Exhibit 10.1

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT

THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Amendment”) dated as
of June 4, 2012, to the Credit Agreement referenced below, is by and among PLUM
CREEK TIMBERLANDS, L.P., a Delaware limited partnership (the “Borrower”), the
Lenders identified on the signature pages hereto and WELLS FARGO BANK, NATIONAL
ASSOCIATION as Administrative Agent (in such capacity, the “Administrative
Agent”), Swing Line Lender and L/C Issuer.

W I T N E S S E T H

WHEREAS, a revolving credit facility has been established in favor of the
Borrower pursuant to the terms of that certain Revolving Credit Agreement dated
as of March 2, 2012 (as amended, restated, modified or supplemented from time to
time, the “Credit Agreement”) among the Borrower, the Lenders from time to time
party thereto (the “Lenders”) and the Administrative Agent;

WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement
to modify certain provisions contained therein; and

WHEREAS, the Lenders have agreed to amend the Credit Agreement on the terms and
subject to the conditions set forth herein.

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

1.    Defined Terms. Capitalized terms used herein but not otherwise defined
herein shall have the meanings provided to such terms in the Credit Agreement
(including as amended hereby).

2.    Amendment. Subject to the satisfaction of the conditions precedent set
forth in Section 3 hereof, the definition of “Eurodollar Rate” in Section 1.01
of the Credit Agreement is amended to remove the parenthetical “(rounded upward,
if necessary, to the nearest 1/100th of 1%)” in each of clause (a) and clause
(b).

3.    Conditions Precedent. This Amendment shall become effective upon the
satisfaction of the following conditions:

(a)    Execution of Counterparts of Amendment. Receipt by the Administrative
Agent of counterparts of this Amendment duly executed by the Borrower, the
Administrative Agent and the requisite Lenders; and

(b)    Fees and Expenses. The payment by the Borrower to the Administrative
Agent (or its Affiliates) of all fees and expenses relating to this Amendment
which are due and payable on the date hereof, including all reasonable
out-of-pocket costs and expenses of the Administrative Agent in connection with
the preparation, execution and delivery of this Amendment, including, without
limitation, the reasonable fees and expenses of Moore & Van Allen PLLC, special
counsel to the Administrative Agent.

4.    Representations and Warranties. The Borrower hereby represents and
warrants that:

(a)    the representations and warranties contained in Article V of the Credit
Agreement are true and correct in all material respects on and as of the date
hereof, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they were true and correct
as of such earlier date, and except that for purposes hereof, (i) the
representations and warranties contained in subsections (a) and (b) of Section
5.12 shall be deemed to refer to the most recent statements furnished pursuant
to clauses (a) and (b), respectively, of Section 6.01,

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(b)     no Default exists under the Credit Agreement on and as of the date
hereof and after giving effect to this Amendment,

(c)    this Amendment has been duly executed and delivered by the Borrower and
constitutes a legal, valid and binding obligation of the Borrower, enforceable
against the Borrower in accordance with its terms, except as enforceability may
be limited by applicable bankruptcy, insolvency or similar laws affecting the
enforcement of creditor’s rights generally or by equitable principles relating
to enforceability.

(d)    this Amendment constitutes the legal, valid and binding obligation of the
Borrower, enforceable against it in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally and by
principles of equity.

(e)    the execution, delivery and performance of this Amendment will not: (i)
contravene the terms of the Organization Documents of the Borrower or any of the
Partner Entities; (ii) conflict with or result in any breach or contravention
of, or the creation of any Lien under, (x) any Contractual Obligation to which
the Borrower is a party or (y) any order, injunction, writ or decree of any
Governmental Authority or any arbitral award to which the Borrower or its
Property is subject; or (iii) violate any Requirement of Law.

5.    No Other Changes; Ratification. Except as expressly modified or waived
hereby, all of the terms and provisions of the Credit Agreement (including
schedules and exhibits thereto) and the other Loan Documents shall remain in
full force and effect. The term “this Agreement” or “Credit Agreement” and all
similar references as used in each of the Loan Documents shall hereafter mean
the Credit Agreement as amended by this Amendment. Except as herein specifically
agreed, the Credit Agreement is hereby ratified and confirmed and shall remain
in full force and effect according to its terms.

6.    Counterparts; Facsimile/Email. This Amendment may be executed in any
number of counterparts, each of which when so executed and delivered shall be
deemed an original and it shall not be necessary in making proof of this
Amendment to produce or account for more than one such counterpart. Delivery of
an executed counterpart of this Amendment by telecopy or electronic mail by any
party hereto shall be effective as such party’s original executed counterpart.

7.    Governing Law. This Amendment shall be deemed to be a contract made under,
and for all purposes shall be construed in accordance with, the laws of the
State of New York.

8.    Entirety. This Amendment and the other Loan Documents embody the entire
agreement between the parties and supersede all prior agreements and
understandings, if any, relating to the subject matter hereof. These Loan
Documents represent the final agreement between the parties and may not be
contradicted by evidence of prior, contemporaneous or subsequent oral agreements
of the parties. There are no oral agreements between the parties.

[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
Amendment to be duly executed and delivered as of the date first above written.

