

                SECTION 8.4. Communications. All notices, demands and other
communications provided for hereunder shall be in writing and, (a) if to the
Initial Purchasers, shall be given by registered or certified mail, return
receipt

<PAGE>
                                      -39-

requested, telex, telegram, telecopy, courier service or personal delivery,
addressed to CIBC World Markets Corp., 425 Lexington Avenue, 3rd floor, New
York, New York 10017, and First Union Securities, Inc., 301 South College
Street, TW-10, Charlotte, North Carolina 28288-0604, and with a copy to Cahill
Gordon & Reindel, 80 Pine Street, New York, New York, 10005, Attention: Roger
Meltzer, Esq. and (b) if to the Issuers, Holdings, Communications or the
Guarantor, shall be given by similar means to TransWestern Publishing Company
LLC, 8344 Clairemont Mesa Boulevard, San Diego, CA 92111, Attn: Chief Financial
Officer, with copies to Kirkland & Ellis, 200 East Randolph Drive, Chicago, IL
60601, Attn: William S. Kirsch, P.C. In each case notices, demands and other
communications shall be deemed given when received.

                SECTION 8.5. Execution in Counterparts. This Agreement may be
executed in any number of counterparts and by different parties hereto on
separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

                SECTION 8.6. Successors. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective
successors and legal representatives, and nothing expressed or mentioned in this
Agreement is intended or shall be construed to give any other Person any legal
or equitable right, remedy or claim under or in respect of this Agreement, or
any provisions herein contained; this Agreement and all conditions and
provisions hereof being intended to be and being for the sole and exclusive
benefit of such Persons and for the benefit of no other Person except that (i)
the indemnities of the Issuers contained in Section 7.1(a) of this Agreement
shall also be for the benefit of the directors, officers, employees and agents
of the Initial Purchasers and any Person or Persons who

<PAGE>
                                      -40-

control the Initial Purchasers within the meaning of Section 15 of the Act or
Section 20 of the Exchange Act and (ii) the indemnities of the Initial
Purchasers contained in Section 7.1(b) of this Agreement shall also be for the
benefit of the directors of the Issuers, their directors, officers, employees
and agents and any Person or Persons who control the Issuers within the meaning
of Section 15 of the Act or Section 20 of the Exchange Act. No purchaser of
Notes from the Initial Purchasers will be deemed a successor because of such
purchase.

                SECTION 8.7. Governing Law. THIS AGREEMENT SHALL BE DEEMED TO BE
A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE, WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.

                SECTION 8.8. Severability of Provisions. Any provision of this
Agreement which is prohibited or unenforceable in any jurisdiction shall as to
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or
affecting the validity or enforceability of such provision in any other
jurisdiction.

                SECTION 8.9. Headings. The Article and Section headings and
Table of Contents used or contained in this Agreement are for convenience of
reference only and shall not affect the construction of this Agreement.

<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first written above.

                                    TRANSWESTERN PUBLISHING COMPANY LLC

                                    By: /s/ LAURENCE BLOCH
                                        ----------------------------------------
                                        Name: Laurence Bloch
                                        Title: Chairman, Secretary

                                    TWP CAPITAL CORP. II

                                    By: /s/ LAURENCE BLOCH
                                        ----------------------------------------
                                        Name: Laurence Bloch
                                        Title: Chairman

                                    TRANSWESTERN HOLDINGS L.P.

                                    By: TRANSWESTERN COMMUNICATIONS COMPANY,
                                         INC., its general partner

                                    By: /s/ LAURENCE BLOCH
                                        ----------------------------------------
                                        Name: Laurence Bloch
                                        Title: Chairman

                                    TRANSWESTERN COMMUNICATIONS COMPANY, INC.

                                    By: /s/ LAURENCE BLOCH
                                        ----------------------------------------
                                        Name: Laurence Bloch
                                        Title: Chairman

                                    TARGET DIRECTORIES OF MICHIGAN, INC.

<PAGE>

                                    By: /s/ LAURENCE BLOCH
                                        ----------------------------------------
                                        Name: Laurence Bloch
                                        Title: Treasurer

<PAGE>

                                    CIBC WORLD MARKETS CORP.

