Document:

<PAGE>   1
                                                                     EXHIBIT 4.7

                        FORM OF NON-RECOURSE SECURED NOTE

<TABLE>

<S>              <C>                                                   <C>        <C>    <C>

Vehicle ID No.:                                                        Date of Issuance:
                  -----------------------------------                                      --------------------------------
                                                                       Principal Amount:  $
                                                                                           --------------------------------
Lease:   Dealer:                                                       Interest Rate:  _____% per annum
                   ----------------------------------
         Lessee:                                                       Vehicle:    Year:
                   ----------------------------------                                     ---------------------------------
         Lease No.:                                                                Make:
                      -------------------------------                                     ---------------------------------
         Lease Date:                                                               Model:
                       ------------------------------                                      --------------------------------
                                                                       Initial Lease Balance:
                                                                                             ------------------------------

</TABLE>

         Central Originating Lease Trust, a Delaware business trust ("COLT"),
for value received, hereby promises to pay to General Motors Acceptance
Corporation or registered assigns on the records of COLT (which records are
maintained by General Motors Acceptance Corporation, as Servicer under that
certain Amended and Restated Servicing Agreement, dated as of April __, 1997),
the principal amount specified above and interest thereon at the rate specified
above, in monthly installments on each "Installment Date" and in each respective
"Amount" specified in the table below:

<TABLE>
<CAPTION>

Installment Date        Amount          Installment Date          Amount
----------------        ------          ----------------          ------
<S>                   <C>               <C>                      <C>

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</TABLE>

         COLT grants to the holder of this Secured Note a lien upon and security
interest in the Vehicle and Lease described above, all proceeds thereof,
including insurance proceeds and other rights with respect to the Vehicle and
Lease under the Termination Value Agreement, and any and all rights under any
guarantees or similar obligations relating to such Lease, Vehicle or proceeds
thereof (collectively, the "Collateral"). COLT and the holder of this Secured
Note have certain rights to receive payments with respect to the Lease and after
sale or transfer of the Vehicle pursuant to the terms of a Termination Value
Agreement, dated as of               ,        (the "Termination Value
Agreement"), between COLT and                                . The sole source
for payment of this Secured Note is limited to the Collateral and such other
funds as COLT may from time to time pledge to secure the payment of this Secured
Note.

                               is hereby appointed, and
hereby accepts its appointment, as indenture trustee (together with any
successor, the "Indenture Trustee") to protect and enforce the rights and to
represent the interests of the holder of this Secured Note.

<PAGE>   2

REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS SECURED NOTE SET FORTH ON
THE REVERSE HEREOF.

<PAGE>   3

         This Secured Note is a valid and binding obligation of COLT and
                     , as indenture trustee.
<TABLE>

<S><C>

Authenticated this      day                        CENTRAL ORIGINATING LEASE TRUST
                  -----                     By:    Bankers Trust (Delaware), not in its
of             , 20   .                                 individual capacity, but solely as owner trustee
   ------------    ---

GENERAL MOTORS ACCEPTANCE                                  By:
CORPORATION                                                     --------------------------------------------------
                                                                Its:
                                                                      --------------------------------------------
By:
    ----------------------------
      Its:                                                                        , not in its individual capacity but
           ------------------------                          ---------------------
                                                              solely in its capacity as indenture trustee

                                                              By:   General Motors Acceptance Corporation, as
                                                                    Attorney-in-Fact for
                                                                                         ---------------------
                                                                    By:
                                                                         -----------------------------------------

                                                                         Its:
                                                                               -----------------------------------
</TABLE>

<PAGE>   4

                                (REVERSE OF NOTE)

         Payment hereunder may be made by wire transfer (or in accordance with
such other procedures as may be agreed between the registered owner and Bankers
Trust (Delaware), as owner trustee for COLT (together with any successor owner
trustee, the "Trustee")), from the Trustee without the necessity of presentation
and surrender of this Secured Note.

         Interest under this Secured Note accrues from and including the date
hereof to, but not including, each Installment Date in an amount equal to
one-twelfth times the per annum rate specified above, multiplied by the unpaid
principal balance of this Secured Note on the preceding Installment Date (or, in
the case of the first Installment Date, on the date hereof). If the Amount due
hereunder on an Installment Date shall be less than the amount of interest
accrued hereon and unpaid as of such Installment Date, such difference shall be
added to principal on such Installment Date. Any such installment which is
unpaid on the Installment Date specified in this Secured Note shall likewise be
added to principal and shall thereafter bear interest at the interest rate of
this Secured Note as of the Installment Date on which it is due, but only if
such installment remains unpaid after the 15th day of the calendar month
following the month in which such Installment Date occurs. Any installment due
on this Secured Note on any Installment Date shall be applied as though received
on such Installment Date to the extent that the Amount thereof shall have been
paid as herein provided on or before the 15th day of the calendar month
following the month in which such Installment Date occurs.

         Reference is hereby made to the Master Terms of Secured Notes, which is
attached as Exhibit D to the Certificateholder Agreement, dated as of April   ,
1997, as amended, by the Trustee and the Certificateholders identified on the
signature pages thereto (as amended from time to time, the "Certificateholder
Agreement") for a further statement of rights of the holder of this Secured Note
with respect to the Collateral, the Termination Value Agreement and other rights
securing this Secured Note and the terms under which this Secured Note may be
prepaid or accelerated. The Indenture Trustee and each holder of this Secured
Note, by its acceptance of this Secured Note, covenants and agrees that it shall
not, prior to the date which is one year and one day after the payment in full
of this Secured Note and any other obligations of or interest in COLT,
acquiesce, petition or otherwise invoke or cause COLT to invoke the process of
any court or governmental authority for the purpose of commencing or sustaining
a case against COLT under any federal or state bankruptcy, insolvency,
reorganization or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of COLT or any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of COLT.