BORROWER:                PLUM CREEK TIMBERLANDS, L.P.,
a Delaware limited partnership

By: Plum Creek Timber I, L.L.C., its General Partner

By: Plum Creek Timber Company, Inc., its Managing Member

By: /s/ Laura B. Smith    

Name: Laura B. Smith

Title: Vice President and Treasurer

[signature pages continue]

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ADMINISTRATIVE AGENT
AND LENDERS:
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

By: /s/ Susan T. Gallagher    

Name: Susan T. Gallagher

Title: Director

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender, L/C Issuer and Swing Line
Lender

By: /s/ Susan T. Gallagher    

Name: Susan T. Gallagher

Title: Director

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Northwest Farm Credit Services, PCA
as a Lender

By: /s/ Casey Kinzer            
Name:    Casey Kinzer            
Title:    Account Manager / VP        

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JPMorgan Chase Bank, National Association,
as a Lender

By:    /s/ Keith Winzenried                
Name:    Keith Winzenried                
Title:    Credit Executive                

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The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
as a Lender

By:    /s/ Thomas Danielson                
Name:    Thomas Danielson                
Title:    Authorized Signatory                

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The Royal Bank of Scotland plc,
as a Lender

By:    /s/ Jonathan Lasner            
Name:    Jonathan Lasner                
Title:    Director                

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U.S. BANK NATIONAL ASSOCIATION,
as a Lender

By:    /s/ Kurban H. Merchant                
Name:    Kurban H. Merchant                
Title:    Vice President                    

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Bank of America, NA
as a Lender

By:    /s/ Jennifer Green            
Name:    Jennifer Green                
Title:    VP                    

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COӦPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW
YORK BRANCH,
as a Lender

By:    /s/ John McHugh            
Name:    John McHugh                
Title:    Executive Director            

By:    /s/ Sue Chen-Holmes            
Name:    Sue Chen-Holmes            
Title:    Vice President                

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GOLDMAN SACHS BANK USA,
as a Lender

By:    /s/ Michelle Latzoni            
Name:    Michelle Latzoni            
Title:    Authorized Signatory            

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The Northern Trust Company,
as a Lender

By:    /s/ Brandon Rolek            
Name:    Brandon Rolek                
Title:    Vice President                

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AMERICAN AGCREDIT, PCA
as a Lender

By:    /s/ Janice T. Thede            
Name:    Janice T. Thede                
Title:    Vice President                

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Farm Credit East, ACA,
as a Lender

By: /s/ James M. Papai    
Name: James M. Papai    
Title: Senior Vice President    

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VOTING PARTICIPANTS:            CoBank ACB,
as a Voting Participant

By: /s/ Alan V. Schuler    
Name: Alan V. Schuler    
Title: Vice President    

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VOTING PARTICIPANTS:            FARM CREDIT BANK OF TEXAS,
as a Voting Participant

By: /s/ Chris M. Levine    
Name: Chris M. Levine
Title: Vice President

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VOTING PARTICIPANTS:
Farm Credit Services of Mid-America, FLCA,

as a Voting Participant

By: /s/ Ralph M. Bowman    
Name: Ralph M. Bowman    
Title: Vice President - Capital Markets    

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VOTING PARTICIPANTS:            AgFirst Farm Credit Bank,
as a Voting Participant

By: /s/ Matthew H. Jeffords    
Name: Matthew H. Jeffords
Title: Assistant Vice President

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VOTING PARTICIPANTS:            GreenStone Farm Credit Services, ACA/FLCA,
as a Voting Participant

By: /s/ Jeff Pavlik    
Name: Jeff Pavlik    
Title: Vice President    

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VOTING PARTICIPANTS:            Farm Credit Services of America, FLCA,
as a Voting Participant

By: /s/ John Zhang    
Name: John Zhang    
Title: Vice President    

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VOTING PARTICIPANTS:            1ST FARM CREDIT SERVICES, FLCA,
as a Voting Participant

By: /s/ Corey J. Waldinger    
Name: Corey J. Waldinger    
Title: Vice President, Capital Markets    

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VOTING PARTICIPANTS:            Badgerland Financial, FLCA,
as a Voting Participant

By: /s/ Kenneth H. Rue    
Name: Kenneth H. Rue    
Title: VP - Capital Markets    

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VOTING PARTICIPANTS:            AgCountry Farm Credit Services, PCA,
as a Voting Participant

By: /s/ James F. Baltezore    
Name: James F. Baltezore    
Title: Vice President Agribusiness and Capital Markets

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VOTING PARTICIPANTS:            Farm Credit West, FLCA,
as a Voting Participant

By: /s/ Robert Stornetta    
Name: Robert Stornetta    
Title: Assistant Vice President    

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VOTING PARTICIPANTS:
FCS Financial, PCA,

as a Voting Participant

By: /s/ Sean Unterreiner    
Name: Sean Unterreiner    
Title: Senior Lending Officer    

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VOTING PARTICIPANTS:
United FCS, FLCA d/b/a FCS Commercial Finance Group, as a Voting Participant

By: /s/ Lisa Caswell    
Name: Lisa Caswell    
Title: Vice President    

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VOTING PARTICIPANTS:            AgStar Financial Services, FLCA,
as a Voting Participant

By: /s/ Donald G. Lindeman    
Name: Donald G. Lindeman    
Title: Vice President    

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VOTING PARTICIPANTS:            AgChoice Farm Credit, FLCA,
as a Voting Participant

By: /s/ Joshua L. Larock    
Name: Joshua L. Larock    
Title: Assistant Vice President    

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VOTING PARTICIPANTS:            Frontier Farm Credit, ACA
as a Voting Participant

By: /s/ Stuart R. Hays    
Name: Stuart R. Hays    
Title: Vice President