EMMIS COMMUNICATIONS CORP : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.

On April 13, 2020, Emmis Operating Company (the "Borrower"), a wholly owned subsidiary of Emmis Communications Corporation (the "Company"), was granted a loan (the "Loan") from STAR Financial Bank in the aggregate amount of $4.753 million, pursuant to the Paycheck Protection Program (the "PPP") under Division A, Title I of the CARES Act, which was enacted March 27, 2020.

The Loan, which was in the form of a Promissory Note dated April 13, 2020 issued by the Borrower, matures on April 13, 2022 and bears interest at a rate of 1.0% per annum, payable monthly commencing on November 13, 2020. The Note may be prepaid by the Borrower at any time prior to maturity with no prepayment penalties. Funds from the Loan may only be used for payroll costs, costs used to continue group health care benefits, mortgage payments, rent, utilities, and interest on other debt obligations incurred before February 15, 2020. The Company intends to use as much of the Loan amount as possible for qualifying expenses. Under the terms of the PPP, certain amounts of the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. A copy of the Promissory Note is attached hereto as Exhibit 10.1 and incorporated herein by reference

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

           Off-Balance Sheet Arrangement of a Registrant.

Reference is made to the disclosure under Item 1.01 above which is incorporated in this Item 2.03 by reference.

Item 9.01 Financial Statements and Exhibits.

(d)   Exhibits.





Exhibit No.   Description
   10.1         Promissory Note from Emmis Operating Company to STAR Financial Bank,
              dated April 13, 2020.

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