         The obligations of COLT under this Secured Note shall be non-recourse
to COLT and any other asset of COLT or any Certificateholder except to the
extent described herein and, with respect to Collateral and the Termination
Value Agreement, in Exhibit D to the Certificateholder Agreement. No holder
hereof or the Indenture Trustee, on behalf of the holder hereof, shall have any
claim, remedy or right to proceed (at law or in equity) against COLT, Bankers
Trust (Delaware), the Indenture Trustee or any Certificateholder for the payment
of any deficiency or any other amount owing on account of the indebtedness
evidenced by this Secured Note from any other source whatsoever, and each holder
and the Indenture Trustee, on behalf of the holder hereof, hereby waives and
releases any personal liability of COLT, Bankers Trust (Delaware), the Indenture
Trustee or any Certificateholder (and any holder of any other Secured Note or of
any interest in any Certificateholder) for and on account of the indebtedness
represented hereby and such holder and the Indenture Trustee, on behalf of the
holder hereof, agrees to look solely to the Collateral, its rights under the
Termination Value Agreement and any other property mortgaged, pledged, assigned
or otherwise given or provided as security for this Secured Note in payment of
such indebtedness; provided, however, that nothing in this paragraph shall
limit, restrict or impair any right of the holder or the Indenture Trustee, on
behalf of and at the direction of the holder hereof, to accelerate the maturity
of this Secured Note upon default (subject to any grace periods herein provided)
hereunder, to bring suit and obtain a judgment against COLT on this Secured Note
(provided that the sole recourse for any such judgment and the satisfaction
thereof shall be limited to the Collateral, its rights under the Termination
Value Agreement or any other security for this Secured Note as herein provided),
to enforce the security interest of the holder and the Indenture Trustee, on
behalf of the holder hereof, or otherwise realize upon the Collateral or upon
the holder's rights under the Termination Value Agreement or any other property
mortgaged, pledged, assigned or otherwise granted as security to secure the
obligations represented by this Secured Note.

         This Secured Note shall be effective when executed by the original or
facsimile signature of COLT and authenticated by General Motors Acceptance
Corporation, or any successor to General Motors Acceptance Corporation, as
Servicer of the Collateral (for the benefit of COLT and the holder of this
Secured Note). The terms of this Secured Note shall be governed by and construed
in accordance with the internal laws of the State of Delaware. This Secured Note
may be maintained in definitive or electronic form, at the option of the holder
hereof from time to time in accordance with such procedures as COLT and the
holder may deem appropriate.

<PAGE>   5

         COLT agrees, and by acquiring this Secured Note or interest therein the
holder of this Secured Note or interest therein agrees, to treat this Secured
Note as indebtedness for federal income tax, state and local income and
franchise tax, Michigan single business tax, and any other taxes imposed upon,
measured by or based upon gross or net income.

<PAGE>   6

                          MASTER TERMS OF SECURED NOTES

         By execution and delivery of any Secured Note that makes reference to
this Master Terms of Secured Notes, Central Originating Lease Trust, a Delaware
business trust ("COLT"), each registered owner of such Secured Note (the
"Registered Owner") and                  , as indenture trustee (together with
any successor, the "Indenture Trustee") agree that the following terms and
conditions shall apply to the Secured Note and any Collateral securing such
Secured Note.

         Unless otherwise defined herein or in the Secured Note, capitalized
terms used but not defined in this Master Terms of Secured Notes or the Secured
Note shall have the meanings given to them in Exhibit A to the Certificateholder
Agreement, and, if not defined in such Exhibit A, in the Amended and Restated
Declaration of Trust, dated as of March 15, 1996, by Bankers Trust (Delaware),
as Owner Trustee, and acknowledged, accepted and agreed to by CORRAL, L.P., as
such agreements may be amended from time to time. The Secured Note, together
with this Master Terms of Secured Note, shall constitute an "indenture" as such
term is defined in Section 303(7) of the Trust Indenture Act of 1939 (the "Trust
Indenture Act").

                                   ARTICLE I.
                               GENERAL PROVISIONS

         1.       Default and Acceleration.

                  (a) Default and Power of Attorney with respect to Collateral
described in the Secured Note. Unless and until a Default shall have occurred
hereunder, the Registered Owner acknowledges and agrees that, pursuant to the
Amended and Restated Servicing Agreement, dated as of April 30, 1997 (the
"Servicing Agreement"), between General Motors Acceptance Corporation, as
servicer (the "Servicer"), and COLT, COLT has designated the Servicer to service
and collect all Collateral and to remit the same to COLT on behalf of the
Registered Owner. The Registered Owner and the Indenture Trustee, on behalf of
the Registered Owner, designates and appoints the Servicer as agent and
attorney-in-fact for and in the name of the Registered Owner to enforce any and
all rights related to the Collateral. Such appointment shall be coupled with an
interest therein of the Servicer and shall be revocable only after the
occurrence of a default by the Servicer in its obligations under the Servicing
Agreement or after the occurrence of a Default hereunder and the lapse of any
grace periods herein or therein provided.

                  (b)      Default and Acceleration.  The following shall
constitute a "Default" with respect to the Secured Note and hereunder:

                  (i) COLT shall fail to pay any Amount payable with respect to
         the Secured Note on or before the 15th day of the calendar month
         following the month in which the Installment Date with respect to such
         Amount shall occur (or, if such 15th day is not a Business Day, the
         next Business Day); or

                  (ii)     There shall be an Insolvency Event with respect to
         COLT.

         An "Acceleration" shall occur with respect to the Secured Note without
presentment, demand, notice, protest or other requirements or further action of
any kind, all of which are hereby expressly waived by COLT, (A) immediately and
automatically, upon an Insolvency Event with respect to COLT, and (B) at the
option of and upon written notice from the Registered Owner or the Indenture
Trustee, acting at the direction and on behalf of the Registered Owner, to COLT,
upon any other Default. Upon the occurrence of an Acceleration of the Secured
Note, all unpaid principal and accrued interest on the Secured Note shall
immediately and automatically, without further action of any kind, become due
and payable. Any Default or Acceleration, and the consequences thereof, may
subsequently be waived by the Registered Owner or the Indenture Trustee, acting
at the direction and on behalf of the Registered Owner, as provided in Section 7
of ARTICLE II.

