REVOLVING CREDIT AND TERM LOAN AGREEMENT

Revolving Credit Agreement

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This Revolving Credit Agreement involves

EMMIS COMMUNICATIONS CORP | EMMIS OPERATING COMPANY | BANK OF AMERICA, N.A., | GOLDMAN SACHS CREDIT PARTNERS L.P., | DEUTSCHE BANK SECURITIES INC | BANC OF AMERICA SECURITIES LLC | GOLDMAN SACHS CREDIT PARTNERS L.P., | WACHOVIA CAPITAL MARKETS, LLC

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Title: REVOLVING CREDIT AND TERM LOAN AGREEMENT
Governing Law: New York Date: 5/14/2004

REVOLVING
CREDIT AND TERM LOAN AGREEMENT, Parties: emmis communications corp , emmis operating company , bank of america n.a. , goldman sachs credit partners l.p. , deutsche bank securities inc , banc of america securities llc , goldman sachs credit partners l.p. , wachovia capital markets llc

EXHIBIT 10.1

Published CUSIP Number: __________________

REVOLVING CREDIT AND TERM LOAN AGREEMENT

Dated as of May 10, 2004

among

EMMIS OPERATING COMPANY,
as Borrower

EMMIS COMMUNICATIONS CORPORATION,
as Parent

THE LENDERS LISTED ON SCHEDULE 1 HERETO
and

BANK OF AMERICA, N.A.,
as Administrative Agent,

GOLDMAN SACHS CREDIT PARTNERS L.P.,
as Syndication Agent

WACHOVIA BANK, N.A.,
DEUTSCHE BANK SECURITIES INC., and
CREDIT SUISSE FIRST BOSTON, ACTING THROUGH ITS CAYMAN ISLANDS BRANCH,
as Co-Documentation Agents, and

BANC OF AMERICA SECURITIES LLC,
GOLDMAN SACHS CREDIT PARTNERS L.P., and
WACHOVIA CAPITAL MARKETS, LLC,
As Joint Lead Arrangers and Joint Book Managers

TABLE OF CONTENTS


						Page
1.	DEFINITIONS AND RULES OF INTERPRETATION						1
		1.1.	Definitions				1
		1.2.	Rules of Interpretation				26
2.	THE REVOLVING CREDIT FACILITY						26
		2.1.	Commitment to Lend				26
		2.2.	Commitment Fee				27
		2.3.	Reduction of Revolving Credit Commitment				27
		2.4.	Evidence of Revolving Credit Loans; Revolving Credit Notes				27
		2.5.	Interest on Revolving Credit Loans				28
		2.6.	Requests for Revolving Credit Loans				28
		2.7.	Conversion Options				28
				2.7.1.	Conversion to Different Type of Revolving Credit Loan		29
				2.7.2.	Continuation of Type of Revolving Credit Loan		29
				2.7.3.	Eurodollar Rate Loans		29
		2.8.	Funds for Revolving Credit Loans				29
				2.8.1.	Funding Procedures		29
				2.8.2.	Advances by Administrative Agent		30
		2.9.	Settlements				30
				2.9.1.	General		30
				2.9.2.	Failure to Make Funds Available		31
				2.9.3.	No Effect on Other Revolving Credit Lenders		31
		2.10.	Repayment Of The Revolving Credit Loans				31
				2.10.1.	Maturity		31
				2.10.2.	Mandatory Repayments of Revolving Credit Loans		31
				2.10.3.	Optional Repayments of Revolving Credit Loans		32
3.	THE TRANCHE B TERM LOAN						32
		3.1.	Commitment to Lend				32
		3.2.	Evidence of Tranche B Term Loan; Tranche B Term Notes				32
		3.3.	Mandatory Prepayment of Tranche B Term Loan; Scheduled Amortization				32
		3.4.	Optional Prepayment of Tranche B Term Loan				33
		3.5.	Interest on Tranche B Term Loan				33
				3.5.1.	Interest Rates		33
				3.5.2.	Notification by Borrower		33
				3.5.3.	Amounts, etc		33
4.	MANDATORY REPAYMENT OF THE LOANS						34
		4.1.	Excess Cash Flow Recapture				34
		4.2.	Proceeds of Asset Sales and Asset Swaps				34
		4.3.	Proceeds of Equity Issuances				34
		4.4.	Proceeds of Subordinated Debt Issuances				35
		4.5.	Application of Payments				35
		4.6.	Delivery of Proceeds				35
5.	LETTERS OF CREDIT						35
		5.1.	Letter of Credit Commitments				35
				5.1.1.	Commitment to Issue Letters of Credit		35
				5.1.2.	Letter of Credit Applications		36
				5.1.3.	Terms of Letters of Credit		36
				5.1.4.	Reimbursement Obligations of Revolving Credit Lenders		36
				5.1.5.	Participations of Revolving Credit Lenders		36
		5.2.	Reimbursement Obligation of the Borrower				36
		5.3.	Letter of Credit Payments				37
		5.4.	Obligations Absolute				38
		5.5.	Reliance by Issuer				38

