Document:

Agreement and Plan of Merger

 Exhibit 4.9 
  

AGREEMENT AND PLAN OF MERGER 
  
 by and among 
  
 YELLOW BOOK USA, INC., 
  
 TAPESTRY ACQUISITION, LLC, 
  
 TRANSWESTERN HOLDINGS, L.P., 
  
 for purposes of Sections
5.06, 7.01, 7.04, 10.06, 10.08, 10.09, 12.01, 12.03, 12.04 and 12.09 
 and Article IX only, 
  
 TWP REP CO., LLC, as Representative, 
  
 and, for purposes of Sections 5.08, 7.03, 7.08 and 7.09 only, 
  
 YELL GROUP PLC 
  
 May 16, 2005 

  
 TABLE OF CONTENTS

  

					
	 ARTICLE I    THE MERGER
	  	1
	 1.01
	  	 The Merger
	  	1
	 1.02
	  	 Effective Time
	  	2
	 1.03
	  	 Certificate of Limited Partnership; Agreement of Limited Partnership
	  	2
	 1.04
	  	 General Partner
	  	2
	 1.05
	  	 Officers
	  	2
		
	 ARTICLE II    EFFECT ON THE CONSTITUENT ENTITIES
	  	2
	 2.01
	  	 Effect on Membership Interests of Merger Sub
	  	2
	 2.02
	  	 Effect on Partnership Interests of the Partnership
	  	2
	 2.03
	  	 Merger Consideration; Allocation Schedule
	  	3
	 2.04
	  	 Delivery of Merger Consideration Calculation
	  	4
	 2.05
	  	 Related Transactions; Closing Transactions
	  	4
	 2.06
	  	 Exchange Procedures
	  	5
		
	 ARTICLE III    CONDITIONS TO CLOSING
	  	6
	 3.01
	  	 Conditions to Buyer’s Obligations
	  	6
	 3.02
	  	 Conditions to the Partnership’s Obligations
	  	8
		
	 ARTICLE IV    REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP
	  	9
	 4.01
	  	 Organization and Qualification; Subsidiaries
	  	9
	 4.02
	  	 Subsidiaries
	  	9
	 4.03
	  	 Governance Documents
	  	9
	 4.04
	  	 Capitalization
	  	10
	 4.05
	  	 Authority Relative to this Agreement
	  	10
	 4.06
	  	 No Conflict; Required Filings and Consents
	  	10
	 4.07
	  	 Compliance with Laws
	  	11
	 4.08
	  	 Financial Statements
	  	11
	 4.09
	  	 No Undisclosed Liabilities
	  	12
	 4.10
	  	 Absence of Certain Changes or Events
	  	12
	 4.11
	  	 Absence of Litigation
	  	13
	 4.12
	  	 Employee Benefit Plans/Labor Matters
	  	13
	 4.13
	  	 Intellectual Property
	  	15
	 4.14
	  	 Taxes
	  	15
	 4.15
	  	 Contracts and Commitments
	  	16
	 4.16
	  	 Property
	  	17
	 4.17
	  	 Environmental Matters
	  	18
	 4.18
	  	 Affiliated Transactions
	  	18
	 4.19
	  	 Permits
	  	18
	 4.20
	  	 Insurance
	  	19
	 4.21
	  	 Directories
	  	19
	 4.22
	  	 Brokers
	  	19
	 4.23
	  	 Current Net Indebtedness Amount
	  	19

  

					
	 ARTICLE V    REPRESENTATIONS AND WARRANTIES OF BUYER AND MERGER SUB
	  	19
	 5.01
	  	 Organization and Power
	  	19
	 5.02
	  	 Authorization; Valid and Binding Agreement
	  	19
	 5.03
	  	 No Conflict
	  	20
	 5.04
	  	 Governmental Consents, etc.
	  	20
	 5.05
	  	 Litigation
	  	20
	 5.06
	  	 Brokerage
	  	20
	 5.07
	  	 Investment Representation
	  	21
	 5.08
	  	 Financing
	  	21
	 5.09
	  	 Solvency
	  	21
		
	 ARTICLE VI    PRE-CLOSING COVENANTS
	  	22
	 6.01
	  	 Conduct of the Business
	  	22
	 6.02
	  	 Access to Books and Records
	  	24
	 6.03
	  	 Exclusive Dealing
	  	24
	 6.04
	  	 Regulatory Act Compliance
	  	24
	 6.05
	  	 Cooperation
	  	25
	 6.06
	  	 Consents
	  	25
	 6.07
	  	 Financial Information
	  	26
		
	 ARTICLE VII    COVENANTS OF BUYER AND MERGER SUB
	  	26
	 7.01
	  	 Access to Books and Records
	  	26
	 7.02
	  	 Director and Officer Liability and Indemnification
	  	26
	 7.03
	  	 Buyer Financing
	  	28
	 7.04
	  	 Buyer’s Solvency
	  	28
	 7.05
	  	 Contact with Employees, Customers and Suppliers
	  	29
	 7.06
	  	 Employee Benefits
	  	29
	 7.07
	  	 Facility Closings; Employee Layoffs
	  	29
	 7.08
	  	 Shareholder Circular
	  	29
	 7.09
	  	 Shareholder Meeting
	  	30
		
	 ARTICLE VIII    TERMINATION
	  	30
	 8.01
	  	 Termination
	  	30
	 8.02
	  	 Effect of Termination
	  	31
		
	 ARTICLE IX    REPRESENTATIVE
	  	31
	 9.01
	  	 Designation
	  	31
	 9.02
	  	 Authority
	  	31
	 9.03
	  	 Authority; Indemnification
	  	32
	 9.04
	  	 Exculpation
	  	32
		
	 ARTICLE X    ADDITIONAL COVENANTS AND AGREEMENTS
	  	33
	 10.01
	  	 Survival
	  	33
	 10.02
	  	 Disclosure Generally
	  	33
	 10.03
	  	 Reasonable Best Efforts
	  	33
	 10.04
	  	 Notification
	  	33

  

 - ii - 

					
	 10.05
	  	 Acknowledgments by Buyer and Merger Sub
	  	34
	 10.06
	  	 Transfer Taxes
	  	34
	 10.07
	  	 Provision Respecting Legal Representation
	  	34
	 10.08
	  	 Further Assurances
	  	35
	 10.09
	  	 Tax Matters
	  	35
		
	 ARTICLE XI    DEFINITIONS
	  	36
	 11.01
	  	 Definitions
	  	36
	 11.02
	  	 Cross–Reference to Definitions
	  	42
		
	 ARTICLE XII    MISCELLANEOUS
	  	44
	 12.01
	  	 Press Releases and Communications
	  	44
	 12.02
	  	 Expenses
	  	45
	 12.03
	  	 Notices
	  	45
	 12.04
	  	 Assignment
	  	47
	 12.05
	  	 Severability
	  	47
	 12.06
	  	 Third Party Beneficiaries
	  	47
	 12.07
	  	 References
	  	48
	 12.08
	  	 No Strict Construction
	  	48
	 12.09
	  	 Amendment and Waiver
	  	48
	 12.10
	  	 Complete Agreement
	  	48
	 12.11
	  	 Counterparts
	  	48
	 12.12
	  	 Governing Law
	  	48
	 12.13
	  	 Waiver of Trial by Jury
	  	49

  

 - iii - 

  
 SCHEDULES 
  

			
	 	  	Section Reference

	 Affiliated Transactions Schedule
	  	4.18
		
	 Allocation Schedule
	  	2.03(a)
		
	 Authorization Schedule
	  	4.06
		
	 Business Conduct Schedule
	  	6.01
		
	 Contracts Schedule
	  	4.15
		
	 Developments Schedule
	  	4.08(b)
		
	 Directories Schedule
	  	4.21
		
	 Employee Benefits Schedule
	  	4.12, 7.06
		
	 Financial Statements Schedule
	  	4.08
		
	 Insurance Schedule
	  	4.20
		
	 Intellectual Property Schedule
	  	4.13(a)
		
	 Leased Real Property Schedule
	  	4.16(b)
		
	 Liabilities Schedule
	  	4.09
		
	 Litigation Schedule
	  	4.11
		
	 Permits Schedule
	  	4.19
		
	 Permitted Liens Schedule
	  	11.01
		
	 Retention Agreements Schedule
	  	11.01
		
	 Subsidiary Schedule
	  	4.01
		
	 Taxes Schedule
	  	4.14
		
	 Terminated Contracts Schedule
	  	3.01(f), 4.02
		
	 Transaction Expenses Schedule
	  	11.01
		
	 Unitholders Schedule
	  	4.04

  

 - iv - 

  
 AGREEMENT AND PLAN OF
MERGER 
  
 THIS AGREEMENT AND PLAN OF MERGER (this
“Agreement”) is made as of May 16, 2005, by and among Yellow Book USA, Inc., a Delaware corporation (“Buyer”), Tapestry Acquisition, LLC, a Delaware limited liability company and a wholly owned Subsidiary of Buyer
(“Merger Sub”), TransWestern Holdings, L.P., a Delaware limited partnership (the “Partnership”), for purposes of Sections 5.06, 7.01, 7.04, 10.06, 10.08, 10.09, 12.01, 12.03, 12.04 and 12.09 and Article
IX only, TWP Rep Co., LLC, as representative of the Sellers (in such capacity, the “Representative”), and, for purposes of Sections 5.08, 7.03, 7.08 and 7.09 only, Yell Group Plc, a public limited company organized under
the laws of England and Wales (“Yell”) with company number 04180320. Capitalized terms used and not otherwise defined herein have the meanings set forth in Article XI. 
  
 WHEREAS, the Partnership is a limited partnership duly formed and validly
existing under the laws of the State of Delaware; 
  
 WHEREAS,
Merger Sub is a limited liability company duly formed and validly existing under the laws of the State of Delaware; 
  
 WHEREAS, the Delaware Revised Uniform Limited Partnership Act (as amended, the “DRULPA”) and the Delaware Limited Liability Company Act
(the “LLC Act”) each permits a limited liability company formed and existing under the LLC Act to merge with and into a limited partnership formed and existing under the DRULPA; and 
  
 WHEREAS, each of the Partnership’s General Partner, a majority in
interest of the Partnership’s Limited Partners, Buyer’s Board of Directors, Yell’s Board of Directors and Merger Sub’s sole member has approved this Agreement, the merger of Merger Sub with and into the Partnership (the
“Merger”) and the other transactions contemplated hereby, upon the terms and subject to the conditions set forth herein. 
  
 NOW, THEREFORE, in consideration of the premises, representations and warranties and mutual covenants contained herein and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 
  
 ARTICLE I 
  
 THE MERGER 
  
 1.01 The Merger. On the terms and subject to the conditions set forth in this Agreement, at the Effective Time, Merger Sub shall be merged with and into the Partnership, the separate existence of Merger Sub shall cease, the
Partnership shall continue in existence as a wholly owned Subsidiary of Buyer (as such, the “Surviving Partnership”) and the Merger shall in all respects have the effects provided for by the DRULPA and the LLC Act. Without limiting
the generality of the foregoing, the Surviving Partnership shall succeed to all the assets, rights, 

  

 
privileges, powers and franchises and be subject to all of the liabilities, restrictions and duties of the Partnership and Merger Sub (including under this
Agreement), all as provided under the DRULPA and the LLC Act. 
  
 1.02 Effective Time. Prior to the Closing the parties shall prepare, and on the Closing Date, upon satisfaction of the terms and conditions set forth herein, the Partnership shall file with the Secretary of State of the State of
Delaware, a certificate of merger (the “Certificate of Merger”) executed in accordance with the relevant provisions of the DRULPA and the LLC Act and shall make all other filings or recordings required under the DRULPA and the LLC
Act to effect the Merger. The Merger shall become effective at such time as the Certificate of Merger is duly filed with the Secretary of State of the State of Delaware or at such other time as Buyer and the Partnership shall agree and specify in
the Certificate of Merger (the time the Merger becomes effective being the “Effective Time”). 
  
 1.03 Certificate of Limited Partnership; Agreement of Limited Partnership. From and after the Effective Time, and until thereafter amended as
provided by law, the Certificate of Limited Partnership of the Partnership as in effect immediately prior to the Effective Time shall be the Certificate of Limited Partnership of the Surviving Partnership. From and after the Effective Time, and
until thereafter amended as provided by law, the Agreement of Limited Partnership of the Partnership as in effect immediately prior to the Effective Time shall be the Agreement of Limited Partnership of the Surviving Partnership. 
  
 1.04 General Partner. From and after the Effective Time, the
Partnership’s General Partner shall be the general partner of the Surviving Partnership. 
  
 1.05 Officers. The officers of the Partnership immediately prior to the Effective Time shall be the officers of the Surviving Partnership, until the earlier of their resignation or removal or until their
respective successors are duly elected or appointed and qualified, as the case may be. 
  
 ARTICLE II 
  
 EFFECT ON THE
CONSTITUENT ENTITIES 
  
 2.01 Effect on Membership
Interests of Merger Sub. At the Effective Time, (a) each issued and outstanding membership interest of Merger Sub, by virtue of the Merger and without any action on the part of the holder thereof, shall be converted into and become a number of
Class A Common Units and Class B Common Units of the Surviving Partnership equal to the number of Class A Common Units and Class B Common Units issued and outstanding at the Effective Time (other than those held by TCC, BC1 and BC2), and (b) Buyer
shall be admitted as the sole limited partner of the Surviving Partnership. 
  
 2.02 Effect on Partnership Interests of the Partnership. At the Effective Time, by virtue of the Merger and without any action on the part of the holder of any limited partnership interests of the Partnership:

  
 (a) Class A Common Units. Each Class A
Common Unit outstanding as of the Effective Time shall be converted into the right to receive, subject to the terms of this 

  

 - 2 - 

 
Agreement, an amount in cash equal to the portion of the Merger Consideration allocated in respect thereof in accordance with Section 2.03(a) below
and payable as provided in Section 2.06 below. 
  
 (b) Class B Common Units. Each Class B Common Unit outstanding as of the Effective Time shall be converted into the right to receive, subject to the terms of this Agreement, an amount in cash equal to the portion of the Merger
Consideration allocated in respect thereof in accordance with Section 2.03(a) below and payable as provided in Section 2.06 below. 
  
 (c) Notwithstanding the foregoing, any Class A Common Units or Class B Common Units owned by the Partnership, Merger Sub or Buyer
immediately prior to the Effective Time (other than the Class A Common Units that shall be indirectly acquired by Buyer as a result of the consummation of the TCC Merger Transaction and the BC Stock Purchase Transactions (which Class A Common Units
are addressed in Section 2.02(d) below)), shall not convert as described in Sections 2.02(a) and 2.02(b) above but shall instead, by virtue of the Merger and without any action on the part of the holder thereof, be cancelled and
retired and shall cease to exist with no payment being made hereunder with respect thereto. For the avoidance of doubt, in no event shall the Trust Units be deemed owned by the Partnership for purposes of this Section 2.02(c). 
  
 (d) Notwithstanding Section 2.02(a) above, the Class
A Common Units that shall be indirectly acquired by Buyer as a result of the consummation of the TCC Merger Transaction (such units constituting the Partnership’s general partner interest) and the BC Stock Purchase Transactions shall remain
outstanding following the Effective Time with no payment being made hereunder with respect thereto. 
  
 2.03 Merger Consideration; Allocation Schedule 
  
 (a) At least three business days prior to the Closing Date, the Partnership shall prepare and deliver to Buyer a schedule setting forth
the portion of the Merger Consideration payable to each holder of Class A Common Units (other than the Class A Common Units referenced in Section 2.02(d) above) and Class B Common Units upon the consummation of the Merger in respect of each
Class A Common Unit and/or Class B Common Unit held by such holder (the “Allocation Schedule”). In formulating the Allocation Schedule, the Partnership shall (i) determine the portion of the Merger Consideration due and
payable in respect of each Class A Common Unit and Class B Common Unit held by any holder as if the Merger Consideration were distributed to all of the holders (other than the Partnership, Merger Sub or Buyer) of Class A Common Units and Class B
Common Units pursuant to the terms of the Partnership Agreement and (ii) reduce the TCC Merger Consideration by the TCC Liability Amount, if any. 
  
 (b) For purposes of this Agreement, “Merger Consideration” shall mean an amount equal to $1,575,000,000, minus (i)
the Indebtedness Amount, minus (ii) the BC Stock Purchase Consideration, minus (iii) the TCC Merger Consideration, minus (iv) the Transaction Expenses, minus (v) the Settlement Contingency Amount, if any, minus
(vi) the Unclaimed Property Amount, minus (vii) the TCC Liability Amount. 
  

 - 3 - 

 2.04 Delivery of Merger Consideration Calculation. At least three business days prior to the
Closing Date, the Partnership shall deliver to Buyer a certificate executed on behalf of the Partnership by a duly authorized officer setting forth in reasonable detail (including reasonable supporting documentation) its good faith calculation of
the Merger Consideration as of the Closing Date (which certificate shall be updated as of the day prior to the Closing Date) (the “Merger Consideration Certificate”), including its calculation of the Indebtedness Amount, the BC
Stock Purchase Consideration, the TCC Merger Consideration, the TCC Liability Amount and the Transaction Expenses. During such period, Buyer shall be afforded a reasonable opportunity to review and discuss such calculation with the members of the
Partnership’s management and the Partnership shall provide Buyer any information it shall reasonably request in connection with its review of such calculation. 
  