                                    By: /s/ CARTER HARNED
                                        ----------------------------------------
                                        Name:  Carter Harned
                                        Title: Executive Director

                                    FIRST UNION SECURITIES, INC.

                                    By: /s/ JEFFREY M. GRACI
                                        ----------------------------------------
                                        Name:  Jeffrey M. Graci
                                        Title: Director
<PAGE>

                                                                      SCHEDULE I

<TABLE>
<CAPTION>
                                              Principal Amount
Initial Purchaser                                 of Notes
-----------------                             -----------------
<S>                                             <C>
CIBC World Markets Corp.                        $49,000,000.00
First Union Securities, Inc.                    $26,000,000.00
                                                ==============

Total                                           $75,000,000.00
</TABLE><PAGE>

                                                                    EXHIBIT 4.12

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A
DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A
PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER
THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE
DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.

       UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (A NEW YORK CORPORATION) ("DTC") TO THE ISSUERS OR
THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

<PAGE>

Number F-                                                        CUSIP _________

                             [FORM OF FACE OF NOTE]

                      TRANS WESTERN PUBLISHING COMPANY LLC
                              TWP CAPITAL CORP. II

                9 5/8% SENIOR SUBORDINATED NOTE DUE 2007 SERIES F

              TransWestern Publishing Company LLC, a Delaware limited liability
company (the "Company", which term includes any successor corporation), and TWP
Capital Corp. II, a Delaware corporation (jointly and severally, together with
the Company, the "Issuers"), for value received promise to pay to Cede & Co. or
registered assigns the principal sum of _________________________________
($___________), on November 15, 2007.

              Interest Payment Dates: May 15 and November 15, commencing May 15,
2002

              Record Dates: May 1 and November 1

              This Note shall not be valid or obligatory for any purpose until
the certificate of authentication shall have been executed by the Trustee by its
manual signature.

              Reference is made to the further provisions of this Security
contained herein, which will for all purposes have the same effect as if set
forth at this place.

<PAGE>

              IN WITNESS WHEREOF, the Issuers have caused this Note to be signed
manually or by facsimile by their duly authorized Officers.

                                        TRANSWESTERN PUBLISHING COMPANY LLC

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title

                                        TWP CAPITAL CORP. II

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title

Certificate of Authentication:
This is one of the 9 5/8% Senior
Subordinated Notes due 2007 Series F
referred to in the within-mentioned
Indenture

Dated:

WILMINGTON TRUST COMPANY, as Trustee

By:
   ---------------------------------
         Authorized Signatory

                                        2

<PAGE>

                      TRANS WESTERN PUBLISHING COMPANY LLC
                              TWP CAPITAL CORP. II

                9 5/8% SENIOR SUBORDINATED NOTE DUE 2007 SERIES F

1.     INTEREST.

              TRANS WESTERN PUBLISHING COMPANY LLC, a Delaware limited liability
company (the "Company"), and TWP Capital Corp. II, a Delaware corporation
(together with the Company, the "Issuers"), jointly and severally promise to pay
interest on the principal amount of this Note semiannually on May 15 and
November 15 of each year (each an "Interest Payment Date"), commencing on May
15, 2002, at the rate of 9 5/8% per annum. Interest will be computed on the
basis of a 360-day year of twelve 30-day months. Interest on the Notes will
accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of the original issuance of the Notes.

              The Issuers shall pay interest on overdue principal, and on
overdue premium, if any, and overdue interest, to the extent lawful, at the rate
equal to 2% per annum in excess of the rate borne by the Notes.

2.     METHOD OF PAYMENT.

              The Issuers will pay interest on this Note provided for in
Paragraph 1 above (except defaulted interest) to the person who is the
registered Holder of this Note at the close of business on the May 1 or November
1 preceding the Interest Payment Date (whether or not such day is a Business
Day). The Holder must surrender this Note to a Paying Agent to collect principal
payments. The Issuers will pay principal, premium, if any, and interest in money
of the United States that at the time of payment is legal tender for payment of
public and private debts; provided, however, that the Issuers may pay principal,
premium, if any, and interest by check payable in such money. They may mail an
interest check to the Holder's registered address.