         2. Remedies. After an Acceleration, the Registered Owner or the
Indenture Trustee, acting at the direction and on behalf of the Registered
Owner, may exercise from time to time any rights and remedies under the UCC or
otherwise available to the Registered Owner or the Indenture Trustee on behalf
of the Registered Owner. Without limiting the foregoing, upon Acceleration the
Registered Owner or the Indenture Trustee, acting at the direction and on behalf
of the Registered Owner, may, to the fullest extent permitted by applicable law,
without notice, advertisement, hearing or process of law of any kind, (a) enter
upon any premises where any of the Collateral may be located and take possession
of and remove such Collateral, (b) sell any or all of the Collateral, free of
all rights and claims of COLT therein and thereto, at any public or private sale
or otherwise, and (c) bid for and purchase any or all of the Collateral at any
such sale. COLT hereby expressly waives presentment, demand, notice of dishonor,
protest and, to the fullest extent permitted by applicable law, any and all
other notices, advertisements, hearings or process of law in connection with the
exercise by the Registered Owner or the Indenture Trustee, acting at the
direction and on behalf of the Registered Owner, of any of its rights and
remedies upon Acceleration. To the extent permitted by law, COLT

                                       -6-

<PAGE>   7

hereby waives and releases all errors, defects and imperfections in any of the
Basic Documents or the Secured Note as well as all benefit that might accrue to
the undersigned by virtue of any present or future laws exempting the Collateral
or any part of the proceeds arising from any sale of any such Collateral, from
attachment, levy or sale under execution, exemption from civil process or
extension of time for payment. If any notification of intended disposition of
any of the Collateral is required by law, such notification, if mailed, shall be
deemed reasonably and properly given if mailed at least five days before such
disposition, postage prepaid, addressed to COLT at the address of COLT appearing
on the records of the Registered Owner.

         After an Acceleration, any proceeds of the Collateral shall be applied
to pay only the following amounts in the following order of priority:

                  (i)  To the Registered Owner, unpaid principal and accrued
         interest on the Secured Note;

                  (ii) To the Registered Owner, any other amounts due to the
         Registered Owner under the Secured Note and under this Master Terms of
         Secured Notes; and

                  (iii) To the TVA Provider to the extent of any payment made by
         it under the Termination Value Agreement or otherwise with respect to
         the Secured Note or the Collateral.

After payment of the foregoing, any remaining proceeds of the Collateral shall
be applied in accordance with the Basic Documents.

         Notwithstanding any other provision of the Secured Note and this Master
Terms of Secured Notes, the Registered Owner shall have the right, which is
absolute and unconditional, to receive payment of the principal of, and interest
on, such Secured Note on or after the respective Installment Dates and to
institute suit for the enforcement of any such payment, and such right shall not
be impaired without the consent of the Registered Owner.

         In addition to all other rights possessed by the Registered Owner and
the Indenture Trustee, on behalf of the Registered Owner, the Registered Owner
or the Indenture Trustee, acting at the direction and on behalf of the
Registered Owner, may, but shall not be obligated to, from time to time, after
Acceleration, at its sole discretion and without notice to COLT, take any or all
of the following actions: (i) transfer all or any part of the Collateral into
the name of the Registered Owner or its nominee, with or without disclosing that
such Collateral is subject to the lien and security interest hereunder; (ii)
notify any obligors on any of the Collateral to make payment to the Registered
Owner of any amounts due or to become due with respect thereto; (iii) enforce
collection of any of the Collateral by suit or otherwise, or surrender, release
or exchange all or any part thereof; (iv) take control of any proceeds of any of
the Collateral; and (v) extend or renew for one or more periods (whether or not
longer than the original period) the Secured Note or any obligation of any
nature of COLT with respect to the Secured Note or any of the Collateral, and
grant any releases, compromises or indulgences with respect to the Secured Note
or any extension or renewal thereof or any security therefor or to COLT
hereunder or thereunder.

         Any proceeds of any of the Collateral received by the Registered Owner
or the Indenture Trustee, on behalf of the Registered Owner, may be applied by
the Registered Owner or the Indenture Trustee, acting at the direction and on
behalf of the Registered Owner, to the payment of expenses in connection with
the Collateral, including reasonable attorneys' fees and expenses, and any
balance of such proceeds may be applied by the Registered Owner or the Indenture
Trustee, acting at the direction and on behalf of the Registered Owner, toward
the payment of such of the liabilities hereunder, and in such order of
application, as the Registered Owner or the Indenture Trustee, acting at the
direction and on behalf of the Registered Owner, may from time to time elect. No
delay on the part of the Registered Owner or the Indenture Trustee, acting at
the direction and on behalf of the Registered Owner, in the exercise of any
right or remedy shall operate as a waiver thereof, and no single or partial
exercise by the Registered Owner or the Indenture Trustee, on behalf of the
Registered Owner, of any right or remedy shall preclude other or further
exercise thereof or the exercise of any other right or remedy. Notwithstanding
any statement in the Secured Note to the contrary, all remedies afforded to the
Registered Owner or to the Indenture Trustee, on behalf of the Registered Owner,
herein are limited in their entirety by the nonrecourse provisions of the
Secured Note.

         3. Subrogation; Registered Owner's Assignment of Lien. Upon receipt by
the Registered Owner of payment in full with respect to all obligations owed by
COLT to it under the Secured Note and hereunder, the payor of such payment shall
be subrogated to the rights of the Registered Owner under the Secured Note,
including the Registered Owner's security interest in the Collateral, and the
Registered Owner shall assign, without recourse, representation or warranty, to
the TVA Provider, the Origination Agent or the Servicer, respectively (or, if
requested by such Person, the Registered Owner shall release and discharge), all
the Registered Owner's right, title and interest in and to the Collateral. If,
in any enforcement suit or legal proceeding, it is held that the Servicer may
not enforce the Lease on the ground that the Servicer is not a real party in
interest

                                       -7-

<PAGE>   8

or a holder entitled to enforce the Lease, the Registered Owner shall, at the
Servicer's expense, take such steps as the Servicer deems necessary to enforce
the Lease, including bringing suit in the Registered Owner's name.

         4. Prepayments. The Secured Note shall be prepayable at the option of
COLT without penalty at any time, in whole or in part. Amounts paid to the
Registered Owner that are not yet due shall be allocated and distributed as set
forth in the Servicing Agreement. To the extent set forth in the Servicing
Agreement, COLT shall be required to prepay all unpaid principal and accrued
interest on the Secured Note as of the Payment Date for which any Warranty
Payment, Administrative Purchase Payment or payment under the Termination Value
Agreement is due or on the Payment Date following any disposition by COLT of the
Lease or the Vehicle.

