EXHIBIT 25.4

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM T-1

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE

CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305 (B) (2)

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THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW YORK
(Exact name of trustee as specified in its charter)

New York 13-5691211
(State of Incorporation (I.R.S. employer
If not a U.S. national bank) Identification number)

One Liberty Plaza
New York, N.Y. 10006
(Address of principal (Zip code)
Executive office)

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EMMIS OPERATING COMPANY
(Exact name of obligor as specified in its charter)
Indiana
(State or other jurisdiction of incorporation or organization)
35-2141064
(I.R.S. employer identification no.)
One Emmis Plaza
40 Monument Circle, Suite 700
Indianapolis, IN 46204

(Address of principal executive offices) (Postal Code)

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SUBORDINATED NOTES

(Title of the indenture securities)

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Item 1. General Information
Furnish the following information as to the trustee:

(a) Name and address of each examining or supervising authority to
which it is subject.

Federal Reserve Bank of New York
33 Liberty Street
New York, N. Y. 10045

State of New York Banking Department
State House, Albany, N.Y.

(b) Whether it is authorized to exercise corporate trust powers.
The Trustee is authorized to exercise corporate trust powers.

Item 2. Affiliation with the Obligor.

If the obligor is an affiliate of the trustee, describe each such
affiliation.
The obligor is not an affiliate of the Trustee.

Item 16. List of Exhibits.

List below all exhibits filed as part of this statement of
eligibility.

Exhibit 1 - Copy of the Organization Certificate of the Trustee as
now in effect.
(Exhibit 1 to T-1 to Registration Statement
No. 333-6688).

Exhibit 2 - Copy of the Certificate of Authority of the Trustee to
commerce business.
(Exhibit 2 to T-1 to Registration Statement
No. 333-6688).

Exhibit 3 - None; authorization to exercise corporate trust powers
is contained in the documents identified above as
Exhibit 1 and 2.

Exhibit 4 - Copy of the existing By-Laws of the Trustee.
(Exhibit 4 to T-1 to Registration Statement
No. 333-6688).

Exhibit 5 - No Indenture referred to in Item 4.

Exhibit 6 - The consent of the Trustee required by Section 321 (b)
of the Trust Indenture Act of 1939.(Exhibit 6 to T-1
to Registration Statement No. 333-27685).

Exhibit 7 - Copy of the latest Report of Condition of the Trustee
as of March 31, 2001

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, The Bank of Nova Scotia Trust Company of New York, a corporation
organized and existing under the laws of the State of New York, has duly caused
this statement of eligibility to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of New York, and State of New York,
on the 21st day of June, 2001.

THE BANK OF NOVA SCOTIA TRUST
COMPANY OF NEW YORK

By: /S/ Warren A. Goshine
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Warren A. Goshine

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The Bank of Nova Scotia Trust Company of New York FFIEC 041
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Legal Title of Bank [10]

New York
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City

New York 10006
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State Zip Code

FDIC Certificate Number
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Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for March 31, 2001

All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the
quarter.

Schedule RC-Balance Sheet

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Dollar Amounts in Thousands RCON Bil Mil Thou
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ASSETS

1. Cash and balances due from depository institutions (from Schedule RC-A):
a. Noninterest-bearing balances and currency and coin(1)............................ 0081 149 1.a.
b. Interest-bearing balances(2)..................................................... 0071 5 010 1.b.
2. Securities:
a. Held-to-maturity securities (from Schedule RC-B, column A)....................... 1754 1 218 2.a.
b. Available-for-sale securities (from Schedule RC-B, column D)..................... 1773 0 2.b.
3. Federal funds sold and securities purchased under agreements to resell.............. 1350 13 697 3.
4. Loans and lease financing receivables (from Schedule RC-C):
a. LOANS AND LEASES HELD FOR SALE................................................... 5369 0 4.a.
b. LOANS AND LEASES, NET OF UNEARNED INCOME.......................... B528 0 4.b.
c. LESS: Allowance for loan and lease losses......................... 3123 0 4.c.
d. LOANS AND LEASES, NET OF UNEARNED INCOME AND ALLOWANCE (item 4.b minus 4.c)...... B529 0 4.d.
5. Trading assets (from Schedule RC-D)................................................. 3545 0 5.
6. Premises and fixed assets (including capitalized leases)............................ 2145 2 6.
7. Other real estate owned (from Schedule RC-M)........................................ 2150 7.
8. Investments in unconsolidated subsidiaries and associated companies
(from Schedule RC-M)............................................................... 2130 0 8.
9. Customers' liability to this bank on acceptances outstanding........................ 2155 0 9.
10. Intangible assets:
a. GOODWILL......................................................................... 3163 0 10.a.
b. OTHER INTANGIBLE ASSETS (from Schedule RC-M)..................................... 0426 0 10.b.
11. Other assets (from Schedule RC-F)................................................... 2160 284 11.
12. Total assets (sum of items 1 through 11)............................................ 2170 20 360 12.