3.     PAYING AGENT AND REGISTRAR.

              Initially, Wilmington Trust Company (the "Trustee") will act as
Paying Agent and Registrar. The Issuers may change any Paying Agent or Registrar
without notice to the Holders of the Notes. Neither the Issuers nor any of their
Subsidiaries or Affiliates may act as Paying Agent but may act as Registrar.

4.     INDENTURE; RESTRICTIVE COVENANTS.

              The Issuers issued this Note under an Indenture dated as of
May 23, 2001 (the "Indenture") among the Issuers, the Guarantors and the
Trustee. The terms of this Note include those

                                        3

<PAGE>

stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on
the date of the Indenture. This Note is subject to all such terms, and the
Holder of this Note is referred to the Indenture and said Trust Indenture Act
for a statement of them. All capitalized terms in this Note, unless otherwise
defined, have the meanings assigned to them by the Indenture.

              The Notes are general unsecured obligations of the Issuers limited
to $215,000,000 aggregate principal amount; provided, however, that no more than
(i) $75,000,000 in aggregate principal amount of Exchange Notes may be
authenticated in exchange for the cancellation of up to $75,000,000 of the
Initial Notes and no more than (ii) $140,000,000 in Exchange Notes shall be
reserved and may be authenticated for the Series D Notes, (as defined in the
Indenture). The Indenture imposes certain restrictions on, among other things,
the incurrence of indebtedness, the incurrence of liens and the issuance of
capital stock by Subsidiaries of the Issuers, mergers and sale of assets, the
payments of dividends on, or the repurchase of, capital stock of the Issuers and
their Restricted Subsidiaries, certain other restricted payments by the Issuers
and their Restricted Subsidiaries, certain transactions with, and investments
in, their affiliates, certain sale and lease-back transactions and a provision
regarding change-of-control transactions.

5.     SUBORDINATION.

              The Indebtedness evidenced by the Notes is, to the extent and in
the manner provided in the Indenture, subordinated and subject in right of
payment to the prior payment in full of all Senior Indebtedness as defined in
the Indenture, and this Note is issued subject to such provisions. Each Holder
of this Note, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee, on behalf of such Holder, to
take such action as may be necessary or appropriate to effectuate the
subordination as provided in the Indenture and (c) appoints the Trustee
attorney-in-fact of such Holder for such purpose; provide, however, that the
Indebtedness evidenced by this Note shall cease to be so subordinate and subject
in right of payment upon any defeasance of this Note referred to in Paragraph 17
below.

6.     OPTIONAL REDEMPTION.

              The Issuers, at their option, may redeem the Notes, in whole or in
part, at any time on or after November 15, 2002 upon not less than 30 nor more
than 60 days' notice, at the redemption prices (expressed as percentages of
principal amount), set forth below, together, in each case, with accrued and
unpaid interest to the Redemption Date, if redeemed during the twelve month
period beginning on November 15 of each year listed below:

                                        4
<PAGE>

<TABLE>
<CAPTION>
                        YEAR                               REDEMPTION PRICE
-----------------------------------------------------      ----------------
<S>                                                        <C>
2001 ................................................           104.813%
2003 ................................................           103.208%
2004 ................................................           101.604%
2005 and thereafter .................................           100.000%
</TABLE>

7.     NOTICE OF REDEMPTION.

              Notice of redemption will be mailed via first class mail at least
30 days but not more than 60 days prior to the redemption date to each Holder of
Notes to be redeemed at its registered address as it shall appear on the
register of the Notes maintained by the Registrar. On and after any Redemption
Date, interest will cease to accrue on the Notes or portions thereof called for
redemption unless the Issuers shall fail to redeem any such Note.

8.     OFFERS TO PURCHASE.

              The Indenture requires that certain proceeds from Asset Sales be
used, subject to further limitations contained therein, to make an offer to
purchase certain amounts of Notes in accordance with the procedures set forth in
the Indenture. The Issuers are also required to make an offer to purchase Notes
upon the occurrence of a Change of Control in accordance with procedures set
forth in the Indenture.

9.     DENOMINATIONS, TRANSFER, EXCHANGE.

              The Notes are in registered form without coupons in denominations
of $1,000 and integral multiples thereof. A Holder may register the transfer or
exchange of Notes in accordance with the Indenture. The Registrar may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents and to pay any taxes and fees required by law or permitted by the
Indenture. The Registrar need not register the transfer of or exchange any Note
selected for redemption or register the transfer of or exchange any Note for a
period of 15 days before the mailing of notice of redemption of Notes to be
redeemed or any Note after it is called for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part.