 2.05 Related Transactions; Closing Transactions. 
  
 (a) Immediately prior to the Closing, the following transactions (the “Related
Transactions”) shall occur in the sequence indicated: 
  
 (i) The Partnership and the other parties to the Recapitalization Agreement shall consummate the Recapitalization Transactions, unless Buyer has requested or consented otherwise; 
  
 (ii) Buyer and the other parties to the BC Stock Purchase
Agreement shall consummate the BC Stock Purchase Transactions; and 
  
 (iii) Buyer and the other parties to the TCC Merger Agreement shall consummate the TCC Merger Transaction. For the avoidance of doubt, it is agreed and understood that the aggregate purchase price paid by Buyer
to the stockholders of TCC under the TCC Merger Agreement shall, as further described in the TCC Merger Agreement, be equal to the portion of the Merger Consideration that TCC would have been otherwise entitled to hereunder in respect of its Class A
Common Units in the absence of the TCC Merger Transaction (i.e., disregarding in the calculation hereunder of the Merger Consideration the deduction for the TCC Merger Consideration but taking into account the TCC Liability Amount). 
  
 (b) Immediately following the consummation of the
transactions referenced in Section 2.05(a) above, the closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at the offices of Kirkland & Ellis LLP located at 200 East Randolph Drive,
Chicago, Illinois at 9:00 a.m. on July 15, 2005, or, if any of the conditions to the Closing set forth in Article III (other than those to be satisfied at the Closing) have not been satisfied or waived by the party entitled to the benefit
thereof, then on or prior to the third business day following satisfaction or waiver of all of the conditions to the Closing set forth in Article III (other than those to be satisfied at the Closing) or on such other date as is mutually
agreeable to Buyer and the Partnership. The date and time of the Closing are referred to herein as the “Closing Date.” 
  
 (c) Immediately prior to the Closing, Buyer shall cause TCC to contribute an amount of cash equal to the TCC negative capital account
immediately prior to the Effective 

  

 - 4 - 

	 	 
Time to the Partnership; and, simultaneously with the Closing, shall use such cash (together with other funds available to Buyer) to repay, or cause to be
repaid, on behalf of the Partnership and its Subsidiaries, the Indebtedness by wire transfer of immediately available funds to an account or accounts designated by the holders of such Indebtedness no later than two business days prior to the Closing
Date. 

  
 (d) Simultaneously
with the Closing, Buyer shall pay, or cause to be paid, on behalf of the Partnership and the Sellers (as applicable), the Transaction Expenses by wire transfer of immediately available funds to an account or accounts designated by the Partnership no
later than two business days prior to the Closing Date. 
  
 (e) Simultaneously with the Closing, Buyer shall pay, or cause to be paid, on behalf of the Partnership, the Transaction Bonuses by wire transfer of immediately available funds to an account or accounts designated by
the Partnership no later than two business days prior to the Closing Date. 
  
 2.06 Exchange Procedures. 
  
 (a) Paying Agent. Wells Fargo Bank, National Association (or such other third-party paying agent designated by the Partnership and reasonably acceptable to Buyer) shall act as paying agent (the “Paying
Agent”) in effecting the payment of the Merger Consideration to the holders of Class A Common Units and Class B Common Units entitled thereto in accordance with this Article II. 
  
 (b) Payment of Merger Consideration; Delivery of Letters
of Transmittal at the Closing. At the Closing, Buyer shall pay to the Paying Agent, by wire transfer of immediately available funds to an account designated by the Paying Agent no later than two business days prior to the Closing Date, an amount
equal to the Merger Consideration (it being understood that Buyer shall have separately paid the BC Stock Purchase Consideration and the TCC Merger Consideration pursuant to the BC Stock Purchase Agreement and the TCC Merger Agreement,
respectively). At the Effective Time and except as otherwise provided in Section 2.06(c) below, the Paying Agent shall deliver to each holder of record as of the Effective Time of Class A Common Units and/or Class B Common Units who has
delivered prior to the Effective Time in respect of such units, a duly executed letter of transmittal substantially in the form attached hereto as Exhibit A (the “Letter of Transmittal”), the consideration payable to such
holder as set forth in the Allocation Schedule by wire transfer of immediately available funds to an account designated in writing by such holder to the Paying Agent prior to the Closing. 
  
 (c) Delivery of Letters of Transmittal After the
Closing. With respect to any holder of Class A Common Units or Class B Common Units failing to deliver a Letter of Transmittal to the Paying Agent at or prior to the Closing, the Paying Agent shall promptly thereafter mail to any such holder
instructions for delivering such Letter of Transmittal in exchange for the payment to such holder of the consideration to which he, she or it is entitled under Section 2.02 above. Upon delivery to the Paying Agent of such appropriate Letter
of Transmittal, the Paying Agent shall deliver to the holder of the Class A Common Units or Class B Common Units, as the case may be, the amounts set forth in the Allocation Schedule. 
  

 - 5 - 

 (d) No Interest Accrual; Conditions to Payment. No interest will be paid or
accrued on the amounts payable upon the delivery of the Letters of Transmittal. If payment is to be made to a Person other than the Person in whose name a Class A Common Unit or Class B Common Unit is registered, it shall be a condition of payment
that the Person requesting such payment shall pay any transfer or similar Taxes required by reason of the payment to a Person other than the holder of record or shall establish to the satisfaction of the Paying Agent that such Tax has been paid or
is not applicable. Until the respective Letter of Transmittal is delivered with respect to any Class A Common Unit or Class B Common Unit, such Class A Common Unit or Class B Common Unit shall represent for all purposes only the right to receive
payment of the amounts set forth in the Allocation Schedule in respect of such Class A Common Unit or Class B Common Unit, as the case may be. 
  
 (e) Unclaimed Funds. Any portion of the funds deposited with the Paying Agent which remains undistributed to the holders of Class A
Common Units or Class B Common Units for one year after the Effective Time shall be delivered to the Surviving Partnership for all purposes, and any holder of Class A Common Units or Class B Common Units who has not theretofore complied with this
Section 2.06 shall thereafter look only as a general claimant to the Surviving Partnership for payment of the sums to which such holder is entitled pursuant to this Agreement. 
  
 (f) No Liability. Neither Buyer nor the Surviving Partnership shall be liable to any holder of Class
A Common Units or Class B Common Units for any cash delivered by the Paying Agent or the Surviving Partnership in good faith to a public official pursuant to an applicable abandoned property, escheat or similar law. 
  
 (g) No Further Ownership Rights in Class A Common Units
or Class B Common Units; Transfer Books. After the Effective Time, there shall be no further registration of transfers on the Surviving Partnership’s equity transfer books of any Class A Common Units or Class B Common Units that were
outstanding immediately prior to the Effective Time (other than the Class A Common Units held by TCC, BC1 and BC2). At the Effective Time, the equity transfer books of the Partnership shall be closed. 
  
 ARTICLE III 
  
 CONDITIONS TO CLOSING 
  
 3.01 Conditions to Buyer’s Obligations. The obligation of Buyer to consummate the transactions contemplated by this Agreement is subject to
the satisfaction of the following conditions as of the Closing Date: 
  
 (a) The representations and warranties of the Partnership contained herein shall be true and correct (without giving effect to any materiality, “Material Adverse Effect” or similar qualification) at and as
of the date of this Agreement and at and as of the Closing Date as though then made (other than those representations and warranties made as of a particular date, which shall be true and correct at and as of such date), except where the failure of
such representations and warranties to be so true and correct would not, in the aggregate, have a Material Adverse Effect; 
  

 - 6 - 

 (b) The Partnership shall have performed in all material respects all of the covenants
and agreements required to be performed by it under this Agreement at or prior to the Closing; 
  
 (c) The applicable waiting period under the HSR Act shall have expired or have been terminated; 
  
 (d) No judgment, decree or order shall have been entered
which would prevent the performance of this Agreement or the consummation of any material part of the transactions contemplated hereby, declare void or unlawful the transactions contemplated by this Agreement or cause such transactions to be
rescinded; 
  
 (e) The Partnership shall have
delivered to Buyer each of the following: 
  
 (i)
a certificate of the Partnership in the form set forth in Exhibit B, dated the Closing Date, stating that the conditions specified in subsections 3.01(a) and (b) above have been satisfied; 
  
 (ii) the payoff letters relating to the repayment of the
Indebtedness pursuant to Section 2.05(c) above, together with UCC-3 termination statements or similar documents evidencing the termination of all liens, security interests and other encumbrances held by the lenders under the Indebtedness
along with share certificates and stock powers (if any) in respect of any equity interests in TCC, the Partnership, TWP LLC, BC1 or BC2 or their Subsidiaries which are subject to security in favor of the lenders under the Indebtedness; 

 
 (iii) a copy of the Certificate of Limited Partnership of
the Partnership certified by the Secretary of State of the State of Delaware and a certificate of good standing from Delaware, in each case dated within five business days of the Closing Date; 
  
 (iv) certified copies of the resolutions duly adopted by the
Partnership’s General Partner and the requisite number of the Partnership’s Limited Partners authorizing its execution, delivery and performance of this Agreement and the other agreements contemplated hereby to which it is a party, and the
consummation of all transactions contemplated hereby and thereby; and 
  
 (v) an affidavit of the Partnership certifying that 50 percent or more of the value of the gross assets of the Partnership does not consist of U.S. real property interests, and otherwise complying with Treasury
Regulation Section 1.1445-11T(d)(2); 
  
 (f)
The Related Transactions shall have occurred; provided, however, that if one or more of the Recapitalization Transactions does not occur at the request, or with the consent, of Buyer, such failure shall not constitute a failure of this condition;

  
 (g) The Partnership shall have terminated
those contracts and agreements listed on the Terminated Contracts Schedule; 
  

 - 7 - 

 (h) Yell shall have received Shareholder Approval; 
  
 (i) Financing shall be available to Yell under the
Definitive Financing Documents (or replacement facility contemplated by Section 7.03) sufficient (together with other available cash) to allow Buyer to pay the Merger Consideration and Buyer’s related costs (it being understood that
Buyer may not assert this condition in the event Yell, Buyer or Merger Sub has breached its obligation under Section 7.03); and 
  
 (j) There shall have been no events, changes or effects, individually or in the aggregate, with respect to the Partnership and its
Subsidiaries taken as a whole having, or that would reasonably be expected to have, a Material Adverse Effect. 
  
 If the Closing occurs, all closing conditions set forth in this Section 3.01 which have not been fully satisfied as of the Closing shall be deemed to have been fully waived by Buyer. 
  
 3.02 Conditions to the Partnership’s Obligations. The obligation
of the Partnership to consummate the transactions contemplated by this Agreement is subject to the satisfaction of the following conditions as of the Closing Date: 
  
 (a) The representations and warranties of Buyer and Merger Sub contained herein shall be true and correct
(without giving effect to any materiality or similar qualification) at and as of the date of this Agreement and at and as of the Closing Date as though then made (other than those representations and warranties made as of a particular date, which
shall be true and correct at and as of such date), except where the failure of such representations and warranties to be so true and correct would not, in the aggregate, be materially adverse to the ability of Buyer and Merger Sub to consummate the
transactions contemplated by this Agreement; 
  
 (b) Each of Buyer and Merger Sub shall have performed in all material respects all of the covenants and agreements required to be performed by it under this Agreement at or prior to the Closing; 
  
 (c) The Related Transactions shall have occurred;

  
 (d) The applicable waiting period under the
HSR Act shall have expired or have been terminated; 
  
 (e) No judgment, decree or order shall have been entered which would prevent the performance of this Agreement or the consummation of any material part of the transactions contemplated hereby, declare void or unlawful the transactions
contemplated by this Agreement or cause such transactions to be rescinded; 
  
 (f) Buyer and Merger Sub, as the case may be, shall have delivered to the Partnership each of the following: 
  
 (i) a certificate in the form set forth as Exhibit C, dated the Closing Date, stating that the conditions specified in subsections
3.02(a) and (b) above have been satisfied; 
  

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 (ii) certified copies of the resolutions duly adopted by its board of directors (or
equivalent governing body), authorizing its execution, delivery and performance of this Agreement and the other agreements contemplated hereby to which it is a party, and the consummation of all transactions contemplated hereby and thereby;

  
 (iii) evidence of the continuation of the
insurance described in Section 7.02(b) below; and 
  
 (iv) the solvency opinion referred to in Section 7.04 below, in form and substance reasonably acceptable to the Partnership. 
  
 (g) Buyer shall have delivered the consideration contemplated by Section 2.06(b). 
  
 If the Closing occurs, all closing conditions set forth in this Section 3.02 which
have not been fully satisfied as of the Closing shall be deemed to have been fully waived by the Partnership. 
  
 ARTICLE IV 
  
 REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP 
  
 Subject to the disclosure schedules referenced herein, the Partnership represents and warrants to Buyer and Merger Sub that: 
  
 4.01 Organization and Qualification; Subsidiaries. The Partnership and each of its Subsidiaries is a legal entity duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization and has the requisite power and authority to own, lease and operate its properties and to carry on its business as it is now being conducted. The Partnership and each of its
Subsidiaries is duly qualified to do business and is in good standing as a legal entity in each jurisdiction where the ownership or operation of its properties and assets or the conduct of its business requires such qualification, except as set
forth on the attached Subsidiary Schedule or except where the failure to be so qualified or in good standing would not reasonably be expected to have a Material Adverse Effect. 
  
 4.02 Subsidiaries. The attached Subsidiary Schedule sets forth a true and complete list of each of the
Partnership’s Subsidiaries. Except as set forth on the attached Subsidiary Schedule, each outstanding share of capital stock of or other equity interest in each of the Partnership’s Subsidiaries is owned by the Partnership or a
Subsidiary and, assuming termination of those agreements listed on the attached Terminated Contracts Schedule, is free and clear of any pledge or other encumbrance of any kind whatsoever. Except for the capital stock of, or other equity
interest in, the Partnership’s Subsidiaries and any other entities listed on the attached Subsidiary Schedule, as of the date hereof, neither the Partnership nor any of its Subsidiaries owns, directly or indirectly, any capital stock or
other equity interest in any Person. 
  
 4.03 Governance
Documents. The Partnership has made available to Buyer a complete and correct copy of the certificate of limited partnership, partnership agreement, certificate of incorporation and bylaws (or equivalent organizational documents), each as
amended to date, of the Partnership and each of its Subsidiaries. Such organizational documents are in full force and 

  

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effect. Neither the Partnership nor any of its Subsidiaries is in violation in any material respect of any provision of its respective certificate of limited
partnership, partnership agreement, certificate of incorporation and bylaws (or equivalent organizational documents). 
  
 4.04 Capitalization. The outstanding partnership interests of the Partnership consist of (a) 1,525,595.73 Class A Common Units and (b) 10,000.00
Class B Common Units. All issued and outstanding units of the Partnership are duly authorized and validly issued. Except as set forth on the attached Unitholders Schedule or in this Section 4.04 or as contemplated by this Agreement,
(i) there are no options, warrants, calls, commitments or other contractual rights (preemptive or otherwise) relating to the issued or unissued equity interests of the Partnership or any of its Subsidiaries that could obligate the Partnership or any
of its Subsidiaries to issue or sell any equity interests of, or other securities convertible into or exchangeable for equity interests in, the Partnership or any of its Subsidiaries and (ii) other than the BC1 Option and BC2 Option, the Partnership
does not have Knowledge of any options, warrants, calls, commitments or other contractual rights (preemptive or otherwise) between the Sellers and other third parties relating to the Partnership Interests. Except as set forth on the attached
Unitholders Schedule, there are no outstanding contractual obligations of the Partnership or any of its Subsidiaries to repurchase, redeem or otherwise acquire any equity interests of the Partnership or any of its Subsidiaries, or make any
investment (in the form of a loan, capital contribution or otherwise) in, any of the Partnership’s Subsidiaries or any other Person. The attached Unitholders Schedule sets forth a true, correct and complete list of the holders of the
Class A Common Units and Class B Common Units. Other than the units described on the Unitholders Schedule, the Equity Trust has no other assets. 
  
 4.05 Authority Relative to this Agreement. The Partnership has all necessary limited partnership power and authority to execute and deliver this
Agreement and to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by the Partnership and the consummation by the Partnership of the transactions contemplated
hereby have been duly and validly authorized by all necessary limited partnership action and no other limited partnership proceedings on the part of the Partnership are necessary to authorize this Agreement or to consummate the transactions
contemplated hereby. This Agreement has been duly and validly executed and delivered by the Partnership and, assuming the due authorization, execution and delivery by the other parties hereto, constitutes a legal, valid and binding obligation of the
Partnership, enforceable against the Partnership in accordance with its terms, except as enforceability may be limited by bankruptcy laws, other similar laws affecting creditors’ rights and general principles of equity affecting the
availability of specific performance and other equitable remedies. 
  
 4.06 No Conflict; Required Filings and Consents. 
  
 (a) Except as set forth on the attached Authorization Schedule, the execution, delivery and performance of this Agreement by the Partnership does not (i) conflict with or violate the certificate of limited
partnership, partnership agreement, certificate of incorporation or bylaws (or equivalent organizational documents) of the Partnership or any of its Subsidiaries, (ii) conflict with or violate, any law, rule, regulation, order, judgment or decree
applicable to the Partnership or any of its Subsidiaries or by which any property or asset of the Partnership or any of its Subsidiaries is bound or affected or (iii) result in any breach of or constitute a default under 

  

 - 10 - 

 
(or an event which with notice or lapse of time or both would become a default), give rise to a right of termination, cancellation or acceleration of any
obligation or loss of any benefit under, or result in the creation of a lien or other encumbrance on any property or asset of the Partnership or any of its Subsidiaries pursuant to, any note, bond, mortgage, indenture or contract to which the
Partnership or any of its Subsidiaries is a party or by which the Partnership or any of its Subsidiaries or any property or asset of the Partnership or any of its Subsidiaries is bound or affected, except in the case of clauses (ii) and (iii), for
any such conflicts, violations, breaches, defaults or other occurrences which would not, individually or in the aggregate, prevent the Partnership from performing its obligations under this Agreement in any material respect and would not reasonably
be expected to have a Material Adverse Effect. 
  