         5.       Protection of Registered Owner's Security Interest.

                  (a) COLT or the Servicer or both shall execute and file such
financing statements and cause to be executed and filed such continuation
statements, all in such manner and in such places as may be required by law
fully to preserve, maintain and protect the security interest of the Registered
Owner under the Secured Note in the Collateral and in the proceeds thereof. COLT
or the Servicer or both shall deliver (or cause to be delivered) to the
Registered Owner file-stamped copies of, or filing receipts for, any document
filed as provided above, as soon as available following such filing. Each of
COLT and the Servicer hereby designates the Registered Owner as its agent and
attorney-in-fact to execute any financing statement or continuation statement
required pursuant to this Section 5.

                  (b) Neither COLT nor the Servicer shall change its name,
identity or corporate structure in any manner that would, could or might make
any financing statement or continuation statement filed by COLT in accordance
with paragraph (a) above seriously misleading within the meaning of Section
9-402(7) of the UCC, unless it shall have given the Registered Owner at least 60
days' prior written notice thereof.

                  (c) Each of COLT and the Servicer shall give the Registered
Owner and the Indenture Trustee at least 60 days' prior written notice of any
relocation of its principal executive office if, as a result of such relocation,
the applicable provisions of the UCC would require the filing of any amendment
of any previously filed financing or continuation statement or of any new
financing statement. COLT and the Servicer shall at all times maintain each
office from which they conduct their respective leasing businesses and their
respective principal executive offices within the United States of America.

                  (d) COLT and the Servicer shall maintain accounts and records
as to each Lease Asset accurately and in sufficient detail to permit (i) the
reader thereof to know at any time the status of such Lease Asset, including
payments and recoveries made and payments owing (and the nature of each) and
(ii) reconciliation between payments or recoveries on (or with respect to) each
Lease Asset and the amounts from time to time deposited in the Collection
Accounts, the Certificate Account and the Payment Ahead Account and any Payments
Ahead held by the Servicer in respect of such Lease Asset.

                  (e) COLT and the Servicer each shall maintain their respective
computer systems, if any, so that, from and after the issuance of the Secured
Note to the Registered Owner, the Servicer's master computer records (including
any backup archives) that refer to any Lease Asset indicate clearly that COLT is
the owner of such Lease Asset (or, in the case of Vehicles, that title is in the
name of VAULT as nominee for COLT) and that the Registered Owner has a security
interest in the Lease Asset.

                  (f) If at any time COLT or the Servicer proposes to sell,
grant a security interest in, or otherwise transfer any interest in automotive
leases and/or the related leased vehicles to any prospective purchaser, lender
or other transferee, COLT and/or the Servicer shall give to such prospective
purchaser, lender or other transferee computer tapes, records or print-outs
(including any restored from backup archives) that, if they refer in any manner
whatsoever to the Lease or the Vehicle, indicate clearly that the Lease and
Vehicle are owned by COLT and subject to the security interest of the Registered
Owner.

                  (g) COLT and the Servicer shall permit the Registered Owner,
its agents and the Indenture Trustee, acting on behalf and at the direction of
the Registered Owner, and its agents, at any time to inspect, audit and make
copies of and abstracts from COLT's and the Servicer's respective records
regarding Lease Assets, including those relating to the Lease and the Vehicle.

                  (h) If COLT or the Servicer shall change the jurisdiction in
which it is organized or otherwise enter into any transaction which would result
in a "new debtor" (as defined in the UCC) succeeding to the obligations of COLT
or the Servicer hereunder, each of COLT and the Servicer shall comply fully with
the obligations of Section 5(a).

                                       -8-

<PAGE>   9

         6. Withholding. If any withholding tax is imposed on COLT's payment to
a Registered Owner, such tax shall reduce the amount otherwise payable to such
Registered Owner in accordance with this Section 6. The Owner Trustee is hereby
authorized and directed to retain or cause to be retained from amounts otherwise
distributable to such Registered Owner sufficient funds for payment of any tax
that is legally owed by COLT with respect to amounts paid to such Registered
Owner (but such authorization shall not prevent the Owner Trustee from
contesting any such tax in appropriate proceedings and withholding payment of
such tax, if permitted by law, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to a Registered Owner shall
be treated as cash paid to such Registered Owner at the time it is withheld by
COLT and remitted to the appropriate taxing authority. If there is a possibility
that withholding tax is payable with respect to a distribution (such as a
distribution to a non-U.S. Registered Owner), the Owner Trustee may in its sole
discretion withhold or cause to be withheld such amounts in accordance with this
Section 6. If a Registered Owner wishes to apply for a refund of any such
withholding tax, the Owner Trustee shall reasonably cooperate with such
Registered Owner in making such claim so long as such Registered Owner agrees to
reimburse the Owner Trustee for any out-of-pocket expenses incurred.

                                   ARTICLE II.
                         TRUST INDENTURE ACT PROVISIONS

         1. Application of the Trust Indenture Act. The Secured Note and this
Master Terms of Secured Notes is subject to the provisions of the Trust
Indenture Act. Except as expressly provided in Sections 2, 4 or 5, if and to the
extent that any provision of the Secured Note or this Master Terms of Secured
Notes limits, qualifies or conflicts with the duties that would be imposed on
the Indenture Trustee by Sections 310 to 317, inclusive, of the Trust Indenture
Act, such imposed duties shall control, whether or not physically contained
herein.

         2. Indenture Trustee. If                        ceases to comply with
Sections 310(a) and 310(b) of the Trust Indenture Act, COLT shall remove the
Indenture Trustee and appoint a successor Indenture Trustee that complies with
Sections 310(a) and 310(b). The "Indenture Trustee" shall mean             and
each successor Indenture Trustee appointed hereunder.

         3.       Lists of Holders of Securities.

                  (a) The Servicer on behalf of COLT shall provide the Indenture
Trustee (i) within 14 days after each Installment Date a list, in such form as
the Indenture Trustee may reasonably require, of the name and address of the
Registered Owner ("List of Registered Owners") as of such Installment Date,
provided that the Servicer on behalf of COLT shall not be obligated to provide
such List of Registered Owners at any time the List of Registered Owners does
not differ from the most recent List of Registered Owners given to the Indenture
Trustee by GMAC on behalf of COLT and (ii) at any other time, within 30 days of
receipt by COLT of a written request from the Indenture Trustee for a List of
Registered Owners as of a date no more than 14 days before such List of
Registered Owners is given to the Indenture Trustee. The Indenture Trustee shall
preserve, in as current a form as is reasonably practicable, all information
contained in Lists of Holders given to it, provided that the Indenture Trustee
may destroy any List of Registered Owners previously given to it on receipt of a
new List of Registered Owners.