TABLE OF CONTENTS
(continued)


						Page
		5.6.	Letter of Credit Fee				38
6.	CERTAIN GENERAL PROVISIONS						38
		6.1.	Closing Fees. The Borrower agrees to pay all fees on the Funding Date that have been expressly agreed to in writing between the Borrower and certain of the Lenders to be paid on the Funding Date				38
		6.2.	Administrative Agent’s Fee				39
		6.3.	Funds for Payments				39
				6.3.1.	Payments to Administrative Agent		39
				6.3.2.	No Offset, etc		39
				6.3.3.	Non-U.S. Lenders		40
		6.4.	Computations				40
		6.5.	Inability to Determine Eurodollar Rate				40
		6.6.	Illegality				41
		6.7.	Additional Costs, etc				41
		6.8.	Capital Adequacy				42
		6.9.	Certificate				42
		6.10.	Indemnity				42
		6.11.	Interest After Default				43
		6.12.	Mitigation Obligations; Replacement of Lenders				43
7.	COLLATERAL SECURITY AND GUARANTIES						43
		7.1.	Security of Borrower				43
		7.2.	Guaranties and Security of Parent and Subsidiaries				44
		7.3.	Release of Collateral and Guaranties				44
8.	REPRESENTATIONS AND WARRANTIES						44
		8.1.	Corporate Authority				44
				8.1.1.	Incorporation; Good Standing		44
				8.1.2.	Authorization		44
				8.1.3.	Enforceability		45
		8.2.	Governmental Approvals				45
		8.3.	Title to Properties				45
		8.4.	Financial Statements and Projections				45
				8.4.1.	Fiscal Year		45
				8.4.2.	Financial Statements		45
				8.4.3.	Projections		45
		8.5.	No Material Adverse Changes, etc				46
		8.6.	Franchises, Patents, Copyrights, etc				46
		8.7.	Litigation				46
		8.8.	No Materially Adverse Contracts, etc				46
		8.9.	Compliance with Other Instruments, Laws, Status as Senior Debt, etc				46
		8.10.	Tax Status				46
		8.11.	No Event of Default				47
		8.12.	Investment Company Acts and Communications Act				47
		8.13.	Absence of Financing Statements, etc				47
		8.14.	Perfection of Security Interest				47
		8.15.	Certain Transactions				47
		8.16.	Employee Benefit Plans				47
				8.16.1.	In General		47
				8.16.2.	Terminability of Welfare Plans		48
				8.16.3.	Guaranteed Pension Plans		48
				8.16.4.	Multiemployer Plans		48
		8.17.	Use of Proceeds				48
				8.17.1.	General		48
				8.17.2.	Regulation U		49

TABLE OF CONTENTS
(continued)


						Page
				8.17.3.	Ineligible Securities		49
		8.18.	Environmental Compliance				49
		8.19.	Subsidiaries, etc				50
		8.20.	Disclosure				50
		8.21.	Licenses and Approvals				50
		8.22.	Material Agreements				51
		8.23.	Solvency				52
		8.24.	Excluded Subsidiaries				52
9.	AFFIRMATIVE COVENANTS						52
		9.1.	Punctual Payment				52
		9.2.	Maintenance of Office				52
		9.3.	Records and Accounts				52
		9.4.	Financial Statements, Certificates and Information				52
		9.5.	Notices				54
				9.5.1.	Defaults		54
				9.5.2.	Environmental Events		54
				9.5.3.	Notification of Claim against Collateral		54
				9.5.4.	Notice of Litigation and Judgments		54
				9.5.5.	Notice of SEC Filings, etc		54
		9.6.	Legal Existence; Conduct of Business; Maintenance of Properties				55
		9.7.	Insurance				55
		9.8.	Taxes				55
		9.9.	Inspection of Properties and Books, etc				56
				9.9.1.	General		56
				9.9.2.	Appraisals		56
				9.9.3.	Communications with Accountants		56
		9.10.	Compliance with Laws, Contracts, Licenses, and Permits				56
		9.11.	Employee Benefit Plans				57
		9.12.	Use of Proceeds				57
		9.13.	Additional Collateral				57
		9.14.	Interest Rate Protection				57
		9.15.	Additional Subsidiaries				58
		9.16.	Refinancing Note Proceeds				58
		9.17.	Further Assurances				58
10.	CERTAIN NEGATIVE COVENANTS						58
		10.1.	Restrictions on Indebtedness				58
		10.2.	Restrictions on Liens				60
				10.2.1.	Permitted Liens		60
				10.2.2.	Restrictions on Negative Pledges and Upstream Limitations		62
		10.3.	Restrictions on Investments				62
		10.4.	Restricted Payments				63
		10.5.	Merger, Consolidation, Acquisition and Disposition of Assets				64
				10.5.1.	Mergers and Acquisitions		64
				10.5.2.	Disposition of Assets		66
		10.6.	Sale and Leaseback				67
		10.7.	Compliance with Environmental Laws				67
		10.8.	Subordinated Debt				67
		10.9.	Employee Benefit Plans				67
		10.10.	Fiscal Year				68
		10.11.	Transactions with Affiliates				68
		10.12.	Certain Intercompany Matters				68
		10.13.	Activities of the Parent				68
		10.14.	Restrictions on Equity Issuances				69