 (b) Except as set forth on the attached Authorization Schedule, the execution, delivery and performance of this Agreement by the Partnership do not require any consent, clearance, approval, authorization or permit of any Governmental
Entity except (i) for the pre-merger notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations thereunder (the “HSR Act”) or (ii) where failure to obtain such
clearances, consents, approvals, authorizations or permits, or to make such filings or notifications, would not prevent the Partnership from performing its obligations under this Agreement in any material respect, and would not reasonably be
expected to have a Material Adverse Effect. 
  
 4.07 Compliance
with Laws. Each of the Partnership and its Subsidiaries is in compliance with all applicable laws and regulations of any Governmental Entity, other than failures to comply that would not reasonably be expected to have a Material Adverse Effect.
Neither the Partnership nor any of its Subsidiaries has received any written or other notice of or been charged with the violation of any applicable law or regulation, except for such violations which would not reasonably be expected to have a
Material Adverse Effect. 
  
 4.08 Financial Statements.

  
 (a) The following financial statements are
attached to the Financial Statements Schedule: (i) unaudited consolidated balance sheet with respect to the Partnership and its Subsidiaries as of March 31, 2005 (the “Latest Balance Sheet”), and the related statements of
income and cash flows for the three-month period then ended and (ii) audited consolidated statements of income and statements of cash flows with respect to the Partnership and its Subsidiaries for the fiscal years ended December 31, 2004, December
31, 2003 and December 31, 2002 and audited consolidated balance sheet with respect to the Partnership and its Subsidiaries as of the fiscal years ended December 31, 2004 and December 31, 2003 (collectively, the “Restated Financial
Statements”). Except as set forth on the attached Financial Statements Schedule, such financial statements present fairly in all material respects the financial condition and results of operations of the Partnership and its
Subsidiaries (taken as a whole) as of the times and for the periods referred to therein in accordance with GAAP consistently applied (subject, in the case of the unaudited financial statements, to normal year-end audit adjustments, which,
individually or in the aggregate, would not be material, absence of footnotes and other presentation items). The Partnership’s sales flash report as of April 14, 2005 was accurate in all material respects as of the date of the report.

  

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 (b) Except as set forth on the attached Financial Statements Schedule, the books
and records of the Partnership and its Subsidiaries on a consolidated basis have been maintained in all material respects in accordance with applicable accounting requirements, reflect only bona fide transactions, are complete and correct in all
material respects and accurately reflect the basis for the financial position, results of operations and cash flows of the Partnership and its Subsidiaries on a consolidated basis as set forth in the financial statements. The Partnership and each of
its Subsidiaries maintains systems of internal accounting controls sufficient to provide commercially reasonable assurances that all assets and transactions are accounted for in accordance with GAAP. The Partnership has made available to Buyer
copies of each management letter or other material letter delivered to the Partnership or any of its Subsidiaries by its auditors in connection with such financial statements or relating to any review by its auditors of the internal controls of the
Partnership or any of its Subsidiaries prior to the date hereof. No Undisclosed Liabilities. Except (i) as disclosed in the Liabilities Schedule, (ii) for liabilities incurred in the ordinary course of business since the date of the
Latest Balance Sheet and (iii) for liabilities incurred in connection with the transactions contemplated by this Agreement, the Partnership does not have Knowledge that the Partnership or any of its Subsidiaries has any material indebtedness,
obligations or liabilities of any kind that would have been required to be reflected in, reserved against or otherwise described in the Latest Balance Sheet or notes thereto in accordance with GAAP. 
  
 4.10 Absence of Certain Changes or Events. Since the date of the
Latest Balance Sheet to the date of this Agreement, except as contemplated by the Related Transactions or otherwise under this Agreement or as set forth on the attached Developments Schedule, the Partnership and its Subsidiaries have
conducted their businesses in the ordinary course. Since the date of the Latest Balance Sheet to the date of this Agreement, except as contemplated by this Agreement or as set forth on the attached Developments Schedule, there has not been
(a) any change, effect, event or occurrence or state of facts that, individually or in the aggregate, has had or would be reasonably expected to have, a Material Adverse Effect, (b) any declaration, setting aside or payment of any dividend or
distribution in respect of any partnership interests of the Partnership (other than intercompany transactions) or any redemption, purchase or other acquisition of any partnership interests of the Partnership or any equity interests of its
Subsidiaries, (c) any mortgage, pledge, creation of a lien on or sale of the Partnership’s or its Subsidiaries’ material tangible assets, (d) any licensing of any of the Partnership’s or its Subsidiaries’ material intellectual
property, (e) any material damage, destruction or casualty loss to the Partnership’s or its Subsidiaries’ tangible assets, (f) other than as required by law, and pursuant to the Plans referred to in Section 4.12 hereof, any material
increase in or establishment of any Plan (including the granting of stock options, stock appreciation rights, performance awards, restricted stock awards, or their equivalent), or any material increase in the compensation payable or to become
payable to any officers or key employees of the Partnership or any of its Subsidiaries, (g) any making or revoking of any material election related to Taxes or any change in accounting or Tax reporting principles, methods or policies of the
Partnership and its Subsidiaries, except for any change required by a concurrent change in GAAP, (h) any issuance, creation, incurrence, assumption or guarantee of any Indebtedness by the Partnership or any of its Subsidiaries, (i) any failure to
pay and discharge any current liabilities except for liabilities not material in amount that are disputed in good faith by appropriate proceedings by the Partnership and its Subsidiaries or (j) any agreement, commitment, arrangement or entering

  

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into of any understanding to do anything set forth in this Section 4.10 by the Partnership or any of its Subsidiaries. 
  
 4.11 Absence of Litigation. Except as set forth on the attached
Litigation Schedule, as of the date of this Agreement, there are no suits, proceedings or investigations pending and the Partnership does not have Knowledge of any suits, proceedings or investigations threatened against the Partnership or any
of its Subsidiaries, or any property or asset of the Partnership or any of its Subsidiaries, or against any of the officers of the Partnership or its Subsidiaries relating to the Partnership or its Subsidiaries, before any court, arbitrator or
Governmental Entity which would reasonably be expected to have a Material Adverse Effect or adversely affect in any material respect the Partnership’s performance under this Agreement or the consummation of the transactions contemplated hereby.
Except as set forth on the attached Litigation Schedule, neither the Partnership nor any of its Subsidiaries nor any property or asset of the Partnership or any of its Subsidiaries is subject to any order, writ, judgment, injunction, decree,
determination or award (other than any order, writ, judgment, injunction, decree, determination or award not particular in its application to the Partnership or any Subsidiary) having, or reasonably expected to have, a Material Adverse Effect or
which could adversely affect in any material respect the Partnership’s performance under this Agreement or the consummation of the transactions contemplated hereby. 
  
 4.12 Employee Benefit Plans/Labor Matters. 
  
 (a) Except as listed on the attached Employee Benefits Schedule, neither the Partnership nor any of
its Subsidiaries sponsors, maintains, contributes to or has any liability with respect to any “pension plan” (as defined under Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), any
“welfare plan” (as defined under Section 3(1) of ERISA) or any material employment, consulting or similar contract, arrangement or policy or any material plan, agreement, policy or arrangement for insurance coverage (including, but not
limited to, any self-insured arrangements), severance, retention, change in control, salary continuation, educational assistance, supplemental unemployment benefits, vacation benefits and other paid leave, deferred compensation, bonuses,
profit-sharing, stock options, stock appreciation rights or other forms of incentive compensation or post-retirement compensation or benefit that is not an “employee benefit plan” (as defined under Section 3(3) of ERISA) (the
“Plans”). 
  
 (b) Neither the
Partnership nor any Subsidiary has any liability with respect to a “pension plan” subject to Title IV of ERISA, actual or potential withdrawal liability with respect to a multiemployer plan, as defined in Section 3(37) of ERISA, or a
“pension plan” subject to Sections 4063 or 4064 of ERISA. 
  
 (c) True and complete copies of the following documents with respect to each Plan (as applicable) have been made available to the Buyer: (i) any plan documents, all amendments thereto and any related trust documents,
insurance contracts or other funding arrangements and amendments thereto, (ii) the most recent Form 5500 and all schedules thereto and the most recent actuarial report, if any, (iii) the most recent Internal Revenue Service determination or opinion
letter, (iv) summary plan descriptions, and (v) written summaries of the terms of and benefits under non-written Plans. 
  

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 (d) Except as set forth on the attached Employee Benefits Schedule or as would not
reasonably be expected to result in a material liability to the Partnership: 
  
 (i) each Plan has been maintained in accordance with its terms and all applicable provisions of ERISA, the Code and other applicable laws, and nothing has occurred with respect to the operation of the Plans that could
cause the imposition of any material liability, penalty or tax under ERISA or the Code; 
  
 (ii) there are no actions, claims (other than routine benefit claims) or lawsuits pending against any of the Plans, the assets of any of
the trusts under such Plans or the Plan sponsor or the Plan administrator, or against any fiduciary of any Plan with respect to the operation of such Plan, nor does the Partnership have Knowledge of any threatened action, claim or lawsuit;

  
 (iii) each Plan intended to be qualified
under Section 401(a) of the Code has received a favorable prototype opinion letter from the Internal Revenue Service that it is so qualified and the Partnership does not have Knowledge of any occurrences that would reasonably be expected to
adversely affect the qualified status of the Plan; and 
  
 (iv) None of the Plans promises nor provides post-employment welfare benefits except as required under Section 4980B of the Code or similar state laws. 
  
 (e) All contributions required to have been made under any Plan have been timely made and all contributions
for any period ending on or before the Closing Date that are not yet due will have been paid or sufficient accruals for such contributions and other payments in accordance with GAAP. 
  
 (f) Except for the Retention Agreements and Other Benefits set forth on the Employee Benefits
Schedule, neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated by this Agreement will (i) result in any payment becoming due and payable to any current or former employee or director of the
Partnership or any Subsidiary, (ii) increase any benefits otherwise payable under any Plan or (iii) result in the acceleration of the time of payment or vesting of any right to such benefit under any Plan. 
  
 (g) Neither the Partnership nor any Subsidiary is a party to
any collective bargaining or labor agreement covering any of its employees. There (i) is no unfair labor practice charge or complaint against the Partnership or any Subsidiary pending or, to the Knowledge of the Partnership, threatened before the
National Labor Relations Board, (ii) is no labor strike pending or, to the Knowledge of the Partnership, threatened against the Partnership or any Subsidiary, or (iii) has not been any organized stoppage, lockout or slowdown by any group of
employees of the Partnership or any Subsidiary in effect or, to the Knowledge of the Partnership, threatened. There are no complaints, charges or claims against the Partnership or any Subsidiary pending or, to the Knowledge of the Partnership,
threatened which would reasonably be expected to be brought or filed, with any Governmental Entity based on, arising out of, in connection with, or otherwise relating to the employment or termination of employment or failure to employ by the
Partnership or any Subsidiary, of any individual. There has been no “mass layoff” or “plant closing” as defined by the Worker Adjustment, Retraining 

  

 - 14 - 

 
and Notification Act, 29 U.S.C. § 2101, et seq. (“WARN”) and any similar state or local “mass layoff” or “plant
closing” law with respect to the Partnership or any Subsidiary within the six (6) months prior to Closing. 
  
 4.13 Intellectual Property. 
  
 (a) The attached Intellectual Property Schedule lists the (i) patents, trademarks, trade names, service marks and domain names for
which the Partnership or any Subsidiary thereof owns registrations or applications to register and (ii) copyrights for which the Partnership or any Subsidiary thereof owns registrations or applications to register so long as such copyright
registrations were obtained, or copyright applications filed, on or after January 1, 2004. Except as set forth on the Intellectual Property Schedule, there are no claims pending and the Partnership does not have Knowledge of any assertion of
a claim challenging the validity of any entry on the Intellectual Property Schedule which would reasonably be expected to have a Material Adverse Effect. Except as set forth on the Intellectual Property Schedule, from the date of the
Latest Balance Sheet, the Partnership has not received written notice of any infringement with respect to any patent, trademark, copyright, trade secret or other intellectual property rights of any third party. To the Knowledge of the Partnership,
no third party is infringing any material proprietary rights owned by the Partnership or any of its Subsidiaries, except as set forth on the attached Intellectual Property Schedule. 
  
 (b) The Partnership and its Subsidiaries own or possess
sufficient valid and continuing legal rights to all patents, trademarks, trade names, trade secrets, proprietary information, designs, software, service marks, domain names and other intellectual property used by or in their business as currently
conducted, and such intellectual property includes all intellectual property rights reasonably necessary to enable Partnership and its Subsidiaries to conduct their business unless the absence of such right would not reasonably be expected to have a
Material Adverse Effect. 
  
 4.14 Taxes. Except as set
forth on the attached Taxes Schedule: 
  
 (a) The Acquired Companies have timely filed (after giving effect to any valid extensions of time in which to make such filings) all federal, state, local and foreign income and other material Tax Returns required to be filed by them
through the date hereof. 
  
 (b) The Acquired
Companies have timely paid and discharged all Taxes shown as being due on such Tax Returns, and all other Taxes (whether or not required to be shown on any Tax Return) other than such Taxes that are being contested in good faith by appropriate
proceedings and are fully reserved for in their most recent quarterly financial statements. No taxing authority or agency, domestic or foreign, is now asserting and the Partnership does not have Knowledge that any such authority or agency is
threatening to assert, in writing against any of the Acquired Companies any deficiency or claim for additional Taxes, and any deficiencies asserted as a result of any examinations by any taxing authority of the Tax Returns of any of the Acquired
Companies have been fully paid or have been reserved for on the books and records of the Acquired Companies. 
  

 - 15 - 

 (c) There are no audits of the Acquired Companies in progress by any taxing authority.

  
 (d) The Acquired Companies have withheld,
collected and paid over to the appropriate Governmental Entities, or are properly holding for such payment, all Taxes required by law to be withheld or collected. 
  
 (e) None of the Acquired Companies has executed or filed with any taxing authority any agreement, waiver or
other document or arrangement extending or having the effect of extending through the date hereof the period for assessment or collection of Taxes (including, but not limited to, any applicable statute of limitation). 
  
 (f) None of the Acquired Companies (i) has been a member of
an affiliated group filing a consolidated federal Tax Return (other than a group the common parent of which was TWP Companies, Inc.) or (ii) has any liability for the Taxes of any Person under Treasury Regulations §1.1502-6 (or similar
provision under state, local or foreign law), as transferee or successor, by contract or otherwise. 
  
 (g) The Partnership owns no “U.S. real property interests” as defined in Section 897 of the Code. 
  
 4.15 Contracts and Commitments. 
  
 (a) Except as set forth on the attached Contracts
Schedule, neither the Partnership nor any of its Subsidiaries is a party to any written or oral: 
  
 (i) contract involving payments of more than $1,000,000 per year or relating to the borrowing of money, or to mortgaging, pledging or
otherwise placing a lien on any of the assets of the Partnership or any of its Subsidiaries, other than Permitted Liens; 
  
 (ii) license or royalty agreement involving expected payments of more than $100,000 in the aggregate; 
  
 (iii) contract that grants exclusive rights or that would
impose any significant restrictions upon the ability of the Partnership and its Subsidiaries to freely engage in their businesses anywhere in the world; 
  
 (iv) guaranty of any obligation of any Person (other than the Partnership or its Subsidiaries); 
  
 (v) contract relating to the supply, manufacturing,
distribution, marketing, advertising or promotion of products or services (whether by the Partnership or its Subsidiaries or for the Partnership or its Subsidiaries) involving in any such case payments of more than $500,000 per year (other than
sales or purchases made pursuant to purchase orders in the ordinary course of business); 
  

 - 16 - 

 (vi) contract relating to the pending acquisition or sale of a business, the capital
stock of another Person or assets having a fair market value in excess of $1,000,000; 
  
 (vii) employment agreement or consulting agreement providing for payments thereunder in excess of $100,000 per year; 
  
 (viii) contract under which a Person (other than the
Partnership or any of its Subsidiaries) is advanced or loaned an amount exceeding $10,000; 
  
 (ix) agreement for the sale, lease, license, rental or disclosure of any list, record or database of the Partnership or any of its
Subsidiaries; 
  
 (x) contract for joint
ventures, strategic alliances or partnerships (other than the organizational documents of the Partnership and its Subsidiaries); or 
  
 (xi) contract for capital expenditures in excess of $250,000. 
  
 (b) Each contract required to be disclosed on the attached Contracts Schedule is in full force and
effect and is the legal, valid and binding obligation of the Partnership or its Subsidiaries, enforceable against them in accordance with its terms, except as enforceability may be limited by bankruptcy laws, other similar laws affecting
creditors’ rights and general principals of equity affecting the availability of specific performance and other equitable remedies. Neither the Partnership, any of its Subsidiaries nor, to the Partnership’s Knowledge, any other party
thereto, is in material violation of or default under (nor does there exist any condition which upon the passage of time or the giving of notice would cause such a violation of or default under) any contract required to be disclosed on the attached
Contracts Schedule, except as set forth on the attached Contracts Schedule. 
  
