Exhibit 10.5 - Third Amendment to Limited Waiver to Note Agreement and Guaranty
Agreement

THIRD AMENDMENT TO LIMITED WAIVER TO NOTE AGREEMENT AND GUARANTY AGREEMENT

THIS THIRD AMENDMENT TO LIMITED WAIVER TO NOTE AGREEMENT AND GUARANTY AGREEMENT
(this “Amendment”) is entered into as of February 6, 2009 by and among ST. LOUIS
POST-DISPATCH LLC, a Delaware limited liability company (the “Company”),
PULITZER INC., a Delaware corporation (the “Guarantor”), and the undersigned
holders of Notes (as hereinafter defined) (the Company, the Guarantor and the
undersigned holders of Notes being collectively referred to herein as the
“Parties”). Capitalized terms used and not otherwise defined herein shall have
the respective meanings ascribed to them in the Waiver or the Note Agreement (as
each such term is defined in Recital A below), as amended hereby.

Recitals

A. Reference is made to (i) that certain Note Agreement, dated as of May 1,
2000, among the Company and the holders of the senior notes issued thereunder,
as amended prior to the date hereof (the “Note Agreement”) and (ii) that certain
Limited Waiver to Note Agreement and Guaranty Agreement, entered into as of
December 26, 2008, by and among the Parties, as amended prior to the date hereof
(the “Waiver”).

B. The Company and the Guarantor have requested, and the holders of the Notes
have agreed, subject to the terms and conditions of this Amendment, to amend and
extend the terms of the Waiver as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

1. Amendment to Waiver. Paragraph D. of the Recitals to the Waiver is hereby
amended by deleting “and” at the end of clause (a), designating clause (b) as
clause (c) and adding the following new clause (b):

“(b) Section 5.1(i) of the Guaranty Agreement in the event that the ratio of
Consolidated Debt as of December 28, 2008 to EBITDA for the four fiscal quarters
most recently ended is greater than 4.25 to 1.00, and”.

2. Extension of Waiver Period. Paragraph 2 of the Waiver is hereby amended by
substituting “February 13, 2009” for “February 6, 2009” in each place that the
latter date appears in such paragraph.

3. Waiver Remains in Full Force and Effect. Except as expressly amended by this
Amendment, all terms, conditions, covenants and other provisions contained in
the Waiver are hereby ratified and shall be and remain in full force and effect;
provided, however, that (a) the conditions to effectiveness contained herein
shall supersede those contained in the Waiver, and (b) no additional Waiver Fee
or other fee shall be payable in connection with this Amendment.

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4. Conditions to Effectiveness. This Amendment shall become effective, as of the
date first written above (the “Effective Date”), when the Company, the Guarantor
and the Required Holders shall have signed a counterpart hereof (whether the
same or separate counterparts) and shall have delivered (including by way of
facsimile or other electronic transmission) the same to Bingham McCutchen LLP,
One State Street, Hartford CT 06001, Attention: Chip Fisher (facsimile number:
860-240-2564/e-mail address: chip.fisher @bingham.com).

5. Miscellaneous.

(a) Ratification and Confirmation. Except as specifically modified herein, the
Waiver shall remain in full force and effect, and is hereby ratified and
confirmed.

(b) No Waiver. Except as expressly provided herein, the execution, delivery and
effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of any holder of Notes, nor constitute a waiver of any provision
of the Note Agreement, the Guaranty Agreement, any Note or any other instrument
or agreement entered into in connection therewith or otherwise related thereto.

(c) Representation and Warranty. The Company and the Guarantor jointly and
severally represent and warrant that (i) none of the events described in clauses
(w), (x) or (y) of Section 2 of the Waiver has occurred and (ii) each is in
compliance with its respective obligations under Section 3 of the Waiver.

(d) GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE
OF NEW YORK.

(e) Counterparts. This Amendment may be executed in counterparts (including
those transmitted by facsimile), each of which shall be deemed an original and
all of which taken together shall constitute one and the same document. Delivery
of this Amendment may be made by facsimile transmission of a duly executed
counterpart copy hereof.

[The remainder of this page is intentionally left blank; signature pages follow]

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IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed
and delivered by their duly authorized officers as of the date first above
written.

 

ST. LOUIS POST-DISPATCH LLC By:   PULITZER INC., as Managing Member By:  

/s/    Carl G. Schmidt

Name:   Carl G. Schmidt Title:   Treasurer

 

PULITZER INC. By:  

/s/    Carl G. Schmidt

Name:   Carl G. Schmidt Title:   Treasurer

[Signature Page to Third Amendment to Limited Waiver]

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THE PRUDENTIAL INSURANCE COMPANY OF AMERICA By:  

/s/    Paul H. Procyk

Name:   Paul H. Procyk Title:   Vice President

[Signature Page to Third Amendment to Limited Waiver]

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AMERICAN GENERAL LIFE INSURANCE COMPANY AIG ANNUITY INSURANCE COMPANY By:   AIG
Global Investment Corp., Investment Advisor By:  

/s/    Richard Conway

Name:   Richard Conway Title:   Managing Director

 

AIG EDISON LIFE INSURANCE COMPANY By:   AIG Global Investment Corp., as
Investment Sub-adviser By:  

/s/    Richard Conway

Name:   Richard Conway Title:   Managing Director

[Signature Page to Third Amendment to Limited Waiver]

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GENWORTH LIFE AND ANNUITY INSURANCE COMPANY (as Successor by Merger to First
Colony Insurance Company) By:  

/s/    John R. Endres

Name:   John R. Endres Title:   Investment Officer

[Signature Page to Third Amendment to Limited Waiver]

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THE NORTHWESTERN MUTUAL LIFE INSURANCE

COMPANY

By:  

/s/    Richard A. Strait

Name:   Richard A. Strait Its Authorized Representative

THE NORTHWESTERN MUTUAL LIFE INSURANCE

COMPANY, for its Group Annuity Separate Account

By:  

/s/    Richard A. Strait

Name:   Richard A. Strait Its Authorized Representative

[Signature Page to Third Amendment to Limited Waiver]

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PACIFIC LIFE INSURANCE COMPANY By:  

/s/    Diane W. Dales

Name:   Diane W. Dales Title:   Assistant Vice President By:  

/s/    Peter S. Fiek

Name:   Peter S. Fiek Title:   Assistant Secretary

[Signature Page to Third Amendment to Limited Waiver]