                  (b)      The Indenture Trustee shall comply with its
obligations under Sections 311(a), 311(b) and 312(b) of the Trust Indenture Act.

         4. Reports By The Indenture Trustee. Within 60 days after May 15 of
each year, the Indenture Trustee shall provide to the Registered Owner such
reports, if any, as are required by Section 313 of the Trust Indenture Act, in
the form and in the manner and to the person or persons provided by Section 313
of the Trust Indenture Act.

         5. Periodic Reports To Indenture Trustee. If GMAC, its Affiliate or a
Securitization Vehicle is not the Registered Owner, the Servicer on behalf of
COLT shall provide to the Indenture Trustee such documents, reports,
certificates, opinions and information as required by Section 314 of the Trust
Indenture Act.

         6. Evidence of Compliance With Conditions Precedent. The Servicer on
behalf of COLT shall provide to the Indenture Trustee such evidence of
compliance with the conditions precedent, if any, provided for in the Secured
Note or this Master Terms of Secured Notes that relate to any of the matters set
forth in Section 314(c) of the Trust Indenture Act.

                                       -9-

<PAGE>   10

         7.       Events of Default; Waiver.

                  (a) The Registered Owner may waive any past Defaults in
respect of the Secured Note and its consequences. Upon such waiver, any such
default shall cease to exist, and any Default with respect to the Secured Note
arising therefrom shall be deemed to have been cured, for every purpose of the
Secured Note, but no such waiver shall extend to any subsequent or other default
or Default or impair any right consequent thereon. If a Default has occurred and
is continuing, the Indenture Trustee shall exercise the rights and powers vested
in it by the Secured Note and this Master Terms of Secured Notes and shall use
the same degree of care and skill in their exercise as a prudent person would
exercise or use under the circumstances in the conduct of such person's own
affairs.

         All rights of action and claims under the Secured Note or this Master
Terms of Secured Notes may be prosecuted and enforced by the Indenture Trustee
on behalf of the Registered Owner without the possession of the Secured Note or
the production thereof in any proceeding related thereto.

         8. Events of Default; Notice. (a) The Indenture Trustee shall, within
90 days after the occurrence of a Default, transmit by mail, first class postage
prepaid, to the Registered Owner, notices of all defaults with respect to the
Secured Note known to the Indenture Trustee, unless such defaults have been
cured before the giving of such notice (the term "defaults," for the purposes of
this Section 8(a), is hereby defined as a Default, not including any periods of
grace provided for herein); provided, however, that, except for a default in the
payment of the principal or the interest on the Secured Note, the Indenture
Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee, or a trust committee of directors
and/or responsible officers, of the Indenture Trustee in good faith determine
that the withholding of such notice is in the interests of the Registered Owner.

                  (b) The Indenture Trustee shall not be deemed to have
knowledge of any default except any default as to which the Indenture Trustee
shall have received written notice or of which a responsible officer of the
Indenture Trustee charged with the administration of the Secured Note shall have
obtained written notice.

                                      -10-

<PAGE>   11

              ACKNOWLEDGMENT AND CONFIRMATION OF SECURITY INTEREST

         COLT hereby acknowledges and confirms the grant of the security
interest and lien in and upon the Collateral, as described in each Secured Note,
to the holder of such Secured Note upon the issuance of such Secured Note as
provided therein. This acknowledgment shall constitute a security agreement and
shall be enforceable by the holder of each Secured Note or by the Indenture
Trustee, at the direction and on behalf of the holder of each Secured Note.

                                    CENTRAL ORIGINATING LEASE TRUST

                                    By:   BANKERS TRUST (DELAWARE),
                                          not in its individual capacity but
                                          solely as Owner Trustee

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

Dated:
        --------------------

                                      -11-<PAGE>   1

                                                                   EXHIBIT 10.39

                                  PULITZER INC.
                           DEFERRED COMPENSATION PLAN

         1. PURPOSE.

                  The purpose of the Plan is to provide for elective and, in
certain cases, mandatory deferrals of compensation by designated employees of
Pulitzer Inc. and its affiliates. The Plan is intended to be an unfunded plan
maintained "primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated employees" within the meaning
of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income
Security Act of 1974 ("ERISA"). The Plan will be construed and administered
accordingly.

         2. DEFINITIONS

                  (a) "Account" means the bookkeeping account maintained by the
Company to reflect a participant's interest in the Plan.

                  (b) "Board" means the Board of Directors of the Company.

                  (c) "Change in Control" means:

                           (1) The acquisition, other than from the Company, by
                  any individual, entity or group (within the meaning of Section
                  13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
                  as amended (the "Exchange Act") of beneficial ownership
                  (within the meaning of Rule 13d-3 promulgated under the
                  Exchange Act) of 40% or more of either the then outstanding
                  shares of common stock of the Company (the "Outstanding
                  Company Common Stock") or the combined voting power of the
                  then outstanding voting securities of the Company entitled to
                  vote generally in the election of directors (the "Outstanding
                  Company Voting Securities"), provided, however, that any
                  acquisition by the Company or any of its subsidiaries, or by
                  any employee benefit plan (or related trust) sponsored or
                  maintained by the Company or any of its subsidiaries, or by
                  any corporation with respect to which, following such
                  acquisition, more than 60% of, respectively, the then
                  outstanding shares of common stock of such corporation and the
                  combined voting power of the then outstanding voting
                  securities of such corporation entitled to vote generally in
                  the election of directors is then beneficially owned, directly
                  or indirectly, by all or substantially all the individuals and
                  entities who were the beneficial owners, respectively, of the
                  Outstanding Company Common Stock and Outstanding Company
                  Voting Securities immediately prior to such acquisition in
                  substantially the same proportion as their ownership,
                  immediately prior to such acquisition, of the Outstanding
                  Company Common Stock and Outstanding Company Voting
                  Securities, as the case may be, shall not constitute a Change
                  of Control; or