 (c) Except as set forth on the Contracts Schedule, the Partnership has made available to Buyer true and correct copies of all
written contracts and summaries of all oral contracts listed on the attached Contracts Schedule. 
  
 4.16 Property. 
  
 (a) Neither the Partnership nor any of its Subsidiaries owns any real property. 
  
 (b) The real property demised by the leases described on the
attached Leased Real Property Schedule (the “Leased Real Property”) constitutes all of the real property leased by the Partnership and its Subsidiaries. Except as set forth on the attached Leased Real Property
Schedule, the Leased Real Property leases are in full force and effect, subject to proper authorization and execution of such lease by the other party and the application of any bankruptcy or creditor’s rights laws or general principles of
equity. The Partnership has made available to Buyer complete and accurate copies of each of the written leases described on the Leased Real Property Schedule, other than with respect to the agreements relating to the facilities set forth
under the heading “Storage Facility/Housing Leases,” and none of the leases has been modified in any material respect, except to the extent that such modifications are disclosed by the copies delivered or made available to Buyer. Neither
the Partnership, any of its Subsidiaries nor, 

  

 - 17 - 

 
to the Partnership’s Knowledge, any other party thereto, is in default in any material respect under any Leased Real Property lease. 
  
 (c) With respect to the tangible properties and assets of
the Partnership and its Subsidiaries (excluding real property), the Partnership and its Subsidiaries have good title to, or hold pursuant to valid and enforceable leases, all such properties and assets necessary to the conduct of the businesses of
the Partnership and its Subsidiaries. 
  
 4.17 Environmental
Matters. 
  
 (a) Each of the Partnership and
its Subsidiaries is in compliance with all Environmental Requirements, other than failures to comply that would not reasonably be expected to have a Material Adverse Effect. 
  
 (b) Each of the Partnership and its Subsidiaries (i) have obtained all permits, licenses and other
authorizations required under Environmental Requirements and (ii) are in compliance with such permits, licenses and authorizations, other than any failure to obtain or comply that would not reasonably be expected to have a Material Adverse Effect.

  
 (c) Neither the Partnership nor any
Subsidiary has, within the past three years, received any written notice of violation of Environmental Requirements or any liability arising under Environmental Requirements, including any investigatory, remedial or corrective obligation, relating
to the Partnership, its Subsidiaries or their facilities, the subject of which is unresolved and which would reasonably be expected to have a Material Adverse Effect. 
  
 (d) The Partnership has provided to Buyer all environmentally related audits, studies, reports, analyses and
results of investigations that were prepared after December 31, 2001 with respect to any currently or previously owned, leased or operated properties of the Partnership or any of its Subsidiaries. 
  
 This Section 4.17 constitutes the sole and exclusive representations
and warranties of the Partnership with respect to any environmental matters, including any arising under Environmental Requirements. 
  
 4.18 Affiliated Transactions. Except as set forth on the attached Affiliated Transactions Schedule, no officer, director, manager,
unitholder or Affiliate of the Partnership is a party to any material agreement, contract, commitment or transaction with the Partnership or any Subsidiary or, to the Knowledge of the Partnership, has any material interest in any material property
used by the Partnership or any Subsidiary thereof. 
  
 4.19
Permits. Except as set forth on the attached Permits Schedule, the Partnership and its Subsidiaries hold all permits, licenses, certificates, accreditations or other authorizations or consents of a Governmental Entity
(“Permits”) required for the conduct of the businesses of the Partnership and its Subsidiaries (including the operation of the Partnership’s and its Subsidiaries’ real property and tangible assets), except where the
failure to hold such Permits would not reasonably be expected to have a Material Adverse Effect. Except as set forth on the attached Permits Schedule, all Permits are valid and in full force and effect and there is no pending or, to 

  

 - 18 - 

 
the Partnership’s Knowledge, threatened, revocation or involuntary non-renewal of any such Permit which would reasonably be expected to have a Material
Adverse Effect. 
  
 4.20 Insurance. The attached
Insurance Schedule contains a list of each material insurance policy maintained with respect to the businesses of the Partnership and its Subsidiaries. Copies of all such policies (or summaries with binders) have been made available to Buyer.
Except as set forth on the attached Insurance Schedule, all premiums due and payable under all such policies have been paid and the Partnership and its Subsidiaries are in compliance with respect to their obligations under any material
insurance policy maintained with respect to the businesses of the Partnership and its Subsidiaries. The Partnership has no Knowledge of any material claim as to which coverage has been denied or disputed by the underwriters of such policies, nor of
any threatened termination of, or material premium increase with respect to, any such policies. 
  
 4.21 Directories. The Directories Schedule contains a true, correct and complete list of (i) the Partnership’s prototype Directories as
of the date of this Agreement; and (ii) the two most recent dates on which each Directory was published and the aggregate number of copies of each Directory printed and distributed on the most recent date listed on such schedule. 
  
 4.22 Brokers. Except as described on the Transaction Expenses
Schedule, no Person is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Partnership. 
  
 4.23 Current Net Indebtedness Amount. The Current Net Indebtedness
Amount accurately reflects Indebtedness less Cash on Hand, in each case as of the close of business on the date hereof (excluding for this purpose any prepayment premiums or penalties (including breakage costs or fees)). 
  
 ARTICLE V 
  
 REPRESENTATIONS AND WARRANTIES OF BUYER AND MERGER SUB 
  
 Buyer and Merger Sub jointly and severally represent and warrant to the Partnership that: 
  
 5.01 Organization and Power. Buyer is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware, with full corporate power and authority to enter into this Agreement and perform its obligations hereunder. Merger Sub is a limited liability company duly formed, validly
existing and in good standing under the laws of the State of Delaware, with full limited liability company power and authority to enter into this Agreement and perform its obligations hereunder. 
  
 5.02 Authorization; Valid and Binding Agreement. The execution,
delivery and, subject to the receipt of Shareholder Approval, performance of this Agreement by each of Buyer and Merger Sub and, subject to the receipt of Shareholder Approval, the consummation of the 

  

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transactions contemplated hereby have been duly and validly authorized by all corporate and limited liability company action, as applicable, and no other
corporate or limited liability company action proceedings, as applicable, on the part of Buyer or Merger Sub are necessary to authorize the execution, delivery or performance of this Agreement. This Agreement has been duly executed and delivered by
each of Buyer and Merger Sub and, assuming the due authorization, execution and delivery by the other parties hereto, constitutes a legal, valid and binding obligation of each such party, enforceable in accordance with its terms, except as
enforceability may be limited by bankruptcy laws, other similar laws affecting creditors’ rights and general principles of equity affecting the availability of specific performance and other equitable remedies. 
  
 5.03 No Conflict. The execution, delivery and performance of this
Agreement or, to the Knowledge of Buyer, the Definitive Financing Documents by the Buyer and Merger Sub does not and will not (i) conflict with or violate the certificate of incorporation or bylaws (or equivalent organizational documents) of the
Buyer and Merger Sub, (ii) conflict with or violate any law, rule, regulation, order, judgment or decree applicable to the Buyer and Merger Sub or (iii) result in any breach of or constitute a default under (or an event which with notice or lapse of
time or both would become a default), give rise to a right of termination, cancellation or acceleration of any obligation or loss of any benefit under, or result in the creation of a lien or other encumbrance on any property or asset of the Buyer
and Merger Sub pursuant to, any material note, bond, mortgage, indenture or contract to which the Buyer and Merger Sub is a party or by which the Buyer and Merger Sub or any property or asset of the Buyer and Merger Sub is bound or affected, except
in the case of clauses (ii) and (iii), for any such conflicts, violations, breaches, defaults or other occurrences which would not materially adversely affect Buyer’s or Merger Sub’s performance under this Agreement or the consummation of
the transactions contemplated hereby or the Commitment Letter or Definitive Financing Documents. 
  
 5.04 Governmental Consents, etc. Except for the applicable requirements of the HSR Act and any filings or approvals related to the Shareholder
Approval, neither Buyer nor Merger Sub is required to submit any notice or report to, or application or other filing with any Governmental Entity in connection with the execution, delivery or performance by it of this Agreement or the consummation
of the transactions contemplated hereby. Except for the applicable requirements of the HSR Act and any filings or approvals related to the Shareholder Approval, no clearance, consent, approval or authorization of any Governmental Entity or any other
party or Person is required to be obtained by either Buyer or Merger Sub in connection with its execution, delivery and performance of this Agreement or the consummation of the transactions contemplated hereby. 
  
 5.05 Litigation. There are no actions, suits or proceedings pending
or, to Buyer’s knowledge, threatened against Buyer or Merger Sub before or by any court or Governmental Entity, which would materially adversely affect Buyer’s or Merger Sub’s performance under this Agreement or the consummation of
the transactions contemplated hereby. 
  
 5.06 Brokerage.
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 made by or on behalf of Buyer or Merger Sub for which
the Partnership, the Representative or the Sellers could become liable or obligated. 
  

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 5.07 Investment Representation. Buyer is acquiring the partnership interests of the Surviving
Partnership for its own account with the present intention of holding such securities for investment purposes and not with a view to or for sale in connection with any public distribution of such securities in violation of any federal or state
securities laws. Buyer is an “accredited investor” as defined in Regulation D promulgated by the Securities and Exchange Commission under the Securities Act. Buyer acknowledges that it is informed as to the risks of the transactions
contemplated hereby and of ownership of the partnership interests of the Surviving Partnership. Buyer acknowledges that the partnership interests of the Surviving Partnership have not been registered under the Securities Act or the Exchange Act or
any state or foreign securities laws and that such units may not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of unless such sale, transfer, offer, pledge, hypothecation or other disposition is pursuant to the
terms of an effective registration statement under the Securities Act and is registered under any applicable state or foreign securities laws or pursuant to an exemption from registration under the Securities Act or the Exchange Act and any
applicable state or foreign securities laws. 
  
 5.08
Financing. 
  
 (a) Yell has obtained a
debt commitment letter (together with the term sheet related thereto, the “Commitment Letter”), subject only to the satisfaction of the conditions set forth herein and therein, a copy of which is attached as Exhibit D, to
provide Buyer with all funds necessary to consummate the transactions contemplated hereby (including the BC Stock Purchase Transactions, the TCC Merger Transaction, the payment of Transaction Expenses and the repayment of Indebtedness pursuant to
Section 2.05(c)), to pay all of its related fees and expenses and to enable the Surviving Partnership and its Subsidiaries to operate as a going concern. Neither Yell nor Buyer has made any material misrepresentation in connection with
obtaining the financing commitments under the Commitment Letter and, as of the date of this Agreement, neither Yell nor Buyer has any reason to believe that (i) the Definitive Financing Documents for the Facilities described in the Commitment Letter
will not be executed and delivered prior to June 30, 2005 or (ii) such commitment or the Facilities shall not be funded. 
  
 (b) After Yell executes the Definitive Financing Documents, subject only to the satisfaction of the conditions set forth herein and
therein, Yell shall be able to provide Buyer with all funds necessary to consummate the transactions contemplated hereby (including the BC Stock Purchase Transactions, the TCC Merger Transaction, the payment of Transaction Expenses and the repayment
of Indebtedness pursuant to Section 2.05(c)), to pay all of its related fees and expenses and to enable the Surviving Partnership and its Subsidiaries to operate as a going concern. 
  
 5.09 Solvency. Immediately after giving effect to the transactions
contemplated by this Agreement, the Acquired Companies shall be able to pay their respective debts as they become due and shall own property which has a fair saleable value greater than the amounts required to pay their respective debts (including a
reasonable estimate of the amount of all contingent liabilities). Immediately after giving effect to the transactions contemplated by this Agreement, the Acquired Companies shall have adequate capital to carry on their respective 

  

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businesses. No transfer of property is being made and no obligation is being incurred in connection with the transactions contemplated by this Agreement with
the intent to hinder, delay or defraud either present or future creditors of the Acquired Companies. 
  
 ARTICLE VI 
  
 PRE-CLOSING COVENANTS 
  
 6.01 Conduct of the
Business. 
  
 (a) Except as provided on the
attached Business Conduct Schedule or as contemplated by the Related Transactions or otherwise under this Agreement, from the date hereof until the Closing Date, the Partnership shall and shall cause each of its Subsidiaries to: 

 
 (i) use its commercially reasonable efforts to carry on
its business in the ordinary course of business and in a substantially similar manner as previously conducted (including using commercially reasonable efforts to preserve its relationships with material suppliers and material customers and other
material Persons having business dealings with it), unless Buyer shall have otherwise consented in writing (which consent shall not be unreasonably withheld or delayed); provided that, the foregoing notwithstanding, the Partnership and its
Subsidiaries may use all available cash to repay any Indebtedness at or prior to the Closing; 
  
 (ii) maintain insurance upon all of the assets and properties of the Partnership and its Subsidiaries in such amounts and of such kinds
comparable in all material respects to that in effect on the date of this Agreement; and 
  
 (iii) (A) maintain the books, accounts and records of the Partnership and its Subsidiaries in the ordinary course of business, and (B)
continue to collect accounts receivable and pay accounts payable utilizing normal procedures and without discounting or accelerating payment of such accounts outside of the ordinary course of business consistent with past practice. 
  
 (b) From the date hereof until the Closing Date, except as
contemplated by the Related Transactions or otherwise under this Agreement, the Business Conduct Schedule, required by applicable law or consented to in writing by Buyer (which consent shall not be unreasonably withheld or delayed), the
Partnership shall not, and shall not permit any Subsidiary to: 
  
 (i) issue, sell, repurchase or redeem any interests or shares of its or any Subsidiary’s equity interests; 
  
 (ii) issue, sell, repurchase or redeem any securities convertible into, or options with respect to, warrants to purchase, or rights to
subscribe for, any interests or shares of its or any Subsidiary’s equity interests; 
  
 (iii) effect any recapitalization, reclassification, stock dividend, cash dividend, stock split or like change in its capitalization
(other than any tax distributions 

  

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made in respect of any period prior to the Closing and in accordance with the terms of the LLC Agreement and the Partnership Agreement and distributions to
other Subsidiaries); 
  
 (iv) amend its or any
Subsidiary’s certificate of limited partnership, partnership agreement, certificate of incorporation or bylaws (or equivalent organizational documents) in a manner adverse to Buyer or inconsistent with the terms of this Agreement; 

 
 (v) enter into any contract, understanding or commitment
that restrains, restricts, limits or impedes the ability of the Partnership or its Subsidiaries, or the ability of Buyer, to compete with or conduct any business or line of business in any area or solicit the employment of any persons; 

 
 (vi) terminate, amend, restate, supplement or waive any
rights under any (A) material contract, lease or license, other than in the ordinary course of business or (B) Permit; 
  
 (vii) become legally committed to any new capital expenditures requiring expenditures following the Closing Date in excess of $250,000 for
any individual commitment and $1,000,000 in the aggregate, except for any expenditures pursuant to projects for which work has already been commenced or is otherwise contemplated in the capital expenditure budget, as set forth in the Business
Conduct Schedule; 
  
 (viii) make any loan or
advance any funds to any Person out of the ordinary course of business and, if in the ordinary course of business, the principal amount of loan advances owed by such Person shall not be in excess of $100,000; 
  
 (ix) except as required by law, grant any material salary or
wage increases, or modify or amend any Plan in any manner that increases the amount of the liability attributable to the Partnership or any Subsidiary in respect of such Plan; 
  
 (x) enter into or amend any written employment agreement or severance agreement or other similar arrangement
with any employee, including, but not limited to, any such agreements set forth on the Employee Benefits Schedule, unless required by applicable law and except for offer letters to new hires that do not commit the Partnership or any
Subsidiaries to continue the employment of the employee for any period of time; 
  
 (xi) change its methods of accounting under GAAP (including not causing any material write-off or reduction in the carrying value of any
assets), except as required by GAAP, or make or change any material accounting method or material election in respect of Taxes; 
  
 (xii) incur any indebtedness for borrowed money or guarantee any such indebtedness or issue or sell any debt securities or guarantee any
debt securities of others, other than ordinary course borrowing under the revolving credit facility under the Credit and Guaranty Agreement; 
  

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 (xiii) sell, lease, license or otherwise dispose of or encumber any of its properties or
assets which are material, individually or in the aggregate, to the Partnership’s business; 
  
 (xiv) settle or compromise any pending or threatened legal proceeding (other than any proceeding or claim with respect to the matter
referenced item 9 on the Litigation Schedule hereto as of the date hereof) or any claim or claims for an amount in excess of $250,000; or 
  
 (xv) authorize or enter into any agreement in furtherance of any of the foregoing. 
  
 6.02 Access to Books and Records. From the date hereof until the
Closing Date, subject to Section 7.05 below, the Partnership shall provide Buyer and its authorized representatives (the “Buyer’s Representatives”) with access at all reasonable times and upon reasonable notice, to the
offices, properties, personnel, books and records of the Partnership and its Subsidiaries in order for Buyer to have the opportunity to make such investigation as it shall reasonably desire to make of the affairs of the Partnership and its
Subsidiaries; provided, however, that such access shall not interfere with the business or operations of the Partnership and its Subsidiaries. Buyer acknowledges that it remains bound by the nondisclosure letter agreement, dated March
7, 2005 (including the addendum thereto, dated May 7, 2005) (the “Confidentiality Agreement”). The individuals who are permitted to receive DIAD information pursuant to the addendum to the Confidentiality Agreement shall be entitled
to continue to receive access to such DIAD information pursuant to the terms of the addendum. 
  