10.    PERSONS DEEMED OWNERS.

              The registered Holder of this Note may be treated as the owner of
it for all purposes.

                                        5
<PAGE>

11.    UNCLAIMED MONEY.

              If money for the payment of principal, premium or interest on any
Note remains unclaimed for two years, the Trustee or Paying Agent will pay the
money back to the Issuers at their written request. After that, Holders entitled
to money must look to the Issuers for payment as general creditors unless an
"abandoned property" law designates another person.

12.    AMENDMENT, SUPPLEMENT AND WAIVER.

              Subject to certain exceptions, the Indenture or the Notes may be
modified, amended or supplemented by the Issuers, the Guarantors and the Trustee
with the consent of the Holders of at least a majority in principal amount of
the Notes then outstanding and any existing default or compliance with any
provision may be waived in a particular instance with the consent of the Holders
of a majority in principal amount of the Notes then outstanding. Without the
consent of Holders, the Issuers, the Guarantors and the Trustee may amend the
Indenture or the Notes or supplement the Indenture for certain specified
purposes including providing for uncertificated Notes in addition to
certificated Notes, and curing any ambiguity, defect or inconsistency, or making
any other change that does not materially and adversely affect the rights of any
Holder.

13.    SUCCESSOR ENTITY.

              When a successor corporation assumes all the obligations of its
predecessor under the Notes and the Indenture and immediately before and
thereafter no Default exists and certain other conditions are satisfied, the
predecessor corporation will be released from those obligations.

14.    DEFAULTS AND REMEDIES.

              Events of Default are set forth in the Indenture. If an Event of
Default (other than an Event of Default pursuant to Section 6.01(6) or (7) of
the Indenture with respect to either of the Issuers) occurs and is continuing,
the Trustee by notice to the Issuers, or the Holders of not less than 25% in
aggregate principal amount of the Notes then outstanding, may declare to be
immediately due and payable the entire principal amount of all the Notes then
outstanding plus accrued but unpaid interest to the date of acceleration and (i)
such amounts shall become immediately due and payable or (ii) if there are any
amounts outstanding under or in respect of the Senior Credit Facility, such
amounts shall become due and payable upon the first to occur of an acceleration
of amounts outstanding under or in respect of the Senior Credit Facility or five
Business Days after receipt by the Company and the Representative of notice of
the acceleration of the Notes; provided, however, that after such acceleration
but before judgment or decree based on such acceleration is obtained by the
Trustee, the Holders of a majority in aggregate principal amount of the
outstanding Notes may, under certain circumstances, rescind and annul such
acceleration and its consequences if all existing Events of Default, other than
the nonpayment of principal, premium or interest that has become due solely
because of the acceleration, have been cured or waived and if the rescission
would not conflict with any judgment or decree. No such rescission shall affect
any subsequent Default or impair any

                                        6
<PAGE>

right consequent thereto. In case an Event of Default specified in Section
6.01(6) or (7) of the Indenture with respect to either of the Issuers occurs,
such principal amount, together with premium, if any, and interest with respect
to all of the Notes shall be due and payable immediately without any declaration
or other act on the part of the Trustee or the Holders of the Notes.

15.    TRUSTEE DEALINGS WITH THE ISSUERS.

              The Trustee under the Indenture, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the
Issuers, any Guarantor or their Affiliates, and may otherwise deal with the
Issuers, any Guarantor or their Affiliates, as if it were not Trustee.

16.    NO RECOURSE AGAINST OTHERS.

              As more fully described in the Indenture, a director, officer,
employee or stockholder, as such, of the Issuers or any Guarantor shall not have
any liability for any obligations of the Issuers or any Guarantor under the
Notes or the Indenture or for any claim based on, in respect or by reason of,
such obligations or their creation. The Holder of this Note by accepting this
Note waives and releases all such liability. The waiver and release are part of
the consideration for the issuance of this Note.