<PAGE>   2

                           (2) Individuals who, as of January 1, 2000,
                  constitute the Board (the "Incumbent Board") cease for any
                  reason to constitute at least a majority of the Board,
                  provided that any individual becoming a director subsequent to
                  January 1, 2000 whose election, or nomination for election, by
                  the Company's shareholders, was approved by a vote of at least
                  a majority of the directors then comprising the Incumbent
                  Board shall be considered as though such individual were a
                  member of the Incumbent Board, but excluding, for this
                  purpose, any such individual whose initial assumption of
                  office is in connection with an actual or threatened election
                  contest relating to the election of the Directors of the
                  Company (as such terms are used in Rule 14a-11 of Regulation
                  14A promulgated under the Exchange Act); or

                           (3) Approval by the stockholders of the Company of a
                  complete liquidation or dissolution of the Company or of the
                  sale or other disposition of all or substantially all of the
                  assets of the Company, or of a reorganization, merger or
                  consolidation, in each case, with respect to which all or
                  substantially all of the individuals and entities who were the
                  respective beneficial owners of the Outstanding Company Common
                  Stock and Outstanding Company Voting Securities immediately
                  prior to such reorganization, merger or consolidation do not,
                  following such reorganization, merger or consolidation,
                  beneficially own, directly or indirectly, more than 60% of,
                  respectively, the then outstanding shares of common stock and
                  the combined voting power of the then outstanding voting
                  securities entitled to vote generally in the election of
                  directors, as the case may be, of the corporation resulting
                  from such reorganization, merger or consolidation.

                  (d) "Committee" means the Compensation Committee of the Board.

                  (e) "Company" means Pulitzer Inc. and any successor to all or
substantially all of its business or assets.

                  (f) "Plan" means the deferred compensation plan set forth
herein and any amendments thereto.

                  (g) "Plan Year" means the period from December 1, 2000 through
December 31, 2000, and each calendar year thereafter.

                  (h) "Trust" means the trust established and maintained as part
of the Plan.

         3. PARTICIPATION.

                  (a) Senior Management. Any executive who is a member of the
Company's senior management (with a title of senior vice president or higher) is
automatically eligible to participate in the Plan.

                  (b) Other Employees. Any employee who is not a member of the
Company's senior management may elect to participate in the Plan if (1) such
individual is part of a select

                                       2
<PAGE>   3

group of management or highly compensated employees of the Company or an
affiliate within the meaning of ERISA, and (2) the Committee, acting in its sole
discretion, designates such individual as eligible to participate in the Plan.

                  (c) Termination of Eligible Status. If, while still employed
by the Company or an affiliate, a participant ceases to be part of a select
group of management or highly compensated employees within the meaning of ERISA,
then the participant's outstanding deferral election, if any, will be
disregarded with respect to future compensation and the Committee, acting in its
discretion, may direct the immediate single sum payment of the balance credited
to the participant's Account regardless of when the Account would otherwise
become payable pursuant to the participant's prior deferral election(s).

         4. DEFERRAL ELECTIONS.

                  (a) Elective Deferral Amounts. Subject to such conditions and
limitations as the Committee may impose for each Plan Year, a participating
employee may elect to defer cash compensation that would otherwise become
payable to such employee in such Plan Year.

                  (b) Manner and Timing of Election. A participating employee's
deferral election for a Plan Year must be made in writing on such form (or
forms), in such manner and in accordance with such terms and conditions as the
Committee may prescribe. Unless the Committee specifies a different date, an
election to defer salary for a Plan Year must be made before the beginning of
the Plan Year, and an election to defer bonus or other compensation must be made
at least three months before the amount thereof is determined and payable. A
deferral election made by a new participant within 30 days after the participant
is first permitted to make a deferral election will be effective immediately.
Except as otherwise provided herein or permitted by the Committee, an employee's
deferral election may not be modified or revoked after the date by which it may
be made.

                  (c) Deferral Period. Except as otherwise permitted by the
Committee, amounts deferred by a participating employee under the Plan (together
with earnings credited thereon) will become payable upon the termination of the
participant's employment with the Company and its affiliates.

                  (d) Election of Payment Method. A participant may elect to
have the payment of his or her Account made in the form of either (1) a single
sum cash payment, or (2) an installment payout over a period of five years (or
such other period of years as the Committee may permit). The Committee may
permit a participant to change a previously-elected method of payment under such
circumstances and upon such terms and conditions as it deems appropriate,
provided, however, that only one such change may be elected and that the change
election must be made at least one year before the date payment would otherwise
begin or be made. If an installment payout is in effect, the amount of each
installment will be determined by dividing the unpaid balance by the number of
the installments remaining in the payout period.

                                       3
<PAGE>   4

                  (e) Effect of Leaves of Absence. Unless the Committee
determines otherwise, if a participating employee is absent from work by reason
of an approved leave of absence (other than long term disability), then, for the
purposes hereof, the employee will be deemed not to have terminated employment
during the period such leave continues in force and effect.

         5. MANDATORY DEFERRALS. Unless the Committee determines otherwise, the
payment of compensation to an executive will automatically be deferred if and to
the extent that such deferral is necessary in order to prevent the Company (or
an affiliate) from losing a federal income tax deduction with respect to such
compensation by reason of the executive compensation deduction limitations
imposed by Section 162(m) of the Internal Revenue Code of 1986. Subject to such
conditions and limitations as the Committee may impose, a participant's
mandatory deferrals and earnings thereon will be payable at or after the
termination of the participant's employment with the Company and its affiliates
in accordance with the participant's election or, in the absence of an election,
at such time(s) as payment may be made without loss of deduction to the Company.
Amounts credited to an employee's Account under the Company's prior deferred
compensation plan (the Senior Executive Deferred Compensation Plan) will be
transferred to a separate Account to be maintained and paid hereunder as if such
amounts were mandatory deferrals under the Plan.

         6. PARTICIPANTS' ACCOUNTS.

                  (a) General. The Committee will establish a bookkeeping
Account in the name of each participant to reflect his or her interest in the
Plan. A participant's Account will be credited with the amount(s) of his or her
deferrals and will be adjusted to reflect earnings and losses, distributions and
penalties, determined under the provisions hereof. The Committee may establish
subaccounts in order to separately track elective and mandatory deferrals and
the deferrals for one or more years and adjustments thereto.