 6.03 Exclusive Dealing. During the period from the date of this Agreement through the Closing or the earlier termination of this Agreement pursuant to Section 8.01 below, neither the Partnership nor any
of its Subsidiaries or any of their respective officers, employees, representatives, affiliates or agents, shall, directly or indirectly, solicit, encourage, initiate or engage in discussions or negotiations with, or provide any information to, or
otherwise cooperate in any manner with, any Person (other than Buyer and Buyer’s Representatives) concerning any purchase of the partnership interests of the Partnership or the equity interests of any of the Partnership’s Subsidiaries, any
merger involving or affecting the Partnership, any sale of all or substantially all of the assets of the Partnership and its Subsidiaries (in one transaction or a series of related transactions) or similar transaction involving the Partnership or
any of its Subsidiaries (other than assets sold in the ordinary course of business). 
  
 6.04 Regulatory Act Compliance. Buyer, Merger Sub and the Partnership shall each file or jointly file, if applicable, or cause to be filed, promptly (but in any event within seven business days) after the date
of this Agreement, any notifications, applications or the like required to be filed under the HSR Act and other merger control laws with respect to the transactions contemplated hereby and Buyer shall pay the filing and similar fees and related
expenses payable in connection therewith. Buyer, Merger Sub and the Partnership shall use their respective reasonable best efforts to respond to any requests for additional information made by any Governmental Entity as soon as practicable after the
receipt of any such request and to cause the waiting or approval periods or other requirements under the HSR Act and other merger control laws to expire at the earliest possible date and (subject to a parties’ rights under Section
8.01(d) 

  

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below) to resist in good faith, at each of their respective cost and expense (including the institution or defense of legal proceedings), any assertion that
the transactions contemplated hereby constitute a violation of any antitrust or merger control laws, all to the end of expediting consummation of the transactions contemplated hereby. To the extent reasonably practicable, each of Buyer, Merger Sub
and the Partnership shall consult with the other prior to any meetings, by telephone or in person, with the staff of the Federal Trade Commission, the United States Department of Justice or any other Governmental Entity administering other merger
control laws, and each of Buyer, Merger Sub and the Partnership shall have the right to have a representative present at any such meeting. Without limiting the generality of the foregoing or the provisions of Section 10.03 below, for purposes
of this Section 6.04 and Section 10.03 below, the “reasonable best efforts” of Buyer shall include Buyer’s agreement to hold separate, divest, license or cause a third party to purchase, such businesses, directories and
other assets of Buyer or, after the Closing, any Acquired Company, as may be necessary to obtain the agreement of any Governmental Entity to grant clearance, consent or approval for, and not to seek an injunction against or otherwise oppose, the
transactions contemplated hereby, on such terms as may be required by such Governmental Entity; provided, however, that neither Buyer nor, after the Closing, any Acquired Company shall be required to hold separate, divest, license or cause a third
party to purchase any of their respective businesses, directories or other assets if such actions would have a material adverse effect on Buyer and the Acquired Companies, taken as a whole. 
  
 6.05 Cooperation. The Partnership shall use its commercially
reasonable efforts and cooperate with Buyer and its agents and representatives in connection with the financing contemplated by the Commitment Letter or, as applicable, alternative financing arrangements, and with Buyer’s efforts to obtain
Shareholder Approval, including providing reasonable access to the records, officers, directors, key employees and other representatives of the Partnership and its Subsidiaries, and shall use its best efforts to cause the officers, directors, key
employees and other representatives of the Partnership and its Subsidiaries to assist and cooperate with the marketing of any loan syndication, any meetings with prospective lenders and the preparation of documents and other information to assist
the Buyer in obtaining Shareholder Approval; provided that Buyer shall reimburse the Partnership for any out-of-pocket expenses incurred by the Partnership in connection with providing such cooperation or assistance. 
  
 6.06 Consents. The Partnership shall give or cause to be given any
notices to third parties required to be given pursuant to any contract set forth on the Contracts Schedule and the Leased Real Property Schedule as a result of this Agreement or any of the transactions contemplated hereby. The Partnership shall use
its commercially reasonable efforts to obtain prior to the Closing, and deliver to Buyer at or prior to the Closing, all consents, waivers and approvals under each contract set forth on the Contracts Schedule and the Leased Real Property Schedule
and, in each case, in form and substance reasonably acceptable to Buyer; provided that no party hereto shall be required to make payments to any third parties to induce their consent, waiver or approval unless such payment is provided for in
the applicable contract as in effect on the date hereof (or the date of execution of such contract if subsequent to the date of this Agreement). To the extent requested by the Partnership, Buyer shall cooperate with the Partnership in all reasonable
respects in connection with obtaining any such consents and approvals. 
  

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 6.07 Financial Information. As soon as practicable following the end of each calendar month from
the date hereof until the Closing Date, (a) but in no event later than 15 days after the end of each such month, the Partnership shall deliver to Buyer copies of the unaudited balance sheet with respect to the Partnership and its Subsidiaries and
the related unaudited statements of income and cash flows, in each case, prepared in accordance with GAAP consistent with past practice, and (b) but in no event later than 25 days after the end of each such month, the Partnership shall deliver to
Buyer copies of all other financial monthly management reports. As soon as practicable following each fiscal quarter from the date hereof until the Closing Date, (a) but in no event later than 25 days after the end of each quarter, the Partnership
shall deliver to Buyer copies of the unaudited balance sheet with respect to the Partnership and its Subsidiaries and the related unaudited statements of income and cash flows, in each case, prepared in accordance with GAAP consistent with past
practice, and (b) but in no event later than 45 days after the end of each quarter, the Partnership shall deliver to the Buyer copies of the bad debt analysis with respect to the Partnership and its Subsidiaries. 
  
 ARTICLE VII 
  
 COVENANTS OF BUYER AND MERGER SUB 
  
 7.01 Access to Books and Records. 
  
 (a) From and after the Closing, Buyer shall cause the Acquired Companies to, provide the Representative (on
behalf of the Sellers) and its authorized representatives with access at reasonable times during normal business hours and upon reasonable notice to the offices, properties, personnel and books and records of the Acquired Companies with respect to
periods prior to the Closing Date in connection with any matter whether or not relating to or arising out of this Agreement or the transactions contemplated hereby. Unless otherwise consented to in writing by the Representative, for a period of
seven years from the Closing Date, Buyer shall not permit any of the Acquired Companies to destroy, alter or otherwise dispose of any books and records of such Person, or any portions thereof, relating to periods prior to the Closing Date without
first giving reasonable prior written notice to the Representative and offering to surrender to the Representative (on behalf of the Sellers) such books and records or such portions thereof. 
  
 (b) The foregoing Section 7.01(a) shall not require
Buyer or the Acquired Companies to permit any inspection, or to disclose any information, that would reasonably be expected to result in (i) the disclosure of any trade secrets of third parties or the violation of any obligations of any such Person
with respect to confidentiality; provided that such Person shall have used reasonable efforts to obtain the consent of such third party to such inspection or disclosure, (ii) the waiver of any applicable attorney-client privilege or
(iii) the violation of any applicable law. 
  
 7.02 Director
and Officer Liability and Indemnification. 
  
 (a) For a period of six years after the Closing, Buyer shall not, and shall not permit any Acquired Company to, unless required by law, amend, repeal or modify any provision in such Person’s partnership agreement, operating agreement,
certificate of 

  

 - 26 - 

 
incorporation or bylaws (or equivalent governance documents) relating to the exculpation or indemnification of any individual who on or prior to the
Effective Time was a general partner (and all officers and directors of such general partner), manager, director, officer, employee or agent of such Person or a trustee or fiduciary of any plan, trust or arrangement for the benefit of employees of
any Acquired Company (an “Indemnified Individual”), it being the intent of the parties that the Indemnified Individuals shall continue to be entitled to such exculpation and indemnification to the full extent of the law. 

 
 (b) For a period of six years after the Closing, Buyer
shall, or shall cause each Acquired Company to, maintain the policies for directors’ and officers’ liability insurance currently maintained by the Acquired Companies for the benefit of the Indemnified Individuals currently covered by such
policies (or policies of at least the same coverage containing terms and conditions that are not materially less advantageous), including coverage with respect to claims arising from facts or events that occurred at or prior to consummation of the
Merger; provided that, if the annual premiums for such insurance during such period shall exceed 200% of the per annum rate of premium paid by the Acquired Companies as of the date hereof for such insurance, then Buyer shall provide a
policy with the best coverage as shall then be available at 200% of such rate. 
  
 (c) From and after the Closing, Buyer and the Acquired Companies shall, jointly and severally, indemnify any Indemnified Individual to the
fullest extent permitted by applicable law with respect to all acts or omissions arising out of such Indemnified Individual’s service to such Acquired Company or as trustees or fiduciaries of any plan, trust or arrangement for the benefit of
employees of any Acquired Company, occurring prior to the Effective Time including the transactions contemplated by this Agreement. Without limiting the generality of the foregoing, in the event any Indemnified Individual is or becomes involved in
any capacity in any action, proceeding or investigation in connection with any matter, including the transactions contemplated by this Agreement, occurring prior to, and including, the Effective Time, Buyer and the Acquired Companies, on a joint and
several basis, from and after the Effective Time, shall promptly pay, as incurred, such Indemnified Individual’s legal and other fees, costs and expenses (including the cost of any investigation and preparation) incurred in connection
therewith. Buyer and the Acquired Companies, on a joint and several basis, shall also pay all fees, costs and expenses, including attorneys’ fees, that may be incurred by an Indemnified Individual in enforcing this Section 7.02(c) or any
action involving an Indemnified Individual resulting from the transactions contemplated by this Agreement. 
  
 (d) In the event that Buyer or any Acquired Company, or any of their respective successors or assigns, (i) consolidates with or merges
into any other Person and shall not be the continuing or surviving Person in such consolidation or merger or (ii) transfers all or substantially all of its properties and assets to any Person, then, and in each case, proper provision shall be made
so that the successors and assigns of Buyer or any such Acquired Company, as the case may be, honor the indemnification and other obligations set forth in this Section 7.02. 
  

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 7.03 Buyer Financing. 
  
 (a) On or before June 30, 2005, Yell, Buyer and Merger Sub shall use their respective best efforts to enter
into the “Facility Agreement” and other definitive financing documents with respect to the “Facilities”, all as contemplated in the Commitment Letter (the “Definitive Financing Documents”), with terms and
conditions as set forth in the Commitment Letter. Funding under the Definitive Financing Documents shall not be subject to any conditions to funding other than those set forth in the Commitment Letter under the heading “Conditions
Precedent,” “Initial Advances under Facility A and Facility B,” “Advances” and “Availability of Drawings”. 
  
 (b) Yell, Buyer and Merger Sub shall use their respective best efforts to (i) satisfy all conditions precedent to “Advances”
under the Definitive Financing Documents and (ii) cause the lenders thereunder to fund the Facilities in the amounts set forth in the Commitment Letter. 
  
 (c) Yell, Buyer and Merger Sub shall promptly notify the Partnership of any proposal by any financing source named in any Commitment
Letter or the Definitive Financing Documents to withdraw or terminate such Commitment Letter or the Definitive Financing Documents or make a material change in the terms of (including the amount of financing contemplated by) such Commitment Letter
or the Definitive Financing Documents that could reasonably be expected to be materially adverse to the interests of the Partnership. In addition, upon the request of the Partnership, Buyer and Merger Sub shall advise and update the Partnership,
using a level of detail reasonably satisfactory to the Partnership, with respect to the status, and proposed closing date and material terms of the proposed financing and of the Definitive Financing Documents. Yell, Buyer and Merger Sub shall not
consent to any early termination of any Commitment Letter or the Definitive Financing Documents, or any amendment or modification of any Commitment Letter that could reasonably be expected to be materially adverse to the interests of the Partnership
(and, in no case, shall Yell, Buyer or Merger Sub consent to any modification to the conditions precedent thereunder, other than the removal or waiver of any or all of such conditions precedent). Buyer and Merger Sub shall, and shall cause their
respective Affiliates to, use their respective best efforts to maintain the effectiveness of the Commitment Letter and the Definitive Financing Documents. In the event of a withdrawal or termination of the Commitment Letter or the Definitive
Financing Documents, Yell, Buyer and Merger Sub shall use their respective best efforts to obtain alternative financing on terms that taken as a whole are not materially less favorable (except to the extent such terms are less favorable because of
then-prevailing market conditions or because of Yell’s, Buyer’s, or Merger Sub’s then-current condition, whether financial or otherwise) to Yell, Buyer and Merger Sub than those set forth in the Commitment Letter. 
  
 7.04 Buyer’s Solvency. In connection with the
financing of the transactions contemplated by this Agreement, Buyer shall obtain a third-party solvency opinion, addressed to the Partnership, the Board of Directors of the General Partner and the Sellers, and shall furnish or cause to be furnished
to the Representative a copy of such solvency opinion. 
  

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 7.05 Contact with Employees, Customers and Suppliers. Prior to the Closing, Buyer and Buyer’s
Representatives shall not contact or otherwise communicate with the employees, customers and suppliers of the Partnership and its Subsidiaries regarding the transactions contemplated by this Agreement without the prior written consent of the
Partnership, which shall not be unreasonably withheld or delayed. Requests for consents under this Section 7.05 shall be directed to Joan M. Fiorito. 
  
 7.06 Employee Benefits. From and after the Closing, Buyer shall cause the Surviving Partnership and its Subsidiaries to (a) effectuate the
distributions contemplated by the Equity Trust and (b) provide the bonuses and severance payments described under the heading “Other Benefits” on the Employee Benefits Schedule to the Area Sales Managers, Production Employees and
other employees eligible for these benefits, all in accordance with the terms and conditions of the plan described under such heading on the Employee Benefits Schedule. 
  
 7.07 Facility Closings; Employee Layoffs. For a period of 90 days after the Closing Date, neither Buyer nor the
Surviving Partnership shall terminate any employees of the Surviving Partnership or any of its Subsidiaries in such numbers as would trigger any liability under WARN or any state plant closing or severance law. Buyer shall cause the Surviving
Partnership and its Subsidiaries to comply with any notice or filing requirements under WARN and any state plant closing or severance law.  
  
 7.08 Shareholder Circular. Yell shall use its best efforts to (a) file a shareholder circular relating to the Merger and the Related Transactions
with the United Kingdom Listing Authority (“UKLA”) as soon as reasonably practicable (but in no event more than 20 business days following the date of this Agreement) and (b) procure the approval of the UKLA with respect thereto as
soon as reasonably practicable. As soon as reasonably practicable following receipt of approval of the UKLA, but in no event later than two business days after receipt of such approval, Yell shall cause to be mailed to its shareholders the
shareholder circular in the form approved by the UKLA. Yell shall provide the Partnership with a reasonable opportunity to review and comment on the shareholder circular and will consider in good faith any reasonable comments from the Partnership.
Yell shall provide the Partnership with a copy of any shareholder circular or draft thereof filed or lodged with the UKLA or mailed to its shareholders. The Partnership shall use its best efforts to provide Yell with all information that it may
reasonably require about the Partnership or its Affiliates in connection with the preparation of the shareholder circular. 
  

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 7.09 Shareholder Meeting. Yell shall use its best efforts to take, in accordance with
applicable law and its charter documents, all action necessary to convene a meeting of its shareholders on a date which shall be as soon as reasonably practicable, but in no event more than 18 days, after the date on which Yell mails the shareholder
circular to its shareholders, to consider and vote upon the approval of the Merger and the Related Transactions. Yell shall not and shall cause, to the extent possible, any third parties (including any director, officer, advisor to or employee of
Yell) not to) propose any postponement or adjournment of any such shareholders’ meeting without the prior written consent of the Partnership. To the extent permitted by applicable law, the board of directors of Yell shall include in the
shareholder circular a recommendation to vote in favor of any resolution to approve the Merger and the Related Transactions and agree that they shall not withdraw such recommendation prior to the conclusion of the shareholder’s meeting.

  
 ARTICLE VIII 
  
 TERMINATION 
  
 8.01 Termination. This Agreement may be terminated at any time prior
to the Effective Time: 
  
 (a) by the mutual
written consent of Buyer, Merger Sub and the Partnership; 
  
 (b) by Buyer and Merger Sub, if there has been a material violation or breach by the Partnership of any covenant, representation or warranty contained in this Agreement which would prevent the satisfaction of any
condition to the obligations of Buyer and Merger Sub at the Closing and such violation or breach has not been waived by Buyer and Merger Sub or cured by the Partnership within 20 days after written notice thereof to the Partnership from Buyer and
Merger Sub; 
  
 (c) by the Partnership, if there
has been a material violation or breach by Buyer or Merger Sub of any covenant, representation or warranty contained in this Agreement which would prevent the satisfaction of any condition to the obligations of Buyer and Merger Sub at the Closing
and such violation or breach has not been waived by the Partnership or cured by Buyer or Merger Sub, as the case may be, within 20 days after written notice thereof to Buyer or Merger Sub, as the case may be, by the Partnership; provided
that, the failure of Buyer and Merger Sub to deliver the consideration pursuant to Section 2.06(b) above at the Closing as required hereunder shall not be subject to cure hereunder; 
  
 (d) by Buyer, Merger Sub or the Partnership if there shall
be (i) any order, writ, injunction or decree of any court or Governmental Entity binding on the Buyer, Merger Sub or the Partnership, which prohibits or restrains the Buyer, Merger Sub or the Partnership from consummating the transactions
contemplated hereby; provided, however, that the Buyer, Merger Sub or the Partnership, as the case may be, shall have used its reasonable best efforts to have any such order, writ, injunction or decree lifted, or (ii) any law or
regulation that makes the consummation of the transactions contemplated hereby illegal or otherwise prohibited; 
  

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 (e) by Buyer, Merger Sub or the Partnership if the transactions contemplated hereby have
not been consummated by August 15, 2005; provided, however, that if all of the conditions to Closing in Article III other than the conditions set forth in Section 3.01(c) and 3.02(d) and those conditions to be satisfied at, or
immediately prior to, the Closing have been satisfied as of such date, such date will be automatically extended for 90 days; provided further, however, that none of Buyer, Merger Sub or the Partnership shall be entitled to
terminate this Agreement pursuant to this Section 8.01(e) if such Person’s intentional breach of this Agreement in a material respect has prevented the consummation of the transactions contemplated hereby. 
  
