On January 15, 2009, Thor Industries, Inc. (the "Company") entered into a Credit Agreement (the "Credit Agreement") with Stephen Adams, in his individual capacity, and Stephen Adams and his successors, as trustee under the Stephen Adams Living Trust (the "Trust" and together with each of the foregoing persons, the "Borrowers"), pursuant to which the Company loaned $10 million to the Borrowers (the "Loan"). The Borrowers own approximately 90% of FreedomRoads Holding Company, LLC ("FreedomRoads"), the parent company of one of the Company's dealers, and pursuant to the terms of the Credit Agreement, the Borrowers agreed to use the proceeds of the Loan solely to make an equity contribution to FreedomRoads to enable FreedomRoads to repay its principal obligations under floorplan financing arrangements with third parties in respect of products of the Company and its subsidiaries.
The principal amount of the Loan is payable in full on January 15, 2014 and bears interest at a rate of 12% per annum. Interest is payable in kind for the first year of the Loan and is payable in cash on a monthly basis thereafter. The Credit Agreement also contains customary representations and warranties, affirmative and negative covenants, events of default and acceleration provisions for a loan of this type.
The obligations of the Borrowers under the Credit Agreement are guaranteed by FreedomRoads and are secured by a first priority security interest in all of the direct and indirect legal, equitable and beneficial interests of the Borrowers in FreedomRoads.
In connection with the Loan, the Borrowers caused FreedomRoads and its subsidiaries (collectively, the "FR Dealers"), to enter into an agreement pursuant to which the FR Dealers agreed to purchase additional recreation vehicles from the Company and its subsidiaries. The term of this agreement continues until the repayment in full of the Loan under the Credit Agreement (including any refinancing or replacement thereof).
A copy of the Credit Agreement is attached hereto as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference. The foregoing summary of the Credit Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the attached agreement. Item 9.01 Financial Statements and Exhibits.

   (d) Exhibits

Exhibit Number    Description

10.1              Credit Agreement between the Company and Stephen Adams, in his
                  individual capacity, and Stephen Adams and his successors, as trustee
                  under the Stephen Adams Living Trust, dated January 15, 2009.