                  (b) Earnings Credits. A participant's Account will be deemed
to be invested in a portfolio of securities as may be selected by the
participant from time to time. The Committee will determine the securities that
may be selected by participants under the Plan at any time and from time to
time. Participants may change their hypothetical investment elections not less
frequently than quarterly at such time, in such manner and subject to such terms
and conditions as may be prescribed by the Committee. Any such change will apply
to the total amount of a participant's Account, including the amounts, if any,
credited to one or more subaccounts. A participant's Account will be adjusted
(up or down) to reflect changes in the net value of the securities in which the
Account is deemed to be invested. The Committee may establish such other
procedures and conventions as it deems necessary or appropriate in connection
with the valuation of a Participant's Account. Participants will be entitled to
receive quarterly or more frequent statements of their Plan Accounts.

                                       4
<PAGE>   5

         7. PAYMENT OF ACCOUNT. Payment of a participant's Account will be made
in accordance with the provisions of this section, provided, however, that the
Committee may require continued deferral if and to the extent that a payment, if
made, would not be deductible by the Company by reason of Section 162(m) of the
Internal Revenue Code.

                  (a) General. Payment of a participant's Account (or
subaccount) will be made or begin within 60 days after the termination of the
participant's employment with the Company and its affiliates, or, if applicable,
after the date the Account (or subaccount) otherwise becomes payable hereunder.
The amount of a participant's Account (or subaccount) will be paid in accordance
with the method of payment elected by the participant. The Committee may
accelerate or extend the deferred payment of a participant's Account
attributable to mandatory deferrals, pursuant to Section 5 hereof.

                  (b) Early Payment for Hardship. The Committee, acting upon the
request of a participant who experiences a severe financial hardship, may direct
the accelerated payment to or for the benefit of the participant of all or part
of the amount credited to the participant's Account, but only to the extent such
amount is necessary to ameliorate the participant's hardship. The Committee may
require such supporting information and documentation as it deems reasonable in
order to verify the existence of the participant's hardship and to determine the
amount of the payment that is required. The Committee may impose such additional
conditions upon the granting of a hardship payment as it deems appropriate,
including, without limitation, a suspension of further deferrals of compensation
by the participant under the Plan. For the purposes hereof, a "severe financial
hardship" means a sudden and unexpected illness or accident sustained by a
participant or a dependent of a participant, a loss of property due to an
unexpected casualty, or another extraordinary and unexpected loss or condition
sustained by the participant, in each case arising as a result of unexpected and
unforeseeable events or circumstances beyond the participant's control and in
all cases as determined by the Committee acting in its sole discretion.

                  (c) Early Payment Election. The Committee, acting upon the
request of a participant, may permit the participant to receive an accelerated
payment of all (and not less than all) of the amount credited to the
participant's Account for reasons other than severe financial hardship. As a
condition of the granting of the participant's request for payment, the
participant's Account will be charged a penalty in an amount equal to 10% (or
such greater percentage as the Committee may impose) of the participant's
pre-penalty Account balance. A participant who receives an early payout of his
or her Account under this section will not be permitted to again defer
compensation under the Plan, if at all, until before the second Plan Year
beginning after the Plan Year in which the early payment is made. The Committee
may impose such additional conditions upon the early payout of a participant's
Account as it deems appropriate.

                  (d) Death. If a participant dies before the payment in full of
his or her Account, then the unpaid balance will be payable to the deceased
participant's beneficiary in the form of a single sum payment as soon as
practicable after the Committee is notified of the participant's death.
Notwithstanding the preceding sentence, if the deceased participant had begun
receiving an installment payout of his or her Account or if the deceased
Participant had

                                       5
<PAGE>   6

elected to receive an installment payout of the amounts payable under the Plan
upon termination of employment, then the Committee, acting in its discretion,
may permit the deceased participant's beneficiary to elect to continue receiving
or to receive an installment payout as if the participant had lived to receive
the payment of his or her Account in accordance with the terms of the payout
election that was in effect on the date of his or her death.

                  (e) Beneficiary Designation. A participant may designate one
or more beneficiaries under the Plan by written notice filed with the Committee
or its designee. A participant may change his or her beneficiary designation at
any time by designating one or more new beneficiaries in the same manner, and no
notice need be given to any prior beneficiary. A participant's beneficiary
designation will be effective upon receipt and acceptance by the Committee (or
its designee). If no designated Plan beneficiary shall survive a deceased
participant, then payment of the balance of the deceased participant's Account
will be made to the deceased participant's surviving spouse or, if none, to the
deceased participant's estate.

         8. ADMINISTRATION AND CLAIM PROCEDURES.

                  (a) The Committee. The Plan will be administered by the
Committee. Subject to the provisions of the Plan, the Committee, acting in its
sole and absolute discretion, will have full power and authority to interpret,
construe and apply the provisions of the Plan and to take such actions as it
deems necessary or appropriate in order to carry out the provisions of the Plan.
A majority of the members of the Committee will constitute a quorum. The
Committee may act by the vote of a majority of its members present at a meeting
at which there is a quorum or by unanimous written consent. A member of the
Committee who is also a participant may not act or vote on any matter before the
Committee which relates to the payment of his or her Account. The decision of
the Committee as to any disputed question, including questions of construction,
interpretation and administration, will be final and conclusive on all persons.
The Committee will keep a record of its proceedings and acts and will keep or
cause to be kept such books and records as may be necessary in connection with
the proper administration of the Plan. The Committee may from time to time
employ agents and delegate to them such administrative duties as it deems
appropriate.

                  (b) Indemnification. The Company shall indemnify and hold
harmless each member of the Committee and any employee or director of the
Company or an affiliate to whom any duty or power relating to the administration
or interpretation of the Plan is delegated from and against any loss, cost,
liability (including any sum paid in settlement of a claim with the approval of
the Board), damage and expense (including legal and other expenses incident
thereto) arising out of or incurred in connection with the Plan, unless and
except to the extent attributable to such person's fraud or willful misconduct.

                  (c) Claim for Payment. A participant or beneficiary may submit
to the Committee or its designee a written claim for payment of amounts due
under the Plan. A decision will be made and communicated to the claimant within
90 days after the claim is filed. Upon advance notice to the claimant, the
Committee may extend the 90-day period by up to 90 additional days. If a claim
is denied, the Committee will furnish written notice of the denial to

                                       6
<PAGE>   7

the claimant, setting forth a description of the specific reasons for the
denial, the Plan provisions upon which the denial is based, and a description of
the Plan's claim review procedure. If no action is taken during the 90- or
180-day response period, as the case may be, then the claim will be deemed to be
denied on the last day of the period for the purpose of proceeding to the claim
review stage.