 8.02 Effect of Termination. In the event of termination of this
Agreement by Buyer, Merger Sub or the Partnership as provided above, the provisions of this Agreement shall immediately become void and of no further force and effect (other than this Section 8.02, Article XII and the Confidentiality
Agreement, each of which shall survive the termination of this Agreement), and there shall be no liability on the part of any of Buyer, Merger Sub or the Partnership (or any of their respective Affiliates, officers, directors or shareholders) to one
another, except for any breaches of the covenants or agreements of this Agreement or any breach of Section 5.08 or any knowing or willful breaches of any of the representations or warranties contained in Article IV and Article V
of this Agreement at or prior to the time of such termination. 
  
 ARTICLE IX 
  
 REPRESENTATIVE 
  
 9.01 Designation. The parties have agreed that it is desirable to
designate a representative to act on behalf of the Sellers for certain limited purposes. The Representative shall serve as the representative of the Sellers with respect to the matters expressly set forth in this Agreement to be performed by the
Representative. 
  
 9.02 Authority. Each of the Sellers
hereby irrevocably appoints the Representative as the agent, proxy and attorney-in-fact for such Seller for all purposes of this Agreement to the fullest extent permitted by applicable law (including the full power and authority on such
Seller’s behalf (a) to consummate the transactions contemplated herein out of Seller’s portion of the Merger Consideration; (b) to pay expenses associated with the negotiation and performance of this Agreement (whether incurred on or after
the date hereof) as the Representative determines to be appropriate in its sole discretion; (c) to disburse any funds received hereunder to such Seller and each other Seller; (d) to execute on behalf of the Sellers any amendment, modification or
waiver of this Agreement or, to the extent necessary or appropriate to implement the transactions contemplated hereby or the Related Transactions, the Partnership Agreement; (e) to execute such further instruments of assignment as Buyer or Merger
Sub shall reasonably request, as the Representative may determine from time to time; (f) to take all other actions to be taken by or on behalf of such Seller in connection herewith; and (g) to do each and every act and exercise any and all rights
which such Seller or the Sellers collectively are permitted or required to do or exercise under this Agreement). Each Seller agrees that such agency and proxy are coupled with an interest, are therefore irrevocable without the consent of the
Representative and shall survive the death, incapacity, bankruptcy, dissolution or liquidation of any Seller. All decisions and actions by the Representative (to the extent authorized or contemplated by this Agreement or the 

  

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agreements with respect to the Related Transactions) shall be binding upon all of the Sellers, and no Seller shall have the right to object, dissent, protest
or otherwise contest the same. The Representative shall be entitled to engage such counsel, experts, consultants and other advisors as it shall deem necessary in connection with exercising its powers and performing its functions hereunder and (in
the absence of bad faith on the part of the Representative) shall be entitled to conclusively rely on the opinions and advice of such Persons. 
  
 9.03 Authority; Indemnification. Each Seller agrees that Buyer, Merger Sub and the Surviving Partnership shall be entitled to rely on any action
taken by the Representative, on behalf of such Seller, pursuant to Section 9.02 above (an “Authorized Action”), and that each Authorized Action shall be binding on each Seller as fully as if such Seller had taken such Authorized
Action. Buyer and Merger Sub agree that the Representative shall have no liability to Buyer and Merger Sub for any Authorized Action, except to the extent that such Authorized Action is found by a final order of a court of competent jurisdiction to
have constituted fraud or willful misconduct. Each Seller hereby severally, for itself only and not jointly and severally, agrees to indemnify and hold harmless the Representative against all losses, damages, costs, expenses and liabilities of any
kind (including reasonable attorneys’ fees) incurred by the Representative in connection with, or arising out of, any actions taken or omitted to be taken in its capacity as the Sellers’ representative hereunder (except for those arising
out of the Representative’s bad faith or willful misconduct). The Representative shall be entitled to holdback a portion of the Total Consideration (not to exceed $3,000,000) in order to cover its anticipated expenses. If and to the extent the
Representative determines it will not need funds to cover anticipated expenses, it shall distribute such funds (or cause such funds to be distributed) to the Sellers on a pro rata basis, in accordance with such Seller’s interest in the Total
Consideration. 
  
 9.04 Exculpation. The Representative
shall not have by reason of this Agreement a fiduciary relationship in respect of any Seller, except in respect of amounts received on behalf of such Seller. The Representative shall not be liable to any Seller for any action taken or omitted by it
or any agent employed by it hereunder or under any other document entered into in connection herewith, except that the Representative shall not be relieved of any liability imposed by law for willful misconduct. The Representative shall not be
liable to the Sellers for any apportionment or distribution of payments made by the Representative in good faith, and if any such apportionment or distribution is subsequently determined to have been made in error the sole recourse of any Seller to
whom payment was due, but not made, shall be to recover from other Sellers any payment in excess of the amount to which they are determined to have been entitled. The Representative shall not be required to make any inquiry concerning either the
performance or observance of any of the terms, provisions or conditions of this Agreement. Neither the Representative nor any agent employed by it shall incur any liability to any Seller by virtue of the failure or refusal of the Representative for
any reason to consummate the transactions contemplated hereby or relating to the performance of its other duties hereunder, except for actions or omissions constituting fraud or bad faith. 
  

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 ARTICLE X 
  
 ADDITIONAL COVENANTS AND AGREEMENTS 
  
 10.01 Survival. Except as provided in the next sentence, (a) none of the representations, warranties, agreements and covenants set forth in this
Agreement or in any certificates delivered at the Closing in connection with this Agreement shall survive the Closing Date and the consummation of the transactions contemplated hereby (other than those agreements and covenants to be performed
subsequent to the Closing Date), and (b) Buyer, Merger Sub, the Partnership and the Representative shall have no post-Closing remedy for breaches of the representations, warranties, agreements and covenants set forth in this Agreement or in any
certificates delivered at the Closing and each hereby waives, from and after the Closing, to the fullest extent permitted by applicable law, any and all rights, claims and causes of action it may have against any party hereto (and its Affiliates)
relating to the subject matter of this Agreement arising under or based upon any federal, state, local or foreign statute, law, ordinance, rule or regulation or otherwise. Notwithstanding the foregoing, however, the agreements and covenants set
forth in Articles I, II, IX, X and XII hereof, and Sections 7.01, 7.02, 7.06 and 7.07 hereof shall survive. 
  
 10.02 Disclosure Generally. All schedules attached hereto (including the introductory language thereto) are incorporated herein and expressly made
a part of this Agreement as though completely set forth herein. All references to this Agreement herein or in any of the schedules shall be deemed to refer to this entire Agreement, including all schedules. 
  
 10.03 Reasonable Best Efforts. Subject to the terms of this Agreement,
on or prior to the Closing Date, each of Buyer, Merger Sub and the Partnership shall use their respective reasonable best efforts to take, or cause to be taken, all actions or do, or cause to be done, all things or execute any document necessary,
proper or advisable under applicable law to consummate and make effective the transactions contemplated by this Agreement. 
  
 10.04 Notification. From the date hereof until the Closing Date, each of Buyer and the Partnership shall disclose to each other in writing (in the
form of updated disclosure schedules) any material variances from the representations and warranties contained in Article IV and Article V promptly upon discovery thereof. Buyer and the Partnership, as applicable, shall promptly
provide the other party with any supplemental information regarding such disclosure that is reasonably requested. Any such disclosures of events, circumstances or other developments occurring after the date of this Agreement shall amend and
supplement the appropriate disclosure schedules delivered on the date hereof or otherwise amend or modify the representations and warranties contained in Article IV and Article V; the disclosure schedules and representations and
warranties shall not be amended, supplemented or modified by disclosure of any other events, circumstances or developments. Notwithstanding any provision in this Agreement to the contrary, unless prior to the earlier of (a) 15 business days after
delivery by the Partnership of an updated disclosure schedule pursuant to this Section 10.04 and (b) the Closing Date, Buyer provides the Partnership with a written notice that it intends to terminate this Agreement pursuant to Section
8.01 upon the expiration of any cure periods set forth therein, Buyer and Merger Sub shall be deemed to have waived their right to terminate this Agreement or to assert that the matters disclosed on the updated disclosure schedule have caused or
will cause 

  

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any of the conditions set forth in Section 3.01 not to be satisfied; provided, however, that Buyer shall be permitted to aggregate all
events, circumstances or other developments disclosed by the Partnership (including those disclosed in previous disclosure schedule updates) for the purposes of the determination required by this sentence. Subject to the preceding sentence, the
delivery of any such updated disclosures schedules of events, circumstances or other developments occurring after the date of this Agreement will be deemed to have cured any misrepresentation or breach of warranty that otherwise might have existed
hereunder by reason of such variance or inaccuracy. 
  
 10.05
Acknowledgments by Buyer and Merger Sub. Each of Buyer and Merger Sub acknowledges that it has conducted to its satisfaction an independent investigation and verification of the financial condition, operations, assets, liabilities, properties
and projected operations of the Acquired Companies and, in making its determination to proceed with the transactions contemplated by this Agreement, the BC Stock Purchase Agreement and the TCC Merger Agreement, has relied on the results of its own
independent investigation and verification, together with the representations and warranties expressly and specifically set forth in this Agreement, the BC Stock Purchase Agreement and the TCC Merger Agreement, including the schedules hereto and
thereto. SUCH REPRESENTATIONS AND WARRANTIES CONSTITUTE THE SOLE AND EXCLUSIVE REPRESENTATIONS AND WARRANTIES TO BUYER AND ITS SUBSIDIARIES IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY, AND EACH OF BUYER AND MERGER SUB
UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT ALL OTHER REPRESENTATIONS AND WARRANTIES OF ANY KIND OR NATURE, HOWSOEVER CONVEYED, AND EXPRESS OR IMPLIED (INCLUDING, BUT NOT LIMITED TO, ANY RELATING TO THE FUTURE OR HISTORICAL FINANCIAL CONDITION,
RESULTS OF OPERATIONS, ASSETS OR LIABILITIES OF ANY ACQUIRED COMPANY) ARE SPECIFICALLY DISCLAIMED. Each of Buyer and Merger Sub acknowledges that no claim shall be brought or maintained by it, its Affiliates or its successors or assigns against
any stockholder, member, partner, representative, director, manager, officer, agent or Affiliate of the Partnership, and no recourse shall be brought or granted against any such Persons, by virtue of or based upon any alleged misrepresentation or
breach of the Partnership set forth in this Agreement or any other actions or omissions of the Partnership prior to or after the Closing Date or the Effective Time other than acts or omissions that constitute fraud. 
  
 10.06 Transfer Taxes. Buyer will pay, and will indemnify and hold the
Sellers harmless against, any real or personal property transfer or gains Tax, registration Tax, stamp Tax, stock transfer Tax, sales or use Tax, or other similar Tax imposed on the Partnership or its Subsidiaries or one or more Sellers as a result
of the transactions contemplated by this Agreement (collectively, “Transfer Taxes”), and any penalties or interest with respect to the Transfer Taxes. The Representative agrees to cooperate with Buyer in the filing of any returns
with respect to the Transfer Taxes, including promptly supplying any information in its possession that is reasonably necessary to complete such returns. 
  
 10.07 Provision Respecting Legal Representation. Each of the parties to this Agreement hereby agrees, on its own behalf and on behalf of its
directors, members, partners, officers, employees and Affiliates, that Kirkland & Ellis LLP may serve as counsel to THL Equity Fund 

  

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V, L.P., CIVC Partners Fund, L.P., Providence Equity Partners III, L.P., and each of their respective Affiliates (individually and collectively, the
“Seller Group”), on the one hand, and the Partnership and its Subsidiaries, on the other hand, in connection with the negotiation, preparation, execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby, and that, following consummation of the transactions contemplated hereby, Kirkland & Ellis LLP (or any successor) may serve as counsel to (a) the Seller Group or any director, member, partner, officer, employee or Affiliate
of the Seller Group, (b) the Representative or (c) any other Seller in the event such Person so requests, in either case in connection with any litigation, claim or obligation arising out of or relating to this Agreement or the transactions
contemplated by this Agreement notwithstanding such representation (or any continued representation) of the Partnership and/or any of its Subsidiaries, and each of the parties hereto hereby consents thereto and waives any conflict of interest
arising therefrom, and each of such parties shall cause any Affiliate thereof to consent to waive any conflict of interest arising from such representation. 
  
 10.08 Further Assurances. From time to time, as and when requested by any party hereto and at such party’s expense, any other party shall
execute and deliver, or cause to be executed and delivered, all such documents and instruments and shall take, or cause to be taken, all such further or other actions as reasonably necessary to evidence and effectuate the transactions contemplated
by this Agreement. 
  
 10.09 Tax Matters. 
  
 (a) General. For U.S. federal income Tax purposes,
the taxable year of the Partnership shall end as of the Closing Date and, with respect to all other income Taxes, the parties shall, unless prohibited by applicable law, take all action necessary or appropriate to close the taxable period of the
Partnership as of the Closing Date. For the avoidance of doubt, Buyer shall prepare and file, or cause to be prepared and filed, the income Tax Returns of the Partnership for any short taxable period ending as of the Closing Date, which returns
shall be prepared consistent with prior practice (unless such prior practice is not in accordance with applicable law); provided that, at least 15 days prior to filing each such Tax Return, Buyer shall deliver a copy of such Tax Return to the
Representative for its review and approval of any such Tax Return, which review and approval shall be timely and shall not unreasonably withheld. The Representative shall be provided an opportunity to review such Tax Returns and supporting work
papers and schedules prior to the filing of such Tax Returns. The failure of the Representative to propose any changes to any such Tax Return within such 15 days shall be deemed to be an indication of its approval thereof. The Buyer and the
Representative shall attempt in good faith mutually to resolve any disagreements regarding such Tax Returns prior to the due date for filing thereof. The parties shall cooperate fully, as and to the extent reasonably requested by each party and at
the requesting party’s expense, in connection with the filing of any Tax Return, the making of any Tax election (including an election under Section 754 of the Code), any audit, litigation or any proceeding with respect to Taxes. 
  
 (b) Treatment of the Merger. For U.S. federal income
tax purposes, the parties acknowledge and agree that the Buyer (or, to the extent applicable, the Surviving Partnership) shall be treated as purchasing the limited partnership interests of the Partnership held by each participating limited partner
of the Partnership, in exchange for the amount of 

  

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Merger Consideration payable to each participating limited partner of the Partnership as set forth in the Allocation Schedule. The parties acknowledge and
agree that the intent of the parties is that each participating limited partner of the Partnership shall treat the Merger as a sale of its respective limited partnership interest in the Partnership in accordance with Reg. §1.708-1(c)(4) (to the
extent applicable). 
  
 (c) Purchase Price
Allocation. As soon as practicable following the Closing Date, Buyer shall deliver to Representative a determination of the value of the Partnership’s assets; provided that such determination shall be consistent with Reg.
§1.755-1 (and any similar provisions of state or local law, as appropriate) and shall be subject to the Representative’s approval (which approval shall not be unreasonably withheld or delayed). To the extent not inconsistent with Reg.
§1.755-1, such determination shall value the enterprise value of the Partnership’s corporate Subsidiaries at an amount equal to 25% of the aggregate enterprise value of the business operated by the Partnership and its Subsidiaries. Neither
Buyer nor any Sellers shall take any position that is inconsistent with the determinations described in this Section 10.09(c) unless required to do so by applicable law. 
  
 ARTICLE XI 
  
 DEFINITIONS 
  
 11.01 Definitions. For purposes hereof, the following terms, when used herein with initial capital letters, shall have the respective meanings set
forth herein: 
  
 “Acquired
Companies” means, (i) with respect to periods prior to the Effective Time, BC1, BC2, TCC and the Partnership and its Subsidiaries and (ii) with respect to periods after the Effective Time, BC1, BC2, TCC and the Surviving Partnership and its
Subsidiaries (in each case any such Person, individually, an “Acquired Company”). 
  
 “Affiliate” of any particular Person means any other Person controlling, controlled by or under common control with such
particular Person. For the purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, contract or
otherwise. 
  
 “Affiliated
Group” means an affiliated group as defined in Section 1504 of the Code (or any analogous combined, consolidated or unitary group defined under state, local or foreign income Tax law) of which the Partnership is or has been a member.

  
 “BC1” means Parallel Blocker
I Corp., a Delaware corporation. 
  
 “BC1
Option” means the option to acquire Partnership Interests held by Parallel Fund. 
  
 “BC2” means Cayman Blocker I Corp., a Delaware corporation. 
  
 “BC2 Option” means the option to acquire
Partnership Interests held by Cayman Fund. 
  

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 “BC Stock Purchase Agreement” means the Stock Purchase Agreement, dated
as of the date hereof, by and among Buyer, Parallel Fund. and Cayman Fund. 
  