17.    DEFEASANCE AND COVENANT DEFEASANCE.

              The Indenture contains provisions for defeasance of the entire
indebtedness on this Note and for defeasance of certain covenants in the
Indenture upon compliance by the Issuers with certain conditions set forth in
the Indenture.

18.    ABBREVIATIONS.

              Customary abbreviations may be used in the name of a Holder of a
Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants
by the entireties), JT TEN (= joint tenants with right of survivorship and not
as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to
minors Act).

19.    CUSIP NUMBERS.

              Pursuant to a recommendation promulgated by the Committee on
Uniform Note Identification Procedures, the Issuers have caused CUSIP Numbers to
be printed on the Notes and have directed the Trustee to use CUSIP numbers in
notices of redemption as a convenience to Holders of the Notes. No
representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be placed
only on the other identification numbers placed thereon.

                                        7
<PAGE>

20.    GOVERNING LAW.

              THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED
WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.
EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF
THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS NOTE.

       THE ISSUERS WILL FURNISH TO ANY HOLDER OF A NOTE UPON WRITTEN REQUEST AND
WITHOUT CHARGE A COPY OF THE INDENTURE. REQUESTS MAY BE MADE TO: TRANSWESTERN
PUBLISHING COMPANY LLC, 8344 Clairemont Mesa Boulevard, San Diego, California
92111, Attention: Executive Vice President - Chief Financial Officer.

21.    GUARANTEES BY SUBSIDIARIES.

              The Notes will be entitled to the benefits of certain Guarantees
by subsidiaries made for the benefit of the Holders. Reference is hereby made to
the Indenture for a statement of the respective rights, limitations of rights,
duties and obligations thereunder of the Guarantors, the Trustee and the
Holders.

                                        8
<PAGE>

                                   ASSIGNMENT

I or we assign and transfer this Note to:

       (Insert assignee's social security or tax I.D. number)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
       (Print or type name, address and zip code of assignee)

and irrevocably appoint:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Agent to transfer this Note on the books of the Company. The Agent may
substitute another to act for him.

Date:                          Your Signature:
     -----------------------                  ----------------------------------
                                              (Sign exactly as your name appears
                                              on the other side of this Note)

                               Signature Guarantee:
                                                   -----------------------------

                                        9
<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

              If you want to elect to have all or any part of this Note
purchased by the Company pursuant to Section 4.10 or Section 4.19 of the
Indenture, check the appropriate box:

             [ ] Section 4.10                [ ] Section 4.19

              If you want to have only part of the Note purchased by the
pursuant to Section 4.10 or Section 4.19 of the Indenture, state the amount you
elect to have purchased:

$
 ---------------------------------------

Date:                          Your Signature:
     -----------------------                  ----------------------------------
                                              (Sign exactly as your name appears
                                              on the other side of this Note)

                               Signature Guarantee:
                                                   -----------------------------

                                       10
<PAGE>

                               [FORM OF GUARANTEE]

              The undersigned (the "Guarantor") hereby unconditionally
guarantees, on a senior subordinated basis, jointly and severally with all other
guarantors under the Indenture dated as of May 23, 2001 by and among
TransWestern Publishing Company LLC, a Delaware limited partnership (the
"Company"), TWP Capital Corp. II, a Delaware corporation ("Capital" and,
together with the Company, the "Issuers"), the Guarantors named therein and
Wilmington Trust Company, as trustee (as amended, restated or supplemented from
time to time, the "Indenture"), to the extent set forth in the Indenture and
subject to the provisions of the Indenture, (a) the due and punctual payment of
the principal of and premium, if any, and interest on the Notes, whether at
maturity, by acceleration or otherwise, the due and punctual payment of interest
on overdue principal of, and premium, if any, and interest on the Notes, to the
extent lawful, and the due and punctual performance of all other obligations of
the Issuers to the Noteholders or the Trustee, all in accordance with the terms
set forth in Article 10 of the Indenture, and (b) in case of any extension of
time of payment or renewal of any Notes or any of such other obligations, that
the same will be promptly paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise.

              The obligations of the Guarantor to the Noteholders and to the
Trustee pursuant to this Guarantee and the Indenture are expressly set forth in
Article 10 of the Indenture and reference is hereby made to the Indenture for
the precise terms and limitations of this Guarantee.

                                        Guarantor

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

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