                  (d) Review of Denied Claims. If a claim for payment is denied
or deemed denied and if the claimant wants a review of the denied claim, then he
or she must file a written request for review with the Committee or its designee
within 60 days after receiving notice of the denial of the claim or, if the
claim is deemed denied, after the end of the 90- or 180-day response period, as
the case may be. If a request for review of a denied claim is not timely filed,
then the denial of the claim becomes final and binding. If a request for review
is timely filed, then the claimant and, if applicable, his or her representative
may inspect all documents pertaining to the claim and its denial. The Committee
may schedule a meeting with the claimant and/or claimant's representative if it
deems such a meeting is necessary or appropriate to complete its review. The
Committee will make its decision within 60 days after receiving timely notice of
the request for review. Upon advance notice to the claimant, the Committee may
extend the initial 60-day review period by up to 60 additional days. If the
Committee affirms the original denial of the claim, then it will furnish written
notice of its decision to the claimant, setting forth the specific reasons for
its decision and describing the Plan provisions on which its decision is based.
If a decision is not communicated to the claimant within the applicable review
period, then the Committee will be deemed to have affirmed the original denial
of the claim and the claimant will be deemed to have exhausted his or her
administrative remedies with respect to the claim.

         9. AMENDMENT AND TERMINATION.

                  (a) Amendment. The Board, acting in its discretion, may amend
the Plan in whole or in part at any time and from time to time. The Committee,
acting in its discretion, may amend the Plan from time to time so long as the
obligations of the Company and its affiliates are not materially increased as a
result thereof. Neither the Board nor the Committee may amend the Plan in a
manner that would adversely affect the right of a participant or beneficiary to
receive payment of the amount credited to his or her Account.

                  (b) Termination. The Board may terminate the Plan at any time.
If the Plan is terminated, then no further compensation will be deferred under
the Plan on behalf of any individual who is affected by the termination. Payment
of the affected participants' Accounts will be made as soon as practicable in
the form of single sum payouts, provided, however, that, if the termination
occurs before a Change in Control and after the termination of a participant's
employment by the Company and its affiliates, and if the affected participant
had already begun to receive payment in the form of annual installments, then
the Committee may cause the payment of the balance of the affected participant's
Account to continue to be made in the form of annual installments over the
number of years remaining in his or her installment payout. Notwithstanding
anything to the contrary contained herein, unless the Board determines otherwise
before a Change in Control occurs, the Plan will automatically terminate upon
the occurrence of a Change in Control and the payment in full of all remaining
Plan Account balances will be accelerated and made simultaneously therewith or
as soon as practicable thereafter.

                                       7
<PAGE>   8

         10. TRUST; LIMITATIONS ON PARTICIPANTS' RIGHTS.

                  (a) Establishment of the Trust. The Company will establish an
irrevocable trust (the "Trust") to be maintained as part of the Plan. After a
participant's compensation is withheld for deferral under the Plan, the Company
will contribute or cause to be contributed a like amount to the Trust and the
amount of the contribution will be credited to the participant's Account.

                  (b) Trust Assets. The trustee of the Trust will invest the
assets of the Trust at the direction of the Company and in accordance with the
terms of the Trust agreement. The Company may but is not required to direct the
trustee to invest the Trust assets in a manner that mirrors the deemed
investment of the Plan accounts. The assets of the Trust will be available to
satisfy the Plan liabilities to participants and their beneficiaries. If the
Company becomes insolvent (within the meaning of the Trust agreement) before the
satisfaction of its Plan liabilities, then the assets of the Trust will be
subject to and available to satisfy the claims of all the general creditors of
the Company. The liability of the Company under the Plan will be deemed to be
satisfied if and to the extent it is paid from the Trust.

                  (c) Right of Setoff. The Company shall have the right to
reduce the amount otherwise payable to a participant under the Plan (but not
below zero) by the amount, if any, that the Company and its affiliates are
entitled to receive from the participant at the time that such amount would
otherwise become payable, and the amount otherwise payable to the participant
(or his or her beneficiary) under the Plan will be reduced accordingly.

                  (d) Unsecured General Creditor. The Company's obligation to
pay deferred compensation to a participant or beneficiary under the Plan is an
unfunded and unsecured promise to pay money in the future. Each participant and
beneficiary will be and will have the rights of a general unsecured creditor of
the Company with respect to the payment obligations of the Company to such
participant or beneficiary under the Plan.

         11. MISCELLANEOUS.

                  (a) Nonassignability. Except as specifically provided herein
(with respect to the Company's right of offset), no participant or beneficiary
may pledge, transfer or assign in any way his or her right to receive payments
under the Plan, and any attempted pledge, transfer or assignment shall be void
and of no force or effect.

                  (b) Legal Fees To Enforce Rights After Change in Control. If,
following a Change in Control, the Company fails to comply with any of its
obligations under the Plan or any agreement thereunder or, if the Company takes
any action to declare the Plan void or unenforceable or institutes any
litigation or other legal action designed to deny, diminish or to

                                       8
<PAGE>   9

recover from any participant the benefits intended to be provided, then such
participant shall be entitled to retain counsel of his or her choice at the
expense of the Company to represent such participant in connection with the
initiation or defense of any litigation or other legal action, whether by or
against the Company or any director, officer, shareholder or other person
affiliated with the Company or any successor thereto in any jurisdiction.

                  (c) Not a Contract of Employment. The terms and conditions of
this Plan shall not be deemed to constitute a contract of employment between any
participant and the Company or any of its affiliates. Nothing in this Plan shall
be deemed to give any employee the right to be retained in the service of the
Company or any affiliate or to interfere with the right of the Company or any
affiliate to terminate his or her employment at any time.

                  (d) Withholding of Taxes. All payments made under the Plan
will be subject to applicable income and employment tax withholding
requirements. The Company may satisfy employment taxes associated with a
participant's deferral of compensation under the Plan by withholding the amount
thereof from other compensation that is payable currently to such participant.

                  (e) Governing Law. Subject to the applicable provisions of
ERISA, the Plan will be governed by the laws of the State of Missouri, excluding
its conflict of law rules.

                                            PULITZER INC.

                                            By: /s/ Ronald H. Ridgway
                                               ---------------------------------

                                            Title: Senior Vice President-Finance
                                                  ------------------------------

                                       9

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