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(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.

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FFIEC 041
Page RC-2
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Schedule RC--Continued

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Dollar Amounts in Thousands RCON Bil Mil Thou
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LIABILITIES
13. Deposits:
a. In domestic offices (sum of totals of columns A and C from Schedule RC-E)................... 2200 7 319 13.a.
(1) Noninterest-bearing(1).............................................. 6631 7 259 13.a.(1)
(2) Interest-bearing.................................................... 6636 60 13.a.(2)
b. Not applicable
14. Federal funds purchased and securities sold under agreements to repurchase..................... 2800 0 14.
15. Trading liabilities (from Schedule RC-D)....................................................... 3548 0 15.
16. OTHER BORROWED MONEY (includes mortgage indebtedness and obligations under
capitalized leases)(from Schedule RC-M)........................................................ 3190 0 16.
17. Not applicable
18. Bank's liability on acceptances executed and outstanding....................................... 2920 0 18.
19. Subordinated notes and debentures(2)........................................................... 3200 0 19.
20. Other liabilities (from Schedule RC-G)......................................................... 2930 163 20.
21. Total liabilities (sum of items 13 through 20)................................................. 2948 7 482 21.
22. MINORITY INTEREST IN CONSOLIDATED SUBSIDIARIES................................................. 3000 0 22.
EQUITY CAPITAL
23. Perpetual preferred stock and related surplus.................................................. 3838 0 23.
24. Common stock................................................................................... 3230 1 000 24.
25. Surplus (exclude all surplus related to preferred stock)....................................... 3839 10 030 25.
26. a. Retained earnings........................................................................... 3632 1 848 26.a.
b. ACCUMULATED OTHER COMPREHENSIVE INCOME(3)................................................... B530 0 26.b.
27. OTHER EQUITY CAPITAL COMPONENTS(4)............................................................. A130 0 27.
28. Total equity capital (sum of items 23 through 27).............................................. 3210 12 878 28.
29. Total liabilities, minority interest, and equity capital (sum of items 21, 22, and 28)......... 3300 20 360 29.

Memorandum
TO BE REPORTED WITH THE MARCH REPORT OF CONDITION.

1. Indicate in the box at the right the number of the statement below that best RCON Number
describes the most comprehensive level of auditing work performed for the bank ---------------
by independent external auditors as of any date during 2000.......................................... 6724 1 M.1.

1 = Independent audit of the bank conducted in accordance 4 = Directors' examination of the bank conducted in
with generally accepted auditing standards by a accordance with generally accepted auditing standards by
certified public accounting firm which submits a report a certified public accounting firm (may be required by
on the bank state chartering authority)
2 = Independent audit of the bank's parent holding company 5 = Directors' examination of the bank performed by other
conducted in accordance with generally accepted auditing external auditors (may be required by state chartering
standards by a certified public accounting firm which authority)
submits a report on the consolidated holding company 6 = Review of the bank's financial statements by external
(but not on the bank separately) auditors
3 = ATTESTATION ON BANK MANAGEMENT'S ASSERTION ON THE 7 = Compilation of the bank's financial statements by
EFFECTIVENESS OF THE BANK'S INTERNAL CONTROL OVER external auditors
FINANCIAL REPORTING BY A CERTIFIED PUBLIC ACCOUNTING 8 = Other audit procedures (excluding tax preparation work)
FIRM 9 = No external audit work

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(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited-life preferred stock and related surplus.
(3) Includes net unrealized holding gains (losses) on available-for-sale
securities, accumulated net gains (losses) on cash flow hedges, and minimum
pension liability adjustments.
(4) Includes treasury stock and unearned Employee Stock Ownership Plan shares.