 “BC Stock Purchase Consideration” means the aggregate purchase price paid by Buyer under the BC Stock Purchase Agreement for the capital stock of BC1 and BC2. 
  
 “BC Stock Purchase Transactions” means the
transactions contemplated by the BC Stock Purchase Agreement. 
  
 “Budgeted Paydown Amount” means, as of each of the dates indicated below, the amount set forth opposite such date (which amounts are cumulative as of such date): 
  

				
	 May 30, 2005
	  	$	3,350,000
	 June 30, 2005
	  	$	11,400,000
	 July 31, 2005
	  	$	23,400,000
	 August 31, 2005
	  	$	29,100,000

  
 With
respect to any date of determination that is between any two dates set forth above, the Budgeted Paydown Amount shall be determined on a straight-line basis. For example, if the Closing Date is July 10, 2005, the Budgeted Paydown Amount measured as
of such date shall be equal to $15,300,000. 
  
 “Cash on Hand” means, with respect to BC1, BC2, TCC and the Partnership and its Subsidiaries, all cash, cash equivalents and marketable securities as of the close of business on the date immediately preceding the Closing
determined in accordance with GAAP. Notwithstanding anything to the contrary, Cash on Hand shall (i) be calculated net of issued but uncleared checks and drafts and (ii) include checks and drafts deposited for the account of the Partnership and its
Subsidiaries. 
  
 “Class A Common
Unit” means a Class A Common Unit of the Partnership. 
  
 “Class B Common Unit” means a Class B Common Unit of the Partnership. 
  
 “Code” means the United States Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

  
 “Credit and Guaranty
Agreement” dated as of February 25, 2004, as amended on August 24, 2004 or thereafter, by and among TWP LLC, WorldPages, Inc., Great Western Directories Inc., as Borrowers, the Partnership, certain Subsidiaries of TWP LLC party thereto, as
Guarantors, Goldman Sachs Credit Partners L.P., as joint bookrunner, joint lead arranger and as co-syndication agent, the financial institutions listed on the signature pages thereto, Wachovia Capital Markets, LLC, as joint bookrunner and joint lead
arranger, Citigroup Global Markets Inc., as joint bookrunner and co-syndication agent, CIBC World markets Corp., as joint bookrunner and documentation agent, and Wachovia Bank, National Association, as administrative agent and collateral agent.

  
 “Directory” means any
telephone directory published in print form by the Partnership or its Subsidiaries. 
  

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 “Environmental Requirements” means all federal, state, local and foreign
statutes, regulations, and ordinances enacted and in effect on or prior to the Closing Date, concerning pollution or protection of the environment, including all those relating to the presence, use, production, generation, handling, transportation,
treatment, storage, disposal, distribution, labeling, testing, processing, discharge, release, threatened release, control, or cleanup of any hazardous materials, substances or wastes. 
  
 “Equity Trust” means the trust arrangement established pursuant to the Partnership’s
Employee Equity Compensation Plan II and Employee Equity Compensation Trust II, each effective as of June 28, 2001 and as amended. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “GAAP” means United States generally
accepted accounting principles applied in a manner consistent with that used in preparing the Latest Balance Sheet. 
  
 “General Partner” means, in the context of the Partnership, TCC. 
  
 “Governmental Entity” means any (i) nation,
region, state, province, county, city, town, village, district or other jurisdiction, (ii) federal, state, local, municipal, foreign or other government, (iii) governmental or quasi-governmental authority of any nature (including any governmental
agency, branch, department or other entity, (iv) multinational organization or (v) body entitled to exercise any administrative, executive or regulatory power of any nature. 
  
 “Indebtedness” means, without duplication, the unpaid principal balance, and accrued
interest thereon, of BC1, BC2, TCC, the Partnership and its Subsidiaries for borrowed money owed to financial institutions. For purposes hereof, Indebtedness does not include, any prepayment premiums or penalties (including breakage costs or fees)
or the principal amounts arising under letters of credit obtained in the ordinary course of business. 
  
 “Indebtedness Amount” means the greater of (i) Indebtedness less Cash on Hand, in each case as of the close of
business on the date immediately preceding the Closing Date and (ii) $686,494,756 (the “Current Net Indebtedness Amount”) less the Budgeted Paydown Amount. 
  
 “Knowledge” means, when applied to a statement made hereunder by the Partnership, the
actual conscious awareness as of the date such statement is made, after reasonable inquiry of direct reporting persons, of Laurence Bloch, Ricardo Puente, Joan Fiorito, Marybeth Brennan or Richard Dailey and when applied to a statement made
hereunder by Buyer, the actual conscious awareness as of the date such statement is made, after reasonable inquiry of direct reporting persons, of Joseph Walsh, William Kracklauer, Timothy Zalak or Paul Rouse. 
  
 “Material Adverse Effect” means any change,
effect, event, occurrence, state of facts or development that, individually or in the aggregate with any other change, effect, event, occurrence, state of facts or development, is materially adverse to the assets, business, condition (financial or
otherwise) or results of operations of the Partnership and its Subsidiaries taken as a whole; provided that, none of the following shall be deemed in itself, or in any combination, to constitute, and none of the following shall be taken into
account in determining whether there has been or will be, a Material Adverse Effect: (a) any adverse change, effect, event, occurrence, 

  

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state of facts or development attributable to the announcement or pendency of the transactions contemplated by this Agreement; (b) any adverse change,
effect, event, occurrence, state of facts or development attributable to conditions affecting the industry in which the Partnership and its Subsidiaries participates (excluding conditions that have a material, disproportionate affect on the
Partnership and its Subsidiaries relative to other industry participants), the U.S. economy as a whole or the capital markets in general or the markets in which the Partnership and its Subsidiaries operates; (c) any adverse change, effect, event,
occurrence, state of facts or development resulting from or relating to compliance with the terms of, or the taking of any action required by, this Agreement; (d) any adverse change, effect, event, occurrence, state of facts or development arising
from or relating to any change in accounting requirements or principles or any change in applicable laws, rules or regulations or the interpretation thereof; (e) any adverse change, effect, event, occurrence, state of facts or development arising
from or relating to any matter specifically set forth on any disclosure schedule attached hereto; or (f) any adverse change, effect, event, occurrence, state of facts or development arising from or relating to the commencement, continuation or
escalation of a war, material armed hostilities or other material international or national calamity or act of terrorism directly or indirectly involving the United States of America (excluding conditions that have a material, disproportionate
affect on the Partnership and its Subsidiaries relative to other businesses in the United States of America). 
  
 “Partnership Agreement” means the Partnership’s Fourth Amended and Restated Agreement of Limited Partnership, dated
as of June 28, 2001, by and among TCC, as General Partner, and the limited partners signatory thereto. 
  
 “Partnership Interests” means the partnership interests of the Partnership. 
  
 “Permitted Liens” means (i) liens securing
obligations arising under the Senior Debt Documents; (ii) statutory liens for current Taxes or other governmental charges not yet due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings by the
Partnership and its Subsidiaries and for which appropriate reserves have been established in accordance with GAAP; (iii) mechanics’, carriers’, workers’, repairers’ and similar statutory liens arising or incurred in the ordinary
course of business for amounts which are not delinquent and which are not, individually or in the aggregate, significant or which are being contested by appropriate proceedings; (iv) zoning, entitlement, building and other land use regulations
imposed by governmental agencies having jurisdiction over the Leased Real Property which are not violated by the current use and operation of the Leased Real Property; (v) covenants, conditions, restrictions, easements and other similar matters of
record affecting title to the Leased Real Property which do not materially impair the occupancy or use of the Leased Real Property for the purposes for which it is currently used or proposed to be used in connection with the Partnership’s and
its Subsidiaries’ businesses; (vi) public roads and highways; (vii) matters which would be disclosed by an inspection or accurate survey of each parcel of real property; (viii) liens arising under worker’s compensation, unemployment
insurance, social security, retirement and similar legislation; (ix) liens on goods in transit incurred pursuant to documentary letters of credit; (x) purchase money liens and liens securing rental payments under capital lease arrangements; (xi)
liens not having a Material Adverse Effect and (xii) liens listed on the Permitted Liens Schedule. 
  

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 “Person” means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or other entity and a Governmental Entity or any department, agency or political subdivision thereof. 
  
 “Recapitalization Agreement” means the
Recapitalization Agreement, in a form reasonably acceptable to Buyer, to be entered into prior to the Closing Date, by and among TWP LLC, the Partnership, THL (Cayman) Holding I, L.P. (“Cayman Holding”), THL Parallel Holding I, L.P.
(“Parallel Holding”), BC1, BC2, THL (Cayman) Fund V, L.P. (“Cayman Fund V”) and THL Parallel Fund V, L.P. (“Parallel Fund V”), pursuant to which prior to Closing (i) TWP, LLC shall distribute a
portion of the TWP Companies Stock owned by it to the Partnership, (ii) the Partnership shall distribute a portion of the TWP Companies Stock owned by it to each of Cayman Holding and Parallel Holding in partial redemption of the Partnership
Interests owned by them, (iii) Cayman Holding shall liquidate and distribute (A) Partnership Interests owned by Cayman Holding and any balance sheet liabilities (other than non-cash liabilities or any liabilities related to a negative capital
account) to its general partner and (B) Partnership Interests and TWP Companies Stock owned by Cayman Holding to BC2, (iv) Parallel Holding shall liquidate and distribute (A) Partnership Interests owned by Parallel Holding and any balance sheet
liabilities (other than non-cash liabilities or any liabilities related to a negative capital account) to its general partner and (B) Partnership Interests and TWP Companies Stock owned by Parallel Holding to BC1, and (v) BC2 and Cayman Fund V shall
cause the BC2 Option (and BC2’s related receivables in respect of prior demand loans made to Cayman Fund V) to be terminated and BC1 and Parallel Fund V shall cause the BC1 Option (and BC1’s related receivables in respect of prior demand
loans made to Parallel Fund V) to be terminated (the “Recapitalization Transactions”); provided, however, that, at the request of the Buyer, the Recapitalization Agreement may provide that any or all of the foregoing
Recapitalization Transactions (other than the termination of BC1’s and BC2’s receivables referenced in this clause (v)) shall not be undertaken so long as the failure to undertake any of the Recapitalization Transactions shall not
adversely impact the BC Stock Purchase Consideration. 
  
 “Retention Agreements” means the agreements set forth on the Retention Agreements Schedule. 
  
 “Second Lien Credit and Guaranty Agreement” dated as of February 25, 2004, as amended on August 24, 2004, by and among
TWP LLC, WorldPages, Inc., Great Western Directories, Inc., as Borrowers, the Partnership, certain Subsidiaries of TWP LLC party thereto, as Guarantors, Goldman Sachs Credit Partners L.P., as joint bookrunner, joint lead arranger, administrative
agent and collateral agent, Wachovia Capital Markets, LLC, as joint bookrunner and joint lead arranger, Wachovia Capital Investments, Inc., as co-syndication agent, Citigroup Global Markets Inc., as joint bookrunner and co-syndication agent, and the
other financial institutions party thereto from time to time. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Sellers” means the holders of the Class A Common Units and Class B Common Units prior to the Effective Time, together
with (unless otherwise provided herein) the holders of 

  

 - 40 - 

 
the capital stock of BC1, BC2 and TCC immediately prior to the consummation of the BC Stock Purchase Transactions and TCC Merger Transaction, as applicable.

  
 “Senior Debt Documents”
means the Credit and Guaranty Agreement and the Second Lien Credit and Guaranty Agreement. 
  
 “Settlement Contingency Amount” means either (i) $0, if the matter disclosed in item 9 on the Litigation Schedule
as of the date hereof is settled in full and paid prior to the Closing; or (ii) $500,000, if such matter is not settled in full and paid prior to the Closing. 
  

“Shareholder Approval” means the approval of Yell’s shareholders (given by way of a resolution passed by a simple
majority of votes cast by shareholders in person or by proxy at a general meeting of Yell) with respect to the Merger and the Related Transactions contemplated by this Agreement, as required by paragraph 10.37 of the Listing Rules of the United
Kingdom Listing Authority (being the Financial Services Authority acting as the competent authority for the purposes of section 74 of the Financial Services and Markets Act 2000). 
  
 “Subsidiary” means any corporation, company, partnership, limited liability company,
organization or other entity of which the securities or other ownership interests having a majority of the ordinary voting power in electing the board of directors or other governing body are, at the time of such determination, owned by the
Partnership or another Subsidiary. 
  
 “Tax” or “Taxes” means any federal, state, local or foreign income, gross receipts, franchise, estimated, alternative minimum, add-on minimum, sales, use, transfer, real property gains, registration, value
added, excise, natural resources, severance, stamp, occupation, premium, windfall profit, environmental, customs, duties, real property, special assessment, personal property, capital stock, social security, unemployment, disability, payroll,
license, employee or other withholding, or other tax, of any kind whatsoever, including any interest, penalties or additions to tax or additional amounts in respect of the foregoing. 
  
 “Tax Returns” means any return, report, information return or other document (including
schedules or any related or supporting information) filed or required to be filed with any Governmental Entity or other authority in connection with the determination, assessment or collection of any Tax or the administration of any laws,
regulations or administrative requirements relating to any Tax. 
  
 “TCC” means TransWestern Communications Company, Inc., a Delaware corporation, and, as the context may require, any successor thereto as a consequence of the TCC Merger Transaction. 
  
 “TCC Liability Amount” means (a) any
liability identified on the audited balance sheet of TCC as of December 31, 2004 (the “2004 TCC Balance Sheet”), excluding (i) liabilities related to the Partnership or otherwise arising from TCC’s status as general partner of
the Partnership, (ii) liabilities related to TCC’s negative capital account, (iii) non-cash liabilities and (iv) liabilities satisfied by TCC subsequent to December 31, 2004 and (b) any liability of a type that is not reflected in the 2004 TCC
Balance Sheet that, if material, would be required to be reflected in the 2004 TCC Balance Sheet (other than any liability of a type referred to in any of the preceding clauses (i) through (iv)). 
  

 - 41 - 

 “TCC Merger Agreement” means the Agreement and Plan of Merger, dated as
of the date hereof, by and among Buyer, the Subsidiary of Buyer named therein and TCC. 
  
 “TCC Merger Consideration” means the aggregate purchase price paid by Buyer under the TCC Merger Agreement for the
capital stock of TCC (after giving effect to the reduction of such amount by the TCC Liability Amount pursuant to Section 2.03(a) hereof). 
  
 “TCC Merger Transaction” means the transactions contemplated by the TCC Merger Agreement. 
  
 “TCC Stock” means the common stock of TCC.

  
 “Total Consideration” means
the sum of the Merger Consideration, plus the BC Stock Purchase Consideration, plus the TCC Merger Consideration. 
  
 “Transaction Bonuses” means the transaction bonuses to be paid at the Closing to each of the individuals identified on
the Transactions Bonuses Schedule in the amounts set forth opposite such individual’s name. 
  
 “Transaction Expenses” means all fees and expenses payable in connection with the transactions contemplated by this
Agreement to the extent set forth on the Transaction Expenses Schedule (which schedule may be updated from time to time, and shall be updated as of the Closing Date, by the Partnership). 
  
 “Treasury Regulations” means the income tax
regulations promulgated under the Code and effective as of the date hereof. 
  
 “Trust Units” means the 2,000 Class B Common Units held in trust pursuant to the Equity Trust. 
  
 “TWP Companies Stock” means the common stock of TWP Companies, Inc., a Delaware corporation. 
  
 “TWP LLC” means TransWestern Publishing
Company LLC, a Delaware limited liability company. 
  
 “Unclaimed Property Amount” means $1,250,000 and is related to the unclaimed property issue referenced on the Liabilities Schedule hereto. 
  
 11.02 Cross-Reference to Definitions. Each capitalized term listed below is defined in the indicated Section of this
Agreement: 
  

			
	 Term

	  	Section No.

	 2004 TCC Balance Sheet
	  	11.01
	 Acquired Companies
	  	11.01
	 Affiliate
	  	11.01
	 Affiliated Group
	  	11.01
	 Agreement
	  	Preamble

  

 - 42 - 

			
	 Term

	  	Section No.

	 Authorized Action
	  	9.03
	 BC1
	  	11.01
	 BC2
	  	11.01
	 BC Stock Purchase Agreement
	  	11.01
	 BC Stock Purchase Consideration
	  	11.01
	 BC Stock Purchase Transactions
	  	11.01
	 Budgeted Paydown Amount
	  	11.01
	 Buyer
	  	Preamble
	 Buyer’s Representatives
	  	6.02
	 Cash on Hand
	  	11.01
	 Certificate of Merger
	  	1.02
	 Class A Common Unit
	  	11.01
	 Class B Common Unit
	  	11.01
	 Closing
	  	2.05(b)
	 Closing Date
	  	2.05(b)
	 Code
	  	11.01
	 Commitment Letter
	  	5.08
	 Confidentiality Agreement
	  	6.02
	 Credit and Guaranty Agreement
	  	11.01
	 Definitive Financing Documents
	  	7.03(a)
	 Directory
	  	11.01
	 DRULPA
	  	Preamble
	 Effective Time
	  	1.02
	 Environmental Requirements
	  	11.01
	 Equity Trust
	  	11.01
	 ERISA
	  	4.12(a)
	 Exchange Act
	  	11.01
	 GAAP
	  	11.01
	 General Partner
	  	11.01
	 Government Entity
	  	11.01
	 HSR Act
	  	4.06(b)
	 Indebtedness
	  	11.01
	 Indemnified Individual
	  	7.02(a)
	 Knowledge
	  	11.01
	 Latest Balance Sheet
	  	4.08(a)
	 LLC Act
	  	Preamble
	 Leased Real Property
	  	4.16(b)
	 Letter of Transmittal
	  	2.06(b)
	 Material Adverse Effect
	  	11.01
	 Merger
	  	Preamble
	 Merger Consideration
	  	2.03(b)
	 Merger Consideration Certificate
	  	2.04
	 Merger Sub
	  	Preamble
	 Partnership
	  	Preamble
	 Partnership Agreement
	  	11.01

  

 - 43 - 

			
	 Term

	  	Section No.