iii

TABLE OF CONTENTS
(continued)


						Page
11.	FINANCIAL COVENANTS						69
		11.1.	Total Leverage Ratio				69
		11.2.	Senior Leverage Ratio				70
		11.3.	Interest Coverage Ratio				70
		11.4.	Fixed Charge Coverage Ratio				70
12.	CLOSING CONDITIONS						70
		12.1.	Loan Documents				70
		12.2.	Certified Copies of Governing Documents				71
		12.3.	Corporate or Other Action				71
		12.4.	Officer’s Certificates				71
		12.5.	Validity of Liens				71
		12.6.	Perfection Certificates, UCC Search Results and Survey				71
		12.7.	Title Insurance				71
		12.8.	Financial Statements				72
		12.9.	FCC Licenses; Third Party Consents				72
		12.10.	Certificates of Insurance				72
		12.11.	Opinions of Counsel				72
		12.12.	Compliance Certificate				73
		12.13.	Senior Debt Certificate				73
		12.14.	Financial Condition				73
		12.15.	Payment of Fees; Administrative Agent Fee Letter				73
		12.16.	Disbursement Instructions				73
		12.17.	Sources and Uses of Cash				73
		12.18.	Accountant’s Letter				73
		12.19.	Payoff and Termination of Existing Credit Agreement; Refinancing of Loans				73
		12.20.	Minimum Acceptances				73
13.	CONDITIONS TO ALL BORROWINGS						74
		13.1.	Representations True; No Event of Default				74
		13.2.	No Legal Impediment				74
		13.3.	Proceedings and Documents				74
14.	EVENTS OF DEFAULT; ACCELERATION; ETC						74
		14.1.	Events of Default and Acceleration				74
		14.2.	Termination of Commitments				78
		14.3.	Remedies				78
		14.4.	Distribution of Collateral Proceeds				79
15.	ADDITIONAL FINANCING						79
		15.1.	Commitment Amount				79
		15.2.	Evidence of Debt				81
16.	THE ADMINISTRATIVE AGENT						81
		16.1.	Appointment and Authority				81
		16.2.	Rights as a Lender				81
		16.3.	Exculpatory Provisions				81
		16.4.	Reliance by Administrative Agent				82
				16.4.1.	General		82
				16.4.2.	Non-Reliance on Administrative Agent and Other Lenders		82
				16.4.3.	Delegation of Duties		83
		16.5.	Payments				83
				16.5.1.	Payments to Administrative Agent		83
				16.5.2.	Distribution by Administrative Agent		83
				16.5.3.	Delinquent Lenders		83
		16.6.	Reimbursement by Lenders				84
		16.7.	Resignation of Administrative Agent				84
		16.8.	Administrative Agent May File Proofs of Claim				84

TABLE OF CONTENTS
(continued)


				Page
		16.9.	No Other Duties, Etc		85
17.	ASSIGNMENT AND PARTICIPATION				85
		17.1.	Successors and Assigns; Conditions to Assignment		85
		17.2.	Register		86
		17.3.	Participations		86
		17.4.	Assignee or Participant Affiliated with the Borrower		87
		17.5.	Miscellaneous Assignment Provisions		87
18.	PROVISIONS OF GENERAL APPLICATIONS				88
		18.1.	Setoff		88
		18.2.	Expenses		88
		18.3.	Indemnification		89
		18.4.