	 Paying Agent
	  	2.06(a)
	 Permits
	  	4.19
	 Permitted Liens
	  	11.01
	 Person
	  	11.01
	 Plans
	  	4.12(a)
	 Recapitalization Agreement
	  	11.01
	 Recapitalization Transactions
	  	11.01
	 Related Transactions
	  	2.05(a)
	 Representative
	  	Preamble
	 Restated Financial Statements
	  	4.08(a)
	 Retention Agreements
	  	11.01
	 Second Lien Credit and Guaranty Agreement
	  	11.01
	 Securities Act
	  	11.01
	 Seller Group
	  	10.07
	 Sellers
	  	11.01
	 Senior Debt Documents
	  	11.01
	 Settlement Contingency Amount
	  	11.01
	 Shareholder Approval
	  	11.01
	 Subsidiary
	  	11.01
	 Surviving Partnership
	  	1.01
	 Tax or Taxes
	  	11.01
	 Tax Returns
	  	11.01
	 TCC
	  	11.01
	 TCC Liability Amount
	  	11.01
	 TCC Merger Agreement
	  	11.01
	 TCC Merger Consideration
	  	11.01
	 TCC Merger Transaction
	  	11.01
	 Total Consideration
	  	11.01
	 Transaction Expenses
	  	11.01
	 Transfer Taxes
	  	10.06
	 Treasury Regulations
	  	11.01
	 Trust Units
	  	11.01
	 TWP LLC
	  	11.01
	 Unclaimed Property Amount
	  	11.01
	 WARN
	  	4.12
	 Yell
	  	Preamble

  
 ARTICLE XII 

 
 MISCELLANEOUS 
  
 12.01 Press Releases and Communications. No press release or public
announcement related to this Agreement or the transactions contemplated herein, or prior to the Closing, any other announcement or communication to the employees, independent contractors, customers or 

  

 - 44 - 

 
suppliers of the Partnership and its Subsidiaries, shall be issued or made by any party hereto without the joint approval of Buyer, Merger Sub and the
Representative, unless required by applicable law or the rules of any stock exchange or self-regulatory organization, in which case, to the extent reasonably practicable, Buyer, Merger Sub and the Representative shall have the right to review such
press release, announcement or communication prior to its issuance, distribution or publication and the parties shall work together in good faith to reach an agreement on the content of any such press release, announcement or communication.
Notwithstanding the foregoing, (i) Buyer and the Sellers and each of their Affiliates shall be permitted to disclose at any time the financial aspects of the transactions described herein in connection with communications with their respective
limited partners, financing sources, employees, agents, advisors, partners and potential partners or to the extent reasonably required in the ordinary course of their business, so long as, prior to any such disclosure, the disclosing party shall
inform the Person to which such disclosure is to be made of the confidential nature of such disclosure and (ii) any party hereto shall be permitted to publish a “tombstone” or similar advertisement after the Closing, provided such does not
disclose the amount of consideration paid by Buyer under this Agreement and the related agreements. 
  
 12.02 Expenses. Except as otherwise expressly provided herein, the Partnership, Buyer and Merger Sub shall pay all of their own expenses (including
attorneys’ and accountants’ fees and expenses) in connection with the negotiation of this Agreement, the performance of their obligations hereunder and the consummation of the transactions contemplated by this Agreement; provided
that, Buyer and Merger Sub shall pay all Transaction Expenses as provided in Section 2.05(d). 
  
 12.03 Notices. Except as may be otherwise provided herein, all notices, requests, demands and other communications to be given or delivered under
or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (a) when personally delivered, (b) when received when sent by facsimile at the applicable facsimile number set forth below, (c) one day after
deposit with Federal Express or similar overnight courier service or (d) three days after being mailed by first class mail, return receipt requested. Notices, requests, demands and communications to Yell, Buyer, Merger Sub, the Partnership and the
Representative shall, unless another address is specified in writing, be sent to the addresses indicated below: 
  
 Notices to Yell, Buyer or Merger Sub: 
  
 Yell Group Plc 
 Queens Walk 
 Oxford Road 
 Reading 
 RG1 7PT 
 Attn:     Howard
Rubenstein 
               Corporate Secretary and General Counsel

 Facsimile No.: 44-118-957-5806 
  

 - 45 - 

 Yellow Book USA, Inc. 
 398 EAB Plaza 
 Uniondale, New York 11556-0398 
 Attn:     William F. Kracklauer 
               Vice President 
 Facsimile No.: (516) 730-1910

  
 with a copy to (which shall not constitute notice to Buyer
or Merger Sub): 
  
 Weil, Gotshal & Manges LLP

 201 Redwood Shores Parkway 
 Redwood Shores, CA 94065 
 Attn:     Craig W. Adas 
 Facsimile No.: (650) 802-3100 
  
 Notices to the Representative: 
  
 TWP Rep Co., LLC 
 c/o Thomas H. Lee Partners

 100 Federal Street, 35th Floor 
 Boston, Massachusetts 02110 
 Attn:     Scott A. Schoen 
               Charles A. Brizius 
 Facsimile No.: (617)
227-3514 
  
 with a copy to (which shall not constitute notice
to the Representative): 
  
 Kirkland & Ellis LLP

 200 East Randolph Drive 
 Chicago, Illinois 60601 
 Attn:     Richard W. Porter, P.C. 
               Douglas D. Timmer 
 Facsimile No.: (312) 861-2200 
  
 Notices to the Partnership (prior to the Closing): 
  
 TransWestern Holdings, L.P. 
 8344 Clairemont
Mesa Boulevard 
 San Diego, California 92111 
 Attn:     Ricardo Puente 
               Joan Fiorito 
 Facsimile No.: (858) 467-6022

  
 with copies to (which shall not constitute notice to the
Partnership): 
  
 Thomas H. Lee Partners 
 100 Federal Street, 35th Floor 
 Boston, Massachusetts 02110 
 Attn:     Scott A. Schoen 
               Charles A. Brizius 
 Facsimile No.: (617)
227-3514 
  

 - 46 - 

 Kirkland & Ellis LLP 
 East Randolph Drive 
 Chicago, Illinois 60601 
 Attn:     Richard W. Porter, P.C. 
               Douglas D. Timmer 
 Facsimile No.: (312)
861-2200 
  
 Notices to the Partnership (following the
Closing): 
  
 TransWestern Holdings, L.P. 
 c/o Yellow Book USA, Inc. 
 398 EAB Plaza

 Uniondale, New York 11556-0398 
 Attn:     William F. Kracklauer 
               Vice President 
 Facsimile No.: (516) 730-1910

  
 with a copy to (which shall not constitute notice to the
Partnership): 
  
 Weil, Gotshal & Manges LLP 

201 Redwood Shores Parkway 
 Redwood
Shores, CA 94065 
 Attn:     Craig W. Adas 
 Facsimile No.: (650) 802-3100 
  
 12.04 Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, except that neither this Agreement nor any
of the rights, interests or obligations hereunder may be assigned or delegated by any party without the prior written consent of the other parties, except (a) for assignments and transfers by operation of law, (b) Buyer and Merger Sub may assign any
or all of their rights, interests and obligations hereunder to one or more direct or indirect subsidiaries, provided that in such case Buyer and Merger Sub shall remain responsible for the performance of their respective obligations hereunder and
(c) Buyer and Merger Sub may assign any or all of their rights, interests and obligations hereunder to any bank, agent for a lenders syndicate or other lender to Buyer and Merger Sub or any of their Affiliates or subsidiaries for collateral
security. 
  
 12.05 Severability. Whenever possible, each
provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  
 12.06 Third Party Beneficiaries. Article II and Sections 7.03 and 7.04 are intended for the
benefit of, and shall be enforceable by, the Sellers. Section 7.06 is intended for the benefit of, 

  

 - 47 - 

 
and shall be enforceable by, the beneficiaries of the Equity Trust and the intended recipients of the Other Benefits. Section 7.02 is for the benefit
of, and shall be enforceable by, the Indemnified Individuals. Section 10.07 is intended for the benefit of, and shall be enforceable by, the Seller Group and Kirkland & Ellis LLP. Unless expressly stated herein to the contrary, no other
third-party beneficiary shall have any legal or equitable right, remedy or claim under or with respect to any provision of this Agreement. 
  
 12.07 References. The table of contents and the section and other headings and subheadings contained in this Agreement and the exhibits hereto are
solely for the purpose of reference, are not part of the agreement of the parties hereto, and shall not in any way affect the meaning or interpretation of this Agreement or any exhibit hereto. All references to days or months shall be deemed
references to calendar days or months, unless otherwise stated. All references to “$” shall be deemed references to United States dollars. Unless the context otherwise requires, any reference to a “Section,” “Exhibit,”
or “Schedule” shall be deemed to refer to a section of this Agreement, exhibit to this Agreement or a schedule to this Agreement, as applicable. The words “hereof,” “herein” and “hereunder” and words of
similar import referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. The terms “include” and “including” indicate examples of a foregoing general statement and not a
limitation on that general statement. 
  
 12.08 No Strict
Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any Person. 
  
 12.09 Amendment and Waiver. Any provision of this Agreement or the
schedules or exhibits may be amended or waived only in a writing duly authorized and signed by Buyer and Merger Sub, the Partnership and the Representative. No waiver of any provision hereunder or any breach or default thereof shall extend to or
affect in any way any other provision or prior or subsequent breach or default, and no failure or delay to enforce, or partial enforcement of, any provision hereof shall operate as a waiver of such provision or of any other provision. 
  
 12.10 Complete Agreement. This Agreement and the documents referred to
herein (including the Confidentiality Agreement and the schedules and exhibits hereto) contain the complete agreement among the parties hereto and supersede any prior understandings, agreements or representations by or among the parties, written or
oral, which may have related to the subject matter hereof in any way. 
  
 12.11 Counterparts. This Agreement may be executed in multiple counterparts (including by means of facsimile signature pages), any one of which need not contain the signatures of more than one party, but all such counterparts taken
together shall constitute one and the same instrument. 
  
 12.12
Governing Law. All matters relating to the interpretation, construction, validity and enforcement of this Agreement shall be governed by and construed in accordance with the domestic laws of the State of New York without giving effect to any
choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of laws of any jurisdiction other than the State of New York. Each of the parties 

  

 - 48 - 

 
hereto agrees that any legal action or proceeding with respect to this Agreement may be brought in the Courts of the State of New York, County of New York or
the United States District Court for the Southern District of New York and, by execution and delivery of this Agreement, each party hereto irrevocably submits itself in respect of its property, generally and unconditionally to the non-exclusive
jurisdiction of the aforesaid courts in any legal action or proceeding arising out of this Agreement. Each of the parties hereto irrevocably waives any objection which it may now or hereafter have to the laying of venue of any of the aforesaid
actions or proceedings arising out of or in connection with this Agreement brought in the courts referred to in the proceeding sentence. 
  
 12.13 Waiver of Trial by Jury. THE PARTIES HERETO WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING UNDER THIS AGREEMENT OR
ANY ACTION OR PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED HEREBY, REGARDLESS OF WHICH PARTY INITIATES SUCH ACTION OR PROCEEDING. 
  
 *    *    *    * 
  

 - 49 - 

  
 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement and Plan of Merger on the day and year first above written. 
  

			
	PARTNERSHIP:
	
	TRANSWESTERN HOLDINGS, L.P.
	
	 By: TransWestern Communications Company, Inc.
 Its: General Partner

		
	By:	 	 

			
	 Name:
	 	 

			
	 Its:
	 	 

			
	
	BUYER:
	
	YELLOW BOOK USA, INC.
		
	By:	 	 

			
	 Name:
	 	 

			
	 Its:
	 	 

			
	
	MERGER SUB:
	
	TAPESTRY ACQUISITION, LLC
		
	By:	 	 

			
	 Name:
	 	 

			
	 Its:
	 	 

  
 [Signature Page
to Agreement and Plan of Merger] 
  

			
	REPRESENTATIVE (for the limited purposes stated herein only):
	
	TWP REP CO., LLC
	
	 By: Thomas H. Lee Equity Fund V, L.P.
 Its:
Managing Member

	
	 By: THL Equity Advisors V, LLC
 Its: General
Partner

	
	 By: Thomas H. Lee Partners, L.P.
 Its:
General Partner

	
	 By: Thomas H. Lee Advisors, LLC
 Its: General
Partner

		
	By:	 	 

			
	 Name:
	 	 

			
	 Its:
	 	 

			
	
	YELL (for the limited purposes stated herein only):
	
	YELL GROUP PLC
		
	By:	 	 

			
	 Name:
	 	 

			
	 Its:
	 	 

  
 [Signature Page
to Agreement and Plan of Merger]Common Stock Certificate

 

 
  
 NUMBER 
 ACCENTIA 
 BIOPHARMACEUTICALS 
 SHARES 
 INCORPORATED UNDER THE LAWS 
 OF THE STATE OF FLORIDA 
 ACCENTIA BIOPHARMACEUTICALS, INC. 
 CUSIP 00430L 10 3 
 SEE REVERSE FOR CERTAIN DEFINITIONS 
 THIS 
 CERTIFIES 
 that 
 is the owner of 
 FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK,
PAR VALUE OF $.001 PER SHARE, OF 
 ACCENTIA BIOPHARMACEUTICALS, INC. 
 transferable on the books of the Corporation in person or by attorney upon surrender of this certificate duly endorsed or assigned. This
certificate and the shares represented 
 hereby are subject to the laws of the State of Florida, and to the Articles of
Incorporation and Bylaws of the Corporation, as now or hereafter amended. This certificate is 
 not valid until countersigned
by the Transfer Agent and registered by the Registrar. 
 WITNESS the facsimile seal of the Corporation and the facsimile
signatures of its duly authorized officers. 
 Dated: 
 SECURITY-COLUMBIAN UNITED STATES BANKNOTE COMPANY 1960 
 SECRETARY 
 ACCENTIA BIOPHARMACEUTICALS, INC. 
 CORPORATE 
 SEAL 
 2002 
 FLORIDA 
 PRESIDENT AND CEO 
 COUNTERSIGNED AND REGISTERED: 
 WACHOVIA BANK, N.A. 
 (Charlotte, NC) 
 BY 
 TRANSFER
AGENT 
 AND REGISTRAR 
 AUTHORIZED SIGNATURE 
 AMERICAN BANK NOTE COMPANY 
 711 ARMSTRONG LANE 
 COLUMBIA, TENNESSEE 38401 
 (931) 388-3003 
 SALES: R. JOHNS 212-269-0339 X 13 
 / ETHER 19 / LIVE JOBS / A / ACCENTIA / 19527 FACE 
 PRODUCTION COORDINATOR: MIKE PETERS:
931-490-1714 
 PROOF OF MAY 19, 2005 
 ACCENTIA BIOPHARMACEUTICALS, INC. 
 TSB 19527 FACE 
 OPERATOR: TERESA/Ron 
 REV. 3 
 COLORS SELECTED FOR PRINTING: Logo prints in PMS 648 and 159. Intaglio prints in SC-7 dark blue.

 COLOR: This proof was printed from a digital file or artwork on a graphics quality, color laser printer. It is a good
representation of the color as it will appear on the final product. 
 However, it is not an exact color rendition, and the
final printed product may appear slightly different from the proof due to the difference between the dyes and printing ink. 
 PLEASE INITIAL THE APPROPRIATE SELECTION FOR THIS PROOF: OK AS IS OK WITH CHANGES MAKE CHANGES AND SEND ANOTHER PROOF 

 

 
  
 The Corporation will
furnish without charge to each stockholder who so requests a statement of the designations, powers, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation and the
qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Corporation or the Transfer Agent. 
 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
 TEN COM – as tenants in common 
 TEN ENT – as tenants by the entireties 
 JT TEN – as joint tenants with right of
survivorship and not as tenants in common 
 UNIF GIFT MIN ACT– Custodian 
 (Cust) (Minor) 
 under Uniform Gifts to Minors Act 
 (State) 
 Additional abbreviations may also be used though not in the above list. 
 For value received, the undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE) 
 shares of the capital stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint Attorney to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises. 
 Dated 
 NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE
NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 
 Signature(s) Guaranteed: 
 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH 
 MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION
PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. 
 AMERICAN BANK NOTE COMPANY 
 711 ARMSTRONG LANE COLUMBIA, TENNESSEE 38401 (931) 388-3003 SALES: R. JOHNS 212-269-0339 X 13 
 / ETHER 19 / LIVE JOBS / A / ACCENTIA / 19527 BACK 
 PRODUCTION COORDINATOR: MIKE PETERS: 931-490-1714 
 PROOF OF APRIL 19, 2005
ACCENTIA BIOPHARMACEUTICALS, INC. 
 TSB 19527 BACK 
 OPERATOR: TERESA 
 NEW 
 PLEASE INITIAL THE APPROPRIATE SELECTION FOR THIS PROOF: OK AS IS OK WITH CHANGES MAKE CHANGES AND SEND
ANOTHER PROOF

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